CDLHT: Announcement on the Unaudited Financial Statements of CDL Hospitality Trusts, H-REIT and its Subsidiaries and HBT and its Subsidiaries for the Fourth Quarter and Full Year Ended 31 December 2019 and related announcements.

January 30, 2020 at 06:15 am EST

CDL HOSPITALITY TRUSTS

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS, H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

TABLE OF CONTENTS

		Page
	INTRODUCTION
	SUMMARY OF CDL HOSPITALITY TRUSTS' RESULTS	1
1(a)	STATEMENTS OF TOTAL RETURN AND STATEMENTS OF COMPREHENSIVE INCOME	2 - 9
1(b)(i)	STATEMENTS OF FINANCIAL POSITION	10 - 12
1(b)(ii)	AGGREGATE AMOUNT OF GROUP'S BORROWINGS AND DEBT SECURITIES	13 - 15
1(c)	STATEMENTS OF CASH FLOWS	16 - 18
1(d)	STATEMENTS OF MOVEMENTS IN UNITHOLDERS' FUNDS	19 - 23
1(e)	DETAILS OF ANY CHANGES IN THE STAPLED SECURITIES	24
2	AUDIT STATEMENT	24
3	AUDITORS' REPORT	24
4	ACCOUNTING POLICIES	25
5	CHANGES IN ACCOUNTING POLICIES	25
6	EARNINGS PER STAPLED SECURITY AND DISTRIBUTION PER STAPLED SECURITY	26
7	NET ASSET VALUE/NET TANGIBLE ASSET PER STAPLED SECURITY	27
8	REVIEW OF PERFORMANCE	28 - 36
9	VARIANCE BETWEEN FORECAST OR PROSPECTUS STATEMENT AND ACTUAL RESULTS	36
10	OUTLOOK AND PROSPECTS	37 - 38
11	DISTRIBUTIONS	39 - 40
12	DISTRIBUTION STATEMENT	41
13	GENERAL MANDATE RELATING TO INTERESTED PERSON TRANSACTIONS	41
14	CONFIRMATION PURSUANT TO RULE 720(1) OF THE LISTING MANUAL	41
15	SEGMENTAL INFORMATION	41
16	FACTORS LEADING TO ANY CHANGES IN CONTRIBUTIONS TO TURNOVER AND EARNINGS	41
17	BREAKDOWN OF SALES	42
18	ANNUAL DISTRIBUTION TO HOLDERS OF STAPLED SECURITIES	42
19	CONFIRMATION PURSUANT TO RULE 704(13) OF THE LISTING MANUAL	42

A stapled group comprising:

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES

(a real estate investment trust constituted on 8 June 2006

under the laws of the Republic of Singapore)

and

CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES

(a business trust constituted on 12 June 2006 under the laws of the Republic of Singapore)

CDL HOSPITALITY TRUSTS

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS, H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

INTRODUCTION

CDL Hospitality Trusts ("CDLHT") is one of Asia's leading hospitality trusts with assets valued at S$2.8 billion. CDLHT 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 (collectively the "Group"). CDLHT was listed on the Singapore Exchange Securities Trading Limited on 19 July 2006. M&C REIT Management Limited is the manager of H-REIT, the first hotel real estate investment trust in Singapore, and M&C Business Trust Management Limited is the trustee-manager of HBT.

CDLHT was established with the principal investment strategy of investing in a portfolio of hospitality and/or hospitality- related real estate assets. As at 31 December 2019, CDLHT owns 16 hotels and two resorts comprising a total of 5,088 rooms as well as a retail mall. The properties under CDLHT's portfolio include:

six hotels in the gateway city of Singapore comprising Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King's Hotel, Novotel Singapore Clarke Quay and Studio M Hotel (collectively, the "Singapore Hotels"), as well as a retail mall adjoining Orchard Hotel (Claymore Connect);
three hotels in Brisbane and Perth, Australia comprising Novotel Brisbane, Mercure Perth and Ibis Perth (collectively, the "Australia Hotels");
two hotels in Japan's gateway city of Tokyo comprising Hotel MyStays Asakusabashi and Hotel MyStays Kamata (collectively, the "Japan Hotels");
one hotel in New Zealand's gateway city of Auckland, namely Grand Millennium Auckland (the "New Zealand Hotel");
two hotels in United Kingdom (Hilton Cambridge City Centre in Cambridge and The Lowry Hotel in Manchester) (the "UK Hotels");
one hotel in Germany's gateway of Munich, namely Pullman Hotel Munich (the "German Hotel");
one hotel in the historic city centre of Florence, Italy, namely Hotel Cerretani Firenze - MGallery (the "Italy Hotel"); and
two resorts in Maldives, comprising Angsana Velavaru and Raffles Maldives Meradhoo (previously known as Dhevanafushi Maldives Luxury Resort, Managed by AccorHotels) (collectively, the "Maldives Resorts").

The above portfolio of properties exclude Mercure Brisbane and Ibis Brisbane, which were divested on 11 January 2018.

HBT Group owns Hilton Cambridge City Centre and The Lowry Hotel and is also the master lessee of H-REIT Group's Japan Hotels and Raffles Maldives Meradhoo. It will continue its function as a master lessee of last resort and may undertake certain hospitality and hospitality-related development projects, acquisitions and investments which may not be suitable or deemed suitable for H-REIT.

On 27 November 2018, H-REIT through its wholly-owned subsidiary, CDLHT CFM One Pte. Ltd., completed its acquisition of a 95.0% interest in Hotel Cerretani Firenze - MGallery ("Hotel Cerretani Firenze") and the fixtures, furniture and equipment therein.

CDLHT's distribution policy is to distribute at least 90.0% of its taxable income and all of its tax exempt income (if any), with the actual level of distribution to be determined at the H-REIT Manager's and HBT Trustee-Manager's discretion. CDLHT makes distributions to stapled securityholders on a semi-annual basis, with the amount calculated as at 30 June and 31 December each year for the nine-month period ending on each of the said dates. Distributions, when paid, will be in Singapore dollars.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS, H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

SUMMARY OF CDL HOSPITALITY TRUSTS' RESULTS

	1 Oct 2019	1 Oct 2018	Increase/	1 Jan 2019	1 Jan 2018	Increase/
	to	to	to	to
	(Decrease)	(Decrease)
	31 Dec 2019	31 Dec 2018	31 Dec 2019	31 Dec 2018
	("4Q 2019")	("4Q 2018")		("FY 2019")	("FY 2018")
	S$'000	S$'000	%	S$'000	S$'000	%
Revenue	53,976	52,281	3.2	196,872	201,803	(2.4)

Net property income	37,967	38,412	(1.2)	141,162	146,054	(3.3)

Total return before fair value adjustment	18,245	10,646	71.4	64,964	78,254	(17.0)
Income available for distribution to Stapled

Securityholders (before retention)	25,675	29,082	(11.7)	98,749	109,604	(9.9)
Less:
Income retained for working capital	(2,568)	(2,908)	(11.7)	(9,875)	(10,960)	(9.9)
Income to be distributed to Stapled
23,107	26,174	(11.7)	88,874	98,644	(9.9)
Securityholders (after retention)
Capital distribution1	10,518	7,259	44.9	20,515	12,959	58.3
Total distribution to Stapled Securityholders	33,625	33,433	0.6	109,389	111,603	(2.0)
(after retention)
Total distribution per Stapled Security

(before retention)2 (cents)
For the period	2.98	3.01	(1.0)	9.83	10.17	(3.3)
Total distribution per Stapled Security

(after retention)2 (cents)
For the period	2.77	2.77	-	9.02	9.26	(2.6)

Includes partial distribution of proceeds from the sale of Mercure and Ibis Brisbane amounting to S$4.7 million for 4Q 2019 (4Q 2018: S$3.4 million) and S$9.0 million for FY 2019 (FY 2018: S$6.9 million).

This includes capital distribution.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

1 (a) Consolidated Statements of Total Return of H-REIT Group and CDL Hospitality Trusts and Consolidated Statements of Comprehensive Income of HBT Group with a comparative statement for the corresponding period of the immediately preceding financial year

			H-REIT Group			HBT Group (b)		CDL Hospitality Trusts
	Foot-	4Q 2019	4Q 2018	Increase/	4Q 2019	4Q 2018	Increase/	4Q 2019	4Q 2018		Increase/
	note	(Decrease)	(Decrease)		(Decrease)

		S$'000	S$'000	%	S$'000	S$'000	%	S$'000	S$'000		%
Revenue
Rental revenue		39,511	40,216	(1.8)	-	-	-	37,364	37,816		(1.2)
Hotel revenue		-	-	-	16,612	14,465	14.8	16,612	14,465		14.8
	(a)	39,511	40,216	(1.8)	16,612	14,465	14.8	53,976	52,281		3.2
Property expenses
Operation and maintenance expenses		-	-	-	(4,294)	(3,098)	38.6	(4,294)	(3,098)		38.6
Employee benefit expenses	(c)	-	-	-	(4,555)	(4,404)	3.4	(4,555)	(4,404)		3.4
Rental expenses	(d)	-	-	-	(1,186)	(2,563)	(53.7)	(61)	(163)		(62.6)
Property tax	(e)	(1,533)	(1,651)	(7.1)	(579)	(577)	0.3	(2,112)	(2,228)		(5.2)
Other property expenses	(f)	(1,084)	(1,147)	(5.5)	(3,903)	(2,829)	38.0	(4,987)	(3,976)		25.4
		(2,617)	(2,798)	(6.5)	(14,517)	(13,471)	7.8	(16,009)	(13,869)		15.4
Net property income		36,894	37,418	(1.4)	2,095	994	N.M	37,967	38,412		(1.2)
H-REIT Manager's management fees		(3,339)	(3,327)	0.4	-	-	-	(3,339)	(3,327)		0.4
H-REIT Trustee's fees		(95)	(95)	-	-	-	-	(95)	(95)		-
HBT Trustee-Manager's management fees	(g)	-	-	-	(141)	(162)	(13.0)	(141)	(162)		(13.0)
HBT Trustee-Manager's trustee fees		-	-	-	(57)	(56)	1.8	(57)	(56)		1.8
Valuation fees		(24)	(39)	(38.5)	152	(9)	N.M	128	(48)		N.M
Depreciation and amortisation	(h)	(486)	(537)	(9.5)	(2,689)	(1,582)	70.0	(3,072)	(2,900)		5.9
Other expenses	(i)	(3,831)	(1,095)	N.M	(970)	(43)	N.M	(4,801)	(1,138)		N.M
Finance income
	390	1,156	(66.3)	-	362	N.M	3,317	1,162		N.M
Finance costs		(7,906)	(6,413)	23.3	(1,530)	(711)	N.M	(8,895)	(10,069)		(11.7)
Net finance costs	(n)
(7,516)	(5,257)	43.0	(1,530)	(349)	N.M	(5,578)	(8,907)		(37.4)
Net income/(loss) before fair value adjustment
	21,603	27,068	(20.2)	(3,140)	(1,207)	N.M	21,012	21,779		(3.5)
Reversal of revaluation deficit/(revaluation deficit) on	(k)	243	710	(65.8)	(1,088)	-	N.M	(17,325)	(2,793)		N.M
property, plant and equipment and prepaid land lease

Net fair value gain on investment properties	(l)	46,780	28,718	62.9	-	-	-	66,418	35,076		89.4
Total return/(Net loss) before tax		68,626	56,496	21.5	(4,228)	(1,207)	N.M	70,105	54,062		29.7
Tax expense	(o)	(1,638)	(10,827)	(84.9)	(1,129)	(306)	N.M	(2,767)	(11,133)		(75.1)
Total return/(Net loss)	(p)	66,988	45,669	46.7	(5,357)	(1,513)	N.M	67,338	42,929		56.9
Attributable to:

Unitholders		66,228	45,624	45.2	(5,357)	(1,513)	N.M	66,578	42,884		55.3
Non-controlling interests	(m)	760	45	N.M	-	-	-	760	45		N.M
Total return/(Net loss)
	66,988	45,669	46.7	(5,357)	(1,513)	N.M	67,338	42,929		56.9

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

			H-REIT Group			HBT Group (b)		CDL Hospitality Trusts
	Foot-	FY 2019	FY 2018	Increase/	FY 2019	FY 2018	Increase/	FY 2019	FY 2018		Increase/
	(Decrease)	(Decrease)		(Decrease)
	note
	S$'000	S$'000	%	S$'000	S$'000	%	S$'000	S$'000		%

Revenue		150,148	152,292	(1.4)	-	-	-	142,015	143,133		(0.8)
Rental revenue
Hotel revenue		-	-	-	54,857	58,670	(6.5)	54,857	58,670		(6.5)
	(a)	150,148	152,292	(1.4)	54,857	58,670	(6.5)	196,872	201,803		(2.4)
Property expenses
Operation and maintenance expenses		-	-	-	(12,546)	(12,424)	1.0	(12,546)	(12,424)		1.0
Employee benefit expenses	(c)	-	-	-	(17,076)	(15,748)	8.4	(17,076)	(15,748)		8.4
Rental expenses	(d)	-	-	-	(4,131)	(9,826)	(58.0)	(94)	(667)		(85.9)
Property tax	(e)	(6,188)	(7,482)	(17.3)	(2,340)	(2,352)	(0.5)	(8,528)	(9,834)		(13.3)
Other property expenses	(f)	(4,318)	(4,980)	(13.3)	(13,148)	(12,096)	8.7	(17,466)	(17,076)		2.3
		(10,506)	(12,462)	(15.7)	(49,241)	(52,446)	(6.1)	(55,710)	(55,749)		(0.1)
Net property income		139,642	139,830	(0.1)	5,616	6,224	(9.8)	141,162	146,054		(3.3)
H-REIT Manager's management fees		(13,118)	(12,873)	1.9	-	-	-	(13,118)	(12,873)		1.9
H-REIT Trustee's fees		(389)	(345)	12.8	-	-	-	(389)	(345)		12.8
HBT Trustee-Manager's management fees	(g)	-	-	-	(559)	(413)	35.4	(559)	(413)		35.4
HBT Trustee-Manager's trustee fees		-	-	-	(224)	(229)	(2.2)	(224)	(229)		(2.2)
Valuation fees		(174)	(154)	13.0	121	(31)	N.M	(53)	(185)		(71.4)
Depreciation and amortisation	(h)	(1,906)	(2,126)	(10.3)	(9,950)	(6,624)	50.2	(12,027)	(11,711)		2.7
Other expenses	(i)	(7,881)	(3,507)	N.M	(1,975)	(1,176)	67.9	(9,856)	(4,683)		N.M
Finance income
	3,020	5,438	(44.5)	-	407	N.M	2,926	5,516		(47.0)
Finance costs		(29,139)	(26,752)	8.9	(5,615)	(2,846)	97.3	(31,450)	(32,569)		(3.4)
Net finance costs	(n)
(26,119)	(21,314)	22.5	(5,615)	(2,439)	N.M	(28,524)	(27,053)		5.4
Net income/(loss) before fair value adjustment
	90,055	99,511	(9.5)	(12,586)	(4,688)	N.M	76,412	88,562		(13.7)
Gain on disposal of investment properties and related	(j)	-	5,367	N.M	-	-	-	-	5,367		N.M
cessation of business of foreign operation
Reversal of revaluation deficit/(revaluation deficit) on	(k)	243	710	(65.8)	(1,088)	-	N.M	(17,325)	(2,793)		N.M
property, plant and equipment and prepaid land lease
Net fair value gain on investment properties	(l)	46,780	28,718	62.9	-	-	-	66,418	35,076		89.4
Total return/(Net loss) before tax
	137,078	134,306	2.1	(13,674)	(4,688)	N.M	125,505	126,212		(0.6)
Tax expense	(o)	(9,146)	(13,170)	(30.6)	(2,302)	(2,505)	(8.1)	(11,448)	(15,675)		(27.0)
Total return/(Net loss)	(p)	127,932	121,136	5.6	(15,976)	(7,193)	N.M	114,057	110,537		3.2
Attributable to:

Unitholders		126,606	120,919	4.7	(15,976)	(7,193)	N.M	112,731	110,320		2.2
Non-controlling interests	(m)	1,326	217	N.M	-	-	-	1,326	217		N.M

Total return/(Net loss)		127,932	121,136	5.6	(15,976)	(7,193)	N.M	114,057	110,537		3.2

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

		HBT Group			HBT Group
	4Q 2019	4Q 2018	Increase/	FY 2019	FY 2018	Increase/
	(Decrease)	(Decrease)

	S$'000	S$'000	%	S$'000	S$'000	%
Net loss for the period	(5,357)	(1,513)	N.M	(15,976)	(7,193)	N.M
Other comprehensive income
Items that will not be reclassified to profit or loss:
Revaluation surplus on property, plant and equipment	1,785	5,256	(66.0)	1,785	5,256	(66.0)
Tax effect on revaluation surplus on property, plant and	(64)	(865)	(92.6)	(65)	(1,471)	(95.6)
equipment
	1,721	4,391	(60.8)	1,720	3,785	(54.6)
Items that are or may be reclassified subsequently to

profit or loss:
Foreign currency translation differences:
- foreign operations	3,116	(3,010)	N.M	1,167	(3,026)	N.M
- hedge of net investment in a foreign operation	(2,462)	2,474	N.M	(818)	2,475	N.M
- monetary items forming part of net investment in a foreign	2,899	(2,915)	N.M	965	(2,915)	N.M
operation

	3,553	(3,451)	N.M	1,314	(3,466)	N.M
Other comprehensive income for the period, net of	5,274	940	N.M	3,034	319	N.M
tax
Total comprehensive income for the period	(83)	(573)	(85.5)	(12,942)	(6,874)	88.3

Footnotes

Revenue comprises rental revenue and hotel revenue from CDLHT's properties. Please refer to Section 8 (i), page 28 to 29 of the Announcement.
The decrease in revenue and overall property expenses for HBT Group in FY 2019 is mainly attributed to the closure at Raffles Maldives Meradhoo for rebranding works during the year. The revenue and property expenses increased in 4Q 2019 after the resort re-opened in September 2019.
The employee benefit expenses for Raffles Maldives Meradhoo increased in 4Q 2019 and FY 2019 due to the hiring of staff for the resort which opened in September 2019.
Rental expenses for HBT Group and CDLHT have decreased in 4Q 2019 and FY 2019 as compared to the corresponding period last year as the Group has adopted FRS 116/SFRS(I) 16 Leases with effect from 1 January 2019. Accordingly, the Group's existing lease expenses for operating lease arrangements under FRS 116/SFRS(I) 16 are replaced with depreciation charge on right-of-use ("ROU") assets and interest expense on lease liabilities. Please refer to Section 5, page 25 of the Announcement for more details.
The decrease in property taxes in 4Q 2019 and FY 2019 is mainly attributed to tax savings from the Singapore properties following the finalisation of prior year assessments.
CDLHT's other property expenses comprise mainly utilities, insurance and other direct operating expenses. In 4Q 2019 and FY 2019, H-REIT Group's expenses have decreased yoy primarily due to the adoption of FRS 116/SFRS(I) 16 in relation to its lease of the units at Waterfront Conference Centre. In contrast, CDLHT's and HBT's expenses increased yoy mainly due to the re-opening of Raffles Maldives Meradhoo resort.

Included in other property expenses for 4Q 2019 and FY 2019 is an impairment loss of S$3K and S$163K respectively, relating to the rental receivables of Claymore Connect. Conversely, the retail mall recognised a write-back of prior year impairment loss of S$86K in FY 2018.

The increase in HBT Trustee-Manager's management fees in FY 2019 is attributed to the alignment of its fee structure to H-REIT Manager which was approved by Stapled Securityholders through an Extraordinary General Meeting held on 27 April 2018. With effect from 1 May 2018, HBT Trustee-Manager's management fees comprises a base fee of 0.25% per annum of the value of HBT's deposited property and a performance fee of 5.0% per annum of HBT's net property income.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

The depreciation and amortisation for CDLHT mainly relate to property, plant and equipment of the Japan and UK Hotels and Raffles Maldives Meradhoo.

	H-REIT Group	HBT Group	CDL Hospitality Trusts

	4Q 2019	4Q 2018	4Q 2019	4Q 2018	4Q 2019	4Q 2018
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Depreciation of property, plant

and equipment (i)	486	537	2,689	1,582	3,072	2,778
Amortisation of prepaid land
lease	-	-	-	-	-	122

	486	537	2,689	1,582	3,072	2,900


	H-REIT Group	HBT Group	CDL Hospitality Trusts

	FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Depreciation of property, plant

and equipment (i)	1,906	2,126	9,950	6,624	12,027	11,375
Amortisation of prepaid land
lease	-	-	-	-	-	336

	1,906	2,126	9,950	6,624	12,027	11,711

1. Included in depreciation is depreciation charge on right-of-use ("ROU") assets relating to property, plant and equipment. CDLHT has adopted FRS 116/SFRS(I) 16 Leases with effect from 1 January 2019. Accordingly, the Group's existing lease expenses for operating lease arrangements under FRS 116/SFRS(I) 16 are replaced with depreciation charge of ROU assets and interest expense on lease liabilities. Please refer to Section 5, page 25 of the Announcement for more details.
Other trust expenses comprise mainly professional fees and administrative expenses. CDLHT incurred higher fees and administrative expenses in 4Q 2019 and FY 2019 mainly due to the recognition of S$2.9 million winding down costs for NCQ and S$1.1 million pre-opening costs for RMM as well as inclusion of a full year's expenses for Hotel Cerretani Firenze (acquired on 27 November 2018).
On 22 December 2017, CDLHT entered into a sale and purchase agreement to sell Mercure Brisbane and Ibis Brisbane in Australia for a total consideration of A$77.0 million. The sale was completed on 11 January 2018 and CDLHT recognised a gain on disposal of S$5.4 million in FY 2018. There was no such disposal in FY 2019.
This relates to the annual revaluation of land and buildings included as part of property, plant and equipment under the revaluation model adopted by CDLHT. The impairment loss in FY 2019 arose mainly from Raffles Maldives Meradhoo.
This relates to net fair value gain recognised from the revaluation of CDLHT's investment properties as at 31 December 2019. Please refer to Section 1(b)(i) footnote (b) on page 11 of the Announcement for details.
Non-controllinginterests relate to the interest owned by the minority shareholders in relation to Pullman Hotel Munich and Hotel Cerretani Firenze (acquired on 27 November 2018).

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Net finance costs comprise the following:

	H-REIT Group		H-REIT Group
	4Q 2019	4Q 2018	Increase/	FY 2019	FY 2018	Increase/
	(Decrease)	(Decrease)

	S$'000	S$'000	%	S$'000	S$'000	%
Interest income received/receivable from banks	203	330	(38.5)	995	1,374	(27.6)
Interest income from finance lease(v)	(3)	-	N.M	189	-	N.M
Fair value gain on derivatives(i)	-	826	N.M	1,836	4,064	(54.8)
Exchange gain	190	-	N.M	-	-	-
Finance income	390	1,156	(66.3)	3,020	5,438	(44.5)
Exchange loss	-	(916)	N.M	(5,705)	(7,264)	(21.5)
Interest paid/payable to banks(iii)	(4,988)	(5,052)	(1.3)	(20,608)	(18,024)	14.3
Interest expense on lease liabilities(v)	(211)	-	N.M	(1,285)	-	N.M
Fair value loss on derivatives(i)	(2,313)	-	N.M	-	-	-
Amortisation of transaction costs capitalised(iv)	(336)	(390)	(13.8)	(1,310)	(1,242)	5.5
Financial expense arising from remeasuring	(58)	(55)	5.5	(231)	(222)	4.1
non-current rental deposits at amortised cost
Finance costs	(7,906)	(6,413)	23.3	(29,139)	(26,752)	8.9
Net finance costs	(7,516)	(5,257)	43.0	(26,119)	(21,314)	22.5

		HBT Group			HBT Group
	4Q 2019	4Q 2018	Increase/	FY 2019	FY 2018	Increase/
	(Decrease)	(Decrease)

	S$'000	S$'000	%	S$'000	S$'000	%

Interest income received/receivable from banks	-	-	-	-	1	N.M
Fair value gain on derivatives(i)	-	6	N.M	-	77	N.M
Exchange gain	-	356	N.M	-	329	N.M
Finance income	-	362	N.M	-	407	N.M
Exchange loss	(354)	-	N.M	(124)	-	N.M
Interest paid/payable to banks(iii)	(650)	(672)	(3.3)	(2,594)	(2,692)	(3.6)
Interest expense on lease liabilities(v)	(451)	-	N.M	(2,650)	-	N.M
Fair value loss on derivatives(i)	(37)	-	N.M	(94)	-	N.M
Amortisation of transaction costs capitalised(iv)	(38)	(39)	(2.6)	(153)	(154)	(0.6)
Finance costs	(1,530)	(711)	N.M	(5,615)	(2,846)	97.3
Net finance costs	(1,530)	(349)	N.M	(5,615)	(2,439)	N.M

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

	CDL Hospitality Trusts	CDL Hospitality Trusts

	4Q 2019	4Q 2018	Increase/	FY 2019	FY 2018	Increase/
	(Decrease)	(Decrease)

	S$'000	S$'000	%	S$'000	S$'000	%

Interest income received/receivable from banks	203	330	(38.5)	995	1,375	(27.6)
Interest income from finance lease(v)	(3)	-	N.M	189	-	N.M
Fair value gain on derivatives(i)	-	832	N.M	1,742	4,141	(57.9)
Exchange gain(ii)	3,117	-	N.M	-	-	-
Finance income	3,317	1,162	N.M	2,926	5,516	(47.0)
Exchange loss(ii)	-	(3,861)	N.M	(4,738)	(10,235)	(53.7)
Interest paid/payable to banks(iii)	(5,637)	(5,708)	(1.2)	(23,201)	(20,716)	12.0
Interest expense on lease liabilities(v)	(476)	-	N.M	(1,817)	-	N.M
Fair value loss on derivatives(i)	(2,350)	-	N.M	-	-	-
Amortisation of transaction costs capitalised(iv)	(374)	(445)	(16.0)	(1,463)	(1,396)	4.8
Financial expense arising from remeasuring	(58)	(55)	5.5	(231)	(222)	4.1
non-current rental deposits at amortised cost
Finance costs	(8,895)	(10,069)	(11.7)	(31,450)	(32,569)	(3.4)
Net finance costs	(5,578)	(8,907)	(37.4)	(28,524)	(27,053)	5.4

Fair value gain/loss on derivatives relates to the re-measurement of foreign exchange forward contracts to partially hedge H-REIT's and HBT's income from overseas as well as EUR/USD cross-currency interest rate swap contracts entered into by H-REIT to partially hedge its interest cost.
The exchange loss of CDLHT for FY 2019 mainly arose from the depreciation of Australian dollar ("AUD") and Euro ("EUR") denominated receivables and cash balances against SGD. In contrast, CDLHT benefitted from an exchange gain in 4Q 2019 attributed to translation gains from the United States dollar ("USD") bank loans. During the comparative period in 4Q 2018 and FY 2018, the exchange loss arose mainly from the translation losses from the USD denominated bank loans as well as the depreciation of AUD.
The interest paid/payable to banks for FY 2019 were higher yoy mainly due to interest incurred on new loans drawndown in FY 2018 for the acquisition of Hotel Cerretani Firenze on 27 November 2018 and the renovation and rebranding works on the Group's properties as well as higher funding cost on its floating rate loans.
The amortisation costs in 4Q 2019 and FY 2019 relate to the amortisation of transaction costs arising from CDLHT's borrowings.
CDLHT has adopted FRS 116/SFRS(I) 16 Leases with effect from 1 January 2019. Accordingly, the Group's existing lease expenses for operating lease arrangements under FRS 116/SFRS(I) 16 are replaced with depreciation charge of ROU assets related to property, plant and equipment and interest expense on lease liabilities. Additionally, the sublease of Waterfront Conference Centre under H-REIT Group was classified as a finance lease, resulting in an interest income from finance lease. Please refer to Section 5, page 25 of the Announcement for more details.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

This relates to current and deferred taxes in respect of CDLHT's properties.

