INTRODUCTION 1-2 SUMMARY OF CDL HOSPITALITY TRUSTS RESULTS 3. 1(a) STATEMENTS OF TOTAL RETURN AND STATEMENTS OF COMPREHENSIVE INCOME 4-11

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1 CDL HOSPITALITY TRUSTS H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 TABLE OF CONTENTS Page INTRODUCTION 1-2 SUMMARY OF CDL HOSPITALITY TRUSTS RESULTS 3 1(a) STATEMENTS OF TOTAL RETURN AND STATEMENTS OF COMPREHENSIVE INCOME (b)(i) STATEMENTS OF FINANCIAL POSITION (b)(ii) AGGREGATE AMOUNT OF GROUP S BORROWINGS AND DEBT SECURITIES (c) STATEMENTS OF CASH FLOWS (d) STATEMENT OF MOVEMENTS IN UNITHOLDERS FUNDS (e) DETAILS OF ANY CHANGES IN THE STAPLED SECURITIES 26 2 AUDIT STATEMENT 27 3 AUDITORS REPORT 27 4 ACCOUNTING POLICIES 27 5 CHANGES IN ACCOUNTING POLICIES 27 6 EARNINGS PER STAPLED SECURITY AND DISTRIBUTION PER STAPLED SECURITY 28 7 NET ASSET VALUE/NET TANGIBLE ASSET PER STAPLED SECURITY 29 8 REVIEW OF PERFORMANCE VARIANCE BETWEEN FORECAST OR PROSPECTUS STATEMENT AND ACTUAL RESULTS OUTLOOK AND PROSPECTS DISTRIBUTIONS DISTRIBUTION STATEMENT GENERAL MANDATE RELATING TO INTERESTED PERSON TRANSACTIONS CONFIRMATION PURSUANT TO RULE 720(1) OF THE LISTING MANUAL SEGMENTAL INFORMATION FACTORS LEADING TO ANY CHANGES IN CONTRIBUTIONS TO TURNOVER AND EARNINGS BREAKDOWN OF SALES ANNUAL DISTRIBUTION TO HOLDERS OF STAPLED SECURITIES CONFIRMATION PURSUANT TO RULE 704(13) OF THE LISTING MANUAL USE OF RIGHTS ISSUE PROCEEDS 44

2 A stapled group comprising: CDL HOSPITALITY REAL ESTATE INVESTMENT TRUST AND ITS SUBSIDIARIES (a real estate investment trust constituted on 8 June 2006 under the laws of the Republic of Singapore) and CDL HOSPITALITY BUSINESS TRUST AND ITS SUBSIDIARIES (a business trust constituted on 12 June 2006 under the laws of the Republic of Singapore) CDL HOSPITALITY TRUSTS H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 INTRODUCTION CDL Hospitality Trusts ( CDLHT ) is one of Asia s leading hospitality trusts with assets valued at S$2.7 billion. CDLHT is a stapled group comprising CDL Hospitality Real Estate Investment Trust ( H-REIT ), a real estate investment trust, and CDL Hospitality Business Trust ( HBT ), a business trust. CDLHT was listed on the Singapore Exchange Securities Trading Limited on 19 July M&C REIT Management Limited is the manager of H-REIT, the first hotel real estate investment trust in Singapore, and M&C Business Trust Management Limited is the trustee-manager of HBT. CDLHT was established with the principal investment strategy of investing in a portfolio of hospitality and/or hospitalityrelated real estate assets. As at 31 December 2017, CDLHT owns 17 hotels and two resorts comprising a total of 5,414 rooms as well as a retail mall. The properties under CDLHT s portfolio include: (i) six hotels in the gateway city of Singapore comprising Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel (collectively, the Singapore Hotels ), as well as a retail mall adjoining Orchard Hotel (Claymore Connect); (ii) five hotels in Brisbane and Perth, Australia comprising Novotel Brisbane, Mercure Brisbane, Ibis Brisbane, Mercure Perth and Ibis Perth (collectively, the Australia Hotels ); (iii) two hotels in Japan s gateway city of Tokyo comprising Hotel MyStays Asakusabashi and Hotel MyStays Kamata (collectively, the Japan Hotels ); (iv) one hotel in New Zealand s gateway city of Auckland (Grand Millennium Auckland, previously known as Rendezvous Hotel Auckland) (the New Zealand Hotel ); (v) two hotels in United Kingdom (Hilton Cambridge City Centre in Cambridge and The Lowry Hotel in Manchester) (the UK Hotels ); (vi) one hotel in Germany s gateway of Munich, namely Pullman Hotel Munich (the German Hotel ); and (vii) two resorts in Maldives, comprising Angsana Velavaru and Dhevanafushi Maldives Luxury Resort, Managed by AccorHotels (previously known as Jumeirah Dhevanafushi) (collectively, the Maldives Resorts ). In December 2013, the HBT Trustee-Manager activated HBT. As at 31 December 2017, it owns Hilton Cambridge City Centre and The Lowry Hotel and is also the master lessee of the Japan Hotels and Dhevanafushi Maldives Luxury Resort, Managed by AccorHotels (previously known as Jumeirah Dhevanafushi) ( Dhevanafushi Maldives Luxury Resort ), both of which are owned by the H-REIT Group. It will continue its functions as a master lessee of last resort and may undertake certain hospitality and hospitality-related development projects, acquisitions and investments which may not be suitable or deemed suitable for H-REIT. On 4 May 2017, HBT through its indirectly wholly-owned subsidiary, CDL HBT North Ltd, completed the acquisition of The Lowry Hotel through the acquisition of 100% of the issued share capital of The Lowry Hotel Limited. On 14 July 2017, H-REIT through its wholly-owned subsidiary, CDLHT Munich One Pte. Ltd., completed the acquisition of an effective interest of 94.5% in Pullman Hotel Munich and its office, retail components and the fixture, furniture and equipment used by the German Hotel. 1

