cdlht 4q & fy2012 results presentation 29 jan 2013...

Presentation of 4Q & FY 2012 Results Presentation of 4Q & FY 2012 Results 29 January 2013

Disclaimer

The value of Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of,deposits in, or guaranteed by the H-REIT Manager or M&C Business Trust Management Limited, as trustee of CDL Hospitality BusinessTrust (the “HBT Trustee-Manager”) or any of their respective affiliatesTrust (the HBT Trustee Manager ), or any of their respective affiliates.

An investment in Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investorshave no right to request that the H-REIT Manager and/or the HBT Trustee-Manager redeem or purchase their Stapled Securities while theStapled Securities are listed. It is intended that holders of the Stapled Securities may only deal in their Stapled Securities through tradingon Singapore Exchange Securities Trading Limited (the “SGX-ST”). Listing of the Stapled Securities on the SGX-ST does not guarantee aliquid market for the Stapled Securities.liquid market for the Stapled Securities.

This presentation contains certain tables and other statistical analyses (the "Statistical Information") which have been prepared by the H-REIT Manager and the HBT Trustee-Manager. Numerous assumptions were used in preparing the Statistical Information, which may ormay not be reflected herein. As such, no assurance can be given as to the Statistical Information’s accuracy, appropriateness orcompleteness in any particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are basedreflect present market conditions or future market performance. The Statistical Information should not be construed as either projections orp p p jpredictions or as legal, tax, financial or accounting advice.

Market data and certain industry forecasts used throughout this presentation were obtained from internal surveys, market research,publicly available information and industry publications. Industry publications generally state that the information that they contain hasbeen obtained from sources believed to be reliable but that the accuracy and completeness of that information is not guaranteed. Similarly,internal surveys, industry forecasts and market research, while believed to be reliable, have not been independently verified by the H-REITy y y yManager or the HBT Trustee-Manager and neither the H-REIT Manager or the HBT Trustee-Manager makes any representations as to theaccuracy or completeness of such information.

This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance,outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks,uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economicconditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts inexpected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employeewages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts andthe terms necessary to support future business.

You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of managementf t t

2

on future events.

This document and its contents shall not be disclosed without the prior written permission of the H-REIT Manager or HBT Trustee-Manager.

Table of Contents

Highlights 4

Performance of CDL Hospitality Trusts 10

Healthy Financial Position 19

Outlook 23

Management Strategy 29

Annexe 33

Background and Structure of CDL Hospitality Trusts 33

Information on CDL Hospitality Trusts Properties 43

3

HighlightsHighlights

4

Executive Summary 1

Financial Highlights (4Q 2012)

Gross revenue for 4Q 2012 grew 1.4% year-on-year (“y-o-y”) to S$38.3 million, mainly due to: A more challenging global economic environment where travellers remained cautious about travel

expenditure Fixed rent contribution from the Australia Hotels (1) being slightly lower y-o-y due to translation loss

arising from the weaker Australian dollar NPI for 4Q 2012 grew marginally y-o-y, mainly attributed to:

Additi l t t f S$0 3 illi i i f t t t fi li d b Additional property tax expense of S$0.3 million, arising from property tax assessments finalised by IRAS for the year 2012 on its Singapore hotels

4Q income available for distribution per Stapled Security of 3.22 Singapore cents (2)

CDLHT Financial Highlights (S$’000) 4Q ’12 4Q ’11 Change

Gross Revenue 38,335 37,804 +1.4%

Net Property Income 35 562 35 501 +0 2%Net Property Income 35,562 35,501 +0.2%

Income Available for Distribution (3)

(bef. deducting income retained for working capital) 31,236 31,519 -0.9%

5

(1) CDLHT’s Australia Hotels include Novotel Brisbane, Mercure Brisbane, Ibis Brisbane, Mercure Perth and Ibis Perth (acquired on 18 February 2010).(2) Represents income available for distribution per Stapled Security (before deducting income retained for working capital). Income to be distributed per Stapled Security (after

deducting income retained for working capital) for 4Q 2012 is 2.90 Singapore cents.(3) Income to be distributed (after deducting income retained for working capital) for 4Q 2012 is S$28.1 million.

Executive Summary 2

Financial Highlights (FY 2012)

Gross revenue recorded 6.0% increase y-o-y for FY 2012 FY 2012 income available for distribution per Stapled Security of 12.57 Singapore cents (1)

Up 5.3% y-o-y (excluding one-off property tax refund of S$3.3 million received in FY 2011) p y y ( g p p y $ ) Mainly attributed to:

Improved hospitality performance overall in the portfolio; Recognition of full twelve months’ contribution from Studio M Hotel (2); andg ; Receipt of Australia Hotels full year’s variable income of S$1.8 mil (or A$1.3 mil) in FY 2012 as

compared to S$0.84 mil (or A$0.65 mil) recognised for an 8-month period in FY 2011

CDLHT Financial Highlights (S$’000) FY ’12 FY ’11 ChangeCDLHT Financial Highlights (S$ 000) FY 12 FY 11 Change

Gross Revenue 149,535 141,107 +6.0%

Net Property Income 139,293 131,807 (3) Excl. one-off tax refund +5.7%

Income Available for Distribution (4)

(bef. deducting income retained for working capital) 121,658 114,782 (3) Excl. one-off tax refund +6.0%

(1) Represents income available for distribution per Stapled Security (before deducting income retained for working capital). Income to be distributed per Stapled Security (after

6

(1) Represents income available for distribution per Stapled Security (before deducting income retained for working capital). Income to be distributed per Stapled Security (afterdeducting income retained for working capital) for FY 2012 is 11.32 Singapore cents.

(2) The acquisition of Studio M Hotel was completed on 3 May 2011. Only 243 days of rental income was recognised for FY 2011.(3) The FY 2011 figures have been adjusted to exclude the one-off property tax refund recorded in 2Q 2011. If this S$3.3 million non-recurring property tax refund is included in

FY 2011, the y-o-y growth for the net property income and income available for distribution would be 3.0% each for FY 2012.(4) Income to be distributed (after deducting income retained for working capital) for FY 2012 is S$109.5 million.