Corporate income tax Deferred tax Withholding tax

Underprovision in respect of prior year tax

Corporate income tax(i) Deferred tax Withholding tax

(Under)/Overprovision in respect of prior year tax

H-REIT Group	HBT Group	CDL Hospitality Trusts
4Q 2019	4Q 2018	4Q 2019	4Q 2018	4Q 2019	4Q 2018
S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
(1,891)	(6,268)	(253)	87	(2,144)	(6,181)
(25)	(4,306)	(640)	(93)	(665)	(4,399)
(71)	(249)	(234)	(235)	(305)	(484)
349	(4)	(2)	(65)	347	(69)

(1,638)	(10,827)	(1,129)	(306)	(2,767)	(11,133)


H-REIT Group	HBT Group	CDL Hospitality Trusts

FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018
S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
(8,925)	(8,906)	(909)	(584)	(9,834)	(9,490)
(330)	(4,651)	(435)	(903)	(765)	(5,554)
(253)	(289)	(956)	(953)	(1,209)	(1,242)
362	676	(2)	(65)	360	611

(9,146)	(13,170)	(2,302)	(2,505)	(11,448)	(15,675)

1. Corporate income tax has increased due to tax arising from the Group's overseas properties.
Total return of CDLHT is contributed by:

	CDL Hospitality Trusts	CDL Hospitality Trusts

	4Q 2019	4Q 2018	FY 2019	FY 2018
	2019	2018

	S$'000	S$'000	S$'000	S$'000

H-REIT	77,453	37,798	135,401	105,296
Other H-REIT group entities	(10,465)	7,871	(7,469)	15,840
(including consolidation adjustments)
HBT	248	(17,822)	136	(15,577)
Other HBT group entities	(5,605)	16,309	(16,112)	8,384
(including consolidation adjustments)
CDL Hospitality Trusts' consolidation adjustments	5,707	(1,227)	2,101	(3,406)


	67,338	42,929	114,057	110,537

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

(q)	Income available for distribution(i)
		CDL Hospitality Trusts	CDL Hospitality Trusts
		4Q 2019	4Q 2018	FY 2019	FY 2018
		2019	2018

		S$'000	S$'000	S$'000	S$'000
	Total return of H-REIT	77,453	37,798	135,401	105,296
	Total comprehensive income of HBT	248	(17,822)	136	(15,577)
	Add/(Less): Non tax deductible/(tax chargeable)
	items:
	- Net fair value (gain)/loss on investment properties	(81,308)	(21,885)	(81,308)	(21,885)
	- Amortisation of transaction costs	331	385	1,288	1,232
	- Income in relation to gain on disposal of investment	-	-	-	(7,567)
	properties
	- Income in relation to gain on dissolution of a	-	-	(582)	-
	subsidiary
	- Fair value loss/(gain) on financial derivatives	2,313	(826)	(1,836)	(4,064)
	- Financial expense arising from remeasuring non-	58	55	231	222
	current rental deposits at amortised cost
	- Exchange (gain)/loss	(2,599)	3,848	7,220	15,563
	- H-REIT Manager's fees paid/payable in Stapled	2,671	2,663	10,494	10,300
	Securities
	- H-REIT Trustee's fees	95	95	389	345
	- HBT Trustee-Manager's management fees	113	129	447	330
	paid/payable in Stapled Securities
	- HBT Trustee-Manager's trustee fees	57	56	224	229
	- Impairment loss on subsidiaries(iii)	23,636	24,367	23,636	24,367
	- Other items	2,607	219	3,009	813
	Income available for distribution to Stapled
	25,675	29,082	98,749	109,604
	Securityholders (before retention)
	Less :
	Income retained for working capital	(2,568)	(2,908)	(9,875)	(10,960)
	Income to be distributed to Stapled Securityholders
	23,107	26,174	88,874	98,644
	(after retention)
	Capital distribution(ii)	10,518	7,259	20,515	12,959
	Total distribution to Stapled Securityholders	33,625	33,433	109,389	111,603
	(after retention)
	Comprising :

	- Taxable income	20,964	19,922	72,494	74,367
	- Tax exempt income	2,143	6,252	16,380	24,277
	- Capital distribution	10,518	7,259	20,515	12,959

		33,625	33,433	109,389	111,603

(i) The distribution of CDLHT represents the aggregate of distributions by H-REIT and HBT.

(ii) The capital distribution comprises income from CDLHT's properties as well as CDLHT's continued partial distribution of proceeds from the 2018 disposal of Mercure Brisbane and Ibis Brisbane. For a meaningful yoy comparison of the total income from overseas properties, tax exempt income and capital distribution should be read collectively.

(iii) This relates to impairment loss on H-REIT's cost of investment in its Maldives subsidiaries and HBT's cost of investment in its UK subsidiary which have no impact on the income available for distribution.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019 1 (b)(i) Statements of Financial Position together with a comparative statement at the end of the immediately preceding financial year

		H-REIT Group	HBT Group(a)		CDL Hospitality Trusts
	Footnote	31 Dec 2019	31 Dec 2018	31 Dec 2019		31 Dec 2018	31 Dec 2019	31 Dec 2018
	S$'000	S$'000	S$'000		S$'000	S$'000	S$'000

ASSETS
Non-current assets
Investment properties	(b)	2,209,253	2,497,456	-		-	2,139,392	2,428,921
Property, plant and equipment	(c)	86,240	84,186	257,735		202,316	373,843	348,183
Prepaid land lease	(c)	-	-	-		-	-	6,853
Deferred tax assets		635	606	-		-	635	606
Finance lease receivables	(d)	4,923	-	-		-	4,923	-
Financial derivative assets	(e)	5,968	3,960	-		-	5,968	3,960
Other receivables		149	149	-		-	149	149
Current assets		2,307,168	2,586,357	257,735		202,316	2,524,910	2,788,672
	-	-	1,767		889	1,767	889
Inventories
Trade and other receivables		50,079	39,791	14,190		11,241	28,915	32,828
Finance lease receivables	(d)	800	-	-		-	800	-
Financial derivative assets	(e)	79	124	-		70	79	195
Cash and cash equivalents		128,152	127,077	7,802		12,506	135,954	139,583
Assets held for sale	(b)	368,700	-	-		-	368,700	-
Total assets		547,810	166,992	23,759		24,706	536,215	173,495
	2,854,978	2,753,349	281,494		227,022	3,061,125	2,962,167
LIABILITIES
Non-current liabilities
Loans and borrowings	(f)	890,711	669,275	94,554		93,418	985,265	762,693
Lease liabilities	(g)	24,166	-	53,359		-	38,673	-
Rental deposits	(h)	9,761	9,530	-		-	9,761	9,530
Other payables	(j)	715	713	-		-	715	713
Deferred tax liabilities	(i)	16,925	16,262	16,032		15,367	32,958	31,629
Current liabilities		942,278	695,780	163,945		108,785	1,067,372	804,565

Loans and borrowings	(f)	78,662	248,675	-		-	78,662	248,675
Lease liabilities	(g)	1,079	-	2,072		-	1,087	-
Trade and other payables	(j)	37,307	35,152	41,673		24,811	43,625	41,758
Financial derivative liabilities	(e)	164	37	23		-	187	37
Provision for taxation	(k)	6,883	11,237	822		573	7,705	11,810
Total liabilities		124,095	295,101	44,590		25,384	131,266	302,280
	1,066,373	990,881	208,535		134,169	1,198,638	1,106,845
Net assets		1,788,605	1,762,468	72,959		92,853	1,862,487	1,855,322
Represented by:
Unitholders' funds		1,780,289	1,754,809	72,959		92,853	1,854,171	1,847,663
Non-controlling interests	(l)	8,316	7,659	-		-	8,316	7,659
		1,788,605	1,762,468	72,959		92,853	1,862,487	1,855,322

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Footnotes

The Statement of Financial Position of HBT Group comprises the resort operations of Raffles Maldives Meradhoo, the Japan Hotels and the UK Hotels.
The decrease in investment properties at HREIT Group was mainly due to the reclassification of Novotel Singapore Clarke Quay to asset held for sale. However, the decrease was partially offset by the recognition of net fair value gain of H-REIT Group investment properties at the end of the financial year. The details are as follows:
The investment properties were valued by Knight Frank Pte Ltd, CBRE Valuations Pty Limited, CBRE Limited, C & W (U.K.) LLP, C & W (U.K.) LLP (Italian Branch), C & W (U.K.) LLP - German Branch, Cushman & Wakefield K.K., Jones Lang LaSalle Property Consultants Pte Ltd and Jones Lang LaSalle Advisory Services Pty Limited, all independent registered valuers, and adopted in the financial statements of the Group as at 31 December 2019 as follows:

		Valuation
Properties	Tenure	Foreign
currency	(S$ million)

		(million)
Orchard Hotel	75 years from 19 July 2006		466.0
Grand Copthorne Waterfront Hotel	75 years from 19 July 2006		370.0
M Hotel	75 years from 19 July 2006		245.0
Studio M Hotel	99 years from 26 February 2007		173.0
Copthorne King's Hotel	99 years from 1 February 1968		120.0
Claymore Connect Mall	75 years from 19 July 2006		93.8
Grand Millennium Auckland	Freehold	NZ$222.5	200.5
Novotel Brisbane	Freehold	A$73.0	68.5
Mercure Perth	Freehold	A$48.0	45.1
Ibis Perth	Freehold	A$31.0	29.1
Angsana Velavaru	50 years from 26 August 1997	US$57.6	78.0
Raffles Maldives Meradhoo	50 years from 15 June 2006	US$45.0	61.0
Pullman Hotel Munich	Freehold	EUR115.7	173.9
Hotel Cerretani Firenze - MGallery	Freehold	EUR43.9	66.0

The valuation at H-REIT Group's investment properties gave rise to a net fair value gain of S$46.8 million as at 31 December 2019 (31 December 2018: net fair value gain of S$28.7 million). This net fair value is recognised in H-REIT Group's Statement of Total Return for FY 2019 and has no impact on the income available for distribution to holders of Stapled Securities.

Included in H-REIT Group's investment properties as at 31 December 2019 is a net translation loss of S$20.0 million (31 December 2018: net translation loss of S$17.6 million) relating to its overseas properties.

On 21 November 2019, CDLHT announced its proposed divestment of Novotel Singapore Clarke Quay. Accordingly, this investment property valued, at S$368.7 million, has been reclassified to assets held for sale.

The property, plant and equipment at H-REIT Group and HBT Group comprise the Japan Hotels and the UK Hotels respectively.
The property, plant and equipment at CDLHT comprise the Japan Hotels, Raffles Maldives Meradhoo and the UK Hotels. For Raffles Maldives Meradhoo, the property is leased by H-REIT's indirect wholly-owned subsidiary to HBT's indirect wholly-owned subsidiary. For the Japan Hotels, there is a master lease arrangement between a trust bank in Japan (in its capacity as the trust bank holding the legal title to the Japan Hotels) and HBT's indirect wholly-owned subsidiary. As these properties are considered property held for use as owner-occupied properties, they are classified as property, plant and equipment instead of investment property in CDLHT's financial statements.
CDLHT has adopted FRS 116/SFRS(I) 16 Leases with effect from 1 January 2019. Accordingly, operating leases that qualify as ROU assets relating to property, plant and equipment has been recognised on CDLHT's balance sheet and prepaid land lease has been reclassified to property, plant and equipment. Please refer to Section 5, page 25 of the Announcement for more details.
The increase in property, plant and equipment at CDLHT is mainly due to the recognition of ROU assets related to property, plant and equipment of S$22.0 million (as described above), net additions of S$18.3 million and a net translation gain of S$1.1 million, offset by a net revaluation loss on land and buildings of S$11.3 million and depreciation expenses of S$11.3 million for the period.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Under FRS 116/SFRS(I) 16 Leases, the sublease of Waterfront Conference Centre under H-REIT Group was classified as a finance lease. Please refer to Section 5, page 25 of the Announcement for more details.
Movement in financial derivatives arose from fair value changes upon re-measurement of foreign exchange forward contracts and cross-currency interest rate swaps.
Loans and borrowings of CDLHT of S$1.06 billion (as at 31 December 2018: S$1.01 billion), which are measured at amortised cost, comprise JPY3.1 billion (S$38.3 million) TMK bond and S$1.03 million bank borrowings, as explained under Section 1(b)(ii) on pages 13 to 15 of the Announcement.
During the reporting quarter, about S$88.1 million loans were refinanced into longer tenor borrowings. For further details, refer to footnote (v) on page 15 of the Announcement.
The lease liabilities represent CDLHT's obligation to make lease payments in relation to the ROU assets recognised in accordance to FRS 116/SFRS(I) 16 which was effective on 1 January 2019. Please refer to Section 5, page 25 of the Announcement for more details.
Rental deposits relate to rental deposits collected from the Master Lessees and tenants at Claymore Connect, stated at amortised cost.
The deferred tax liabilities mainly relate to the Australia, UK and Japan properties.
Trade and other payables for the Group relates mainly to payables for operational and trust expenses. Included in HBT Group's payables are amounts owing to suppliers in respect of the rebranding works on Raffles Maldives Meradhoo.
Provision for taxation comprise tax provisions arising from the Group's overseas properties.
Non-controllinginterests relate to the interests owned by the minority shareholder in relation to the Pullman Hotel Munich and the Hotel Cerretani Firenze (acquired on 27 November 2018).

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

1 (b)(ii) Aggregate amount of group's borrowings and debt securities

	H-REIT Group	HBT Group	CDL Hospitality Trusts
	31 Dec 2019	31 Dec 2018	31 Dec 2019	31 Dec 2018	31 Dec 2019	31 Dec 2018
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Amount repayable after one year

Secured borrowings	66,123	68,737	-	-	66,123	68,737
Secured TMK bond	-	38,471	-	-	-	38,471
Unsecured borrowings	827,891	564,357	95,002	94,019	922,893	658,376
	894,014	671,565	95,002	94,019	989,016	765,584
Amount repayable within one year
Secured TMK bond	38,347	-	-	-	38,347	-
Unsecured borrowings	40,450	248,830	-	-	40,450	248,830
	78,797	248,830	-	-	78,797	248,830
Total borrowings(a)	972,811	920,395	95,002	94,019	1,067,813	1,014,414

The borrowings are presented before the deduction of unamortised transaction costs.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

1 (b)(ii) Aggregate amount of group's borrowings and debt securities

Details of borrowings

The facilities and borrowings of the H-REIT Group, HBT Group and CDL Hospitality Trusts are set out below:

			H-REIT Group			HBT Group		CDL Hospitality Trusts

	Facilities		31 Dec 2019			31 Dec 2019			31 Dec 2019

		Facility	Drawn	Undrawn	Facility	Drawn	Undrawn	Facility	Drawn	Undrawn
		amount	down	amount	down	amount	down

Currency	Type*	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
JPY	TMK bond (¥3.1 billion)(i)	38,347	38,347	-	-	-	-	38,347	38,347	-
JPY	5-year term loan (¥3.27 billion)	40,450	40,450	-	-	-	-	40,450	40,450	-
SGD	Medium term note(iii)	1,000,000	-	1,000,000	-	-	-	1,000,000	-	1,000,000
SGD	Bridge loan(iv )	300,000	-	300,000	200,000	-	200,000	500,000	-	500,000
SGD	3 to 3.25-year revolving credit (committed)	250,000	191,862	58,138	-	-	-	250,000	191,862	58,138
SGD	5-year term loans(v )	273,600	273,600	-	-	-	-	273,600	273,600	-
USD	5-year term loans (US$181.2 million)	245,436	245,436	-	-	-	-	245,436	245,436	-
EUR	7-year term loan (€44.0 million)(ii)	66,123	66,123	-	-	-	-	66,123	66,123	-
GBP	5-year term loans (£120.5 million)	116,993	116,993	-	95,002	95,002	-	211,995	211,995	-

		2,330,949	972,811	1,358,138	295,002	95,002	200,000	2,625,951	1,067,813	1,558,138

* Apart from the TMK bond and the 7-year EUR term loan, all the borrowings of the Group are unsecured.

Excluded from the borrowings above are the lease liabilities of S$25.2 million, S$55.4 million and S$39.8 million for H-REIT Group, HBT Group and CDLHT respectively, which are secured over the finance lease receivables and right-of-use assets (recognised as part of investment properties and property, plant and equipment).

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Secured TMK bond

The TMK bond included in H-REIT Group relates to 5-year Japanese yen denominated bond of JPY3.1 billion (S$38.3 million) issued by H-REIT's indirectly owned subsidiary, CDLHT Hanei Tokutei Mokuteki Kaisha. CDLHT's interest in Japan Hotels is held via a Tokutei Mokuteki Kaisha ("TMK") structure, and such TMK structure is required to issue bond to partially fund the acquisition of Japan assets.

The bondholders have a statutory preferred right, under Article 128 of the Japan Asset Liquidation Law, to receive payment of all obligations under the bond prior to other creditors out of the assets of the TMK. Such right shall be junior to the priority of the general statutory lien under the Japan Civil Code. While the assets of TMK are subject to a statutory preferred right, it is not considered a mortgage under Japan laws.

Secured borrowing

The secured bank loan relates to a 7-year fixed rate loan of S$66.1 million (€44.0 million) drawn down by H-REIT'sindirectly-owned subsidiary, NKS Hospitality I B.V..

The securities include (i) a first legal mortgage on the property, (ii) assignment of the rights and claims under the property's major contracts such as the lease agreement and insurance policies and (iii) pledge of shares and bank accounts of NKS Hospitality I B.V..

Unsecured medium term note

H-REIT'swholly-owned subsidiary, CDLHT MTN Pte. Ltd. (the "Issuer") has in place a S$1.0 billion Multi-currency Medium Term Note Programme (the "Programme").

As at 31 December 2019, there are no outstanding medium term notes.

Unsecured bridge loan

H-REIT and HBT has in place a S$300.0 million and S$200.0 million uncommitted multi-currency bridge loan facility with a bank respectively (the "Bridge Loan Facilities") to fund acquisitions, capital expenditure and working capital requirements.

The Bridge Loan Facilities can be drawn in multiple tranches and each tranche is to be repaid within a maximum period of one year from each draw down date or one year from the first drawn date (where the amount is drawn in multiple tranches).

As at 31 December 2019, the bridge loan remains unutilized.

Unsecured borrowings

Included therein is a US$65.0 million (S$88.1 million) term loan, which was re-financed upon its maturity in December 2019 with a 5-year floating rate term loan.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

1 (c) Consolidated Statements of Cash Flows

Operating activities

Total return/(Net loss) for the period before tax Adjustments for:

H-REIT Manager's/HBT Trustee-Manager's fee paid/payable in Stapled Securities

Depreciation of property, plant and equipment Amortisation of prepaid land lease

(Reversal of revaluation deficit)/revaluation deficit on property, plant and equipment and prepaid land lease

Property, plant and equipment written off Impairment loss on trade receivables

Net fair value gain on investment properties Net finance costs

Operating income before working capital changes

Changes in working capital:

Inventories

Trade and other receivables

Trade and other payables

Cash generated from operating activities

Income tax paid

Net cash generated from operating activities

Investing activities

Acquisition of subsidiaries, net of cash acquired

Capital expenditure on investment properties Additions of property, plant and equipment Receipt of finance lease receivable Interest received

Cash used in investing activities

Financing activities

Capital contributions from non-controlling interests

Payment of transaction costs related to rights issue

Proceeds from bank loans Repayment of bank loans

Payment of transaction costs related to bank loans

Payment of lease liabilities Finance costs paid

Distribution to holders of Stapled Securities Distribution to non-controlling interests Return of capital to non-controlling interests Movement in restricted cash

Cash generated from/(used in) financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Effect of exchange rate changes on cash and cash equivalents

Cash and cash equivalents at end of the period

Footnote

(a)

(b)

(c)

H-REIT Group	HBT Group	CDL Hospitality Trusts
4Q 2019	4Q 2018	4Q 2019	4Q 2018	4Q 2019	4Q 2018
S$'000	S$'000	S$'000	S$'000	S$'000	S$'000

68,626	56,496	(4,228)	(1,207)	70,105	54,062
2,671	2,663	113	129	2,784	2,792
486	537	2,689	1,582	3,072	2,778
-	-	-	-	-	122
(243)	(710)	1,088	-	17,325	2,793
-	7	-	-	-	7
3	-	19	44	23	44
(46,780)	(28,718)	-	-	(66,418)	(35,076)
7,516	5,257	1,530	349	5,578	8,907

32,279	35,532	1,211	897	32,469	36,429
-	-	(605)	44	(605)	44
4,833	(379)	(506)	(1,453)	9,134	3,266
12,084	6,214	4,779	3,900	12,057	5,014

49,196	41,367	4,879	3,388	53,055	44,753
(9,261)	(335)	191	(480)	(9,070)	(815)

39,935	41,032	5,070	2,908	43,985	43,938

(1,838)	(46,936)	-	-	(1,838)	(46,936)
(15,823)	(17,839)	-	-	(6,061)	(3,721)
(67)	(91)	(1,954)	(1,460)	(11,783)	(15,670)
244	-	-	-	244	-
204	284	-	-	204	285

(17,280)	(64,582)	(1,954)	(1,460)	(19,234)	(66,042)

-	487	-	-	-	487
(230)	-	-	-	(230)	-
96,946	63,951	-	-	96,946	63,951
(88,062)	(17,472)	-	-	(88,062)	(17,472)
(458)	1	-	-	(458)	1
(370)	-	(746)	-	(280)	-
(4,098)	(4,857)	(1,094)	(663)	(5,006)	(5,520)
-	-	-	-	(1)	-
(71)	(95)	-	-	(71)	(95)
(24)	(24)	-	-	(24)	(24)
(191)	(188)	-	-	(191)	(188)

3,442	41,803	(1,840)	(663)	2,623	41,140

26,097	18,253	1,276	785	27,374	19,036
100,772	108,274	6,398	12,055	107,170	120,329
222	(787)	128	(334)	349	(1,119)

127,091	125,740	7,802	12,506	134,893	138,246

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

1 (c) Consolidated Statements of Cash Flows

Operating activities

Total return/ (Net loss) for the period before tax

Adjustments for:

H-REIT Manager's/HBT Trustee-Manager's fee paid/payable in Stapled Securities

Depreciation of property, plant and equipment Amortisation of prepaid land lease

(Reversal of revaluation deficit)/revaluation deficit on property, plant and equipment and prepaid land lease

Property, plant and equipment written off Impairment loss/(Reversal of impairment loss) on trade receivables

Net fair value gain on investment properties

Gain on disposal of investment properties and related cessation of business of foreign operations

Net finance costs

Operating income before working capital changes

Changes in working capital:

Inventories

Trade and other receivables

Trade and other payables

Cash generated from operating activities

Income tax paid

Net cash generated from operating activities Investing activities

Acquisition of subsidiaries, net of cash acquired Capital expenditure on investment properties Additions of property, plant and equipment

Proceeds from disposal of investment properties (net)

Receipt of finance lease receivable Interest received

Cash (used in)/generated from investing activities

Financing activities

Capital contributions from non-controlling interests Payment of transaction costs related to rights issue Proceeds from bank loans

Repayment of bank loans

Payment of transaction costs related to bank loans Payment of lease liabilities

Finance costs paid

Distribution to holders of Stapled Securities Distribution to non-controlling interests Return of capital to non-controlling interests Repayment of loan to non-controlling interests Movement in restricted cash

Cash used in financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Effect of exchange rate changes on cash and cash equivalents

Cash and cash equivalents at end of the period

Footnote

(a)

(b)

(c)

H-REIT Group	HBT Group	CDL Hospitality Trusts
FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018
S$'000	S$'000	S$'000	S$'000	S$'000	S$'000

137,078	134,306	(13,674)	(4,688)	125,505	126,212
10,494	10,300	447	330	10,941	10,630
1,906	2,126	9,950	6,624	12,027	11,375
-	-	-	-	-	336
(243)	(710)	1,088	-	17,325	2,793
-	7	240	-	240	7
163	(86)	(9)	167	155	81
(46,780)	(28,718)	-	-	(66,418)	(35,076)
-	(5,367)	-	-	-	(5,367)
26,119	21,314	5,615	2,439	28,524	27,053

128,737	133,172	3,657	4,872	128,299	138,044
-	-	(888)	275	(888)	275
(11,191)	(17,205)	(3,015)	(3,043)	3,280	(10,836)
5,458	(876)	17,182	8,789	5,153	(1,485)

123,004	115,091	16,936	10,893	135,844	125,998
(13,290)	(1,295)	(1,662)	(1,529)	(14,952)	(2,824)

109,714	113,796	15,274	9,364	120,892	123,174

(1,838)	(47,736)	-	-	(1,838)	(47,736)
(38,897)	(32,332)	-	-	(26,156)	(13,840)
(477)	(475)	(5,351)	(4,132)	(18,569)	(23,115)
23	80,149	-	-	23	80,149
756	-	-	-	756	-
1,220	1,306	-	-	1,220	1,307

(39,213)	912	(5,351)	(4,132)	(44,564)	(3,235)

-	487	-	-	-	487
(230)	(30)	-	-	(230)	(30)
322,957	268,646	-	-	322,957	268,646
(264,340)	(205,420)	-	-	(264,340)	(205,420)
(2,304)	(881)	-	(29)	(2,304)	(910)
(1,022)	-	(2,020)	-	(1,064)	-
(18,612)	(15,438)	(5,242)	(2,689)	(21,735)	(18,127)
(102,726)	(106,353)	(7,399)	(6,983)	(110,125)	(113,336)
(309)	(314)	-	-	(309)	(314)
(97)	(49)	-	-	(97)	(49)
-	(3,669)	-	-	-	(3,669)
276	(59)	-	-	276	(59)

