Insider Trades

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: 886038 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.15570000 (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" and, together with the REIT Manager, the "Managers").

In accordance with the respective Trust Deeds and the Stapling Deed, the Managers are entitled to base management fees equivalent to 10% of the distributable income of ARA US Hospitality Trust ("ARA H-Trust") and the Managers may elect from time to time to receive their base management fees in the form of cash and/or stapled securities. For the distribution period from 1 January 2022 to 30 June 2022, the base management fees are US$943,000 and the Managers have elected to receive 50% of such fees in stapled securities.

Base management fees paid to the Managers in the form of 1,011,720 new Stapled Securities comprise:
(a) 505,860 Stapled Securities payable to the REIT Manager ; and
(b) 505,860 Stapled Securities payable to the Trustee-Manager.

Total number of Stapled Securities used in the computation of the percentage interest immediately before and after the transaction above are 568,187,610, and 569,199,330 respectively.

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: 928538 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.16310000 (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" and, together with the REIT Manager, the "Managers").

In accordance with the respective Trust Deeds and the Stapling Deed, the Managers are entitled to base management fees equivalent to 10% of the distributable income of ARA US Hospitality Trust ("ARA H-Trust") and the Managers may elect from time to time to receive their base management fees in the form of cash and/or stapled securities. For the distribution period from 1 January 2022 to 30 June 2022, the base management fees are US$943,000 and the Managers have elected to receive 50% of such fees in stapled securities.

Base management fees paid to the Managers in the form of 1,011,720 new Stapled Securities comprise:
(a) 505,860 Stapled Securities payable to the REIT Manager ; and
(b) 505,860 Stapled Securities payable to the Trustee-Manager.

Total number of Stapled Securities used in the computation of the percentage interest immediately before and after the transaction above are 568,187,610, and 569,199,330 respectively.

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 380178 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.06690000 (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" and, together with the REIT Manager, the "Managers").

The percentage of stapled securityholdings are each computed based on 568,187,610 Stapled Securities in issue as at 11 August 2022.

Remarks
Receipt of management fee units by ARA Trust Management (USH) Pte. Ltd. and ARA Business Trust Management (USH) Pte. Ltd.

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 119595356 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.05000000 (Deemed Interest)

On 1 March 2022, ARA Trust Management (USH) Pte. Ltd. and ARA Business Trust Management (USH) Pte. Ltd. each received 422,621 stapled securities in ARA US Hospitality Trust ("Stapled Securities") as payment for management fees.

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.

In addition, 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").

ARA Asset Management Limited is therefore deemed to have an interest in the Stapled Securities held by each of the Sponsor, ARA Trust Management (USH) Pte. Ltd. and ARA Business Trust Management (USH) Pte. Ltd.

ESR Cayman Ltd holds 100% of the voting shares in ARA Asset Management Limited. Accordingly, ESR Cayman Limited is deemed to have an interest in the Stapled Securities of ARA US Hospitality Trust that ARA Asset Management Limited has a deemed interest in.

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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

The total number of Stapled Securities used in the computation of the percentage interest immediately before and after the transaction above are 567,342,368, and 568,187,610 respectively.

Remarks
Receipt of management fee units by ARA Trust Management (USH) Pte. Ltd. and ARA Business Trust Management (USH) Pte. Ltd.

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 119595356 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.05000000 (Deemed Interest)

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: 422678 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.07440000 (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" and, together with the REIT Manager, the "Managers").

The Managers have announced the issuance of an aggregate of 845,242 new Stapled Securities on 1 March 2022 for the payment of 50% of the base and performance management fees payable to the REIT Manager and Trustee-Manager by way of issue of new Stapled Securities, in accordance with the Trust Deeds.

The 845,242 new Stapled Securities comprise:
(a) 422,621 Stapled Securities payable to the REIT Manager as payment of management fees; and
(b) 422,621 Stapled Securities payable to the Trustee-Manager as payment of management fees.

Total number of Stapled Securities used in the computation of the percentage interest immediately before and after the transaction above are 567,342,368, and 568,187,610 respectively.

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: 422678 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.07440000 (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" and, together with the REIT Manager, the "Managers").

