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JW Marriott Hotel Kuala Lumpur, Starhill Gallery and Parcels in Lot 10 YTL Hospitality REIT Has a Market Capitalisation of Approximately Shopping Centre

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JW Marriott Hotel Kuala Lumpur, Starhill Gallery and Parcels in Lot 10 YTL Hospitality REIT Has a Market Capitalisation of Approximately Shopping Centre YTL HOSPITALITY REIT YTL HOSPITALITY BUILDING THE RIGHT THING managed by PINTAR PROJEK SDN BHD 199401028328 (314009-W) ANNUAL REPORT ANNUAL 33rd Floor, Menara YTL 205 Jalan Bukit Bintang 55100 Kuala Lumpur Malaysia Tel • 603 2038 0888 Fax • 603 2038 0388 ANNUAL 2021 REPORT 2021 www.ytlhospitalityreit.com www.ytlcommunity.com The Journey Continues... CONTENTS managed by PINTAR PROJEK SDN BHD 199401028328 (314009-W) OVERVIEW FINANCIAL STATEMENTS 02 Corporate Information 86 Manager’s Report 04 Property Portfolio 93 Statement by Manager 93 Statutory Declaration STRATEGIC & PERFORMANCE REVIEW 94 Trustee’s Report 24 Financial Highlights 95 Independent Auditors’ Report 26 Fund Performance 100 Income Statements 28 Management Discussion & Analysis 103 Statements of Other Comprehensive Income 47 Review of the Property Market 104 Statements of Financial Position 56 Managing Sustainability 106 Statements of Changes in Net Asset Value 108 Statements of Cash Flows GOVERNANCE 111 Notes to the Financial Statements 62 Profile of the Board of Directors 65 Corporate Governance Overview Statement INFORMATION ON ANNUAL GENERAL MEETING 74 Statement on Risk Management & Internal Control 176 Notice of Annual General Meeting 77 Audit Committee Report • Form of Proxy 80 Statement of Directors’ Responsibilities ADDITIONAL INFORMATION 81 Analysis of Unitholdings 84 Statement of Interests of Directors of the Manager pg 02 OVERVIEW Corporate Information MANAGER BOARD OF DIRECTORS OF THE MANAGER Pintar Projek Sdn Bhd Executive Chairman Tan Sri (Sir) Francis Yeoh Sock Ping PSM, KBE, CBE, FICE, SIMP, DPMS, DPMP, JMN, JP MANAGER’S REGISTERED OFFICE Hon LLD (Nottingham), Hon DEng (Kingston), 33rd Floor, Menara YTL BSc (Hons) Civil Engineering, FFB, F Inst D, MBIM, RIM 205 Jalan Bukit Bintang 55100 Kuala Lumpur Chief Executive Officer Tel: 603-2038 0888 Dato’ Mark Yeoh Seok Kah Fax: 603-2038 0388 DSSA LLB (Hons) MANAGER’S PRINCIPAL PLACE OF BUSINESS Executive Directors Dato’ Yeoh Seok Kian 25th Floor, Menara YTL DSSA 205 Jalan Bukit Bintang BSc (Hons) Bldg, MCIOB, FFB 55100 Kuala Lumpur Tel: 603-2038 0888 Dato’ Hj Mohamed Zainal Abidin Bin Hj Abdul Kadir Fax: 603-2038 0301 DPMP, PMP, AMN, PPN, PJK, OStJ, JP Yeoh Keong Shyan LLB (Hons) Independent Non-Executive Directors Dato’ Tan Guan Cheong DSSA Dato’ Ahmad Fuaad Bin Mohd Dahalan ABS, DIMP, SIMP BA (Hons) Dato’ Zainal Abidin Bin Ahmad DIMP, JSM, Medal of Friendship (Lao PDR), AMN MA (Int. Affairs), BSc (Hons) Mathematics MANAGEMENT TEAM Datin Kathleen Chew Wai Lin Legal Advisor Ho Say Keng Accountant/Company Secretary Eoon Whai San General Manager YTL HOSPITALITY REIT OVERVIEW pg 03 BOARD OF DIRECTORS OF THE MANAGER Executive Chairman Tan Sri (Sir) Francis Yeoh Sock Ping PSM, KBE, CBE, FICE, SIMP, DPMS, DPMP, JMN, JP Hon LLD (Nottingham), Hon DEng (Kingston), BSc (Hons) Civil Engineering, FFB, F Inst D, MBIM, RIM Chief Executive Officer Dato’ Mark Yeoh Seok Kah DSSA LLB (Hons) Executive Directors Dato’ Yeoh Seok Kian DSSA BSc (Hons) Bldg, MCIOB, FFB Dato’ Hj Mohamed Zainal Abidin Bin Hj Abdul Kadir DPMP, PMP, AMN, PPN, PJK, OStJ, JP