3 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 On 27 June 2017, CDLHT launched an underwritten and renounceable rights issue ( Rights Issue ) and on 2 August 2017, issued 199,545,741 new Stapled Securities to raise total gross proceeds of S$255.4 million. The new Stapled Securities rank pari passu with the existing Stapled Securities issued and issuable as at the date of issue of the rights Stapled Securities, including the right to any distributions. On 22 December 2017, CDLHT announced its proposed divestment of Mercure Brisbane and Ibis Brisbane for A$77.0 million to an independent party. Accordingly, these investment properties have been reclassified as assets held for sale. The sale was completed on 11 January 2018 and following this divestment, CDLHT owns 15 hotels and 2 resorts, comprising a total 5,002 rooms as well as a retail mall. CDLHT s distribution policy is to distribute at least 90.0% of its taxable income and all of its tax exempt income (if any), with the actual level of distribution to be determined at the H-REIT Manager s and HBT Trustee-Manager s discretion. CDLHT makes distributions to stapled securityholders on a semi-annual basis, with the amount calculated as at 30 June and 31 December each year for the six-month period ending on each of the said dates. Distributions, when paid, will be in Singapore dollars. 2

4 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 SUMMARY OF CDL HOSPITALITY TRUSTS RESULTS 1 Oct Oct Jan Jan 2016 to to to to 31 Dec Dec Dec Dec 2016 ("4Q 2017") ("4Q 2016") ("FY 2017") ("FY 2016") S$ 000 S$ 000 % S$ 000 S$ 000 % Revenue 55,240 48, , , Net property income 40,624 37, , , Total return before fair value adjustment 19,437 17, ,795 79,035 (4.1) Income available for distribution to Stapled Securityholders (before retention) 33,817 30, , , Less: Income retained for w orking capital (3,382) (3,057) 10.6 (11,625) (10,553) 10.2 Income to be distributed to Stapled Securityholders (after retention) 30,435 27, ,629 94, Capital distribution 3,502 3, ,717 4, Total distribution to Stapled Securityholders (after retention) 33,937 30, ,346 99, Total distribution per Stapled Security (before retention) 1 (cents) For the period (5.5) (4.4) Total distribution per Stapled Security (after retention) 1 (cents) For the period (5.7) (4.3) For information only Total distribution per Stapled Security (after retention and excluding the effect of the Rights Issue) 1 (cents) For the period This includes capital distribution. 2 On 2 August 2017, 199,545,741 new Stapled Securities were issued pursuant to the Rights Issue. Distribution per Stapled Security ("DPS") before and after retention for the quarter and year ended 31 December 2016 have been restated to reflect the effect of bonus element in the Rights Issue, arising from exercise price being lower than the market price of the Stapled Securities. 3

5 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER (a) Consolidated Statements of Total Return of H-REIT Group and CDL Hospitality Trusts and Consolidated Statements of Comprehensive Income of HBT Group with a comparative statement for the corresponding period of the immediately preceding financial year Revenue Rental revenue Hotel revenue Property expenses Operation and maintenance expenses Employee benefits expenses Rental expenses Property tax Other property expenses Net property income H-REIT Manager s base fees H-REIT Manager s performance fees H-REIT Trustee s fees HBT Trustee-Manager s management fees HBT Trustee-Manager s trustee fees Valuation fees Depreciation, amortisation and impairment losses Other trust expenses Finance income Finance costs Net finance costs Net income before fair value adjustment Impairment loss on property, plant and equipment and prepaid land lease Net fair value gain/(loss) on investment properties Net income before tax Income tax expense Total return/(net loss) Footnote H-REIT Group HBT Group (b) CDL Hospitality Trusts 4Q Q Q Q Q Q 2016 S$ 000 S$ 000 % S$ 000 S$ 000 % S$ 000 S$ 000 % 40,246 38, ,833 35, ,407 12, ,407 12, (a) 40,246 38, ,407 12, ,240 48, (c) (3,988) (2,712) 47.1 (3,988) (2,712) (3,935) (2,454) 60.4 (3,935) (2,454) (2,574) (2,537) 1.5 (161) (148) 8.8 (d) (1,698) (1,948) (12.8) (567) (226) N.M (2,265) (2,174) 4.2 (e) (1,206) (556) N.M (3,061) (2,588) 18.3 (4,267) (3,144) 35.7 (2,904) (2,504) 16.0 (14,125) (10,517) 34.3 (14,616) (10,632) ,342 35, ,282 2, ,624 37, (1,614) (1,512) (1,614) (1,512) 6.7 (1,866) (1,778) (1,866) (1,778) 4.9 (72) (69) (72) (69) (113) N.M - (113) N.M (58) (33) 75.8 (58) (33) 75.8 (48) (10) N.M (53) (6) N.M (101) (16) N.M (f) (790) (469) 68.4 (1,827) (885) N.M (3,407) (2,204) 54.6 (g) (516) (627) (17.7) (519) (28) N.M (1,033) (655) (16.5) 102 (93) N.M N.M (4,164) (14,564) (71.4) (856) (643) 33.1 (4,632) (14,657) (68.4) (k) (3,606) (13,896) (74.1) (754) (736) 2.4 (4,573) (14,632) (68.7) 28,830 17, (78.8) 27,900 16, (h) (955) - N.M (11,106) (8,080) 37.5 (i) 51,174 (33,018) N.M ,435 (21,623) N.M 79,049 (15,821) N.M (78.8) 81,229 (13,021) N.M (l) (8,099) 1,025 N.M (364) (39) N.M (8,463) 986 N.M (m) 70,950 (14,796) N.M (293) 296 N.M 72,766 (12,035) N.M Attributable to: Unitholders Non-controlling interests Total return/(net loss) 70,909 (14,796) N.M (293) 296 N.M 72,725 (12,035) N.M (j) 41 - N.M N.M 70,950 (14,796) N.M (293) 296 N.M 72,766 (12,035) N.M 4