The Managers have announced the issuance of an aggregate of 845,242 new Stapled Securities on 1 March 2022 for the payment of 50% of the base and performance management fees payable to the REIT Manager and Trustee-Manager by way of issue of new Stapled Securities, in accordance with the Trust Deeds.

The 845,242 new Stapled Securities comprise:
(a) 422,621 Stapled Securities payable to the REIT Manager as payment of management fees; and
(b) 422,621 Stapled Securities payable to the Trustee-Manager as payment of management fees.

Total number of Stapled Securities used in the computation of the percentage interest immediately before and after the transaction above are 567,342,368, and 568,187,610 respectively.

Remarks
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 (Direct Interest); 0 (Deemed Interest)

Remarks
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)

Further to the announcement by ESR Cayman Limited on 4 August 2021 in relation to the proposed acquisition of 100% of the issued share capital and voting power in ARA Asset Management Limited (the "Proposed ARA Acquisition"), it was announced on 20 January 2022 that ESR Cayman Limited has completed the Proposed ARA Acquisition and holds 100% of the issued shares in ARA Asset Management Limited.

Alexandrite Gem Holdings Limited ("AGHL") is indirectly wholly-owned by certain private equity funds which are limited partnerships ("the Funds") managed by Warburg Pincus LLC ("WP LLC"), a New York limited liability company. Warburg Pincus XII, L.P., a Delaware limited partnership ("WP XII GP") and Warburg Pincus China GP, L.P., a Delaware limited partnership ("WPC GP") are the general partners of the Funds.

WP Global LLC, a Delaware limited liability company ("WP Global"), is the general partner of each of WP XII GP and WPC GP.

Warburg Pincus Partners II, L.P., a Delaware limited partnership ("WPP II"), is the managing member of WP Global.

Warburg Pincus Partners GP LLC, a Delaware limited liability company ("WPP GP LLC"), is the general partner of WPP II.

Warburg Pincus & Co., a New York general partnership ("WP"), is the managing member of WPP GP LLC.

Following the completion of the Proposed ARA Acquisition, AGHL holds less than 20% of the voting shares of ESR Cayman Limited. Accordingly, each of AGHL, WP Global, WPP II, WPP GP LLC and WP is no longer deemed to have an interest in the 118,750,114 Stapled Securities of ARA US Hospitality Trust that ARA Asset Management Limited has a deemed interest in.

Total number of Stapled Securities used in the computation of percentage interest above is 567,342,368.

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.

Remarks
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 (Direct Interest); 0 (Deemed Interest)

Remarks
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)

Remarks
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)

Remarks
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)

Remarks
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)

Remarks
ESR Cayman Limited's deemed interest in the stapled securities of ARA US Hospitality Trust, arose from its acquisition of 100% of the issued share capital and voting power in ARA Asset Management Limited (the "ARA Acquisition") on 20 January 2022. Accordingly, ESR Cayman Limited will be deemed interested in the stapled securities of ARA US Hospitality Trust that ARA Asset Management Limited has a deemed interest in.

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118750114 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.93000000 (Deemed Interest)

On 20 January 2022, ESR Cayman Limited has completed the ARA Acquisition and holds 100% of the issued shares in ARA Asset Management Limited. The chain of shareholding which gives rise to ESR Cayman Limited's deemed interest in the stapled securities of ARA US Hospitality Trust ("Stapled Securities") is set out below, pursuant to the deeming provision under Section 4 of the Securities and Futures Act 2001.

ARA Real Estate Investors 23 Pte. Ltd. ("ARA 23") 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. By virtue of the foregoing, both ARA RE Investment Group (Singapore) Pte. Ltd. and ARA Asset Management Limited has a deemed interest in ARA 23's interest in the Stapled Securities.

In addition to having a deemed interest in ARA 23's interest in the Stapled Securities , 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, ARA Asset Management Limited is also deemed to be interested in the Stapled Securities held by the Managers.

ESR Cayman Limited holds 100% of the voting shares in ARA Asset Management Limited. Accordingly, ESR Cayman Limited is deemed to have an interest in the Stapled Securities of ARA US Hospitality Trust that ARA Asset Management Limited has a deemed interest in.

