Insider Trades

Remarks
The interests held by EasternGate SPC for and on behalf of EasternGate Opportunities Fund 17 SP were transferred to EasternGate Investments VCC on behalf of EasternGate Opportunities Fund 17 SF

Amount of consideration paid or received by Substantial Shareholders/Unitholders (excluding brokerage and stamp duties): Approx US$27.5m (based on market value of the units as at 18 Jan 2021)

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 53977000 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.50000000 (Deemed Interest)

Acquired the interest formerly held by EasternGate SPC for and on behalf of EasternGate Opportunities Fund 17 SP

Remarks
The interests held by EasternGate SPC for and on behalf of EasternGate Opportunities Fund 17 SP were transferred to EasternGate Investments VCC on behalf of EasternGate Opportunities Fund 17 SF

Amount of consideration paid or received by Substantial Shareholders/Unitholders (excluding brokerage and stamp duties): Approx US$27.5m (based on market value of the units as at 18 Jan 2021)

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.00000000 (Deemed Interest)

The interests held on behalf of EasternGate SPC for and on behalf of EasternGate Opportunities Fund 17 SP were transferred to EasternGate Investments VCC on behalf of EasternGate Opportunities Fund 17 SF

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 56664514 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.99000000 (Deemed Interest)

ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") is a wholly-owned subsidiary of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn is a wholly-owned subsidiary of ARA Asset Management Limited, which in turn is a wholly-owned subsidiary of ARA Investment (Cayman) Limited, which in turn is a wholly-owned subsidiary of ARA Asset Management Holdings Pte. Ltd.. ARA Asset Management Limited also holds 100% of the shares of each of ARA Trust Management (USH) Pte. Ltd. and ARA Business Trust Management (USH) Pte. Ltd. (together, the "Managers").

Straits Equities Holdings (One) Pte. Ltd. in turn holds 20.95% of the voting rights of ARA Asset Management Holdings Pte. Ltd..

The Straits Trading Company Limited holds 100% of the voting rights of Straits Equities Holdings (One) Pte. Ltd.

The Cairns Pte. Ltd. ("Cairns") holds more than 50 per cent. of the voting rights of The Straits Trading Company Limited.

Each of Tecity Pte. Ltd ("Tecity") and Tan Chin Tuan Pte. Ltd. ("TCT") holds not less than 20 per cent. of the voting rights of Cairns.

Dr Tan Kheng Lian holds more than 50 per cent. of the voting rights of TCT.

By virtue of the foregoing, each of Tecity, TCT and Dr Tan Kheng Lian has a deemed interest to the Sponsor's and Managers' interest in the Stapled Securities.

Mellford Pte. Ltd. has a direct interest in 2,542,600 Stapled Securities.

Each of Tecity and TCT holds not less than 20 per cent. of the voting rights of Mellford Pte. Ltd.. Dr Tan Kheng Lian holds more than 50 per cent. of the voting rights of TCT.

By virtue of the foregoing, each of Tecity, TCT and Dr Tan Kheng Lian also holds a deemed interest in Stapled Securities held by Mellford Pte. Ltd.. Together with their other deemed interest in the Stapled Securities held by the Sponsor and Managers, Tecity , TCT and Dr Tan Kheng Lian hold an aggregate deemed interest in 56,664,514 Stapled Securities.

The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA H-REIT and ARA H-BT. Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd..

The percentage of stapled securityholding set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.

In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 56664514 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.99000000 (Deemed Interest)

ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") is a wholly-owned subsidiary of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn is a wholly-owned subsidiary of ARA Asset Management Limited, which in turn is a wholly-owned subsidiary of ARA Investment (Cayman) Limited, which in turn is a wholly-owned subsidiary of ARA Asset Management Holdings Pte. Ltd.. ARA Asset Management Limited also holds 100% of the shares of each of ARA Trust Management (USH) Pte. Ltd. and ARA Business Trust Management (USH) Pte. Ltd. (together, the "Managers").

Straits Equities Holdings (One) Pte. Ltd. in turn holds 20.95% of the voting rights of ARA Asset Management Holdings Pte. Ltd..

The Straits Trading Company Limited holds 100% of the voting rights of Straits Equities Holdings (One) Pte. Ltd.

The Cairns Pte. Ltd. ("Cairns") holds more than 50 per cent. of the voting rights of The Straits Trading Company Limited.