Executive Summary 3

Singapore Portfolio

CDLHT Singapore Hotels (1) achieved: Record high full year RevPAR of S$211 in FY 2012 Highest 4Q RevPAR of S$205 in 4Q 2012 (on par with that of 4Q 2011)g ( p )

CDLHT Singapore Hotels (1) 4Q ’12 4Q ’11 Change FY ’12 FY ’11 Change

Occupancy 89.4% 88.6% +0.8 pp 89.0% 87.9% +1.1 pp

ARR S$229 S$232 -1.3% S$237 S$232 +2.2%

RevPAR S$205 S$205 - S$211 S$204 +3.3%

Australia Portfolio

The natural resource sector is expected to underpin hotel room demand in Brisbane and Perth Performance for CDLHT Australia Hotels may be affected by the slower pace of the Australian economy

7(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. For

comparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.

Executive Summary 4

Acquisition

The proposed acquisition of Angsana Velavaru Maldives with a pro forma annualised net property income yield of 9.6% (1) (based on the nine months ended 30 September 2012), is expected to be completed around the end of January 2013

Post completion the acquisition should augment the income stream of the portfolioPost completion, the acquisition should augment the income stream of the portfolio

Healthy Gearing

CDLHT’s gearing as at 31 December 2012 is maintained at 24.9% With a healthy post acquisition gearing of approximately 27.9% (2) and ample debt headroom, CDLHT will

continue to source for acquisition opportunities in the hospitality sector in the next 12 months

8

continue to source for acquisition opportunities in the hospitality sector in the next 12 months.(1) Based on the Pro Forma Annualised NPI of the Property for the nine months ended 30 September 2012 of US$6.8 million (after deducting outgoings of US$1.0 million)

before the provision of FF&E, as a percentage of the Purchase Price of US$71.0 million. As a percentage of Total Acquisition Cost of US$72.4 million, the Pro FormaAnnualised NPI yield will be 9.5%.

(2) Assuming the total acquisition cost (including transaction expenses) of US$72.4 million is 100% USD debt funded and converted at an exchange rate of S$1.2224 to US$1.

Details Of Distribution

Distribution for the period 1 Jul 2012 to 31 Dec 2012 (after deducting income retained for working it l)capital)

5.62 S¢ per unit comprising: 5.23 S¢ of taxable income + 0.39 S¢ tax exempt income

February 2013

Mon Tue Wed Thu Fri Sat SunMon Tue Wed Thu Fri Sat Sun

1 2 3

4 5 6 7 8 9 10

Closure of books: 5 pm on 6 February 2013

4 5 6 7 8 9 10

11 12 13 14 15 16 17

18 19 20 21 22 23 2418 19 20 21 22 23 24

25 26 27 28

Distribution Date:28 February 2013

9

Performance of CDL Hospitality TrustsPerformance of CDL Hospitality Trusts

10

Singapore Hotels Y-o-Y Performance: 4Q ’11 Vs 4Q ’12

Average Room Rate (ARR) (1) Revenue Per Available Room (RevPAR) (1)

232 229225

250

S$ - 1.3%

225

S$

175

200

205 205

0.0%

1504Q '11 4Q '12

Occupancy (1)

200

89.4%88.6%90%

100%+ 0.8 pp

175

70%

80%

90%

150

11

70%4Q '11 4Q '12

(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. Forcomparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.

1504Q '11 4Q '12

CDLHT Singapore Hotels Historical Performance

CDLHT Singapore Hotels Quarterly Occupancy, ARR & RevPAR (1)

247 255 245 236 241 242 236

100% 300S$

179197 196

216 224201

178 176 181

207220 217 215

228 232 236 232 241 242 236 229

208222

210195 199 194 195 205 211 205 213 217 209 205

80%

90%

200

250

151170 176

191 188

150134

152 161174

195 199 194 195

60%

70%

100

150

50%

60%

50

100

85%86%90%89%84%87%86%84%75%75%86%89%84%88%92%90%86%88%89%89%89%90%89%89%40%

1Q'0

7

2Q'0

7

3Q'0

7

4Q'0

7

1Q'0

8

2Q'0

8

3Q'0

8

4Q'0

8

1Q'0

9

2Q'0

9

3Q'0

9

4Q'0

9

1Q'1

0

2Q'1

0

3Q'1

0

4Q'1

0

1Q'1

1

2Q'1

1

3Q'1

1

4Q'1

1

1Q'1

2

2Q'1

2

3Q'1

2

4Q'1

2

0

12(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. For

comparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.

Occ ARR RevPAR

Singapore Hotels Y-o-Y Performance: FY ’11 Vs FY ’12

Average Room Rate (ARR) (1) Revenue Per Available Room (RevPAR) (1)

232 237

225

250

S$ + 2.2%

225

S$

+ 3.3%

175

200

204

211

150FY '11 FY '12

Occupancy (1)

200

89.0%87.9%90%

100% + 1.1 pp175

70%

80%

90%

150

13

70%FY '11 FY '12

(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. Forcomparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.

150FY '11 FY '12

Record High Full Year RevPAR

CDLHT Singapore Hotels achieved the highest full year RevPAR (1) since inception of CDLHT

240

CDLHT Singapore Hotels Annual RevPAR Comparison (1)

207 211204

220

240Record high

191

204

172180

200

(2)

149

140

160

120

140

2007 2008 2009 2010 2011 2012

14

2007 2008 2009 2010 2011 2012

(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. For comparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.

(2) The RevPAR of $172 for FY 2007 is computed on a proforma basis assuming that Novotel Singapore Clarke Quay was acquired on 1 January 2007.

CDLHT Y-o-Y Performance: 4Q ’11 Vs 4Q ’12

Gross Revenue Income Available For Distribution Per Unit (1)

Singapore cents37,804 38,33540,000

S$ '000 +1.4%

-1.5%

3.27 3.22

3.00

3.50

20 000

30,000

2.50

3.0020,0004Q '11 4Q '12

Net Property Income

2.0035,56235,501

40,000

S$ '000 +0.2%

1 00

1.5030,000

15

1.004Q '11 4Q '12

(1) Represents income available for distribution per Stapled Security (before deducting income retained for working capital). The income to be distributed per Stapled Security (after deducting income retained for working capital) for 4Q 2012 is 2.90 Singapore cents.