6 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER (a) Consolidated Statements of Total Return of H-REIT Group and CDL Hospitality Trusts and Consolidated Statements of Comprehensive Income of HBT Group with a comparative statement for the corresponding period of the immediately preceding financial year Revenue Rental revenue Hotel revenue Property expenses Operation and maintenance expenses Employee benefits expenses Rental expenses Property tax Other property expenses Net property income H-REIT Manager s base fees H-REIT Manager s performance fees H-REIT Trustee s fees HBT Trustee-Manager s management fees HBT Trustee-Manager s trustee fees HBT Trustee-Manager s acquisition fee Valuation fees Depreciation, amortisation and impairment losses Other trust expenses Finance income Finance costs Net finance costs Net income/(loss) before fair value adjustment Impairment loss on property, plant and equipment and prepaid land lease Net fair value gain/(loss) on investment properties Net income/(loss) before tax Income tax expense Total return/(net loss) Footnote H-REIT Group HBT Group (b) CDL Hospitality Trusts FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 S$ 000 S$ 000 % S$ 000 S$ 000 % S$ 000 S$ 000 % 152, , , , ,829 49, ,829 49, (a) 152, , ,829 49, , , (c) (12,836) (9,583) 33.9 (12,836) (9,583) (13,235) (9,161) 44.5 (13,235) (9,161) (9,608) (10,917) (12.0) (559) (435) 28.5 (d) (7,810) (8,938) (12.6) (1,839) (977) 88.2 (9,649) (9,915) (2.7) (e) (4,705) (4,155) 13.2 (11,571) (10,048) 15.2 (16,276) (14,203) 14.6 (12,515) (13,093) (4.4) (49,089) (40,686) 20.7 (52,555) (43,297) , , ,740 8, , , (6,178) (5,975) (6,178) (5,975) 3.4 (7,001) (6,439) (7,001) (6,439) 8.7 (278) (272) (278) (272) (35) (438) (92.0) (35) (438) (92.0) (196) (134) 46.3 (196) (134) (94) - N.M (94) - N.M (200) (157) 27.4 (73) (28) N.M (273) (185) 47.6 (f) (2,093) (1,774) 18.0 (12,288) (3,769) N.M (17,524) (8,858) 97.8 (g) (2,151) (2,107) 2.1 (2,643) (187) N.M (4,760) (2,294) N.M 2,121 2,367 (10.4) 1 13 (92.3) N.M (29,040) (32,633) (11.0) (2,928) (2,663) 10.0 (27,633) (33,057) (16.4) (k) (26,919) (30,266) (11.1) (2,927) (2,650) 10.5 (27,266) (32,916) (17.2) 95,200 81, (6,516) 1,579 N.M 88,155 80, (h) (955) - N.M (11,106) (8,080) 37.5 (i) 51,174 (33,018) N.M ,435 (21,623) N.M 145,419 48,767 N.M (6,516) 1,579 N.M 141,484 50,346 N.M (l) (11,069) (380) N.M (1,291) (634) N.M (12,360) (1,014) N.M (m) 134,350 48,387 N.M (7,807) 945 N.M 129,124 49,332 N.M Attributable to: Unitholders Non-controlling interests Total return/(net loss) 134,244 48,387 N.M (7,807) 945 N.M 129,018 49,332 N.M (j) N.M N.M 134,350 48,387 N.M (7,807) 945 N.M 129,124 49,332 N.M 5

7 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER (a) Consolidated Statements of Total Return of H-REIT Group and CDL Hospitality Trusts and Consolidated Statements of Comprehensive Income of HBT Group with a comparative statement for the corresponding period of the immediately preceding financial year Total return for the period Other comprehensive income Items that w ill not be reclassified to profit or loss: Revaluation surplus on property, plant and equipment Tax effect on revaluation surplus on property, plant and equipment Items that are or may be reclassified subsequently to profit or loss: Foreign currency translation differences: - foreign operations - hedge of net investment in a foreign operation - monetary items forming part of net investment in a foreign operation Other comprehensive income for the period, net of tax Total comprehensive income for the period HBT Group HBT Group 4Q Q 2016 FY 2017 FY 2016 S$ 000 S$ 000 % S$ 000 S$ 000 % (293) 296 N.M (7,807) 945 N.M 4,177 - N.M 7,691 - N.M (99) - N.M (705) - N.M 4,078 - N.M 6,986 - N.M (1,196) 1,221 N.M 2,721 1,221 N.M (868) - N.M (868) - N.M 1,235 - N.M 1,235 - N.M (829) 1,221 N.M 3,088 1,221 N.M 3,249 1,221 N.M 10,074 1,221 N.M 2,956 1, ,267 2, Footnotes (a) Revenue comprises rental revenue and hotel revenue from CDLHT s properties. Please refer to Section 8 (i), page 30 to 34 of the Announcement. (b) Revenue and property expenses for HBT Group have increased in 4Q 2017 and FY 2017 as compared to the corresponding period last year primarily due to the inclusion of the operating results of The Lowry Hotel which was acquired on 4 May (c) The breakdown of property expenses has been revised in the current period to present the significant components included in this caption so as to provide users with a more meaningful analysis of such expenses. Accordingly, certain comparatives have been reclassified to conform with the current period s presentation. (d) Property tax of the H-REIT Group was lower in 4Q 2017 and FY 2017 as compared to the corresponding period last year, as FY 2016 property tax included additional property tax of the prior years following finalisation of the tax assessment for the Singapore Hotels. In contrast, HBT Group s property tax expenses increased year-on-year ( yoy ) due to the inclusion of The Lowry Hotel s property tax (which was absent for the same period last year). (e) CDLHT s other property expenses comprise mainly utilities, insurance and other direct operating expenses of Claymore Connect, the German, Japan and UK Hotels and Dhevanafushi Maldives Luxury Resort. These expenses have increased yoy primarily due to the inclusion of the two newly acquired hotels this year. Also included in other property expenses is a bad debt provision of S$76K and made in 4Q 2017 (4Q 2016: S$68K) and S$130K for FY 2017 (FY 2016: S$153K) in relation to Claymore Connect s trade receivables. During the year, an amount of S$271K (FY 2016: nil) in relation to these receivables were written off. 6