Each of Tecity Pte. Ltd ("Tecity") and Tan Chin Tuan Pte. Ltd. ("TCT") holds not less than 20 per cent. of the voting rights of Cairns.

Dr Tan Kheng Lian holds more than 50 per cent. of the voting rights of TCT.

By virtue of the foregoing, each of Tecity, TCT and Dr Tan Kheng Lian has a deemed interest to the Sponsor's and Managers' interest in the Stapled Securities.

Mellford Pte. Ltd. has a direct interest in 2,542,600 Stapled Securities.

Each of Tecity and TCT holds not less than 20 per cent. of the voting rights of Mellford Pte. Ltd.. Dr Tan Kheng Lian holds more than 50 per cent. of the voting rights of TCT.

By virtue of the foregoing, each of Tecity, TCT and Dr Tan Kheng Lian also holds a deemed interest in Stapled Securities held by Mellford Pte. Ltd.. Together with their other deemed interest in the Stapled Securities held by the Sponsor and Managers, Tecity , TCT and Dr Tan Kheng Lian hold an aggregate deemed interest in 56,664,514 Stapled Securities.

The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA H-REIT and ARA H-BT. Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd..

The percentage of stapled securityholding set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.

In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 56664514 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.99000000 (Deemed Interest)

ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") is a wholly-owned subsidiary of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn is a wholly-owned subsidiary of ARA Asset Management Limited, which in turn is a wholly-owned subsidiary of ARA Investment (Cayman) Limited, which in turn is a wholly-owned subsidiary of ARA Asset Management Holdings Pte. Ltd.. ARA Asset Management Limited also holds 100% of the shares of each of ARA Trust Management (USH) Pte. Ltd. and ARA Business Trust Management (USH) Pte. Ltd. (together, the "Managers").

Straits Equities Holdings (One) Pte. Ltd. in turn holds 20.95% of the voting rights of ARA Asset Management Holdings Pte. Ltd..

The Straits Trading Company Limited holds 100% of the voting rights of Straits Equities Holdings (One) Pte. Ltd.

The Cairns Pte. Ltd. ("Cairns") holds more than 50 per cent. of the voting rights of The Straits Trading Company Limited.

Each of Tecity Pte. Ltd ("Tecity") and Tan Chin Tuan Pte. Ltd. ("TCT") holds not less than 20 per cent. of the voting rights of Cairns.

Dr Tan Kheng Lian holds more than 50 per cent. of the voting rights of TCT.

By virtue of the foregoing, each of Tecity, TCT and Dr Tan Kheng Lian has a deemed interest to the Sponsor's and Managers' interest in the Stapled Securities.

Mellford Pte. Ltd. has a direct interest in 2,542,600 Stapled Securities.

Each of Tecity and TCT holds not less than 20 per cent. of the voting rights of Mellford Pte. Ltd.. Dr Tan Kheng Lian holds more than 50 per cent. of the voting rights of TCT.

By virtue of the foregoing, each of Tecity, TCT and Dr Tan Kheng Lian also holds a deemed interest in Stapled Securities held by Mellford Pte. Ltd.. Together with their other deemed interest in the Stapled Securities held by the Sponsor and Managers, Tecity , TCT and Dr Tan Kheng Lian hold an aggregate deemed interest in 56,664,514 Stapled Securities.

The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd..

The percentage of stapled security holding set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.

In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 41500000 (Direct Interest); 54621914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 7.31000000 (Direct Interest); 9.63000000 (Deemed Interest)

Lim Hwee Chiang holds 100% of the shares in JL Investment Group Limited ("JLIG") and in JL Investment Group II Limited ("JLIG II"). Lim Hwee Chiang holds 19.85% of the shares of ARA Asset Management Holdings Pte. Ltd. ("ARA Holdings") through JLIG and has on 2 June 2020 acquired shares in ARA Holdings through JLIG II (the "ARA Shares") which resulted in Lim Hwee Chiang holding more than 20.0% interest in ARA Holdings.

ARA Holdings holds 100% of the shares of ARA Investment (Cayman) Limited, which in turn holds 100% of the shares of ARA Asset Management Limited. ARA Asset Management Limited holds 100% of the shares of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn holds 100% of the shares in ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor"). ARA Asset Management Limited also holds 100% of the shares of each of ARA Trust Management (USH) Pte. Ltd. and ARA Business Trust Management (USH) Pte. Ltd. (together, the "Managers").

