Insider Trades
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Announce Date [Date of Effective Change] Buyer/ Seller Name [Type*] S/ W/ U ** Bought/ (Sold) ('000') Price ($) After Trade Note
No. of Shares ('000) *** % Held ***
04/06/21
[02/06/21]
Alexandrite Gem Holdings Limited [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
WP Global LLC [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
Warburg Pincus & Co. [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
Warburg Pincus Partners GP LLC [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
Warburg Pincus Partners II, LP [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
Aequitas Pte. Ltd. [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
Dr Tan Kheng Lian [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
Raffles Investments Private Limited [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
Tan Chin Tuan Pte. Ltd. [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
Tecity Pte. Ltd [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
The Cairns Pte. Ltd. [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
Straits Equities Holdings (One) Pte. Ltd. [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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..

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 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
The Straits Trading Company Limited [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 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..

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 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
Lim Hwee Chiang [SSH] S/U 25,000  0.515 121,122 21.35 Note
X
Remarks
Acquisition of Securities via off-market transaction (e.g. married deals)

Immediately after the transaction
No. of ordinary voting shares/units held: 1500000 (Direct Interest); 119621914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.26000000 (Direct Interest); 21.09000000 (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 371,914 Stapled Securities held by the Managers.

Mr Lim Hwee Chiang holds more than 20.0% interest in ARA Asset Management Holdings Pte. Ltd. through his ownership of 100% of the shares in JL Investment Group Limited and in JL Investment Group II Limited. By virtue of the foregoing, Mr Lim Hwee Chiang has a deemed interest in the Sponsor's and the Managers' interest in the Stapled Securities.

In addition, Mr Lim Hwee Chiang holds 1,500,000 Stapled Securities through Citibank Nominees Singapore Pte Limited and has a deemed interest in 500,000 Stapled Securities held by JL Philanthropy Ltd through Citibank Nominees Singapore Pte Limited. The beneficiary of JL Philanthropy Ltd is JL Charitable Settlement and Mr Lim Hwee Chiang is the settlor of JL Charitable Settlement.

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 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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
ARA Asset Management Holdings Pte. Ltd. [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 Stapled Securities held by the Managers.

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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
ARA Asset Management Limited [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 Stapled Securities held by the Managers.

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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
ARA Investment (Cayman) Limited [SSH] S/U 25,000  0.515 119,122 21.00 Note
X
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); 119121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 21.00000000 (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 371,914 Stapled Securities held by the Managers.

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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
ARA RE Investment Group (Singapore) Pte. Ltd. [SSH] S/U 25,000  0.515 118,750 20.93 Note
X
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); 118750000 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 20.93000000 (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 371,914 Stapled Securities held by the Managers.

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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
ARA Real Estate Investors 23 Pte. Ltd. [SSH] S/U 25,000  0.515 118,750 20.93 Note
X
Remarks
Acquisition of Securities via off-market transaction (e.g. married deals)

Immediately after the transaction
No. of ordinary voting shares/units held: 118750000 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 20.93000000 (Direct Interest); 0.00000000 (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 371,914 Stapled Securities held by the Managers.

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 set out above is calculated on the basis of 567,342,368 Stapled Securities currently in issue.
04/06/21
[02/06/21]
EasternGate Investments VCC on behalf of EasternGate Opportunities Fund 17 SF [SSH] S/U (30,270)  - 20,360 3.59 Note
X
Remarks
Disposal of Securities via off-market transaction (e.g. married deals)

Amount of consideration paid or received by Substantial Shareholder/Unitholder (excluding brokerage and stamp duties): US$15,615,802

Immediately after the transaction
No. of ordinary voting shares/units held: 20360200 (Direct Interest); 0 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 3.59000000 (Direct Interest); 0.00000000 (Deemed Interest)
EasternGate Opportunities Fund 17 SF divested 30,270,100 securities.

Fairshore Asset Management Company Pte. Ltd. is the Fund Manager for EasternGate Investments VCC on behalf of EasternGate Opportunities Fund 17 SF.

04/06/21
[02/06/21]
Fairshore Asset Management Company Pte. Ltd. [SSH] S/U (30,270)  - 20,360 3.59 Note
X
Remarks
Disposal of Securities via off-market transaction (e.g. married deals)

Amount of consideration paid or received by Substantial Shareholder/Unitholder (excluding brokerage and stamp duties): US$15,615,802

Immediately after the transaction
No. of ordinary voting shares/units held: 0 (Direct Interest); 20360200 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 3.59000000 (Deemed Interest)
EasternGate Opportunities Fund 17 SF divested 30,270,100 securities.

Fairshore Asset Management Company Pte. Ltd. is the Fund Manager for EasternGate Investments VCC on behalf of EasternGate Opportunities Fund 17 SF.

20/05/21
[11/05/21]
Stephen Ray Finch [DIR] S/U 60  - 160 0.03 Note
X
Remarks
Acquisition of Securities via market transaction

Amount of consideration paid or received by Director/CEO (excluding brokerage and stamp duties): US$29,700

Immediately after the transaction
No. of ordinary voting shares/units held: 0 (Direct Interest); 160000 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 0.02820000 (Deemed Interest)
Mr Stephen Ray Finch has a deemed interest in the 160,000 Stapled Securities which are held directly by his spouse, Mdm Pillay.

