City Developments Limited · SGX:C09

City Developments — H1 2017 Earnings Presentation

70 slides from City Developments's earnings presentation, Aug 11, 2017

1. Slide 1: 1H 2017 Results Presentation

   1H 2017 RESULTS PRESENTATION 11 August 2017

2. Slide 2: Agenda

   AGENDA • EXECUTIVE SUMMARY • FINANCIAL HIGHLIGHTS • SINGAPORE OVERVIEW • INTERNATIONAL OVERVIEW • HOTEL OPERATIONS

3. Slide 3: Executive Summary

   EXECUTIVE SUMMARY

4. Slide 4: Key Highlights

   Key Highlights  Lower EBITDA and PATMI due predominantly to absence of Lush Acres Executive Condominium (EC) contribution (recognised in entirety in Q2 2016): – Revenue: $854 million (Q2 2016: $1.1 billion) $1.6 billion (1H 2016: $1.8 billion) – EBITDA: $255 million (Q2 2016: $280 million) $441 mil

5. Slide 5: Resilient Performance amidst Macroeconomic Challenges

   Resilient Performance amidst Macroeconomic Challenges Summary of Financial Results Q2 Q2 % 1H 1H % 2017 2016 Change 2017 2016 Change Revenue ($m) 854 1,092 (21.8) 1,638 1,816 (9.8) PATMI ($m) 110 134 (17.9) 195 239 (18.3) Basic Earnings Per Share 11.4 14.0 (18.6) 20.8 25.6 (18.8) (cents) NAV Per Sha

6. Slide 6: Portfolio Composition – 1H 2017

   Portfolio Composition – 1H 2017 Recurring Income Segments Property Hotel Rental S$ million Others Total Funds Development Operations Properties EBITDA * Local 108 31 80 3 222 Overseas 70 117 31 1 219 178 148 111 4 441 Total Assets ^ Local 5,999 673 3,302 241 10,215 AUM = Overseas 3,056 4,864 997 260

7. Slide 7: Portfolio Composition – 1H 2017

   Portfolio Composition – 1H 2017 EBITDA Total Assets Local Overseas Local Overseas 50% 50% 53% 47% • Stability from Recurring Income segments comprising 60% of EBITDA / 53% of Total Assets (excluding tax recoverable and deferred tax asset) • Diversification overseas with international segments accoun

8. Slide 8: Diversified Land Bank

   Diversified Land Bank Land Area (as of 30 Jun 2017) – CDL’s Attributable Share Type of Development Land Area (sq ft) Singapore International Total % Residential 741,102 1,948,591 2,689,693 92 Commercial / Hotel 20,886 226,273 247,159 8 Total 761,988 2,174,864 2,936,852 100 Total Proposed GFA – 6.69

9. Slide 9: Share Price Performance

   Share Price Performance Strong Performance for 2017 to date Over 40% in share price since Jan 2017* • 1H Close - $10.73 (30 Jun) PERIOD HIGHEST CLOSE $11.67 (↑ 29.1% from 3 Jan) (10 Aug) • Highest Close - $12.06 (4 Aug) $10.73 (↑ 45.1% from 3 Jan) $8.31 (30 Jun) (3 Jan) PERIOD LOWEST CLOSE • Lowest

10. Slide 10: Share Price Performance

    Share Price Performance CDL vs STI (3 Jan – 10 Aug 2017) Price, Volume & Performance (Rebased) CDL STI Price Name Code Cur Open High Low Close Change % City Developments Limited C09.SGX SGD 8.31 12.33 8.26 11.67 40.43 Straits Times STI SGD 2,898.97 3,354.71 2,898.97 3,323.24 14.64 Source : Orient Ca

11. Slide 11: Acquisition Highlights – YTD 2017

    Acquisition Highlights – YTD 2017 On target to meet $5 billion in Acquisition Objective by end 2018 ACQUISITIONS $ BILLION Site Acquisitions 6.0 • Hong Leong Plaza Hongqiao – RMB 900 million 5.0 • Ransomes Wharf – £58 million 5.0 • Tampines Ave 10 – $370.1 million Ransomes Wharf Artist’s Impression

12. Slide 12: Focus for 2H 2017

    Focus for 2H 2017 Well-Poised for Property Upcycle  Singapore residential property market shows some vital signs of a possible stabilisation  The Group is well positioned to benefit from a residential upcycle, with multiple avenues for unlocking value from its existing assets  Additionally, the G