Accordingly, Lim Hwee Chiang is therefore deemed to be interested in the stapled securities in ARA US Hospitality Trust (the "Stapled Securities") held by the Sponsor and the Managers.

Apart from the deemed interest in the Stapled Securities arising from the transaction described above, Lim Hwee Chiang also holds 7.31% of the stapled securities in ARA US Hospitality Trust directly, and has a deemed interest in 0.088% of the stapled securities in ARA US Hospitality Trust held by JL Philanthropy Ltd. The beneficiary of JL Philanthropy Ltd is JL Charitable Settlement and Lim Hwee Chiang is the settlor of JL Charitable Settlement.

The percentage of unitholding set out above is calculated on the basis of 567,342,368 Stapled Securities in issue as at 2 June 2020.

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA HREIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA HREIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager").

The consideration paid by Lim Hwee Chiang is in relation to the acquisition of ARA Shares by JLIG II. There is no specific consideration paid by Lim Hwee Chiang for the acquisition of the stapled securities in ARA US Hospitality Trust.

In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. was the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters.

Remarks
Disposal of Securities via off-market transaction (e.g. married deals)

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.00000000 (Deemed Interest)

AVICT Dragon Holdings Limited ("AVICT Dragon"), which previously held a 20.48% interest in ARA Asset Management Holdings Pte Ltd ("ARA Holdings"), has on 22 May 2020 sold all its shares in ARA Holdings.

ARA Holdings holds 100% of the shares of ARA Investment (Cayman) Limited, which in turn holds 100% of the shares of ARA Asset Management Limited. ARA Asset Management Limited holds 100% of the shares of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn holds 100% of the shares in ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor").

AVICT Dragon was previously a substantial unitholder of ARA US Hospitality Trust by virtue of its deemed interest in the stapled securities in ARA US Hospitality Trust (the "Stapled Securities") held by the Sponsor.

Following the sale by AVICT Dragon of all its shares in ARA Holdings, AVICT Dragon has ceased to be a substantial unitholder of ARA US Hospitality Trust.

The percentage of unitholding set out above is calculated on the basis of 567,342,368 Stapled Securities in issue as at 22 May 2020.

AVICT Phoenix Holdings Limited ("AVICT Phoenix") holds more than 50 per cent. of the voting rights of AVICT Dragon.

AVIC Trust Co., Ltd. ("AVIC Trust") holds more than 50 per cent. of the voting rights of AVICT Phoenix.

China Aviation Investment Holdings Co., Ltd. ("China Aviation") holds more than 50 per cent. of the voting rights of AVIC Trust.

AVIC Capital Co., Ltd ("AVIC Capital") holds more than 50 per cent. of the voting rights of China Aviation.

Aviation Industry Corporation of China ("AVIC") holds more than 20 per cent. of the voting rights of AVIC Capital.

AVIC is wholly-owned by the Central State-Owned Assets Supervision and Administration Commission of the People's Republic of China.

By virtue of the above, AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC have each also ceased to be a substantial unitholder of ARA US Hospitality Trust.

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA HREIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA HREIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager").

The consideration received by AVICT Dragon is in relation to its sale of shares in ARA Holdings. There is no specific consideration received by AVICT Dragon or by each of AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC for the disposal of the stapled securities in ARA US Hospitality Trust.

In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. was the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters.

Remarks
Disposal of Securities via off-market transaction (e.g. married deals)

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.00000000 (Deemed Interest)

AVICT Dragon Holdings Limited ("AVICT Dragon"), which previously held a 20.48% interest in ARA Asset Management Holdings Pte Ltd ("ARA Holdings"), has on 22 May 2020 sold all its shares in ARA Holdings.

ARA Holdings holds 100% of the shares of ARA Investment (Cayman) Limited, which in turn holds 100% of the shares of ARA Asset Management Limited. ARA Asset Management Limited holds 100% of the shares of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn holds 100% of the shares in ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor").

AVICT Dragon was previously a substantial unitholder of ARA US Hospitality Trust by virtue of its deemed interest in the stapled securities in ARA US Hospitality Trust (the "Stapled Securities") held by the Sponsor.

Following the sale by AVICT Dragon of all its shares in ARA Holdings, AVICT Dragon has ceased to be a substantial unitholder of ARA US Hospitality Trust.

