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REPORT OF THE MANAGER OF CDL HOSPITALITY REAL ESTATE
INVESTMENT TRUST
REPORTS
In the opinion 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 114 to 194, comprising the statement of financial position, statement of total return,
statement of movements in unitholders’ funds, portfolio statement and statement of cash flows of the H-REIT Group;
the statement of financial position, statement of total return, statement of movements in unitholders’ funds, distribution
statement, portfolio statement and statement of cash flows of the Stapled Group; and notes to the financial statements, are
drawn up so as to present fairly, in all material respects, the financial positions andportfolio holdings of theH-REITGroup and
the Stapled Group as at 31 December 2016 and the financial performance, movements in unitholders’ funds and cash flows
of the H-REIT Group and of the Stapled Group and the distributable income of the Stapled Group for the year then ended in
accordancewith the recommendations of Statement of RecommendedAccountingPractice7“ReportingFramework 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) 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
10 March 2017
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