<SEC-DOCUMENT>0000912057-17-000191.txt : 20170717
<SEC-HEADER>0000912057-17-000191.hdr.sgml : 20170717
<ACCEPTANCE-DATETIME>20170717091935
ACCESSION NUMBER:		0000912057-17-000191
CONFORMED SUBMISSION TYPE:	S-4/A
PUBLIC DOCUMENT COUNT:		19
FILED AS OF DATE:		20170717
DATE AS OF CHANGE:		20170717

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RLJ Lodging Trust
		CENTRAL INDEX KEY:			0001511337
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218439
		FILM NUMBER:		17966767

	BUSINESS ADDRESS:	
		STREET 1:		3 BETHESDA METRO CENTER
		STREET 2:		SUITE 1000
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		301-280-7777

	MAIL ADDRESS:	
		STREET 1:		3 BETHESDA METRO CENTER
		STREET 2:		SUITE 1000
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4/A
<SEQUENCE>1
<FILENAME>a2232639zs-4a.htm
<DESCRIPTION>S-4/A
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg49201_table_of_contents">  TABLE OF CONTENTS</A> <BR>
<A HREF="#lc49201_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
</P>

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;">


<FONT SIZE=1><B>As filed with the Securities and Exchange Commission on July&nbsp;17, 2017


 </B></FONT>

</P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>


Registration No.&nbsp;333-218439

 </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B><BR>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B> <div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>


AMENDMENT NO.&nbsp;1<BR>
TO

  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>FORM S-4<BR>  </B></FONT><FONT SIZE=1><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>RLJ LODGING TRUST<BR>  </B></FONT><FONT SIZE=1>(Exact Name of Registrant as Specified in Its Charter) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 <!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Maryland</B></FONT><FONT SIZE=1><BR>
(State or Other Jurisdiction of<BR>
Incorporation or Organization)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> 6798</B></FONT><FONT SIZE=1><BR>
(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> 27-4706509</B></FONT><FONT SIZE=1><BR>
(I.R.S. Employer<BR>
Identification Number)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7777</B></FONT><FONT SIZE=1><BR>
(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Frederick D. McKalip<BR>
Senior Vice President and General Counsel<BR>
RLJ Lodging Trust<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7777</B></FONT><FONT SIZE=1><BR>
(Address, including zip code, and telephone number, including area code, of agent for service) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 <!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="21%" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="43%" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="21%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Copies to:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1><B>David W. Bonser<BR>
Les B. Reese, III<BR>
Hogan Lovells US&nbsp;LLP<BR>
555 Thirteenth Street, N.W.<BR>
Washington, D.C. 20004-1109<BR>
(202)&nbsp;637-5600</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1><B> Jonathan H. Yellen<BR>
Executive Vice President, General Counsel and Secretary<BR>
FelCor Lodging Trust Incorporated<BR>
125 E. John Carpenter Freeway, Suite&nbsp;1600<BR>
Irving, Texas 75062<BR>
(972)&nbsp;444-4900</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1><B> Michael A. Gordon<BR>
Gabriel Saltarelli<BR>
Sidley Austin&nbsp;LLP<BR>
787 7th&nbsp;Ave<BR>
New York, New York 10019<BR>
(212)&nbsp;839-5300</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Approximate date of commencement of proposed sale of the securities to the public:<BR>
As soon as practicable after this Registration Statement is declared effective and upon the satisfaction or waiver of all other conditions to consummation of the merger described herein.  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General
Instruction&nbsp;G, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an
emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule&nbsp;12b-2 of the Exchange Act. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="117pt" style="font-family:times;"></TD>
<TD WIDTH="8%" style="font-family:times;"></TD>
<TD WIDTH="89pt" style="font-family:times;"></TD>
<TD WIDTH="8%" style="font-family:times;"></TD>
<TD WIDTH="126pt" style="font-family:times;"></TD>
<TD WIDTH="8%" style="font-family:times;"></TD>
<TD WIDTH="136pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Large&nbsp;accelerated&nbsp;filer&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Accelerated&nbsp;filer&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Non-accelerated&nbsp;filer&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT><BR></FONT> <FONT SIZE=1>(Do not check if a<BR>
smaller reporting company)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;text-align:center;"><FONT SIZE=1>


<!-- COMMAND=ADD_GRID,"text-align:center;" -->


 Smaller&nbsp;reporting&nbsp;company&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></font> <p align=center style="font-family:times;margin-top:0pt;margin-left:0pt;"> <FONT SIZE=1> Emerging growth company&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If applicable, please an X in the box to designate the appropriate rule provision relied upon in conducting this transaction: </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange
Act Rule&nbsp;13e-4(i) (Cross-Border Issuer Tender Offer)&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Act Rule&nbsp;14d-1(d) (Cross-Border Third-Party Tender Offer)&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=1>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P style="font-family:times;">


<FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the
Registrant shall file&nbsp;a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities
Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may
determine.

 </B></FONT>

</P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=1>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>
 <P style="font-family:times;"><FONT SIZE=1><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=825925,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]BA49201A.;26',USER='NDEWIND',CD='14-JUL-2017;17:23' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT COLOR="#FF4040" SIZE=2><B>The information in this joint proxy statement/prospectus is subject to completion and amendment. A registration statement relating to the securities described
in this joint proxy statement/prospectus has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy these securities be accepted prior to the
time the registration statement becomes effective. This joint proxy statement/prospectus shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of
these securities in any jurisdiction, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such
jurisdiction.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;">

<FONT COLOR="#FF4040" SIZE=1><B>

PRELIMINARY&#151;SUBJECT TO COMPLETION<BR>





DATED JULY&nbsp;17, 2017

 </B></FONT></P>


<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>

JOINT PROXY STATEMENT/PROSPECTUS  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>
<IMG SRC="g485401.jpg" ALT="LOGO" WIDTH="238" HEIGHT="48">
 </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>
<IMG SRC="g210302.jpg" ALT="LOGO" WIDTH="141" HEIGHT="39">
 </B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>MERGER PROPOSED&#151;YOUR VOTE IS VERY IMPORTANT  </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>[&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=1>&middot;</FONT><FONT FACE="times" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;], 2017 </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=1>To
the Shareholders of RLJ Lodging Trust and the Stockholders of FelCor Lodging Trust Incorporated: </FONT></P>


<P style="font-family:times;"><FONT FACE="times" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of trustees (the "RLJ Board") of RLJ Lodging Trust ("RLJ") and the board of directors (the "FelCor Board") of FelCor Lodging Trust Incorporated ("FelCor") each have approved
an Agreement and Plan of Merger, dated as of April&nbsp;23, 2017 (the "Merger Agreement"), by and among RLJ, RLJ Lodging Trust,&nbsp;L.P. (the "Operating Partnership"), Rangers Sub I,&nbsp;LLC
("REIT Merger Sub"), Rangers Sub II,&nbsp;LP ("Partnership Merger Sub"), FelCor and FelCor Lodging Limited Partnership ("FelCor&nbsp;LP"), pursuant to which Partnership Merger Sub will merge with
and into FelCor&nbsp;LP, with FelCor&nbsp;LP surviving as a wholly-owned subsidiary of the Operating Partnership (the "Partnership Merger"), and immediately thereafter, FelCor will merge with and
into REIT Merger Sub, with REIT Merger Sub surviving as a wholly-owned subsidiary of the Operating Partnership (the "REIT Merger" and, together with the Partnership Merger, the "Mergers"). Closing of
the Mergers will occur as promptly as practicable following satisfaction of all closing conditions set forth in the Merger Agreement, and either RLJ or FelCor may terminate the Merger Agreement if
closing has not occurred by December&nbsp;28, 2017. The combined company resulting from the Mergers will retain the name "RLJ Lodging Trust" and will continue to trade on the New York Stock Exchange
NYSE under the symbol "RLJ." </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the REIT Merger, each outstanding share of common stock, par value $0.01
per share, of FelCor will be converted into the right to receive 0.362 common shares of beneficial interest, par value $0.01 per share, of RLJ (the "RLJ Common Shares"), and each share of $1.95
Series&nbsp;A cumulative convertible preferred stock, par value $0.01 per share, of FelCor (the "FelCor Series&nbsp;A Preferred Stock") will be converted into the right to receive one share of
newly created Series&nbsp;A cumulative convertible preferred shares, par value $0.01 per share, of RLJ (the "RLJ Series&nbsp;A Preferred Shares"). </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=1>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ and FelCor will each hold a special meeting of their respective shareholders. RLJ's special meeting will be held at RLJ's corporate headquarters at 3 Bethesda Metro Center, Suite
1000, Bethesda MD&nbsp;20814 on August&nbsp;15, 2017, at 1:00&nbsp;p.m., Eastern Time. FelCor's special meeting will be held at FelCor's corporate headquarters at 125&nbsp;E.&nbsp;John
Carpenter Freeway, Suite&nbsp;1600, Irving, Texas&nbsp;75062 on August&nbsp;15, 2017, at 5:00&nbsp;p.m., Central Time.

 </FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the RLJ special meeting, the RLJ shareholders will be asked (i)&nbsp;to consider and vote on a proposal to approve the issuance of the RLJ Common Shares and the issuance of the RLJ
Series&nbsp;A Preferred Shares pursuant to the Merger Agreement (the "RLJ Share Issuance Proposal") and (ii)&nbsp;to approve the adjournment of the RLJ special meeting, if necessary or
appropriate, for the purpose of soliciting additional votes for the approval of the RLJ Share Issuance Proposal (the "RLJ Adjournment Proposal"). The RLJ Board has unanimously determined and declared
that the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement, including the issuance of RLJ Common Shares and RLJ Series&nbsp;A Preferred Shares in the REIT
Merger, are advisable and in the best interests of RLJ and its shareholders. The RLJ Board has determined that the RLJ Share Issuance Proposal be submitted for consideration at a special meeting of
RLJ shareholders. </FONT><FONT SIZE=1><B>The RLJ Board recommends that the RLJ shareholders vote</B></FONT><FONT SIZE=1> "</FONT><FONT SIZE=1><B>FOR</B></FONT><FONT SIZE=1>" </FONT><FONT SIZE=1><B>the
RLJ Share Issuance Proposal and</B></FONT><FONT SIZE=1> "</FONT><FONT SIZE=1><B>FOR</B></FONT><FONT SIZE=1>" </FONT><FONT SIZE=1><B>the RLJ Adjournment Proposal</B></FONT><FONT SIZE=1>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the FelCor special meeting, the FelCor common stockholders will be asked (i)&nbsp;to consider and vote on a proposal to approve the REIT Merger (the "REIT Merger Proposal"),
(ii)&nbsp;to consider and vote on a non-binding advisory proposal to approve compensation arrangements for certain FelCor executive officers in connection with the Merger Agreement, the Mergers and
the transactions contemplated thereby (the "FelCor Compensation Proposal") and (iii)&nbsp;to approve the adjournment of the FelCor special meeting, if necessary or appropriate, for the purpose of
soliciting additional votes for the approval of the REIT Merger Proposal (the "FelCor Adjournment Proposal"). The FelCor Board has unanimously determined that the Merger Agreement, the Mergers and the
transactions contemplated thereby are fair and reasonable, and in the
best interests of FelCor and its stockholders (including the holders of FelCor Series&nbsp;A Preferred Stock), and that the REIT Merger is advisable, and has unanimously approved the Merger
Agreement, the Mergers and the transactions contemplated thereby. The FelCor Board has determined that the REIT Merger Proposal and the FelCor Compensation Proposal be submitted for consideration at a
special meeting of FelCor stockholders. </FONT><FONT SIZE=1><B>The FelCor Board recommends that the FelCor common stockholders vote</B></FONT><FONT SIZE=1>
"</FONT><FONT SIZE=1><B>FOR</B></FONT><FONT SIZE=1>" </FONT><FONT SIZE=1><B>the REIT Merger Proposal, "FOR" the FelCor Compensation Proposal and "FOR" the FelCor Adjournment
Proposal.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This joint proxy statement/prospectus provides you with detailed information about the special meetings of RLJ and FelCor, the Merger Agreement, the Mergers and other related matters.
A
copy of the Merger Agreement is included as Annex&nbsp;A to this joint proxy statement/prospectus. We encourage you to read this joint proxy statement/prospectus, the Merger Agreement and the other
annexes to this joint proxy statement/prospectus carefully and in their entirety. </FONT><FONT SIZE=1><B>In particular, you should carefully consider the discussion in the section of this joint proxy
statement/prospectus entitled</B></FONT><FONT SIZE=1> "</FONT><FONT SIZE=1><B>Risk Factors</B></FONT><FONT SIZE=1>" </FONT><FONT SIZE=1><B>beginning on page 35.</B></FONT><FONT SIZE=1> You may also
obtain more information about each company from the documents they file with the Securities and Exchange Commission (the "SEC").

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not you plan to attend the RLJ special meeting or the FelCor special meeting, as applicable, please complete, date, sign and return, as promptly as possible, the enclosed
proxy card in the accompanying reply envelope or submit your proxy through the Internet or by telephone. You may also vote over the Internet using the Internet address on the enclosed proxy card or by
telephone using the toll-free number on the enclosed proxy card. If you submit your proxy through the Internet or by telephone, you will be asked to provide the company number and control number from
the enclosed proxy card. If you attend a special meeting and vote in person, your vote by ballot will revoke any proxy previously submitted. </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=1><B>Your vote is very important, regardless of the number of shares you own. Whether or not you plan to attend the RLJ special meeting or the FelCor special meeting,
as applicable, please submit a proxy to vote your shares as promptly as possible to make sure that your shares are represented at the applicable special meeting. Please note that the failure to vote
shares of FelCor is the equivalent of a vote against the REIT Merger Proposal.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank
you in advance for your continued support. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="43%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="43%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Sincerely,</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1> Ross H. Bierkan<BR></FONT> <FONT SIZE=1><I>President, Chief Executive Officer and<BR>
Chief Investment Officer</I></FONT><FONT SIZE=1><BR>
RLJ Lodging Trust</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Steven R. Goldman<BR></FONT> <FONT SIZE=1><I>Chief Executive Officer</I></FONT><FONT SIZE=1><BR>
FelCor Lodging Trust Incorporated<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=1><B>Neither the SEC nor any state securities regulatory agency has approved or disapproved of the securities to be issued in connection with the Mergers or passed
upon the adequacy or accuracy of this joint proxy statement/prospectus. Any representation to the contrary is a criminal offense.</B></FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=1>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>
 <P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
joint proxy statement/prospectus is dated [&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=1>&middot;</FONT><FONT FACE="times" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;], 2017, and is
first being mailed to the shareholders of RLJ and the stockholders of FelCor on or about
[&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=1>&middot;</FONT><FONT FACE="times" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;], 2017. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=777963,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]BC49201A.;65',USER='OALBERT',CD='17-JUL-2017;06:15' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g795725.jpg" ALT="LOGO" WIDTH="304" HEIGHT="60">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>


NOTICE OF SPECIAL MEETING OF RLJ SHAREHOLDERS<BR>
TO BE HELD ON AUGUST&nbsp;15, 2017

  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS HEREBY GIVEN that a special meeting of shareholders of RLJ Lodging Trust ("RLJ") will be held at RLJ's corporate headquarters at 3&nbsp;Bethesda Metro
Center, Suite&nbsp;1000, Bethesda MD&nbsp;20814 on August&nbsp;15, at 1:00&nbsp;p.m., Eastern Time, for the following purposes:

 </FONT>

</P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
consider and vote on a proposal to approve the issuance of common shares of beneficial interest, par value $0.01 per share, of RLJ ("RLJ Common Shares") and the
issuance of Series&nbsp;A cumulative convertible preferred shares, par value $0.01 per share of RLJ (the "RLJ Series&nbsp;A Preferred Shares"), in each case, pursuant to the Agreement and Plan of
Merger (the "Merger Agreement"), dated April&nbsp;23, 2017, by and among RLJ, RLJ Lodging Trust,&nbsp;L.P., Rangers Sub I,&nbsp;LLC, Rangers Sub II,&nbsp;LP, FelCor Lodging Trust Incorporated,
and FelCor Lodging Limited Partnership, as it may be amended from time to time, a copy of which is attached as Annex&nbsp;A to the joint proxy statement/prospectus accompanying this notice (the "RLJ
Share Issuance Proposal"); and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
consider and vote on a proposal to adjourn the RLJ special meeting, if necessary or appropriate, including to solicit additional proxies if there are not
sufficient votes to approve the RLJ Share Issuance Proposal (the "RLJ Adjournment Proposal"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ will transact no other business at the RLJ special meeting or any adjournment or postponement thereof. Please refer to the attached joint proxy statement/prospectus for further
information with respect to the business to be transacted at the RLJ special meeting. The board of trustees of RLJ (the "RLJ Board") has fixed the close of business on July&nbsp;6, 2017 as the
record date for the determination of RLJ's shareholders entitled to notice of, and to vote at, the RLJ special meeting or any adjournments or postponements thereof. Accordingly, only shareholders of
record at the close of business on that date are entitled to notice of, and to vote at, the RLJ special meeting and any adjournments or postponements thereof.