Yeoh Keong Shyan LLB (Hons) Independent Non-Executive Directors COMPANY SECRETARY AUDIT COMMITTEE Dato’ Tan Guan Cheong OF THE MANAGER DSSA Dato’ Tan Guan Cheong Ho Say Keng (Chairman and Independent Non- Dato’ Ahmad Fuaad Bin Mohd Dahalan Executive Director) ABS, DIMP, SIMP BA (Hons) TRUSTEE Dato’ Ahmad Fuaad Bin Mohd Dahalan Dato’ Zainal Abidin Bin Ahmad Maybank Trustees Berhad (Independent Non-Executive Director) DIMP, JSM, Medal of Friendship (Lao PDR), AMN 8th Floor, Menara Maybank MA (Int. Affairs), BSc (Hons) Mathematics 100 Jalan Tun Perak Dato’ Zainal Abidin Bin Ahmad 50050 Kuala Lumpur (Independent Non-Executive Director) Tel: 603-2078 8363 MANAGEMENT TEAM Fax: 603-2070 9387 AUDITORS Datin Kathleen Chew Wai Lin Email: [email protected] Legal Advisor HLB Ler Lum Chew PLT (201906002362 & AF 0276) Ho Say Keng REGISTRAR Chartered Accountants Accountant/Company Secretary Pintar Projek Sdn Bhd (A member of HLB International) Eoon Whai San 33rd Floor, Menara YTL General Manager 205 Jalan Bukit Bintang STOCK EXCHANGE LISTING 55100 Kuala Lumpur Tel: 603-2038 0888 Bursa Malaysia Securities Berhad Fax: 603-2038 0388 Main Market (16.12.2005) ANNUAL REPORT 2021 pg 04 OVERVIEW Property Portfolio YTL Hospitality REIT was listed on 16 December 2005 on the Main Market of Bursa Malaysia Securities Berhad under the name Starhill Real Estate Investment Trust, and consisted of prime retail estate ABOUT YTL HOSPITALITY REIT properties within the Golden Triangle of Kuala Lumpur – the JW Marriott Hotel Kuala Lumpur, Starhill Gallery and parcels in Lot 10 YTL Hospitality REIT has a market capitalisation of approximately Shopping Centre. Its principal investment strategy was investing RM1.53 billion (as at 30 June 2021) with a wide portfolio of prime in a diversified portfolio of retail, office and hospitality real estate hotel properties. The hospitality assets range from business to assets, with an added focus on retail and hotel properties. In 2007, luxury hotels and are spread across a range of unique locations the REIT added part of The Ritz-Carlton, Kuala Lumpur – Suite worldwide. In Malaysia, these include the JW Marriott Hotel Kuala Wing to its portfolio. Lumpur, The Majestic Hotel Kuala Lumpur, The Ritz-Carlton, Kuala Lumpur (Hotel and Suite wings), the Pangkor Laut, Tanjong Jara and Cameron Highlands resorts and the AC Hotels in Kuala Lumpur, Penang and Kuantan. YTL Hospitality REIT’s international portfolio comprises Hilton Niseko Village and The Green Leaf Niseko Village in Japan and the Sydney Harbour, Brisbane and Melbourne Marriott hotels in Australia. YTL Hospitality REIT’s principal objective is to provide unitholders with stable cash distributions through owning and investing in yield accretive real estate assets. This provides potential for sustainable growth in its long term unit value, rewarding unitholders with noticeable returns. YTL HOSPITALITY REIT OVERVIEW pg 05 Property Portfolio In 2009, the Trust embarked on a rationalisation exercise to The REIT’s international portfolio was further strengthened with reposition itself as a pure play hospitality REIT, focused on building the acquisitions of the Sydney Harbour, Brisbane and Melbourne a class of hotel and hospitality-related assets. The first stage of Marriott hotels in Australia in November 2012. This extended the the exercise was completed in June 2010 and involved disposing geographical scope of the REIT and significantly enhanced brand the REIT’s retail properties (Starhill Gallery and parcels in Lot 10 outreach, ultimately raising its appeal to existing and new investors. Shopping Centre) to Starhill Global Real Estate Investment Trust in Singapore. In November 2017, YTL Hospitality REIT enhanced its asset portfolio with the acquisition of The Majestic Hotel Kuala Lumpur, the Trust’s YTL Hospitality REIT subsequently acquired 9 additional hotel tenth property in Malaysia, and, in September 2018, acquired its properties in November and December 2011, namely, the Pangkor second hotel in Japan, The Green Leaf Niseko Village. Laut, Tanjong Jara and Cameron Highlands resorts, The Ritz-Carlton, Kuala Lumpur – Hotel Wing, the remainder of The Ritz-Carlton, YTL Hospitality REIT was established by a trust deed entered into Kuala Lumpur – Suite Wing, the AC chain of hotels in Kuala Lumpur, on 18 November 2005 (as amended and restated) between Pintar Penang and Kuantan, and Hilton Niseko Village in Japan. Projek Sdn Bhd (“Pintar Projek”) and Maybank Trustees Berhad, as manager and trustee, respectively, of YTL Hospitality REIT. The composition of YTL Hospitality REIT’s investment portfolio as at 30 June 2021 is as follows:- RM’000 % Real Estate – Commercial JW Marriott Hotel Kuala Lumpur 523,500 11 The Majestic Hotel Kuala Lumpur 396,500 8 The Ritz-Carlton, Kuala Lumpur – Hotel Wing 360,000 8 The Ritz-Carlton, Kuala Lumpur – Suite Wing 316,500 7 AC Hotel Kuala Lumpur Titiwangsa 142,000 3 AC Hotel Penang Bukit Jambul 122,900 3 Pangkor Laut Resort 122,000 3 Tanjong Jara Resort 104,700 2 AC Hotel Kuantan City Centre 92,400 2 Cameron Highlands Resort 61,000 1 Hilton Niseko Village 303,056 6 The Green Leaf Niseko Village 228,232 5 Sydney Harbour Marriott 1,434,008 30 Brisbane Marriott 264,737 6 Melbourne Marriott 229,301 5 4,700,834 100 Deposits with licensed financial institutions 18,130 – Total 4,718,964 100 ABOUT THE MANAGER Pintar Projek was incorporated in 1994 and is a 70%-owned subsidiary of YTL Land Sdn Bhd, which is a wholly-owned subsidiary of YTL Corporation Berhad. Pintar Projek’s Board of Directors and key personnel comprise competent and capable individuals that have extensive experience in their respective fields of expertise. ANNUAL REPORT 2021 pg 06 OVERVIEW Property Portfolio 1. 2. JW Marriott Hotel The Majestic Hotel Kuala Lumpur Kuala Lumpur (NORTHERN) 6. AC Hotel Penang Bukit Jambul 7. Pangkor Laut Resort 8. Cameron Highlands Resort 3. 4. The Ritz-Carlton, The Ritz-Carlton, Kuala Lumpur – Suite Wing Kuala Lumpur – Hotel Wing MALAYSIA 6 9 7 8 5. 6. AC Hotel Kuala Lumpur AC Hotel Penang Titiwangsa Bukit Jambul 10 1 5 7. 8. Pangkor Laut Cameron Resort Highlands Resort (KUALA LUMPUR) 1. JW Marriott Hotel Kuala Lumpur 2. The Majestic Hotel Kuala Lumpur (EASTERN) 3. The Ritz-Carlton, 9. Tanjong Jara Resort Kuala Lumpur – Suite Wing 9. 10. 10. AC Hotel Kuantan City Centre Tanjong AC Hotel Kuantan 4. The Ritz-Carlton, Jara Resort City Centre Kuala Lumpur – Hotel Wing 5. AC Hotel Kuala Lumpur Titiwangsa YTL HOSPITALITY REIT OVERVIEW pg 07 Property Portfolio 11. Hilton Niseko Village JAPAN 12 11 12. The Green Leaf Niseko Village 11. Hilton Niseko Village 12. The Green Leaf Niseko Village 13. Brisbane Marriott 14. Sydney Harbour Marriott 13 15. Melbourne 13. Brisbane Marriott Marriott 14 14. Sydney Harbour Marriott 15 15. Melbourne Marriott AUSTRALIA ANNUAL REPORT 2021 pg 08 OVERVIEW Property Portfolio JW MARRIOTT HOTEL KUALA LUMPUR Address/Location No.
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