CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 8 9 T R A N S F O R M A T I O N M Social Hotel Paris Opera I Paris, France Enhancing efficiencies through asset reviews ACTIVE CAPITAL RECYCLING FOCUS Unlock deep value of investment assets with KRW1.1 TRILLION divestment of Millennium Hilton Seoul & adjoining land GLOBAL HOSPITALITY PORTFOLIO >130 HOTELS, >40,000 ROOMS HOTEL REPOSITIONING Completed 2 asset refurbishments: M SOCIAL HOTEL TIMES SQUARE NEW YORK First M Social property in the US M SOCIAL HOTEL PARIS OPERA First M Social property in Europe PORTFOLIO RESTRUCTURING - AS A COMMITTED SPONSOR & LARGEST UNITHOLDER OF CDLHT Proposed special distribution in specie of 144.3 MILLION STAPLED SECURITIES in CDL Hospitality Trusts (CDLHT) on a pro-rata basis to reward shareholders and unlock value through accounting deconsolidation Following our privatisation of Millennium& Copthorne Hotels Limited (M&C) in 2019, we have undertaken a holistic reviewof our hospitality portfolio to recycle capital, reposition assets and reorganise processes for synergies. We have since made several opportunistic asset divestments to unlock value and reallocate capital for growth, including the strategic divestment of Millennium Hilton Seoul which completed on 24 February 2022. In 2021, we also completed the refurbishment of two hotel assets in the US and Europe –M Social Hotel Times Square New York and M Social Hotel Paris Opera – which reopened in May and September respectively. With the hospitality sector on the cusp of an imminent rebound, led by pent-up demand for tourism and corporate travel, our hotels are well-positioned to ride a new growth trajectory. REBALANCING PORTFOLIOS
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