Total number of Stapled Securities used in the computation of percentage interest above is 567,342,368.

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. (in its capacity as manager of the REIT) while ARA H-BT is managed by ARA Business Trust Management (USH) Pte. Ltd (in its capacity as Trustee Manager of the business trust). For avoidance of doubt, we have only selected the option for "Real Estate Investment Trust" under Part I, item 2 as Form 3 does not allow both "Real Estate Investment Trust" and "Registered/Recognised Business Trust" to be ticked.

ESR Cayman Limited did not directly acquire any Stapled Securities in ARA US Hospitality Trust as a result of the ARA Acquisition. Instead, ESR Cayman Limited acquired 100% of the voting shares in ARA Asset Management Limited ("ARAAML"), and is thus deemed interested in the Stapled Securities in ARA US Hospitality Trust that ARAAML has a deemed interest in.

As part of the ARA Acquisition, ESR Cayman Limited paid US$5,192 million (in the form of cash and consideration shares) in consideration for the acquisition of 100% of the voting shares in ARAAML.

Remarks
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)

Remarks
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)

Further to the announcement by ESR Cayman Limited on 4 August 2021 in relation to the proposed acquisition of 100% of the issued share capital and voting power in ARA Asset Management Limited (the "Proposed ARA Acquisition"), it was announced on 20 January 2022 that ESR Cayman Limited has completed the Proposed ARA Acquisition and holds 100% of the issued shares in ARA Asset Management Limited.

Straits Equities Holdings (One) Pte. Ltd. ("SEH1") is a wholly-owned subsidiary of The Straits Trading Company Limited ("STC").

Following the completion of the Proposed ARA Acquisition, SEH1 holds less than 5% of the voting shares of ESR Cayman Limited. Accordingly, each of SEH1 and STC is no longer deemed to have an interest in the 118,750,114 Stapled Securities of ARA US Hospitality Trust that ARA Asset Management Limited has a deemed interest in.

Total number of Stapled Securities used in the computation of percentage interest above is 567,342,368.

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.

Remarks
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)

Remarks
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)

Remarks
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)

Remarks
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)

Remarks
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)

Remarks
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)

Further to the announcement by ESR Cayman Limited on 4 August 2021 in relation to the proposed acquisition of 100% of the issued share capital and voting power in ARA Asset Management Limited (the "Proposed ARA Acquisition"), it was announced on 20 January 2022 that ESR Cayman Limited has completed the Proposed ARA Acquisition and holds 100% of the issued shares in ARA Asset Management Limited.

Straits Equities Holdings (One) Pte. Ltd. ("SEH1") is a wholly-owned subsidiary of The Straits Trading Company Limited ("STC"). The Cairns Pte. Ltd. ("Cairns") holds more than 50% of the voting shares of STC. Each of Raffles Investments Private Limited ("Raffles"), Tecity Pte. Ltd. ("Tecity") and Tan Chin Tuan Pte. Ltd. ("TCT") holds not less than 20% of the voting shares of Cairns. Aequitas Pte. Ltd. ("Aequitas") holds more than 50% of the voting shares of Raffles. Dr Tan Kheng Lian holds more than 50% of the voting shares of TCT.

Following the completion of the Proposed ARA Acquisition, SEH1 holds less than 5% of the voting shares of ESR Cayman Limited. Accordingly, each of SEH1, STC, Cairns, Raffles, Aequitas, Tecity, TCT and Dr Tan Kheng Lian is no longer deemed to have an interest in the 118,750,114 Stapled Securities of ARA US Hospitality Trust that ARA Asset Management Limited has a deemed interest in.

Total number of Stapled Securities used in the computation of percentage interest above is 567,342,368.

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.

Remarks
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)

Remarks
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)

Further to the announcement by ESR Cayman Limited on 4 August 2021 in relation to the proposed acquisition of 100% of the issued share capital and voting power in ARA Asset Management Limited (the "Proposed ARA Acquisition"), it was announced on 20 January 2022 that ESR Cayman Limited has completed the Proposed ARA Acquisition and holds 100% of the issued shares in ARA Asset Management Limited.

