Exemptions

Exemption from rule 6(1) of the Code for City Developments Limited, CDL Hotels Holdings New Zealand Limited, and each of City Development Limited’s other wholly-owned subsidiaries in respect of any increase in their voting control resulting from the acquisition by CDL Hotels Holdings New Zealand Limited of ordinary shares in Millennium & Copthorne Hotels New Zealand Limited under a full offer made in accordance with the Code and through a compulsory acquisition of ordinary share in Millennium & Copthorne Hotels New Zealand Limited under and in accordance with Part 7 of the Code.