8 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 (f) The depreciation, amortisation and impairment losses for CDLHT mainly relate to property, plant and equipment of the Japan and UK Hotels and Dhevanafushi Maldives Luxury Resort. In accordance with FRS 103 Business Combinations, CDLHT performed a purchase price allocation ( PPA ) exercise for its investment in The Lowry Hotel, which resulted in a goodwill impairment. The PPA exercise was completed in 4Q 2017 and an additional S$0.2 million impairment was recognised in the reporting quarter, giving rise to a year-to-date goodwill impairment of S$6.9 million for FY Coupled with the inclusion of depreciation expenses from The Lowry Hotel, higher expenses were recorded in 4Q 2017 and FY Depreciation of property, plant and equipment Amortisation of prepaid land lease Goodw ill impairment Depreciation of property, plant and equipment Amortisation of prepaid land lease Goodw ill impairment H-REIT Group HBT Group CDL Hospitality Trusts 4Q Q Q Q Q Q 2016 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ , ,116 2, , ,407 2,204 H-REIT Group HBT Group CDL Hospitality Trusts FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 2,093 1,774 5,414 3,769 10,386 8, ,874-6,874-2,093 1,774 12,288 3,769 17,524 8,858 (g) (h) (i) (j) Other trust expenses comprise mainly professional fees and administrative costs. CDLHT recorded higher fees and administrative expenses in 4Q 2017 due to the inclusion of such expenses from its newly acquired assets, The Lowry Hotel and Pullman Hotel Munich. In particular, CDLHT recorded higher other trust expenses for FY 2017 primarily due to the inclusion of a one-off transaction costs of 0.9 million (S$1.5 million) incurred in relation to the UK acquisition. This treatment is in accordance with FRS 103 Business Combinations, which requires such expenses to be written off. For FY 2016, expenses for HBT Group was lower due to a write back of accruals for expenses no longer required and a reversal of an accrual for transaction costs of 0.2 million (S$0.5 million) relating to the Hilton Cambridge City Centre acquisition (following the finalisation of such costs), which did not recur in FY With effect from 1 January 2017, CDLHT changed its accounting policy with respect to the subsequent measurement of land and buildings included as part of property, plant and equipment from the cost model to the revaluation model. This relates mainly to the fair value loss on Dhevanafushi Maldives Luxury Resort arising from the annual revaluation exercise for CDLHT s portfolio. Please refer to Section 5 on page 27 of the Announcement for details. This relates to net fair value gain recognised from the revaluation of CDLHT s investment properties as at 31 December Please refer to Section 1(b)(i) footnote (b) on page 13 of the Announcement for details. Non-controlling interests relate to the interest owned by the minority shareholder in relation to the newly acquired Pullman Hotel Munich (acquired on 14 July 2017). 7

9 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 (k) Net finance costs comprise the following: Interest income received/receivable from banks Interest income received/receivable from HBT Group (i) Fair value gain on derivatives (ii) Exchange gain (iii) Finance income Exchange loss (iii) Interest paid/payable to banks (iv) Fair value loss on derivatives (ii) Amortisation of transaction costs capitalised (v) Financial expense arising from remeasuring non-current rental deposits at amortised cost Finance costs Net finance costs H-REIT Group H-REIT Group 4Q Q 2016 FY 2017 FY 2016 S$ 000 S$ 000 % S$ 000 S$ 000 % N.M 1,735 2,226 (22.1) N.M N.M (16.5) 2,121 2,367 (10.4) - (8,718) N.M (7,344) (9,013) (18.5) (3,307) (5,435) (39.2) (19,884) (22,088) (10.0) (91) (37) N.M - (178) N.M (713) (322) N.M (1,599) (1,149) 39.2 (53) (52) 1.9 (213) (205) 3.9 (4,164) (14,564) (71.4) (29,040) (32,633) (11.0) (3,606) (13,896) (74.1) (26,919) (30,266) (11.1) Interest income received/receivable from banks Fair value gain on derivatives (ii) Exchange gain (iii) Finance income Exchange loss (iii) Interest paid/payable to banks (iv) Interest paid/payable to H-REIT Group (i) Amortisation of transaction costs capitalised (v) Fair value loss on derivatives (ii) Finance costs Net finance costs HBT Group HBT Group 4Q Q 2016 FY 2017 FY 2016 S$ 000 S$ 000 % S$ 000 S$ 000 % N.M 102 (115) N.M - 13 N.M - 22 N.M (93) N.M 1 13 N.M (447) - N.M (336) (437) (23.1) (393) - N.M (818) - N.M - (643) N.M (1,735) (2,226) (22.1) (16) - N.M (19) - N.M (20) - N.M (856) (643) 33.1 (2,928) (2,663) 10.0 (754) (736) 2.4 (2,927) (2,650)

10 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 CDL Hospitality Trusts 4Q Q 2016 CDL Hospitality Trusts FY 2017 FY 2016 S$ 000 S$ 000 % S$ 000 S$ 000 % Interest income received/receivable from banks Fair value gain on derivatives (ii) Finance income Exchange loss (iii) Interest paid/payable to banks (iv) Fair value loss on derivatives (ii) Amortisation of transaction costs capitalised (v) Financial expense arising from remeasuring non-current rental deposits at amortised cost Finance costs Net finance costs N.M N.M N.M N.M N.M (148) (8,696) N.M (5,100) (9,450) (46.0) (3,702) (5,435) (31.9) (20,702) (22,088) (6.3) - (152) N.M - (165) N.M (729) (322) N.M (1,618) (1,149) 40.8 (53) (52) 1.9 (213) (205) 3.9 (4,632) (14,657) (68.4) (27,633) (33,057) (16.4) (4,573) (14,632) (68.7) (27,266) (32,916) (17.2) (i) The intra-group interest income/expenses between H-REIT Group and HBT Group arose from a loan extended by H- REIT to HBT to finance the acquisition of Hilton Cambridge City Centre ( Intra-group loan ). At the end of 3Q 2017, HBT utilised its share of the gross proceeds from the Rights Issue to fully repay the Intra-group loan. Accordingly, no intra-group interest income/expenses are expected to be incurred going forward. (ii) (iii) (iv) (v) Fair value gain/loss on derivatives relates to the re-measurement of foreign exchange forward contracts to partially hedge H-REIT s and HBT s income from overseas as well as a EUR/USD cross currency swap contract entered into by H-REIT in 4Q 2017 to partially hedge its interest cost. H-REIT Group s exchange loss for FY 2017 arose mainly from the foreign currency translation loss of S$6.5 million from the repayment of a New Zealand dollar ( NZD loan ) intercompany loan in 1Q 2017 which was partially offset by S$2.7 million gains from the United States Dollar ( USD ) denominated bank loans. Also included in this year s net exchange loss is a S$2.6 million translation loss on its British Pound ( GBP ) denominated bank loan. This exchange loss on GBP was transferred to the foreign currency translation reserve at CDLHT Group level and has no impact on distributions. In comparison, the higher exchange loss in 4Q 2016 and FY 2016 arose from net foreign exchange movement of certain loans which were required to be expensed off due to discontinuation of hedge accounting for such loans in accordance with FRS 39 Financial Instruments Recognition and Measurement. These exchange differences (apart from those which are revenue in nature) do not have an impact on the distributable income of CDLHT. The interest paid/payable to banks for 4Q 2017 and FY 2017 were lower yoy mainly due to the lower effective cost of borrowings as a result of the repayment of certain loans arising from proceeds raised from the CDLHT s recent rights issue during the year. The amortisation costs in 4Q 2017 and FY 2017 relate to the amortisation of transaction costs arising from the group s borrowings. 9