20,0004Q '11 4Q '12

CDLHT Y-o-Y Performance: FY ’11 Vs FY ’12

S$ '000 %

Gross Revenue Income Available For Distribution Per Unit (2)

141,107 149,535

120,000

150,000

S$ '000

12 5714.00

Singapore cents

+6.0%

+5.3%

60,000

90,000

FY '11 FY '12

11.9412.57

10.00

12.00

6.00

8.00

131 807 139,293150 000

S$ '000+5.7%

Net Property Income

0.352.00

4.00131,807 ,

3 38450,000

100,000

150,000

(1)(3)

0.00FY '11 FY '12Recurring Non-Recurring

3,3840

FY '11 FY '12

Recurring Non-Recurring

$

16

(1) One-off property tax refund recorded in FY 2011, which is non-recurring in FY 2012. Net property income for FY 2011 was S$135.2 million if the one-off property tax refund was included. This represents a 3.0% growth y-o-y for FY 2012.

(2) Represents income available for distribution (before deducting income retained for working capital) per Stapled Security. The income to be distributed per Stapled Security (after deducting income retained for working capital) for FY 2012 is 11.32 Singapore cents.

(3) Income available for distribution per Stapled Security attributed to the one-off property tax refund. Income available for distribution per Stapled Security was 12.28 Singapore cents for FY 2011 if the one-off property tax refund was included. This represents a 2.4% growth y-o-y for FY 2012.

Increase in CDLHT Total Property Value

S$ M

Valuation of CDLHT Properties

265 261

163 1632,000

S$ M

Studio M

Australia Hotel Portfolio

Key:

1 628 8M

1,787.1M

2,044.9M2,029.8M

253 232 232

141120 118 125

129 12440

43 5454

55 68128

9990 88

253265

93 1101,500

.

Rendezvous Grand Hotel Auckland

Orchard Hotel Shopping Arcade1,101.9M

1,628.8M

1,481.2M 1,501.6M

334 350 350

275266 267 276

296 304

162191

253227 225 229

86101

35

351231,000

Copthorne King's Hotel

M Hotel

Novotel Singapore Clarke Quay

846.3M

1,101.9M

330 385 458 423 413 429 450 454

267334 309 315 350 350162

234

322500

g p y

Grand Copthorne Waterfront Hotel

Orchard Hotel

0IPO 31/12/2006 31/12/2007 31/12/2008 31/12/2009 31/12/2010 31/12/2011 31/12/2012 (1), (2), (3)

Change (%) + 30.2% + 47.8% - 9.1% +1.4% +19.0% + 13.6% + 0.7%

17

(1) Valuation of Australia Hotel Portfolio as at 31 Dec 2012, converted based on exchange rate of A$1 to S$1.2680.(2) Valuation of Rendezvous Grand Hotel Auckland as at 31 Dec 2012, converted based on exchange rates of NZ$1 to S$1.0036. (3) Valuation reports from Jones Lang LaSalle Property Consultants Pte Ltd for Singapore properties, Jones Lang LaSalle Hotels (NSW) Pty Limited for Australia Hotel Portfolio,

Bayleys Valuations Limited for Rendezvous Hotel Auckland as at 31 Dec 2012.

(%)

CDLHT Asset Portfolio

Valuation by Property and Geography (1)

Singapore Portfolio 82.9%Overseas Portfolio 17.1%

Singapore 82.9%Orchard Hotel 22.2%

Australia 12.8%Novotel Brisbane 4.5%


17.1%

Novotel Singapore Clarke Quay

14.9%

Mercure & Ibis Brisbane 3.8%

Mercure Perth 2.7%

Ibis Perth 1.7%Quay

M Hotel 11.3%

Studio M Hotel 8.0%

C th Ki ’ H t l 6 1%

New Zealand 4.3%Rendezvous Grand 4.3%

Copthorne King’s Hotel 6.1%

Orchard Hotel Shopping Arcade

3.3%Hotel Auckland

18(1) Valuation of all properties as of 31 December 2012.

Healthy Financial PositionHealthy Financial Position

19

Healthy Balance Sheet

Debt Value (1) Total Assets

2 500

S$ M

600

S$ M

2,087 2,134

2,000

2,500533 532

1,500

,400

1,000

200

50030 Sep '12 31 Dec '12

030 Sep '12 31 Dec '12

20

30 Sep 12 31 Dec 12

(1) Debt value is defined as bank borrowings and medium term notes, both of which are unsecured.

30 Sep 12 31 Dec 12

Healthy Balance Sheet

Post acquisition of Angsana Velavaru, the pro forma debt to assets ratio will be 27.9% (1), assuming that CDLHT owned the resort as of 31 December 2012

Debt to Assets Ratio

Ample debt headroom for acquisition opportunities as they surface

Pro forma Debt to Assets Ratio

24.9%25.5%

30% 27.9%

24.9%

30%

20% 20%

10% 10%

0%30 S '12 31 D '12

0%31 Dec '12 31 Dec '12

21(1) Assuming the total acquisition cost (including transaction expenses) of approximately US$72.4 million is 100% USD debt funded and converted at an exchange rate of

S$1.2224 to US$1

30 Sep '12 31 Dec '12 31 Dec '12 31 Dec '12 Pre-Acquisition Post-Acquisition

Debt Facility Details

Credit MetricsUnsecured Debt Terms

S$200 million multi-currency committed revolving credit facility

Tenure: Extended for another 3 years f D b 2012

Revolving Credit Revolving Credit FacilityFacility

Fitch Issuer Fitch Issuer Default Rating Default Rating

BBB-

S$413.6 million medium term notes issued under the S$1 billion Multi-currency MTN Programme 10 2 (1)

from December 2012

Medium Term Medium Term Interest Interest currency MTN Programme Tenure: 3-year (fixed and variable rate

notes) and 5-year (floating rate notes)

10.2 x (1)NotesNotes Coverage Ratio Coverage Ratio

Term Loan Term Loan FacilityFacility

Debt to Assets Debt to Assets RatioRatio 24.9%

A$93.2 million bank facility Tenure: 3-year term Fresh facility secured in December 2012

S$300 million uncommitted multi-currency bridging facility

Weighted Weighted Average Debt to Average Debt to 1.8 years

Acquisition Acquisition FacilityFacility

22(1) Interest cover is computed using the 4Q 2012 net property income divided by the total interest paid/ payable in 4Q 2012.

