The following diagram illustrates the relationship between, among others, OUE H-REIT, OUE H-BT, the REIT Manager, the REIT Trustee, the Trustee-Manager, the Master Lessee, the Hotel Managers, the Property Manager and the Stapled Securityholders as at the Listing Date:



1 The Master Lessor will lease the Hotel to the Master Lessee and in return the Master Lessee will pay rent in accordance with the Master Lease Agreement to the Master Lessor.

2 The Master Lessee will appoint the Hotel Manager to manage the day-to-day operations and marketing of the Hotel leased from OUE H-REIT. The Hotel Manager will typically be entitled to a fee payment computed as a percentage of the revenue and a percentage of the gross operating profit (“Gross Operating Profit”) of the Hotel, comprising gross operating revenue (“Gross Operating Revenue”) less operating expenses under management.