The percentage of unitholding set out above is calculated on the basis of 567,342,368 Stapled Securities in issue as at 22 May 2020.

AVICT Phoenix Holdings Limited ("AVICT Phoenix") holds more than 50 per cent. of the voting rights of AVICT Dragon.

AVIC Trust Co., Ltd. ("AVIC Trust") holds more than 50 per cent. of the voting rights of AVICT Phoenix.

China Aviation Investment Holdings Co., Ltd. ("China Aviation") holds more than 50 per cent. of the voting rights of AVIC Trust.

AVIC Capital Co., Ltd ("AVIC Capital") holds more than 50 per cent. of the voting rights of China Aviation.

Aviation Industry Corporation of China ("AVIC") holds more than 20 per cent. of the voting rights of AVIC Capital.

AVIC is wholly-owned by the Central State-Owned Assets Supervision and Administration Commission of the People's Republic of China.

By virtue of the above, AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC have each also ceased to be a substantial unitholder of ARA US Hospitality Trust.

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA HREIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA HREIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager").

The consideration received by AVICT Dragon is in relation to its sale of shares in ARA Holdings. There is no specific consideration received by AVICT Dragon or by each of AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC for the disposal of the stapled securities in ARA US Hospitality Trust.

In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. was the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters.

Remarks
Disposal of Securities via off-market transaction (e.g. married deals)

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.00000000 (Deemed Interest)

AVICT Dragon Holdings Limited ("AVICT Dragon"), which previously held a 20.48% interest in ARA Asset Management Holdings Pte Ltd ("ARA Holdings"), has on 22 May 2020 sold all its shares in ARA Holdings.

ARA Holdings holds 100% of the shares of ARA Investment (Cayman) Limited, which in turn holds 100% of the shares of ARA Asset Management Limited. ARA Asset Management Limited holds 100% of the shares of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn holds 100% of the shares in ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor").

AVICT Dragon was previously a substantial unitholder of ARA US Hospitality Trust by virtue of its deemed interest in the stapled securities in ARA US Hospitality Trust (the "Stapled Securities") held by the Sponsor.

Following the sale by AVICT Dragon of all its shares in ARA Holdings, AVICT Dragon has ceased to be a substantial unitholder of ARA US Hospitality Trust.

The percentage of unitholding set out above is calculated on the basis of 567,342,368 Stapled Securities in issue as at 22 May 2020.

AVICT Phoenix Holdings Limited ("AVICT Phoenix") holds more than 50 per cent. of the voting rights of AVICT Dragon.

AVIC Trust Co., Ltd. ("AVIC Trust") holds more than 50 per cent. of the voting rights of AVICT Phoenix.

China Aviation Investment Holdings Co., Ltd. ("China Aviation") holds more than 50 per cent. of the voting rights of AVIC Trust.

AVIC Capital Co., Ltd ("AVIC Capital") holds more than 50 per cent. of the voting rights of China Aviation.

Aviation Industry Corporation of China ("AVIC") holds more than 20 per cent. of the voting rights of AVIC Capital.

AVIC is wholly-owned by the Central State-Owned Assets Supervision and Administration Commission of the People's Republic of China.

By virtue of the above, AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC have each also ceased to be a substantial unitholder of ARA US Hospitality Trust.

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA HREIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA HREIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager").

The consideration received by AVICT Dragon is in relation to its sale of shares in ARA Holdings. There is no specific consideration received by AVICT Dragon or by each of AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC for the disposal of the stapled securities in ARA US Hospitality Trust.

In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. was the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters.

Remarks
Disposal of Securities via off-market transaction (e.g. married deals)

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.00000000 (Deemed Interest)

AVICT Dragon Holdings Limited ("AVICT Dragon"), which previously held a 20.48% interest in ARA Asset Management Holdings Pte Ltd ("ARA Holdings"), has on 22 May 2020 sold all its shares in ARA Holdings.

ARA Holdings holds 100% of the shares of ARA Investment (Cayman) Limited, which in turn holds 100% of the shares of ARA Asset Management Limited. ARA Asset Management Limited holds 100% of the shares of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn holds 100% of the shares in ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor").

AVICT Dragon was previously a substantial unitholder of ARA US Hospitality Trust by virtue of its deemed interest in the stapled securities in ARA US Hospitality Trust (the "Stapled Securities") held by the Sponsor.