</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The RLJ Board unanimously recommends that the RLJ shareholders vote "FOR" the RLJ Share Issuance Proposal and "FOR" the RLJ Adjournment
Proposal.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Your vote is very important, regardless of the number of RLJ Common Shares you own. Whether or not you plan to attend the RLJ special meeting, please submit a
proxy to vote your shares as promptly as possible to make sure that your shares are represented at the RLJ special meeting</B></FONT><FONT SIZE=2>. Properly executed proxy cards with no instructions
indicated on the proxy card will be voted "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Share Issuance Proposal and "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ
Adjournment Proposal. Even if you plan to attend the RLJ special meeting in person, we urge you to submit your proxy as promptly as possible by (1)&nbsp;accessing the Internet website specified on
your proxy card, (2)&nbsp;calling the toll-free number specified on your proxy card or (3)&nbsp;completing, signing, dating and returning the enclosed proxy card in the accompanying postage-paid
envelope prior to the RLJ special meeting to ensure that your shares will be represented and voted at the RLJ special meeting. If you hold your RLJ Common Shares in "street name," which means through
a bank, broker or other nominee, please follow the instructions on the voting instruction card furnished to you by such record holder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
note that if you hold shares in different accounts, it is important that you vote the shares represented by each account. If you attend the RLJ special meeting, you may revoke
your proxy and vote in person, even if you have previously returned your proxy card or submitted your proxy through </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=477205,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]BD49201A.;15',USER='NDEWIND',CD='14-JUL-2017;17:24' -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
Internet or by telephone. If your RLJ Common Shares are held by a bank, broker or other nominee, and you plan to attend the special meeting, please bring to the RLJ special meeting your statement
evidencing your beneficial ownership of your RLJ Common Shares. Please carefully review the instructions in the enclosed joint proxy statement/prospectus and the enclosed proxy card or the information
forwarded by your bank, broker or other nominee regarding each of these options. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
notice and the enclosed proxy statement/prospectus are first being mailed to RLJ's shareholders on or about
[&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;], 2017. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>By Order of the Board of Trustees,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Anita Cooke Wells<BR></FONT> <FONT SIZE=2><I>Corporate Secretary and Senior Vice President</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>Bethesda,
Maryland<BR>
[&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;], 2017 </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=4,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=715230,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]BD49201A.;15',USER='NDEWIND',CD='14-JUL-2017;17:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g104524.jpg" ALT="LOGO" WIDTH="229" HEIGHT="63">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>125 E. John Carpenter Freeway<BR>
Suite&nbsp;1600<BR>
Irving, TX 75062<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>


NOTICE OF SPECIAL MEETING OF FELCOR STOCKHOLDERS<BR>
TO BE HELD ON AUGUST&nbsp;15, 2017

  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Stockholders of FelCor: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of stockholders of FelCor Lodging Trust Incorporated, a Maryland corporation ("FelCor"), will be held at FelCor's corporate headquarters at 125 E. John Carpenter
Freeway, Suite 1600, Irving, Texas 75062 on August&nbsp;15, 2017, starting at 5:00&nbsp;p.m., Central Time, for the following purposes:

 </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
consider and vote on a proposal (the "REIT Merger Proposal") to approve the business combination transaction in which FelCor merges with and into Rangers Sub
I,&nbsp;LLC ("REIT Merger Sub") related to that certain Agreement and Plan of Merger (the "Merger Agreement"), dated as of April&nbsp;23, 2017, among FelCor, FelCor Lodging Limited Partnership,
RLJ Lodging Trust, RLJ Lodging Trust,&nbsp;L.P., REIT Merger Sub and Rangers Sub II,&nbsp;LP, as it may be amended from time to time, a copy of which is attached as Annex&nbsp;A to the joint
proxy statement/prospectus accompanying this notice;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
consider and vote on a non-binding advisory proposal to approve compensation arrangements for certain FelCor executive officers in connection with the Merger
Agreement, and the transactions contemplated thereby (the "FelCor Compensation Proposal"); and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
consider and vote on a proposal to approve the adjournment of the FelCor special meeting, if necessary or appropriate, for the purpose of soliciting additional
votes for the approval of the REIT Merger Proposal (the "FelCor Adjournment Proposal"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor will transact no other business at the FelCor special meeting or any adjournment or postponement thereof. These items of business are described in the enclosed joint proxy
statement/prospectus. The FelCor board of directors (the "FelCor Board") has designated the close of business on July&nbsp;6, 2017 as the record date for the purpose of determining the stockholders
who are entitled to receive notice of, and to vote at, the FelCor special meeting and any adjournments or postponements of the special meeting, unless a new record date is fixed in connection with an
adjournment or postponement of the special meeting. Only FelCor stockholders of record at the close of business on the record date are entitled to notice of the FelCor special meeting and only FelCor
common stockholders are entitled to vote at the FelCor special meeting and at any adjournment or postponement of the special meeting.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FelCor Board has unanimously determined that the Merger Agreement, the Mergers and the transactions contemplated thereby are advisable and fair to, and in the best interests of,
FelCor and its stockholders and has unanimously approved the Merger Agreement, the Mergers and the transactions contemplated thereby. The FelCor Board has directed that the REIT Merger Proposal be
submitted for consideration at a special meeting of FelCor stockholders. </FONT><FONT SIZE=2><B>The FelCor Board recommends that the FelCor common stockholders vote</B></FONT><FONT SIZE=2>
"</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" </FONT><FONT SIZE=2><B>the REIT Merger Proposal, "FOR" the FelCor Compensation Proposal and "FOR" the FelCor Adjournment
Proposal.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Your vote is very important, regardless of the number of shares of FelCor you own. Whether or not you plan to attend the FelCor special meeting, please submit a
proxy to vote your shares as promptly as possible to make sure that your shares are represented at the special meeting</B></FONT><FONT SIZE=2>. Properly executed proxy cards with no instructions
indicated on the proxy card will be voted "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the REIT Merger Proposal, "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Compensation
Proposal and "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Adjournment </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=220650,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]BE49201A.;12',USER='CHE109872',CD='16-JUL-2017;21:30' -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Proposal.
Even if you plan to attend the FelCor special meeting in person, we request that you complete, sign, date and return the enclosed proxy card in the accompanying envelope prior to the special
meeting to ensure that your shares will be represented and voted at the special meeting if you are unable to attend. If you hold your FelCor shares in "street name," which means through a bank, broker
or other nominee, you must obtain a legal proxy from this bank, broker or other nominee in order to vote in person at the FelCor special meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If you do not vote on the REIT Merger Proposal, this will have the same effect as a vote by you against the approval of the REIT Merger
Proposal.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you attend the FelCor special meeting, you may revoke your proxy and vote in person, even if you have previously returned your proxy card or submitted your proxy through the Internet
or by telephone. If your FelCor shares are held by a bank, broker or other nominee, and you plan to attend the FelCor special meeting, please bring to the special meeting your statement evidencing
your beneficial ownership of your FelCor shares. Please carefully review the instructions in the enclosed joint proxy statement/prospectus and the enclosed proxy card or the information forwarded by
your bank, broker or other nominee regarding each of these options. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>By Order of the Board of Directors,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><BR>
Jonathan H. Yellen<BR></FONT> <FONT SIZE=2><I>Executive Vice President<BR>
General Counsel and Secretary</I></FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>Irving,
Texas<BR>
[&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;], 2017 </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=6,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=431144,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]BE49201A.;12',USER='CHE109872',CD='16-JUL-2017;21:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf49201_additional_information"> </A>
<A NAME="toc_bf49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ADDITIONAL INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This joint proxy statement/prospectus incorporates important business and financial information about RLJ and FelCor from other documents that
are not included in or delivered with this joint proxy statement/prospectus. This information is available to you without charge upon your request. You can obtain the documents incorporated by
reference into this joint proxy statement/prospectus by requesting them from RLJ's or FelCor's investor relations departments: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>If you are an RLJ shareholder:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>If you are a FelCor stockholder:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> D.F. King&nbsp;&amp;&nbsp;Co.,&nbsp;Inc.<BR>
48 Wall Street, 22<SUP>nd</SUP>&nbsp;floor<BR>
New York, NY 10005<BR>
(800)&nbsp;317-8033 (toll free)<BR>
(212)&nbsp;269-5550 (call collect)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>D.F. King&nbsp;&amp;&nbsp;Co.,&nbsp;Inc.<BR>
48 Wall Street, 22<SUP>nd</SUP>&nbsp;floor<BR>
New York, NY 10005<BR>
(877)&nbsp;732-3614 (toll free)<BR>
(212)&nbsp;269-5550 (call collect)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> or</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>or</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> 3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7774<BR>
Attention: Investor Relations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>125 E. John Carpenter Freeway<BR>
Suite&nbsp;1600<BR>
Irving, TX 75062<BR>
(972)&nbsp;444-4900<BR>
Attention: Investor Relations</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
may also consult RLJ's or FelCor's website for more information concerning the Mergers and other related transactions described in this joint proxy statement/prospectus. RLJ's
website is www.rljlodgingtrust.com. FelCor's website is www.felcor.com. Each company's public filings are also available at www.sec.gov. The information contained on RLJ's and FelCor's websites is not
part of this joint proxy statement/prospectus. The references to RLJ's and FelCor's websites are intended to be inactive textual references only. </FONT></P>


<P style="font-family:times;">


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE=2><B>If you would like to request any documents that are incorporated by reference into this joint proxy statement/prospectus, please do so by August&nbsp;8, 2017 in
order to receive them before the RLJ special meeting and by August&nbsp;8, 2017 in order to receive them before the FelCor special meeting.</B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see "Where You Can Find More Information and Incorporation by Reference" beginning on page&nbsp;210.

 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf49201_about_this_document"> </A>
<A NAME="toc_bf49201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ABOUT THIS DOCUMENT    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This joint proxy statement/prospectus, which forms part of a registration statement on Form&nbsp;S-4 (Registration Statement No. 333-218439)
filed by RLJ with the SEC, constitutes a
prospectus of RLJ for purposes of the Securities Act of 1933, as amended (the "Securities Act"), with respect to (i)&nbsp;the RLJ&nbsp;Common Shares to be issued to FelCor common stockholders in
exchange for shares of FelCor Common Stock and (ii)&nbsp;the RLJ Series&nbsp;A Preferred Shares to be issued to holders of FelCor Series&nbsp;A Preferred Stock in exchange for shares of FelCor
Series&nbsp;A Preferred Stock, in each case, pursuant to the Merger Agreement, as such agreement may be amended or modified from time to time. This joint proxy statement/prospectus also constitutes
a proxy statement for each of RLJ and FelCor for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In addition, it constitutes a notice of special meeting with respect
to the RLJ special meeting and a notice of special meeting with respect to the FelCor special meeting.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained or incorporated by reference in this joint proxy statement/ prospectus. No one has been authorized to provide you with information that
is different from that contained in, or incorporated by reference into, this joint proxy statement/prospectus. This joint proxy statement/prospectus is dated
[&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;], 2017, and you should not assume that the information contained in, or
incorporated by reference into, this joint proxy statement/prospectus is accurate as of any date other than that date (or, in the case of documents incorporated by reference, </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=7,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=581593,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]BF49201A.;10',USER='CHE109872',CD='16-JUL-2017;21:30' -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT FACE="times" SIZE=2>their
respective dates). Neither the mailing of this joint proxy statement/prospectus to RLJ's shareholders or FelCor's stockholders nor the RLJ Share Issuance to FelCor common stockholders in the
REIT Merger pursuant to the Merger Agreement will create any implication to the contrary. </FONT></P>


<P style="font-family:times;"><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This joint proxy statement/prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy,
in any jurisdiction in which or to any person to whom it is unlawful to make any such offer or solicitation in such jurisdiction. Information contained in this joint proxy statement/prospectus
regarding RLJ has been provided by RLJ and information contained in this joint proxy statement/prospectus regarding FelCor has been provided by FelCor.</B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


HILTON WORLDWIDE HOLDINGS,&nbsp;INC. DISCLAIMER </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
PROSPECTUS CONTAINS REGISTERED TRADEMARKS, INCLUDING HILTON&reg;, THAT ARE THE EXCLUSIVE PROPERTY OF HILTON WORLDWIDE HOLDINGS,&nbsp;INC. ("HWHI") AND
ITS SUBSIDIARIES AND AFFILIATES. NONE OF HWHI, ITS PARENTS, SUBSIDIARIES OR AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, MEMBERS, MANAGERS, STOCKHOLDERS, OWNERS, AGENTS OR
EMPLOYEES, WHICH WE REFER TO COLLECTIVELY AS THE "HILTON PARTIES," IS AN ISSUER OR UNDERWRITER OF THE SECURITIES BEING OFFERED HEREBY, PLAYS (OR WILL PLAY) ANY ROLE IN THE OFFER OR SALE OF OUR
SECURITIES, OR HAS ANY RESPONSIBILITY FOR THE CREATION OR CONTENTS OF THIS PROSPECTUS. IN ADDITION, NONE OF THE HILTON PARTIES HAS OR WILL HAVE ANY LIABILITY OR RESPONSIBILITY WHATSOEVER ARISING OUT
OF OR RELATED TO THE SALE OR OFFER OF THE SECURITIES BEING OFFERED HEREBY, INCLUDING ANY LIABILITY OR RESPONSIBILITY FOR ANY FINANCIAL STATEMENTS, PROJECTIONS OR OTHER FINANCIAL INFORMATION OR OTHER
INFORMATION CONTAINED IN THIS PROSPECTUS OR OTHERWISE DISSEMINATED IN CONNECTION WITH THE OFFER OR SALE OF THE SECURITIES OFFERED BY THIS PROSPECTUS. YOU MUST UNDERSTAND THAT, IF YOU PURCHASE OUR
SECURITIES IN THIS OFFERING, YOUR SOLE RECOURSE FOR ANY ALLEGED OR ACTUAL IMPROPRIETY RELATING TO THE OFFER AND SALE OF THE SECURITIES AND THE OPERATION OF OUR BUSINESS WILL BE AGAINST US (AND/OR, AS
MAY BE APPLICABLE, THE SELLER OF SUCH SECURITIES) AND IN NO EVENT MAY YOU SEEK TO IMPOSE LIABILITY ARISING FROM OR RELATED TO SUCH ACTIVITY, DIRECTLY OR INDIRECTLY, UPON ANY OF THE HILTON PARTIES. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=8,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=414345,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]BF49201A.;10',USER='CHE109872',CD='16-JUL-2017;21:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_bg49201_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="BG49201A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg49201_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG49201_TOC"></A> </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->

<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca49201_questions_and_answers_about_th__que02618"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETINGS AND THE
MERGERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca49201_questions_and_answers_about_th__que02618"><FONT SIZE=2>1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SUMMARY</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h1"><FONT SIZE=2>14</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h2"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Companies</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h2"><FONT SIZE=2>14</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h3"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h3"><FONT SIZE=2>16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h4"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The RLJ Special Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h4"><FONT SIZE=2>19</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h5"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The FelCor Special Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h5"><FONT SIZE=2>20</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h6"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of RLJ's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h6"><FONT SIZE=2>20</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h7"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of FelCor's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h7"><FONT SIZE=2>21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h8"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Trustees and Management of RLJ After the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h8"><FONT SIZE=2>21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h9"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interests of RLJ's Trustees and Executive Officers in the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h9"><FONT SIZE=2>21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h10"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interests of FelCor's Directors and Executive Officers in the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h10"><FONT SIZE=2>21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h11"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Treatment of Restricted Stock and FelCor RSUs</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h11"><FONT SIZE=2>22</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h12"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Voting Agreements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h12"><FONT SIZE=2>23</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h13"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to Complete the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h13"><FONT SIZE=2>23</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h14"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Regulatory Approvals Required for the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h14"><FONT SIZE=2>24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h15"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Listing of RLJ Common Shares and Deregistration of FelCor Common Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h15"><FONT SIZE=2>24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h16"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounting Treatment</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h16"><FONT SIZE=2>24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h17"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Comparison of Rights of RLJ Shareholders and FelCor Stockholders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h17"><FONT SIZE=2>24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h18"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Appraisal Rights</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h18"><FONT SIZE=2>24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h19"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Solicitation; Change in Recommendations</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h19"><FONT SIZE=2>24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h20"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination of the Merger Agreement</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h20"><FONT SIZE=2>25</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h21"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination Fees and Expenses</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h21"><FONT SIZE=2>25</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#LRM"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Litigation Relating to the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#LRM"><FONT SIZE=2>26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h22"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material U.S. Federal Income Tax Consequences</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h22"><FONT SIZE=2>26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h23"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selected Historical Financial Information of RLJ</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h23"><FONT SIZE=2>28</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h24"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selected Historical Financial Information of FelCor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h24"><FONT SIZE=2>31</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h25"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selected Unaudited Pro Forma Condensed Combined Financial Statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h25"><FONT SIZE=2>32</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#h26"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unaudited Comparative Per Share Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#h26"><FONT SIZE=2>33</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ci49201_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ci49201_risk_factors"><FONT SIZE=2>35</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ci49201_cautionary_statement_r__ci402378"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ci49201_cautionary_statement_r__ci402378"><FONT SIZE=2>45</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ck49201_the_companies"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE COMPANIES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ck49201_the_companies"><FONT SIZE=2>47</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ck49201_the_rlj_special_meeting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE RLJ SPECIAL MEETING</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ck49201_the_rlj_special_meeting"><FONT SIZE=2>50</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ck49201_proposals_submitted_to_the_rlj_shareholders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROPOSALS SUBMITTED TO THE RLJ SHAREHOLDERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ck49201_proposals_submitted_to_the_rlj_shareholders"><FONT SIZE=2>53</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cm49201_the_felcor_special_meeting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE FELCOR SPECIAL MEETING</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cm49201_the_felcor_special_meeting"><FONT SIZE=2>55</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cm49201_proposals_submitted_to__cm402269"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROPOSALS SUBMITTED TO THE FELCOR COMMON STOCKHOLDERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cm49201_proposals_submitted_to__cm402269"><FONT SIZE=2>58</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#co49201_the_reit_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE REIT MERGER</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#co49201_the_reit_merger"><FONT SIZE=2>62</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#co49201_general"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#co49201_general"><FONT SIZE=2>62</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#co49201_background_of_the_mergers"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Background of the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#co49201_background_of_the_mergers"><FONT SIZE=2>62</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cq49201_recommendation_of_the_rlj_boar__rec02541"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation of the RLJ Board and Its Reasons for the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cq49201_recommendation_of_the_rlj_boar__rec02541"><FONT SIZE=2>77</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cq49201_recommendation_of_the_felcor_b__rec02653"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation of the FelCor Board and Its Reasons for the
Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cq49201_recommendation_of_the_felcor_b__rec02653"><FONT SIZE=2>80</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cs49201_opinion_of_rlj_s_financial_advisor"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of RLJ's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cs49201_opinion_of_rlj_s_financial_advisor"><FONT SIZE=2>83</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cs49201_opinion_of_felcor_s_financial_advisor"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of FelCor's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cs49201_opinion_of_felcor_s_financial_advisor"><FONT SIZE=2>90</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cert"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain RLJ Unaudited Prospective Financial Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cert"><FONT SIZE=2>101</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_certain_felcor_unaudit__cw402421"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain FelCor Unaudited Prospective Financial Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_certain_felcor_unaudit__cw402421"><FONT SIZE=2>104</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_trustees_and_management_of_rlj_after_the_mergers"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Trustees and Management of RLJ After the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_trustees_and_management_of_rlj_after_the_mergers"><FONT SIZE=2>107</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_interests_of_rlj_s_trustees_an__int02696"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interests of RLJ's Trustees and Executive Officers in the
Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_interests_of_rlj_s_trustees_an__int02696"><FONT SIZE=2>107</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_interests_of_felcor_s_director__int02823"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interests of FelCor's Directors and Executive Officers in the
Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_interests_of_felcor_s_director__int02823"><FONT SIZE=2>107</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_regulatory_approvals_required_for_the_mergers"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Regulatory Approvals Required for the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_regulatory_approvals_required_for_the_mergers"><FONT SIZE=2>110</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_accounting_treatment"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounting Treatment</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_accounting_treatment"><FONT SIZE=2>110</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>


<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=9,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=50637,FOLIO='i',FILE='DISK127:[17ZBR1.17ZBR49201]BG49201A.;42',USER='VRIVERA',CD='14-JUL-2017;23:48' -->
<A NAME="page_bg49201_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->