(66,407)	(63,080)	(14,661)	(9,701)	(76,971)	(72,781)

4,094	51,628	(4,738)	(4,469)	(643)	47,158
125,740	77,370	12,506	17,278	138,246	94,648
(2,743)	(3,258)	34	(303)	(2,710)	(3,560)

127,091	125,740	7,802	12,506	134,893	138,246

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Footnotes

Significant non-cash transactions 4Q 2019
1,753,648 (4Q 2018: 2,010,255) Stapled Securities amounting to S$2.8 million (4Q 2018: S$2.8 million) will be issued to the H-REIT Manager and HBT Trustee-Manager as satisfaction of management fees payable in units in respect of the quarter.
FY 2019
6,743,852 (FY 2018: 6,937,052) Stapled Securities amounting to S$10.9 million (FY 2018: S$10.6 million) were issued or will be issued to the H-REIT Manager and HBT Trustee-Manager as satisfaction of management fees payable in units in respect of FY 2019.
Finance costs paid increased due to the Group's adoption of FRS 116/SFRS(I) 16 Leases (see Section 5 on page 25 of the Announcement).
Cash and cash equivalents for H-REIT Group and CDLHT as at 31 December 2019 are as follows:

	H-REIT Group	CDL Hospitality Trusts
Cash and cash equivalents in the Statement of Financial Position	S$'000	S$'000
128,152	135,954
Restricted cash(a)	(1,061)	(1,061)
Cash and cash equivalents in the Statement of Cash Flows	127,091	134,893

Relates to cash reserved by a trust bank in Japan.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

1 (d) Statements of Movements in Unitholders' funds for the period from 1 October 2019 to 31 December 2019

Footnote

Balance as at 1 October 2019

Operations

Increase/(Decrease) in net assets resulting from operations

Movements in revaluation reserve

Revaluation surplus on property, plant and equipment
Tax effect on revaluation of property, plant and equipment

Increase in revaluation reserve

Movements in foreign currency translation reserve

Translation differences relating to financial statements of foreign subsidiaries
Exchange differences on hedge of net investments in foreign operations
Exchange differences on monetary items forming part of net investment in foreign operations

Increase/(decrease) in foreign currency translation reserve

Transactions with owners

-	Stapled Securities to be issued	(a)
-	Issue expenses
-	Distribution to non-controlling interests	(c)

Return of capital to non-controlling interests

Increase/(decrease) in net assets resulting from transactions with owners

Balance as at 31 December 2019

H-REIT Group				HBT Group			CDL Hospitality Trusts

					Foreign				Attributable to	Non-
Attributable to	Non-				Currency		Accumulated
Stapled	controlling		Units in	Issue	Translation	Revaluation	Profits/		Stapled	controlling
Securityholders	Interests	Total	Issue	Expenses	Reserve	Reserve	(Losses)	Total	Securityholders	Interests	Total
S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000

1,702,917	7,697	1,710,614	113,404	(121)	(401)	10,770	(50,723)	72,929	1,774,415	7,697	1,782,112
66,228	760	66,988	-	-	-	-	(5,357)	(5,357)	66,578	760	67,338
2,771	-	2,771	-	-	-	1,785	-	1,785	4,449	-	4,449
-	-	-	-	-	-	(64)	-	(64)	(64)	-	(64)

2,771	-	2,771	-	-	-	1,721	-	1,721	4,385	-	4,385

3,439	(96)	3,343	-	-	3,116	-	-	3,116	6,589	(96)	6,493
1,947	-	1,947	-	-	(2,462)	-	-	(2,462)	(3,796)	-	(3,796)
546	-	546	-	-	2,899	-	-	2,899	3,446	-	3,446

5,932	(96)	5,836	-	-	3,553	-	-	3,553	6,239	(96)	6,143

2,671	-	2,671	113	-	-	-	-	113	2,784	-	2,784
(230)	-	(230)	-	-	-	-	-	-	(230)	-	(230)
-	(22)	(22)	-	-	-	-	-	-	-	(22)	(22)
-	(23)	(23)	-	-	-	-	-	-	-	(23)	(23)

2,441	(45)	2,396	113	-	-	-	-	113	2,554	(45)	2,509

1,780,289	8,316	1,788,605	113,517	(121)	3,152	12,491	(56,080)	72,959	1,854,171	8,316	1,862,487

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019 1 (d) Statements of Movements in Unitholders' funds for the period from 1 January 2019 to 31 December 2019

			H-REIT Group				HBT Group			CDL Hospitality Trusts
			Attributable to	Non-				Foreign
		Footnote				Currency		Accumulated		Attributable to	Non-
		Stapled	controlling		Units in	Issue	Translation	Revaluation	Profits/		Stapled	controlling

			Securityholders	Interests	Total	Issue	Expenses	Reserve	Reserve	(Losses)	Total	Securityholders	Interests		Total
			S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000		S$'000
Balance as at 1 January 2019
	1,754,809	7,659	1,762,468	117,863	(121)	1,838	10,771	(37,498)	92,853	1,847,663	7,659		1,855,322
Operations
Increase/(Decrease) in net assets resulting from operations		126,606	1,326	127,932	-	-	-	-	(15,976)	(15,976)	112,731	1,326		114,057

Movements in revaluation reserve
- Revaluation surplus on property, plant and equipment		2,771	-	2,771	-	-	-	1,785	-	1,785	4,449	-		4,449
-	Tax effect on revaluation of property, plant and equipment		2	-	2	-	-	-	(65)	-	(65)	(63)	-		(63)
Increase in revaluation reserve		2,773	-	2,773	-	-	-	1,720	-	1,720	4,386	-		4,386

Movements in foreign currency translation reserve

-	Translation differences relating to financial statements of
	foreign subsidiaries		(9,322)	(352)	(9,674)	-	-	1,167	-	-	1,167	(8,134)	(352)		(8,486)
- Exchange differences on hedge of net investments in
	foreign operations		366	-	366	-	-	(818)	-	-	(818)	(1,544)	-		(1,544)
- Exchange differences on monetary items forming part of
	net investment in foreign operations		(2,559)	-	(2,559)	-	-	965	-	-	965	(1,595)	-		(1,595)
-	Exchange differences reclassified to statement of total		78	-	78	-	-	-	-	-	-	78	-		78
	return on cessation of business of foreign operations
(Decrease)/Increase in foreign currency translation
	(11,437)	(352)	(11,789)	-	-	1,314	-	-	1,314	(11,195)	(352)		(11,547)
reserve
Transactions with owners	(a)	10,494	-	10,494	447	-	-	-	-	447	10,941	-		10,941
-	Stapled Securities to be issued
-	Issue expenses		(230)	-	(230)	-	-	-	-	-	-	(230)	-		(230)
-	Distribution to Stapled Securityholders	(b)	(102,726)	-	(102,726)	(4,793)	-	-	-	(2,606)	(7,399)	(110,125)	-		(110,125)
-	Distribution to non-controlling interests	(c)	-	(222)	(222)	-	-	-	-	-	-	-	(222)		(222)
- Return of capital to non-controlling interests		-	(95)	(95)	-	-	-	-	-	-	-	(95)		(95)
Decrease in net assets resulting from transactions with		(92,462)	(317)	(92,779)	(4,346)	-	-	-	(2,606)	(6,952)	(99,414)	(317)		(99,731)
owners
Balance as at 31 December 2019		1,780,289	8,316	1,788,605	113,517	(121)	3,152	12,491	(56,080)	72,959	1,854,171	8,316		1,862,487

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

Footnote

Balance as at 1 October 2018

Operations

Increase/ (Decrease) in net assets resulting from operations

Movements in revaluation reserve

Revaluation surplus on property, plant and equipment
Tax effect on revaluation of property, plant and equipment

Increase in revaluation reserve

Movements in foreign currency translation reserve

Translation differences relating to financial statements of foreign subsidiaries
Exchange differences on hedge of net investments in foreign operations
Exchange differences on monetary items forming part of net investment in foreign operations

Decrease in foreign currency translation reserve

Transactions with owners
Contributions by and distributions to owners
-	Stapled Securities to be issued	(a)
-	Distribution to non-controlling interests	(c)

Return of capital to non-controlling interests
Capital contribution from non-controlling interests

Total contributions by and distributions to owners

Ownership interests in subsidiaries

Acquisition of subsidiary with non-controlling

interest

Changes in ownership interests in subsidiaries

Increase in net assets resulting from transactions with owners

Balance as at 31 December 2018

H-REIT Group				HBT Group			CDL Hospitality Trusts

					Foreign
Attributable to	Non-				Currency		Accumulated		Attributable to	Non-
Stapled	controlling		Units in	Issue	Translation	Revaluation	Profits/		Stapled	controlling
Securityholders	Interests	Total	Issue	Expenses	Reserve	Reserve	(Losses)	Total	Securityholders	Interests	Total
S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000

1,704,434	5,089	1,709,523	117,734	(121)	5,289	6,380	(35,985)	93,297	1,795,509	5,089	1,800,598
45,624	45	45,669	-	-	-	-	(1,513)	(1,513)	42,884	45	42,929
3,232	-	3,232	-	-	-	5,256	-	5,256	8,594	-	8,594
(714)	-	(714)	-	-	-	(865)	-	(865)	(1,579)	-	(1,579)

2,518	-	2,518	-	-	-	4,391	-	4,391	7,015	-	7,015

2,828	(136)	2,692	-	-	(3,010)	-	-	(3,010)	(139)	(136)	(275)
(1,127)	-	(1,127)	-	-	2,474	-	-	2,474	4,648	-	4,648
(2,131)	-	(2,131)	-	-	(2,915)	-	-	(2,915)	(5,046)	-	(5,046)

(430)	(136)	(566)	-	-	(3,451)	-	-	(3,451)	(537)	(136)	(673)
2,663	-	2,663	129	-	-	-	-	129	2,792	-	2,792
-	(68)	(68)	-	-	-	-	-	-	-	(68)	(68)
-	(24)	(24)	-	-	-	-	-	-		(24)	(24)
-	487	487	-	-	-	-	-	-		487	487

2,663	395	3,058	129	-	-	-	-	129	2,792	395	3,187

-	2,266	2,266	-	-	-	-	-	-	-	2,266	2,266

-	2,266	2,266	-	-	-	-	-	-	-	2,266	2,266

2,663	2,661	5,324	129	-	-	-	-	129	2,792	2,661	5,453
1,754,809	7,659	1,762,468	117,863	(121)	1,838	10,771	(37,498)	92,853	1,847,663	7,659	1,855,322

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

Footnote

Balance as at 1 January 2018

Operations

Increase/ (Decrease) in net assets resulting from operations

Movements in revaluation reserve

Revaluation surplus on property, plant and equipment
Tax effect on revaluation of property, plant and equipment

Increase in revaluation reserve

Movements in foreign currency translation reserve

Translation differences relating to financial statements of foreign subsidiaries
Exchange differences on hedge of net investments in foreign operations
Exchange differences on monetary items forming part of net investment in foreign operations
Exchange differences reclassified to statement of total return on cessation of business of foreign operations

Decrease in foreign currency translation reserve
Transactions with owners
Contributions by and distributions to owners
-	Stapled Securities to be issued	(a)
-	Issue expenses
-	Distribution to Stapled Securityholders	(d)
-	Distribution to non-controlling interests	(c)

Return of capital to non-controlling interests
Capital contribution from non-controlling interests

Total contributions by and distributions to owners Ownership interests in subsidiaries

Acquisition of subsidiary with non-controlling interest Changes in ownership interests in subsidiaries

(Decrease)/Increase in net assets resulting from transactions with owners

Balance as at 31 December 2018

H-REIT Group				HBT Group			CDL Hospitality Trusts
					Foreign		Accumulated		Attributable to	Non-
Attributable to	Non-				Currency
Stapled	controlling		Units in	Issue	Translation	Revaluation	Profits/		Stapled	controlling
Securityholders	Interests	Total	Issue	Expenses	Reserve	Reserve	(Losses)	Total	Securityholders	Interests	Total
S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000

1,733,892	4,990	1,738,882	117,971	(121)	5,304	6,986	(23,760)	106,380	1,840,273	4,990	1,845,263
120,919	217	121,136	-	-	-	-	(7,193)	(7,193)	110,320	217	110,537
3,232	-	3,232	-	-	-	5,256		5,256	8,594	-	8,594
(665)	-	(665)	-	-	-	(1,471)	-	(1,471)	(2,136)	-	(2,136)
2,567	-	2,567	-	-	-	3,785	-	3,785	6,458	-	6,458
(5,518)	(18)	(5,536)	-	-	(3,026)	-	-	(3,026)	(8,544)	(18)	(8,562)
(2,796)	-	(2,796)	-	-	2,475	-	-	2,475	2,979	-	2,979
(6,196)	-	(6,196)	-	-	(2,915)	-	-	(2,915)	(9,111)	-	(9,111)
8,024	-	8,024	-	-	-	-	-	-	8,024		8,024

(6,486)	(18)	(6,504)	-	-	(3,466)	-	-	(3,466)	(6,652)	(18)	(6,670)

10,300	-	10,300	330	-	-	-	-	330	10,630	-	10,630
(30)	-	(30)	-	-	-	-	-	-	(30)	-	(30)
(106,353)	-	(106,353)	(438)	-	-	-	(6,545)	(6,983)	(113,336)	-	(113,336)
-	(261)	(261)	-	-	-	-	-	-	-	(261)	(261)
-	(50)	(50)	-	-	-	-	-	-	-	(50)	(50)
-	487	487	-	-	-	-	-	-	-	487	487

(96,083)	176	(95,907)	(108)	-	-	-	(6,545)	(6,653)	(102,736)	176	(102,560)

-	2,294	2,294	-	-	-	-	-	-	-	2,294	2,294
-	2,294	2,294	-	-	-	-	-	-	-	2,294	2,294

(96,083)	2,470	(93,613)	(108)	-	-	-	(6,545)	(6,653)	(102,736)	2,470	(100,266)

1,754,809	7,659	1,762,468	117,863	(121)	1,838	10,771	(37,498)	92,853	1,847,663	7,659	1,855,322

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Footnotes

These represent the Stapled Securities to be issued as partial satisfaction of the portion of the management fee (comprising base fee and performance fee) incurred for the respective quarters. The Stapled Securities for H-REIT Manager and HBT Trustee-manager's base fee will be issued within 30 days from the end of the quarter while the Stapled Securities for H-REIT Manager and HBT Trustee-manager's performance fee will be issued on an annual basis, within 30 days from the date of the issuance of the audited financial statements of the Group.
Distribution to Stapled Securityholders in respect of the period from 1 July 2018 to 31 December 2018 and 1 January 2019 to 30 June 2019, which includes a capital distribution of S$7,634,000 in 4Q 2019 and S$16,682,000 in FY 2019.
This relates to non-controlling minority shareholders which has an effective interest of 5.1% in Pullman Munich and 5% in Hotel Cerretani Firenze (acquired on 27 November 2018).
Distribution to Stapled Securityholders in respect of the period from 1 July 2017 to 31 December 2017 and 1 January 2018 to 30 June 2018, which includes a capital distribution of S$7,454,000 in FY 2018.

as payment of H-REITManager's and HBT Trustee-Manager'smanagement fees

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

1 (e) Details of any changes in the stapled securities

Footnote

Issued stapled securities at beginning of the period

Issue of new stapled securities:

as payment of H-REIT Manager's and HBT Trustee-Manager's management fees

Issued stapled securities at end of the period

Stapled securities to be issued:

(a)

Total issued and issuable stapled securities at end of the period

Footnote

Issued stapled securities at beginning of the period

Issue of new stapled securities:

as payment of H-REIT Manager's and HBT Trustee-Manager's management fees

Issued stapled securities at end of the period

Stapled securities to be issued:

(a)

Total issued and issuable stapled securities at end of the period

CDL Hospitality Trusts

4Q 2019	4Q 2018

1,211,680,683	1,204,558,718
903,030	906,661

1,212,583,713	1,205,465,379

4,048,3094,422,791

1,216,632,022 1,209,888,170

CDL Hospitality Trusts

FY 2019	FY 2018

1,205,465,379	1,198,822,685
7,118,334	6,642,694

1,212,583,713	1,205,465,379
4,048,309	4,422,791

1,216,632,022	1,209,888,170

Footnotes

These represent the Stapled Securities to be issued as partial satisfaction of the management fee incurred for the respective quarters. Included in the balance to be issued for performance fee is an estimated 3.2 million (FY 2018: 2.4 million) Stapled Securities, which will be issued on an annual basis, within 30 days from the date of the issuance of the audited financial statements of the Group.

Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice
The figures have not been audited but have been extracted from the financial information for the year ended 31 December 2019 which has been reviewed by our auditors in accordance with Singapore Standard on Review Engagements SSRE 2410 "Review of Interim Financial Information Prepared by the Independent Auditor of the Entity".

Where the figures have been audited or reviewed, the auditor's report (including any qualifications or emphasis of matter)
Please see the attached review report.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Whether the same accounting principles and methods of computation as in the issuer's most recent audited financial statements have been applied
The accounting policies and methods of computation adopted are consistent with those applied in the audited financial statements for the year ended 31 December 2018, except as disclosed in Section 5 below.

If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change
On 1 January 2019, H-REIT Group, HBT Group and CDLHT (collectively, the "Group") adopted FRS 116 / SFRS(I) 16 Leases, a new accounting standard that became effective for annual periods beginning on or after 1 January 2019.
Under FRS 116 / SFRS(I) 16, a single, on-balance sheet lease accounting model for lessees is applied. A lessee recognises a ROU" asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. Remaining lease payments under the operating leases will be recognised at their present value discounted using an appropriate discount rate and the nature of expenses will now change as FRS 116 / SFRS(I) 16 replaces the straight-line operating lease expense with depreciation charge of ROU assets (where relevant) and interest expense on lease liabilities.
As a lessee, the Group has adopted FRS 116 / SFRS(I) 16 using the modified retrospective approach. Therefore, the cumulative effect of adopting FRS 116 / SFRS(I) 16 has been recognised as an adjustment to the opening balance of unitholders' funds as at 1 January 2019, with no restatement of comparative information. The Group has applied the practical expedient to grandfather the definition of a lease on transition and the practical expedient to recognise ROU assets equal to their lease liabilities as at 1 January 2019.
As intermediate lessor, the intermediate lessor enters into a head lease and a sublease of the same underlying asset. Under FRS 116 / SFRS(I) 16, the intermediate lessor classifies the sublease as a finance lease when the sub-lease term is for the major part of the economic life of the underlying asset. The intermediate lessor shall derecognise its ROU asset relating to the head lease it transfers to the sublessee and recognises a finance lease receivable. During the term of the sublease, the intermediate lessor recognises both interest income on the sublease and interest expense on the head lease.
The effects of this change in accounting policy are set out below:
H-REIT Group
ROU assets (recognised under investment properties) of S$19.9 million, finance lease receivable of S$6.5 million and lease liabilities of S$26.4 million, respectively, have been recognised in the Statement of Financial Position as at 1 January 2019. Interest income of S$0.2 million and interest expense of S$1.3 million have been recognised in the Statement of Total Return for the year ended 31 December 2019.
HBT Group
ROU assets (recognised under property, plant and equipment) and corresponding lease liabilities of S$52.1 million have been recognised in the Statement of Financial Position as at 1 January 2019. Additional S$5.8 million ROU assets and lease liabilities was recognised following the extension of car park lease agreement for Lowry Hotel during the year. Depreciation of ROU assets and interest expense of S$3.0 million and S$2.5 million, respectively, have been recognised in the Statement of Comprehensive Income for the year ended 31 December 2019.
CDLHT
ROU assets (recognised under investment properties) of S$10.8 million, ROU assets (recognised under property, plant and equipment) of S$17.8 million, finance lease receivable of S$6.5 million and lease liabilities of S$35.1 million, have been recognised in the Statement of Financial Position as at 1 January 2019. Additional S$5.8 million ROU assets and lease liabilities was recognised following the extension of car park lease agreement for Lowry Hotel during the year. In addition, prepaid land lease with a carrying amount of S$6.8 million as at 1 January 2019 has been reclassified to property, plant and equipment. Interest income of S$0.2 million, depreciation of ROU assets of S$0.7 million and interest expense of S$1.8 million have been recognised in the Statement of Total Return for the year ended 31 December 2019.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Earnings per Stapled Security ("EPS") and Income Available for Distribution per Stapled Security ("DPS") for the financial period

EPS

Basic EPS

Weighted average number of Stapled Securities Basic EPS(a) (cents)

Diluted EPS

Weighted average number of Stapled Securities Diluted EPS(b) (cents)

DPS

Number of Stapled Securities entitled to distribution

DPS for the period based on the total number of Stapled Securities entitled to the distribution (cents)

Taxable income
Tax exempt income
Capital distribution

CDL Hospitality Trusts	CDL Hospitality Trusts
4Q 2019	4Q 2018	FY 2019	FY 2018

1,212,627,715	1,205,513,450	1,211,259,519	1,204,199,279

5.49	3.56	9.31	9.16

1,216,632,022	1,209,888,163	1,216,632,022	1,209,888,170

5.47	3.54	9.27	9.12


CDL Hospitality Trusts	CDL Hospitality Trusts

4Q 2019	4Q 2018	FY 2019	FY 2018

1,213,475,493	1,206,437,202	1,213,475,493	1,206,437,202

1.73	1.65	5.99	6.15
0.18	0.52	1.35	2.03
0.86	0.60	1.68	1.08

2.77	2.77	9.02	9.26

Footnotes

Basic EPS has been calculated using total return for the period and the weighted average number of Stapled Securities issued and issuable during the period.
Diluted EPS has been calculated using the weighted average number of Stapled Securities issued and issuable during the period and taking into consideration the number of Stapled Securities to be issued as payment for performance fee.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Net asset value ("NAV")/net tangible asset ("NTA") per stapled security based on issued and issuable stapled securities at the end of the period

Net asset value/net tangible asset attributable to unitholders(S$'000) Number of Stapled Securities issued and to be issued at end of the period Net asset value/net tangible asset per Stapled Security (S$)

CDL Hospitality Trusts

31 Dec 2019

31 Dec 2018

1,854,1711,847,663

1,216,632,022 1,209,888,170

1.52401.5271

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Review of the performance for the fourth quarter and year ended 31 December 2019
(i) Breakdown of Total Revenue by Geography

			H-REIT Group			HBT Group		CDL Hospitality Trusts
	Footnote	4Q 2019	4Q 2018	Increase/	4Q 2019	4Q 2018	Increase/	4Q 2019	4Q 2018	Increase/
	(Decrease)	(Decrease)	(Decrease)

		S$'000	S$'000	%	S$'000	S$'000	%	S$'000	S$'000	%
Master leases

Singapore
- Hotels		24,612	23,411	5.1	-	-	-	24,612	23,411	5.1
- Claymore Connect		1,797	2,011	(10.6)	-	-	-	1,797	2,011	(10.6)
Maldives	(a)	1,194	2,060	(42.0)	-	-	-	1,194	2,060	(42.0)
Australia		2,249	2,368	(5.0)	-	-	-	2,249	2,368	(5.0)
New Zealand		4,699	4,846	(3.0)	-	-	-	4,699	4,846	(3.0)
Germany	(b)	2,321	2,913	(20.3)	-	-	-	2,321	2,913	(20.3)
Italy	(c)	492	207	N.M	-	-	-	492	207	N.M

		37,364	37,816	(1.2)	-	-	-	37,364	37,816	(1.2)
Managed hotels
Maldives	(a)	1,021	1,031	(1.0)	2,691	38	N.M	2,691	38	N.M
Japan	(d)	1,126	1,369	(17.8)	2,390	2,586	(7.6)	2,390	2,586	(7.6)
United Kingdom	(e)	-	-	-	11,531	11,841	(2.6)	11,531	11,841	(2.6)
		2,147	2,400	(10.5)	16,612	14,465	14.8	16,612	14,465	14.8
Total		39,511	40,216	(1.8)	16,612	14,465	14.8	53,976	52,281	3.2

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

8 (i)	Breakdown of Total Revenue by Geography

				H-REIT Group			HBT Group		CDL Hospitality Trusts
		Footnote	FY 2019	FY 2018	Increase/	FY 2019	FY 2018	Increase/	FY 2019	FY 2018	Increase/
		(Decrease)	(Decrease)	(Decrease)

			S$'000	S$'000	%	S$'000	S$'000	%	S$'000	S$'000	%
	Master leases
	Singapore
	- Hotels		88,298	88,706	(0.5)	-	-	-	88,298	88,706	(0.5)
	- Claymore Connect		7,506	7,560	(0.7)	-	-	-	7,506	7,560	(0.7)
	Maldives	(a)	6,660	8,089	(17.7)	-	-	-	6,660	8,089	(17.7)
	Australia		9,139	9,832	(7.0)	-	-	-	9,139	9,832	(7.0)
	New Zealand		16,320	17,831	(8.5)	-	-	-	16,320	17,831	(8.5)
	Germany	(b)	11,092	10,908	1.7	-	-	-	11,092	10,908	1.7
	Italy	(c)	3,000	207	N.M	-	-	-	3,000	207	N.M
			142,015	143,133	(0.8)	-	-	-	142,015	143,133	(0.8)
	Managed hotels
	Maldives	(a)	4,096	4,045	1.3	3,070	4,724	(35.0)	3,070	4,724	(35.0)
	Japan	(d)	4,037	5,114	(21.1)	9,411	9,708	(3.1)	9,411	9,708	(3.1)
	United Kingdom	(e)	-	-	-	42,376	44,238	(4.2)	42,376	44,238	(4.2)

			8,133	9,159	(11.2)	54,857	58,670	(6.5)	54,857	58,670	(6.5)
	Total		150,148	152,292	(1.4)	54,857	58,670	(6.5)	196,872	201,803	(2.4)

With effect from 1 January 2019, CDLHT adopted FRS 116/SFRS(I) 16 Leases (see Section 5 on page 25 of the Announcement).