ARA Asset Management Holdings Pte. Ltd. holds 100% of the voting shares of ARA Investment (Cayman) Limited.

Following the completion of the Proposed ARA Acquisition, ARA Investment (Cayman) Limited no longer holds shares in ARA Asset Management Limited. Accordingly, each of ARA Asset Management Holdings Pte. Ltd. and ARA Investment (Cayman) Limited is no longer deemed to have an interest in the 118,750,114 Stapled Securities of ARA US Hospitality Trust that ARA Asset Management Limited has a deemed interest in.

Total number of Stapled Securities used in the computation of percentage interest above is 567,342,368.

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.

Remarks
Immediately after the transaction

No. of ordinary voting shares/units held: 1500000 (Direct Interest); 500000 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.26000000 (Direct Interest); 0.09000000 (Deemed Interest)

Further to the announcement by ESR Cayman Limited on 4 August 2021 in relation to the proposed acquisition of 100% of the issued share capital and voting power in ARA Asset Management Limited (the "Proposed ARA Acquisition"), it was announced on 20 January 2022 that ESR Cayman Limited has completed the Proposed ARA Acquisition and holds 100% of the issued shares in ARA Asset Management Limited.

Following the completion of the Proposed ARA Acquisition, Mr Lim Hwee Chiang holds less than 20% of the voting shares of ESR Cayman Limited (through his ownership of 100% of the shares in JL Investment Group Limited and in JL Investment Group II Limited). Accordingly, Mr Lim Hwee Chiang is no longer deemed to have an interest in the 118,750,114 Stapled Securities of ARA US Hospitality Trust that ARA Asset Management Limited has a deemed interest in.

Total number of Stapled Securities used in the computation of percentage interest above is 567,342,368.

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.

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 57 (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 are each computed based on 567,342,368 Stapled Securities in issue as at 12 November 2021.

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: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Alexandrite Gem Holdings Limited ("AGHL") holds more than 20% of ARA Asset Management Holdings Pte. Ltd. Accordingly, AGHL is deemed interested in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

AGHL is indirectly wholly-owned by certain private equity funds which are limited partnerships ("the Funds") managed by Warburg Pincus LLC ("WP LLC"), a New York limited liability company.

Warbug Pincus XII, L.P., a Delaware limited partnership ("WP XII GP") and Warburg Pincus China GP, L.P., a Delaware limited partnership ("WPC GP") are the general partners of the Funds.

WP Global LLC, a Delaware limited liability company ("WP Global"), is the general partner of each of WP XII GP and WPC GP.

Warburg Pincus Partners II, L.P., a Delaware limited partnership ("WPP II"), is the managing member of WP Global.

Warburg Pincus Partners GP LLC, a Delaware limited liability company ("WPP GP LLC"), is the general partner of WPP II.

Warburg Pincus & Co., a New York general partnership ("WP"), is the managing member of WPP GP LLC.

Charles R. Kaye is a U.S. Citizen and Managing General Partner of WP and Managing Members and Chief Executive Officer of WP LLC and may be deemed to control the Warburg Pincus entities. Charles R. Kaye disclaims beneficial ownership of all shares held by the Warburg Pincus entities.

By virtue of the foregoing, each of WP Global, WPP II, WPP GP LLC and WP has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Alexandrite Gem Holdings Limited ("AGHL") holds more than 20% of ARA Asset Management Holdings Pte. Ltd. Accordingly, AGHL is deemed interested in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

AGHL is indirectly wholly-owned by certain private equity funds which are limited partnerships ("the Funds") managed by Warburg Pincus LLC ("WP LLC"), a New York limited liability company.

Warbug Pincus XII, L.P., a Delaware limited partnership ("WP XII GP") and Warburg Pincus China GP, L.P., a Delaware limited partnership ("WPC GP") are the general partners of the Funds.

WP Global LLC, a Delaware limited liability company ("WP Global"), is the general partner of each of WP XII GP and WPC GP.

Warburg Pincus Partners II, L.P., a Delaware limited partnership ("WPP II"), is the managing member of WP Global.