<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_appraisal_rights"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Appraisal Rights</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_appraisal_rights"><FONT SIZE=2>111</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_exchange_of_shares_in_the_mergers"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exchange of Shares in the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_exchange_of_shares_in_the_mergers"><FONT SIZE=2>111</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_dividends"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_dividends"><FONT SIZE=2>111</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_listing_of_rlj_common_shares"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Listing of RLJ Common Shares</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_listing_of_rlj_common_shares"><FONT SIZE=2>112</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_deregistration_of_felcor_common_stock"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deregistration of FelCor Common Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_deregistration_of_felcor_common_stock"><FONT SIZE=2>112</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_litigation_relating_to_the_mergers"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Litigation Relating to the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_litigation_relating_to_the_mergers"><FONT SIZE=2>112</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_the_merger_agreement"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE MERGER AGREEMENT</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_the_merger_agreement"><FONT SIZE=2>113</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_the_mergers"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_the_mergers"><FONT SIZE=2>113</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_closing;_effective_time_of_the_mergers"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing; Effective Time of the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_closing;_effective_time_of_the_mergers"><FONT SIZE=2>113</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_organizational_documents"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organizational Documents</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_organizational_documents"><FONT SIZE=2>114</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_consideration_for_the_mergers"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consideration for the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_consideration_for_the_mergers"><FONT SIZE=2>114</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_tax_withholding"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Withholding</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_tax_withholding"><FONT SIZE=2>115</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_no_rights_of_objection_or_appraisal"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Rights of Objection or Appraisal</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_no_rights_of_objection_or_appraisal"><FONT SIZE=2>115</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw49201_exchange_procedures"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exchange Procedures</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw49201_exchange_procedures"><FONT SIZE=2>115</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cy49201_representations_and_warranties"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Representations and Warranties</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cy49201_representations_and_warranties"><FONT SIZE=2>116</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cy49201_material_adverse_effect"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material Adverse Effect</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cy49201_material_adverse_effect"><FONT SIZE=2>119</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cy49201_conduct_of_business_by_felcor___con02531"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conduct of Business by FelCor and FelCor&nbsp;LP Pending the
Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cy49201_conduct_of_business_by_felcor___con02531"><FONT SIZE=2>120</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cy49201_conduct_of_business_by_rlj_and__con03109"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conduct of Business by RLJ and the Operating Partnership Pending the
Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cy49201_conduct_of_business_by_rlj_and__con03109"><FONT SIZE=2>123</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_agreement_to_take_certain_acti__agr02608"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Agreement to Take Certain Actions and Use Reasonable Best
Efforts</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_agreement_to_take_certain_acti__agr02608"><FONT SIZE=2>125</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_non-solicitation"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-Solicitation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_non-solicitation"><FONT SIZE=2>125</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_acquisition_proposals;_change_in_recommendation"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisition Proposals; Change in Recommendation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_acquisition_proposals;_change_in_recommendation"><FONT SIZE=2>125</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_shareholder_meetings"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Shareholder Meetings</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_shareholder_meetings"><FONT SIZE=2>128</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_shareholder_votes"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Shareholder Votes</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_shareholder_votes"><FONT SIZE=2>128</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_directors__and_officer__da402174"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Directors' and Officers' Indemnification and Insurance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_directors__and_officer__da402174"><FONT SIZE=2>128</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_certain_other_covenants"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain Other Covenants</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_certain_other_covenants"><FONT SIZE=2>129</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_conditions_to_complete_the_mergers"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to Complete the Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_conditions_to_complete_the_mergers"><FONT SIZE=2>129</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_termination_of_the_merger_agreement"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination of the Merger Agreement</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_termination_of_the_merger_agreement"><FONT SIZE=2>131</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_termination_fees_and_expenses"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination Fees and Expenses</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_termination_fees_and_expenses"><FONT SIZE=2>132</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_amendment_and_waiver"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amendment and Waiver</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_amendment_and_waiver"><FONT SIZE=2>134</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da49201_specific_performance"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Specific Performance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da49201_specific_performance"><FONT SIZE=2>134</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#db49201_the_voting_agreements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE VOTING AGREEMENTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#db49201_the_voting_agreements"><FONT SIZE=2>135</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#db49201_material_u.s._federal_income_tax_consequences"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#db49201_material_u.s._federal_income_tax_consequences"><FONT SIZE=2>137</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg49201_comparative_share_prices_and_dividends"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>COMPARATIVE SHARE PRICES AND DIVIDENDS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg49201_comparative_share_prices_and_dividends"><FONT SIZE=2>171</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di49201_unaudited_comparative_per_share_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>UNAUDITED COMPARATIVE PER SHARE INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di49201_unaudited_comparative_per_share_information"><FONT SIZE=2>173</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di49201_description_of_rlj_capital_shares"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF RLJ CAPITAL SHARES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di49201_description_of_rlj_capital_shares"><FONT SIZE=2>174</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm49201_comparison_of_rights_of_rlj_sh__com02621"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>COMPARISON OF RIGHTS OF RLJ SHAREHOLDERS AND FELCOR STOCKHOLDERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm49201_comparison_of_rights_of_rlj_sh__com02621"><FONT SIZE=2>190</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do49201_description_of_policies_of_rlj"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF POLICIES OF RLJ</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do49201_description_of_policies_of_rlj"><FONT SIZE=2>198</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do49201_principal_and_management_shareholders_of_rlj"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PRINCIPAL AND MANAGEMENT SHAREHOLDERS OF RLJ</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do49201_principal_and_management_shareholders_of_rlj"><FONT SIZE=2>202</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do49201_principal_and_management_stockholders_of_felcor"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PRINCIPAL AND MANAGEMENT STOCKHOLDERS OF FELCOR</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do49201_principal_and_management_stockholders_of_felcor"><FONT SIZE=2>204</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do49201_experts"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do49201_experts"><FONT SIZE=2>206</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do49201_legal_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do49201_legal_matters"><FONT SIZE=2>207</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq49201_shareholder_proposals"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SHAREHOLDER PROPOSALS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq49201_shareholder_proposals"><FONT SIZE=2>208</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq49201_where_you_can_find_more_inform__whe02685"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION AND INCORPORATION BY
REFERENCE</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq49201_where_you_can_find_more_inform__whe02685"><FONT SIZE=2>210</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq49201_multiple_shareholders_sharing_one_address"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MULTIPLE SHAREHOLDERS SHARING ONE ADDRESS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq49201_multiple_shareholders_sharing_one_address"><FONT SIZE=2>212</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq49201_unaudited_pro_forma_co__dq402421"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq49201_unaudited_pro_forma_co__dq402421"><FONT SIZE=2>213</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#la49201_annex_a"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNEX A: Agreement and Plan of Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#la49201_annex_a"><FONT SIZE=2><BR>
A-1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#mm49201_annex_b"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNEX B: Opinion of RLJ's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#mm49201_annex_b"><FONT SIZE=2>B-1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ms49201_annex_c"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNEX C: Opinion of FelCor's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ms49201_annex_c"><FONT SIZE=2>C-1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#na49201_annex_d"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNEX D: Form of RLJ Voting Agreement</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#na49201_annex_d"><FONT SIZE=2>D-1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ni49201_annex_e"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNEX E: Form of FelCor Voting Agreement</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ni49201_annex_e"><FONT SIZE=2>E-1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>


<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=10,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=618868,FOLIO='ii',FILE='DISK127:[17ZBR1.17ZBR49201]BG49201A.;42',USER='VRIVERA',CD='14-JUL-2017;23:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ca49201_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca49201_questions_and_answers_about_th__que02618"> </A>
<A NAME="toc_ca49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETINGS AND THE MERGERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following questions and answers are intended to address briefly some commonly asked questions regarding the Merger Agreement, the Mergers
and the RLJ and FelCor special meetings. These questions and answers do not address all questions that may be important to you as a shareholder or stockholder, as applicable. Please refer to the
"Summary" beginning on page 14 and the more detailed information contained elsewhere in this joint proxy statement/prospectus and the annexes to this joint proxy statement/prospectus, which you should
read carefully. Unless stated otherwise, all references in this joint proxy statement/prospectus to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Closing" refers to the closing of the Mergers. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Code" refers to the Internal Revenue Code of 1986, as amended. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Combined Company" refers to RLJ and its subsidiaries after the closing of the Mergers. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Common Exchange Ratio" refers to 0.362 RLJ Common Shares per share of FelCor Common Stock. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Exchange Ratios" refers collectively to the Common Exchange Ratio and the Preferred Exchange Ratio. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "FelCor" refers to FelCor Lodging Trust Incorporated, a Maryland corporation. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "FelCor Adjournment Proposal" refers to the proposal to approve the adjournment of the FelCor special meeting, if necessary or appropriate, for
the purpose of soliciting additional votes for the approval of the REIT Merger Proposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "FelCor Board" refers to the board of directors of FelCor. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "FelCor Common Stock" refers to each outstanding share of common stock, par value $0.01, per share, of FelCor. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "FelCor Compensation Proposal" refers to the non-binding advisory proposal to approve compensation arrangements for certain FelCor executive
officers in connection with the Merger Agreement, the Mergers and the transactions contemplated thereby. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "FelCor&nbsp;LP" refers to FelCor Lodging Limited Partnership, a Delaware limited partnership. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "FelCor&nbsp;LP Common Units" refers to outstanding common limited partnership units in FelCor&nbsp;LP. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "FelCor Series&nbsp;A Preferred Stock" refers to each outstanding share of $1.95 Series&nbsp;A cumulative convertible preferred stock, par
value $0.01 per share, of FelCor. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "GAAP" refers to the accounting principles generally accepted in the United States of America. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Merger Agreement" refers to the Agreement and Plan of Merger, dated as of April&nbsp;23, 2017, by and among RLJ, the Operating Partnership,
REIT Merger Sub, Partnership Merger Sub, FelCor and FelCor&nbsp;LP, as it may be amended or modified from time to time, a copy of which is attached as Annex&nbsp;A to this joint proxy
statement/prospectus. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Mergers" refers to the Partnership Merger and the REIT Merger. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "NYSE" refers to the New York Stock Exchange. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Operating Partnership" refers to RLJ Lodging Trust,&nbsp;L.P., a Delaware limited partnership. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Operating Partnership Common Units" refers to common limited partnership units in the Operating Partnership. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=11,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=666536,FOLIO='1',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Partnership Merger" refers to the merger of Partnership Merger Sub with and into FelCor&nbsp;LP, with FelCor&nbsp;LP surviving as a
wholly-owned subsidiary of the Operating Partnership. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Partnership Merger Sub" refers to Rangers Sub II,&nbsp;LP, a Delaware limited partnership and an indirect wholly-owned subsidiary of
Operating Partnership. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Preferred Exchange Ratio" refers to one RLJ Series&nbsp;A Preferred Share per share of FelCor Series&nbsp;A Preferred Stock. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "REIT" refers to a real estate investment trust. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "REIT Merger" refers to the merger of FelCor with and into REIT Merger Sub, with REIT Merger Sub surviving as a wholly-owned subsidiary of the
Operating Partnership. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "REIT Merger Proposal" refers to the proposal to approve the REIT Merger. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "REIT Merger Sub" refers to Rangers Sub I,&nbsp;LLC, a Maryland limited liability company and a wholly-owned subsidiary of Operating
Partnership. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "RLJ" refers to RLJ Lodging Trust, a Maryland REIT. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "RLJ Adjournment Proposal" refers to the proposal to approve the adjournment of the RLJ special meeting, if necessary or appropriate, for the
purpose of soliciting additional votes for the approval of the RLJ Share Issuance Proposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "RLJ Board" refers to the board of trustees of RLJ. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "RLJ Common Shares" refers to the common shares of beneficial interest, par value $0.01 per share, of RLJ. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "RLJ Series&nbsp;A Preferred Shares" refers to the newly created Series&nbsp;A cumulative convertible preferred shares, par value $0.01 per
share, of RLJ. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "RLJ Share Issuance" refers to the issuance of RLJ Common Shares to holders of FelCor Common Stock and the issuance of RLJ Series&nbsp;A
Preferred Shares to holders of FelCor Series&nbsp;A Preferred Stock, as contemplated by the Merger Agreement. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "RLJ Share Issuance Proposal" refers to the proposal to approve the RLJ Share Issuance.
<BR><BR> </I></B></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What is the proposed transaction for which I am being asked to vote?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The FelCor common stockholders are being asked to approve the REIT Merger. The approval of the REIT Merger by the
FelCor common stockholders is a condition to the effectiveness of the REIT Merger. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>The
RLJ shareholders are being asked to approve the RLJ Share Issuance Proposal in connection with the REIT Merger. The approval of the RLJ Share Issuance Proposal by the RLJ shareholders is a
condition to the effectiveness of the REIT Merger.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Why are RLJ and FelCor proposing the Mergers?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The RLJ Board and the FelCor Board believe that the Mergers will provide a number of significant potential strategic
opportunities and benefits that will be in the best interests of their respective shareholders and stockholders. At Closing, the Combined Company will be the third largest lodging REIT in the United
States and the largest publicly traded portfolio of upscale premium brand focused-service and compact full-service hotels, which will allow shareholders to participate in a stronger Combined Company
and in a platform positioned for value creation. The Combined Company will have ownership interests in 161 hotels in 26 states and the District of Columbia and is expected to provide enhanced brand
and operator leverage. The combination also </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=12,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=711883,FOLIO='2',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>



<UL>

<P style="font-family:times;"><FONT SIZE=2>provides
enhanced geographic diversity, while maintaining a strategically consistent and balanced portfolio of focused-service and compact full-service hotels with enhanced exposure to
Marriott&reg;, Hilton&reg; and Hyatt&reg; brands, which will increase portfolio diversification and reduce market specific exposure as a percentage of the combined portfolio.
With a strong and flexible balance sheet and disciplined approach to portfolio and asset management, the Combined Company will have the attributes and capabilities to drive accretive growth and to
pursue additional opportunities to enhance value. To review the reasons for the Mergers in greater detail, see "The REIT Merger&#151;Recommendation of the RLJ Board and Its Reasons for the
Mergers" beginning on page&nbsp;77 and "The REIT Merger&#151;Recommendation of the FelCor Board and Its Reasons for the Mergers" beginning on page&nbsp;80.

 </FONT></P>

</UL>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Were appraisals or valuations performed on the assets and liabilities of RLJ and FelCor in connection with the
Mergers?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No third-party appraisals or valuations on the assets and liabilities of RLJ and FelCor were obtained in connection
with the Mergers.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What happens if the market price of RLJ Common Shares or FelCor Common Stock changes before the closing of the REIT
Merger?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Changes in the market price of RLJ Common Shares or the market price of FelCor Common Stock at or prior to the
effective time of the REIT Merger will not change the number of RLJ Common Shares that FelCor common stockholders will receive because the Common Exchange Ratio is fixed at 0.362 RLJ Common Shares per
share of FelCor Common Stock.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Are there any conditions to completion of the Mergers?</B></FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes. In addition to the approvals of the RLJ shareholders and the FelCor common stockholders, as described herein,
there are a number of conditions that must be satisfied or waived for the Mergers to be consummated. For a description of all of the conditions to the Mergers, see "The Merger
Agreement&#151;Conditions to Complete the Mergers" beginning on page&nbsp;129.

 </FONT></DD></DL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca49201_the_following_questions_and_an__the02813"> </A>
<A NAME="toc_ca49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The following questions and answers apply to RLJ shareholders only:    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>When and where is the RLJ special meeting?</B></FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The special meeting of RLJ shareholders will be held on August&nbsp;15, 2017 at RLJ's corporate headquarters at
3&nbsp;Bethesda Metro Center, Suite&nbsp;1000, Bethesda MD&nbsp;20814, at 1:00&nbsp;p.m., Eastern Time.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What matters will be voted on at the RLJ special meeting?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>You will be asked to consider and vote on the following proposals:</FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the RLJ Share Issuance Proposal; and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the RLJ Adjournment Proposal.
<BR><BR> </I></B></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>How does the RLJ Board recommend that I vote on the proposals?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>After careful consideration, the RLJ Board has unanimously:</FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> determined that the Merger Agreement, the Mergers and the transactions contemplated thereby, including the RLJ Share Issuance, are advisable
and in the best interests of RLJ and the RLJ shareholders; and </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=13,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=719545,FOLIO='3',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> authorized, approved, adopted and declared advisable the Merger Agreement, the Mergers and the transactions contemplated thereby. </FONT></DD></DL>
</UL>


<UL>

<P style="font-family:times;"><FONT SIZE=2>The
RLJ Board unanimously recommends that the RLJ shareholders vote "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Share Issuance Proposal and
"</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Adjournment Proposal. For a more complete description of the recommendation of the RLJ Board, see "The REIT
Merger&#151;Recommendation of the RLJ Board and Its Reasons for the Mergers" beginning on page 77.