Under H-REIT, the sub-lease of Waterfront Conference Centre was classified as a finance lease receivable to match the head lease of this property with CDL which was capitalised under FRS 116/SFRS(I) 16 as described above. As a result of this change, CDLHT's revenue from the Singapore Hotels declined by S$0.2 million and S$0.9 million for 4Q 2019 and FY 2019 respectively. On a like-for-like basis (as if FRS 116/SFRS(I) 16 were not in place), the revenue from the Singapore Hotels would have been S$24.8 million and S$89.2 million for 4Q 2019 and FY 2019 respectively.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

8 (ii) Breakdown of Net Property Income by Geography

			H-REIT Group			HBT Group		CDL Hospitality Trusts
	Footnote	4Q 2019	4Q 2018	Increase/	4Q 2019	4Q 2018	Increase/	4Q 2019	4Q 2018		Increase/
	(Decrease)	(Decrease)		(Decrease)

		S$'000	S$'000	%	S$'000	S$'000	%	S$'000	S$'000		%
Singapore

- Hotels		23,354	22,123	5.6	-	-	-	23,354	22,123		5.6
- Claymore Connect		1,212	1,404	(13.7)	-	-	-	1,212	1,404		(13.7)
Maldives	(a)	1,988	2,566	(22.5)	(1,243)	(2,308)	46.1	(277)	258		N.M
Australia		2,249	2,368	(5.0)	-	-	-	2,249	2,368		(5.0)
New Zealand		4,699	4,846	(3.0)	-	-	-	4,699	4,846		(3.0)
Germany	(b)	1,861	2,703	(31.2)	-	-	-	1,861	2,703		(31.2)
Italy	(c)	490	118	N.M	-	-	-	490	118		N.M
Japan	(d)	1,041	1,290	(19.3)	28	3	N.M	1,069	1,293		(17.3)
United Kingdom	(e)	-	-	-	3,310	3,299	0.3	3,310	3,299		0.3
Total
	36,894	37,418	(1.4)	2,095	994	N.M	37,967	38,412		(1.2)

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

8 (ii)	Breakdown of Net Property Income by Geography

				H-REIT Group			HBT Group		CDL Hospitality Trusts
		Footnote	FY 2019	FY 2018	Increase/	FY 2019	FY 2018	Increase/	FY 2019	FY 2018		Increase/
		(Decrease)	(Decrease)		(Decrease)

			S$'000	S$'000	%	S$'000	S$'000	%	S$'000	S$'000		%
Singapore

- Hotels		82,860	82,121	0.9	-	-	-	82,860	82,121		0.9
- Claymore Connect		5,020	5,324	(5.7)	-	-	-	5,020	5,324		(5.7)
Maldives	(a)	9,925	10,061	(1.4)	(7,141)	(6,636)	(7.6)	(1,312)	3,425		N.M
Australia		9,139	9,832	(7.0)	-	-	-	9,139	9,832		(7.0)
New Zealand		16,320	17,831	(8.5)	-	-	-	16,320	17,831		(8.5)
Germany	(b)	9,862	9,747	1.2	-	-	-	9,862	9,747		1.2
Italy		(c)	2,818	118	N.M			-	2,818	118		N.M
Japan	(d)	3,698	4,796	(22.9)	94	56	67.9	3,792	4,852		(21.8)
United Kingdom	(e)	-	-	-	12,663	12,804	(1.1)	12,663	12,804		(1.1)
Total
	139,642	139,830	(0.1)	5,616	6,224	(9.8)	141,162	146,054		(3.3)

With effect from 1 January 2019, CDLHT adopted FRS 116/SFRS(I) 16 Leases (see Section 5 on page 25 of the Announcement). This change required existing lease expenses for operating lease arrangements (previously included in NPI) to be replaced by depreciation charge on ROU assets related to property, plant and equipment and/or interest expenses on lease liabilities.

As a result of this change, CDLHT's NPI for 4Q 2019 has increased by S$0.4 million as lease expenses of S$0.3 million and S$0.1 million for Maldives and UK respectively have now been replaced by a depreciation charge on ROU assets on property, plant and equipment and interest expense on lease liabilities. On a like-for-like basis (as if FRS 116/SFRS(I) 16 were not in place), the NPI for 4Q 2019 would have been S$(0.6) million and S$3.2 million for Maldives and UK respectively.

Correspondingly, CDLHT's NPI for FY 2019 has increased by S$1.0 million as lease expenses of S$1.4 million and S$0.6 million for Maldives and UK respectively have now been replaced by a depreciation charge on ROU assets on property, plant and equipment and interest expense on lease liabilities. On a like-for-like basis (as if FRS 116/SFRS(I) 16 were not in place), the NPI for FY 2019 would have been S$(2.7) million and S$12.1 million for Maldives and UK respectively.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Footnotes

The Maldives resorts includes a Master Lease and Managed hotel as follows:
1. Master Lease
  There is a master lease agreement between H-REIT's indirect wholly-owned subsidiary, Sanctuary Sands Maldives Private Limited (the "Lessor") and Maldives Bay Pvt Ltd (the "Lessee"), a subsidiary of Banyan Tree Holdings Limited. The revenue for the reporting period comprises a minimum rent of US$500,000 per month (based on a current minimum rent of US$6.0 million per annum).
  There is a minimum rent top-up cap of US$6.0 million and there shall be no further minimum rent top-ups payable by Lessee to Lessor after the cumulative top-ups reach US$6.0 million. In 4Q 2019 and FY 2019, the Lessee paid the Lessor a top-up amount of nil and US$0.9 million (4Q 2018/FY 2018: US$0.2 million and US$2.4 million). For the reporting period, gross revenue declined as the cumulative minimum rent top-up has reached its limit. The Lessee fully paid the Lessor a cumulative top-up amount of US$6.0 million and no further top-ups are available going forward. A final adjustment of this cumulative top-up will be made once the full year results for the resort are ascertained at year end.
2. Managed hotel
  There is a lease agreement between H-REIT and HBT's indirect wholly-owned subsidiaries.
  In turn, HBT's indirect wholly owned subsidiary, CDL HBT Oceanic Maldives Private Limited ("CDL HBT Oceanic") engaged AccorHotels (previously managed by Jumeirah Management Services (Maldives) Private Limited) to operate the resort. The resort initially operated as Dhevanafushi Maldives Luxury Resort, Managed by AccorHotels, and following enhancements during its closure since 1 June 2018, has been rebranded as Raffles Maldives Meradhoo in May 2019 to join the iconic collection of Raffles Hotels and Resorts.
  For the H-REIT Group, the revenue for 4Q 2019 and FY 2019 includes S$1.0 million (US$0.7 million) and S$4.1 million (US$3.0 million) rental income from HBT Group respectively. For the HBT Group, the revenue for the reporting period comprises the entire revenue derived from the operations of the resort. The net property loss of S$1.4 million and S$7.7 million for 4Q 2019 and FY 2019 arose mainly due to higher sales & marketing and other expenses related to the opening of the resort in September 2019.
H-REIT'sindirect wholly-owned subsidiary owns an effective interest of 94.5% in Pullman Hotel Munich, which comprises the hotel and its office and retail components. There is a hotel lease agreement between H-REIT's indirect subsidiary, NKS Hospitality I B.V. (the "Lessor") and UP Hotel Operations GmbH & Co. KG (the "Lessee"). Under this lease, H-REIT will receive rent of around 90% of the net operating profit of the hotel, subject to a guaranteed fixed rent of €3.6 million per annum.
1. H-REIT'sindirect wholly-owned subsidiary owns an interest of 95.0% in Hotel Cerretani Firenze. There is a hotel lease agreement between H-REIT's indirect subsidiary, NKS Hospitality III SRL. (the "Lessor") and FC Operations Hotel SRL (the "Lessee"). Under this lease, H-REIT will receive rent of around 93% of the net operating profit of the hotel, subject to a guaranteed fixed rent of €1.3 million per annum.

The Japan Hotels with HBT refers to master lease arrangement between a trust bank in Japan (in its capacity as the trust bank holding the legal title to the Japan Hotels) and CDLHT.
For H-REIT Group, the revenue for 4Q 2019 and FY 2019 includes S$1.1 million (JPY90.1 million) and S$4.0 million (JPY323.0 million) net rental income received from HBT Group (based on the gross operating profit of the Japan Hotels). The income from Japan Hotels of S$0.6 million (JPY35.0 million), after deducting operating expenses, was included in the income available for distribution in 4Q 2019 as the financial results for the fiscal period ended 30 September 2019 has been audited and the income was ascertained. The fiscal period for the Japan Hotels is set at 6-month intervals, from 1 October to 31 March and 1 April to 31 September. This will allow the income from the Japan Hotels to be distributed twice a year, subject to completion of the audit for the relevant period.
The UK Hotels includes:
1. Hilton Cambridge City Centre
  Hilton Cambridge City Centre is owned by HBT's indirectly wholly-owned subsidiary, CDL HBT Cambridge City Hotel (UK) Ltd. The hotel operator for this hotel is Hilton UK Manage Limited.
  The revenue for the reporting period comprises the entire revenue derived from the hotel operations. The net property income is derived after deducting the operating expenses, property tax and insurance expenses of the hotel.
2. The Lowry Hotel
  The Lowry Hotel is owned and operated by HBT's indirectly wholly-owned subsidiary, The Lowry Hotel Ltd.
  The revenue for the reporting period comprises the entire revenue derived from the hotel operations. The net property income is derived after deducting the operating expenses, property tax and insurance expenses of the hotel.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

8 (iii) Review of the Performance

Fourth Quarter ended 31 December 2019

CDLHT posted gross revenue of S$54.0 million in 4Q 2019, an increase of S$1.7 million or 3.2% against the same period last year. A full quarter's contribution from the rebranded Raffles Maldives Meradhoo resort (S$2.6 million) and the Italy Hotel (S$0.3 million) (acquired 27 November 2018) as well as higher contribution from the Singapore Hotels (S$1.2 million) boosted the total portfolio income. However, the revenue growth was offset by lower contribution from the rest of the group's properties, which posted a collective year-on-year ("yoy") decline of S$2.4 million. A substantial portion of the collective decline was due to the expected reduced income from Pullman Hotel Munich, stemming from the cyclicality in the city's events calendar.

The Singapore Hotels achieved an occupancy of 87.2%, with a positive yoy RevPAR growth of 5.1%, the strongest quarterly yoy RevPAR growth since 2012. Healthy visitor arrivals and citywide demand compression amidst the presence of strong convention business in 4Q 2019 provided a boost to the Singapore Hotel's results. The robust increase was achieved despite ongoing room renovations in Copthorne King's Hotel, which commenced in October 2019.

For the reporting quarter, Angsana Velavaru posted a RevPAR decline of 18.6% yoy, primarily due to the disruption caused by the asset enhancement works to the beach villas and the completion of the main public pool. The resort also faced increased competition from supply growth. Raffles Maldives Meradhoo recorded its first full trading quarter since the official opening on 22 September 2019. In the same quarter last year, the resort was fully closed for renovation works. Extensive sales and marketing activities paid off in December 2019 with the resort welcoming its first five-night resort buy-out which contributed significantly to revenue. The resort is still going through a gestation period with many travel partners visiting the resort first before actively promoting the refurbished resort.

The Australia Hotels continues to receive fixed rent for 4Q 2019 but overall gross revenue contribution to CDLHT (in SGD terms) was lower due to a weaker AUD.

The New Zealand Hotel posted a yoy marginal growth of 0.5% in RevPAR in 4Q 2019. Business was healthy in the high season aided by a stronger concerts calendar during the reporting quarter. However, the hotel's contribution to the group (in SGD terms) was negatively impacted by the weaker NZD against SGD.

In 4Q 2019, the Japan Hotels posted a RevPAR decline of 14.4% yoy, as a result of a softer citywide events and concerts calendar, as well as a surge in new supply from the limited service hotel category and recovering number of alternative accommodation listings such as Airbnb. In the same period last year, there were three major concerts by international artists as well as a major biennial fair. The South Korea-Japan trade tension also had a significant adverse effect on the South Korean visitation to Japan, which recorded a sharp decline of 64.7% yoy in 4Q 2019.

Collectively, the UK Hotels posted a RevPAR decline of 3.7% yoy. At The Lowry Hotel, RevPAR was impacted by fewer sporting events and a softer entertainment calendar. At Hilton Cambridge City Centre, the hotel experienced a marginal decline amidst a competitive trading environment.

In Germany, the absence of a major congress and trade fair in October and November 2019 respectively due to the cyclical nature of Munich's fair calendar led to a yoy RevPAR contraction of 10.2% yoy at Pullman Hotel Munich. Correspondingly, this had a substantial negative effect on the hotel's overall performance but was fully anticipated. The performance will normalise on a full year basis.

The Italy Hotel saw a marginal RevPAR increase of 2.6% yoy, largely driven by a growth in average room rate.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

In aggregate, CDLHT recorded NPI1 of S$ 38.0 million in 4Q 2019, a nominal decline of 1.2% or S$0.4 million against the same period last year.

Interest costs for the reporting quarter remained flat compared to the same period last year.

CDLHT revalued its properties as at 31 December 2019 and recorded an overall net fair value gain of S$49.0 million. The fair value gain (in SGD terms) arose from its Singapore, Japan and Germany properties and was offset mainly by fair value losses from its Maldives and New Zealand properties. These revaluation gains/losses do not have any impact on the unitholders distribution.

Total distribution (after deducting income retained for working capital) in 4Q 2019 was S$33.6 million, 0.6% higher than the same period last year. Included therein is a capital distribution of S$10.5 million from the Group's properties, out of which a portion relates to the partial distribution of proceeds from the Group's disposal of its Mercure and Ibis Brisbane properties previously.

The distribution per Stapled Security ("DPS") (after deducting income retained for working capital) for 4Q 2019 remained stable yoy at 2.77 cents.

Statistics on the weighted average occupancy rate, daily rate and RevPAR for the Singapore Hotels are set out below:

Average Occupancy Rate	4Q 2019	4Q 2018	Increase/(Decline)
87.2%	85.8%	1.4pp
Average Daily Rate	S$192	S$186	3.3%
RevPAR	S$168	S$160	5.1%

Twelve months ended 31 December 2019

CDLHT posted gross revenue of S$196.9 million in FY 2019, 2.4% lower than FY 2018. Although there was recognition of a full year's revenue boost of S$2.8 million from the Italy Hotel and higher yoy contribution from Pullman Hotel Munich (S$0.2 million), this was offset by reduced contribution of S$7.9 million year-on-year ("yoy") from the rest of the other properties. Major asset enhancement works at Raffles Maldives Meradhoo, Orchard Hotel and Angsana Velavaru affected the group's portfolio performance. Raffles Maldives Meradhoo closed in June 2018 for rebranding works and only re-opened in end September 2019 while Orchard Hotel carried out extensive renovation works on its rooms and all events space in first half of 2019. Angsana Velavaru also carried out progressive renovation works with the addition of a new main public pool and 79 land villas (out of which 43 villas were completed in 2019) being renovated in phases.

The Singapore Hotels turned in a positive yoy RevPAR growth of 1.6% in FY 2019. This was supported by a stronger leisure market with potentially some degree of diversion of tourism flows to Singapore as a result of the unrest in Hong Kong. This increase was achieved despite the progressive renovation works undertaken on some of the Singapore Hotels during the year. The Singapore market experienced softness in the first half amidst a very competitive environment but showed some strength in the second half. In 1H 2019, regional elections, coupled with the absence of the biennial Singapore Airshow, ASEAN Ministerial Meeting series and Food&Hotel Asia collectively resulted in a softer market. This was mitigated by a stronger convention events calendar coupled with stronger leisure travel which uplifted the overall performance of the hotels in 2H 2019. RevPAR growth for 2H 2019 was 5.0%, the strongest half-year yoy growth since 2012.

CDLHT's net property income ("NPI") is derived after deducting the operating expenses of Raffles Maldives Meradhoo, the Japan Hotels, the UK Hotels, as well as property tax and insurance expenses of the portfolio.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Although there was an increase of 14.7% in tourist arrivals to the Maldives for 20192, this was more than offset by the 16.8%3 increase in supply. As such, trading conditions continue to remain challenging with new resorts offering promotional packages. As expected, Raffles Maldives Meradhoo is going through a gestation period following its opening in September 2019 as the resort ramps up and re-enters the market amidst an influx of luxury supply. As for Angsana Velavaru, the resort embarked on enhancement works to improve its product offering and positioning, but the attendant renovation works from May to December negatively impacted the performance due to disruptions caused during the renovation period. Notwithstanding this, Angsana Velavaru managed a slight yoy RevPAR growth of 0.6% for FY 2019.

The Australia hotels continue to receive fixed rent, but the overall gross rental contribution (in SGD terms) was lower due to the weaker AUD.

For the New Zealand Hotel, new supply and weaker Chinese visitor arrivals during the year affected the performance of the hotel, with RevPAR for FY 2019 declining by 3.3% yoy. As similar manning levels were required to cope with the volume-centric strategy deployed for revenue optimisation, a rising minimum wage environment also impacted the hotel's performance. In addition, contribution (in SGD terms) was also affected by the weaker NZD against SGD.

The Group's Japan Hotels in Tokyo had a good start to the year and recorded RevPAR growth of 3.0% yoy for 1H 2019. This was however reversed in the latter half of the year, as the trade conflict with South Korea severely affected South Korean arrivals and far outweighed the positive impact of the 2019 Rugby World Cup. Increased supply and recovering number of alternative accommodation such as Airbnb continued to weigh on the market as well. Consequently, the Japan Hotels saw a FY 2019 RevPAR decline of 6.5% yoy.

In the UK, uncertainty surrounding Brexit affected the whole of 2019 and continued into the new year with the extension of deadline to 31 January 2020. An overall lighter sporting and events calendar, coupled with downtime associated with the refurbishment of its restaurant and bar, resulted in a revenue decline for The Lowry Hotel. Hilton Cambridge City Centre was also affected by continued price competition from new supply that opened in 2018. Consequently, RevPAR for the UK Hotels declined slightly by 1.4% with its contribution further diminished by the weaker GBP against SGD.

In Munich, the fair calendar in 2019 featured two large events but had less overall event days during the year as compared to 2018. Accordingly, Pullman Hotel Munich reported a growth of 1.2% yoy in RevPAR, which was also supported by the increase in total arrivals into Munich which grew 5.6% yoy to 8.0 million for YTD November 20194.

Hotel Cerretani Firenze recorded its first full year of contribution since its acquisition at the end of November 2018. The hotel adopted an enhanced revenue optimisation strategy through the management of its pricing and volume strategy and attained a RevPAR growth of 6.5% for FY 2019.

In line with the decline in gross revenue, CDLHT recorded NPI5 of S$141.2 million, a decrease of 3.3% yoy.

Interest costs for FY 2019 was higher than the same period last year, mainly the result of higher funding costs and increased interest expense incurred on additional loans drawn to finance the acquisition of the Italy Hotel and for some asset enhancements works on the Group's properties.

Ministry of Tourism, Republic of Maldives, Tourism Monthly Updates
3 Ministry of Tourism, Republic of Maldives, Tourism Monthly Updates
4 Simply Munich, Munich Tourist Board, Market Research Monthly Updates
5 CDLHT's net property income ("NPI") is derived after deducting the operating expenses of Raffles Maldives Meradhoo, the Japan Hotels, the UK Hotels, as well as property tax and insurance expenses of the portfolio.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Total distribution (after deducting income retained for working capital) was S$109.4 million in FY 2019, 2.0% lower yoy. Included therein is a capital distribution of about S$20.5 million from the Group's properties, out of which a portion relates to partial distribution of proceeds from Mercure and Ibis Brisbane sold in 2018.

The distribution per Stapled Security ("DPS") (after deducting income retained for working capital) for FY 2019 was 9.02 cents, 2.6% lower yoy.

Statistics on the weighted average occupancy rate, daily rate and RevPAR for the Singapore Hotels are set out below:

	FY 2019	FY 2018	Increase/(Decline)
Average Occupancy Rate	87.5%	86.9%	0.6pp
Average Daily Rate	S$185	S$184	0.9%
RevPAR	S$162	S$160	1.6%

Variance between the forecast or prospectus statement (if disclosed previously) and the actual results
No forecast has been disclosed.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

10 Commentary on the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months

Visitor arrivals to Singapore grew 2.9% yoy to 17.4 million for year-to-date ("YTD") Nov 2019. Increased visitation from China, USA, Japan and Indonesia contributed to more than 75% of the growth recorded. Eight out of Singapore's top ten source markets also recorded growth. With an increase in the average length of stay in Singapore, total visitor days grew 4.0% yoy1.

This year, Singapore will see the return of biennial city-wide events such as the Singapore Airshow and Food&HotelAsia (expanding into two dedicated events for the first time) as well as a number of inaugural events like International Trademark Association's 142nd Annual Meeting (8,000 expected attendees) and the 103rd Lions Clubs International Convention (20,000 expected foreign attendees)2 . To support further visitation growth, Singapore continually invests in the expansion of its aviation infrastructure, such as the extensive makeover of Terminal 2 to increase passenger capacity and enhance passenger experience3. A new multimillion-dollar marketing partnership with Royal Caribbean International and Changi Airport Group is also expected to bring some 623,000 international fly-cruise visitors to Singapore between end-2019 and 20244.

On the supply front, Singapore hotel inventory is estimated to increase by 789 net rooms5 in 2020, representing approximately 1.1% of existing room stock. Limited future supply growth is supportive for the hotel sector. For the first 28 days of January 2020, RevPAR for Singapore Hotels increased by 4.1% as compared to the same period last year.

As part of ongoing asset enhancement initiatives and to continually optimise the potential of CDLHT's assets, pipeworks and refurbishment of guest rooms are currently being carried out at Copthorne King's Hotel, which are expected to complete in mid 2020. The works are being progressed in phases to minimise disruption and the hotel remains operational. Asset enhancement opportunities in other Singapore Hotels are also being evaluated strategically.

In New Zealand, total arrivals increased 0.8% yoy to 3.4 million for YTD November 20196 but growing hotel supply is likely to result in an increasingly competitive trading environment. During January to March 2021, Auckland will host a major sporting event - the America's Cup sailing regatta and related challenger series, which is expected to drive hotel demand in the lead up to and during the event7.

In Japan, visitor arrivals grew 2.2% yoy to 31.9 million for 20198. The Japan-South Korea trade spat continues to weigh on Japan's economy and hospitality market9, with visitor arrivals from South Korea, the second largest source market for Japan, declining 51.1%8 yoy for 2H 2019. The implementation of sales tax hike is expected to dampen consumer sentiment10, while new supply in the limited service hotel sector in Tokyo and the rebound in number of alternative accommodation listings such as Airbnb11 will also pose near term competitive pressure. The Tokyo 2020 Olympics and Paralympics will provide some yielding opportunities for the Japan Hotels due to expected citywide compression.

Tourism arrivals remain healthy in Maldives, driven mainly by growth in visitor arrivals from India and Europe12. The government is also stepping up efforts to boost tourism, with a recent proposal to increase the 2020 state budget for tourism promotion by close to fifty percent13. Trading conditions continue to remain highly competitive in the near term due to new resorts supply. Raffles Maldives Meradhoo will undergo a gestation period for a few years before reaching a normalised occupancy level as it continues to build up awareness of the resort through sales and marketing activities. For Angsana Velavaru, 43 out of the 79 land villas have been renovated, with infinity pools being added to 24 of these land villas at the end of last year, ahead of the peak travel season.

STB, "STB unveils a selection of over 60 lifestyle experiences to entice business groups to Singapore", 10 September 2019
3 Straits Times, "Changi's T2 will be greener, more spacious by 2024", 17 January 2020
4 STB, "Royal Caribbean Enters into Five-YearMultimillion-DollarFly-Cruise Partnership with Singapore Tourism Board and Changi Airport Group", 21 November 2019
5 Based on Horwath data (December 2019) and CDLHT Research 6 Statistics - Tourism New Zealand
7 CBRE Valuation Report (Grand Millennium Auckland), 31 December 2019 8 Japan National Tourism Organization
9 Business Times, "Japan's exports drop most since 2016 amid trade war, typhoon", 21 November 2019
10 Business Times, "Japan proceeds with twice-delayed sales tax hike as growth sputters", 1 October 2019 11 Savills World Research Japan, "Spotlight Japan Hospitality", August 2019
12 Ministry of Tourism, Republic of Maldives
13 Maldives Insider, "Maldives proposes tourism marketing budget hike, allocates $9.98 mln for 2020", 6 November 2019

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

Uncertainty over the economic impact and trade deal with the European Union (EU) post Brexit may continue to pose headwinds to overall demand in UK14. In the near term, both the Cambridge and Manchester markets will see an increase in hotel inventory.

In continental Europe, moderation in economic growth is expected in both Germany and Italy15. Notwithstanding this, tourism demand in Munich remains healthy with total arrivals increasing 5.6% yoy to 8.0 million for YTD November 201916 while total arrivals to Florence remains largely unchanged for YTD September 201917. Due to the cyclical nature of Munich's fair calendar, there will be fewer events for 1H 2020 but a robust line-up of events is expected in 2H 2020.

While the ongoing Wuhan coronavirus outbreak is still at an early stage, regional travel and business and consumer confidence will be affected, given that China is the world's largest outbound travel market. CDLHT is actively monitoring the situation and ensuring that its portfolio of hotels is putting in place measures to manage the situation for its guests and staff.

In January 2020, CDLHT obtained Stapled Securityholders' approval for the redevelopment of Novotel Singapore Clarke Quay ("NCQ") and the acquisition of W Singapore - Sentosa Cove ("W Hotel"). The redevelopment of NCQ involves the divestment of NCQ and the forward purchase of a brand new lifestyle hotel within the same site, which is expected to complete around 202518. NCQ will cease operations in early April 2020 and its divestment is expected to complete in end April 2020, while the acquisition of W Hotel is expected to complete in 1H 2020. The net divestment proceeds may be used to fund acquisitions; repay existing borrowings; and/or make distributions to Stapled Securityholders (to also mitigate the net effects of the divestment on distributable income).

With a strong balance sheet and ample debt headroom, CDLHT will continue to actively pursue suitable acquisitions to diversify and augment its income streams. CDLHT will also continue to evaluate suitable divestment opportunities as they arise to unlock underlying asset values and/or recycle capital for better returns.

2020 Inbound Tourism Forecast - VisitBritain
International Monetary Fund, World Economic Outlook, October 2019
München Tourismus
Città Metropolitana Di Firenze
Estimated timeline, subject to change.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

11 Distributions

11 (a) Current financial period

Any distributions declared for the current financial period?

Name of distribution

Tax rate

Yes

Distribution for the period from 1 July 2019 to 31 December 2019

Distribution type	Taxable	Tax exempt	Capital	Total
	income	income
Amount (cents per
Stapled Security)	3.33	0.48	1.05	4.86

Taxable income distribution

Qualifying investors and individuals (other than those who held their stapled securities through a partnership) would generally receive pre-tax distributions. These distributions are exempt from tax in the hands of individuals unless such distributions are derived through a Singapore partnership or from the carrying on of a trade, business or profession.

Qualifying foreign non-individual investors will receive their distributions after deduction of tax at the rate of 10%.

All other investors will receive their distributions after deduction of tax at the rate of 17%.

Tax exempt income distribution

All stapled securityholders are exempt from Singapore income tax on the distributions made out of the tax exempt income regardless of whether they are corporate stapled securityholders or investors.

Capital distribution

Capital distribution represents a return of capital to Stapled securityholders for tax purposes and is therefore not subject to income tax. For Stapled securityholders who hold the Stapled securities as trading assets, the amount of capital distribution will be applied to reduce the cost base of their Stapled securities for the purpose of calculating the amount of taxable trading gains arising from the disposal of the Stapled securities.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

11 (b) Corresponding period of the preceding financial period

Any distributions declared for the current financial period?