13. Slide 13: Financial Highlights

    FINANCIAL HIGHLIGHTS

14. Slide 14: Revenue by Segment for 2nd Quarter (2015 – 2017)

    Financial Highlights Revenue by Segment for 2nd Quarter (2015 – 2017) 700 $854m $1,092m $825m 600 552 500 432 406 422 $ million 400 303 269 300 200 93 100 86 100 33 41 34 0 Q2 2017 Q2 2016 Q2 2015 Property Development Hotel Operations Rental Properties Others Q2 2017 Q2 2016 Q2 2015 Property Develop

15. Slide 15: Profit Before Tax by Segment for 2nd Quarter

    Financial Highlights Profit Before Tax by Segment for 2nd Quarter (2015 – 2017) 140 $185m $205m $191m 120 106 100 84 78 69 $ million 80 68 59 60 34 40 28 32 20 5 8 10 0 Q2 2017 Q2 2016 Q2 2015 Property Development Hotel Operations Rental Properties Others Q2 2017 Q2 2016 Q2 2015 Property Development

16. Slide 16: EBITDA by Segment for 2nd Quarter (2015 – 2017)

    Financial Highlights EBITDA by Segment for 2nd Quarter (2015 – 2017) $255m $280m $257m 160 140 117 120 106 101 94 $ million 100 88 78 80 63 66 56 60 40 12 20 5 6 0 Q2 2017 Q2 2016 Q2 2015 Property Development Hotel Operations Rental Properties Others Q2 2017 Q2 2016 Q2 2015 Property Development 34%

17. Slide 17: Revenue by Segment for Half Year (2015 – 2017)

    Financial Highlights Revenue by Segment for Half Year (2015 – 2017) $1,638m $1,816m $1,640m 1,000 900 799 775 766 798 800 700 602 567 600 $ million 500 400 300 172 186 199 200 65 89 76 100 0 1H 2017 1H 2016 1H 2015 Property Development Hotel Operations Rental Properties Others 1H 2017 1H 2016 1H 201

18. Slide 18: Profit Before Tax by Segment for Half Year

    Financial Highlights Profit Before Tax by Segment for Half Year (2015 – 2017) $300m $344m $360m 240 200 183 176 166 160 $ million 103 120 73 70 73 71 80 57 40 18 10 4 0 1H 2017 1H 2016 1H 2015 Property Development Hotel Operations Rental Properties Others 1H 2017 1H 2016 1H 2015 Property Development

19. Slide 19: EBITDA by Segment for Half Year (2015 – 2017)

    Financial Highlights EBITDA by Segment for Half Year (2015 – 2017) $441m $485m $495m 240 194 200 178 181 166 148 139 130 160 $ million 133 111 120 80 40 22 15 4 0 1H 2017 1H 2016 1H 2015 Property Development Hotel Operations Rental Properties Others 1H 2017 1H 2016 1H 2015 Property Development 40% 4

20. Slide 20: Robust Balance Sheet

    Financial Highlights Robust Balance Sheet As at 30/06/17 As at 31/12/16 Gross borrowings $5,368m $5,752m Cash and cash equivalents (include restricted deposits of $214m classified in other non-current $3,509m $3,887m assets) Net borrowings $1,859m $1,865m Net gearing ratio without taking in fair val

21. Slide 21: Prudent Capital Management

    Financial Highlights Prudent Capital Management Debt Expiry Profile Debt Maturity Within 1 year 2,000 23% Debt $ million Bond Bank Loan 31% 1 to 2 years 1,500 320 2 to 3 years 1,000 428 - 21% More than 3 389 254 500 1,014 25% years 733 737 640 368 485 0 - 2017 2018 2019 2020 2021 2022 onwards Debt C

22. Slide 22: Singapore Overview

    . wy SX . \ SINGAPORE OVERVIEW

23. Slide 23: Singapore Property Market

    Singapore Property Market Property Price Index – Residential (2012 – 1H 2017) All Residential 180 160 Q1 17 Q2 17 136.7 136.6 140 120 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 Source : URA, Q2 2017 23

24. Slide 24: Number of Units

    Singapore Property Market No. of Uncompleted Private Residential Units Available (2013 – 1H 2017) Not Launched Launched & Unsold 20,000 Launched Not Total 17,467 & Unsold Launched* 16,587 15,499 2013 6,124 11,343 17,467 16,000 12,241 2014 5,750 10,837 16,587 2015 5,736 9,763 15,499 12,000 2016 5,206