11 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 (l) This relates to current and deferred tax in respect of CDLHT s properties. Corporate income tax Deferred tax (i) Withholding tax Over provision in respect of prior year tax H-REIT Group HBT Group CDL Hospitality Trusts 4Q Q Q Q Q Q 2016 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 (1,051) (895) (440) (170) (1,491) (1,065) (7,013) 1, (6,821) 2,158 (39) (58) (201) (57) (240) (115) (8,099) 1,025 (364) (39) (8,463) 986 H-REIT Group HBT Group CDL Hospitality Trusts Corporate income tax Deferred tax (i) Withholding tax Underprovision in respect of prior year tax FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 (3,865) (1,731) (899) (594) (4,764) (2,325) (7,105) 1, (6,748) 1,684 (99) (123) (593) (208) (692) (331) - (23) (156) (19) (156) (42) (11,069) (380) (1,291) (634) (12,360) (1,014) (i) The increase is mainly attributed to additional deferred tax provision of S$5.8 million in relation to fair value gains on investment properties and capital gains tax payable on the divestment of Mercure Brisbane and Ibis Brisbane that was completed on 11 January (m) Total return of CDLHT is contributed by: CDL Hospitality Trusts CDL Hospitality Trusts 4Q Q 2016 FY 2017 FY 2016 S$ 000 S$ 000 S$ 000 S$ 000 H-REIT Other H-REIT group entities (including consolidation adjustments) HBT Other HBT group entities (including consolidation adjustments) CDL Hospitality Trusts consolidation adjustments 5,415 (51,773) 79,234 14,713 65,535 36,977 55,116 33,674 2,552 1,074 6,756 4,253 (2,845) (778) (14,563) (3,308) 2,109 2,465 2,581-72,766 (12,035) 129,124 49,332 10

12 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 (n) Income available for distribution (i) Total return of H-REIT Total comprehensive income of HBT Add/(Less): Non tax deductible/(tax chargeable) items: - Net fair value (gain)/loss on investment properties (ii) - Amortisation of transaction costs - Fair value (gain)/loss on financial derivatives - Financial expense arising from remeasuring non-current rental deposits at amortised cost - Exchange (gain)/loss - H-REIT Manager s fees paid/payable in Stapled Securities - H-REIT Trustee s fees - HBT Trustee-Manager s management fees paid/payable in Stapled Securities - HBT Trustee-Manager s trustee fees - Impairment loss on subsidiaries (iii) - Other items Income available for distribution to Stapled Securityholders (before retention) Less : Income retained for w orking capital Income to be distributed to Stapled Securityholders (after retention) Capital distribution (iv) Total distribution to Stapled Securityholders (after retention) Comprising : - Taxable income - Tax exempt income - Capital distribution CDL Hospitality Trusts CDL Hospitality Trusts 4Q Q 2016 FY 2017 FY 2016 S$ 000 S$ 000 S$ 000 S$ 000 5,415 (51,773) 79,234 14,713 2,552 1,074 6,756 4,253 (10,035) 61,959 (10,035) 61, , (161) ,856 (5,083) 3,159 2,784 2,632 10,543 9, ,057 8,963 31,057 8, , ,817 30, , ,530 (3,382) (3,057) (11,625) (10,553) 30,435 27, ,629 94,977 3,502 3,409 5,717 4,147 33,937 30, ,346 99,124 19,324 20,215 74,116 72,428 11,111 7,298 30,513 22,549 3,502 3,409 5,717 4,147 33,937 30, ,346 99,124 (i) (ii) (iii) (iv) The distribution of CDL Hospitality Trusts represents the aggregate of distributions by H-REIT and HBT. The Singapore Hotels and Claymore Connect were revalued as at 31 December 2017 by CBRE Pte Ltd, an independent valuer. The valuation gave rise to a net fair value gain of S$10.0 million, which has been recognised in the Statement of Total Return of H-REIT. This fair value gain has no impact on the income available for distribution to holders of Stapled Securities. This relates to an impairment in H-REIT s cost of investment in its Maldives subsidiaries which has no impact on the income available for distribution. The capital distribution comprises income from the CDLHT s Japan and Maldives properties. For a meaningful yoy comparison of the total income from overseas properties, tax exempt income and capital distribution should be read collectively. 11