Name of distribution

Tax rate

11 (c) Book closure date

5.00 p.m. on 7 February 2020

11 (d) Date payable

26 February 2020

Yes

Distribution for the period from 1 July 2018 to 31 December 2018

Distribution type	Taxable	Tax exempt	Capital	Total
	income	income
Amount (cents per
Stapled Security)	3.17	1.03	0.75	4.95

Taxable income distribution

Qualifying foreign non-individual investors received their distributions after deduction of tax at the rate of 10%.

All other investors received their distributions after deduction of tax at the rate of 17%.

Tax exempt income distribution

All stapled securityholders are exempt from Singapore income tax on the distributions made out of the tax exempt income regardless of whether they are corporate stapled securityholders or investors.

Capital distribution

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

If no distribution has been declared/recommended, a statement to that effect Not applicable.
General mandate relating to Interested Person Transactions
CDL Hospitality Trusts has not obtained a general mandate from stapled securityholders for Interested Person Transactions.
Confirmation pursuant to Rule 720(1) of the Listing Manual
We, on behalf of the directors of the H-REIT Manager and the HBT Trustee-Manager, hereby confirm that the undertakings from all its directors and executive officers in the format set out in Appendix 7.7 in accordance with Rule 720(1) of the Listing Manual were procured.
Segmented revenue and results for operating segments

	CDL Hospitality Trusts
	FY 2019	FY 2018	Variance
	S$'000	S$'000	%
Gross Revenue
Singapore	88,298	88,706	(0.5)
New Zealand	16,320	17,831	(8.5)
Australia	9,139	9,832	(7.0)
Maldives	9,730	12,813	(24.1)
Japan	9,411	9,708	(3.1)
United Kingdom	42,376	44,238	(4.2)
Germany	11,092	10,908	1.7
Italy	3,000	207	N.M
Others	7,506	7,560	(0.7)
	196,872	201,803	(2.4)
Net Property Income
Singapore	82,860	82,121	0.9
New Zealand	16,320	17,831	(8.5)
Australia	9,139	9,832	(7.0)
Maldives	(1,312)	3,425	N.M
Japan	3,792	4,852	(21.8)
United Kingdom	12,663	12,804	(1.1)
Germany	9,862	9,747	1.2
Italy	2,818	118	N.M
Others	5,020	5,324	(5.7)

	141,162	146,054	(3.3)

16 In the review performance the factors leading to any changes in contributions to turnover and earnings by the business or geographical segments.

Please refer to Section 8(iii) for the review of the actual performance.

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

17 Breakdown of sales

Gross revenue reported for first half year

Total return for first half year

Gross revenue reported for second half year Total return for second half year

CDL Hospitality Trusts

FY 2019	FY 2018	Increase/
(Decrease)

S$'000	S$'000	%

93,767	99,508	(5.8)
30,562	45,293	(32.5)
103,105	102,295	0.8
83,495	65,244	28.0

18 Annual distribution to holders of Stapled Securities for financial year ended 31 December 2019

		CDL Hospitality Trusts
		1 Jan 2019		1 Jan 2018
		to		to
		31 Dec 2019		31 Dec 2018
		S$'000		S$'000
1	July 2017 to 31 December 2017
	-		61,419
1	January 2018 to 30 June 2018		-		51,916
1	July 2018 to 31 December 2018		59,719		-
1	January 2019 to 30 June 2019		50,406		-

19 Confirmation pursuant to Rule 704(13) of the Listing Manual

Pursuant to Rule 704(13) of the Listing Manual of Singapore Exchange Securities Trading Limited, the H- REIT Manager and the HBT Trustee-Manager confirm that there are no persons occupying managerial positions in the H-REIT Manager and its principal subsidiary, the HBT Trustee-Manager, who are related to a director or the chief executive officer or a substantial shareholder of the H-REIT Manager or of the HBT Trustee-Manager respectively or a substantial stapled security holder of CDLHT.

On behalf of the Board of Directors

CHAN SOON HEE ERIC	VINCENT YEO WEE ENG
Chairman	Chief Executive Officer
30 January 2020

CDL HOSPITALITY TRUSTS ("CDLHT")

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES ("H-REIT Group") CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES ("HBT Group")

UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT OF CDL HOSPITALITY TRUSTS,

H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2019

IMPORTANT NOTICE

This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representatives examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses (including employee wages, benefits and training costs, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the REIT Manager and the Trustee- Manager (together with the REIT Manager, the "Managers") on future events.

The value of the stapled securities in CDLHT (the "Stapled Securities") and the income derived from them, may fall or rise. Stapled Securities are not obligations of, deposits in, or guaranteed by, the Managers or any of its affiliates. An investment in Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Managers redeem or purchase their Stapled Securities while the Stapled Securities are listed. It is intended that holders of Stapled Securities may only deal in their Stapled Securities through trading on the Singapore Exchange Securities Trading Limited ("SGX-ST"). Listing of the Stapled Securities on the SGX-ST does not guarantee a liquid market for the Stapled Securities.

Nothing in this announcement constitutes an offer of any securities in the United States or elsewhere. The rights Stapled Securities have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of that Act. No public offer of the rights Stapled Securities has been or will be made in the United States.

The past performance of CDLHT is not necessarily indicative of the future performance of CDLHT.

Any discrepancies in the tables included in this announcement between the listed amounts and total thereof are due to rounding.

By Order of the Board

Enid Ling Peek Fong

Company Secretary

M&C REIT Management Limited

(Company Registration No. 200607091Z)

(as Manager of CDL Hospitality Real Estate Investment Trust)

30 January 2020

By Order of the Board

Enid Ling Peek Fong

Company Secretary

M&C Business Trust Management Limited

(Company Registration No. 200607118H)

(as Trustee-Manager of CDL Hospitality Business Trust)

30 January 2020

FOR IMMEDIATE RELEASE

30 JAN 2020

CDL HOSPITALITY TRUSTS REPORTS

TOTAL DISTRIBUTION OF S$33.6 MILLION FOR 4Q 2019

Singapore Hotels achieved stronger performance with a 5.1% RevPAR improvement in 4Q 2019, the highest quarterly year-on-year RevPAR growth since 2012
Net property income of S$38.0 million and S$141.2 million for 4Q 2019 and FY 2019 respectively
Total distribution per Stapled Security of 2.77 cents for 4Q 2019 and 9.02 cents for FY 2019
CDLHT continues to pursue suitable acquisitions and asset enhancement initiatives to enhance returns

Singapore, 30 January 2020 - CDL Hospitality Trusts ("CDLHT" or the "Group"), 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, today announced its results for the fourth quarter ("4Q 2019") and full year ("FY 2019") ended 31 December 2019.

Financial Highlights:

		1 Oct 2019		1 Oct 2018				1 Jan 2019		1 Jan 2018
Note: One Singapore hotel
was under refurbishment in		to		to		Increase/		to		to	Increase/
1H 2019 and one Maldives		31 Dec 2019		31 Dec 2018		(Decrease)		31 Dec 2019		31 Dec 2018	(Decrease)
resort was temporarily closed		S$'000		S$'000		(%)		S$'000		S$'000	(%)
for renovation		("4Q 2019")		("4Q 2018")				("FY 2019")		("FY 2018")


Revenue	53,976		52,281	3.2	196,872		201,803		(2.4)

Net property income ("NPI")	37,967		38,412	(1.2)	141,162		146,054		(3.3)

Total distribution to Stapled
Securityholders (after	33,625		33,433	0.6	109,389		111,603		(2.0)
retention)

Total distribution per
Stapled Security (after	2.77		2.77	-	9.02		9.26		(2.6)
retention) ("DPS")(cents)

Fourth Quarter ended 31 December 2019

In 4Q 2019, CDLHT's Singapore Hotels recorded higher NPI contribution, underpinned by a stronger underlying performance and better trading conditions. Hotel Cerretani Firenze - MGallery, acquired in end November 2018, also provided inorganic support to the overall portfolio NPI.

However, overall NPI for the quarter decreased slightly by 1.2% year-on-year ("yoy") to S$38.0 million as lower contribution from CDLHT's other overseas properties more than offset growth. A significant portion of the overseas NPI decline was due to the anticipated reduced income from Pullman Hotel Munich, stemming from the cyclicality in the city's events calendar. Trading conditions in Tokyo (Japan) and Maldives were competitive while contribution from Australia and New Zealand were lower due to a weaker local currency.

M&C REIT Management Limited and M&C Business Trust Management Limited

390 Havelock Road ● #02-05 King's Centre ● Singapore 169662 ● Tel (65) 6664 8888 ● www.cdlht.com

Registered Address: 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619 ● Company Registration No: 200607091Z

A member of Hong Leong Group (Singapore)

Overall, total distribution to Stapled Securityholders (after retention for working capital) for 4Q 2019 was S$33.6 million while DPS was stable at 2.77 cents.

Full Year ended 31 December 2019

For FY 2019, major asset enhancement works at Raffles Maldives Meradhoo and Orchard Hotel (Singapore) affected the portfolio's performance. Raffles Maldives Meradhoo closed in June 2018 for its rebranding exercise and fully reopened in end September 2019 while extensive renovations were carried out on rooms and all events spaces at Orchard Hotel during the first half of the 2019. There was also disruption from renovation works in Angsana Velavaru (Maldives) in the second half of 2019.

In addition, the absence of the meetings hosted during Singapore's Chairmanship of ASEAN and two major biennial events contributed to lower NPI for the Singapore Hotels during the first half of the year. The New Zealand, Australia, Japan and UK properties also saw lower contribution, in part due to the weaker currencies in some of these markets.

The collective decline was partially mitigated by the stronger performance of the Singapore Hotels in the second half of 2019 as well as inorganic contribution from Hotel Cerretani Firenze - MGallery and increased NPI for Pullman Hotel Munich.

Interest costs for FY 2019 was higher yoy, mainly the result of higher funding costs and increased interest expense incurred on additional loans drawn for the acquisition of Hotel Cerretani Firenze - MGallery and asset enhancements works.

Consequently, NPI for FY 2019 was S$141.2 million, 3.3% lower than the previous year. Overall, total distribution to Stapled Securityholders (after retention for working capital) for FY 2019 was S$109.4 million and DPS was 9.02 cents, a decrease of 2.0% and 2.6% yoy respectively.

As at 31 December 2019, CDLHT's overall portfolio valuation increased by 2.3% to S$2.85 billion.

Mr Vincent Yeo, Chief Executive Officer of CDLHT's managers, said, "In our core Singapore market, it is encouraging to note that our hotels have recorded a second consecutive quarter of year-on-year recovery. A benign supply environment in the next few years and continued expansion plans for Singapore's tourism and aviation infrastructure are expected to be supportive for the hospitality sector. We would also like to thank Stapled Securityholders for their continued and overwhelming support in approving our two recent landmark transactions - the redevelopment of Novotel Singapore Clarke Quay and acquisition of W Singapore - Sentosa Cove, which will strengthen our long-term presence in the Singapore market.

"Aside from continued investment in our Singapore Hotels, we have also been actively implementing asset improvement programs for some of our overseas properties in light of more competitive trading conditions in a few of these markets.

"With the Wuhan coronavirus outbreak situation unfolding globally, regional travel and business and consumer confidence will be affected, given that China is the world's largest outbound travel market. We are actively monitoring the situation and ensuring that our portfolio of hotels is putting in place measures to manage the situation for our guests and staff."

M&C REIT Management Limited and M&C Business Trust Management Limited

390 Havelock Road ● #02-05 King's Centre ● Singapore 169662 ● Tel (65) 6664 8888 ● www.cdlht.com

Registered Address: 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619 ● Company Registration No: 200607091Z

A member of Hong Leong Group (Singapore)

Review of Portfolio's Performance and Outlook

The combined weighted average statistics for CDLHT's Singapore Hotels are as follows1:

4Q 2019

4Q 2018

Increase

FY 2019

FY 2018

Increase

Average Occupancy Rate

87.2%

85.8%

1.4pp

87.5%

86.9%

0.6pp

Average Daily Rate

S$192

S$186

3.3%

S$185

S$184

0.9%

Revenue per Available Room

("RevPAR")

S$168

S$160

5.1%

S$162

S$160

1.6%

Singapore

RevPAR of the Singapore Hotels for 4Q 2019 increased by 5.1% yoy, the strongest quarterly yoy RevPAR growth since 2012, on the back of room rate growth and high occupancy. The RevPAR uplift was supported by healthy visitor arrivals and citywide demand compression amidst the presence of strong convention business in the quarter. In addition, the robust increase was also achieved despite ongoing room renovation in Copthorne King's Hotel, which commenced in October 2019.

For year-to-date ("YTD") November 2019, visitor arrivals to Singapore increased 2.9% yoy to 17.4 million. Increased visitation from China, USA, Japan and Indonesia contributed to more than 75% of the growth recorded, while eight out of Singapore's top ten source markets showed growth. With an increase in the average length of stay in Singapore, total visitor days grew 4.0% yoy2.

To support further visitation growth, Singapore continually invests in the expansion of its aviation infrastructure, such as the extensive makeover of Terminal 2 to increase passenger capacity and enhance passenger experience4. A new multimillion-dollar marketing partnership with Royal Carribean International and Changi Airport Group is also expected to bring some 623,000 international fly-cruise visitors to Singapore between end-2019 and 20245.

On the supply front, Singapore hotel inventory is estimated to increase by 789 net rooms6 in 2020, representing approximately 1.1% of existing room stock. Limited future supply growth is supportive for the hotel sector.

At Copthorne King's Hotel, pipe works and refurbishment of guest rooms are currently being carried out, which are expected to complete in mid-2020. The works are being progressed in phases to minimise disruption and the hotel remains operational. Asset enhancement opportunities in other Singapore Hotels are also being evaluated strategically.

Numbers may not add up due to rounding
Singapore Tourism Board ("STB")
STB, "STB unveils a selection of over 60 lifestyle experiences to entice business groups to Singapore", 10 September 2019
Straits Times, "Changi's T2 will be greener, more spacious by 2024", 17 January 2020
STB, "Royal Caribbean Enters into Five-YearMultimillion-DollarFly-Cruise Partnership with Singapore Tourism Board and Changi Airport Group",

November 2019

Based on Horwath data (December 2019) and CDLHT Research

M&C REIT Management Limited and M&C Business Trust Management Limited

390 Havelock Road ● #02-05 King's Centre ● Singapore 169662 ● Tel (65) 6664 8888 ● www.cdlht.com

Registered Address: 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619 ● Company Registration No: 200607091Z

A member of Hong Leong Group (Singapore)

Ongoing Room Refurbishment at Copthorne King's Hotel

Before - Superior Room

After - Signature Studio

Overseas Markets

In New Zealand, total arrivals increased 0.8% yoy to 3.4 million for YTD November 20197 and the New Zealand Hotel posted a 0.5% yoy increase in RevPAR for 4Q 2019 as business was healthy in the high season, aided by a stronger concerts calendar during the quarter. Consequently, NPI contribution in local currency terms improved slightly, but was negatively affected by a weaker NZD.

In Japan, while overall tourism arrivals grew 2.2% yoy to 31.9 million for 20198, the Japan-South Korea trade spat continues to weigh on Japan's economy and hospitality market9, with visitor arrivals from South Korea, the second largest source market, declining 64.7% yoy for 4Q 20199. Together with a softer citywide events and concerts calendar, as well as a surge in new supply from the limited service hotel category and recovering number of alternative accommodation listings such as Airbnb10, performance of the Japan Hotels was negatively affected this quarter. Looking ahead, the Tokyo 2020 Olympics and Paralympics will provide some yielding opportunities due to expected citywide compression.

Tourism demand in the Maldives is healthy, driven mainly by growth in visitor arrivals from India and Europe11 and the government is also stepping up efforts to boost tourism with a recent proposal to increase the 2020 state budget for tourism promotion by close to fifty percent12. However, the market remains highly competitive due to new resorts supply, which was a contributory factor to a weaker performance from Angsana Velavaru, alongside disruption caused by its asset enhancement works.

To strengthen the Maldives Resorts' product offerings amidst rising competition, CDLHT has been implementing asset enhancement initiatives. For Angsana Velavaru, progressive enhancement works are ongoing where 43 of the 79 land villas have been renovated with infinity pools being added to 24 of these land villas at the end of 2019, ahead of the peak travel season. After the official opening of Raffles Maldives Meradhoo in end September 2019 following its extensive refurbishment exercise, the resort is building up awareness through sales and marketing activities with many travels partners visiting the resort for active promotion and re-introduction to the market. The ongoing efforts paid off in December 2019 with the resort welcoming its first five-night resort buy-out which contributed significantly to revenue.

Statistics - Tourism New Zealand
Japan National Tourism Organization
Business Times, "Japan's exports drop most since 2016 amid trade war, typhoon", 21 November 2019
Savills World Research Japan, "Spotlight Japan Hospitality", August 2019
Ministry of Tourism, Republic of Maldives, Tourism Monthly Updates
Channel NewsAsia, "Maldives targets one million Chinese with more direct flights", 25 September 2019

M&C REIT Management Limited and M&C Business Trust Management Limited

390 Havelock Road ● #02-05 King's Centre ● Singapore 169662 ● Tel (65) 6664 8888 ● www.cdlht.com

Registered Address: 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619 ● Company Registration No: 200607091Z

A member of Hong Leong Group (Singapore)

Over in the UK, RevPAR of the Lowry Hotel in Manchester for 4Q 2019 was impacted by fewer sporting events and a softer entertainment calendar. At Hilton Cambridge City Centre, the hotel experienced a marginal decline in RevPAR amidst a competitive trading environment. Despite top line pressure, overall UK NPI for the quarter was maintained at last year's level. To augment The Lowry Hotel's position as one of the top hotel in Manchester, there were further upgrading works including the refurbishment of five rooms to junior suites in October 2019.

Tourism demand in Munich is healthy with total arrivals increasing 5.6% yoy to 8.0 million for YTD November 201913. However, as Pullman Hotel Munich's performance is driven by the cyclical nature of Munich's fair calendar and with fewer events during the quarter, this resulted in an expected lower RevPAR. The city's fair calendar will continue to be lighter in 1H 2020 but a robust line-up of events is expected for 2H 2020.

Hotel Cerretani Firenze - MGallery recorded a 2.6% RevPAR increase14 in 4Q 2019, largely driven by a growth in average room rate.

Mr Yeo concluded: "Our robust balance sheet and ample debt headroom puts us in a strong position to continue sourcing for acquisitions to enhance our returns to Stapled Securityholders. We will also continue to evaluate suitable divestment opportunities as they arise to unlock underlying asset values and/or recycle capital for better returns."

	- ENDS -
For media and investor queries, please contact:
Mandy Koo	Benjamin Ong
Head, Investments & Investor Relations	Manager, Investor Relations
Tel: +65 6664 8887	Tel: +65 6664 8890
Email:mandykoo@cdlht.com	Email:benjaminong@cdlht.com

About CDL Hospitality Trusts

CDL Hospitality Trusts ("CDLHT") is one of Asia's leading hospitality trusts with assets valued at S$2.85 billion. CDLHT 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. CDLHT was listed on the Singapore Exchange Securities Trading Limited on 19 July 2006. M&C REIT Management Limited is the manager of H-REIT, the first hotel real estate investment trust in Singapore, and M&C Business Trust Management Limited is the trustee-manager of HBT.

CDLHT was established with the principal investment strategy of investing in a portfolio of hospitality and/or hospitality-related real estate assets. As at 31 December 2019, CDLHT owns 16 hotels and two resorts comprising a total of 5,088 rooms as well as a retail mall. The properties under CDLHT's portfolio include:

six hotels in the gateway city of Singapore (Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King's Hotel, Novotel Singapore Clarke Quay and Studio M Hotel) as well as a retail mall adjoining Orchard Hotel (Claymore Connect);
three hotels in Brisbane and Perth, Australia (Novotel Brisbane, Mercure Perth and Ibis Perth);

München Tourismus
The yoy RevPAR comparison assumes CDLHT owned Hotel Cerretani Firenze for the full corresponding period

M&C REIT Management Limited and M&C Business Trust Management Limited

390 Havelock Road ● #02-05 King's Centre ● Singapore 169662 ● Tel (65) 6664 8888 ● www.cdlht.com

Registered Address: 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619 ● Company Registration No: 200607091Z

A member of Hong Leong Group (Singapore)

two hotels in Japan's gateway city of Tokyo (Hotel MyStays Asakusabashi and Hotel MyStays Kamata);
one hotel in New Zealand's gateway city of Auckland (Grand Millennium Auckland);
two hotels in United Kingdom (Hilton Cambridge City Centre in Cambridge and The Lowry Hotel in Manchester);
one hotel in Germany's gateway city of Munich (Pullman Hotel Munich);
one hotel in the historic city centre of Florence, Italy (Hotel Cerretani Firenze - MGallery); and
two resorts in Maldives (Angsana Velavaru and Raffles Maldives Meradhoo).

M&C REIT Management Limited and M&C Business Trust Management Limited

390 Havelock Road ● #02-05 King's Centre ● Singapore 169662 ● Tel (65) 6664 8888 ● www.cdlht.com

Registered Address: 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619 ● Company Registration No: 200607091Z

A member of Hong Leong Group (Singapore)

4Q 2019 Results Presentation

30 January 2020

Important Notice

This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of CDL Hospitality Trusts.

The value of Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of, deposits in, or guaranteed by M&C REIT Management Limited, as manager of CDL Hospitality Real Estate Investment Trust (the "H-REIT Manager") or M&C Business Trust Management Limited, as trustee-manager of CDL Hospitality Business Trust (the "HBT Trustee-Manager"), or any of their respective affiliates.

An investment in Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the H-REIT Manager and/or the HBT Trustee-Manager redeem or purchase their Stapled Securities while the Stapled Securities are listed. It is intended that holders of the Stapled Securities may only deal in their Stapled Securities through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Stapled Securities on the SGX-ST does not guarantee a liquid market for the Stapled Securities.

This presentation contains certain tables and other statistical analyses (the "Statistical Information") which have been prepared by the H-REIT Manager and the HBT Trustee-Manager. Numerous assumptions were used in preparing the Statistical Information, which may or may not be reflected herein. As such, no assurance can be given as to the Statistical Information's accuracy, appropriateness or completeness in any particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Statistical Information should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

Market data and certain industry forecasts used throughout this presentation were obtained from internal surveys, market research, publicly available information and industry publications. Industry publications generally state that the information that they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of that information is not guaranteed. Similarly, internal surveys, industry forecasts and market research, while believed to be reliable, have not been independently verified by the H-REIT Manager or the HBT Trustee-Manager and neither the H- REIT Manager nor the HBT Trustee-Manager makes any representations as to the accuracy or completeness of such information.

You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the H-REIT Manager or the HBT Trustee-Manager on future events.

This document and its contents shall not be disclosed without the prior written permission of the H-REIT Manager or the HBT Trustee-Manager.

About CDL Hospitality Trusts

CDLHT was established with the principal investment strategy of investing in a portfolio of hospitality and/or hospitality-related real estate assets. As at 31 December 2019, CDLHT owns 16 hotels and two resorts comprising a total of 5,088 rooms as well as a retail mall. The properties under CDLHT's portfolio include:

six hotels in the gateway city of Singapore comprising Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King's Hotel, Novotel Singapore Clarke Quay and Studio M Hotel (collectively, the "Singapore Hotels") as well as a retail mall adjoining Orchard Hotel (Claymore Connect);
three hotels in Brisbane and Perth, Australia comprising Novotel Brisbane, Mercure Perth and Ibis Perth (collectively, the
"Australia Hotels");
two hotels in Japan's gateway city of Tokyo, comprising Hotel MyStays Asakusabashi and Hotel MyStays Kamata (collectively, the "Japan Hotels");
one hotel in New Zealand's gateway city of Auckland, Grand Millennium Auckland (the "New Zealand Hotel");
two hotels in United Kingdom (Hilton Cambridge City Centre in Cambridge and The Lowry Hotel in Manchester) (collectively, the "UK Hotels");
one hotel in Germany's gateway city of Munich, Pullman Hotel Munich (the "Germany Hotel");
one hotel in the historic city centre of Florence, Italy, Hotel Cerretani Firenze - MGallery (the "Italy Hotel" or "Hotel Cerretani Firenze"); and
two resorts in Maldives, comprising Angsana Velavaru and Raffles Maldives Meradhoo (collectively, the "Maldives Resorts").