Following the sale by AVICT Dragon of all its shares in ARA Holdings, AVICT Dragon has ceased to be a substantial unitholder of ARA US Hospitality Trust.

The percentage of unitholding set out above is calculated on the basis of 567,342,368 Stapled Securities in issue as at 22 May 2020.

AVICT Phoenix Holdings Limited ("AVICT Phoenix") holds more than 50 per cent. of the voting rights of AVICT Dragon.

AVIC Trust Co., Ltd. ("AVIC Trust") holds more than 50 per cent. of the voting rights of AVICT Phoenix.

China Aviation Investment Holdings Co., Ltd. ("China Aviation") holds more than 50 per cent. of the voting rights of AVIC Trust.

AVIC Capital Co., Ltd ("AVIC Capital") holds more than 50 per cent. of the voting rights of China Aviation.

Aviation Industry Corporation of China ("AVIC") holds more than 20 per cent. of the voting rights of AVIC Capital.

AVIC is wholly-owned by the Central State-Owned Assets Supervision and Administration Commission of the People's Republic of China.

By virtue of the above, AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC have each also ceased to be a substantial unitholder of ARA US Hospitality Trust.

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA HREIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA HREIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager").

The consideration received by AVICT Dragon is in relation to its sale of shares in ARA Holdings. There is no specific consideration received by AVICT Dragon or by each of AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC for the disposal of the stapled securities in ARA US Hospitality Trust.

In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. was the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters.

Remarks
Disposal of Securities via off-market transaction (e.g. married deals)

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.00000000 (Deemed Interest)

AVICT Dragon Holdings Limited ("AVICT Dragon"), which previously held a 20.48% interest in ARA Asset Management Holdings Pte Ltd ("ARA Holdings"), has on 22 May 2020 sold all its shares in ARA Holdings.

ARA Holdings holds 100% of the shares of ARA Investment (Cayman) Limited, which in turn holds 100% of the shares of ARA Asset Management Limited. ARA Asset Management Limited holds 100% of the shares of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn holds 100% of the shares in ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor").

AVICT Dragon was previously a substantial unitholder of ARA US Hospitality Trust by virtue of its deemed interest in the stapled securities in ARA US Hospitality Trust (the "Stapled Securities") held by the Sponsor.

Following the sale by AVICT Dragon of all its shares in ARA Holdings, AVICT Dragon has ceased to be a substantial unitholder of ARA US Hospitality Trust.

The percentage of unitholding set out above is calculated on the basis of 567,342,368 Stapled Securities in issue as at 22 May 2020.

AVICT Phoenix Holdings Limited ("AVICT Phoenix") holds more than 50 per cent. of the voting rights of AVICT Dragon.

AVIC Trust Co., Ltd. ("AVIC Trust") holds more than 50 per cent. of the voting rights of AVICT Phoenix.

China Aviation Investment Holdings Co., Ltd. ("China Aviation") holds more than 50 per cent. of the voting rights of AVIC Trust.

AVIC Capital Co., Ltd ("AVIC Capital") holds more than 50 per cent. of the voting rights of China Aviation.

Aviation Industry Corporation of China ("AVIC") holds more than 20 per cent. of the voting rights of AVIC Capital.

AVIC is wholly-owned by the Central State-Owned Assets Supervision and Administration Commission of the People's Republic of China.

By virtue of the above, AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC have each also ceased to be a substantial unitholder of ARA US Hospitality Trust.

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA HREIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA HREIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager").

The consideration received by AVICT Dragon is in relation to its sale of shares in ARA Holdings. There is no specific consideration received by AVICT Dragon or by each of AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC for the disposal of the stapled securities in ARA US Hospitality Trust.

In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. was the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters.

Remarks
Disposal of Securities via off-market transaction (e.g. married deals)

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.00000000 (Deemed Interest)

AVICT Dragon Holdings Limited ("AVICT Dragon"), which previously held a 20.48% interest in ARA Asset Management Holdings Pte Ltd ("ARA Holdings"), has on 22 May 2020 sold all its shares in ARA Holdings.

ARA Holdings holds 100% of the shares of ARA Investment (Cayman) Limited, which in turn holds 100% of the shares of ARA Asset Management Limited. ARA Asset Management Limited holds 100% of the shares of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn holds 100% of the shares in ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor").