 </FONT></P>

</UL>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What constitutes a quorum for the RLJ special meeting?</B></FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The presence at the RLJ special meeting, in person or by proxy, of the holders of a majority of the common shares
outstanding on July&nbsp;6, 2017 will constitute a quorum, permitting the RLJ shareholders to conduct business at the RLJ special meeting. RLJ will include abstentions in the calculation of the
number of shares considered to be present at the RLJ special meeting for purposes of determining the presence of a quorum at the RLJ special meeting. As of the record date, there were 124,639,939
common shares outstanding.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What vote is required for RLJ shareholders to approve the RLJ Share Issuance
Proposal?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Approval of the RLJ Share Issuance Proposal requires that the number of votes cast for the RLJ Share Issuance Proposal
exceeds the number of votes cast against the RLJ Share Issuance Proposal from holders of RLJ Common Shares represented in person or by proxy and entitled to vote at the RLJ special meeting, assuming a
quorum is present.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What vote is required for RLJ shareholders to approve the RLJ Adjournment
Proposal?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Approval of the RLJ Adjournment Proposal requires that the number of votes cast for the RLJ Adjournment Proposal
exceeds the number of votes cast against the RLJ Adjournment Proposal from holders of RLJ Common Shares represented in person or by proxy and entitled to vote at the RLJ special meeting, assuming a
quorum is present.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>How are votes counted?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>For the RLJ Share Issuance Proposal, you may vote "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>,"
"</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>ABSTAIN</B></FONT><FONT SIZE=2>." Failure to return your proxy card and other shares not voted (whether by broker
non-vote or otherwise) will not be considered present for the purpose of determining the presence of a quorum and will have no effect on the RLJ Share Issuance Proposal. Under NYSE rules, abstentions
will be considered as votes cast and, accordingly, will have the same effect as votes "</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" the RLJ Share Issuance Proposal. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>For
the RLJ Adjournment Proposal, you may vote "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>," "</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" or
"</FONT><FONT SIZE=2><B>ABSTAIN</B></FONT><FONT SIZE=2>." Abstentions and other shares not voted (whether by broker non-votes or otherwise) will not have an effect on the RLJ Adjournment Proposal,
provided that a quorum is otherwise present. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Properly
executed proxy cards with no instructions indicated on the proxy card will be voted "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Share Issuance Proposal and
"</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Adjournment Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
addition, banks, brokers and other nominees that hold their customers' shares in street name may not vote their customers' shares on "non-routine" matters without instructions from their customers.
As each of the proposals to be voted upon at the RLJ special meeting is considered "non-routine," such organizations do not have discretion to vote on any of the proposals. As a result, if you fail to
provide your broker, bank or other nominee with any instructions regarding how to vote your RLJ Common Shares, your RLJ Common Shares will not be considered present at the RLJ special meeting and will
not be voted on any of the proposals. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=14,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=114270,FOLIO='4',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_5"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Who is entitled to vote at the RLJ special meeting?</B></FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All holders of RLJ Common Shares as of the close of business on July&nbsp;6, 2017, the record date for the RLJ
special meeting, are entitled to vote at the RLJ special meeting, unless a new record date is fixed for any adjournment or postponement of the RLJ special meeting. As of the record date, there were
124,639,939 issued and outstanding shares of RLJ Common Shares. Each holder of record of RLJ Common Shares on the record date is entitled to one vote per share.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>How will RLJ shareholders be affected by the Mergers and the RLJ Share
Issuance?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>After the Mergers, each RLJ shareholder will continue to own the RLJ Common Shares that such shareholder held
immediately prior to the Mergers. As a result, each RLJ shareholder will continue to own common shares in the Combined Company, which will be a larger company with more assets. However, because RLJ
will be issuing new RLJ Common Shares to FelCor common stockholders in the Mergers, including holders of FelCor&nbsp;LP Common Units that convert such FelCor&nbsp;LP Common Units into shares of
FelCor Common Stock, each outstanding RLJ Common Share immediately prior to the Mergers will represent a smaller percentage of the aggregate number of RLJ Common Shares outstanding after the Mergers. </FONT></DD></DL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca49201_the_following_questions_and_an__the03231"> </A>
<A NAME="toc_ca49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The following questions and answers apply to FelCor common stockholders only:    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What will I receive for my FelCor stock in the REIT Merger?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under the terms of the Merger Agreement, you will receive RLJ Common Shares for FelCor Common Stock owned by you
immediately prior to the completion of the Mergers based on the Common Exchange Ratio. Each share of FelCor Series&nbsp;A Preferred Stock will be converted into the right to receive one share of
newly created RLJ Series&nbsp;A Preferred Shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>How will I receive the merger consideration if the Mergers are completed?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>For the FelCor common stockholders, you will receive a letter of transmittal with detailed written instructions for
exchanging shares for the merger consideration. If your shares are held in "street name" by your bank, broker or other nominee, you will receive instructions from your bank, broker or other nominee as
to how to effect the surrender of your "street name" shares in exchange for the applicable merger consideration.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>When and where is the FelCor special meeting?</B></FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The special meeting of FelCor stockholders will be held on August&nbsp;15, 2017, at FelCor's corporate headquarters
at 125&nbsp;E. John Carpenter Freeway, Suite&nbsp;1600, Irving, Texas&nbsp;75062, starting at 5:00&nbsp;p.m., Central Time.


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What matters will be voted on at the FelCor special meeting?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>You will be asked to consider and vote on the following proposals:</FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the REIT Merger Proposal; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the FelCor Compensation Proposal; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the FelCor Adjournment Proposal. </FONT></DD></DL>
</DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>FelCor
will transact no other business at the FelCor special meeting or any adjournment or postponement thereof. Holders of FelCor Series&nbsp;A Preferred Stock will not vote on any matter at the
FelCor special meeting. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=15,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=775694,FOLIO='5',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_6"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>How does the FelCor Board recommend that I vote on the proposals?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The FelCor Board has unanimously determined that the Merger Agreement, the Mergers and the transactions contemplated
thereby are fair and reasonable, and in the best interests of FelCor and its stockholders (including the holders of FelCor Series&nbsp;A Preferred Stock), and that the REIT Merger is advisable, and
has unanimously approved the Merger Agreement, the Mergers and the transactions contemplated thereby. The FelCor Board has directed that the REIT Merger Proposal be submitted for consideration at a
special meeting of FelCor stockholders. </FONT></DD></DL>


<UL>

<P style="font-family:times;"><FONT SIZE=2>The
FelCor Board unanimously recommends that the FelCor common stockholders vote "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the REIT Merger Proposal,
"</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Compensation Proposal and "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Adjournment Proposal. For a more complete
description of the recommendation of the FelCor Board, see "The REIT Merger&#151;Recommendation of the FelCor Board and Its Reasons for the Mergers" beginning on page&nbsp;80.


</FONT></P>

</UL>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Do the FelCor directors and executive officers have any interests in the
Mergers?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes. In considering the FelCor Board's recommendation for FelCor common stockholders to approve the REIT Merger
Proposal and the FelCor Compensation Proposal, FelCor's stockholders should be aware that directors and executive officers of FelCor have interests in the Mergers that may be different from, or in
addition to, the interests of FelCor's stockholders generally and that may present actual or potential conflicts of interests. These interests include:</FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each share of FelCor restricted stock held by FelCor's executive officers will automatically become fully vested, and at the effective time of
the REIT Merger, such shares (less the shares of FelCor Common Stock withheld to satisfy applicable withholding tax obligations) will be converted into the right to receive RLJ Common Shares based on
the Common Exchange Ratio; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each FelCor Restricted Stock Unit (a "FelCor RSU") held by FelCor's executive officers will automatically become vested in the number of shares
of FelCor Common Stock determined as set forth in the agreement or other FelCor benefit plan governing such FelCor RSU, and at the effective time of the REIT Merger, such shares (less the shares of
FelCor Common Stock withheld to satisfy applicable withholding tax obligations) will be converted into the right to receive RLJ Common Shares based on the Common Exchange Ratio, and each dividend
equivalent right related to such vesting FelCor RSU will become fully vested and converted into the right to receive cash; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> continued indemnification and insurance coverage for the directors and executive officers of FelCor (so long as annual premiums do not exceed
250% of FelCor's current annual premiums) in accordance with the Merger Agreement. </FONT></DD></DL>
</DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>In
addition, the Chairman of the FelCor Board and each FelCor executive officer is a party to a change in control and severance agreement with FelCor, which provides for (i)&nbsp;single trigger
accelerated vesting of outstanding equity incentive awards upon the occurrence of a change in control, as defined in the agreement, and (ii)&nbsp;payments and other benefits if the individual's
employment terminates for a qualifying event or circumstance, such as being terminated without "cause" or leaving employment for "good reason," as these terms are defined in the agreement, following a
change in control, such as the REIT Merger. Upon the termination of such individual's employment by FelCor or the Combined Company other than for cause, retirement or disability, or by such individual
for good reason, the individual would be eligible to receive, among other benefits, (i)&nbsp;a lump sum severance payment equal to 2.99 (or 2.50, in the case of Steven R. Goldman) multiplied by the
sum of that individual's then current base salary, plus the greater of (A)&nbsp;his average cash bonus (annualized for partial years of service) paid over the preceding three years of employment (or
a shorter period, if employed less than three years) or (B)&nbsp;his target cash </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=16,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=2853,FOLIO='6',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>bonus
for the current year, and (ii)&nbsp;certain benefit continuation rights for up to 24&nbsp;months (or up to 36&nbsp;months, in the case of Mr.&nbsp;Goldman) following termination. In
addition, under the agreement, such individuals (other than Mr.&nbsp;Goldman and Thomas&nbsp;C. Hendrick) are eligible to receive a "gross-up" payment, if applicable, related to any excise taxes
imposed under Section&nbsp;4999 of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


The FelCor Board was aware of these interests and considered them, among other matters, approving the Merger Agreement and the transactions contemplated thereby. For additional information, see "The
REIT Merger&#151;Interests of FelCor's Directors and Executive Officers in the Mergers" beginning on page 107.

 </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What constitutes a quorum?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>FelCor's bylaws provide that the presence in person or by proxy of FelCor stockholders entitled to cast a majority of
all the votes entitled to be cast at the meeting constitutes a quorum at each meeting of FelCor stockholders. Abstentions will be counted for the purpose of determining a quorum.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What vote is required for FelCor common stockholders to approve the REIT Merger
Proposal?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Approval of the REIT Merger Proposal will require the affirmative vote of the holders of not less than a majority of
the outstanding shares of FelCor Common Stock, which is the only vote of the holders of any class or series of shares of capital stock of FelCor required for such approval.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What vote is required for FelCor common stockholders to approve the FelCor Compensation
Proposal?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Provided a quorum is present, approval of the FelCor Compensation Proposal will require that the majority of votes
cast are cast in favor of the FelCor Compensation Proposal. Only holders of shares of FelCor Common Stock will be entitled to vote on the FelCor Compensation Proposal.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What vote is required for FelCor stockholders to approve the FelCor Adjournment
Proposal?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Approval of the FelCor Adjournment Proposal will require the affirmative vote of holders of a majority of the shares
of FelCor Common Stock entitled to vote at the FelCor special meeting and present in person or represented by proxy at the meeting, whether or not a quorum is present.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>How are votes counted?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>For the REIT Merger Proposal, you may vote "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>,"
"</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><B>ABSTAIN</B></FONT><FONT SIZE=2>." If you abstain or fail to return your proxy card, it will have the same effect
as a vote "</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" the REIT Merger Proposal. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>For
the FelCor Compensation Proposal, you may vote "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>," "</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" or
"</FONT><FONT SIZE=2><B>ABSTAIN</B></FONT><FONT SIZE=2>." For purposes of the FelCor Compensation Proposal, a failure to vote, a failure to instruct your bank, broker or nominee to vote or an
abstention from voting will have no effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
the FelCor Adjournment Proposal, you may vote "</FONT><FONT SIZE=2><B>FOR,</B></FONT><FONT SIZE=2>" "</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" or
"</FONT><FONT SIZE=2><B>ABSTAIN</B></FONT><FONT SIZE=2>." If you are present in person or by proxy at the FelCor special meeting, abstentions will have the same effect as a vote
"</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" the proposal. Broker non-votes will not have an effect on the proposal. If you are not present in person or by proxy at the FelCor special
meeting, it will not have an effect on the proposal. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=17,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=650643,FOLIO='7',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Properly
executed proxy cards with no instructions indicated on the proxy card will be voted "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the REIT Merger Proposal,
"</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Compensation Proposal and "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Adjournment Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
addition, if your shares are held in the name of a bank, broker or other nominee, your bank, broker or other nominee will not vote your shares in the absence of specific instructions from you on
how to vote your shares. These "broker non-votes" (if any) and abstentions will have the same effect as a vote "</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" the REIT Merger Proposal. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Who is entitled to vote at the FelCor special meeting?</B></FONT><FONT SIZE=2>


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All holders of FelCor Common Stock as of the close of business on July&nbsp;6, 2017, the record date for the FelCor
special meeting, are entitled to vote at the FelCor special meeting, unless a new record date is fixed for any adjournment or postponement of the FelCor special meeting. As of the record date, there
were 138,421,753 issued and outstanding shares of FelCor Common Stock. Each holder of record of FelCor Common Stock on the record date is entitled to one vote per share. Holders of FelCor
Series&nbsp;A Preferred Stock are not entitled to vote at the FelCor special meeting.

 </FONT></DD></DL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca49201_the_following_questions_and_an__the03850"> </A>
<A NAME="toc_ca49201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The following questions and answers apply to RLJ shareholders and FelCor common stockholders:    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Have any RLJ shareholders or FelCor common stockholders already agreed to vote in favor of the
proposals?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In connection with the execution of the Merger Agreement, RLJ has entered into a voting agreement with each of the
following current and former executive officers of FelCor in their capacities as FelCor common stockholders: Steven R. Goldman, Thomas J. Corcoran, Jr., Troy A. Pentecost, Thomas C. Hendrick, Michael
C. Hughes and Jonathan H. Yellen (collectively, the "FelCor Executives"). Collectively, the FelCor Executives beneficially own approximately 1.0% of the outstanding shares of FelCor Common Stock.
These RLJ voting agreements generally require, subject to certain exceptions, the FelCor Executives to vote all of the shares of FelCor Common Stock beneficially owned by them and capable of being
voted in favor of approval of the REIT Merger Proposal and against any alternative acquisition proposals of third parties, actions or agreements that would reasonably be expected to result in the
failure of a closing condition set forth in the Merger Agreement, and any actions that would reasonably be expected to materially delay, materially postpone or materially adversely affect the
consummation of the transactions contemplated by the Merger Agreement. These RLJ voting agreements also restrict the FelCor Executives from, subject to certain permitted exceptions, transferring any
subject securities or depositing any subject securities into a voting trust or other arrangement or granting any proxy or power of attorney to vote the subject securities. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>In
connection with the execution of the Merger Agreement, FelCor has entered into a voting agreement with each of the following executives of RLJ in their capacities as RLJ shareholders: Robert L.
Johnson, Ross H. Bierkan and Leslie D. Hale (collectively, the "RLJ Executives"). Collectively, the RLJ Executives beneficially own approximately 1.4% of the outstanding RLJ Common Shares. These
voting agreements generally require, subject to certain exceptions, the RLJ Executives to vote all of the RLJ Common Shares beneficially owned by them and capable of being voted, in favor of approval
of the RLJ Share Issuance Proposal and against any alternative acquisition proposals of third parties, actions or agreements that would reasonably be expected to result in the failure of a closing
condition set forth in the Merger Agreement, and any actions that would reasonably be expected to materially delay, materially postpone or materially adversely affect the consummation of the
transactions contemplated by the Merger Agreement. These voting agreements also restrict the RLJ Executives from, subject to certain permitted exceptions, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=18,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=603908,FOLIO='8',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>transferring
any subject securities or depositing any subject securities into a voting trust or other arrangement or granting any proxy or power of attorney to vote the subject securities. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What happens if I sell my shares before the special meetings?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The record date for each company's special meeting is earlier than the date of each company's special meeting and the
date that the REIT Merger is expected to be completed. If you sell your shares after your company's record date but before the date of your company's special meeting, you will retain any right to vote
at your company's special meeting, but, for FelCor stockholders, you will have transferred your right to receive the merger consideration. For FelCor stockholders, in order to receive the merger
consideration, you must hold your shares through completion of the REIT Merger.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>How do I vote?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>You may submit your proxy either by telephone, through the Internet or by mailing the enclosed proxy card, or you may
vote in person at the special meeting of the company for which you are a shareholder or stockholder, as applicable. </FONT></DD></DL>

<UL>


<P style="font-family:times;"><FONT SIZE=2>To
submit your proxy by telephone, dial the toll free telephone number set forth on the proxy card you received using a touch tone phone and follow the recorded instructions. You will be asked to
provide the control number from the enclosed proxy card. To submit your proxy through the Internet, visit the website set forth on the proxy card you received. You will be asked to provide the control
number from the enclosed proxy card. Proxies submitted by telephone or through the Internet must be received by 11:59&nbsp;p.m., Central Time, on August&nbsp;14, 2017 for RLJ shareholders and by
11:59&nbsp;p.m., Eastern Time, on August&nbsp;14, 2017 for FelCor common stockholders.

 </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>To
submit your proxy by mail, complete, date and sign each proxy card you receive and return it as promptly as practicable in the enclosed prepaid envelope. If you sign and return your proxy card, but
do not mark the boxes showing how you wish to vote, your shares will be voted "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Share Issuance Proposal, the RLJ Adjournment Proposal, the
REIT Merger Proposal, the FelCor Compensation Proposal and the FelCor Adjournment Proposal, as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
you intend to vote in person, please bring proper identification, together with proof that you are a record owner of shares of the applicable company. If your shares are held in "street name,"
please bring acceptable proof of ownership, such as a letter from your broker or an account statement showing that you beneficially own such shares on the applicable record date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
you hold your shares in "street name," please read the question and answer referencing "street name" shares below.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What happens if I am both an RLJ shareholder and a FelCor common
stockholder?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If you are both an RLJ shareholder and a FelCor common stockholder, you are entitled to vote at the special meeting of
each company. You will receive separate proxy cards for each company and must complete, sign and date each proxy card and return each proxy card in the appropriate preaddressed postage-paid envelope
or, if available, by submitting a proxy by one of the other methods specified in your proxy card or voting instruction card for each company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>If my shares are held in "street name" by my bank, broker or other nominee, will my broker, bank or other nominee vote
my shares for me?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No. Unless you instruct your broker, bank or other nominee to vote your shares held in street name, your shares will </FONT> <FONT SIZE=2><B>NOT</B></FONT><FONT SIZE=2>
be voted. If you hold your shares in a stock brokerage account or if your shares are held by a bank or other nominee (that is, in "street name"),
you must provide </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=19,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=485297,FOLIO='9',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_10"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>your
broker, bank or other nominee with instructions on how to vote your shares. You should follow the procedures provided by your bank, broker or nominee regarding the voting of your shares. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>How can I revoke or change my vote?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>You may revoke your proxy at any time before the vote is taken at the special meeting of the company of which you are
a shareholder or stockholder, as applicable, in any of the following ways:</FONT><FONT SIZE=2>

<BR><BR></FONT>
<DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> submitting a later proxy by telephone or through the Internet prior to 11:59&nbsp;p.m., Central Time, on August&nbsp;14, 2017 if you are a
RLJ shareholder and prior to 11:59&nbsp;p.m., Eastern Time, on August&nbsp;14, 2017 if you are a FelCor common stockholder; </FONT><FONT SIZE=2>


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> filing with the Secretary of the applicable company, before the taking of the vote at the company's special meeting, a written notice of
revocation bearing a later date than the proxy card; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> duly executing a later dated proxy card relating to the same shares and delivering it to the Secretary of the applicable company before the
taking of the vote at the company's special meeting; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> voting in person at the company's special meeting. </FONT></DD></DL>
</DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Your
attendance at the company's special meeting does not automatically revoke your previously submitted proxy. If you have instructed your bank, broker or other nominee to vote your shares, the
options described above for revoking your proxy do not apply. Instead, you must follow the directions provided by your bank, broker or other nominee to change your vote.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>When are the Mergers expected to be completed?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>We expect to complete the Mergers by the end of 2017, although RLJ and FelCor cannot assure completion by any
particular date, if at all. Because the Mergers are subject to a number of conditions, including the approval of the RLJ Share Issuance Proposal by the requisite vote of the RLJ shareholders and the
REIT Merger Proposal by the requisite vote of the FelCor common stockholders, the exact timing of the Mergers cannot be determined at this time and RLJ and FelCor cannot guarantee that the Mergers
will be completed at all.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Following the REIT Merger, what percentage of RLJ Common Shares will current RLJ shareholders and FelCor stockholders
own?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Following the completion of the Mergers:</FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the RLJ Common Shares held by the current RLJ shareholders will represent approximately 71% of the Combined Company's fully diluted equity; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> former FelCor common stockholders are expected to own the remaining 29% of the Combined Company's fully diluted equity.
<BR><BR> </I></B></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What happens if the REIT Merger is not completed?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If the RLJ Share Issuance Proposal or the REIT Merger Proposal is not approved by RLJ shareholders or FelCor common
stockholders, respectively, or if the Mergers are not completed for any other reason, FelCor common stockholders will not have their FelCor Common Stock exchanged for RLJ Common Shares in connection
with the Mergers. Instead, each of FelCor and RLJ would remain a separate company. Under certain circumstances, RLJ may be required to pay </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=20,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1027838,FOLIO='10',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>



<UL>

<P style="font-family:times;"><FONT SIZE=2>FelCor
a termination fee or an expense amount or FelCor may be required to pay RLJ a termination fee or expense amount, as described under "The Merger Agreement&#151;Termination Fees and
Expenses" beginning on page 132.