References Used in this Presentation

1Q, 2Q, 3Q, 4Q refers to the period 1 January to 31 March, 1 April to 30 June, 1 July to 30 September and 1 October to 31 December respectively

1H and 2H refers to the period 1 January to 30 June and 1 July to 31 December respectively ARR refers to average room rate

AUD refers to Australian dollar CCS refers to cross currency swap

DPS refers to distribution per Stapled Security EUR refers to Euro

FY refers to financial year for the period from 1 January to 31 December GBP refers to British pound

JPY refers to Japanese yen

NPI refers to net property income NZD refers to New Zealand dollar

refers to percentage points RCF refers to revolving credit facility
RevPAR refers to revenue per available room SGD refers to Singapore dollar
TMK refers to Tokutei Mokuteki Kaisha USD refers to US dollar
YoY refers to year-on-yearYTD refers to year-to-date
All values are expressed in Singapore dollar unless otherwise stated

Note: Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures

Table of Contents


	Key Highlights			6
	Portfolio Summary		12
	Healthy Financial Position		17
	Singapore Market		22
	Overseas Markets		32
	Asset Enhancement Plans	40
	Annexe			50
	− Background and Structure of CDL Hospitality Trusts		50
	− Location of CDL Hospitality Trusts Properties		65

Key Highlights

Key Highlights of the Year

Investing Close to S$800M in Two Singapore Hotels

Redevelopment of Novotel Singapore Clarke Quay*		Acquisition W Singapore - Sentosa Cove*

Divestment of NCQ (57-year leasehold) for S$375.9M at 87% premium over initial purchase price, unlocking value and redevelopment potential
Forward purchase of a brand new, lifestyle hotel (fresh 99- year leasehold (1)) at redeveloped Liang Court Site (2) at a capped fixed price of S$475M or lower of 110% of development cost
Achieved primary objective of retaining presence on Liang Court Site in prized Clarke Quay location

Secured luxury lifestyle hotel for S$324.0 million in tightly-held Singapore market
Sentosa will be a key future tourism driver for Singapore, various expansion plans will enhance Singapore's attractiveness as a premier tourist destination
W Hotel to be a beneficiary of the demand growth expected to be generated by the various medium to long-term plans
Capital value underpinned by high quality asset with generous room sizes

Both landmark transactions recently approved by Stapled Securityholders with >99% votes in favour

* Novotel Singapore Clarke Quay ("NCQ"), W Singapore - Sentosa Cove ("W Hotel")

(1)	From acceptance of lease renewal	7
(2)	Liang Court Site comprises NCQ, Liang Court mall and Somerset Liang Court Singapore ("Liang Court Site")

Key Highlights of the Year

Continued Investment in Existing Singapore Hotels to Stay Competitive

 Makeover project for Orchard Hotel started in 2018 and was completed in 2019, covering:

 260 rooms in Orchard Wing

 Lobby, all meeting spaces and F&B outlets

 Ongoing / planned asset improvement projects for other Singapore Hotels

Grand Deluxe Room, Orchard Hotel

Grand Ballroom, Orchard Hotel

RevPAR of Singapore Hotels

RevPAR YoY % Change in 2019

6.0%			4.9%	5.1%
5.0%


4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%	1Q	2Q	3Q	4Q

-2.0%		-1.7%
-3.0%	-2.4%

RevPAR in 2H

S$	5.0%
180	
171

162
160		

140
120
2H 2018	2H 2019

Two consecutive quarters of yoy RevPAR growth for Singapore Hotels

Strongest periods of growth observed since 2012

Results Highlights (4Q 2019)

Net Property Income	Total Distribution (After	DPS (1)
Retention of Working Capital)

1.2% YoY		0.6% YoY		0.0% YoY
S$ million	38.4	38.0	S$ million	33.4	33.6	S$ cents	2.77	2.77
40.0	35.0	3.00


35.0			30.0			2.50
		25.0
30.0					2.00
		20.0
				1.50
25.0			15.0
		10.0			1.00
20.0
		5.0			0.50
15.0			0.0	4Q 2018	4Q 2019	0.00
	4Q 2018	4Q 2019			4Q 2018	4Q 2019

Higher NPI contribution from Singapore Hotels due to stronger performance
- Highest quarterly YoY RevPAR growth since 2012
Inorganic contribution from Hotel Cerretani Firenze (2)
Overall NPI decreased slightly as lower contribution from other overseas markets more than offset growth
- Significant portion of decline was due to expected reduced income from Pullman Hotel Munich, stemming from cyclicality in the city's events calendar
Total distribution in 4Q 2019 increased 0.6% YoY and DPS remained stable
- Includes a partial distribution of proceeds from sale of Mercure and Ibis Brisbane

(1)	Represents total distribution	per Stapled Security (after retention of working capital). Total distribution per Stapled Security (before retention) for 4Q 2019 is 2.98 cents	9
(2)	Hotel Cerretani Firenze was	acquired on 27 Nov 2018

Results Highlights (FY 2019)

Net Property Income	Total Distribution (After	DPS (1)
Retention of Working Capital)

3.3% YoY		2.0% YoY		2.6% YoY
S$ million	146.1	141.2	S$ million	111.6	109.4	S$ cents	9.26
150.0	112.0		10.00	9.02

130.0			104.0			8.00
110.0			96.0			6.00
90.0			88.0			4.00
70.0			80.0			2.00
50.0			72.0	FY 2018	FY 2019	0.00
	FY 2018	FY 2019			FY 2018	FY 2019

	 NPI declined due to:
		Extensive renovation works at Orchard Hotel and absence of 2 major biennial events and a series of meetings/events for ASEAN
		Chairmanship in 2018 for Singapore during 1H 2019
		Closure of Raffles Maldives Meradhoo for renovation (2) and some disruption from renovation works in Angsana Velavaru
	 Decrease in contribution from some overseas markets (in part due to weaker currencies)
	 Partially mitigated by stronger 2H performance of Singapore Hotels, higher NPI for Pullman Hotel Munich and inorganic contribution from Hotel
	Cerretani Firenze (3)
	 Total distribution and DPS lower as a result of the:
	 Decrease in overall NPI
		Higher interest expense, mainly due to additional loans for asset enhancements, acquisition of Hotel Cerretani Firenze, as well as higher
		funding costs

(1)	Represents total distribution per Stapled Security (after retention of working capital). Total distribution per Stapled Security (before retention) for FY 2019 is 9.83 cents
(2)	Resort was closed in Jun 2018 and opened in end Sep 2019	10
(3)	Hotel Cerretani Firenze was acquired on 27 Nov 2018

Details of Distribution

Distribution for the period 1 Jul 2019 to 31 Dec 2019 (after retention and including capital distribution) is
4.86 Singapore cents per Stapled Security comprising:
- 3.33 Singapore cents of taxable income + 0.52 Singapore cents of tax exempt income + 1.01 Singapore cents of capital distribution

February 2020

	Mon	Tue	Wed	Thu	Fri	Sat	Sun

 Closure of books:						1	2
5 pm on 7 February 2020
	3	4	5	6	7	8	9

	10	11	12	13	14	15	16

Distribution Date:

26 February 2020	17	18	19	20	21	22	23

	24	25	26	27	28	29

Portfolio Summary

NPI Performance by Geography

	4Q '19	4Q '18	Change	YoY	FY '19	FY '18	Change	YoY
	S$'000	S$'000	S$'000	Change	S$'000	S$'000	S$'000	Change

Singapore	24,566	23,527	1,039	4.4%	87,880	87,445	435	0.5%

New Zealand	4,699	4,846	(147)	-3.0%	16,320	17,831	(1,511)	-8.5%

Australia	2,249	2,368	(119)	-5.0%	9,139	9,832 (1)	(693)	-7.0%

United Kingdom	3,310	3,299	11	0.3%	12,663	12,804	(141)	-1.1%

Germany	1,861	2,703	(842)	-31.2%	9,862	9,747	115	1.2%

Italy (2)	490	118	372	N.M	2,818	118	2,700	N.M

Maldives	(277)	258	(535)	N.M	(1,312)	3,425	(4,737)	N.M
(Closure of one resort
for renovations)
Japan	1,069	1,293	(224)	-17.3%	3,792	4,852	(1,060)	-21.8%

Total	37,967	38,412	(445)	-1.2%	141,162	146,054	(4,892)	-3.3%

Includes 11 days of fixed rental income from Mercure Brisbane and Ibis Brisbane, which were divested on 11 Jan 2018

(2) Hotel Cerretani Firenze was acquired on 27 Nov 2018

Well-Balanced NPI Exposure

Breakdown of Portfolio NPI by Country for FY 2018 and FY 2019 (1)

FY 2018 NPI - S$146.1 million

FY 2019 NPI - S$141.2 million

Oceania

Singapore

New Zealand: 12.2%	Oceania
Australia: 6.7% (2)
Singapore	New Zealand: 11.6%
	Australia: 6.5%

18.9%

18.0%

	15.5%				Europe

		Europe	62.3%	18.0%	UK: 9.0%
59.9%		Germany: 7.0% (3)
5.7%	UK: 8.8%			Italy: 2.0% (3)(4)
	Germany: 6.7% (3)		1.8%
		Italy: 0.1% (4)

Other Asia	Other Asia
Maldives: 2.3%
Maldives: N.M
Japan: 3.3%
Japan: 2.7%

Numbers may not add up due to rounding
Includes 11 days of fixed rental income from Mercure Brisbane and Ibis Brisbane, which were divested on 11 Jan 2018
On the basis of a 100% interest before adjustment of non-controlling interests. CDLHT owns an effective interest of 94.5% and 95.0% in Pullman Hotel Munich and Hotel Cerretani

	Firenze respectively	14
(4)	Acquisition of Hotel Cerretani Firenze was completed on 27 Nov 2018

Consistent Growth in Portfolio

2.3% YoY Growth in Portfolio Valuation as at 31 December 2019 (1)

S$ M 3,000

2,500

2,000

1,500

1,000

500

											2,783	2,847
				CAGR = 9.4% (2)					2,743

									230	225
										213
								2,469
								2,438
							2,355
											443
						2,239		270	248	375	451
						258
				2,030	2,045	179		111
					133
							328			450	363	343
			1,787	355	350	335	327	395

1,629	Sub-Prime
128	1,481	1,502	352

	93	110
1,102
123
846						1,726	1,769	1,740			1,739	1,837
				1,675	1,695	1,684	1,705
1,501
1,388	1,392	1,435


979
846


IPO	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
					Singapore		Oceania			Europe		Other Asia

(1)	Numbers may not add up due to rounding	15
(2)	CAGR from IPO to 31 Dec 2019

Geographically Diversified Portfolio

Breakdown of Portfolio Valuation as at 31 December 2019 (1)

Singapore	64.5%

Orchard Hotel	16.4%	Europe

Grand Copthorne Waterfront Hotel	13.0%

Novotel Singapore Clarke Quay	12.9%
M Hotel	8.6%
Studio M Hotel	6.1%
Copthorne King's Hotel	4.2%
Claymore Connect	3.3%	Singapore

Europe	15.6%
United Kingdom	7.1%	Portfolio Valuation

Hilton Cambridge City Centre	3.9%
S$2.85 billion
The Lowry Hotel (Manchester)	3.2%

Germany - Pullman Hotel Munich (2)	6.1%
Italy - Hotel Cerretani Firenze (2)	2.3%

Oceania

Other

Asia

Oceania	12.1%

New Zealand - Grand	7.0%
Millennium Auckland
Australia	5.0%

Novotel Brisbane	2.4%
Mercure Perth	1.6%

Ibis Perth	1.0%

Other Asia	7.9%

Maldives	4.9%

Angsana Velavaru	2.7%
Raffles Maldives Meradhoo	2.1%

Japan	3.0%

MyStays Asakusabashi	1.8%
(Tokyo)
MyStays Kamata (Tokyo)	1.2%

(1)	All properties, excluding Novotel Singapore Clarke Quay, were valued as at 31 Dec 2019. Novotel Singapore Clarke Quay was valued by Colliers International Consultancy &
	Valuation (Singapore) Pte Ltd on 15 Oct 2019.
(2)	On the basis of a 100% interest before adjustment of non-controlling interests. CDLHT owns an effective interest of 94.5% and 95.0% in Pullman Hotel Munich and Hotel Hotel	16
	Cerretani Firenze respectively

Healthy Financial Position

Strong and Flexible Balance Sheet

Robust balance sheet with low gearing of 35.4% and ample debt headroom of S$526 million
Strong interest coverage ratio of 6.1x due to CDLHT's proactive debt capital management
Well-positionedto actively pursue suitable acquisition opportunities and asset enhancement initiatives

	Key Financial Indicators

	As at 31 Dec 2019	As at 30 Sep 2019

Debt Value (1)	S$1,068 million	S$1,062 million
Total Assets	S$3,061 million	S$2,958 million

Gearing (2)	35.4%	36.3%
Interest Coverage Ratio (3)	6.1x	5.9x
CDLHT Debt Headroom at 45%	S$526 million	S$461 million

Weighted Average Cost of Debt	2.2%	2.3%

Net Asset Value per Stapled Security	S$1.5240	S$1.4606

Fitch Issuer Default Rating	BBB-	BBB-

Debt value is defined as bank borrowings and the TMK Bond which are presented before the deduction ofunamortised transaction costs
For purposes of gearing computation, the total assets exclude the effect of FRS 116/SFRS(I)Leases (adopted wef 1 Jan 2019). Refer to Page 25 Note 5 of the financial

	statements announcement	18
(3)	CDLHT's interest cover is computed using FY 2019 and YTD Sep 2019 NPI divided by the total interest paid/ payable in FY 2019 and YTD Sep 2019 respectively

Diversified Sources of Debt Funding

Debt Facility Details as at 31 Dec 2019 (1)

	Multi-currency MTN Programme /	Issued / Utilised	Tenure (years)	Unissued / Unutilised
	Facilities	Amount	Amount


	S$1 billion MTN	-	-	S$1.0B

	S$250 million RCF (Committed)	S$191.9M	3	S$58.1M

	S$500 million Bridge Facility	-	-	S$500.0M

	Total	S$191.9M

	Term Loans / Bond	SGD	Local Currency	Tenure (years)
	Amount	Amount

	SGD Term Loans	S$273.6M	S$273.6M	5
	USD Term Loan	S$88.1M	US$65.0M	5
	GBP Term Loans	S$212.0M	£120.5M	5
	EUR Term Loan	S$66.1M	€44.0M	7
	EUR/USD Cross Currency Swaps (2)	S$157.4M	€99.5M	5
	JPY Term Loan	S$40.4M	¥3.3B	5
	JPY TMK Bond	S$38.3M	¥3.1B	5
	Total	S$876.0M
	Total Debt Value	S$1,067.8M
(1) Numbers may not add up due to rounding			19
(2) Term loans fixed via a EUR/USD cross currency swap

Debt Maturity Profile as at 31 Dec 2019

US$65.0 million 5-year term loan was successfully refinanced in Dec 2019
Well-balancedmaturity profile with 60% of total debt maturing from 2022 onwards

Debt Maturity Profile (1)(2)

S$ million	Weighted Average Debt to Maturity ~ 2.9 years

400				348


350				32.6%

300					242


250					22.7%		212

							19.9%
200						120

150
					11.2%
100		79					66

	7.4%

50								6.2%



0

2020	2021	2022	2023	2024	2025

Currency	Amount	Type	Expiry

JPY	S$78.8M	Fixed Term Loan and	Sep 2020
TMK Bond


SGD	S$83.6M	Floating Term Loan	Aug 2021
GBP	S$117.0M	Floating Term Loan	Aug 2021
SGD	S$147.9M (3)	Floating RCF	Dec 2021
SGD	S$44.0M	Floating RCF	Mar 2022
EUR	S$103.2M	Term Loan fixed via	Nov 2022
EUR/USD CCS

GBP	S$95.0M	Fixed Term Loan	Dec 2022

SGD	S$120.0M	Fixed Term Loan	Jun 2023

EUR	S$54.2M	Term Loan fixed via	Jul 2024
EUR/USD CCS


SGD	S$70.0M	Fixed Term Loan	Aug 2024
USD	S$88.1M	Floating Term Loan	Dec 2024

EUR	S$66.1M	Fixed Term Loan	Apr 2025

(1)	Numbers may not add up due to rounding
(2)	Based on exchange rates of US$1 = S$1.3548, £1 = S$1.7593, €1 = S$1.5028 and S$1 = ¥80.8407	20
(3)	Multi-currency RCF

Debt Profile as at 31 Dec 2019

Debt Currency Profile (1)(2)(3)

JPY 7.4%

USD 8.2%

	SGD
GBP	43.6%
19.9%

EUR (4)

20.9%

Interest Rate Profile (1)(2)(3)

	Fixed Rate	Floating Rate
	Borrowings	Borrowings

SGD	40.8%	59.2%

USD	-	100.0%

GBP	44.8%	55.2%

JPY	100.0%	-

EUR (4)	100.0%	-
Blended Total	55.0%	45.0%

(1)	Numbers may not add up due to rounding
(2)	Based on exchange rates of US$1 = S$1.3548, £1 = S$1.7593, €1 = S$1.5028 and S$1 = ¥80.8407
(3)	Based on effective currency exposure	21
(4)	Term loans fixed via EUR/USD cross currency swaps, effective exposure is in EUR

Singapore Market

CDLHT Singapore Properties Performance

CDLHT Singapore Hotels	4Q '19	4Q '18	YoY	FY'19	FY'18	YoY
Change	Change


Occupancy	87.2%	85.8%	1.4pp	87.5%	86.9%	0.6pp

ARR	S$192	S$186	3.3%	S$185	S$184	0.9%

RevPAR	S$168	S$160	5.1%	S$162	S$160	1.6%

RevPAR uplift driven by room rate growth and high occupancy, which were supported by:
- Healthy visitor arrivals
- Strong convention business resulting in citywide demand compression
Positive growth delivered despite ongoing room renovations at Copthorne King's Hotel since Oct 2019
Limited future supply is supportive for the hotel sector
As at 31 Dec 2019, committed occupancy of Claymore Connect was 90%

Lobby, Orchard Hotel

Healthy Growth in Tourism Demand

Visitor arrivals to Singapore grew 2.9% YoY to 17.4 million for YTD Nov 2019 (1)
2020 will see the return of biennial city-wide events such as the Singapore Airshow and Food&HotelAsia and a number of inaugural events (2) such as the:
- International Trademark Association's 142nd Annual Meeting (~8,000 attendees)
- 103rd Lions Clubs International Convention (~20,000 foreign attendees)

International Visitor Arrivals to Singapore (1)

Million
					12-year CAGR = 5.5%						2.9%
20.0													18.5
											17.4		17.4
								15.6			16.4	16.9
								15.1	15.2
15.0							14.5
		Sub-Prime		13.2
		11.6
	9.8	10.3	10.1
10.0	9.7

5.0
0.0
	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
	IPO		Full Year Visitor Arrivals	STB Forecast Arrivals	YTD Nov Visitor Arrivals

(1)	Singapore Tourism Board ("STB")	24
(2)	STB, "STB unveils a selection of over 60 lifestyle experiences to entice business groups to Singapore", 10 Sep 2019

Geographical Mix of Top Markets (Singapore)

Increased visitation from China, USA, Japan and Indonesia contributed more than 75% of the growth recorded
8 out of the top 10 inbound markets showed growth for YTD Nov 2019

Geographical Mix of Visitor Arrivals

For YTD Nov 2019 (1)(2)

	Others	China



26%	19%

3%								Indonesia


South Korea			16%

3%		USA


4%							India


		Philippines				8%


4%				Malaysia


			Japan		Australia	6%


5%	6%

Numbers may not add up due to rounding
Based on STB's statistics published on 30 Dec 2019
The top 10 inbound markets are ranked according to growth rates in descending order

Top 10 Inbound Markets

YoY Change for YTD Nov 2019 (1)(2)(3)

		USA				12.7%
Philippines				6.7%
		Japan			6.3%
		China			5.5%
Indonesia		2.6%
	Australia		2.3%
		UK		2.0%
South Korea		1.6%
-1.7%	India
-2.2%	Malaysia


-5.0%	0.0%	5.0%	10.0%	15.0%

Singapore - Diversified Long Term Growth Drivers of Demand

MICE

103rd Lions Clubs	gamescom	Rotary International
International Convention	asia	Convention
2020	2020	2024
Expected Attendees: 20,000	Expected Attendees: 30,000	Expected Attendees: 24,000

Top international meeting country for the 11th year running in 2018 (1)
Growing status as a leading MICE destination with prominent events being added to its calendar

		 Strong leisure and entertainment offerings and
		continued investment in tourism infrastructure:
Leisure		 To boost leisure tourism
	 Add to Singapore's appeal as a MICE

		destination
		 Encourage increase in the length of stay

Business		Singapore as a business and financial hub will
	continue to drive corporate travel into the city

Image Credits: Lions Clubs International Convention, asia gamescom, Rotary International Convention, Changi Airport Group, STB, F1, Michelin Guide, UFC, International Champions

Cup, HSBC Singapore Rugby 7s	26
(1)	Singapore Exhibition & Convention Bureau, "Conferences, Events & Business Awards"

Singapore - Investment in Tourism Infrastructure for Decades Ahead

New Large-Scale Tourism Projects Being Planned Across the Entire Island

Changi Airport

Jewel Changi Airport augments Changi Airport's position as one of the world's best airports (1)
Extensive makeover of Terminal 2 by 2024 to increase passenger capacity and enhance experience (2)
Terminal 5 is slated to open by 2030, which will double current capacity to 150 million passengers per annum

Mandai Nature Precinct (4)

Rejuvenation of Mandai into an integrated nature and wildlife destination
Eco-tourismhub will house the new Bird Park and Rainforest Park
Development will be completed in phases, with the Bird Park and Rainforest Park scheduled to open by 2020 and 2021 respectively

Image Credits: STB, Mandai Park Holdings

Jewel Changi Airport Fact Sheet
Straits Times, "Changi's T2 will be greener, more spacious by 2024", 17 Jan 2020
Today, "Part of Jurong Lake District to be developed into a key tourist attraction by 2026", 16 Apr 2019
Channel NewsAsia, "New Mandai eco-tourism hub to feature global wildlife, create jobs", 16 Jan 2017
Straits Times, "Major revamp of Orchard Road announced with new developments, different offerings in sub-precincts", 30 Jan 2019

Jurong Lake District (3)

Set to be a new growth area with two precincts - the commercial hub at Jurong Gateway, and leisure and recreational activities at Lakeside
A 7-ha site has been set aside for an integrated tourism development that will include attractions, eateries and retail shops

Orchard Road (5)

Revamp of Orchard Road shopping belt via 4 sub-precincts with new retail concepts and attractions
- Tanglin - Arts and lifestyle
- Orchard - Retail core
- Somerset - Youth hub
- Dhoby Ghaut - Green and family-friendly attractions

Singapore - Investment in Tourism Infrastructure for Decades Ahead (Con't)

New Large-Scale Tourism Projects Being Planned Across the Entire Island

Greater Southern Waterfront (1)

Shifting of city port terminals and Pasir Panjang terminal to Tuas by 2027 and 2040 respectively
Frees up ~2,000ha of land for a new waterfront city (6x Marina Bay size)
A new major gateway and vibrant location for waterfront lifestyle attractions, recreational options homes and offices

Marina Bay Sands (3)

Marina Bay Sands to add 4th new tower which will have 30%-40% more MICE space and a 15,000- seat arena
The new arena will be optimised for concerts with state-of-the-art production infrastructure, with the aim of drawing A-list artists
Increase in gaming space

Image Credits: STB

Straits Times, "National Day Rally 2019: 'Downtown South' resort likely to be built on Pulau Brani", 19 Aug 2019
Straits Times, "Sentosa Merlion to make way for new $90m themed linkway as part of Sentosa-Brani masterplan", 21 Oct 2019
Business Times, "Singapore IRs bet on S$9b expansion; exclusive licences extended to 2030", 4 Apr 2019

Sentosa-Brani Masterplan (2)

Reshaping Sentosa and Pulau Brani into a premier leisure and tourism destination over next 2 to 3 decades
Both islands will be divided into 5 distinct zones for redevelopment
Brani will be linked to Sentosa and mainland and will have large scale attractions similar to USS

Resorts World Sentosa (3)

Resorts World Sentosa expanding with multiple new attractions
New Minion Park and Super Nintendo World in Universal Studios Singapore
SEA Aquarium expanding to 3x its current size
Phased opening of attractions from 2020 to 2025

Singapore - Transformative Leisure and Tourism Offerings Underway for Sentosa

Sentosa-Brani Masterplan (1)(2)

Greater Southern

Waterfront Mega

Development

RWS Expansion	3

Sensoryscape5

Vibrant Cluster Zone

Spans both islands, will have large scale attractions

Island Heart Zone

Features hotels, conference spaces, dining and retail shops

Waterfront Zone

Pulau Brani will house a "futuristic" Discovery Park

Ridgeline Zone

Connect green spaces from Mt Faber to Mt Imbiah; nature and heritage attractions

1st project under Masterplan (4Q
2019 to 2022)
S$90m, two-tiered walkway to link RWS with Sentosa beaches
Comprising 30,000 sqm, it will be a multi-sensory experience

W Hotel

Beachfront Zone

To be rejuvenated with a water show, fair ground and other attractions

Map is purely for illustration only and was adapted from public sources, as such, it may not be drawn to scale, fully accurate nor fully reflective of the actual zoning areas

(1)	Straits Times, "Sentosa Merlion to make way for new $90m themed linkway as part of Sentosa-Brani masterplan", 16 Apr 2019	29
(2)	Zaobao, "让路给圣淘沙未来发展圣淘沙鱼尾狮塔10月20日走入历史", 21 Sep 2019

Limited Growth in Singapore Hotel Room Supply

An estimated 789 rooms opening this year, representing approximately 1.1% of existing room stock (1)
Supply growth going forward is benign at a low CAGR of 0.8% for the next 4 years

Current and Expected Hotel Room Supply in Singapore (1)

No. of Hotel Rooms

4-year CAGR = 0.8%

80,000									403	338

75,000					789	717

					0.6%	0.5%	70,944
					1.0%
	68,697		1.1%
70,000
	69,486	70,203	70,606
	68,697


65,000


60,000

55,000

50,000

		End-2019	2020	2021	2022		2023	End-2023

			Hotel Supply as at End-2019	Estimated Future Hotel Supply		Estimated Hotel Supply by End-2023

New supply of rooms is a summation of new rooms deducted by existing rooms taken out of inventory

Sources: STB, Horwath HTL (as at Dec 2019) and CDLHT research

Potential Supply of New Singapore Hotel Rooms Until 2023

Name of Hotel	No. of	Horwath Rating	Location	Expected
Rms	Opening


Dusit Thani Laguna Singapore	206	Upscale/Luxury	Outside City	2Q 2020
Centre

The Clan	324	Mid-Tier	City Centre	2Q 2020
THE EDITION by Marriott	190	Upscale/Luxury	City Centre	3Q 2020
Aqueen Hotel Lavender	69	Economy	Outside City	2020
Centre

Pan Pacific Orchard Hotel	340	Upscale/Luxury	City Centre	2021
Redevelopment

Artyzen	142	Upscale/Luxury	City Centre	2021

Name of Hotel	No. of	Horwath Rating	Location	Expected
Rms	Opening


Rochester Commons	135	Upscale/Luxury	Outside City	2021
Centre

Aqueen Hotel Geylang	100	Economy	Outside City	2021
Centre

Pullman Singapore	342	Upscale/Luxury	City Centre	2022
Raffles Sentosa Resort & Spa	61	Upscale/Luxury	Sentosa	2022
Singapore

Banyan Tree Mandai	338	Upscale/Luxury	Outside City	2023
Centre

Year	No. of Rms	Upscale/Luxury		Mid-Tier		Economy

2020	789	396	50%	324	41%	69	9%
2021	717	617	86%	0	0%	100	14%
2022	403	403	100%	0	0%	0	0%
2023	338	338	100%	0	0%	0	0%
Total (2020 - 2023) (1)	2,247	1,754	72%	324	14%	169	8%

(1) Numbers may not add up due to rounding	31
Sources: Horwath HTL (as at Dec 2019) and CDLHT research

Overseas Markets

CDLHT New Zealand Hotel Performance

Total arrivals to New Zealand increased 0.8% YoY to 3.4 million for YTD November 2019 (1)
RevPAR for Grand Millennium Auckland increased 0.5% YoY for 4Q 2019 with healthy business in the high season, supported by a stronger concerts calendar
NPI contribution in local currency terms improved slightly but was negatively affected by a weaker NZD
Growing hotel room stock in Auckland is likely to result in an increasingly competitive trading environment
In early 2021, Auckland will host a major sporting event: the America's Cup sailing regatta and related challenger series
- Expected to drive hotel demand in the lead up to and during the event (2)

		Grand Millennium Auckland	Lobby, Grand Millennium Auckland

(1)	Statistics - Tourism New Zealand	33
(2)	CBRE Valuation Report (Grand Millennium Auckland), 31 Dec 2019

CDLHT Australia Hotels Performance

No damage to Australia Hotels from country's bushfires
Lease structure of the Australia Hotels provides CDLHT with fixed rent in local currency
Contribution for 4Q 2019 was affected by a weaker AUD