currency bridging facility ggMaturityMaturity

yFacilityFacility

OutlookOutlook

23

Moderating Visitor Arrivals Growth

Y-o-y growth in visitor arrivals in 3Q 2012 has slowed to 3.1% compared to 11.4% in the first half of 2012

YTD Sep 2012 visitor arrivals registered 8.5% y-o-y growth

3 576 3,595 3,750

'000

Quarterly Visitor Arrivals

3,039 3,070 3 237

3,486 3,328

3,576 3,506 ,

3,250

3,500

2,646 2,694 2,836

3,118 3,237

2,500

2,750

3,000

2,253 2,256

2,526

2,000

2,250

,

1Q 2Q 3Q 4Q

24Sources: Singapore Tourism Board (STB) and Ministry of Trade and Industry, Singapore

1Q 2Q 3Q 4Q

2009 2010 2011 2012

STB Expects 17 Million Visitor Arrivals by 2015

Historical and Forecasted Visitor Arrivals in Singapore

17.018.0

Million

10 year CAGR (1) = 5 8%

Implied 4-year CAGR (1), (2) = 6.6%

13.5 to

10 3 10 1

11.6

13.214.5

9 810.7 12.0

15.0

For 2012, STB forecasted 13.5 to 14.5 million

10-year CAGR (1) = 5.8% (3)

7.5 7.66.1

8.38.9

9.8 10.3 10.1 9.7 9.8

6 0

9.0

visitors, implying a 2.5% to 10.1% growth y-o-y

YTD Sep 2012 visitor arrivals grew 8.5% y-o-y

3.0

6.0 arrivals grew 8.5% y o y

-2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2015Sep 11 & SARS Sub-Prime

25

Full Year Visitor Arrivals YTD Sep Visitor Arrivals

(1) CAGR denotes compounded annual growth rate.(2) Implied 4-year CAGR is computed on the basis of the actual arrivals of 13.2 million visitors for 2011 and STB’s target of 17 million arrivals by 2015.(3) STB’s forecast for 2012 is 13.5 to 14.5 million visitor arrivals.Source: Singapore Tourism Board (STB) and Ministry of Trade and Industry, Singapore

STB’s Forecast (3)

Medium to Long Term Growth Supported by the Vibrancy of the Enhanced Tourism Landscapey p

New attractions have added diversity and excitement to the tourism landscape…

Family, fun & t

Opened Nov 2012Opened Jun 2012Opened Oct 2011

quot

ient

& sports

Shopping & dining

Upcoming attractions will continue to enrich the experience of visitors…

tain

men

t Marine Life ParkMaritime Experiential Museum, RWSArts, heritage & culture

Clubs &

Gardens by the Bay

ngen

tert 2015 (1)Dec 2012 (1)

Feb 2013 (1) 2015 (1)Apr 2014 (1)

Clubs & buzzing nightlife

Gaming

Incr

easi

26

(1) Completion / opening dates are preliminary indications as publicly announced and may be subjected to change.Note: Images courtesy of Singapore Tourism Board (STB), Singapore Sports Council, Resorts World Sentosa, Wildlife Reserves SingaporeSources: Channel NewsAsia, The Business Times, The Straits Times, Resorts World Sentosa Press Release, CDLHT research

River Safari National Art GallerySingapore Sports Hub

More Supply (1) Expected in the Immediate Horizon

Supply is expected to grow at a CAGR of 5.1% for the next 3 years

H th ti t d i f 4 000 i th t 12 th ill t ib t t

Current and Expected Hotel Room Supply in Singapore

However, the estimated increase of over 4,000 rooms in the next 12 months will contribute to a more competitive environment

Current and Expected Hotel Room Supply in Singapore

58 9192 65465,000

No. of Hotel Rooms 3-year CAGR = 5.1%

50,809

58,919

4,138+8.1%

1,318+2.4%

2,654+4.7%

50 000

55,000

60,000

(2)

40,000

45,000

50,000

35,0002012 2013 2014 2015 Total 2015

Current estimated hotel supply Estimated future net hotel supply Estimated hotel supply by end-2015Key:

27

(1) New supply of rooms is a summation of new rooms deducted by existing rooms taken out of inventory for redevelopment.(2) Estimated from various sources, consisting of both gazetted and non-gazetted room count as at 31 Dec 2012.Sources: Singapore Tourism Board (STB), Horwath HTL (as at Jan 2013) and CDLHT research.

Potential Supply of New Singapore Hotel Rooms Until 2015

Name of Hotel No. of Rms

HorwathRating Location Expected

Opening

Amaris Middle Road Singapore 70 Economy City Centre 1Q 2013

Name of Hotel No. of Rms

HorwathRating Location Expected

OpeningWestin SG Marina Bay (Asia Square Tower 2) 301 Upscale/Luxury City Centre 4Q 2013

Parkroyal at CBD 367 Mid Tier City Centre 1Q 2013

Dorsett Hotel & Residences 285 Mid Tier City Centre 1Q 2013

East Village Hotel 229 Mid Tier Outside City Centre 1Q 2013

Changi Cove Hotel 141 Mid Tier Outside City Centre 1Q 2013

(Asia Square Tower 2)Traders Hotel 502 Upscale/Luxury City Centre 4Q 2013

China Place Hotel 292 Mid Tier City Centre 2014

China Place Boutique Hotel 37 Mid Tier City Centre 2014

Midli k Pl Sit 492 Mid Ti Cit C t 2014Changi Cove Hotel 141 Mid Tier Outside City Centre 1Q 2013

Ramada Balestier 384 Mid Tier Outside City Centre 1Q 2013

Mövenpick Hotel Sentosa 21 Upscale/Luxury Sentosa 1Q 2013

Pan Pacific Suites Beach Road 178 Upscale/Luxury City Centre 2Q 2013

Midlink Plaza Site 492 Mid Tier City Centre 2014Stamford Road/ North Bridge Road Site 200 Upscale/Luxury City Centre 2014

