CDL Hospitality Real Estate Investment Trust’s objectives are to maximize the rate of return for holders of CDL Hospitality Real Estate Investment Trust units and to make regular distributions. CDL Hospitality Real Estate Investment Trust will pursue a three pronged strategy:

• Make Yield Accretive Acquisitions: The CDL Hospitality Real Estate Investment Trust Manager will leverage off its relationship with Millennium & Copthorne Hotels plc and its parent, City Developments Ltd, and tap on their market reach, capabilities and network of contacts in the global hospitality industry to source for yield accretive acquisitions.

• Optimize CDL Hospitality Real Estate Investment Trust’s Capital Structure: The CDL Hospitality Real Estate Investment Trust Manager will seek to maintain a strong balance sheet whilst minimizing the cost of debt financing and securing diversified sources of funding to optimize CDL Hospitality Real Estate Investment Trust’s capital structure.

• Actively Manage Assets For Increased Yield: Where appropriate, the CDL Hospitality Real Estate Investment Trust Manager will leverage off its relationship with Millennium & Copthorne Hotels plc to actively improve the operational performance and maximize the cash flow and value of CDL Hospitality Real Estate Investment Trust’s assets.