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 MANAGEMENT FEE BY WAY OF ISSUE OF STAPLED SECURITIES IN CDL HOSPITALITY TRUSTS

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 1,421,227 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$1.7324 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 by the First Supplemental Deed dated 11 January 2007, the Second Supplemental Deed dated 26 March
2010 and the Third Supplemental Deed dated 20 July 2010 (collectively, the "H-REIT Trust Deed"))
for the period from 1 April 2014 to 30 June 2014 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
36,034,625 Stapled Securities and the total number of Stapled Securities in issue is 978,763,630.
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
24 July 2014
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
24 July 2014

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IMPORTANT NOTICE

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, the H-REIT Manager, 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 the HBT Trustee-Manager redeem or purchase their Stapled Securities while the Stapled Securities are listed. It is intended that the holders of Stapled Securities may only deal in their Stapled Securities through trading on the SGX-ST. Listing of the Stapled Securities on the SGX-ST does not guarantee a liquid market for the Stapled Securities.

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