25. Slide 25: Singapore Property Development

    Singapore Property Development Residential Units Sold Sales Value* No. of Total $’000 Units* Area Sold (sq ft) 1H 2017 $ 1,146,778 691 728,819 1H 2016 $ 385,728 324 342,399 Sales Value Units Sold 197.3% 113.3% * Includes share of JV partners 25

26. Slide 26: Gramercy Park – Positive Sales Momentum Continues

    Singapore Property Development Gramercy Park – Positive Sales Momentum Continues with ASP increases Project Location Tenure Equity Total Total Units % Total Saleable Stake Units Sold* Sold Area (sq ft) Gramercy Park Grange Road Freehold 100% 174 117 85# 368,743 Phase 1 (North Tower) – 87% sold:  76

27. Slide 27: Forest Woods – Over 85% of Units Sold

    Singapore Property Development Forest Woods – Over 450 units sold Project Location Tenure Equity Total Total % Total % Expected Stake Units Units Sold* Saleable Completed TOP Sold* Area (sq ft) (as of 30 Jun 2017) Forest Lorong 99-year 50% 519 458 88 431,265 6 Q4 2020 Woods Lew Lian leasehold Contin

28. Slide 28: Upcoming Residential Project Launch for 2H 2017

    Singapore Property Development Upcoming Residential Project Launch for 2H 2017 Project Location Tenure Equity Total Gross Floor Area Expected TOP Stake Units (sqm) New Futura Leonie Hill Road Freehold 100% 124 23,043 Q3 2017 Planned Launch following Gramercy Park’s strong sales:  Freehold high-end

29. Slide 29: Upcoming Residential Project Launch for early 2018

    Singapore Property Development Upcoming Residential Project Launch for early 2018 Location Tenure Equity Total Maximum Gross Stake Units Floor Area (sqm) 99-year Tampines Ave 10 100% Est. 861 60,810 leasehold Acquired in May 2017 via Government Land Sales (GLS) programme:  Project will comprise sev

30. Slide 30: Inventory of Launched Residential Projects

    Singapore Property Development Inventory of Launched Residential Projects – As of 30 Jun 2017 Total Unsold CDL’s Share of Project Equity Stake Total Units Units Sold % Sold Inventory Unsold Inventory St. Regis Residences 33% 173 161 93% 12 4.0 The Oceanfront @ Sentosa Cove 50% 264 263 99% 1 0.5 One

31. Slide 31: Completed Residential Projects in 1H 2017

    Singapore Property Development Completed Residential Projects in 1H 2017 Project Location Equity Total % TOP Stake Units Sold* Obtained The Venue Residences Tai Thong 60% 266 100 Apr 2017 Crescent  Completed project is fully sold – ahead of ABSD deadline The Venue Residences The Venue Residences *A

32. Slide 32: Residential Projects to be Completed in 2H 2017

    Singapore Property Development Residential Projects to be Completed in 2H 2017 Project Location Equity Total % % Completed Expected TOP Stake Units Sold* (as of 30 Jun 2017) D’Nest Pasir Ris Grove 51% 912 100 94.2 Phase 1 – TOP in Jul 2017 Phase 2 – TOP in Q4 2017 New Futura Leonie Hill Road 100% 12

33. Slide 33: Singapore Commercial Market

    Singapore Commercial Market Property Price Index – Commercial (2012 – 1H 2017) 145 Office Retail 140 135 Q1 17 129.3 130 Q2 17 127.5 125 Q1 17 120 117.7 Q2 17 113.9 115 110 105 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16

34. Slide 34: Singapore Office Market

    Singapore Office Market Average Office Rental in CBD (2013 – 1H 2017) 14.00 $12.04 12.00 $10.51 $10.38 10.00 $9.26 $9.32 $8.50 $9.14 $8.37 8.00 $7.77 $7.74 6.00 Marina Bay / Raffles Place (Grade A) 4.00 Whole Island 2.00 0.00 2013 2014 2015 2016 1H 2017 Source : JLL Research, Q2 2017 34