Aqueen Hotel Geylang 100 Economy Outside City Centre 2014

Aqueen Hotel Tyrwhitt 145 Economy Outside City Centre 2014

Aqueen Hotel Jalan Besar 76 Economy Outside City Centre 2Q 2013

Aqueen Hotel Paya Lebar 160 Economy Outside City Centre 2Q 2013

Holiday Inn Express (Orchard) 220 Mid Tier City Centre 3Q 2013

q y y y

Aqueen Hotel Little India 52 Economy Outside City Centre 2014

Robertson Quay Site 300 Mid Tier City Centre 2015

South Beach Site 654 Upscale/Luxury City Centre 2015

P k S h St t/ Ch 250 U l /L Cit C t 2015Sofitel So Singapore (Ogilvy ) 132 Upscale/Luxury City Centre 3Q 2013

One Farrer Hotel 250 Upscale/Luxury City Centre 3Q 2013

Holiday Inn Express (Havelock) 448 Mid Tier City Centre 4Q 2013

Carlton Project 374 Mid Tier City Centre 4Q 2013

Peck Seah Street/ Choon Guan Street

250 Upscale/Luxury City Centre 2015

New Heritage Hotel @ Sentosa 550 Upscale/Luxury Outside City Centre 2015

Park Hotel Alexandra 450 Upscale/Luxury Outside City Centre 2015Genting Singapore 450 Upscale/Luxury Outside City Centre 2015j y

Year No. of Rms Luxury / Upscale Mid-Tier Economy

2013 4,138 1,384 33% 2,448 59% 306 7%

2014 1,318 200 15% 821 62% 297 23%

g g p p y y

28Source: Horwath HTL (as at January 2013) and CDLHT research

2015 2,654 2,354 89% 300 11% - -

Total (2013 – 2015) 8,110 3,938 49% 3,569 44% 603 7%

Management StrategyManagement Strategy

29

Management Strategy

N t i f G thAcquiring for Growth

Maximise revenue management i i

Pursue yield accretive, quality assets with investment rigour and discipline

Nurturing for GrowthAcquiring for Growth

opportunities Implement asset enhancement initiatives

to optimise asset potential

Tap on potential pipeline from M&C / CDL Tap on global network for third party assets

FinancialFinancial Foundation

Balancing the Foundation for Growth Maintain a healthy balance sheet Enhance financial flexibility

Balancing the Foundation for Growth

30

Acquiring for Growth

Acquisition of the 113-Villa Angsana Velavaru, Maldives

Number of Villas 79 Beach Villas, 34 Water Villas

Leasehold Interest 50 years commencing 26 August 1997, ~35 years remaining

Purchase Price US$ 71 0 million / US$ 628 319 per keyPurchase PriceTotal Acquisition Cost (1)

US$ 71.0 million / US$ 628,319 per key US$ 72.4 million / US$ 640,615 per key

Valuation (2) US$ 72.5 million or US$ 641,593 per key

Angsana VillaInOcean Villa

31

(1) Total acquisition cost of US$72.4 million (“Total Acquisition Cost”) is inclusive of purchase price of US$71.0 million (“Purchase Price”), H-REIT Manager’s acquisition fee of approximately US$0.71 million and other related expenses of approximately US$0.68 million

(2) Valuation by CBRE Pte. Ltd. as of 16 November 2012 using the Capitalisation Analysis, Discounted Cash Flow Analysis and Direct Comparison Method

Acquiring for Growth

Acquisition of the 113-Villa Angsana Velavaru, Maldives (con’t)

Pro Forma Annualised NPI Yield for FY2012 (1) 9.6%

Pro Forma DPS Impact for FY2012 (2) 0.47 Singapore cents or 3.7% accretion

Lessee / Lease Term Subsidiary of Banyan Tree Holdings Limited / 10 yearsLessee / Lease Term Subsidiary of Banyan Tree Holdings Limited / 10 years

Rent Payment Gross Operating Profit (“GOP”) less management fees per annum, subject to a minimum rent and reserve of US$6 million (3)

Angsana Villa

(1) Based on the Pro Forma Annualised NPI of the Property for the nine months ended 30 September 2012 of US$6.8 million (after deducting outgoings of US$1.0 million) before the provision of FF&E, as a percentage of the Purchase Price of US$71.0 million. As a percentage of Total Acquisition Cost of US$72.4 million, the Pro Forma A li d NPI i ld ill b 9 5%

Beach Villa Private Dining

32

Annualised NPI yield will be 9.5%. (2) Based on the change of the pro forma annualised DPS for the nine months ended 30 September 2012 of the enlarged portfolio over the annualised DPS for the nine

months ended 30 September 2012 of H-REIT. For the purpose of the computations, the Total Acquisition Cost is assumed to be 100% US dollar debt-funded.(3) The Lessee will pay a top-up amount to make up for any shortfall in rent below US$6.0 million for an accounting period (pro-rated accordingly where the accounting period

is less than 12 months) (the “Minimum Rent”) subject to the total minimum rent top-up cap of US$6.0 million applicable to the aggregate sum of all Minimum Rent top up amounts paid and payable over the entire term of lease.

Background and Structureof CDL Hospitality Trustsof CDL Hospitality Trusts

33

Background on CDLHT

Post IPO PerformanceBackground

IPO on 19 July 2006

Listed on SGX

Stapled Security price increaseIPO to 25 January 2013 = +140%

$3.00 Annoucement of Novotel Clarke

High (10 Jul ’07) = S$2.66

Mainboard

Sponsored by Millennium & Copthorne Hotels plc

$2.50

IPO = S$0.83

Quay Acquisition= S$2.01 31 Dec'07

= S$2.35

Announcement of Australia Hotels Acquisition

Announcement of Private Placement =

S$1.89

25 Jan '13 = S$1.99

Announcement of Angsana Velavaru

Acquisition = S$1.95p p(listed on LSE)

