The Boards of Directors of M&C REIT Management Limited, as manager of CDL Hospitality Real Estate Investment Trust, and M&C Business Trust Management Limited, as trustee-manager of CDL Hospitality Business Trust, announced the following: In compliance with the requirements of the definition of `Independent Director' set out in the Securities and Futures (Licencing and Conduct of Business) Regulations issued by the Monetary Authority of Singapore, Mr. Ronald Seah Lim Siang will step down as an Independent Non-Executive Director from the Boards of the H-REIT Manager and the HBT Trustee-Manager and his positions as the Chairman of Nominating and Remuneration Committees ("NRCs") and a member of Audit and Risk Committees of the H-REIT Manager and the HBT Trustee-Manager with effect from 20 October 2022. Mr. Kwek Eik Sheng has been appointed as a Non-Independent Non-Executive Director of the H-REIT Manager and the HBT Trustee-Manager and his appointment will take effect from 20 October 2022. Mr. Chan Soon Hee, Eric, the Independent Non-Executive Chairman, has been appointed as the Chairman of NRCs with effect from 20 October 2022 in place of Mr. Seah.

Ms Cheah Sui Ling, an INED, has been appointed as a member of ARCs with effect rom 20 October 2022 in place of Mr. Seah. Following the aforesaid changes in the composition of Boards and Board Committees, independent non-executive directors continue to comprise the majority in the Boards and the Boards of Directors of the H-REIT Manager and the HBT Trustee-Manager will each comprise the following members: Mr. Chan Soon Hee, Eric (Independent Non-Executive Chairman), Mr. Vincent Yeo Wee Eng (Chief Executive Officer, Executive Director), Dr. Foo Say Mui (Bill) (Lead Independent Director), Mr. Kenny Kim (Independent Non-Executive Director), Ms Cheah Sui Ling (Independent Non-Executive Director),and Mr. Kwek Eik Sheng (Non-Independent Non-Executive Director); the ARCs of the H-REIT Manager and the HBT Trustee-Manager will each comprise the following members: Dr. Foo Say Mui (Bill) (Chairman), Mr. Kenny Kim, and Ms Cheah Sui Ling; the NRCs of the H-REIT Manager and the HBT Trustee-Manager will each comprise the following members: Mr. Chan Soon Hee, Eric (Chairman), Dr. Foo Say Mui (Bill), and Ms Cheah Sui Ling.