35. Slide 35: Singapore Office Market

    Singapore Office Market Office Space Demand & Supply (2012 – 1H 2017) Private & Public Sector Cumulative Supply Occupancy 84,357 85,000 81,300 83,206 80,095 81,365 78,254 80,000 72,980 73,647 73,938 73,884 75,000 72,205 70,913 70,000 65,000 60,000 55,000 CDL’s Office Properties 50,000 Occupancy 45,0

36. Slide 36: Office Portfolio – Lease Expiry 2H 2017 – 2019

    Rental Properties Office Portfolio – Lease Expiry 2H 2017 – 2019 As of 30 June 2017 NLA: 16 96.4% ~2,343,000 sq ft Properties Occupancy Expiry % of NLA 29% 32% 8% 2H 2017 2018 2019 36

37. Slide 37: Singapore Retail Market

    Singapore Retail Market Retail Space Demand & Supply (2012 – 1H 2017)* Private & Public Sector Cumulative Supply Occupancy 66,000 65,079 64,960 64,271 64,000 63,658 62,000 61,333 60,052 59,955 60,192 60,000 59,632 59,719 58,599 58,000 57,060 56,000 CDL’s Retail Properties Occupancy 54,000 98.1%* (Na

38. Slide 38: Retail Portfolio – Lease Expiry 2H 2017 – 2019

    Rental Properties Retail Portfolio – Lease Expiry 2H 2017 – 2019 As of 30 June 2017 NLA: 19 98.1% ~845,000 sq ft Properties Occupancy Expiry % of NLA 33% 34% 10% 2H 2017 2018 2019 38

39. Slide 39: Revenue by Sector for Half Year (2015 – 17)

    Rental Properties Revenue by Sector for Half Year (2015 – 2017) $172m $186m $199m 100 92 78 80 69 Office S$ million 60 57 54 56 Retail 34 38 Industrial 40 29 18 REIT/Hotel 20 12 8 4 Others ^ 4 4 0 1H 2017 1H 2016 1H 2015 1H 2017 1H 2016 1H 2015 Office 40% 42% 46% Retail 33% 29% 28% Industrial 2% 2%

40. Slide 40: Republic Plaza – $60 million Asset Enhancement Initiative

    Asset Repositioning Strategy Republic Plaza – $60 million Asset Enhancement Initiative (AEI) Asset Repositioning:  Phased AEI works over 12 – 15 months  Main lobby and typical lift lobbies  Lift modernisation works: Destination Control System and lift interior enhancements  Retail space works: E

41. Slide 41: Republic Plaza – $60 million Asset Enhancement Initiative

    Asset Repositioning Strategy Republic Plaza – $60 million Asset Enhancement Initiative (AEI) Republic Plaza – Existing Driveway Republic Plaza – Revamped Driveway Artist’s Impression Republic Plaza – Existing Frontage Republic Plaza – Revamped Frontage Along Malacca Street Artist’s Impression 41

42. Slide 42: Republic Plaza – AEI to Achieve Space & Organisational Efficiency

    Asset Repositioning Strategy Republic Plaza – AEI to Achieve Space & Organisational Efficiency Enhance Space Efficiency: Approx. 5,000 sq ft of GFA decanted in total*  Creation of new retail cluster at Level 2, Republic Plaza Tower 2  Reconfiguration of car park space at Level 2  Conversion of so

43. Slide 43: Tower Club Singapore – Facility Enhancement

    Asset Repositioning Strategy Tower Club Singapore – Facility Enhancement Revamp of Straits Bar (Level 64):  Focus on enhancing members’ dining experience and space efficiency  Creation of new spaces for members to work and socialise  Increase in seating capacity to 90 pax (from current 70)  Faci

44. Slide 44: Tower Club Singapore – Revamp of Straits Bar

    Asset Repositioning Strategy Tower Club Singapore – Revamp of Straits Bar (Level 64) Enhance Space Efficiency & Strengthen Club’s Value Proposition Original Straits Bar Increased Seating Capacity with Social Spaces Artist’s Impression Artist’s Impression New Purpose-built Buffet & Reception Space Ar

45. Slide 45: Le Grove Serviced Apartments – AEI Works in Progress

    Asset Repositioning Strategy Le Grove Serviced Apartments – AEI Works in Progress Project Location Tenure Equity Total Average Unit Approx. Approx. Expected Stake Units Size (sqm) GFA (sqm) NLA (sqm) Completion Orange Grove Le Grove Freehold 100% 173 46 12,400 8,300^ Q2 2018 Road Closure since Dec 2