Beccaria Bar, Mercure Perth		Gourmet Bar, Novotel Brisbane

CDLHT Maldives Resorts Performance

4Q 2019 RevPAR for Angsana Velavaru declined 18.6% YoY as resort was affected by disruption from renovation works and increased competition from supply growth
Raffles Maldives Meradhoo welcomed its first five-nightbuy-out since official opening in Sep 2019 due to ongoing extensive sales and marketing efforts, which contributed significantly to revenue in 4Q 2019
 Resort will undergo a gestation period for a few years before reaching a normalised occupancy level
While tourism demand in Maldives is healthy, driven by growth in Indian and European arrivals (1), trading conditions continue to remain highly competitive in the near term due to new resorts supply
The government is also stepping up efforts to boost tourism, with a recent proposal to increase the 2020 state budget for tourism promotion by close to fifty percent (2)

		InOcean Villa (Exterior), Angsana Velavaru	Ocean Villa, Raffles Maldives Meradhoo
(1)	Ministry of Tourism, Republic of Maldives, Tourism Monthly Updates	35
(2)	Maldives Insider, "Maldives proposes tourism marketing budget hike, allocates $9.98 mln for 2020", 6 Nov 2019

CDLHT Japan Hotels Performance

Visitor arrivals grew 2.2% YoY to 31.9 million for 2019 (1) but the Japan-South Korea trade spat continues to weigh on the economy and hospitality market
- South Korean visitation, the 2nd largest source market, sharply declined by 64.7% (1) in 4Q 2019
Coupled with a softer citywide events and concert calendar, new limited-service hotel supply and rebound in number of alternative accommodation listings (such as Airbnb) (2), RevPAR for the Japan Hotels declined by 14.4% YoY this quarter
Consumption tax hike (3) expected to affect consumer sentiment and spending
Demand driven by the Tokyo 2020 Olympics and Paralympics will provide some rate maximising opportunities due to expected citywide compression
Looking further, new upcoming theme park attractions in Tokyo (between 2020 to 2022) and development of integrated resorts will encourage future growth

		Twin Room, MyStays Kamata	Queen Room, MyStays Asakusabashi	Modern Twin Room Aoba, MyStays Asakusabashi

(1)	Japan National Tourism Organization
(2)	Reuters, "Airbnb touts Japan recovery, bolstered by hotel listings", 6 Jun 2019	36
(3)	Business Times, "Japan proceeds with twice-delayed sales tax hike as growth sputters", 1 Oct 2019

CDLHT UK Hotels Performance

Fewer sporting events and a softer entertainment calendar affected The Lowry Hotel's performance
Hilton Cambridge City Centre's RevPAR declined marginally amidst a competitive trading environment
Overall, RevPAR of the UK Hotels decreased 3.7% YoY in 4Q 2019
Despite top line pressure, NPI was maintained at last year's level
Both cities will see an increase in hotel room inventory in the near term

Public space at Lobby, The Lowry Hotel		Executive Lounge, Hilton Cambridge City Centre

CDLHT Germany Hotel Performance

Pullman Munich Hotel's performance is driven by the cyclical nature of Munich's fair calendar (1):
- 1H 2019 had 2 major events, which saw the hotel deliver a robust performance
- 2H 2019 had fewer events with the absence of a major congress and trade fair in 4Q, leading to RevPAR contraction of 10.2% this quarter, which was fully anticipated
- 1H 2020 will see fewer events and this is expected to turn around in 2H 2020 with a robust line-up of events
Munich's tourism demand remains healthy with total arrivals growing 5.6% YoY to 8.0 million for YTD Nov 2019 (2)

		Superior Room, Pullman Hotel Munich	Lobby, Pullman Hotel Munich
(1)	Events Eye	38
(2)	München Tourismus

CDLHT Italy Hotel Performance

Total visitor arrivals to Florence remains largely unchanged for YTD Sep 2019 (1)
Hotel Cerretani Firenze recorded a RevPAR increase of 2.6% YoY in 4Q 2019 (2), largely driven by growth in room rate

Bar, Hotel Cerretani Firenze		Superior Room, Hotel Cerretani Firenze

(1)	Città Metropolitana Di Firenze	39
(2)	The YoY RevPAR comparison assumes CDLHT owned Hotel Cerretani Firenze for the full corresponding period

Asset Enhancement Plans

Enhancing Competitiveness of Assets

Singapore

Continued investment to enhance competitiveness of Singapore Hotels
Copthorne King's Hotel:
- Pipe works and refurbishment of guest rooms are currently being carried out and are expected to complete in mid 2020
- Phased refurbishment to help minimise disruption and the hotel remains operational
Asset enhancement opportunities in other Singapore Hotels are also being evaluated strategically

Signature Queen Room (New) - Copthorne King's Hotel

Signature Twin Room (New) - Copthorne King's Hotel

Asset Enhancement Plans - Copthorne King's Hotel

Superior Room (before)		Signature Studio (after)

Progressive renovation ongoing

Enhancing Competitiveness of Assets

Maldives

Raffles Maldives Meradhoo

Angsana Velavaru

Strengthening Maldives Resorts' product offerings amidst rising competition
Raffles Maldives Meradhoo:
- Gestation period of a few years is expected before reaching a normalized occupancy level
- Building up awareness of resort through sales and marketing activities:
- - Travel partners visiting the resort first before actively promoting the refurbished resort into the market
- Construction of new Presidential Villa, increasing key count from 37 to 38
Angsana Velavaru:
- 43 of the 79 land villas have been renovated, with infinity pools added to 24 of these villas at the end of 2019

Asset Enhancement Plans - Raffles Maldives Meradhoo

New Presidential Villa (concept drawings - may be subject to changes)

Asset Enhancement Plans - Angsana Velavaru

New infinity pools added to Land Villas

Enhancing Competitiveness of Assets

United Kingdom

Upgrades at The Lowry Hotel to augment its position as the top hotel in Manchester
Five rooms were upgraded to junior suites in Oct 2019
At Hilton Cambridge City Centre, refurbishment of the lounge bar was completed in Oct 2019

The Lowry Hotel

Hilton Cambridge City Centre

Asset Enhancement Plans - The Lowry Hotel

Junior Suite - Completed in Oct 2019

Asset Enhancement Plans - The Lowry Hotel

(Con't)

Junior Suite - Completed in Oct 2019

Asset Enhancement Plans - Hilton Cambridge

City Centre

Lounge Bar - Completed in Oct 2019

Background and Structure

of CDL Hospitality Trusts

Background on CDLHT

Background		Price Performance

IPO on 19 July 2006
Listed on SGX Mainboard
Sponsored by Millennium & Copthorne Hotels Limited
First Hotel REIT in Asia ex Japan

Market Capitalisation

S$2.0 billion as of 24 Jan 2020

Source: Bloomberg

CDLHT Structure

Sponsor

Investors

≈37.77%

Holdings of Stapled Securities

≈62.23%

as at 31 Dec 2019

H-REIT

Distributions

HBT

Acts on behalf of

DBS Trustee

the holders of H-

REIT Units

Stapling

Deed

Management

M&C REIT

H-REIT

HBT

services

M&C Business Trust

services

Rent

Management Limited

Acts on behalf

Management Limited

(H-REIT Manager)

(owner and lessor)

(owner or lessee)

(HBT Trustee-Manager)

of the holders of

Lease of

the HBT Units

Hotels

Lease of

Rent

Hotels

Active asset management in close collaboration with master lessees

Master

Lessees

	Hotel Manager	Hotel Manager

Note: For simplicity, the diagram does not include the relationships in relation to Claymore Connect. The H-REIT Manager manages Claymore Connect directly, hence the various	52
tenants of the retail units at Claymore Connect make rental payments directly to H-REIT under the terms of their respective leases.

Blue Chip Sponsor and Parentage

Millennium & Copthorne Hotels Limited		City Developments Limited

Internationally recognised hospitality and real estate group which owns and/or operates a portfolio of over 120 hotels worldwide
Subsidiary of City Developments Limited

One of the largest property developers in Singapore with a market capitalisation of ~ S$9.9 billion (1)
Debt to assets ratio of 36.5% as at 30 Sep 2019

(1)	As at 24 Jan 2020	53
Source: Bloomberg

Management Strategy

	1	Acquisition Growth Strategy
		 Pursue quality assets with growth potential
		 Adopt a medium to long term perspective to ride through
1	2		market cycles
	Partner with or tap on potential pipeline from M&C / CDL

 Capitalise on historically low interest rates in certain markets to enjoy spread over funding costs

Financial

Foundation

2 Asset Management Strategy

Work closely with master lessees and/or hotel managers to implement active revenue and cost management
Implement asset enhancement initiatives to optimise asset potential
Evaluate divestment opportunities periodically to recycle capital for better returns and unlock underlying asset values

Growing unitholders' value via acquisition

and organic growth while keeping a firm

financial foundation

3	Capital and Risk Management Strategy

Maintain a healthy balance sheet
Enhance financial flexibility by maintaining diversified sources of funding
Hedge against rising interest rates by refinancing with longer

term fixed rate borrowings	54

CDLHT Asset Portfolio - Singapore

			Grand			Copthorne	Novotel		Claymore		Singapore
Properties	Orchard Hotel	Copthorne		M Hotel	Singapore	Studio M Hotel
	King's Hotel	Connect		Portfolio
			Waterfront Hotel			Clarke Quay (1)


		Located on	One of the largest		Located in the	Located within
		Orchard Road,			Stylish and
		conference		heart of financial	close proximity to	Located next to	A family-friendly
		with a large pillar-		contemporary
		facilities in		district with strong	CBD, Orchard	Singapore's	mall with
Description	less ballroom and		design catering to		-
Singapore - well-		following of	Road, Robertson	premier	enhanced retail
		extensive		business and
		positioned for the		business	Quay and Clarke	entertainment hub	offerings
		conference		leisure segments
		MICE market		travellers	Quay
		facilities


Rooms	656	574		415	310	403	360	-		2,718

Date of	19 July 2006	19 July 2006		19 July 2006	19 July 2006	7 June 2007	3 May 2011	19 July 2006
Purchase


Title /		Leasehold	Leasehold		Leasehold	Leasehold	Leasehold	Leasehold	Leasehold
Remaining
interest /	interest /		interest /	interest /	interest /	interest /	interest /		-
Term of Land
62 years	62 years		62 years	47 years	57 years	86 years	62 years
Lease (2)

Valuation (2)	S$466.0M	S$370.0M		S$245.0M	S$120.0M	S$368.7M	S$173.0M	S$93.8M		S$1,836.5M

(1)	Divestment is expected to be complete on 30 Apr 2020							55
(2)	As at 31 Dec 2019 except for Novotel Singapore Clarke Quay which was valued by Colliers International Consultancy & Valuation (Singapore) Pte Ltd on 15 Oct 2019

CDLHT Asset Portfolio - Overseas

Properties	Novotel Brisbane	Mercure Perth	Ibis Perth	Australia Portfolio
(Australia)	(Australia)	(Australia)



		Comprehensive conference and	Situated in Perth's CBD and within	Located steps away from the
		leisure facilities of 11 dedicated
Description	walking distance to the Swan River,	Murray and Hay Street shopping	-
rooms with capacity for up to 350
		shopping and entertainment districts	belt within Perth's CBD
		delegates


Rooms	296	239	192	727

Date of Purchase	18 February 2010	18 February 2010	18 February 2010	-

Title / Remaining Term of	Strata Volumetric Freehold	Strata Freehold	Freehold	-
Land Lease (1)


Valuation (1)	A$73.0M / S$68.5M	A$48.0M / S$45.1M	A$31.0M / S$29.1M	A$152.0M / S$142.7M

(1)	As at 31 Dec 2019				56
Based on exchange rate of A$1 = S$0.9388

CDLHT Asset Portfolio - Overseas

		Angsana Velavaru	Raffles Maldives		Hotel MyStays	Hotel MyStays
Properties	Meradhoo*	Maldives Portfolio	Asakusabashi	Kamata	Japan Portfolio
(Maldives)
		(Maldives)		(Tokyo, Japan)	(Tokyo, Japan)



					Located in central Tokyo,	Located near Keikyu-
		Upmarket resort	All-suite luxury resort, with		with easy access to
			Kamata Station which
		offering a wide range of	extremely spacious villas		Asakusa & Akihabara. A
Description	-	is only a 10-min train	-
dining, leisure and spa	which are amongst the	few stations away from
			ride from Haneda
		options	largest in Maldives		several popular
			Airport
					sightseeing spots


		113	37
Rooms	(79 beachfront villas	(21 beachfront villas and	150	139	116	255
		and 34 overwater villas)	16 overwater villas)

Date of Purchase	31 January 2013	31 December 2013	-	19 December 2014	19 December 2014	-

Title / Remaining	Leasehold interest /	Leasehold interest /
Term of Land	-	Freehold	Freehold	-
28 years	36 years
Lease (1)

Valuation (1)	US$57.6M / S$78.0M	US$45.0M / S$61.0M	US$102.6M /	¥4.08B / S$50.5M	¥2.85B / S$35.3M	¥6.93B / S$85.8M
S$139.0M


*Previously known as Dhevanafushi Maldives Luxury Resort
(1)	As at 31 Dec 2019					57
Based on exchange rate of US$1 = S$1.3548 and S$1 = ¥80.8407

CDLHT Asset Portfolio - Overseas

			Hilton Cambridge	The Lowry	United Kingdom	Grand Millennium	Pullman Hotel	Hotel Cerretani
		Properties	City Centre	Hotel	Auckland	Munich	Firenze	CDLHT Portfolio
		Portfolio
			(United Kingdom)	(United Kingdom)	(New Zealand)	(Germany) (3)	(Italy) (4)


			Upper upscale hotel	Iconic 5-star luxury		New Zealand's		4-star hotel boasting
			hotel which is		4-star hotel located
			and boasts a prime		largest deluxe hotel	an exceptional
			located in proximity		in close proximity to
		Description	location in the heart	-	which is located in	location in the heart	-
		to the heart of	major business
			of Cambridge city		the heart of	of Florence's historic
			Manchester city		districts
			centre		Auckland	city centre
			centre


		Rooms	198	165	363	452	337	86	5,088

		Date of	1 October 2015	4 May 2017	-	19 December 2006	14 July 2017	27 November 2018	-
		Purchase


		Title /
		Remaining	Leasehold interest /	Leasehold interest /	-	Freehold	Freehold	Freehold	-
		Term of Land	96 years (2)	127 years

		Lease (1)
		Valuation (1)	£63.4M / S$111.5M	£52.1M / S$91.7M	£115.5M /	NZ$222.5M /	€115.7M /	€43.9M / S$66.0M (4)	S$2,847.4M
		S$203.2M	S$200.5M	S$173.9M (3)

(1)	As at 31 Dec 2019
(2)	The lease term may be extended for a further term of 50 years pursuant to lessee's (CDLHT) option to renew under the lease granted by the head lessor (Cambridge City Council)
(3)	On the basis of a 100% interest. CDLHT owns an effective interest of 94.5% in Pullman Hotel Munich
(4)	On the basis of a 100% interest. CDLHT owns an effective interest of 95.0% in Hotel Cerretani Firenze			58
Based on exchange rates of NZ$1 = S$0.9009, £1 = S$1.7593 and €1 = S$1.5028

Summary of Leases

Singapore IPO

Portfolio & Studio M

Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King's Hotel:

Rent: 20% of Hotel's revenue + 20% of Hotel's gross operating profit, with a fixed rent floor of S$26.4 million
Term of 20 years from Listing (19 July 2006) with 20-year option

Claymore Connect:

H-REITreceives rents direct from tenants

Studio M Hotel:

Rent: 30% of Hotel's revenue + 20% of Hotel's gross operating profit, with a fixed rent floor of S$5.0 million for the initial 10 years of the lease
Term of 20 years from 3 May 2011 with 20+20+10 years option

Singapore NCQ

Novotel Singapore Clarke Quay:

Rent: Hotel's gross operating profit less Accor's management fee
The divestment of Novotel Clarke Quay has been announced on 21 Nov 2019 and approved by Stapled Securityholders on 23 Jan 2020. The completion of the divestment is expected to be around end of April 2020.

Summary of Leases

New Zealand

Grand Millennium

Auckland

Australia Portfolio

Lease was renewed on 6 Jun 2019

Grand Millennium Auckland:

Rent: Net operating profit of the hotel with an annual base rent of NZ$6.0 million
First 3-year term expired on 6 September 2019; lease provides for two 3-year renewal terms, subject to mutual agreement
Lease renewed for second 3-year term from 7 September 2019, expiring 6 September 2022 (1)

Novotel Brisbane, Mercure & Ibis Perth:

Base rent + Variable rent
Base rent: A$9.6 million per annum
Variable rent: 10% of portfolio's net operating profit in excess of base rent
Term ~ 11 years from 19 February 2010, expiring 30 April 2021

Summary of Leases

Germany

Pullman Hotel

Munich

Italy

Hotel Cerretani

Firenze - MGallery

Pullman Hotel Munich:

Rent: Around 90% of the net operating profit of the hotel subject to a fixed rent of €3.6 million
Term of 20 years from 14 July 2017, expiring 13 July 2037

Hotel Cerretani Firenze - MGallery:

Rent: Around 93% of the net operating profit of the hotel subject to a base rent of €1.3 million
Term of 20 years from 27 November 2018, expiring 26 November 2038

Summary of Lease and Management Agreement

Maldives

Angsana Velavaru

Maldives

Raffles Maldives

Meradhoo

Angsana Velavaru:

Rent: Hotel's gross operating profit less lessee's management fee
Tiered lessee's management fee incentivises lessee to drive growth in gross operating profit
Term of 10 years from 1 February 2013, expiring 31 January 2023

Raffles Maldives Meradhoo:

HBT is the master lessee for the resort's operations
Resort reopened as "Raffles Maldives Meradhoo" in September 2019 after extensive renovation
AccorHotels is the hotel manager, appointed by HBT
Term of 20 years from 9 May 2019, expiring on 8 May 2039 (operator has right to extend another 5 years)
Typical management fees apply

Summary of Management Agreement

Japan Portfolio

Hotel MyStays Asakusabashi and Hotel MyStays Kamata:

HBT is the master lessee for the hotels' operations
MyStays Hotel Management Co., Ltd. is the hotel manager, appointed by HBT
The hotel management agreements renew on a 3-yearauto-renewal basis, unless terminated with notice
Typical management fees apply

Summary of Management Agreement

United Kingdom

Hilton Cambridge

City Centre

United Kingdom The Lowry Hotel

Hilton Cambridge City Centre:

HBT is the asset owner and currently responsible for the hotel's operations
Hilton UK Manage Limited (an affiliate of Hilton Worldwide Inc.) is the hotel manager, appointed by HBT
Term of 12.25 years from 1 October 2015, expiring on 31 December 2027
Typical management fees apply

The Lowry Hotel:

 HBT is the asset owner and currently responsible for the hotel's operations and management

Location of

CDL Hospitality Trusts Properties

Hotels in Strategic Locations

Singapore Hotels

Orchard Hotel &	Grand Copthorne	Novotel
Claymore Connect	Waterfront Hotel	Singapore
			Clarke Quay

	H

SINGAPORE

RIVER

CENTRAL

MARINA BAY

BUSINESS

SANDS

DISTRICT

BUSINESS &

FINANCIAL

CENTRE SITE

Copthorne King's	Studio M Hotel	M Hotel
Hotel

New Zealand Hotel

Grand Millennium

Auckland

AUCKLAND CITY CENTRE

Hotels in Strategic Locations

			Australia Hotels

		Novotel		Ibis Perth	Mercure
		Brisbane		Perth


Brisbane CBD
	Perth CBD



	H

Hotels in Strategic Locations

	Japan Hotels

Hotel MyStays	Hotel MyStays
Asakusabashi	Kamata

Asakusabashi		Kamata

Hotels in Strategic Locations

United Kingdom Hotels

Cambridge		Manchester

Hilton Cambridge City Centre	The Lowry Hotel

Hotels in Strategic Locations

	Germany Hotel		Italy Hotel


Munich		Florence

Pullman Hotel Munich

Hotel Cerretani Firenze - MGallery

Resorts in Premium Destination

Malé Atoll

40 min

seaplane

flight

55 min

domestic flight + 15 min

speedboat

Angsana Velavaru

Raffles Maldives Meradhoo*

South

ride

Nilandhe

Atoll

Gan International Airport

*Previously known as Dhevanafushi Maldives Luxury Resort

THANK YOU

A stapled group comprising:

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST

(a real estate investment trust constituted on 8 June 2006 under the laws of the Republic of Singapore)

CDL HOSPITALITY BUSINESS TRUST

(a business trust constituted on 12 June 2006 under the laws of the Republic of Singapore)

ANNOUNCEMENT

NOTICE OF ASSET VALUATION

Pursuant to Rule 703 of the SGX Listing Manual, M&C REIT Management Limited (the "Company"), as manager of CDL Hospitality Real Estate Investment Trust ("H-REIT") (the "H-REITManager"), and M&C Business Trust Management Limited, as trustee-manager of CDL Hospitality Business Trust ("HBT") (the "HBT Trustee-Manager"), wish to announce that the property valuations which have been adopted in the financial statements of CDL Hospitality Trusts for the financial year ended 31 December 2019 are as follows:

			Property Valuation as at
S/No.	Property	Valuer	31 December 2019
Local currency	(S$ million)

			(million)
1.	Orchard Hotel			466.0
2.	Grand Copthorne Waterfront Hotel			370.0
3.	M Hotel	Knight Frank Pte. Ltd.		245.0
4.	Copthorne King's Hotel		120.0

5.	Studio M Hotel			173.0
6.	Claymore Connect			93.8
7.	Novotel Singapore Clarke Quay Hotel	Colliers International		368.7
		Consultancy & Valuation
		(Singapore) Pte Ltd
Total	Singapore Properties			1,836.5
8.	Novotel Brisbane	CBRE Valuations Pty	73.0	68.5
9.	Mercure Perth	Limited	48.0	45.1
10.	Ibis Perth	Jones Lang LaSalle	31.0	29.1
		Advisory Services Pty
		Limited
Total	Australia Portfolio1		152.0	142.7
11.	Angsana Velavaru	Jones Lang LaSalle	57.6	78.0
		Property Consultants Pte
12.	Raffles Maldives Meradhoo	45.0	61.0
Ltd

Total	Maldives Portfolio2		102.6	139.0
13.	Grand Millennium Auckland	CBRE Limited	222.5	200.5
Total	New Zealand Portfolio3		222.5	200.5
14.	Hotel MyStays Asakusabashi	Cushman & Wakefield	4,080.0	50.5
15.	Hotel MyStays Kamata	K.K.	2,850.0	35.3
Total	Japan Portfolio4		6,930.0	85.8
16.	Hilton Cambridge City Centre	Cushman & Wakefield	63.4	111.5
		Debenham Tie Leung
17.	The Lowry Hotel	52.1	91.7
Limited

Total	United Kingdom Portfolio5		115.5	203.2

Based on exchange rate of A$1 = S$0.9388

Based on exchange rate of US$1 = S$1.3548
3 Based on exchange rate of NZ$1 = S$0.9009 4 Based on exchange rate of ¥100 = S$0.0124 5 Based on exchange rate of £1 = S$1.7593

18.	Pullman Hotel Munich	Cushman & Wakefield	115.7	173.9
		(U.K.) LLP (German
		Branch)
Total	Germany Portfolio6		115.7	173.9
19.	Hotel Cerretani Firenze - MGallery	Cushman & Wakefield	43.9	66.0
		(U.K.) LLP (Italian Branch)
Total	Italy Portfolio6		43.9	66.0

Note: any discrepancies are due to rounding.

Copies of the valuation reports are available for inspection by prior appointment at the H-REIT Manager's and HBT Trustee-Manager's registered office at 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619 during normal business hours for a period of three months from the date of this announcement.

BY ORDER OF THE BOARD

Enid Ling Peek Fong

Company Secretary

M&C REIT Management Limited

(Company Registration Number 200607091Z)

as manager of CDL Hospitality Real Estate Investment Trust

30 January 2020

BY ORDER OF THE BOARD

Enid Ling Peek Fong

Company Secretary

M&C Business Trust Management Limited (Company Registration Number 200607118H)

as trustee-manager of CDL Hospitality Business Trust

30 January 2020

IMPORTANT NOTICE

This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representatives examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses (including employee wages, benefits and training costs, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the REIT Manager and the Trustee-Manager (together with the REIT Manager, the "Managers") on future events.

The past performance of CDLHT is not necessarily indicative of the future performance of CDLHT.

Based on exchange rate of €1 = S$1.5028

A stapled group comprising:

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST

(a real estate investment trust constituted on 8 June 2006 under the laws of the Republic of Singapore)

CDL HOSPITALITY BUSINESS TRUST

(a business trust constituted on 12 June 2006 under the laws of the Republic of Singapore)

ANNOUNCEMENT

PAYMENT OF BASE MANAGEMENT FEE

BY WAY OF ISSUE OF STAPLED SECURITIES IN CDL HOSPITALITY TRUSTS

M&C REIT Management Limited ("MRM"), as manager of CDL Hospitality Real Estate Investment Trust ("H-REIT") (the "H-REITManager"), and M&C Business Trust Management Limited ("MBTM"), as trustee-manager of CDL Hospitality Business Trust ("HBT") (the "HBT Trustee-Manager"), wish to announce that 891,780 stapled securities in CDL Hospitality Trusts ("Stapled Securities"), each Stapled Security comprising one unit in H-REIT and one unit in HBT, have been issued by the H-REIT Manager and the HBT Trustee-Manager today as follows:

821,715 stapled securities issued to the H-REIT Manager at an issue price of S$1.616 per Stapled Security, as payment of 80.0 percent of its base management fee (as defined in the trust deed dated 8 June 2006 constituting H-REIT as amended from time to time (collectively, the "H- REIT Trust Deed")) for the period from 1 October 2019 to 31 December 2019 in relation to H- REIT; and
70,065 stapled securities issued to the HBT Trustee-Manager at an issue price of S$1.616 per Stapled Security, as payment of 80.0 percent of its base management fee (as defined in the trust deed dated 12 June 2006 constituting HBT as amended from time to time (collectively, the "HBT Trust Deed")) for the period from 1 October 2019 to 31 December 2019 in relation to HBT.

Under the H-REIT Trust Deed and the HBT Trust Deed, the issue price of the Stapled Securities is equivalent to their "market price", being the volume weighted average price per Stapled Security for all trades on Singapore Exchange Securities Trading Limited (the "SGX-ST"), in the ordinary course of trading, for the last 10 business days of the period in which the management fee accrued.

With the abovementioned issue of new Stapled Securities, the total number of Stapled Securities in issue as at the date of this announcement is 1,213,475,493.