</FONT></P>

</UL>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Am I entitled to exercise appraisal rights?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No. Neither holders of RLJ Common Shares nor holders of FelCor Common Stock will be entitled to appraisal rights.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Will RLJ have the same strategy as FelCor?</B></FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The Combined Company will follow RLJ's stated objective of generating strong returns for shareholders by acquiring
premium-branded, focused-service and compact full-service hotels. This target asset class represents a very attractive segment of the lodging industry and provides stronger returns on invested capital
than large full-service or luxury hotels because they operate under a business model that requires fewer employees and imposes lower operating costs, resulting in higher profit margins. As part of
RLJ's disciplined capital recycling program, RLJ intends to opportunistically dispose of non-core hotels and other hotels which RLJ believes have maximized their returns in the combined portfolio in
order to further strengthen the balance sheet and redeploy capital into more accretive opportunities. See "Description of Policies of RLJ" on page&nbsp;198.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Will my dividend payments continue after the REIT Merger?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Following completion of the REIT Merger, holders of RLJ Common Shares will be entitled to receive dividends when, as
and if declared by the RLJ Board out of funds legally available therefor. After the REIT Merger, RLJ plans to continue to pay a consistent distribution on a quarterly basis, with distributions from
anticipated cash generated from operations and debt. The anticipated initial annual distribution rate after the REIT Merger is expected to be $1.32 per RLJ Common Share. Any distribution will be
subject to the approval of the RLJ Board and there can be no assurance of the duration of distributions at the anticipated initial annual distribution rate after the REIT Merger.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Are there any risks associated with the Mergers that I should consider in deciding how to
vote?</B></FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes. A number of risks related to the Mergers are discussed in this joint proxy statement/prospectus and described in
the section entitled "Risk Factors" beginning on page 35.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What are the material U.S. federal income tax consequences of the Mergers to FelCor common stockholders and RLJ
shareholders?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Assuming that the Mergers are completed as currently contemplated, RLJ and FelCor expect that the receipt of the
merger consideration by FelCor common stockholders in exchange for their FelCor Common Stock pursuant to the REIT Merger will be a taxable transaction for federal income tax purposes. Generally, for
U.S. federal income tax purposes, FelCor common stockholders will recognize gain or loss as a result of the REIT Merger measured by the difference, if any, between the fair market value of RLJ Common
Shares and the amount of any cash received in the REIT Merger on account of fractional shares and the holder's adjusted tax basis in the FelCor Common Stock exchanged. Because the merger consideration
to be given to holders of FelCor Common Stock consists solely of RLJ Common Shares (other than cash received in the REIT Merger in lieu of fractional
shares</FONT><FONT SIZE=2><B>)</B></FONT><FONT SIZE=2>, holders of FelCor Common Stock may need to sell shares of RLJ Common Shares received in the REIT Merger, or raise cash from other sources, to
pay any tax obligations resulting from the REIT Merger. RLJ and FelCor anticipate that the </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=21,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=532535,FOLIO='11',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>REIT
Merger will have no material U.S. federal income tax consequences to RLJ shareholders who do not own any FelCor stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


The tax consequences to you of the Mergers will depend on your own situation. You should consult your own tax advisor for a full understanding of the tax consequences to you of the Mergers. For more
information regarding the tax consequences of the Mergers to FelCor common stockholders, please see "Material U.S. Federal Income Tax Consequences" beginning on page&nbsp;137.

</FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>How can I obtain additional information about RLJ and FelCor?</B></FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>RLJ and FelCor each file annual, quarterly and current reports, proxy statements and other information with the SEC.
Each company's filings with the SEC may be accessed on the Internet at http://www.sec.gov. Copies of the documents filed by RLJ with the SEC will be available free of charge on RLJ's website at
www.rljlodgingtrust.com or by contacting RLJ Investor Relations at ir@rljlodgingtrust.com or at 301-280-7774. Copies of the documents filed by FelCor with the SEC will be available free of charge on
FelCor's website at www.felcor.com or by contacting FelCor Investor Relations at asalami@felcor.com or at 972-444-4967. The information provided on each company's website is not part of this joint
proxy statement/prospectus and is not incorporated by reference into this joint proxy statement/prospectus. For a more detailed description of the information available and information incorporated by
reference, please see "Where You Can Find More Information and Incorporation by Reference" on page 210.


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>What else do I need to do now?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>You are urged to read this joint proxy statement/prospectus carefully and in its entirety, including its annexes and
the information incorporated by reference herein, and to consider how the Mergers affect you. Even if you plan to attend your company's special meeting, if you hold your shares in your own name as the
shareholder or stockholder, as applicable, of record, please vote your shares by completing, signing, dating and returning the enclosed proxy card. You can also attend your company's special meeting
and vote, or change your prior vote, in person. If you hold your shares in "street name" through a bank, broker or other nominee, then you should have received this joint proxy statement/prospectus
from that nominee, along with that nominee's proxy card which includes voting instructions and instructions on how to change your vote.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Will a proxy solicitor be used?</B></FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes. RLJ has engaged D.F. King&nbsp;&amp;&nbsp;Co.,&nbsp;Inc. ("D.F. King"), to assist in the solicitation of
proxies for the RLJ special meeting, and RLJ estimates it will pay D.F. King a fee of approximately $15,000. RLJ has also agreed to reimburse D.F. King for reasonable out-of-pocket expenses and
disbursements incurred in connection with the proxy solicitation and to indemnify D.F. King against certain losses, costs and expenses. In addition to mailing proxy solicitation materials, RLJ's
trustees, officers and employees may also solicit proxies in person, by telephone or by any other electronic means of communication deemed appropriate. No additional compensation will be paid to RLJ's
trustees, officers or employees for such services.

 </FONT></DD>

</DL>


<UL>

<P style="font-family:times;"><FONT SIZE=2>FelCor
has also engaged D.F. King, to assist in the solicitation of proxies for the FelCor special meeting, and FelCor estimates it will pay D.F. King a fee of approximately $25,000. FelCor has also
agreed to reimburse D.F. King for reasonable out-of-pocket expenses and disbursements incurred in connection with the proxy solicitation and to indemnify D.F. King against certain losses, costs and
expenses. In addition to mailing proxy solicitation material, FelCor's directors, officers and employees may also solicit proxies in person, by telephone or by any other electronic means of
communication deemed appropriate. No additional compensation will be paid to FelCor's directors, officers or employees for such services.

 </FONT></P>

</UL>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=22,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=626099,FOLIO='12',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<A NAME="page_ca49201_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Who can answer my questions?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>A:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If you have any questions about the Mergers or the other matters to be voted on at the RLJ special meeting or the
FelCor special meeting, how to submit your proxy, or need additional copies of this joint proxy statement/prospectus, the enclosed proxy card or voting instructions, you should contact: </FONT></DD></DL>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="39%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="39%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>If you are an RLJ shareholder:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>If you are a FelCor stockholder:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> D.F. King&nbsp;&amp;&nbsp;Co.,&nbsp;Inc.<BR>
48 Wall Street, 22<SUP>nd</SUP>&nbsp;floor<BR>
New York, NY 10005<BR>
(800)&nbsp;317-8033 (toll free)<BR>
(212)&nbsp;269-5550 (call collect)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>D.F. King&nbsp;&amp;&nbsp;Co.,&nbsp;Inc.<BR>
48 Wall Street, 22<SUP>nd</SUP>&nbsp;floor<BR>
New York, NY 10005<BR>
(877)&nbsp;732-3614 (toll free)<BR>
(212)&nbsp;269-5550 (call collect)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=23,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=375183,FOLIO='13',FILE='DISK127:[17ZBR1.17ZBR49201]CA49201A.;20',USER='VSTEFAN',CD='16-JUL-2017;23:18' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cc49201_1_14"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="h1"></A>SUMMARY  </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following summary highlights selected information in this joint proxy statement/prospectus and may not contain all
the information that may be important to you with respect to the Merger Agreement, the Mergers or the special meetings. Accordingly, you are encouraged to read this joint proxy statement/prospectus,
including its annexes and the information incorporated by reference herein, carefully and in its entirety. Each item in this summary includes a page reference directing you to a more complete
description of that topic. See also "Where You Can Find More Information and Incorporation by Reference" on page&nbsp;210.</I></FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h2"></A>The Companies  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


RLJ Lodging Trust</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;47)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>RLJ
Lodging Trust<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7777 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
is a Maryland REIT that has elected to be taxed as a REIT under the Code. RLJ acquires primarily premium-branded, focused-service and compact full-service hotels, and is one of the
largest U.S. publicly-traded lodging REITs in terms of both number of hotels and number of rooms. As of March&nbsp;31, 2017, RLJ owned 122 hotels with approximately 20,100 rooms, located in 21
states and the District of Columbia, and an interest in one mortgage loan secured by a hotel. RLJ owns, through wholly-owned subsidiaries, 100% of the interests in all hotel properties, with the
exception of one hotel property in which RLJ owns a 98.3% controlling interest in a joint venture. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
Common Shares are listed on the NYSE, trading under the symbol "RLJ." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's
principal executive offices are located at 3 Bethesda Metro Center, Suite&nbsp;1000, Bethesda, Maryland 20814, and its telephone number is (301)&nbsp;280-7777. RLJ had 57
employees as of March&nbsp;31, 2017. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


RLJ Lodging Trust,&nbsp;L.P.</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;47)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>RLJ
Lodging Trust,&nbsp;L.P.<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7777 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Operating Partnership, a Delaware limited partnership, and its subsidiaries conduct all of RLJ's business, hold substantially all of RLJ's assets and liabilities and generate
substantially all of RLJ's revenues. RLJ is the sole general partner of the Operating Partnership and, as of March&nbsp;31, 2017, owned approximately 99.6% of the outstanding Operating Partnership
Common Units. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=24,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1018495,FOLIO='14',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_15"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rangers Sub I,&nbsp;LLC</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;47)

 </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>Rangers
Sub I,&nbsp;LLC<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7777 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REIT
Merger Sub, a wholly-owned subsidiary of the Operating Partnership, is a Maryland limited liability company that was formed on April&nbsp;20, 2017 solely for the purposes of
effecting the REIT Merger. Upon closing under the Merger Agreement, the REIT Merger will be consummated whereby FelCor will be merged with and into REIT Merger Sub, with REIT Merger Sub surviving as a
wholly-owned subsidiary of the Operating Partnership. REIT Merger Sub has not conducted any activities to date, except for activities incidental to its formation and activities undertaken in
connection with the transactions contemplated by the Merger Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rangers Sub II,&nbsp;LP</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;48)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>Rangers
Sub II,&nbsp;LP<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7777 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partnership
Merger Sub, a Delaware limited partnership, was formed on April&nbsp;20, 2017 solely for the purposes of facilitating RLJ's acquisition of FelCor. Upon closing under the
Merger Agreement, the Partnership Merger will be consummated whereby Partnership Merger Sub will merge with and into FelCor&nbsp;LP, with FelCor&nbsp;LP surviving as the wholly-owned subsidiary of
the Operating Partnership. Partnership Merger Sub has not carried on any activities to date, except for activities incidental to its formation and activities undertaken in connection with the
transactions contemplated by the Merger Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FelCor Lodging Trust Incorporated</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;48)

 </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>FelCor
Lodging Trust Incorporated<BR>
125 E. John Carpenter Freeway, Suite&nbsp;1600<BR>
Irving, TX 75062<BR>
(972)&nbsp;444-4900 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor,
a Maryland corporation, is a REIT traded on the NYSE under the symbol "FCH" that owns a diversified portfolio of primarily upper-upscale full-service hotels that are located in
major urban and resort markets throughout the U.S. FelCor partners with leading hotel companies who operate its properties under globally renowned names and as premier independent hotels. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor's
only material asset is its ownership interest in FelCor&nbsp;LP, a Delaware limited partnership with no publicly-traded equity. FelCor is the sole general partner and the
owner of a greater than 99.5% partnership interest in FelCor&nbsp;LP. Through FelCor&nbsp;LP, FelCor held ownership interests in 39 hotels with 11,500 rooms as of March&nbsp;31, 2017. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=25,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=713639,FOLIO='15',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FelCor Lodging Limited Partnership</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;48)

 </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>FelCor
Lodging Limited Partnership<BR>
125 E. John Carpenter Freeway, Suite&nbsp;1600<BR>
Irving, TX 75062<BR>
(972)&nbsp;444-4900 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor&nbsp;LP,
a Delaware limited partnership, is a partnership with no publicly-traded equity. FelCor is the sole general partner of, and the owner of a greater than 99.5%
partnership interest in, FelCor&nbsp;LP. Through FelCor&nbsp;LP, FelCor held ownership interests in 39 hotels with 11,500 rooms as of March&nbsp;31, 2017. As the sole partner of
FelCor&nbsp;LP, FelCor has exclusive and complete control of FelCor&nbsp;LP's day-to-day management. The holders of non-controlling interests in FelCor&nbsp;LP are unaffiliated with FelCor and,
in aggregate, hold less than 1% of the FelCor&nbsp;LP Common Units. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The Combined Company</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;48)

  </B></FONT>

</P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Combined Company will retain the name "RLJ Lodging Trust" and will continue to be a Maryland REIT, which has elected to be taxed as a REIT
under the Code. The Combined Company will be a publicly traded, lodging REIT focused on the acquisition and ownership of premium-branded, focused service and compact full-service hotels. The Combined
Company is expected to have a pro forma equity market capitalization of approximately $3.5&nbsp;billion and a total capitalization of approximately $6.4&nbsp;billion based on RLJ's closing price
of $19.67 per share on July&nbsp;6, 2017. Immediately after the Mergers, the Combined Company's asset base will consist primarily of interests in a portfolio of 161 hotels operating in 26 states and
the District of Columbia with an aggregate of approximately 31,600 rooms.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
business of the Combined Company will be operated through the Operating Partnership and its subsidiaries, which will include FelCor&nbsp;LP and its subsidiaries. On a pro forma
basis giving effect to the Mergers, the Combined Company will own an approximately 99.3% partnership interest in the Operating Partnership and the Combined Company will have the full, exclusive and
complete responsibility for and discretion in the day-to-day management and control of the Operating Partnership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
common shares of the Combined Company will continue to be listed on the NYSE, trading under the symbol "RLJ." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Combined Company's principal executive offices will be located at 3 Bethesda Metro Center, Suite&nbsp;1000, Bethesda, MD 20814, and its telephone number will be
(301)&nbsp;280-7777. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h3"></A>The Mergers  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The Merger Agreement</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;113)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ, the Operating Partnership, REIT Merger Sub, Partnership Merger Sub, FelCor and FelCor&nbsp;LP have entered into the Merger Agreement
attached as Annex&nbsp;A to this joint proxy statement/prospectus, which is incorporated herein by reference. RLJ and FelCor encourage you to carefully read the Merger Agreement in its entirety
because it is the principal document governing the Mergers and the other transactions contemplated by the Merger Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The Mergers</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;113)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of the Merger Agreement, the REIT Merger will be consummated whereby FelCor will merge with and into REIT
Merger Sub, with REIT Merger
Sub surviving as a wholly-owned subsidiary of the Operating Partnership. The Merger Agreement also provides for the Partnership Merger in which, immediately prior to the REIT Merger, Partnership </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=26,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=70681,FOLIO='16',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_17"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2>Merger
Sub will merge with and into FelCor&nbsp;LP, with FelCor&nbsp;LP surviving as a wholly-owned subsidiary of the Operating Partnership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
completion of the Mergers, the continuing RLJ shareholders are expected to own approximately 71% of the Combined Company's fully diluted equity, and the former FelCor common
stockholders are expected to own the remaining 29%. Once the Mergers are consummated, the Combined Company will retain the name "RLJ Lodging Trust" and will continue to be listed on the NYSE, trading
under the symbol "RLJ." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Consideration for the Mergers</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;114)

 </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the effective time of the REIT Merger, each outstanding share of FelCor Common Stock will be converted into the right to receive 0.362 shares
of newly issued RLJ Common Shares (the Common Exchange Ratio) in a taxable transaction. Each outstanding share of FelCor Series&nbsp;A Preferred Stock will be converted into the right to receive one
share of newly created RLJ Series&nbsp;A Preferred Shares in a taxable transaction. At the effective time of the Partnership Merger, which will occur immediately prior to the REIT Merger, each
outstanding FelCor&nbsp;LP Common Unit held by a limited partner (other than FelCor and its controlled affiliates) will be converted into the right to receive 0.362 Operating Partnership Common
Units; provided that in lieu of receiving such Operating Partnership Common Units, each such limited partner of FelCor&nbsp;LP will have the right to elect to receive, for each outstanding
FelCor&nbsp;LP Common Unit, 0.362 RLJ Common Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Exchange Ratio is fixed and will not be adjusted for changes in the market value of RLJ Common Shares or FelCor Common Stock. Because the Common Exchange Ratio is fixed, the
implied value of the consideration to be received by FelCor common stockholders in the REIT Merger will fluctuate between now and the completion of the Mergers. No fractional shares or units of RLJ
Common Shares or Operating Partnership Common Units will be issued in the Mergers, and the value of any fractional interests to which a holder would otherwise be entitled will be paid in cash. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recommendation of the RLJ Board and Its Reasons for the Mergers</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;77)

  </B></FONT>

</P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;23, 2017, following careful consideration, the RLJ Board unanimously determined and declared that the Merger Agreement, the
Mergers and the other transactions contemplated by the Merger Agreement, including the issuance of RLJ Common Shares and RLJ Series&nbsp;A Preferred Shares in the REIT Merger, are advisable and in
the best interests of RLJ and its shareholders and unanimously authorized, adopted, approved and declared advisable the Merger Agreement, the Mergers and the other transactions contemplated by the
Merger Agreement. Certain factors considered by the RLJ Board in reaching its decision to authorize, approve and adopt the Merger Agreement, the Mergers and the other transactions contemplated by the
Merger Agreement can be found in the section entitled "The REIT Merger&#151;Recommendation of the RLJ Board and Its Reasons for the Mergers" beginning on page&nbsp;77.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
RLJ Board unanimously recommends that RLJ's shareholders vote "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Share Issuance Proposal and
"</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Adjournment Proposal. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recommendation of the FelCor Board and Its Reasons for the Mergers</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;80)


 </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;23, 2017, after careful consideration, the FelCor Board unanimously determined that the Merger Agreement, the Mergers and the
other transactions contemplated by the Merger Agreement, are fair and reasonable and in the best interests of FelCor and its stockholders (including the holders of FelCor Series&nbsp;A Preferred
Stock), and that the REIT Merger is advisable, and unanimously approved the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement. Certain factors considered by
the FelCor Board in reaching its decision to approve the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=27,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1037398,FOLIO='17',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>


can be found in the section entitled "The REIT Merger&#151;Recommendation of the FelCor Board and Its Reasons for the Mergers" beginning on page&nbsp;80.