AVICT Dragon was previously a substantial unitholder of ARA US Hospitality Trust by virtue of its deemed interest in the stapled securities in ARA US Hospitality Trust (the "Stapled Securities") held by the Sponsor.

Following the sale by AVICT Dragon of all its shares in ARA Holdings, AVICT Dragon has ceased to be a substantial unitholder of ARA US Hospitality Trust.

The percentage of unitholding set out above is calculated on the basis of 567,342,368 Stapled Securities in issue as at 22 May 2020.

AVICT Phoenix Holdings Limited ("AVICT Phoenix") holds more than 50 per cent. of the voting rights of AVICT Dragon.

AVIC Trust Co., Ltd. ("AVIC Trust") holds more than 50 per cent. of the voting rights of AVICT Phoenix.

China Aviation Investment Holdings Co., Ltd. ("China Aviation") holds more than 50 per cent. of the voting rights of AVIC Trust.

AVIC Capital Co., Ltd ("AVIC Capital") holds more than 50 per cent. of the voting rights of China Aviation.

Aviation Industry Corporation of China ("AVIC") holds more than 20 per cent. of the voting rights of AVIC Capital.

AVIC is wholly-owned by the Central State-Owned Assets Supervision and Administration Commission of the People's Republic of China.

By virtue of the above, AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC have each also ceased to be a substantial unitholder of ARA US Hospitality Trust.

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA HREIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA HREIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager").

The consideration received by AVICT Dragon is in relation to its sale of shares in ARA Holdings. There is no specific consideration received by AVICT Dragon or by each of AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital, and AVIC for the disposal of the stapled securities in ARA US Hospitality Trust.

In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. was the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters.

Remarks
Acquisition of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 50000 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00881000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.

The percentage of stapled securityholdings set out above is calculated on the basis of 567,342,368 outstanding Stapled Securities in issue as at 12 March 2020.

DBS Bank Ltd. was the Sole Issue Manager for the Offering. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators for the Offering. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters for the Offering.

Remarks
Acquisition of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 550000 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.09690000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.

The percentage of stapled securityholdings set out above is calculated on the basis of 567,342,368 outstanding Stapled Securities in issue as at 12 March 2020.

DBS Bank Ltd. was the Sole Issue Manager for the Offering. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators for the Offering. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters for the Offering.

Remarks
Acquisition of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 30000 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00529000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd..

The percentage of stapled securityholdings set out above is calculated on the basis of 567,342,368 outstanding Stapled Securities in issue as at 03 March 2020.

DBS Bank Ltd. was the Sole Issue Manager for the Offering. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators for the Offering. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters for the Offering.

Remarks
Acquisition of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 15000 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00264000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd. The percentage of stapled securityholdings set out above is calculated on the basis of 567,342,368 outstanding Stapled Securities in issue as at 27 February 2020. DBS Bank Ltd. was the Sole Issue Manager for the Offering. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators for the Offering. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters for the Offering.

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer Immediately after the transaction

No. of ordinary voting shares/units held: 185957 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.03280000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The Managers have announced the issuance of an aggregate of 371,852 new Stapled Securities on 25 February 2020 for the payment of the base fee component of the REIT management fee and the Trustee-Manager management fee by way of issue of new Stapled Securities. The 371,852 new Stapled Securities comprise: (a) 185,926 Stapled Securities payable to the REIT Manager as payment of the base fee component of the REIT management fee; and (b) 185,926 Stapled Securities payable to the Trustee-Manager as payment of the base fee component of the Trustee-Manager management fee. The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 567,342,368 Stapled Securities in issue as at 25 February 2020. DBS Bank Ltd. was the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer Immediately after the transaction

