92
CDL
HOSPITALITY TRUSTS
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 financial 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 HBT Group) set out on pages 95 to 166, 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 financial positions of the H-REIT Group, and the Stapled Group as at 31 December 2014, the total
return, movements in unitholders’ funds, distributable income and cash flows 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 Singapore Chartered Accountants 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
financial 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
13 March 2015
REPORT OF THE MANAGER OF CDL HOSPITALITY
REAL ESTATE INVESTMENT TRUST
