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") will be closed at 5.00 p.m. on Thursday, 6
February 2014 to determine entitlements of holders of Stapled Securities ("Holders") to H-REIT's distribution. H-REIT has announced a distribution of 5.56 cents per Stapled Security in H-REIT for the period from 1 July 2013 to 31 December 2013, comprising:
(i) Taxable income of 4.63 cents per Stapled Security; and
(ii) Tax-exempt income of 0.93 cents per Stapled Security.
Holders whose securities accounts with The Central Depository (Pte) Limited are credited with Stapled Securities as at 5.00 p.m. on Thursday, 6 February 2014 will be entitled to the distribution that will be paid on Friday, 28 February 2014.

DECLARATION FOR SINGAPORE TAX PURPOSES

A. Tax-exempt income

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.

B. Taxable income

1. DBS Trustee Limited, as trustee of H-REIT (the "H-REIT Trustee"), and the H-REIT Manager will not deduct tax from distributions made out of H-REIT's taxable income that is not taxed at H-REIT's level to:
(a) Holders who are individuals and who hold the Stapled Securities either in their sole names or jointly with other individuals;
(b) Holders which are companies incorporated and tax resident in Singapore;
(c) Holders which are Singapore branches of foreign companies that have obtained specific approval from the Inland Revenue Authority of Singapore to receive the distribution from H-REIT without deduction of tax; or
(d) Holders which are non-corporate entities (excluding partnerships) constituted or registered in Singapore, such as:
(i) institutions, authorities, persons or funds specified in the First Schedule to the Income Tax Act (Cap. 134);
(ii) co-operative societies registered under the Co-operative Societies Act
(Cap. 62);
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(iii) trade unions registered under the Trade Unions Act (Cap. 333);
(iv) charities registered under the Charities Act (Cap. 37) or established by an
Act of Parliament; and
(v) town councils.
2. For distributions made to classes of Holders that do not fall within the categories stated under Note 1 of Paragraph B above, the H-REIT Trustee and the H-REIT Manager will deduct tax at the reduced rate of 10%, if the Holders are foreign non-individual investors. The reduced concessionary tax rate of 10% will expire for distributions made after 31
March 2015 unless this concession is extended. A foreign non-individual investor is one who is not a resident of Singapore* for income tax purposes and:
(a) who does not have a permanent establishment^ in Singapore; or
(b) who carries on any operation in Singapore through a permanent establishment in Singapore, where the funds used to acquire the Stapled Securities are not obtained from that operation.
3. Holders are required to complete the applicable Sections A, B or C of the "Declaration for Singapore Tax Purposes Form A" ("Form A") if they fall within the categories (b) to (d) stated under Note 1 of Paragraph B or Section D of Form A if they qualify as a foreign non-individual investor as described under Note 2 of Paragraph B.
4. The H-REIT Trustee and the H-REIT 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 (d) under Note 1 of Paragraph B; and (ii) if tax is to be deducted at the rate of 10% for distributions to foreign non-individual investors. 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 and the H-REIT Manager will be obliged to deduct tax at the prevailing corporate tax rate from the distributions in respect of which this distribution is made.
5. Holders who fall within class (a) under Note 1 of Paragraph B are not required to submit Form A.
6. Holders who do not fall within the classes of Holders listed in Note 1 of Paragraph B and Note 2 of Paragraph B 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.
7. 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.
8. The H-REIT Trustee and the H-REIT Manager will deduct tax at the prevailing corporate tax rate from distributions made out of H-REIT's taxable income that is not taxed at H- REIT's level, in respect of Stapled Securities held by depository agents except where the beneficial owners of these securities are:
(a) Individuals and the Stapled Securities are not held through a partnership in
Singapore;
(b) Qualifying Holders (as listed in categories (b) to (d) under Note 1 of Paragraph B);
or
(c) Foreign non-individual investors.
For Stapled Securities held through the depository agents, the depository agents must complete the "Declaration by Depository Agents for Singapore Tax Purposes Form B"
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("Form B") and its annexes (Annex B1 for individuals, Annexes B2 and B2.1 for qualifying
Holders and Annex B3 for foreign non-individuals).
9. Form A and Form B (and its annexes) will be sent to Holders and depository agents respectively, by H-REIT's Unit Registrar, M & C Services Private Limited, on or around 10
February 2014.
10. Holders (Form A) and the depository agents (Form B and its annexes) will have to complete the forms legibly and send it to the H-REIT Unit Registrar such that it is received by 5.00 p.m. on Tuesday, 18 February 2014. The H-REIT Trustee and the H-REIT 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 and the H-REIT Manager will be obliged to deduct the appropriate amount of tax from the distribution in respect of which this announcement is made.
11. Holders who hold Stapled Securities under the Central Provident Fund Investment Scheme (CPFIS) or 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 CPFIS or SRS accounts.

* 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 Tuesday, 18 February 2014 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 2013. 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 2014.

IMPORTANT DATES AND TIMES

Date/Deadline

Event

5.00 p.m. on Thursday, 6 February 2014

Closing of H-REIT's Transfer Books and Register of

Holders

5.00 p.m. on Tuesday, 18 February 2014

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

Friday, 28 February 2014

Payment of Distribution

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Should Holders have any queries in relation to these procedures, please do not hesitate to contact
Ho Siang Twang
Head, Investments and Investor Relations
M&C REIT Management Limited
Tel: 6664 8883
Email: stho@cdlht.com
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 January 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
28 January 2014

IMPORTANT NOTICE

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

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, 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 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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