No. of ordinary voting shares/units held: 185957 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.03280000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The Managers have announced the issuance of an aggregate of 371,852 new Stapled Securities on 25 February 2020 for the payment of the base fee component of the REIT management fee and the Trustee-Manager management fee by way of issue of new Stapled Securities. The 371,852 new Stapled Securities comprise: (a) 185,926 Stapled Securities payable to the REIT Manager as payment of the base fee component of the REIT management fee; and (b) 185,926 Stapled Securities payable to the Trustee-Manager as payment of the base fee component of the Trustee-Manager management fee. The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 567,342,368 Stapled Securities in issue as at 25 February 2020. DBS Bank Ltd. was the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited were the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited were the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Disposal of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 31 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,970,516 Stapled Securities in issue as at 10 December 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Disposal of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 104531 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.01840000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,970,516 Stapled Securities in issue as at 9 December 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Disposal of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 31 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,970,516 Stapled Securities in issue as at 10 December 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Disposal of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 121531 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.02140000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,970,516 Stapled Securities in issue as at 6 December 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Disposal of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 128331 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.02260000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,970,516 Stapled Securities in issue as at 5 December 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Disposal of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 130531 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.02300000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,970,516 Stapled Securities in issue as at 3 December 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer Immediately after the transaction

No. of ordinary voting shares/units held: 302931 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.05340000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The Mangers have announced the issuance of an aggregate of 605,862 new Stapled Securities on 13 November 2019 for the payment of the base fee component of the REIT management fee and the Trustee-Manager management fee by way of issue of new Stapled Securities. The 605,862 new Stapled Securities comprise: (a) 302,931 Stapled Securities payable to the REIT Manager as payment of the base fee component of the REIT management fee; and (b) 302,931 Stapled Securities payable to the Trustee-Manager as payment of the base fee component of the Trustee-Manager management fee. The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,970,516 Stapled Securities in issue as at 13 November 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer Immediately after the transaction

No. of ordinary voting shares/units held: 302931 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.05340000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The Mangers have announced the issuance of an aggregate of 605,862 new Stapled Securities on 13 November 2019 for the payment of the base fee component of the REIT management fee and the Trustee-Manager management fee by way of issue of new Stapled Securities. The 605,862 new Stapled Securities comprise: (a) 302,931 Stapled Securities payable to the REIT Manager as payment of the base fee component of the REIT management fee; and (b) 302,931 Stapled Securities payable to the Trustee-Manager as payment of the base fee component of the Trustee-Manager management fee. The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,970,516 Stapled Securities in issue as at 13 November 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Disposal of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,364,654 Stapled Securities in issue as at 19 September 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Disposal of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 54 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00001000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,364,654 Stapled Securities in issue as at 19 September 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Disposal of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 158527 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.02800000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,364,654 Stapled Securities in issue as at 20 August 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Disposal of Securities via market transaction Immediately after the transaction

No. of ordinary voting shares/units held: 223427 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.03940000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,364,654 Stapled Securities in issue as at 19 August 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer Immediately after the transaction

No. of ordinary voting shares/units held: 227827 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.04020000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The Mangers have announced the issuance of an aggregate of 455,654 new Stapled Securities on 30 July 2019 for the payment of the base fee component of the REIT management fee and the Trustee-Manager management fee by way of issue of new Stapled Securities. The 455,654 new Stapled Securities comprise: (a) 227,827 Stapled Securities payable to the REIT Manager as payment of the base fee component of the REIT management fee; and (b) 227,827 Stapled Securities payable to the Trustee-Manager as payment of the base fee component of the Trustee-Manager management fee. The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,364,654 Stapled Securities in issue as at 30 July 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Acquisition of Securities as part of management, acquisition and/or divestment fees paid by the Listed Issuer Immediately after the transaction

No. of ordinary voting shares/units held: 227827 (Direct Interest); 0 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.04020000 (Direct Interest); 0.00000000 (Deemed Interest)

The Listed Issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. (the "REIT Manager") while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.(the "Trustee-Manager"). The Mangers have announced the issuance of an aggregate of 455,654 new Stapled Securities on 30 July 2019 for the payment of the base fee component of the REIT management fee and the Trustee-Manager management fee by way of issue of new Stapled Securities. The 455,654 new Stapled Securities comprise: (a) 227,827 Stapled Securities payable to the REIT Manager as payment of the base fee component of the REIT management fee; and (b) 227,827 Stapled Securities payable to the Trustee-Manager as payment of the base fee component of the Trustee-Manager management fee. The percentage of stapled securityholdings "immediately after the transaction" are each computed based on 566,364,654 Stapled Securities in issue as at 30 July 2019. DBS Bank Ltd. is the Sole Issue Manager for the Offering (the "Sole Issue Manager"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators for the Offering (collectively, the "Joint Financial Advisers and Joint Global Coordinators"). DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters for the Offering (collectively, the "Joint Bookrunners and Underwriters").