BY ORDER OF THE BOARD

Enid Ling Peek Fong

Company Secretary

M&C REIT Management Limited

(Company Registration Number 200607091Z)

as manager of CDL Hospitality Real Estate Investment Trust 30 January 2020

BY ORDER OF THE BOARD

Enid Ling Peek Fong

Company Secretary

M&C Business Trust Management Limited (Company Registration Number 200607118H)

as trustee-manager of CDL Hospitality Business Trust 30 January 2020

IMPORTANT NOTICE

This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representatives examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses (including employee wages, benefits and training costs, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the REIT Manager and the Trustee-Manager (together with the REIT Manager, the "Managers") on future events.

The past performance of CDLHT is not necessarily indicative of the future performance of CDLHT.

A stapled group comprising:

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST

(a real estate investment trust constituted on 8 June 2006 under the laws of the Republic of Singapore)

CDL HOSPITALITY BUSINESS TRUST

(a business trust constituted on 12 June 2006 under the laws of the Republic of Singapore)

ANNOUNCEMENT

NOTICE OF BOOKS CLOSURE AND DISTRIBUTION PAYMENT DATE

NOTICE IS HEREBY GIVEN THAT the Transfer Books and Register of Unitholders of CDL Hospitality Real Estate Investment Trust ("H-REIT") and CDL Hospitality Business Trust ("HBT") will be closed at 5.00 p.m. on Friday, 7 February 2020 to determine entitlements of holders of Stapled Securities ("Holders") to CDL Hospitality Trusts' ("CDLHT") distribution. CDLHT has announced a distribution of 4.86 cents per Stapled Security in CDLHT for the period from 1 July

2019 to 31 December 2019, comprising:

distribution from H-REIT:
1. taxable income of 3.33 cents per Stapled Security;
2. tax-exemptincome of 0.45 cents per Stapled Security; and
3. capital component of 0.83 cents per Stapled Security; and
distribution from HBT:
1. tax-exemptincome of 0.03 cents per Stapled Security; and
2. capital component of 0.22 cents per Stapled Security; and

Holders whose securities accounts with The Central Depository (Pte) Limited are credited with Stapled Securities as at 5.00 p.m. on Friday, 7 February 2020 will be entitled to the distribution that will be paid on Wednesday, 26 February 2020.

DECLARATION FOR SINGAPORE TAX PURPOSES

Taxable income

1. DBS Trustee Limited, as trustee of H-REIT (the "H-REITTrustee"), M&C REIT Management Limited, as manager of H-REIT (the "H-REITManager") and M&C Business Trust Management Limited, as trustee-manager of HBT (the "HBT Trustee- Manager") will not deduct tax from distributions made out of CDLHT's taxable income that is not taxed at CDLHT's level to:

Holders who are individuals and who hold the Stapled Securities either in their sole names or jointly with other individuals;
Holders which are companies incorporated and tax resident in Singapore;

1. Holders which are Singapore branches of foreign companies
2. Holders which are non-corporate entities (excluding partnerships) constituted or registered in Singapore, such as:
3. 1. institutions, authorities, persons or funds specified in the First Schedule to the Income Tax Act (Cap. 134);
  2. co-operativesocieties registered under the Co-operative Societies Act (Cap. 62);
  3. trade unions registered under the Trade Unions Act (Cap. 333);
  4. charities registered under the Charities Act (Cap. 37) or established by an Act of Parliament; and
  5. town councils.
4. an international organisation that is exempt from tax on such distributions by reason of an order made under the International Organisations (Immunities and Privileges) Act (Cap. 145); and
5. real estate investment trust exchange-traded funds ("REIT ETF"s) which have been accorded the tax transparency treatment.
For distributions made to classes of Holders that do not fall within the categories stated under Note 1 above, the H-REIT Trustee, the H-REIT Manager and HBT Trustee- Manager will deduct tax at the rate of 10%, if the Holders are foreign non-individual investors or foreign funds@. The reduced concessionary tax rate of 10% will expire for distributions made after 31 December 2025 unless this concession is extended. A foreign non-individual investor/foreign fund is one who is not a resident of Singapore* for income tax purposes and:
1. who does not have a permanent establishment^ in Singapore (other than a fund manager in Singapore); or
2. who carries on any operation in Singapore through a permanent establishment in Singapore (other than a fund manager in Singapore), where the funds used to acquire the Stapled Securities are not obtained from that operation.
Holders are required to complete the applicable Section A, B or, C, D or E if they fall within the categories (b) to (f) stated under Note 1 or Section D if they qualify as a foreign non-individual investor/foreign fund as described under Note 2.
The H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will rely on the declarations made in Form A to determine (i) if tax is to be deducted for the categories of Holders listed in (b) to (f) under Note 1; and (ii) if tax is to be deducted at the rate of 10% for distributions to foreign non-individual investors/foreign funds. The reduced concessionary tax rate of 10% will expire for distributions made after 31 December 2025 unless this concession is extended. Please therefore ensure that the appropriate section of the Form A is completed in full and legibly and is returned to M & C Services Private Limited within the stipulated time limit. Failure to comply with any of these requirements will render Form A invalid and therefore, the H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will be obliged to deduct tax at the prevailing corporate tax rate from the distributions in respect of which this distribution is made.

Holders who fall within class (a) under Note 1 of Paragraph A are not required to submit Form A.
Holders who do not fall within the classes of Holders listed in Note 1 of Paragraph A and Note 2 of Paragraph A above can choose not to return Form A as tax will be deducted from the distributions made to them at the prevailing corporate tax rate in any case.
Holders who hold the Stapled Securities jointly (where at least one of the joint holders is not an individual) or through nominees do not have to return Form A.
The H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will deduct tax at the prevailing corporate tax rate from distributions made out of CDLHT's taxable income that is not taxed at CDLHT's level, in respect of Stapled Securities held by depository agents except where the beneficial owners of these securities are:
1. Individuals and the Stapled Securities are not held through a partnership in Singapore;
2. Qualifying Holders (as listed in categories (b) to (f) under Note 1; or
3. Foreign non-individual investors or foreign funds.

For Stapled Securities held through the depository agents, the depository agents must complete the "Declaration by Depository Agents for Singapore Tax Purposes Form B" ("Form B") and its annexes (Annex B1 for individuals, Annexes B2 and B2.1 for qualifying Holders and Annex B3 for foreign non-individuals/foreign funds).

Form A and Form B (and its annexes) will be sent to Holders and depository agents respectively, by the Unit Registrar of H-REIT and HBT, M & C Services Private Limited, on or around 10 February 2020.
Holders (Form A) and the depository agents (Form B and its annexes) will have to complete the forms legibly and send it to the Unit Registrar of H-REIT and HBT such that it is received by 5.00 p.m. on Monday, 17 February 2020. The H-REIT Trustee, the H- REIT Manager and the HBT Trustee-Manager will rely on the declarations made in Form A and Form B to determine if tax is to be deducted. Failure to comply with any of these requirements will render Form A and Form B invalid and the H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will be obliged to deduct the appropriate amount of tax from the distribution in respect of which this announcement is made.
Holders who hold Stapled Securities under the Supplementary Retirement Scheme (SRS) do not have to return any Form as they will receive gross distributions as long as the distributions are paid to their respective SRS accounts.

Tax-exemptincome
The tax-exempt income component of the distribution is exempt from tax in the hands of all Holders. No tax will be deducted at source from this component.

Capital component
The capital component of the distribution represents a return of capital to Stapled Securityholders for tax purposes and is therefore not subject to income tax. For Stapled Securityholders who hold the Stapled Securities as trading assets, the amount of capital distribution will be applied to reduce the cost base of their Stapled Securities for purpose of calculating the amount of taxable trading gains arising from the disposal of the Stapled Securities. No tax will be deducted at source from this component.

A foreign fund refers to a non-resident fund that qualifies for tax exemption under Section 13CA, 13X or 13Y of the Singapore Income Tax Act.

A company is a non-resident of Singapore if the management and control of its business for the preceding year and from the beginning of this year to the date of this declaration was exercised outside Singapore and there is no intention, at the time of this declaration, to change tax residence of the company to Singapore.

A permanent establishment is defined under Section 2 of the Income Tax Act to mean a fixed place where a business is wholly or partly carried on. It includes a place of management, a branch and an office.

IMPORTANT REMINDER

Holders and the depository agents must complete and return the "Declaration for Singapore Tax Purposes Forms A and B (and its annexes)", respectively to M & C Services Private Limited's office by 5.00 p.m. on Monday, 17 February 2020 in order to receive the distributions either at gross or at net (after deduction of tax at 10%) as described above.

DECLARATION IN INCOME TAX RETURN

The distribution is considered as income for the year 2019. Beneficial owners of the distribution, other than those who are exempt from tax on the distribution or who are entitled to the reduced rate of 10%, are required to declare the Taxable Income component of the distribution as taxable income in their income tax return for the Year of Assessment 2020.

DISTRIBUTION POLICY

Distributions from CDLHT comprise distributions from H-REIT and HBT.

CDLHT's distribution policy is to distribute at least 90.0% of its taxable income and of its tax exempt income (if any), with the actual level of distribution to be determined at the H-REIT Manager's and HBT Trustee-Manager's discretion.

Distributions will be made on a semi-annual basis, with the amount calculated as at 30 June and 31 December each year.

HBT TRUSTEE-MANAGER DIRECTORS' RESPONSIBILITY STATEMENT

The board of directors of the HBT Trustee-Manager is satisfied on reasonable grounds that, immediately after making the distribution, that HBT will be able to fulfil, from the trust property (as defined in the Business Trusts Act, Chapter 31A of Singapore) of HBT, the liabilities of HBT as these liabilities fall due.

IMPORTANT DATES AND TIMES

Date/Deadline

Event

5.00 p.m. on Friday, 7 February 2020 Closing of the Transfer Books and Register of Unitholders of H-REIT and HBT

5.00 p.m. on Monday, 17 February 2020 Holders and depository agents must have completed and returned the "Declaration for Singapore Tax Purposes Form A and Form B" to the Unit Registrar, M & C Services Private Limited

Wednesday, 26 February 2020

Payment of Distribution

Should Holders have any queries in relation to these procedures, please do not hesitate to contact:

Mandy Koo

Investments and Investor Relations

M&C REIT Management Limited

Tel: 6664 8887

Email: MandyKoo@cdlht.com

BY ORDER OF THE BOARD

Enid Ling Peek Fong Soo Lai Sun Company Secretaries

M&C REIT Management Limited

(Company Registration Number 200607091Z)

as manager of CDL Hospitality Real Estate Investment Trust

30 January 2020

BY ORDER OF THE BOARD

Enid Ling Peek Fong Soo Lai Sun Company Secretaries

M&C Business Trust Management Limited (Company Registration Number 200607118H)

as trustee-manager of CDL Hospitality Business Trust

30 January 2020

IMPORTANT NOTICE

This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representatives examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses (including employee wages, benefits and training costs, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the REIT Manager and the Trustee-Manager (together with the REIT Manager, the "Managers") on future events.

This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Stapled Securities.

The past performance of CDLHT is not necessarily indicative of the future performance of CDLHT.

A stapled group comprising:

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST

(a real estate investment trust constituted on 8 June 2006 under the laws of the Republic of Singapore)

CDL HOSPITALITY BUSINESS TRUST

(a business trust constituted on 12 June 2006 under the laws of the Republic of Singapore)

ANNOUNCEMENT

NOTICE OF BOOKS CLOSURE AND DISTRIBUTION PAYMENT DATE

2019 to 31 December 2019, comprising:

distribution from H-REIT:
1. taxable income of 3.33 cents per Stapled Security;
2. tax-exemptincome of 0.45 cents per Stapled Security; and
3. capital component of 0.83 cents per Stapled Security; and
distribution from HBT:
1. tax-exemptincome of 0.03 cents per Stapled Security; and
2. capital component of 0.22 cents per Stapled Security; and

DECLARATION FOR SINGAPORE TAX PURPOSES

Taxable income

Holders who are individuals and who hold the Stapled Securities either in their sole names or jointly with other individuals;
Holders which are companies incorporated and tax resident in Singapore;

1. Holders which are Singapore branches of foreign companies
2. Holders which are non-corporate entities (excluding partnerships) constituted or registered in Singapore, such as:
3. 1. institutions, authorities, persons or funds specified in the First Schedule to the Income Tax Act (Cap. 134);
  2. co-operativesocieties registered under the Co-operative Societies Act (Cap. 62);
  3. trade unions registered under the Trade Unions Act (Cap. 333);
  4. charities registered under the Charities Act (Cap. 37) or established by an Act of Parliament; and
  5. town councils.
4. an international organisation that is exempt from tax on such distributions by reason of an order made under the International Organisations (Immunities and Privileges) Act (Cap. 145); and
5. real estate investment trust exchange-traded funds ("REIT ETF"s) which have been accorded the tax transparency treatment.
For distributions made to classes of Holders that do not fall within the categories stated under Note 1 above, the H-REIT Trustee, the H-REIT Manager and HBT Trustee- Manager will deduct tax at the rate of 10%, if the Holders are foreign non-individual investors or foreign funds@. The reduced concessionary tax rate of 10% will expire for distributions made after 31 December 2025 unless this concession is extended. A foreign non-individual investor/foreign fund is one who is not a resident of Singapore* for income tax purposes and:
1. who does not have a permanent establishment^ in Singapore (other than a fund manager in Singapore); or
2. who carries on any operation in Singapore through a permanent establishment in Singapore (other than a fund manager in Singapore), where the funds used to acquire the Stapled Securities are not obtained from that operation.
Holders are required to complete the applicable Section A, B or, C, D or E if they fall within the categories (b) to (f) stated under Note 1 or Section D if they qualify as a foreign non-individual investor/foreign fund as described under Note 2.
The H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will rely on the declarations made in Form A to determine (i) if tax is to be deducted for the categories of Holders listed in (b) to (f) under Note 1; and (ii) if tax is to be deducted at the rate of 10% for distributions to foreign non-individual investors/foreign funds. The reduced concessionary tax rate of 10% will expire for distributions made after 31 December 2025 unless this concession is extended. Please therefore ensure that the appropriate section of the Form A is completed in full and legibly and is returned to M & C Services Private Limited within the stipulated time limit. Failure to comply with any of these requirements will render Form A invalid and therefore, the H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will be obliged to deduct tax at the prevailing corporate tax rate from the distributions in respect of which this distribution is made.

Holders who fall within class (a) under Note 1 of Paragraph A are not required to submit Form A.
Holders who do not fall within the classes of Holders listed in Note 1 of Paragraph A and Note 2 of Paragraph A above can choose not to return Form A as tax will be deducted from the distributions made to them at the prevailing corporate tax rate in any case.
Holders who hold the Stapled Securities jointly (where at least one of the joint holders is not an individual) or through nominees do not have to return Form A.
The H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will deduct tax at the prevailing corporate tax rate from distributions made out of CDLHT's taxable income that is not taxed at CDLHT's level, in respect of Stapled Securities held by depository agents except where the beneficial owners of these securities are:
1. Individuals and the Stapled Securities are not held through a partnership in Singapore;
2. Qualifying Holders (as listed in categories (b) to (f) under Note 1; or
3. Foreign non-individual investors or foreign funds.

Form A and Form B (and its annexes) will be sent to Holders and depository agents respectively, by the Unit Registrar of H-REIT and HBT, M & C Services Private Limited, on or around 10 February 2020.
Holders (Form A) and the depository agents (Form B and its annexes) will have to complete the forms legibly and send it to the Unit Registrar of H-REIT and HBT such that it is received by 5.00 p.m. on Monday, 17 February 2020. The H-REIT Trustee, the H- REIT Manager and the HBT Trustee-Manager will rely on the declarations made in Form A and Form B to determine if tax is to be deducted. Failure to comply with any of these requirements will render Form A and Form B invalid and the H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will be obliged to deduct the appropriate amount of tax from the distribution in respect of which this announcement is made.
Holders who hold Stapled Securities under the Supplementary Retirement Scheme (SRS) do not have to return any Form as they will receive gross distributions as long as the distributions are paid to their respective SRS accounts.

Tax-exemptincome
The tax-exempt income component of the distribution is exempt from tax in the hands of all Holders. No tax will be deducted at source from this component.

Capital component
The capital component of the distribution represents a return of capital to Stapled Securityholders for tax purposes and is therefore not subject to income tax. For Stapled Securityholders who hold the Stapled Securities as trading assets, the amount of capital distribution will be applied to reduce the cost base of their Stapled Securities for purpose of calculating the amount of taxable trading gains arising from the disposal of the Stapled Securities. No tax will be deducted at source from this component.

A foreign fund refers to a non-resident fund that qualifies for tax exemption under Section 13CA, 13X or 13Y of the Singapore Income Tax Act.

A company is a non-resident of Singapore if the management and control of its business for the preceding year and from the beginning of this year to the date of this declaration was exercised outside Singapore and there is no intention, at the time of this declaration, to change tax residence of the company to Singapore.

A permanent establishment is defined under Section 2 of the Income Tax Act to mean a fixed place where a business is wholly or partly carried on. It includes a place of management, a branch and an office.

IMPORTANT REMINDER

DECLARATION IN INCOME TAX RETURN

DISTRIBUTION POLICY

Distributions from CDLHT comprise distributions from H-REIT and HBT.

Distributions will be made on a semi-annual basis, with the amount calculated as at 30 June and 31 December each year.

HBT TRUSTEE-MANAGER DIRECTORS' RESPONSIBILITY STATEMENT

IMPORTANT DATES AND TIMES

Date/Deadline

Event

5.00 p.m. on Friday, 7 February 2020 Closing of the Transfer Books and Register of Unitholders of H-REIT and HBT

Wednesday, 26 February 2020

Payment of Distribution

Should Holders have any queries in relation to these procedures, please do not hesitate to contact:

Mandy Koo

Investments and Investor Relations

M&C REIT Management Limited

Tel: 6664 8887

Email: MandyKoo@cdlht.com

BY ORDER OF THE BOARD

Enid Ling Peek Fong Soo Lai Sun Company Secretaries

M&C REIT Management Limited

(Company Registration Number 200607091Z)

as manager of CDL Hospitality Real Estate Investment Trust

30 January 2020

BY ORDER OF THE BOARD

Enid Ling Peek Fong Soo Lai Sun Company Secretaries

M&C Business Trust Management Limited (Company Registration Number 200607118H)

as trustee-manager of CDL Hospitality Business Trust

30 January 2020

IMPORTANT NOTICE

This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representatives examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses (including employee wages, benefits and training costs, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the REIT Manager and the Trustee-Manager (together with the REIT Manager, the "Managers") on future events.

This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Stapled Securities.

The past performance of CDLHT is not necessarily indicative of the future performance of CDLHT.

A stapled group comprising:

CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST

(a real estate investment trust constituted on 8 June 2006 under the laws of the Republic of Singapore)

CDL HOSPITALITY BUSINESS TRUST

(a business trust constituted on 12 June 2006 under the laws of the Republic of Singapore)

ANNOUNCEMENT

NOTICE OF BOOKS CLOSURE AND DISTRIBUTION PAYMENT DATE

2019 to 31 December 2019, comprising:

distribution from H-REIT:
1. taxable income of 3.33 cents per Stapled Security;
2. tax-exemptincome of 0.45 cents per Stapled Security; and
3. capital component of 0.83 cents per Stapled Security; and
distribution from HBT:
1. tax-exemptincome of 0.03 cents per Stapled Security; and
2. capital component of 0.22 cents per Stapled Security; and

DECLARATION FOR SINGAPORE TAX PURPOSES

Taxable income

Holders who are individuals and who hold the Stapled Securities either in their sole names or jointly with other individuals;
Holders which are companies incorporated and tax resident in Singapore;

1. Holders which are Singapore branches of foreign companies
2. Holders which are non-corporate entities (excluding partnerships) constituted or registered in Singapore, such as:
3. 1. institutions, authorities, persons or funds specified in the First Schedule to the Income Tax Act (Cap. 134);
  2. co-operativesocieties registered under the Co-operative Societies Act (Cap. 62);
  3. trade unions registered under the Trade Unions Act (Cap. 333);
  4. charities registered under the Charities Act (Cap. 37) or established by an Act of Parliament; and
  5. town councils.
4. an international organisation that is exempt from tax on such distributions by reason of an order made under the International Organisations (Immunities and Privileges) Act (Cap. 145); and
5. real estate investment trust exchange-traded funds ("REIT ETF"s) which have been accorded the tax transparency treatment.
For distributions made to classes of Holders that do not fall within the categories stated under Note 1 above, the H-REIT Trustee, the H-REIT Manager and HBT Trustee- Manager will deduct tax at the rate of 10%, if the Holders are foreign non-individual investors or foreign funds@. The reduced concessionary tax rate of 10% will expire for distributions made after 31 December 2025 unless this concession is extended. A foreign non-individual investor/foreign fund is one who is not a resident of Singapore* for income tax purposes and:
1. who does not have a permanent establishment^ in Singapore (other than a fund manager in Singapore); or
2. who carries on any operation in Singapore through a permanent establishment in Singapore (other than a fund manager in Singapore), where the funds used to acquire the Stapled Securities are not obtained from that operation.
Holders are required to complete the applicable Section A, B or, C, D or E if they fall within the categories (b) to (f) stated under Note 1 or Section D if they qualify as a foreign non-individual investor/foreign fund as described under Note 2.
The H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will rely on the declarations made in Form A to determine (i) if tax is to be deducted for the categories of Holders listed in (b) to (f) under Note 1; and (ii) if tax is to be deducted at the rate of 10% for distributions to foreign non-individual investors/foreign funds. The reduced concessionary tax rate of 10% will expire for distributions made after 31 December 2025 unless this concession is extended. Please therefore ensure that the appropriate section of the Form A is completed in full and legibly and is returned to M & C Services Private Limited within the stipulated time limit. Failure to comply with any of these requirements will render Form A invalid and therefore, the H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will be obliged to deduct tax at the prevailing corporate tax rate from the distributions in respect of which this distribution is made.

Holders who fall within class (a) under Note 1 of Paragraph A are not required to submit Form A.
Holders who do not fall within the classes of Holders listed in Note 1 of Paragraph A and Note 2 of Paragraph A above can choose not to return Form A as tax will be deducted from the distributions made to them at the prevailing corporate tax rate in any case.
Holders who hold the Stapled Securities jointly (where at least one of the joint holders is not an individual) or through nominees do not have to return Form A.
The H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will deduct tax at the prevailing corporate tax rate from distributions made out of CDLHT's taxable income that is not taxed at CDLHT's level, in respect of Stapled Securities held by depository agents except where the beneficial owners of these securities are:
1. Individuals and the Stapled Securities are not held through a partnership in Singapore;
2. Qualifying Holders (as listed in categories (b) to (f) under Note 1; or
3. Foreign non-individual investors or foreign funds.

Form A and Form B (and its annexes) will be sent to Holders and depository agents respectively, by the Unit Registrar of H-REIT and HBT, M & C Services Private Limited, on or around 10 February 2020.
Holders (Form A) and the depository agents (Form B and its annexes) will have to complete the forms legibly and send it to the Unit Registrar of H-REIT and HBT such that it is received by 5.00 p.m. on Monday, 17 February 2020. The H-REIT Trustee, the H- REIT Manager and the HBT Trustee-Manager will rely on the declarations made in Form A and Form B to determine if tax is to be deducted. Failure to comply with any of these requirements will render Form A and Form B invalid and the H-REIT Trustee, the H-REIT Manager and the HBT Trustee-Manager will be obliged to deduct the appropriate amount of tax from the distribution in respect of which this announcement is made.
Holders who hold Stapled Securities under the Supplementary Retirement Scheme (SRS) do not have to return any Form as they will receive gross distributions as long as the distributions are paid to their respective SRS accounts.

Tax-exemptincome
The tax-exempt income component of the distribution is exempt from tax in the hands of all Holders. No tax will be deducted at source from this component.

Capital component
The capital component of the distribution represents a return of capital to Stapled Securityholders for tax purposes and is therefore not subject to income tax. For Stapled Securityholders who hold the Stapled Securities as trading assets, the amount of capital distribution will be applied to reduce the cost base of their Stapled Securities for purpose of calculating the amount of taxable trading gains arising from the disposal of the Stapled Securities. No tax will be deducted at source from this component.

A foreign fund refers to a non-resident fund that qualifies for tax exemption under Section 13CA, 13X or 13Y of the Singapore Income Tax Act.

A company is a non-resident of Singapore if the management and control of its business for the preceding year and from the beginning of this year to the date of this declaration was exercised outside Singapore and there is no intention, at the time of this declaration, to change tax residence of the company to Singapore.

A permanent establishment is defined under Section 2 of the Income Tax Act to mean a fixed place where a business is wholly or partly carried on. It includes a place of management, a branch and an office.

IMPORTANT REMINDER

DECLARATION IN INCOME TAX RETURN

DISTRIBUTION POLICY

Distributions from CDLHT comprise distributions from H-REIT and HBT.

Distributions will be made on a semi-annual basis, with the amount calculated as at 30 June and 31 December each year.

HBT TRUSTEE-MANAGER DIRECTORS' RESPONSIBILITY STATEMENT

IMPORTANT DATES AND TIMES

Date/Deadline

Event

5.00 p.m. on Friday, 7 February 2020 Closing of the Transfer Books and Register of Unitholders of H-REIT and HBT

Wednesday, 26 February 2020

Payment of Distribution

Should Holders have any queries in relation to these procedures, please do not hesitate to contact:

Mandy Koo

Investments and Investor Relations

M&C REIT Management Limited

Tel: 6664 8887

Email: MandyKoo@cdlht.com

BY ORDER OF THE BOARD

Enid Ling Peek Fong Soo Lai Sun Company Secretaries

M&C REIT Management Limited

(Company Registration Number 200607091Z)

as manager of CDL Hospitality Real Estate Investment Trust

30 January 2020

BY ORDER OF THE BOARD

Enid Ling Peek Fong Soo Lai Sun Company Secretaries

M&C Business Trust Management Limited (Company Registration Number 200607118H)

as trustee-manager of CDL Hospitality Business Trust

30 January 2020

IMPORTANT NOTICE

This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representatives examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses (including employee wages, benefits and training costs, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the REIT Manager and the Trustee-Manager (together with the REIT Manager, the "Managers") on future events.

This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Stapled Securities.

The past performance of CDLHT is not necessarily indicative of the future performance of CDLHT.

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CDL - City Developments Ltd. published this content on 30 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2020 11:14:07 UTC

Delayed Singapore S.E. Other stock markets 03:07:45 2024-05-06 am EDT			5-day change	1st Jan Change
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May. 01	City Developments Reacquires Additional Shares	MT
Apr. 26	City Developments Repurchases Shares	MT

City Developments Limited

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C09

SG1R89002252

Real Estate Development & Operations

CDLHT: Announcement on the Unaudited Financial Statements of CDL Hospitality Trusts, H-REIT and its Subsidiaries and HBT and its Subsidiaries for the Fourth Quarter and Full Year Ended 31 December 2019 and related announcements.

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