</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FelCor Board unanimously recommends that FelCor's stockholders vote "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the REIT Merger Proposal,
"</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Compensation Proposal and "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Adjournment Proposal. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Summary of Risk Factors Related to the Mergers</I></B></FONT><FONT SIZE=2><B> (Page&nbsp;35)

  </B></FONT>

</P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should carefully consider the following important risks, together with all of the other information included in this joint proxy
statement/prospectus and the risks related to the Mergers and the related transactions described under the section "Risk Factors" beginning on page&nbsp;35, before deciding how to
vote:</FONT>

</P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Mergers are subject to a number of conditions which, if not satisfied or waived in a timely manner, would delay the Mergers or adversely
impact RLJ's and FelCor's ability to complete the transactions. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Failure to consummate the Mergers as currently contemplated or at all could adversely affect the price of RLJ Common Shares or FelCor Common
Stock and the future business and financial results of RLJ and FelCor. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If the Mergers do not occur, one of the companies may incur payment obligations to the other. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Combined Company is expected to incur substantial expenses related and unrelated to the Mergers. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The pendency of the Mergers could adversely affect RLJ's and FelCor's business and operations. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Following the Mergers, the Combined Company may be unable to integrate RLJ's business and FelCor's business successfully and realize the
anticipated synergies and other expected benefits of the Mergers on the anticipated timeframe or at all. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Because the number of RLJ Common Shares exchanged per share of FelCor Common Stock is fixed and will not be adjusted in the event of any change
in RLJ's share price or FelCor's stock price, the value of RLJ Common Shares issued by RLJ and received by FelCor's stockholders may be higher or lower at the closing of the Mergers than when the
Merger Agreement was executed. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The REIT Merger and related transactions are subject to RLJ Shareholder Approval and FelCor Stockholder Approval. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ's shareholders and FelCor's stockholders will be diluted by the REIT Merger. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If the Mergers are not consummated by December&nbsp;28, 2017 (unless extended under certain circumstances), RLJ or FelCor may terminate the
Merger Agreement. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The market price of RLJ Common Shares may decline as a result of the Mergers and the market price of RLJ Common Shares after the consummation
of the Mergers may be affected by factors different from those affecting the price of RLJ Common Shares or the FelCor Common Stock before the Mergers. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> An adverse judgment in any litigation challenging the Mergers may prevent the Mergers from becoming effective or from becoming effective within
the expected timeframe. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Following the REIT Merger, the Combined Company may not pay dividends at or above the rate currently paid by RLJ or FelCor. </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=28,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=637128,FOLIO='18',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_19"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Combined Company will have a significant amount of indebtedness and may need to incur more in the future. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The historical and unaudited pro forma condensed combined financial information included elsewhere in this joint proxy statement/prospectus may
not be representative of the Combined Company's results after the Mergers, and accordingly, you have limited financial information on which to evaluate the Combined Company following the Mergers. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Mergers should be taxable to FelCor stockholders; however, FelCor stockholders will not receive cash with which to pay any tax. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ would incur adverse tax consequences if it or FelCor failed to qualify as a REIT for United States federal income tax purposes. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Some of FelCor's properties will be subject to property tax reappraisal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ might lose its REIT status and incur significant tax liabilities. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ may pay taxes even if it continues to qualify as a REIT. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ's REIT distribution requirements are complex and may create tax difficulties. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor's taxable REIT subsidiaries will be limited in using certain tax benefits. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h4"></A>The RLJ Special Meeting (Page&nbsp;50)

  </B></FONT>

</P>


<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'>

<FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Date, Time and Place.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The special meeting of RLJ's shareholders will be
held at RLJ's corporate headquarters at 3 Bethesda Metro Center, Suite 1000, Bethesda MD 20814 on August&nbsp;15, at 1:00&nbsp;p.m., Eastern Time.

</FONT>

<FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Purpose.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;At the RLJ special meeting, RLJ's shareholders will be asked to
approve the RLJ Share Issuance Proposal and the RLJ Adjournment Proposal.  </FONT> <FONT SIZE=2>

<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'>

<FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Record Date; Voting Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;RLJ's shareholders of record at the close of
business on July&nbsp;6, 2017 are entitled to receive this notice and vote at the RLJ special meeting and any adjournments thereof. Each holder of RLJ Common Shares on the record date is entitled to
one vote per share.

</FONT>

<FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Quorum.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The holders of a majority of the outstanding RLJ Common Shares
entitled to vote at the RLJ special meeting and present in person or represented by proxy, will constitute a quorum at the special meeting.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Required Vote.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Approval of the RLJ Share Issuance Proposal requires that
the number of votes cast for the RLJ Share Issuance Proposal exceeds the number of votes cast against the RLJ Share Issuance Proposal from holders of RLJ Common Shares represented in person or by
proxy and entitled to vote at the RLJ special meeting, assuming a quorum is present. Approval of the RLJ Adjournment Proposal also requires that the number of votes cast for the RLJ Adjournment
Proposal exceeds the number of votes cast against the RLJ Adjournment Proposal from holders of RLJ Common Shares represented in person or by proxy and entitled to vote at the RLJ special meeting,
assuming a quorum is present. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the close of business on the record date for the RLJ special meeting, the trustees and executive officers of RLJ owned 1.4% of the outstanding RLJ Common Shares entitled to vote at
the RLJ special meeting. The RLJ Executives have entered into voting agreements that obligate them to vote "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Share Issuance Proposal and
"</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Adjournment Proposal. Additionally, RLJ currently expects that the other RLJ trustees and executive officers will vote their RLJ Common
Shares in favor of the RLJ Share Issuance Proposal as well as the other proposals to be considered at the RLJ special meeting, although none of them is obligated to do so. </FONT></P>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=29,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=180576,FOLIO='19',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_20"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
vote as an RLJ shareholder is very important. Accordingly, please sign and return the enclosed proxy card whether or not you plan to attend the RLJ special meeting in person. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h5"></A>The FelCor Special Meeting (Page&nbsp;55)

  </B></FONT>

</P>


<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'>

<FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Date, Time and Place.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The special meeting of FelCor's stockholders will be
held at FelCor's corporate headquarters at 125&nbsp;E.&nbsp;John Carpenter Freeway, Suite&nbsp;1600, Irving, Texas 75062, on August&nbsp;15, 2017 at 5:00&nbsp;p.m., Central Time.

 </FONT>

<FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Purpose.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;At the FelCor special meeting, the FelCor common stockholders will
be asked to approve the REIT Merger Proposal, the FelCor Compensation Proposal and the FelCor Adjournment Proposal.  </FONT> <FONT SIZE=2>

<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'>

<FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Record Date; Voting Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;FelCor stockholders of record at the close of
business on July&nbsp;6, 2017 are entitled to receive this notice and FelCor common stockholders are entitled to vote at the FelCor special meeting and any adjournments thereof. Each holder of
record of FelCor Common Stock on the record date is entitled to one vote per share.

</FONT>

<FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Quorum.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The holders of a majority of the outstanding shares of FelCor
Common Stock entitled to vote at the FelCor special meeting and present in person or represented by proxy, will constitute a quorum at the FelCor special meeting.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Required Vote.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Approval of the REIT Merger Proposal requires the
affirmative vote of the holders of a majority of the outstanding shares of FelCor Common Stock. Approval of the FelCor Compensation Proposal requires, provided a quorum is present, that the majority
of votes cast are cast in favor of the FelCor Compensation Proposal. Approval of the FelCor Adjournment Proposal requires the affirmative vote of holders of a majority of the shares of FelCor Common
Stock entitled to vote at the meeting and present in person or represented by proxy, whether or not a quorum is present. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the close of business on the record date for the FelCor special meeting, the directors and executive officers of FelCor owned approximately 1.5% of the outstanding FelCor Common
Stock entitled to vote at the FelCor special meeting. The FelCor Executives have entered into voting agreements that obligate them to vote "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the
REIT Merger Proposal, "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Compensation Proposal and "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Adjournment Proposal.
FelCor currently expects that the other FelCor directors and officers will vote their shares of FelCor Common Stock in favor of the REIT Merger Proposal, although none of them is obligated to do so,
except for the FelCor Executives, as described below in "Voting Agreements."

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h6"></A>Opinion of RLJ's Financial Advisor (Page&nbsp;83)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ engaged Barclays Capital&nbsp;Inc. ("Barclays") to act as financial advisor to RLJ in connection with a potential acquisition of FelCor.
At the RLJ Board meeting on April&nbsp;23, 2017, Barclays rendered its oral opinion (which was subsequently confirmed in writing) to the RLJ Board that, as of such date and based upon and subject to
the qualifications, limitations and assumptions set forth in the written opinion, the Common Exchange Ratio to be paid by RLJ pursuant to the Merger Agreement was fair from a financial point of view
to RLJ. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The full text of Barclays' written opinion, dated as of April&nbsp;23, 2017, is attached to this joint proxy statement/prospectus as Annex&nbsp;B. Barclays'
written opinion sets forth, among other things, the assumptions made, procedures followed, factors considered and limitations upon the review undertaken by Barclays in rendering its opinion. You are
encouraged to read the opinion carefully in its entirety. The summary of Barclays' opinion set forth in this document is qualified in its entirety by reference to the full text of the opinion.
Barclays' opinion is addressed to the RLJ Board, addresses only the fairness, from a financial point of view, of the Common Exchange Ratio to be offered  </B></FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=30,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=776391,FOLIO='20',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_21"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2><B> pursuant to the Merger Agreement and does not constitute a recommendation to any shareholder of RLJ as to how such shareholder should vote with respect to the RLJ Share Issuance or any other
matter.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see "The REIT Merger&#151;Opinion of RLJ's Financial Advisor" beginning on page&nbsp;83 and Annex&nbsp;B.

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h7"></A>Opinion of FelCor's Financial Advisor (Page&nbsp;90)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the REIT Merger, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated ("BofA Merrill Lynch"), FelCor's financial
advisor, delivered to the FelCor Board a written opinion, dated April&nbsp;23, 2017, as to the fairness, from a financial point of view and as of the date of the opinion, of the Common Exchange
Ratio to the holders of FelCor Common Stock provided for in the REIT Merger. The full text of the written opinion, dated April&nbsp;23, 2017, of BofA Merrill Lynch, which describes, among other
things, the assumptions made, procedures followed, factors considered and limitations on the review undertaken, is attached as Annex&nbsp;C to this document and is incorporated by reference herein
in its entirety. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>BofA Merrill Lynch provided its opinion to the FelCor Board (in its capacity as such) for the benefit and use of the FelCor Board in connection with and for
purposes of its evaluation of the Common Exchange Ratio provided for in the REIT Merger from a financial point of view. No opinion or view was expressed as to the relative merits of the REIT Merger in
comparison to other strategies or transactions that might be available to FelCor or in which FelCor might engage (including with respect to proposals received from Ashford Hospitality
Trust,&nbsp;Inc. ("AHT") relating to a possible acquisition of FelCor) or as to the underlying business decision of FelCor to proceed with or effect the REIT Merger. BofA Merrill Lynch's opinion
does not address any other aspect of the REIT Merger and does not constitute a recommendation to any stockholder as to how to vote or act in connection with the proposed REIT Merger or any related
matter.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see "The REIT Merger&#151;Opinion of FelCor's Financial Advisor" beginning on page&nbsp;90 and Annex&nbsp;C.

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h8"></A>Trustees and Management of RLJ After the Mergers (Page&nbsp;107)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the consummation of the Mergers, the number of trustees on the RLJ Board will be increased to eight, with one existing FelCor director
mutually acceptable to FelCor and RLJ being appointed to the RLJ Board. Each of the executive officers of RLJ immediately prior to the effective time of the Mergers will continue as an executive
officer of the Combined Company following the effective time of the Mergers. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h9"></A>Interests of RLJ's Trustees and Executive Officers in the Mergers
(Page&nbsp;107)

  </B></FONT>

</P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the recommendation of the RLJ Board to approve the RLJ Share Issuance, RLJ's shareholders should be aware that trustees and
executive officers of RLJ have certain interests in the Mergers that may be different from, or in addition to, the interests of RLJ's shareholders generally and that may present actual or potential
conflicts of interests. The RLJ Board was aware of these interests and considered them, among other matters, in reaching its decision to approve the Merger Agreement and the transactions contemplated
thereby. For additional information, see "The REIT Merger&#151;Interests of RLJ's Trustees and Executive Officers in the Mergers" beginning on page&nbsp;107.

 </FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h10"></A>Interests of FelCor's Directors and Executive Officers in the Mergers
(Page&nbsp;107)


 </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the recommendation of the FelCor Board to approve the REIT Merger Proposal and the FelCor Compensation Proposal, FelCor's
stockholders should be aware that directors and </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=31,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=570400,FOLIO='21',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2>executive
officers of FelCor have interests in the Mergers that may be different from, or in addition to, the interests of FelCor's stockholders generally and that may present actual or potential
conflicts of interests. These interests include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each share of FelCor restricted stock held by FelCor's executive officers will automatically become fully vested, and at the effective time of
the REIT Merger, such shares (less the shares of FelCor Common Stock withheld to satisfy applicable withholding tax obligations) will be converted into the right to receive RLJ Common Shares based on
the Common Exchange Ratio; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each FelCor RSU held by FelCor's executive officers will automatically become vested in the number of shares of FelCor Common Stock determined
as set forth in the agreement or other FelCor benefit plan governing such FelCor RSU, and at the effective time of the REIT Merger, such shares (less the shares of FelCor Common Stock withheld to
satisfy applicable withholding tax obligations) will be converted into the right to receive RLJ Common Shares based on the Common Exchange Ratio, and each dividend equivalent right related to such
vesting FelCor RSU will become fully vested and converted into the right to receive cash; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> continued indemnification and insurance coverage for the directors and executive officers of FelCor (so long as annual premiums do not exceed
250% of FelCor's current annual premiums) in accordance with the Merger Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Chairman of the FelCor Board and each FelCor executive officer is party to a change in control and severance agreement with FelCor, which provides for (i)&nbsp;single
trigger accelerated vesting of outstanding equity incentive awards upon the occurrence of a change in control, as defined in the agreement, and (ii)&nbsp;payments and other benefits if the
individual's employment terminates for a qualifying event or circumstance, such as being terminated without "cause" or leaving employment for "good reason," as these terms are defined in the
agreement, following a change in control, such as the REIT Merger. Upon the termination of such individual's employment by FelCor or the Combined Company other than for "cause," retirement or
disability, or by such individual for "good reason," the individual would be eligible to receive, among other benefits, (i)&nbsp;a lump sum severance payment equal to 2.99 (or 2.50 in the case of
Mr.&nbsp;Goldman) multiplied by the sum of that individual's then-current base salary, plus the greater of (A)&nbsp;his average cash bonus (annualized for partial years of service) paid over the
preceding three years of employment (or a shorter period, if employed less than three years) or (B)&nbsp;his target cash bonus for the current year, and (ii)&nbsp;certain benefit continuation
rights for up to 24&nbsp;months (or up to 36&nbsp;months, in the case of Mr.&nbsp;Goldman) following termination. In addition, under the agreement, such individuals (other than
Mr.&nbsp;Goldman and Mr.&nbsp;Hendrick) are eligible to receive a "gross-up" payment, if applicable, related to any excise taxes imposed under Section&nbsp;4999 of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FelCor Board was aware of these interests and considered them, among other matters, in approving the Merger Agreement and the transactions contemplated thereby. For additional
information, see "The REIT Merger&#151;Interests of FelCor's Directors and Executive Officers in the Mergers" beginning on page&nbsp;107.


</FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h11"></A>Treatment of Restricted Stock and FelCor RSUs (Page&nbsp;114)

 </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Merger Agreement, as of the business day immediately preceding the effective time of the REIT Merger, each outstanding share of
FelCor restricted stock will automatically become fully vested, and at the effective time of the REIT Merger, such shares (less the shares of FelCor Common Stock withheld to satisfy applicable
withholding tax obligations) will be converted into the right to receive RLJ Common Shares based on the Common Exchange Ratio. Pursuant to the Merger Agreement, as of the business day immediately
preceding the effective time of the REIT Merger, each outstanding FelCor RSU will automatically become vested in the number of shares of FelCor Common Stock determined as set forth in the agreement or
other FelCor benefit plan governing such FelCor </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=32,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1018234,FOLIO='22',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_23"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>RSU,
and at the effective time of the REIT Merger, such shares (less the shares of FelCor Common Stock withheld to satisfy applicable withholding tax obligations) will be converted into the right to
receive RLJ Common Shares based on the Common Exchange Ratio. Any dividend equivalent rights related to a vesting FelCor RSU will become fully vested and converted into the right to receive cash. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the Merger Agreement, FelCor restricted stock and FelCor RSUs (including related dividend equivalent rights) held by an individual who is party to a change in control and
severance agreement with FelCor will become vested, as set forth in such agreement, as of a change in control, including the approval of the REIT Merger by the FelCor common stockholders at the FelCor
special meeting, which may occur prior to the business day immediately preceding the effective time of the REIT Merger. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h12"></A>Voting Agreements (Page&nbsp;135)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the execution of the Merger Agreement, RLJ has entered into a voting agreement with each of the FelCor Executives.
Collectively, the FelCor Executives beneficially own approximately 1.0% of the outstanding shares of FelCor Common Stock. These voting agreements generally require, subject to certain exceptions, the
FelCor Executives vote all of the shares of FelCor Common Stock beneficially owned by them and capable of being voted in favor of approval of the REIT Merger Proposal and against any alternative
acquisition proposals of third parties, actions or agreements that would reasonably be expected to result in the failure of a closing condition set forth in the Merger Agreement, and any actions that
would reasonably be expected to materially delay, materially postpone or materially adversely affect the consummation of the transactions contemplated by the Merger Agreement. These voting agreements
also restrict the FelCor Executives from, subject to certain permitted exceptions, transferring any subject securities or depositing any subject securities into a voting trust or other arrangement or
granting any proxy or power of attorney. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the execution of the Merger Agreement, FelCor has entered into a voting agreement with each of the RLJ Executives. Collectively, the RLJ Executives beneficially own
approximately 1.4% of the outstanding RLJ Common Shares. These voting agreements generally require, subject to certain exceptions, the RLJ Executives to vote all of the RLJ Common Shares beneficially
owned by them and capable of being voted in favor of approval of the RLJ Share Issuance Proposal and against any alternative acquisition proposals of third parties, actions or agreements that would
reasonably be expected to result in the failure of a closing condition set forth in the Merger Agreement, and any actions that would reasonably be expected to materially delay, materially postpone or
materially adversely affect the consummation of the transactions contemplated by the Merger Agreement. These voting agreements also restrict the RLJ Executives from, subject to certain permitted
exceptions, transferring any subject securities or depositing any subject securities into a voting trust or other arrangement or granting any proxy or power of attorney. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h13"></A>Conditions to Complete the Mergers (Page&nbsp;129)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A number of conditions must be satisfied or, to the extent permitted by law, waived before the Mergers can be consummated. These include, among
others:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the approval of the REIT Merger Proposal by FelCor's stockholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the approval of the RLJ Share Issuance Proposal by RLJ's shareholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> effectiveness of the registration statement on Form&nbsp;S-4, of which this joint proxy statement/prospectus constitutes a part, and no stop
order suspending the effectiveness of the Form&nbsp;S-4 having been initiated or threatened by the SEC; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> no injunction or law prohibiting the Mergers; </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=33,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=597425,FOLIO='23',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_24"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> approval for listing on the NYSE of the RLJ Common Shares to be issued in the Mergers or reserved therefor, subject to official notice of
issuance; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> accuracy of each party's representations, subject in most cases to materiality or material adverse effect qualifications; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the absence of a material adverse effect on either RLJ or FelCor; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> material performance and compliance with each party's covenants; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the receipt of tax opinions relating to the REIT status of RLJ and FelCor. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h14"></A>Regulatory Approvals Required for the Mergers (Page&nbsp;110)

 </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ and FelCor are not aware of any material federal or state regulatory requirements that must be complied with, or approvals that must be
obtained, in connection with the Mergers or the other transactions contemplated by the Merger Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h15"></A>Listing of RLJ Common Shares and Deregistration of FelCor Common Stock
(Page&nbsp;112)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is a condition to the completion of the Mergers that the RLJ Common Shares issuable in connection with the Mergers be approved for listing on
the NYSE, subject to official notice of issuance. After the Mergers are completed, the FelCor Common Stock will no longer be listed on the NYSE and will be deregistered under the Exchange Act. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h16"></A>Accounting Treatment (Page&nbsp;110)

  </B></FONT>

</P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of RLJ and FelCor prepare their financial statements in accordance with GAAP. The Mergers will be accounted for by applying the acquisition
method of accounting, with RLJ treated as the acquirer. For more information, see "Accounting Treatment" beginning on page&nbsp;110.


</FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h17"></A>Comparison of Rights of RLJ Shareholders and FelCor Stockholders
(Page&nbsp;190)

  </B></FONT>

</P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of FelCor Common Stock will have different rights following the effective time of the REIT Merger because they will hold RLJ Common
Shares instead of FelCor Common Stock, and there are differences between the governing documents of RLJ and FelCor. For more information regarding the differences in rights of RLJ shareholders and
FelCor stockholders, see "Comparison of Rights of RLJ Shareholders and FelCor Stockholders" beginning on page&nbsp;190.

</FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h18"></A>Appraisal Rights (Page&nbsp;111)

 </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither holders of RLJ Common Shares nor holders of FelCor Common Stock will be entitled to appraisal rights. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h19"></A>No Solicitation; Change in Recommendations (Page&nbsp;125)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Merger Agreement, prior to the earlier of the termination of the Merger Agreement or consummation of the Mergers contemplated
thereby, RLJ and FelCor have agreed, among other things, that they will not and will cause their respective subsidiaries not to, and will not authorize or permit any of their respective
representatives to solicit, initiate, knowingly encourage or knowingly facilitate any Acquisition Proposal (as defined in "The Merger Agreement&#151;Acquisition Proposal; Change in
Recommendation") or enter into, continue or participate in any discussions or negotiations with any third party, or furnish to any third party any
non-public information in furtherance of such inquiries or to obtain an Acquisition Proposal. In addition, RLJ and FelCor have agreed that they will not enter into any letter of intent, memorandum of
understanding, acquisition agreement, merger agreement, share purchase agreement or other similar definitive agreement (an </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=34,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=876377,FOLIO='24',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>"Alternative
Acquisition Agreement"). However, prior to receipt of the FelCor common stockholder approval of the REIT Merger Proposal (the "FelCor Stockholder Approval") or the RLJ shareholder
approval of the RLJ Share Issuance Proposal (the "RLJ Shareholder Approval"), with respect to certain written, bona fide Acquisition Proposals by a third party received after the date of the Merger
Agreement, RLJ and FelCor may furnish non-public information to such third party and engage in negotiations regarding such Acquisition Proposal, if the respective board determines in good faith, after
consultation with its financial and legal advisors, that such Acquisition Proposal constitutes or could reasonably be expected to lead to a Superior Proposal (as defined in "The Merger
Agreement&#151;Acquisition Proposal; Change in Recommendation") and that failure to take such action would be reasonably likely to be inconsistent with the duties of its directors under
applicable law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to receipt of the RLJ Shareholder Approval or FelCor Stockholder Approval, as applicable, the RLJ Board or the FelCor Board, respectively, may terminate the Merger Agreement and
enter into an Alternative Acquisition Agreement with respect to a Superior Proposal if it determines in good faith after consultation with its financial and legal advisors that such Acquisition
Proposal constitutes a Superior Proposal and that failure to take such action would be inconsistent with the directors' duties under applicable law. In addition, the RLJ Board and the FelCor Board may
effect an adverse recommendation change if, after the date of the Merger Agreement, RLJ or FelCor, as the case may be, receives an unsolicited bona fide written Acquisition Proposal by a third party
and in good faith after consultation with its financial and legal advisors, that such Acquisition Proposal constitutes or could reasonably be expected to lead to a Superior Proposal and that failure
to take such action would be inconsistent with the directors' duties under applicable law. Prior to making an adverse recommendation change or terminating the Merger Agreement, RLJ and FelCor must
offer the other party written notice of the Superior Proposal and in good faith negotiate the terms and conditions of the Merger Agreement in response to the applicable circumstances leading to such
board's intention to make a change in recommendation. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h20"></A>Termination of the Merger Agreement (Page&nbsp;131)

 </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement may be terminated under certain circumstances, including by either party (i)&nbsp;if the Mergers have not been
consummated on or before December&nbsp;28, 2017 (the "Outside Date"); (ii)&nbsp;upon entry of a final and non-appealable order prohibiting the transaction; (iii)&nbsp;upon a failure of either
party to obtain the requisite approval of its shareholders or stockholders; (iv)&nbsp;upon such party entering into an Alternative Acquisition Agreement with respect to a Superior Proposal and such
party paying its applicable termination fee; (v)&nbsp;upon the other party's board changing its recommendation with respect to the transaction or such other party entering into an Alternative
Acquisition Agreement; or (vi)&nbsp;upon a material uncured breach by the other party that would cause the closing conditions not to be satisfied. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information regarding termination of the Merger Agreement, see "The Merger Agreement&#151;Termination of the Merger Agreement" beginning on page&nbsp;131.

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h21"></A>Termination Fees and Expenses (Page&nbsp;132)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the termination of the Merger Agreement under specified circumstances, RLJ may be required to pay to FelCor a termination fee
of $95&nbsp;million or an expense amount equal to $20&nbsp;million, or FelCor may be required to pay to RLJ a termination fee of $39&nbsp;million or an expense amount equal to
$20&nbsp;million. Circumstances requiring the payment of a termination fee or an expense amount include the following: (i)&nbsp;if a party terminates to enter into a Superior Proposal, the
terminating party pays the applicable termination fee; (ii)&nbsp;if an acquisition proposal is pending and the Merger Agreement is terminated for a failed shareholder or stockholder vote, a breach
or if the Mergers have not been consummated by the Outside Date, and within 12&nbsp;months a party consummates an acquisition proposal, such party pays the applicable termination fee;
(iii)&nbsp;if either party makes a </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=35,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=509778,FOLIO='25',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_26"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>change
in recommendation or enters into an Alternative Acquisition Agreement (with respect to an acquisition proposal or Superior Proposal), such party pays the applicable termination fee;
(iv)&nbsp;if either party makes a change in recommendation and that party's shareholders fail to approve the transaction, the failing party pays the applicable termination fee; (v)&nbsp;if either
party terminates the Merger Agreement due only to a failed shareholder vote of the other party, the failing party pays the expense amount; and (vi)&nbsp;if either party terminates the Merger
Agreement due only to the other party's breach, the breaching party pays the expense amount. If either party pays the expense amount and subsequently becomes obligated to pay the termination fee, the
termination fee is reduced by the expense amount previously paid. For purposes of these termination provisions only, the term "acquisition proposal" means a proposal for more than 50% of the
applicable company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information regarding the termination fee and expense amount, see "The Merger Agreement&#151;Termination Fees and Expenses" beginning on page&nbsp;132.

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="LRM"></A>Litigation Relating to the Mergers (Page&nbsp;112)

  </B></FONT>

</P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three putative class actions have been filed by purported stockholders of FelCor challenging the Mergers. The first suit, styled as </FONT> <FONT SIZE=2><I>George Assad v. FelCor Lodging
Trust&nbsp;Inc., et al.</I></FONT><FONT SIZE=2>, No.&nbsp;1:17-cv-01744-ELH, was filed in the United States District Court for the District
of Maryland on June&nbsp;26, 2017 and is against FelCor, its directors (including Steven&nbsp;R. Goldman, who is also an officer), FelCor&nbsp;LP, RLJ, the REIT Merger Sub, and the Partnership
Merger Sub (the "Assad Lawsuit"). The second suit, styled as </FONT><FONT SIZE=2><I>Martin Johnson v. FelCor Lodging Trust&nbsp;Inc., et al.</I></FONT><FONT SIZE=2>, No.&nbsp;1:17-cv-01786-ELH,
was filed in the United States District Court for the District of Maryland on June&nbsp;28, 2017, and is against FelCor and its directors (including Steven&nbsp;R. Goldman, who is also an officer)
(the "Johnson Lawsuit"). The third suit, styled as </FONT><FONT SIZE=2><I>Sachs Investment Group v. FelCor Lodging Trust&nbsp;Inc., et al.</I></FONT><FONT SIZE=2>, No.&nbsp;1:17-cv-01933-ELH, was
filed in the United States District Court for the District of Maryland on July&nbsp;11, 2017, and is against FelCor and its directors (including Steven R. Goldman, who is also an officer) (the
"Sachs Lawsuit" and, with the Assad Lawsuit and Johnson Lawsuit, the "Lawsuits").

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lawsuits allege that FelCor and its directors violated Section&nbsp;14(a) of the Exchange Act and Rule&nbsp;14a-9 promulgated thereunder by disseminating a false and misleading
Form&nbsp;S-4 containing a joint proxy statement/prospectus. The Lawsuits further allege that FelCor's directors violated Section&nbsp;20(a) of the Exchange Act by failing to exercise proper
control over the person(s) who violated Section&nbsp;14(a) of the Exchange Act. The Assad Lawsuit further alleges that RLJ violated Section&nbsp;20(a) of the Exchange Act.


</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lawsuits seek, among other things, injunctive relief preventing the parties from consummating the Mergers, rescission of the transactions contemplated by the Merger Agreement should
they be consummated, and litigation costs, including attorneys' fees. The Johnson Lawsuit and Sachs Lawsuit also seek damages to be awarded to the plaintiff and any class in the event the transactions
contemplated by the Merger Agreement are consummated. The Assad Lawsuit also seeks injunctive relief directing the defendants to disseminate a true and complete joint proxy statement/prospectus and
declaratory relief that defendants violated Sections&nbsp;14(a) and/or 20(a) of the Exchange Act and Rule&nbsp;14a-9 promulgated thereunder.

</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor and RLJ intend to defend vigorously against the Lawsuits.

</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information, see "Litigation Relating to the Mergers" on page&nbsp;112.

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h22"></A>Material U.S. Federal Income Tax Consequences (Page&nbsp;137)

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming that the Mergers are completed as currently contemplated, RLJ and FelCor expect that the receipt of the merger consideration by FelCor
common stockholders in exchange for their FelCor Common Stock pursuant to the REIT Merger will be a taxable transaction for federal income tax </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=36,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=159471,FOLIO='26',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<A NAME="page_cc49201_1_27"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2>purposes.
Generally, for U.S. federal income tax purposes, FelCor common stockholders will recognize gain or loss as a result of the REIT Merger measured by the difference, if any, between the fair
market value of RLJ Common Shares and the amount of any cash received in the REIT Merger and the holder's adjusted tax basis in the FelCor Common Stock exchanged. Because the merger consideration to
be given to holders of FelCor Common Stock consists solely of RLJ Common Shares (other than cash received in the REIT Merger in lieu of fractional shares), holders of FelCor Common Stock may
need to sell shares of RLJ Common Shares received in the REIT Merger, or raise cash from other sources, to pay any tax obligations resulting from the REIT Merger. RLJ and FelCor anticipate that the
REIT Merger will have no material U.S. federal income tax consequences to RLJ shareholders who do not own any FelCor stock. </FONT></P>


<P style="font-family:times;">


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE=2><B>The tax consequences to you of the Mergers will depend on your own situation. You should consult your own tax advisor for a full understanding of the tax
consequences to you of the Mergers. For more information regarding the tax consequences of the Mergers to FelCor common stockholders, please see "Material U.S. Federal Income Tax Consequences"
beginning on page&nbsp;137.</B></FONT>

</P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=37,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=693131,FOLIO='27',FILE='DISK127:[17ZBR1.17ZBR49201]CC49201A.;39',USER='CHE109869',CD='16-JUL-2017;21:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ce49201_1_28"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h23"></A>Selected Historical Financial Information of RLJ  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following selected historical financial information for each of the years during the five-year period ended December&nbsp;31, 2016 and the
selected balance sheet data as of December&nbsp;31 for each of the years in the five-year period ended December&nbsp;31, 2016, have been derived from RLJ's audited consolidated financial
statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selected historical financial information as of March&nbsp;31, 2017 and for the three months ended March&nbsp;31, 2017 and 2016 have been derived from RLJ's unaudited interim
consolidated financial statements included in RLJ's Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017, which is incorporated herein by reference. The following selected
historical financial information as of March&nbsp;31, 2016 has been derived from RLJ's unaudited interim consolidated financial statements not included or incorporated herein by reference. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should read the selected historical financial information presented below together with the consolidated financial statements and the related notes thereto and management's
discussion and analysis of financial condition and results of operations of RLJ included in RLJ's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016 and its Quarterly Report
on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017, which are incorporated herein by reference. See also "Where You Can Find More Information and Incorporation by Reference" on
page&nbsp;210.

 </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=38,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=521389,FOLIO='28',FILE='DISK127:[17ZBR1.17ZBR49201]CE49201A.;18',USER='NDEWIND',CD='12-JUL-2017;20:34' -->
<A NAME="page_ce49201_1_29"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ce49201_rlj_selected_financial_data_(i__rlj02384"> </A>
<A NAME="toc_ce49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  RLJ SELECTED FINANCIAL DATA<BR>  (in thousands, except per share data)    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the three<BR>
months<BR>
ended March&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the year ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Statement of Operations Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Revenue</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Room revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>224,965</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>239,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,010,637</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>985,361</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>969,402</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>844,741</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>738,207</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other property revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>35,267</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>35,659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>149,358</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>150,979</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>139,795</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>125,639</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>111,478 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>260,232</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>275,171</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,159,995</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,136,340</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,109,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>970,380</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>849,685 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Expense</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Room expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>51,922</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>55,028</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>228,656</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>220,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>213,071</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>186,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>162,039</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other property expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>104,033</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>108,339</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>439,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>437,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>433,274</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>388,440</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>346,898 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total property operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>155,955</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>163,367</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>668,109</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>657,646</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>646,345</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>575,107</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>508,937</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>38,665</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>40,730</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>162,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>156,226</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>144,294</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>127,231</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>126,340</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Impairment loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,003</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,200</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Property tax, insurance and other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>19,158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>20,155</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>77,281</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>76,682</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>71,443</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>63,627</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>52,745</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>General and administrative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,123</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,649</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>31,516</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>37,810</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>41,671</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>35,466</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>31,086</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Transaction and pursuit costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>625</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>79</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>192</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,058</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,850</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,410</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,520 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>223,526</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>233,980</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>939,598</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>932,425</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>917,803</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>805,841</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>722,628 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>36,706</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>41,191</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>220,397</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>203,915</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>191,394</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>164,539</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>127,057</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest and other income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>625</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>699</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,998</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,161</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,688</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,431</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,463</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(14,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(14,892</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(58,820</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(54,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(56,810</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(64,348</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(83,689</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income from continuing operations before income tax (expense) benefit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23,003</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26,998</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>163,575</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>152,288</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>137,272</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>107,622</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>44,831</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income tax (expense) benefit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,166</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,476</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(8,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>39,126</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,145</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(879</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,369</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>(Loss) gain on sale of hotel properties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(172</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>45,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>28,398</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>353</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income from continuing operations, including gain on sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,777</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>25,350</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>201,314</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>219,812</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>136,480</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>106,743</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,462</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(19</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(962</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,591</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,039</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,258</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income from continuing operations available to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,758</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>25,298</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>200,352</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>218,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>135,441</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>105,485</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,423 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=39,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=545989,FOLIO='29',FILE='DISK127:[17ZBR1.17ZBR49201]CE49201A.;18',USER='NDEWIND',CD='12-JUL-2017;20:34' -->
<A NAME="page_ce49201_1_30"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As of March&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As of December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Balance Sheet Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Investment in hotel properties, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,341,219</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,643,206</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,368,674</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,674,999</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,518,803</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,241,163</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,073,483</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>451,010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>126,004</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>456,672</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>134,192</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>262,458</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>332,248</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>115,861</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total assets(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,992,764</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,940,338</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,023,393</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,972,942</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,118,727</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,709,074</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,338,872</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total debt(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,582,432</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,585,386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,582,715</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,575,486</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,548,095</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,400,765</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,406,138</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total liabilities(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,769,794</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,785,656</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,788,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,772,418</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,740,243</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,562,740</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,530,961</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,222,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,154,682</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,235,277</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,200,524</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,378,484</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,146,334</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,807,911</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Per Share Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Basic income from continuing operations per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.69</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.06</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.89</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Diluted income from continuing operations per share(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.68</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.05</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.88</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Weighted-average shares outstanding&#151;basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>123,734,173</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>123,739,823</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>123,651,003</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>128,444,469</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>127,360,669</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>117,950,066</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>105,423,604</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Weighted-average shares outstanding&#151;diluted(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>123,841,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>124,141,824</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>123,879,007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>128,967,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>128,293,843</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>118,738,626</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>105,748,686</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Dividends declared per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.04</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.86</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>RLJ
adopted both Accounting Standards Update ("ASU") 2015-03 and ASU 2015-15 on January&nbsp;1, 2016. The adoption of this guidance changed the balance sheet
classification of the RLJ's deferred financing costs. Upon adoption of the new guidance, RLJ retrospectively reclassified deferred financing costs of $7.3&nbsp;million, $9.7&nbsp;million,
$8.9&nbsp;million, and $7.5&nbsp;million in the consolidated balance sheets as of December&nbsp;31, 2015, 2014, 2013, and 2012, respectively. The carrying amount of debt is presented net of
those deferred financing cost amounts for each of the respective periods.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Income
allocated to the noncontrolling interest in the Operating Partnership has been excluded from the numerator, and the Operating Partnership Common Units have
been omitted from the denominator, since the effect of including these amounts in the numerator and denominator would have no impact. </FONT></DD></DL>
 </DIV>

 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=40,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=754853,FOLIO='30',FILE='DISK127:[17ZBR1.17ZBR49201]CE49201A.;18',USER='NDEWIND',CD='12-JUL-2017;20:34' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cg49201_1_31"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h24"></A>Selected Historical Financial Information of FelCor  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following selected historical financial information for each of the years during the five-year period ended December&nbsp;31, 2016 and the
selected balance sheet data as of December&nbsp;31 for each of the years in the five-year period ended December&nbsp;31, 2016, as amended, have been derived from FelCor's audited consolidated
financial statements. The selected historical financial information for the three months ended March&nbsp;31, 2017 and the selected balance sheet data as of March&nbsp;31, 2017 have been derived
from FelCor's unaudited interim consolidated financial statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should read the selected historical financial information presented below together with the consolidated financial statements and the related notes thereto and management's
discussion and analysis of financial condition and results of operations of FelCor included in FelCor's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016, as amended, and
its Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017, which are incorporated herein by reference. See also "Where You Can Find More Information and Incorporation by
Reference" on page&nbsp;210.