First Hotel REIT in Asia ex Japan $1.50

$2.00

Announcement of Equity Fund Raising

31 Dec '09= S$1.75

Hotels Acquisition= S$1.80

31 Dec '10= S$2.08 31 Dec '12

= S$1.88

Market Capitalisation

$0.50

$1.00

Announcement of Rendezvous Hotel Auckland Acquisition

Equity Fund Raising= S$2.28

31 Dec'11= S$1.55

Announcement of Studio M Acquisition

= S$1.94

S$1.88

S$1.928 billion as of 25 January 2013 $0.00

$0.50

Jul/0

6

Sep/

06

Nov

/06

Jan/

07M

ar/0

7

May

/07

Jul/0

7

Sep/

07

Nov

/07

Jan/

08

Mar

/08

May

/08

Jul/0

8

Sep/

08

Nov

/08

Jan/

09M

ar/0

9

May

/09

Jul/0

9

Sep/

09

Nov

/09

Jan/

10M

ar/1

0

May

/10

Jul/1

0

Sep/

10

Nov

/10

Jan/

11M

ar/1

1

May

/11

Jul/1

1

Sep/

11

Nov

/11

Jan/

12M

ar/1

2

May

/12

Jul/1

2

Sep/

12

Nov

/12

Jan/

13

q= S$1.10

31 Dec '08= S$0.730

34Source: Stapled Security price data from Bloomberg

S N M S N M S N M S N M S N M S N M S N

CDLHT Structure

Sponsor InvestorsHoldings of Stapled Securities

Sponsor Investors≈35.28%

as at 31 Dec 2012≈64.72%as at 31 Dec 2012

Management servicesM&C REIT

Management LimitedM&C Business Trust Management LimitedH-REIT HBT(1)

H-REIT HBTDistributions

Stapling DeedManagement

services

and acts on behalf of the holders of

the HBT Units

Management Limited(H-REIT Manager)

Management Limited(HBT Trustee Manager)

H REIT (owns hotels)

HBT(1)Lease of Hotels

Lease of Hotels

RentActs on behalf of the

Master Lessees

DBS Trustee

Hotelsholders of H-REIT Units

Hotel Manager Hotel Manager(2)

35

(1) Currently dormant.(2) To be appointed by HBT when HBT is activated.Note: For simplicity, the diagram does not include the relationships in relation to Orchard Hotel Shopping Arcade. Orchard Hotel Shopping Arcade tenants will pay rent to H-REIT

directly and H-REIT Manager will manage Orchard Hotel Shopping Arcade directly.

Blue Chip Sponsor and Parentage

Millennium & Copthorne Hotels plc City Developments Limited

One of the largest property developers in Listed on the London Stock Exchange with Singapore with a market capitalisation of

~S$10.3 billion (1)

Debt to assets ratio of 29% as at 30 Sep 2012

Listed on the London Stock Exchange with market capitalisation of ~ £1.8 billion (1)

Debt to assets ratio of 11% as at 30 Sep 2012

36(1) As at 25 January 2013Source: Bloomberg

Summary of Leases and Lease Structures

Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel: 20% of Hotel's revenue + 20% of Hotel’s gross operating profit, with a fixed rent floor of S$26.4 m Term of 20 years from Listing with 20 year option

Singapore IPO Portfolio & Studio M

Favourable Lease Structure in Base Portfolio

Orchard Hotel Shopping Arcade: H-REIT receives rents direct from tenants

Studio M Hotel: 30% of Studio M Hotel’s revenue + 20% of Studio M Hotel’s gross operating profit with a fixed rent floor of S$5 0 m for the

Novotel Singapore Clarke Quay:

30% of Studio M Hotel s revenue + 20% of Studio M Hotel s gross operating profit, with a fixed rent floor of S$5.0 m for the initial 10 years of the lease

1st twelve months Guarantee Net Rent: S$9.24 million (or a net yield of ~6% per annum of purchase consideration of S$154.0 million)

Novotel Singapore Clarke Quay: Lease based on gross operating profit less Accor’s management fee Variable rental payment of more than 90% of gross operating profit, depending on Novotel Singapore Clarke Quay’s

performance Term ~ 13.5 years from 7 June 2007, expiring 31 December 2020 Lessee will provide a S$6.5 m reserve to fund shortfall in event annual rent is below S$6.5 m

Singapore NCQLease Structure with

Reserve and High Variable Rent

Rendezvous Grand Hotel Auckland: Base rent + Variable rent Base rent escalates at 2.75% per annum Term of 10 years from 7 September 2006 with 5 year option

NZ RendezvousHigh Degree of Stability

Term of 10 years from 7 September 2006 with 5 year option

Australia PortfolioHigh Stability and

Novotel, Mercure & Ibis Brisbane, Mercure & Ibis Perth: Base rent + Variable rent Base rent: A$13 7 m per annum

37

High Stability and Significant Upside

Potential

Base rent: A$13.7 m per annum Variable rent: 10% of portfolio’s net operating profit in excess of base rent Term ~ 11 years from 19 February 2010, expiring 30 April 2021

Income Stability from Minimum Rent

S$ M

Singapore Properties (FY 2012) All CDLHT Properties (FY 2012)

76 080100120140

S$ M

Variable Rent (63.0%)Variable

Rent,

120.7

44.7

76.0

020406080

Minimum Rent (1) (37.0%)

52.0%

0

Overseas Properties (FY 2012)

Mi iS$ M Minimum Rent, 48.0%

1.8

20

25

30$

Variable Rent (6.1%)

Minimum Rent (1), (2)28.8

Gross Revenue (FY 2012) S$149.5 million

27.0

10

15

20Minimum Rent (2) (93.9%)

38

(1) For the purpose of computing minimum rent for FY 2012 for the Singapore properties, we have included the (i) fixed rent from the IPO Hotels; (ii) prorated first 12-mth guarantee net rent and annual fixed rent from Studio M Hotel; (iii) S$5.4 million retail rent from Orchard Hotel Shopping Arcade; and (iv) rent reserve provided by Accor S.A. for Novotel Singapore Clarke Quay.

(2) For the purpose of computing minimum rent for FY 2012 for the overseas properties, we have included the base rent from all the 6 Australia and New Zealand hotels.