46. Slide 46: South Beach – Good Hotel Performance since Opening

    South Beach Good Hotel Performance since Official Opening in Mar 2017 JW Marriott Hotel Singapore South Beach  Hotel has been enjoying good occupancy and positive cash flow  Business performance expected to improve further, with key events such as the Singapore Formula 1 upcoming, in addition to t

47. Slide 47: International Overview

    INTERNATIONAL OVERVIEW

48. Slide 48: Projects Launched To Date

    International Property Development Projects Launched To Date* Project City Equity Total Total % Est. Total Expected Stake Units Units Sold Sold Saleable Area Completion / Booked (sq ft) Australia Ivy and Eve Brisbane 33%# 476 456 96 348,678 1H 2018 China Hong Leong City Center Suzhou 100% 1,374 1,11

49. Slide 49: Unlaunched Residential Projects

    International Property Development Unlaunched Residential Projects Project City Tenure Equity Total Est. Total Saleable Area / Expected Stake Units GFA^ / Site Area+ (sq ft) Completion China Huang Huayuan Chongqing 50-year lease 100% >600 1,041,589 TBC UK Belgravia London Freehold 100% 6 12,375 Q4 2

50. Slide 50: Australia & Japan – Good Progress on Launched Projects

    International Property Development Australia & Japan – Good Progress on Launched Projects Brisbane – Ivy and Eve Tenure Equity Total Total Units % Expected Stake Units Sold* Sold Completion Freehold 33%# 476 456 96 1H 2018  Approx. 96% of project sold to date  Completion in early 2018 Tokyo – Park

51. Slide 51: Australia – Investment in Luxury Retirement Village

    International Property Development Australia – Investment in Luxury 5-Star Retirement Village Development Sydney – Waterbrook Bayview Tenure Est. Site Area Expected (sqm) Completion Freehold 20,000 2020 CDL’s First Foray into Senior Housing Sector  Collaboration with Waterbrook Lifestyle Resorts; p

52. Slide 52: China – Completion of Mixed-use Waterfront Project in Suzhou

    International Property Development China – Completion of Mixed-use Waterfront Project in Suzhou by Q2 2018 Suzhou – Hong Leong City Center (丰隆城市中心) Tenure Equity Total Total Units % Expected Completion Stake Units Sold* Sold 70 years / 100% 1,804 1,313 73 Completed (Phase 1) 40 years Q2 2018 (Phase

53. Slide 53: China – Healthy Sales for Launched Projects

    International Property Development China – Healthy Sales for Launched Projects Shanghai – Hongqiao Royal Lake (御湖) Tenure Equity Total Total Units % Expected Stake Units Sold* Sold Completion 70 years 100% 85 41 48 Completed  41 units sold with total sales value of RMB 849.6 million  Deliberately

54. Slide 54: China – Completion of Shanghai Commercial Project

    International Rental Properties China – Completion of Shanghai Commercial Project by Q4 2017 Hong Leong Plaza Hongqiao Tenure Equity Est. Total GFA Expected Stake (sqm) Completion 50-year lease 100% 32,182 Q4 2017  Acquired 100% equity stake in Shanghai Meidao Investment Co., for RMB 900 million in

55. Slide 55: Strategic Investments in Synergistic Sharing Economy Sectors

    International Investment Platforms Strategic Investments in Synergistic Sharing Economy Sectors mamahome – China’s Fast-Growing Online Apartment Rental Platform  Acquired 20% equity stake for RMB 100 million in Sep 2016  Over 174,420 apartment listings across 41 cities in China  Synergies to be s

56. Slide 56: UK – Upcoming Launches

    International Property Development UK – Upcoming Launches Project Tenure Equity Total Est. Total Saleable Expected Expected Stake Units Area (sq ft) Completion Launch Belgravia Freehold 100% 6 12,375 Q4 2017 Q1 2018 Knightsbridge Freehold 100% 3 5,193 Q4 2017 Q1 2018 Teddington Riverside Freehold 10

57. Slide 57: UK – Pipeline Projects

    International Property Development UK – Pipeline Projects 28 Pavilion Road, Knightsbridge, London SW1 Tenure Equity Stake Total Units Est. GFA (sq ft) Freehold 100% 34 135,000  Planning consent received for redevelopment into a 34-unit luxury care home, with the possibility to re-engineer the plann

