Sale of Millennium & Copthorne Hotels.

Sale by MSD Partners, International Value Advisers and Classic Fund Management, of Millennium & Copthorne Hotels, a UK-based operator of hotels, to City Developments. Under the terms of the deal, M&C Shareholders were entitled to receive a cash amount of 545 pence per M&C Share payable together with a special dividend of 7.5 pence per M&C Share. Grant Kelley, CEO of CDL, commented: "We are pleased to have reached agreement on a final, recommended increased offer for M&C which enables shareholders to exit at a substantial premium. We are absolutely committed to maintaining M&C's strategy as both a hotel owner and operator, recognising the value of M&C's long term, recurring income stream which has always been a critical component of CDL's overall operating performance. In taking M&C private, we believe the company will be best placed to compete in this increasingly competitive global landscape, benefitting from greater investment and the ability to further leverage CDL's significant infrastructure and resources."