CDL Hospitality Trusts : Payment Of Management Fee By Way Of Issue Of Stapled Securities In CDL Hospitality Trusts

A stapled group comprising:

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

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

M&C REIT Management Limited (the "Company"), as manager of CDL Hospitality Real Estate Investment Trust ("H-REIT") (the "H-REIT Manager"), and M&C Business Trust Management Limited, as trustee-manager of CDL Hospitality Business Trust ("HBT") (the "HBT Trustee-Manager"), wish to announce that 869,234 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, at an issue price of S$1.3887 per Stapled Security, to the Company. The Stapled Securities were issued to the Company as payment of 80.0 per cent. of its 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 July 2016 to 30 September 2016 in relation to H-REIT.

Under the H-REIT 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 Company holds an aggregate of 49,042,054 Stapled Securities and the total number of Stapled Securities in issue is 991,771,059.

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 28 October 2016

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 28 October 2016

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.

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