Warburg Pincus Partners GP LLC, a Delaware limited liability company ("WPP GP LLC"), is the general partner of WPP II.

Warburg Pincus & Co., a New York general partnership ("WP"), is the managing member of WPP GP LLC.

Charles R. Kaye is a U.S. Citizen and Managing General Partner of WP and Managing Members and Chief Executive Officer of WP LLC and may be deemed to control the Warburg Pincus entities. Charles R. Kaye disclaims beneficial ownership of all shares held by the Warburg Pincus entities.

By virtue of the foregoing, each of WP Global, WPP II, WPP GP LLC and WP has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Alexandrite Gem Holdings Limited ("AGHL") holds more than 20% of ARA Asset Management Holdings Pte. Ltd. Accordingly, AGHL is deemed interested in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

AGHL is indirectly wholly-owned by certain private equity funds which are limited partnerships ("the Funds") managed by Warburg Pincus LLC ("WP LLC"), a New York limited liability company.

Warbug Pincus XII, L.P., a Delaware limited partnership ("WP XII GP") and Warburg Pincus China GP, L.P., a Delaware limited partnership ("WPC GP") are the general partners of the Funds.

WP Global LLC, a Delaware limited liability company ("WP Global"), is the general partner of each of WP XII GP and WPC GP.

Warburg Pincus Partners II, L.P., a Delaware limited partnership ("WPP II"), is the managing member of WP Global.

Warburg Pincus Partners GP LLC, a Delaware limited liability company ("WPP GP LLC"), is the general partner of WPP II.

Warburg Pincus & Co., a New York general partnership ("WP"), is the managing member of WPP GP LLC.

Charles R. Kaye is a U.S. Citizen and Managing General Partner of WP and Managing Members and Chief Executive Officer of WP LLC and may be deemed to control the Warburg Pincus entities. Charles R. Kaye disclaims beneficial ownership of all shares held by the Warburg Pincus entities.

By virtue of the foregoing, each of WP Global, WPP II, WPP GP LLC and WP has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Alexandrite Gem Holdings Limited ("AGHL") holds more than 20% of ARA Asset Management Holdings Pte. Ltd. Accordingly, AGHL is deemed interested in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

AGHL is indirectly wholly-owned by certain private equity funds which are limited partnerships ("the Funds") managed by Warburg Pincus LLC ("WP LLC"), a New York limited liability company.

Warbug Pincus XII, L.P., a Delaware limited partnership ("WP XII GP") and Warburg Pincus China GP, L.P., a Delaware limited partnership ("WPC GP") are the general partners of the Funds.

WP Global LLC, a Delaware limited liability company ("WP Global"), is the general partner of each of WP XII GP and WPC GP.

Warburg Pincus Partners II, L.P., a Delaware limited partnership ("WPP II"), is the managing member of WP Global.

Warburg Pincus Partners GP LLC, a Delaware limited liability company ("WPP GP LLC"), is the general partner of WPP II.

Warburg Pincus & Co., a New York general partnership ("WP"), is the managing member of WPP GP LLC.

Charles R. Kaye is a U.S. Citizen and Managing General Partner of WP and Managing Members and Chief Executive Officer of WP LLC and may be deemed to control the Warburg Pincus entities. Charles R. Kaye disclaims beneficial ownership of all shares held by the Warburg Pincus entities.

By virtue of the foregoing, each of WP Global, WPP II, WPP GP LLC and WP has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Alexandrite Gem Holdings Limited ("AGHL") holds more than 20% of ARA Asset Management Holdings Pte. Ltd. Accordingly, AGHL is deemed interested in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

AGHL is indirectly wholly-owned by certain private equity funds which are limited partnerships ("the Funds") managed by Warburg Pincus LLC ("WP LLC"), a New York limited liability company.

Warbug Pincus XII, L.P., a Delaware limited partnership ("WP XII GP") and Warburg Pincus China GP, L.P., a Delaware limited partnership ("WPC GP") are the general partners of the Funds.

WP Global LLC, a Delaware limited liability company ("WP Global"), is the general partner of each of WP XII GP and WPC GP.