13 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER (b)(i) Statements of Financial Position together with a comparative statement at the end of the immediately preceding financial year H-REIT Group HBT Group (a) CDL Hospitality Trusts 31 Dec Dec Dec Dec Dec Dec 2016 Footnote S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 ASSETS Non-current assets Investment properties (b) 2,386,430 2,246, ,331,433 2,175,008 Property, plant and equipment (c) 78,183 71, , , , ,361 Prepaid land lease ,707 6,817 Deferred tax assets (d) Other receivables (e) , ,465,059 2,436, , ,432 2,671,252 2,426,186 Current assets Inventories - - 1,161 1,053 1,161 1,053 Trade and other receivables 20,909 26,530 8,297 5,820 20,758 25,704 Financial derivative assets (f) Cash and cash equivalents 78,591 67,927 17,278 14,301 95,869 82,228 Assets held for sale (b) 72, , ,608 94,562 26,743 21, , ,156 Total assets 2,637,667 2,531, , ,672 2,862,155 2,535,342 LIABILITIES Non-current liabilities Loans and borrow ings Rental deposits Other payables Deferred tax liabilities Current liabilities Loans and borrow ings Trade and other payables Financial derivative liabilities Provision for taxation Total liabilities Net assets/(liabilities) Represented by: Unitholders funds Non-controlling interests (g) 547, ,849 96, , ,849 (h) 9,397 8, ,397 8,981 (e) , (i) 17,771 8,902 13,481 6,213 31,251 15, , , , , , ,945 (g) 286, ,227 - (j) 34,113 28,116 16,275 11,964 41,941 33,433 (f) ,296 1, ,817 2, ,898 29,951 16,810 12, ,261 35, , , , ,716 1,016, ,921 1,738,882 1,554, ,380 (8,044) 1,845,263 1,546,421 1,733,892 1,554, ,380 (8,044) 1,840,273 1,546,421 (k) 4, ,990-1,738,882 1,554, ,380 (8,044) 1,845,263 1,546,421 12

14 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 Footnotes (a) (b) The Statement of Financial Position of HBT Group comprises the resort operations of Dhevanafushi Maldives Luxury Resort, the Japan Hotels and the UK Hotels (including The Lowry Hotel which was acquired on 4 May 2017). The increase in investment properties at H-REIT Group was mainly attributed to the inclusion of Pullman Hotel Munich as well as the recognition of net fair value gain of H-REIT Group investment properties at the end of the financial year. The details are as follows: The investment properties were valued as at 31 December 2017 by CBRE Pte Ltd, Jones Lang LaSalle Property Consultants Pte. Ltd., Colliers International and CBRE GmbH, all independent registered valuers, as follows: Properties Tenure Valuation Foreign currency (S$ million) (million) Orchard Hotel 75 years from 19 July Grand Copthorne Waterfront Hotel 75 years from 19 July Novotel Singapore Clarke Quay 97 years & 30 days from 2 April M Hotel 75 years from 19 July Studio M Hotel 99 years from 26 February Copthorne King s Hotel 99 years from 1 February Claymore Connect Mall 75 years from 19 July Grand Millennium Auckland Freehold NZ$ Novotel Brisbane Freehold A$ Mercure and Ibis Brisbane Freehold A$ Mercure Perth Freehold A$ Ibis Perth Freehold A$ Angsana Velavaru 50 years from 26 August 1997 US$ Dhevanafushi Maldives Luxury Resort 50 years from 15 June 2006 US$ Pullman Hotel Munich Freehold EUR The valuation at H-REIT Group's investment properties gave rise to a net fair value gain of S$51.2 million as at 31 December 2017 (31 December 2016: net fair value loss of S$33.0 million). This net fair value is recognised in H-REIT Group's Statement of Total Return for FY 2017 and has no impact on the income available for distribution to holders of Stapled Securities. Included in H-REIT Group s investment properties as at 31 December 2017 is a net translation loss of S$22.7 million (31 December 2016: net translation gain of S$14.5 million) relating to its overseas properties. On 22 December 2017, CDLHT announced its proposed divestment of Mercure Brisbane and Ibis Brisbane for A$77.0 million. Accordingly, these two investment properties have been reclassified to assets held for sale as at 31 December

15 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 (c) The property, plant and equipment at H-REIT Group and HBT Group comprise the Japan Hotels and the UK Hotels respectively. The property, plant and equipment at CDLHT comprise the Japan Hotels, Dhevanafushi Maldives Luxury Resort and the UK Hotels. For Dhevanafushi Maldives Luxury Resort, the property is leased by H-REIT s indirect wholly-owned subsidiary to HBT s indirect wholly-owned subsidiary. For the Japan Hotels, there is a master lease arrangement between a trust bank in Japan (in its capacity as the trust bank holding the legal title to the Japan Hotels) and HBT s indirect wholly-owned subsidiary. Under FRS 40, these properties are considered property held for use as owneroccupied properties. Accordingly, these properties are classified as property, plant and equipment instead of investment property in CDLHT s financial statements. With effect from 1 January 2017, CDLHT changed its accounting policy with respect to the subsequent measurement of land and buildings included as part of property, plant and equipment from the cost model to the revaluation model. Please refer to Section 5 on page 27 of the Announcement for details. The increase in property, plant and equipment at CDLHT is mainly due to the inclusion of The Lowry Hotel of S$94.4 million, a net revaluation gain on land and buildings of S$8.0 million. This increase was offset by a net translation loss of S$6.9 million and depreciation expense of S$10.4 million for the period. (d) The deferred tax asset relates to Pullman Hotel Munich which was newly acquired on 14 July (e) (f) (g) The intra-group loan between H-REIT and HBT is classified as non-current other receivables/payables at H-REIT Group and HBT Group respectively. The intra-group loan arose as H-REIT extended a loan to HBT to finance the acquisition of Hilton Cambridge City Centre. The loan interest which is payable every 3 months, is correspondingly classified as current other receivables/payables at H-REIT Group and HBT Group respectively. During the reporting quarter, HBT utilised its share of the gross proceeds from the Rights Issue to fully repay the Intra-group loan. Movement in financial derivatives arose from fair value changes upon re-measurement of foreign exchange forward contracts and cross currency swap. In 4Q 2017, H-REIT entered into a EUR/USD cross currency swap in conjunction with a new 5-year floating term loan denominated in USD, to hedge its interest cost. Loans and borrowings of CDLHT of S$930.2 million (as at 31 December 2016: S$928.8 million), which are measured at amortised cost, comprise S$120.0 million notes issued pursuant to the Medium Term Note Programme, JPY 3.1 billion (S$36.4 million) TMK bond and S$773.8 million bank borrowings, as explained under Section 1(b)(ii) on pages 15 to 17 of the Announcement. In 4Q 2017, CDLHT refinanced its GBP bridge loan and partially refinanced its EUR bridge loan that was drawn down to finance the acquisition of The Lowry Hotel and Pullman Hotel Munich respectively. Refinancing for the remainder of H- REIT s Bridge Loan taken to finance Pullman Hotel Munich of 42 million (S$66.5 million) is in progress and is expected to be completed in FY Please refer to Section 1(b)(ii) on page 17 of the Announcement. (h) (i) (j) (k) Rental deposits relate to rental deposits collected from the Master Lessees and tenants at Claymore Connect, stated at amortised cost. The deferred tax liabilities relate to the Australia, UK and Japan properties. The increase in liability is mainly due to the additional deferred liability recognised on the proposed divestment of Mercure Brisbane and Ibis Brisbane announced on SGX-ST on 22 December 2017, and on acquisition of The Lowry Hotel. Deferred tax liabilities were also recognised for the UK and Japan Hotels following the recognition of revaluation gain on land and buildings, as explained under Section 1(b)(i) footnote (c) above. Please refer to Section 5 on page 27 of the Announcement for details. Trade and other payables for the H-REIT Group relates mainly to payables for operational and trust expenses. Non-controlling interests relate to the interest owned by the minority shareholder in relation to the newly acquired Pullman Hotel Munich (acquired on 14 July 2017). 14