Remarks
Acquisition of Securities via off-market transaction (e.g. married deals) Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 53750000 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.50000000 (Deemed Interest)

The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.. The percentage of stapled securityholding set out above is calculated on the basis of 565,909,000 Stapled Securities currently in issue. In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.

Remarks
Acquisition of Securities via off-market transaction (e.g. married deals) Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 53750000 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.50000000 (Deemed Interest)

The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.. The percentage of stapled securityholding set out above is calculated on the basis of 565,909,000 Stapled Securities currently in issue. In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.

Remarks
Acquisition of Securities via off-market transaction (e.g. married deals) Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 53750000 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.50000000 (Deemed Interest)

ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") is a wholly-owned subsidiary of ARA RE Investment Group (Singapore) Pte. Ltd., which in turn is a wholly-owned subsidiary of ARA Asset Management Limited, which in turn is a wholly-owned subsidiary of ARA Investment (Cayman) Limited, which in turn is a wholly-owned subsidiary of ARA Asset Management Holdings Pte. Ltd.. AVICT Dragon Holdings Limited ("AVICT Dragon") holds more than 20 per cent. of the voting rights of ARA Asset Management Holdings Pte. Ltd.. AVICT Phoenix Holdings Limited ("AVICT Phoenix") holds more than 50 per cent. of the voting rights of AVICT Dragon. AVIC Trust Co., Ltd. ("AVIC Trust") holds more than 50 per cent. of the voting rights of AVICT Phoenix. China Aviation Investment Holdings Co., Ltd. ("China Aviation") holds more than 50 per cent. of the voting rights of AVIC Trust. AVIC Capital Co., Ltd ("AVIC Capital") holds more than 50 per cent. of the voting rights of China Aviation. Aviation Industry Corporation of China ("AVIC") holds more than 20 per cent. of the voting rights of AVIC Capital. AVIC is wholly-owned by the Central State-Owned Assets Supervision and Administration Commission of the People's Republic of China. By virtue of the foregoing, each of AVICT Dragon, AVICT Phoenix, AVIC Trust, China Aviation, AVIC Capital and AVIC has a deemed interest in the Sponsor's interest in the Stapled Securities. The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd. The percentage of stapled securityholding set out above is calculated on the basis of 565,909,000 Stapled Securities currently in issue. In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.

Remarks
Acquisition of Securities via off-market transaction (e.g. married deals) Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 53750000 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.50000000 (Deemed Interest)

The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.. The percentage of stapled securityholding set out above is calculated on the basis of 565,909,000 Stapled Securities currently in issue. In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.

Remarks
Acquisition of Securities via off-market transaction (e.g. married deals) Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 53750000 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.50000000 (Deemed Interest)

The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.. The percentage of stapled securityholding set out above is calculated on the basis of 565,909,000 Stapled Securities currently in issue. In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.

Remarks
Acquisition of Securities via off-market transaction (e.g. married deals) Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 53750000 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.50000000 (Deemed Interest)

The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.. The percentage of stapled securityholding set out above is calculated on the basis of 565,909,000 Stapled Securities currently in issue. In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.

Remarks
Acquisition of Securities via off-market transaction (e.g. married deals) Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 53750000 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 9.50000000 (Deemed Interest)

The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.. The percentage of stapled securityholding set out above is calculated on the basis of 565,909,000 Stapled Securities currently in issue. In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.

Remarks
Acquisition of Securities via off-market transaction (e.g. married deals) Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 58149500 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 10.28000000 (Deemed Interest)

The listed issuer, ARA US Hospitality Trust, is a stapled group comprising ARA US Hospitality Property Trust ("ARA H-REIT") and ARA US Hospitality Management Trust ("ARA H-BT"). Each Stapled Security comprises one unit in ARA H-REIT stapled to one unit in ARA H-BT. ARA H-REIT is managed by ARA Trust Management (USH) Pte. Ltd. while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd.. The percentage of stapled securityholding set out above is calculated on the basis of 565,909,000 Stapled Securities currently in issue. In connection with the initial public offering of ARA US Hospitality Trust, DBS Bank Ltd. is the Sole Issue Manager. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited are the Joint Financial Advisers and Joint Global Coordinators. DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and Credit Suisse (Singapore) Limited are the Joint Bookrunners and Underwriters.