Warburg Pincus Partners II, L.P., a Delaware limited partnership ("WPP II"), is the managing member of WP Global.

Warburg Pincus Partners GP LLC, a Delaware limited liability company ("WPP GP LLC"), is the general partner of WPP II.

Warburg Pincus & Co., a New York general partnership ("WP"), is the managing member of WPP GP LLC.

Charles R. Kaye is a U.S. Citizen and Managing General Partner of WP and Managing Members and Chief Executive Officer of WP LLC and may be deemed to control the Warburg Pincus entities. Charles R. Kaye disclaims beneficial ownership of all shares held by the Warburg Pincus entities.

By virtue of the foregoing, each of WP Global, WPP II, WPP GP LLC and WP has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Straits Equities Holdings (One) Pte. Ltd. holds more than 20% of the voting rights of ARA Asset Management Holdings Pte. Ltd. and therefore has a deemed interest in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

Straits Equities Holdings (One) Pte. Ltd. is in turn a wholly-owned subsidiary of The Straits Trading Company Limited. By virtue of the foregoing, each of Straits Equities Holdings (One) Pte. Ltd. and The Straits Trading Company Limited has a deemed interest in the Sponsor's and the Managers' interest in the Stapled Securities.

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

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

Aequitas Pte. Ltd. ("Aequitas") holds more than 50 per cent. of the voting rights of Raffles.

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

By virtue of the foregoing, each of Cairns, Raffles, Tecity, Aequitas, TCT and Dr Tan Kheng Lian has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Straits Equities Holdings (One) Pte. Ltd. holds more than 20% of the voting rights of ARA Asset Management Holdings Pte. Ltd. and therefore has a deemed interest in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

Straits Equities Holdings (One) Pte. Ltd. is in turn a wholly-owned subsidiary of The Straits Trading Company Limited. By virtue of the foregoing, each of Straits Equities Holdings (One) Pte. Ltd. and The Straits Trading Company Limited has a deemed interest in the Sponsor's and the Managers' interest in the Stapled Securities.

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

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

Aequitas Pte. Ltd. ("Aequitas") holds more than 50 per cent. of the voting rights of Raffles.

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

By virtue of the foregoing, each of Cairns, Raffles, Tecity, Aequitas, TCT and Dr Tan Kheng Lian has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Straits Equities Holdings (One) Pte. Ltd. holds more than 20% of the voting rights of ARA Asset Management Holdings Pte. Ltd. and therefore has a deemed interest in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

Straits Equities Holdings (One) Pte. Ltd. is in turn a wholly-owned subsidiary of The Straits Trading Company Limited. By virtue of the foregoing, each of Straits Equities Holdings (One) Pte. Ltd. and The Straits Trading Company Limited has a deemed interest in the Sponsor's and the Managers' interest in the Stapled Securities.

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

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

Aequitas Pte. Ltd. ("Aequitas") holds more than 50 per cent. of the voting rights of Raffles.

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

By virtue of the foregoing, each of Cairns, Raffles, Tecity, Aequitas, TCT and Dr Tan Kheng Lian has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Straits Equities Holdings (One) Pte. Ltd. holds more than 20% of the voting rights of ARA Asset Management Holdings Pte. Ltd. and therefore has a deemed interest in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

Straits Equities Holdings (One) Pte. Ltd. is in turn a wholly-owned subsidiary of The Straits Trading Company Limited. By virtue of the foregoing, each of Straits Equities Holdings (One) Pte. Ltd. and The Straits Trading Company Limited has a deemed interest in the Sponsor's and the Managers' interest in the Stapled Securities.

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

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

Aequitas Pte. Ltd. ("Aequitas") holds more than 50 per cent. of the voting rights of Raffles.

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

By virtue of the foregoing, each of Cairns, Raffles, Tecity, Aequitas, TCT and Dr Tan Kheng Lian has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Straits Equities Holdings (One) Pte. Ltd. holds more than 20% of the voting rights of ARA Asset Management Holdings Pte. Ltd. and therefore has a deemed interest in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

Straits Equities Holdings (One) Pte. Ltd. is in turn a wholly-owned subsidiary of The Straits Trading Company Limited. By virtue of the foregoing, each of Straits Equities Holdings (One) Pte. Ltd. and The Straits Trading Company Limited has a deemed interest in the Sponsor's and the Managers' interest in the Stapled Securities.

