106
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 109 to 186, 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 2015, 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
8 March 2016
REPORT OF THE MANAGER OF CDL
HOSPITALITY REAL ESTATE INVESTMENT TRUST