Gross Revenue Breakdown: 4Q ’11 Vs 4Q ’12Q Q

Gross Revenue of CDLHT Properties

45.0

S$ M 1.4%Key: Y-o-Y % Change

+

4 5 4.3

2.7 2.635.0

40.0 S$37.8M S$38.3M Studio M Hotel - 1.9%

Australia Portfolio - 3.0%

2 9%

4 4 4.4

2.6 2.51.3 1.42.3 2.4

4.5

25.0

30.0Rendezvous Grand Hotel Auckland + 2.9%

Orchard Hotel Shopping Arcade + 3.8%

Copthorne King’s Hotel - 2.4%

6.3 7.0

4.4

15.0

20.0

p g

M Hotel - 0.5%

Novotel Singapore Clarke Quay 11.5%

7.4 6.9

6.3 6.8

5.0

10.0 Grand Copthorne Waterfront + 6.7%

Orchard Hotel - 6.3%

39

0.04Q '11 4Q '12

Gross Revenue Breakdown: FY ’11 Vs FY ’12

Gross Revenue of CDLHT Properties

180.0S$ M

6.0%Key: Y-o-Y % Change

+

18 719.4

7.310.9

140.0

160.0S$141.1M

S$149.5M Studio M Hotel (1) N.M.

Australia Portfolio + 3.9%

4 1%

16 7

10.2 10.25.2 5.49.0

9.4

18.7

100.0

120.0 Rendezvous Grand Hotel Auckland + 4.1%

Orchard Hotel Shopping Arcade + 2.7%

Copthorne King’s Hotel - 0.2%

22.8 24.9

16.4 16.7

60.0

80.0p g

M Hotel + 1.7%

Novotel Singapore Clarke Quay + 9.0%

27.2 27.7

24.2 25.0

20.0

40.0Grand Copthorne Waterfront + 3.3%

Orchard Hotel + 1.7%

40

0.0FY '11 FY '12

(1) Studio M Hotel was only acquired on May 2011.

CDLHT Asset Portfolio – Singapore

Property Orchard Hotel

Grand Copthorne

Waterfront Hotel

M Hotel CopthorneKing’s Hotel

NovotelSingapore

Clarke Quay

Studio M Hotel

Orchard Hotel Shopping

Arcade

Singapore Portfolio

Number of Rooms 656 574 413 310 403 360 N/A 2,716Rooms

Valuation at 31 December 2012 S$454.0 M S$350.0 M S$232.0 M S$124.4 M S$304.0 M S$163.0 M S$68.0 M S$1,695.4 M

Acquisition Date July 2006 July 2006 July 2006 July 2006 June 2007 May 2011 July 2006 -

41

CDLHT Asset Portfolio – Overseas

Property Rendezvous Grand Novotel Mercure Ibis Mercure Ibis Perth Australian Overseas

Hotel Auckland Brisbane Brisbane Brisbane Perth Portfolio Portfolio

Number of Rooms 452 296 194 218 239 192 1,139 1,591

Valuation at 31 December 2012

NZ$88.0M(S$88.3M) (2)

A$72.0M (S$91.3M) (3)

A$62.0M (S$78.6M) (3)

A$44.0M (S$55.8M) (3)

A$28.0M (S$35.5M) (3)

A$206.0M (S$261.2M) (3) S$349.5M

Acquisition Date December 2006

February 2010

February 2010

February 2010

February 2010

February 2010

February 2010

-Acquisition Date 2006 2010 2010 2010 2010 2010 2010

Location New Zealand Australia Australia Australia Australia Australia Australia -

42(1) Based on exchange rate of NZ$1 = S$1.0036.(2) Based on exchange rate of A$1 = S$1.2680.

Information on CDL Hospitality Trusts PropertiesCDL Hospitality Trusts Properties

43

Hotels in Strategic Locations

Singapore Hotels New Zealand Hotel

Rendezvous

Grand Hotel

A kl d

Orchard Hotel & Shopping Arcade


Novotel Singapore

Clarke Quay

Auckland

H

HH

H

H

HMARINA BAY

SANDSCENTRALBUSINESSDISTRICT

SINGAPORERIVER

HBUSINESS &FINANCIAL

CENTRE SITE

H

44

AUCKLAND CITY CENTRECopthorne King’s

HotelM HotelStudio M Hotel

Hotels in Strategic Locations

Australia Hotels

IbisMercure Novotel Mercure

Perth CBD

Ibis Brisbane

Mercure Brisbane

Novotel Brisbane Ibis Perth

Mercure Perth

Brisbane CBD

H

H

CBD AREA

HHH

45

Orchard Hotel, Singapore

656 rooms

Significant Highlights

656 rooms Located on Orchard Road Large pillar-less ballrooms & extensive conference facilities Caters to both corporate and leisure segments

Best Concierge Award 2012 by Association of Rooms Division ExecutiveW ld G t S i A d f E ll 2012

Accolades

World Gourmet Series Awards of Excellence 2012 Group Masterchef Chan Kwok - Hall of Fame Inductee Masterchef Lap Fai - Asian Cuisine Chef of The Year

Green Mark (Gold) by Building & Construction Authority 2011-2014 Singapore Service Class Certificate for business excellence in service Singapore Service Class Certificate for business excellence in service

standards by Spring Singapore from 2011-2013 Hotel Security Award - Excellence Rating 2012 by Singapore Hotel

Association and Singapore Police Force Chef of the Year & Asian Chef of the Year at Asian Gastronomic

Awards of Excellence 2011 – Hua Ting Group Master Chef Chan Kwok Prestigious awards received by Hua Ting Restaurant: Voted one of Asia’s finest restaurants and included in The Miele

Guide 2011/2012

46

Asia Tatler’s Best Restaurants 2008 to 2012 Singapore Tatler’s Best Restaurants 2006 to 2012 Wine & Dine Singapore’s Top Restaurants 2006 to 2012

Grand Copthorne Waterfront, Singapore

574 rooms


574 rooms Located between CBD & Orchard Road, within close

proximity to Robertson Quay, Boat Quay & Clarke Quay One of the largest conference facilities in Singapore Well positioned for the MICE market

Accolades

Singapore Service Class Certificate for business excellenceSingapore Service Class Certificate for business excellence in service standards by Spring Singapore in 2012

TripAdvisor Certificate of Excellence 2012 Luzerne Best Pastry Art Award 2012

Winner – Assistant Pastry Chef Tiffany Yeoy y Green Mark (Gold) by Building & Construction Authority 2011 Culinary Challenge Gold Medal (Hot Cooking – Western) by

Food & Hotel Asia 2010 2009 / 2010 Singapore Experience Awards by STB, Finalist –

Best Business Event Venue Experience & Meeting of the Year

Hospitality Asia Platinum Awards 2009 to 2011 by World Asia Publishing, Singapore Series: Best Pastry Chef

