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CDL Hospitality TrustS
72
Report of the Manager of CDL Hospitality
Real Estate Investment Trust
In the opinion of the directors of M&C REIT Management Limited (the “H-REIT Manager”), the Manager of CDL
Hospitality Real Estate Investment Trust (“H-REIT”), the accompanying consolidated fnancial statements of
H-REIT and its subsidiaries (collectively, the “H-REIT Group”) and CDL Hospitality Trusts (the “Stapled Group”,
comprising the H-REIT Group and CDL Hospitality Business Trust (“HBT”)) set out on pages 75 to 135 comprising
their Statements of Financial Position, Statements of Total Return, Statements of Movements in Unitholders’ Funds,
Distribution Statements, Portfolio Statements, Statements of Cash Flows and Notes to the Financial Statements are
drawn up so as to present fairly, in all material respects, the fnancial positions of the H-REIT Group and the Stapled
Group as at 31 December 2012, the total return, movements in unitholders’ funds, distributable income and cash
fows of the H-REIT Group and the Stapled Group for the year then ended, in accordance with the recommendations
of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute
of Certifed Public Accountants of Singapore and the provisions of H-REIT’s trust deed between DBS Trustee Limited
(the “H-REIT Trustee”) and the H-REIT Manager dated 8 June 2006 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”) and the stapling deed of CDL Hospitality Trusts between
the H-REIT Trustee, the H-REIT Manager and M&C Business Trust Management Limited (the Trustee-Manager of
HBT) dated 12 June 2006. At the date of this statement, there are reasonable grounds to believe that the H-REIT
Group and the Stapled Group will be able to meet their respective fnancial obligations as and when they materialise.
For and on behalf of the H-REIT Manager,
M&C REIT Management Limited
Vincent Yeo Wee Eng
Director
Singapore
12 March 2013