Trust Structure

1 Dormant as at the Listing Date. Eagle H-BT will, however, become active if (i) Eagle H-REIT is unable to appoint a master lessee for any of the Properties in its Initial Portfolio at the expiry of the relevant Master Lease Agreement or for a hospitality property newly acquired by Eagle H-REIT, or (ii) Eagle H-BT undertakes certain hospitality and hospitality-related development projects, acquisitions and investments which may be unsuitable for Eagle H-REIT.