47

Best Pastry Chef Third Place – Best Housekeeping Team

M Hotel, Singapore

413 rooms


413 rooms Located in the heart of the financial district Close to government offices, integrated resorts

and Marina Bay Strong following of business travellers Strong following of business travellers

Green Mark (Gold) by Building & Construction

Accolades

Green Mark (Gold) by Building & Construction Authority 2011-2014

SHA Singapore Green Hotel Award 2009 & 2011 ASEAN Green Hotel Award 2012 Hospitality Asia Platinum Awards 2009 2011 Hospitality Asia Platinum Awards 2009 – 2011

Singapore Series - Best Deluxe Hotel & Top 5 for Best Business Hotel

Hotel Security Award 2009 – 2011 Wine & Dine Singapore’s Top Restaurants 2009 –Wine & Dine Singapore s Top Restaurants 2009

Cafe 2000 & The Buffet Simply Dining Singapore’s Top Restaurants 2009 Best Buffet Restaurant – The Buffet Silver Star Award – Cafe 2000

48

Silver Star Award – The Buffet

Copthorne King’s Hotel, Singapore


B i l b i h l i h 310 Boutique-style business hotel with 310 rooms Located within close proximity to CBD, convention /

exhibition belt, Orchard Road, Robertson Quay, Boat Quay and Clarke Quay

Strong corporate segment focus and specialty events Strong corporate segment focus and specialty events hotel host

Accolades

Green Mark (Gold) by Building & Construction Authority 2012

Excellent Service Award 2004 - 2010 by SHA & Spring SingaporeSingapore

Finalist for Most Popular Hotel in Asia by HotelClub Awards 2009

Top 10 Buffets in Singapore by AsiaOne People Choice Awards 2009 & 2011C o ce a ds 009 & 0

Wine & Dine Singapore’s Top Restaurants 2007 to 2012 – Tien Court 2005 to 2012 – Princess Terrace

Singapore Tatler’s Best Restaurants 2007 to 2012 –

49

Tien Court & Princess Terrace

Novotel Singapore Clarke Quay, Singapore

P i id l h t l ith 403


Prime mid-scale hotel with 403 rooms Leasehold Located in immediate proximity to Clarke Quay,

Robertson Quay and Boat Quay: Singapore’s premier entertainment hub

Room touch ups, upgrading of all bathrooms and renovation of Premier Lounge over the course of FY 2011 was completed in Jan 2012

Refurbishment of level 5 function and meeting rooms in 2Q 2012in 2Q 2012

Accolades

EarthCheck Certified for its commitment to environmental and sustainable development

ASEAN Green Hotel Standard Award for 2010 – 2011, Singapore Green Hotel Award 2010 - 2011

Singapore Tourism Award 2008 “Best Superior Hotel” Excellent Service Award 2008Excellent Service Award 2008 Accor Asia Pacific – GOPPAR Award – Highest Gross

Operating Profit per Available Room) in the region Accor Asia Pacific – Sales Distribution Award –

Highest Web Distribution (Accor Site and 3rd Party) in the region

50

the region

Studio M Hotel, Singapore


360 h t l d i M h 2010 360-room hotel opened in March 2010

Stylish and contemporary design set to capture growing business and leisure segments

Vibrant lifestyle options near the Robertson Quay precinct

Accolades

and in proximity to CBD, tourist attractions, integrated resorts and convention centres

TripAdvisor Travellers’ Choice 2012 – Top 4 Trendiest Hotel in Singapore

AsiaOne Readers’ Choice Award 2010 – Top 3 Best Boutique Hotel in Singapore

51

Orchard Hotel Shopping Arcade, Singapore

Net Lettable Area ~ 5,933 sq m

JLL’s Valuation S$68.0M

Valuation psm (psf) S$11,461 psm (S$1,065 psf)

% of total valuation ~3.3%

Leasehold Interest 75 years from Listing Date

52

Rendezvous Grand Hotel Auckland, New Zealand


452 rooms – largest hotel in Auckland by rooms Freehold Located in the central business district and next to a major conference

centre

National Culinary Fare 2012 - 1 Gold & 2 Silver award in Cocktail, Wine and Beverage Service and Table Setting

Accolades

Wine and Beverage Service and Table Setting TripAdvisor Certificate of Excellence 2012 EarthCheck Certified 2009 – 2011, Bronze Restaurant award for Pacific Restaurant Category Winner : Formal

Dining New Zealand Restaurant of the Year 2009 Sliver Medal for Service both at the New Zealand Culinary Fare 2009

53

Novotel, Mercure and Ibis Hotels, Brisbane


Novotel Brisbane

Novotel Brisbane

Novotel Brisbane 4.5 star accommodation with 296 modern, well-appointed rooms and suites Freehold Located next to Central Station and the CBD, Queen Street Mall and the

Riverside boardwalk Comprehensive conference and leisure facilities of ten dedicated rooms

with capacity for up to 350 delegates Refurbishment of all rooms, lobby and restaurant completed in May 2011 EarthCheck Certified 2009 – 2011, Silver

Mercure Brisbane

Mercure Brisbane 4 star accommodation with 194 spacious and stylish rooms and suites,

overlooking the Brisbane River g Freehold Located steps from the Queen Street Mall shopping precinct, Brisbane

Convention and Exhibition Centre Three floors of function facilities and eleven conference rooms

Ibis Brisbane

Ibis Brisbane 3.5 star accommodation with 218 rooms Freehold

54

Freehold Well-situated in the heart of the Government and Corporate precinct

Mercure and Ibis Hotels, Perth

Significant Highlights Mercure PerthMercure Perth

Mercure Perth 4.0 star accommodation with 239 rooms and suites Freehold Offers six meeting rooms available for up to 350

delegates Situated in Perth’s CBD and within walking distance

to the Swan River, shopping and entertainmentMercure Perth

Ibis Perth 3.5 star accommodation with 192 rooms Freehold Located steps from the Murray and Hay Street

shopping belt within Perth’s CBD Awarded Best Standard Accommodation by the

P th Ai t W t A t li T i A d

Ibis Perth Ibis Perth

Perth Airport Western Australia Tourism Awards 2011

55

THANK YOU

56

cdlht 4q & fy2012 results presentation 29 jan 2013...

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