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

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

Aequitas Pte. Ltd. ("Aequitas") holds more than 50 per cent. of the voting rights of Raffles.

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

By virtue of the foregoing, each of Cairns, Raffles, Tecity, Aequitas, TCT and Dr Tan Kheng Lian has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Straits Equities Holdings (One) Pte. Ltd. holds more than 20% of the voting rights of ARA Asset Management Holdings Pte. Ltd. and therefore has a deemed interest in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

Straits Equities Holdings (One) Pte. Ltd. is in turn a wholly-owned subsidiary of The Straits Trading Company Limited. By virtue of the foregoing, each of Straits Equities Holdings (One) Pte. Ltd. and The Straits Trading Company Limited has a deemed interest in the Sponsor's and the Managers' interest in the Stapled Securities.

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

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

Aequitas Pte. Ltd. ("Aequitas") holds more than 50 per cent. of the voting rights of Raffles.

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

By virtue of the foregoing, each of Cairns, Raffles, Tecity, Aequitas, TCT and Dr Tan Kheng Lian has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Straits Equities Holdings (One) Pte. Ltd. holds more than 20% of the voting rights of ARA Asset Management Holdings Pte. Ltd. and therefore has a deemed interest in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

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

By virtue of the foregoing, each of Straits Equities Holdings (One) Pte. Ltd. and The Straits Trading Company Limited has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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

Remarks
Disposal of Securities via market transaction

Immediately after the transaction

No. of ordinary voting shares/units held: 0 (Direct Interest); 118936014 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.96000000 (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 subsidiary of ARA Investment (Cayman) Limited, which in turn is a subsidiary of ARA Asset Management Holdings Pte. Ltd.

By virtue of the foregoing, each of ARA RE Investment Group (Singapore) Pte. Ltd., ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. has a deemed interest in the Sponsor's interest in the Stapled Securities.

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities, 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, ARA Asset Management Limited, ARA Investment (Cayman) Limited and ARA Asset Management Holdings Pte. Ltd. are also deemed to be interested in the Stapled Securities held by the Managers.

Straits Equities Holdings (One) Pte. Ltd. holds more than 20% of the voting rights of ARA Asset Management Holdings Pte. Ltd. and therefore has a deemed interest in all the Stapled Securities which ARA Asset Management Holdings Pte. Ltd. is deemed interested in.

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

By virtue of the foregoing, each of Straits Equities Holdings (One) Pte. Ltd. and The Straits Trading Company Limited has a deemed interest in the Sponsor's and the Managers' 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 Sponsor has also obtained a waiver from the trustee of ARA H-REIT and the trustee-manager of ARA H-BT (each as defined herein) from the ownership limit of 9.8% in accordance with the trust deeds constituting ARA US Hospitality Trust (the "Trust Deeds") for the Sponsor to hold up to 23.0% of the total issued stapled securities in ARA US Hospitality Trust (the "Stapled Securities" and the waiver, the "Ownership Limit Waiver"). Further, the Ownership Limit Waiver also provides that any breach of the Ownership Limit Waiver, or other action which is contrary to the ownership restrictions set out in the Trust Deeds, or any circumstances that may impact the ability of any of the subsidiaries of ARA H-REIT or ARA H-BT to qualify as a U.S. REIT or qualify for Portfolio Interest Exemption (including but not limited to any changes to any relevant laws, regulations and guidelines) or that may result in a breach of any relevant laws, regulations and guidelines, may result in the Ownership Limit Waiver being void and ineffective and certain of the Stapled Securities, ARA H-REIT Units or ARA H-BT Units (as the case may be) held by the Sponsor being automatically forfeited in accordance with the Trust Deeds. Please refer to the prospectus of ARA US Hospitality Trust dated 9 May 2019 for further details of the automatic forfeiture process and the Ownership Limit Waiver process.

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