58. Slide 58: UK – Commercial / Mixed-Use Projects

    International Property Development UK – Commercial / Mixed-Use Projects Development House, Leonard Street in Shoreditch Tenure Equity Stake Est. Total Lettable Area (sq ft) Freehold 100% 90,000  Existing 28,000 sq ft building is fully leased; vacant possession expected from Q2 2018  Submission of

59. Slide 59: Hotel Operations

    HOTEL OPERATIONS

60. Slide 60: M&C Hotel Operations – Trading Performance

    M&C Hotel Operations Trading Performance Reported Constant Currency Currency 1H 2017 1H 2016 Change 1H 2016 Change Revenue £485m £418m 16.0% £465m 4.3% Revenue (hotel) £418m £360m 16.1% £400m 4.5% Profit before tax * £63m £56m 12.5% £62m 1.6% PATMI * £42m £30m 40.0%  In constant currency, Group Rev

61. Slide 61: M&C Hotel Operations – Trading Performance

    M&C Hotel Operations Trading Performance  RevPAR in reported currency and constant currency were up by 15.9% and 4.9% respectively for 1H 2017 as compared to the same period last year : 1H 2017 Reported Currency Constant Currency New York £144.90 ↑ 24.6% ↑ 10.0% Regional US £61.12 ↑18.5% ↑ 4.7% Tot

62. Slide 62: M&C Hotel Operations – Developments

    M&C Hotel Operations Developments – Progressing well Artist’s Impression Artist’s Impression Seoul, South Korea Sunnyvale, US  Design for the development is under  Design for the proposed mixed-use review development is under review by the new US management team  This may delay the commencement o

63. Slide 63: M&C Hotel Operations – Asset Enhancement

    M&C Hotel Operations Asset Enhancement Copthorne Hotel Auckland Harbourcity  Refurbished property to be rebranded as M Social Auckland  Soft-opening in Q4 2017 Artist’s Impression Artist’s Impression M Social Auckland Grand Millennium Kuala Lumpur Millennium Hotel London Mayfair  Guestrooms at le

64. Slide 64: M&C Hotel Operations – Asset Enhancement

    M&C Hotel Operations Asset Enhancement Orchard Hotel Singapore  Plans to commence on the renovation of the Orchard Wing guestrooms and the Chinese Restaurant, Hua Ting Restaurant in Q4 2017 for completion in early 2018  Work on the reception lobby, all day dining restaurant and bar, is planned for

65. Slide 65: Hotel Room Count and Pipeline

    M&C Hotel Operations Hotel Room Count and Pipeline Hotels Rooms 30-Jun 31 Dec 30-Jun 31 Dec Hotel and Room Count 2017 2016 2017 2016 By region: ● New York 4 4 2,238 2,238 ● Regional US 15 15 4,559 4,559 ● London 8 8 2,651 2,651 ● Rest of Europe 20 19 3,246 3,081 ● Middle East * 28 26 8,759 7,805 The

66. Slide 66: CDL Hospitality Trusts – Trading Performance

    CDL Hospitality Trusts Trading Performance 1H 2017 1H 2016 S$’000 Change S$’000 S$’000 Gross Revenue 94,249 87,123 8.2% Net Property 70,778 65,034 8.8% Income (NPI) Gross revenue and NPI increased mainly due to:  Inorganic contribution from The Lowry Hotel, which Grand Millennium Auckland was acqui

67. Slide 67: Portfolio Growth through Strategic Acquisitions in 1H 2017

    CDL Hospitality Trusts Portfolio Growth through Strategic Acquisitions in 1H 2017 No. of Property Property Location Tenure Rooms Price The Lowry Hotel Leasehold interest / Iconic 5-star luxury hotel located in proximity to the Manchester, UK 165 £52.5 million 130 years heart of Manchester city centr

68. Slide 68: Latest Acquisition – 94.5% Stake in Munich 4-star Hotel

    CDL Hospitality Trusts Latest Acquisition – 94.5% stake in Munich 4-star Hotel for €98.9 million Pullman Hotel Munich – Munich, Germany  Acquisition completed on 14 July 2017 – marks CDLHT’s maiden entry into Germany  Total cost of €100.6 million, comprising property price of €98.9 million and pay

69. Slide 69: Disclaimer

    Disclaimer: 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

70. Slide 70: Gramercy Park, Singapore

    Gramercy Park, Singapore www.cdl.com.sg

City Developments — H1 2017 Earnings Presentation on 6ix