16 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER (b)(ii) Aggregate amount of group s borrowings and debt securities H-REIT Group HBT Group CDL Hospitality Trusts 31 Dec Dec Dec Dec Dec Dec 2016 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 Amount repayable after one year Secured TMK bond 36,735 38, ,735 38,254 Unsecured medium term note (i) - 120, ,000 Unsecured borrow ings (ii) 513, ,373 96, , , , ,627 96, , ,627 Amount repayable within one year Unsecured medium term note (i) 120, ,000 - Unsecured borrow ings (iii) 166, , , ,481 - Total borrowings (a) 836, ,627 96, , ,627 (a) The borrowings are presented before the deduction of unamortised transaction costs. (i) The unsecured medium term note has been reclassified to amount repayable within one year as the repayment is due in 2Q (ii) Unsecured borrowings for CDLHT was lower as at 31 December 2017 due to the repayment of the AUD and USD term loan and a portion of its revolving credit facility, arising from proceeds raised from CDLHT s recent rights issue. This decrease was offset by an increase in borrowing drawn to finance the acquisition of The Lowry Hotel and Pullman Hotel Munich. Please refer to Section 1 (b)(i) footnote (g) on page 14 of the Announcement for details. (iii) The unsecured borrowings of H-REIT Group arose from borrowings taken to finance the acquisition of Pullman Hotel Munich. Please refer to Section 1 (b)(ii) on page 17 of the Announcement for details. 15

17 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER (b)(ii) Aggregate amount of group s borrowings and debt securities Details of borrowings The facilities and borrowings of the H-REIT Group, HBT Group and CDL Hospitality Trusts are set out below: H-REIT Group HBT Group CDL Hospitality Trusts Facilities 31 Dec Dec Dec 2017 Facility Draw n Facility Draw n Facility Draw n Undraw n Undraw n amount dow n amount dow n amount dow n Undraw n Currency Type S$ 000 S$ 000 S$'000 S$ 000 S$ 000 S$'000 S$ 000 S$ 000 S$'000 JPY TMK bond ( 3.1 billion) 36,735 36, ,735 36,735 - JPY 5-year term loan ( 3.27 billion) 38,750 38, ,750 38,750 - SGD Medium term note 1,000, , , ,000, , ,000 SGD Bridge loan ( 41.7 million) 300,000 66, , , , ,000 66, ,519 SGD 3 to 3.25-year revolving credit (committed) 250, , , , , ,618 SGD 5-year term loan 153, , , ,600 - USD 5-year term loan (US$65.0 million) 87,191 87, ,191 87,191 - USD 5-year term loan (US$76.2 million) 102, , , ,161 - GBP 5-year term loan ( million) 119, ,441-96,989 96, , ,430-2,087, ,741 1,251, ,989 96, ,000 2,384, ,730 1,451,137 16

18 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER 2017 Secured TMK bond The TMK bond included in H-REIT Group relates to 5-year Japanese yen denominated bond of JPY3.1 billion (S$36.4 million) issued by H-REIT s indirectly owned subsidiary, CDLHT Hanei Tokutei Mokuteki Kaisha. CDLHT s interest in Japan Hotels is held via a Tokutei Mokuteki Kaisha ( TMK ) structure, and such TMK structure is required to issue bond to partially fund the acquisition of Japan assets. The bondholders have a statutory preferred right, under Article 128 of the Japan Asset Liquidation Law, to receive payment of all obligations under the bond prior to other creditors out of the assets of the TMK. Such right shall be junior to the priority of the general statutory lien under the Japan Civil Code. While the assets of TMK are subject to a statutory preferred right, it is not considered a mortgage under Japan laws. Unsecured medium term note H-REIT s wholly-owned subsidiary, CDLHT MTN Pte. Ltd. (the Issuer ) has in place a S$1.0 billion Multi-currency Medium Term Note Programme (the Programme ), out of which medium term notes are issued. Unsecured bridge loan H-REIT and HBT has in place a S$300.0 million and S$200.0 million (fresh facility secured in April 2017) uncommitted multi-currency bridge loan facility with a bank respectively (the Bridge Loan Facilities ) to fund acquisitions, capital expenditure and working capital requirements. The Bridge Loan Facilities can be drawn in multiple tranches and each tranche is to be repaid within a maximum period of one year from each draw down date or one year from the first drawn date (where the amount is drawn in multiple tranches). During the year, 53.0 million (S$96.4 million) was drawn down by HBT to fund the acquisition of The Lowry Hotel which was acquired on 4 May 2017 and million (S$160.2 million) was drawn down by H-REIT to fund the acquisition of an effective interest of 94.5% in Pullman Hotel Munich on 14 July In 4Q 2017, the bridge loan drawn by HBT was fully refinanced with a 5-year fixed term loan denominated in GBP, while a portion of H-REIT s bridge loan ( 58.6 million) was refinanced with a 5-year floating term loan denominated in USD coupled with a EUR/USD cross currency swap. Please refer to Section 1 (b)(i) footnote (f) on page 14 of the Announcement for details. 17