16/04/21
[13/04/21]
Alexandrite Gem Holdings Limited [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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 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. 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.
16/04/21
[13/04/21]
WP Global LLC [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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.

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. 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.
16/04/21
[13/04/21]
Warburg Pincus & Co. [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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.

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. 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.
16/04/21
[13/04/21]
Warburg Pincus Partners GP LLC [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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.

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. 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.
16/04/21
[13/04/21]
Warburg Pincus Partners II, LP [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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.

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. 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.
16/04/21
[13/04/21]
Aequitas Pte. Ltd. [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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. was 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 were the Joint Bookrunners and Underwriters.
16/04/21
[13/04/21]
Dr Tan Kheng Lian [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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. was 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 were the Joint Bookrunners and Underwriters.
16/04/21
[13/04/21]
Raffles Investments Private Limited [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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. was 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 were the Joint Bookrunners and Underwriters.
16/04/21
[13/04/21]
Tan Chin Tuan Pte. Ltd. [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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. was 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 were the Joint Bookrunners and Underwriters.
16/04/21
[13/04/21]
Tecity Pte. Ltd [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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. was 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 were the Joint Bookrunners and Underwriters.
16/04/21
[13/04/21]
The Cairns Pte. Ltd. [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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. was 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 were the Joint Bookrunners and Underwriters.
16/04/21
[13/04/21]
Straits Equities Holdings (One) Pte. Ltd. [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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. was 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 were the Joint Bookrunners and Underwriters.
16/04/21
[13/04/21]
The Straits Trading Company Limited [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 the 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 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 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. was 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 were the Joint Bookrunners and Underwriters.
16/04/21
[13/04/21]
Lim Hwee Chiang [SSH] S/U (0.000)  0.525 96,122 16.94 Note
X
Remarks
Disposal of Securities via off-market transaction (e.g. married deals) Immediately after the transaction
No. of ordinary voting shares/units held: 1500000 (Direct Interest); 94621914 (Deemed Interest) As a percentage of total no. of ordinary voting shares/units: 0.26000000 (Direct Interest); 16.68000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Seller disposed direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") to the Sponsor. 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 the 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 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. 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 (including the Sale Stapled Securities). In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 Stapled Securities held by the Managers. Mr Lim Hwee Chiang holds more than 20.0% interest in ARA Asset Management Holdings Pte. Ltd. through his ownership of 100% of the shares in JL Investment Group Limited and in JL Investment Group II Limited. By virtue of the foregoing, Mr Lim Hwee Chiang has a deemed interest in the Sponsor's and the Managers' interest in the Stapled Securities. In addition, Mr Lim Hwee Chiang holds 1,500,000 Stapled Securities through Citibank Nominees Singapore Pte Limited and has a deemed interest in 500,000 Stapled Securities held by JL Philanthropy Ltd through Citibank Nominees Singapore Pte Limited. The beneficiary of JL Philanthropy Ltd is JL Charitable Settlement and Mr Lim Hwee Chiang is the settlor of JL Charitable Settlement. 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. 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.
16/04/21
[13/04/21]
ARA Asset Management Holdings Pte. Ltd. [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 Stapled Securities held by the Managers.

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. 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.
16/04/21
[13/04/21]
ARA Asset Management Limited [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 Stapled Securities held by the Managers.

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. 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.
16/04/21
[13/04/21]
ARA Investment (Cayman) Limited [SSH] S/U 40,000  0.525 94,122 16.59 Note
X
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); 94121914 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.59000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 Stapled Securities held by the Managers.

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. 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.
16/04/21
[13/04/21]
ARA RE Investment Group (Singapore) Pte. Ltd. [SSH] S/U 40,000  0.525 93,750 16.52 Note
X
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); 93750000 (Deemed Interest)
As a percentage of total no. of ordinary voting shares/units: 0.00000000 (Direct Interest); 16.52000000 (Deemed Interest)
Pursuant to a stapled securities purchase agreement dated 13 April 2021 between ARA Real Estate Investors 23 Pte. Ltd. (the "Sponsor") and Mr Lim Hwee Chiang, John (the "Seller"), the Sponsor acquired direct interest in 40,000,000 Stapled Securities ("Sale Stapled Securities") from the Seller. 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 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.

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 (including the Sale Stapled Securities).

In addition to having a deemed interest in the Sponsor's interest in the Stapled Securities (including the Sale 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 371,914 Stapled Securities held by the Managers.

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. 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.

* DIR - Director (include Directors of related companies)
SSH - Substantial Shareholder
COY - Company Share Buyback
TMRP - Trustee-Manager/Responsible Person
** S - Shares
W - Warrants
U - Units
R - Rights
*** Direct & Deemed Interests
Note:
  1. Only trades by directors, substantial shareholders and company share buy back are included in Insider Trades.