19 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER (c) Consolidated Statements of Cash Flows Operating activities Net income/(loss) before tax Adjustments for: H-REIT Manager s/hbt Trustee-Manager s fee paid/payable in Stapled Securities Depreciation of property, plant and equipment Amortisation of prepaid land lease Impairment of goodw ill Impairment loss on property, plant and equipment and prepaid land lease Impairment loss on trade receivables Net fair value (gain)/loss on investment properties Net finance costs Transaction costs on acquisition of a subsidiary Operating income before working capital changes Changes in w orking capital: Inventories Trade and other receivables Trade and other payables Cash generated from operating activities Income tax (paid) Net cash generated from operating activities Investing activities Acquisition of subsidiaries, net of cash acquired Capital expenditure on investment properties Addition of property, plant and equipment Interest received Cash used in investing activities Financing activities Payment of transaction costs related to rights issue Proceeds from bank loans Repayment of bank loans Payment of transaction costs related to bank loans Finance costs paid Movement in restricted cash Cash generated from/(used in) financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the period Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of the year Footnote (a) (b) H-REIT Group HBT Group CDL Hospitality Trusts 4Q Q Q Q Q Q 2016 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ ,049 (15,821) ,229 (13,021) 2,784 2, ,784 2, , ,116 2, ,106 8, (51,174) 33, (64,435) 21,623 3,606 13, ,573 14, ,086 34,262 2,756 2,137 38,845 36, (75) 11 (75) 11 3,863 (5,442) 1, ,471 (3,386) (7,393) 5, (6,779) 4,594 32,556 34,528 4,907 3,088 37,462 37,617 (622) (3) (990) (56) (1,612) (59) 31,934 34,525 3,917 3,032 35,850 37,558 (3,730) - (1,594) - (5,324) - (5,869) (3,088) - - (5,025) (2,493) (7) (43) (491) (2,174) (1,342) (2,812) (9,562) (2,590) (2,085) (2,174) (11,647) (5,283) (7) (7) - 107, , , (91,130) - (94,446) - (185,576) - (805) (35) (737) - (1,542) (35) (4,624) (6,049) (259) (518) (4,882) (6,049) (219) (212) - - (219) (212) 11,069 (6,183) 786 (518) 11,856 (6,183) 33,441 25,752 2, ,059 26,092 44,585 40,376 14,838 13,956 59,423 54,332 (656) 343 (178) 5 (834) ,370 66,471 17,278 14,301 94,648 80,772 18

20 H-REIT AND ITS SUBSIDIARIES AND HBT AND ITS SUBSIDIARIES FOR THE FOURTH QUARTER AND YEAR ENDED 31 DECEMBER (c) Consolidated Statements of Cash Flows Operating activities Net income/(loss) before tax Adjustments for: H-REIT Manager s/hbt Trustee-Manager s fee paid/payable in Stapled Securities Depreciation of property, plant and equipment Amortisation of prepaid land lease Impairment of goodw ill Impairment loss on property, plant and equipment and prepaid land lease Impairment loss on trade receivables Net fair value (gain)/loss on investment properties Net finance costs Transaction costs on acquisition of a subsidiary Operating income before working capital changes Changes in working capital: Inventories Trade and other receivables Trade and other payables Cash generated from operating activities Income tax paid Net cash generated from operating activities Investing activities Acquisition of subsidiaries, net of cash acquired Capital expenditure on investment properties Addition of property, plant and equipment Movement in other (receivables)/payables Interest received Cash used in investing activities Financing activities Movement in other (receivables)/payables Proceeds from rights issue Payment of transaction costs related to rights issue Proceeds from bank loans Repayment of bank loans Payment of transaction costs related to bank loans Finance costs paid Distribution to holders of Stapled Securities Movement in restricted cash Cash generated from/(used in) financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the period Effect of exchange rate changes on cash and cash equivalents Footnote (a) H-REIT Group HBT Group CDL Hospitality Trusts FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ ,419 48,767 (6,516) 1, ,484 50,346 10,543 9, ,571 10,281 2,093 1,774 5,414 3,769 10,386 8, ,874-6, ,106 8, (51,174) 33, (64,435) 21,623 26,919 30,266 2,927 2,650 27,266 32, ,537-1, , ,909 10,310 8, , , ,335 (2,012) (378) 151 6,061 (6,356) (7,598) 3,617 2,279 (242) (8,291) 7, , ,514 12,292 8, , ,240 (2,301) (534) (1,787) (235) (4,088) (769) 128, ,980 10,505 8, , ,471 (157,394) - (94,232) - (251,626) - (15,630) (15,201) - - (14,113) (14,204) (362) (823) (1,237) (2,174) (3,282) (3,994) 115, ,729 1, (54,659) (14,607) (95,469) (2,174) (268,800) (18,050) - (3,282) (115,998) 3, , , ,418 - (4,055) (4,055) - 262, , , , ,612 (343,612) (207,422) (94,446) - (438,058) (207,422) (823) (1,214) (745) - (1,568) (1,214) (15,190) (22,368) (3,123) (1,269) (15,805) (22,368) (99,250) (94,738) (4,964) (2,476) (104,214) (97,214) 183 (11) (11) (61,866) (105,423) 88,003 (463) 144,643 (104,617) 11,796 4,950 3,039 5,854 14,835 10,804 66,471 60,896 14,301 9,701 80,772 70,597 (897) 625 (62) (1,254) (959) (629) Cash and cash equivalents at end of the year (b) 77,370 66,471 17,278 14,301 94,648 80,772 19