</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cg49201_felcor_selected_financial_data__fel02447"> </A>
<A NAME="toc_cg49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FELCOR SELECTED FINANCIAL DATA<BR>  (in millions, except per share data)    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:62%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"130%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="130%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Quarter Ended<BR>
March&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Statement of Operations Data:</B></FONT><FONT SIZE=2>(a)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>188</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>210</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>867</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>886</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>922</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>893</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>862</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(35</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(84</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Diluted earnings per share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FelCor&#151;income (loss) from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.08</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.43</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.95</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.81</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash flows provided by operating activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>135</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>147</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>108</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash distributions declared per common share&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance Sheet Data (at end of period):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,680</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,858</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,707</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,866</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,082</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,119</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,174</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total debt, net of unamortized debt issuance costs and discount(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,441</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,338</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,410</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,563</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,638</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,602</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FelCor's&nbsp;redeemable&nbsp;noncontrolling&nbsp;interests in&nbsp;FelCor&nbsp;LP,&nbsp;at&nbsp;redemption&nbsp;value</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Hotels
that were designated as held for sale at December&nbsp;31, 2013 or disposed of prior to that date are included in discontinued operations.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Since
the adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, in 2016, FelCor classifies deferred financing costs within the debt on
FelCor's consolidated balance sheets. FelCor previously classified deferred financing costs as an asset on FelCor's consolidated balance sheets. All periods presented have been adjusted to conform
with the presentation required under ASU 2015-03. Deferred financing costs associated with FelCor's line of credit continue to be classified as an asset.  </FONT></DD></DL>
 </DIV>

 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=41,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=839143,FOLIO='31',FILE='DISK127:[17ZBR1.17ZBR49201]CG49201A.;23',USER='NDEWIND',CD='12-JUL-2017;20:35' -->
<A NAME="page_cg49201_1_32"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h25"></A>Selected Unaudited Pro Forma Condensed Combined Financial Statements  </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows summary unaudited pro forma condensed combined financial information about the combined financial condition and
operating results of RLJ and FelCor after giving effect to the Mergers. The unaudited pro forma financial information assumes that the Mergers are accounted for by applying the acquisition method with
RLJ as the acquiring entity. The unaudited pro forma condensed combined balance sheet data gives effect to the Mergers as if they had occurred on March&nbsp;31, 2017. The unaudited pro forma
condensed combined statements of operations data gives effect to the Mergers as if they had occurred on January&nbsp;1, 2016. The summary unaudited pro forma condensed combined financial information
listed below has been derived from and should be read in conjunction with (1)&nbsp;the more detailed unaudited pro forma condensed combined financial statements, including the notes thereto,
appearing elsewhere in this joint proxy statement/prospectus and (2)&nbsp;the historical consolidated financial statements and related notes of both RLJ and FelCor, incorporated herein by reference.
See "Unaudited Pro Forma Condensed Combined Financial Statements" beginning on page&nbsp;213 and "Where You Can Find More Information and Incorporation by Reference" beginning on page&nbsp;210.


</FONT>

</P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="11pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=20 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the Three Months Ended March&nbsp;31, 2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ<BR>
Historical </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Historical </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Adjustments(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Adjusted </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ<BR>
Pro Forma </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Statement of Operations Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>260,232</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>188,104</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,384</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>446,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total property operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>155,955</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>128,838</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,069</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>126,769</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>282,724</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>38,665</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,838</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(503</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,626</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69,626</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(14,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(19,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(19,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,889</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(30,758</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,758</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(42,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,446</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(40,744</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(19,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Per Share Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders&#151;basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders&#151;diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted-average shares&#151;basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>123,734</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(87,110</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>174,402</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted-average shares&#151;diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>123,841</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(87,110</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>174,509</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance Sheet Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment in hotel properties, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,341,219</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,535,718</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(34,113</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,501,605</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,290,717</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,133,541</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>451,010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,568</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>80,803</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>531,813</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,992,764</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,680,165</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,676,620</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,306,425</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,975,809</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,582,432</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,354,187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,354,187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>65,575</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,002,194</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,769,794</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,492,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,492,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>168,030</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,430,369</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,222,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>183,037</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>179,492</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,138,395</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,540,857</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=42,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=50734,FOLIO='32',FILE='DISK127:[17ZBR1.17ZBR49201]CG49201A.;23',USER='NDEWIND',CD='12-JUL-2017;20:35' -->
<A NAME="page_cg49201_1_33"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=17 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the Year Ended December&nbsp;31, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ<BR>
Historical </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Historical </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Adjustments(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Adjusted </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ<BR>
Pro Forma </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Statement of Operations Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,159,995</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>866,954</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(10,411</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>856,543</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,016,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total property operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>668,109</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>551,165</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,736</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>542,429</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,210,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>162,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>114,054</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,415</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>111,639</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,205</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>286,344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(58,820</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(78,244</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(78,244</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(125,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>200,352</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(21,617</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,652</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,035</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,468</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>187,919</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Per Share Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders&#151;basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders&#151;diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted-average shares&#151;basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>123,651</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(87,460</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>174,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted-average shares&#151;diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>123,879</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(87,460</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>174,547</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
FelCor historical financial information has been adjusted to reflect a probable significant disposition as if it occurred on January&nbsp;1, 2016 and
March&nbsp;31, 2017 for the statement of operations data and balance sheet data, respectively.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="h26"></A>Unaudited Comparative Per Share Information (Page&nbsp;173)

  </B></FONT>

</P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth for the year ended December&nbsp;31, 2016 and the three months ended March&nbsp;31, 2017, selected per share
information for RLJ Common Shares on a historical and pro forma combined basis and for the FelCor Common Stock on a historical and pro forma equivalent basis. Except for the historical information as
of and for the year ended December&nbsp;31, 2016, the information in the table is unaudited. You should read the table below together with the historical consolidated financial statements and
related notes thereto of RLJ and FelCor contained in RLJ's
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016, FelCor's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016, as amended, and each of RLJ's and
FelCor's respective Quarterly Reports on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017, which are incorporated herein by reference into this joint proxy statement/prospectus. See "Where
You Can Find More Information and Incorporation by Reference" beginning on page&nbsp;210.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
RLJ pro forma combined amounts were calculated using the methodology as described above under the heading "Unaudited Pro Forma Condensed Combined Financial Statements," and are
subject to all the assumptions, adjustments and limitations described thereunder. The unaudited pro forma condensed combined balance sheet data gives effect to the Mergers as if they occurred on
March&nbsp;31, 2017. The unaudited pro forma condensed combined statements of operations data gives effect to the Mergers as if it occurred on January&nbsp;1, 2016. The unaudited pro forma
condensed combined financial statements are not necessarily indicative of what the actual financial position and operating results would have been had the Mergers occurred on March&nbsp;31, 2017 or
January&nbsp;1, 2016, respectively, nor do they purport to represent RLJ's future financial position or operating results. The </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=43,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=789790,FOLIO='33',FILE='DISK127:[17ZBR1.17ZBR49201]CG49201A.;23',USER='NDEWIND',CD='12-JUL-2017;20:35' -->
<A NAME="page_cg49201_1_34"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2>FelCor
pro forma equivalent amounts were calculated by multiplying the RLJ pro forma combined amounts by the Common Exchange Ratio. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Combined </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Equivalent(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per common share, basic and diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends declared per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>For the quarter ended March&nbsp;31, 2017</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) per common share, basic and diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.04</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends declared per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>As of March&nbsp;31, 2017</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net book value per common share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.73</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.84</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
FelCor historical per share information has been adjusted to reflect a probable significant disposition as if it occurred on January&nbsp;1, 2016 and
March&nbsp;31, 2017 for the operating results and financial position, respectively.


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
FelCor per common share results based on equivalent RLJ Common Shares to be issued under the Merger Agreement as of June&nbsp;26, 2017 and based on
RLJ's closing price on June&nbsp;26, 2017.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pro
forma dividends per common share is not presented as the dividend policy for the Combined Company will be determined by the RLJ board following the completion of
the Mergers. It is anticipated that the initial per share dividend will be $1.32 annually paid on a quarterly basis.  </FONT></DD></DL>
 </DIV>

 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=44,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=974370,FOLIO='34',FILE='DISK127:[17ZBR1.17ZBR49201]CG49201A.;23',USER='NDEWIND',CD='12-JUL-2017;20:35' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ci49201_1_35"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ci49201_risk_factors"> </A>
<A NAME="toc_ci49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to other information included elsewhere in this joint proxy statement/prospectus and in the annexes to this joint proxy
statement/prospectus, including the matters addressed in the section entitled "Cautionary Statement Regarding Forward-Looking Statements" beginning on page&nbsp;45, you should carefully consider the
following risk factors in deciding whether to vote for the RLJ Share Issuance Proposal or the REIT Merger Proposal. In addition, you should read and consider the risks associated with the businesses
of each of RLJ and FelCor. These risks can be found in the Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016, as amended, and Quarterly Report on Form&nbsp;10-Q for the
quarter ended March&nbsp;31, 2017 of FelCor and the Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016 and Quarterly Report on Form&nbsp;10-Q for the quarter ended
March&nbsp;31, 2017 of RLJ, which reports are incorporated by reference into this joint proxy statement/prospectus. You should also read and consider the other information in this joint proxy
statement/prospectus and the other documents incorporated by reference into this joint proxy statement/prospectus. Please also see "Where You Can Find More Information and Incorporation by Reference"
on page&nbsp;210.

</FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ci49201_risks_related_to_the_mergers"> </A>
<A NAME="toc_ci49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Risks Related to the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The Mergers are subject to a number of conditions which, if not satisfied or waived in a timely manner, would
delay the Mergers or adversely impact RLJ's and FelCor's ability to complete the transactions.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The completion of the Mergers is subject to the satisfaction or waiver of a number of conditions. In addition, under circumstances specified in
the Merger Agreement, RLJ or FelCor may terminate the Merger Agreement. In particular, completion of the Mergers requires (i)&nbsp;the approval of the REIT Merger by the FelCor common stockholders,
or the REIT Merger Proposal, and (ii)&nbsp;the approval of the proposed issuance of RLJ Common Shares in connection with the REIT Merger by the RLJ&nbsp;shareholders, or the RLJ Share Issuance
Proposal. While it is currently anticipated that the Mergers will be completed shortly after the FelCor stockholder meeting to approve the REIT Merger Proposal and the RLJ shareholder meeting to
approve the RLJ Share Issuance Proposal, there can be no assurance that the conditions to closing will be satisfied in a timely manner or at all, or that an effect, event, circumstance, occurrence,
development or change will not transpire that could delay or prevent these conditions from being satisfied. Accordingly, RLJ and FelCor cannot provide any assurances with respect to the timing of the
closing of the Mergers, whether the Mergers will be completed at all and when the FelCor stockholders would receive the consideration for the Mergers, if at all. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Failure to consummate the Mergers as currently contemplated or at all could adversely affect the price of
RLJ&nbsp;Common Shares or FelCor Common Stock and the future business and financial results of RLJ and FelCor.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of the Mergers is subject to the satisfaction or waiver of a number of conditions, including approval by the RLJ shareholders of the
RLJ Share Issuance Proposal and approval by the FelCor stockholders of the REIT Merger Proposal. RLJ and FelCor cannot guarantee when or if these conditions will be satisfied or that the Mergers will
be successfully completed. The consummation of the Mergers may be delayed, the Mergers may be consummated on terms different than those contemplated by the Merger Agreement, or the Mergers may not be
consummated at all. If the Mergers are not completed, or are completed on different terms than as contemplated by the Merger Agreement, RLJ and FelCor could be adversely affected and subject to a
variety of risks associated </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=45,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=714577,FOLIO='35',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_36"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>with
the failure to complete the Mergers, or to complete the Mergers as contemplated by the Merger Agreement, including the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The RLJ shareholders and the FelCor stockholders may be prevented from realizing the anticipated benefits of the Mergers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the market price of RLJ Common Shares or FelCor Common Stock could decline significantly; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reputational harm due to the adverse perception of any failure to successfully complete the Mergers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ and FelCor being required, under certain circumstances, to pay to the other party a termination fee or expense amount; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> incurrence of substantial costs relating to the proposed Mergers, such as legal, accounting, financial advisor, filing, printing and mailing
fees; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the attention of RLJ's and FelCor's management and employees may be diverted from their day-to-day business and operational matters and RLJ's
and FelCor's relationships with their hotel properties may be disrupted as a result of efforts relating to attempting to consummate the Mergers. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
delay in the consummation of the Mergers or any uncertainty about the consummation of the Mergers on terms other than those contemplated by the Merger Agreement, or if the Mergers
are not completed, could materially adversely affect the business, financial results and share price of RLJ and FelCor. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If the Mergers do not occur, one of the companies may incur payment obligations to the other.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the Merger Agreement, FelCor may be required to pay to RLJ a termination fee of $39&nbsp;million or an expense amount equal
to $20&nbsp;million if the Merger Agreement is terminated under certain circumstances and RLJ may be required to pay to FelCor a termination fee of $95&nbsp;million or an expense amount equal to
$20&nbsp;million if the Merger Agreement is terminated under certain other circumstances. Circumstances that may require the payment by a party of the termination fee include the following:
(i)&nbsp;if such party terminates to enter into an Alternative Acquisition Agreement with respect to a superior proposal; (ii)&nbsp;if an acquisition proposal to such party is pending and the
Merger Agreement is terminated due to (a)&nbsp;failure to obtain the RLJ Shareholder Approval or FelCor Stockholder Approval, as applicable or (b)&nbsp;a material uncured breach of the Merger
Agreement, and, with respect to each of clauses&nbsp;(a) and (b), within 12&nbsp;months such party consummates a transaction regarding or enters into an Alternative Acquisition Agreement with
respect to any acquisition proposal; or (iii)&nbsp;if such party's board changes its recommendation regarding the REIT Merger Proposal or the RLJ Share Issuance Proposal, as applicable, in a manner
adverse to the other party or such party enters into an Alternative Acquisition Agreement (with respect to an acquisition proposal or superior proposal). Circumstances that may require the payment by
a party of the expense amount include the following: (i)&nbsp;if such party's shareholders or stockholder do not approve the REIT Merger Proposal or Share Issuance Proposal, as applicable, and the
other party terminates the Merger Agreement and (ii)&nbsp;if such party has a material uncured breach of the Merger Agreement and the other party terminates the Merger Agreement due only to such
breach. If a party pays the expense amount and subsequently becomes obligated to pay the termination fee, the termination fee will be reduced by the amount of the previously paid expense amount. For
purposes of these termination provisions, the term "acquisition proposal" means a proposal for more than 50% of FelCor or RLJ, as applicable, and the term "superior proposal" means a proposal for more
than 50% of FelCor or RLJ, as applicable, that its respective board determines in good faith is more favorable to the company and its stockholders or shareholders, as applicable, from a financial
point of view than the transactions contemplated by the Merger Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=46,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=152795,FOLIO='36',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_37"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
provisions could discourage a potential competing acquirer that might have an interest in acquiring all or a significant part of RLJ or FelCor from considering or proposing a
competing acquisition, even if the potential competing acquirer was prepared to pay consideration with a higher
per share cash value than that market value proposed to be received or realized in the Mergers, or might result in a potential competing acquirer proposing to pay a lower price than it might otherwise
have proposed to pay because of the added expense of the termination fee or expense amount that may become payable in certain circumstances under the Merger Agreement. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The Combined Company is expected to incur substantial expenses related and unrelated to the Mergers.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ and FelCor have incurred substantial legal, accounting, financial advisory and other costs, and the management teams of RLJ and FelCor have
devoted considerable time and effort in connection with the Mergers. RLJ and FelCor may incur significant additional costs in connection with the completion of the Mergers or in connection with any
delay in completing the Mergers or termination of the Merger Agreement, in addition to the other costs already incurred. If the Mergers are not completed, RLJ and FelCor will separately bear certain
fees and expenses associated with the Mergers without realizing the benefits of the Mergers. If the Mergers are completed, the Combined Company expects to incur substantial expenses in connection with
integrating the business, operations, network, systems, technologies, policies and procedures of the two companies. The fees and expenses may be significant and could have an adverse impact on the
Combined Company's results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
RLJ and FelCor have assumed that a certain level of transaction and integration expenses would be incurred, there are a number of factors beyond the control of either RLJ or
FelCor that could affect the total amount or the timing of the integration expenses. Many of the expenses that will be incurred, by their nature, are difficult to estimate accurately at the present
time. As a result, the transaction and integration expenses associated with the Mergers could, particularly in the near term, exceed the savings that the Combined Company expects to achieve from the
elimination of duplicative expenses and the realization of economies of scale and cost savings related to the integration of the businesses following the completion of the Mergers. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The pendency of the Mergers could adversely affect RLJ's and FelCor's business and operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the pending Mergers, some of RLJ's or FelCor's current or prospective hotel management companies or lenders may delay or
defer decisions, which could negatively impact RLJ's or FelCor's revenues, earnings, cash flows and expenses, regardless of whether the Mergers are completed. In addition, under the Merger Agreement,
RLJ and FelCor are each subject to certain restrictions on the conduct of its respective business prior to completing the Mergers. These restrictions may prevent RLJ or FelCor from pursuing certain
strategic transactions, acquiring and disposing assets, undertaking certain capital projects, undertaking certain financing transactions and otherwise pursuing other actions that are not in the
ordinary course of business, even if such actions could prove beneficial. These restrictions may impede RLJ's or FelCor's growth which could negatively
impact its respective revenue, earnings and cash flows. Additionally, the pendency of the Mergers may make it more difficult for RLJ or FelCor to effectively retain and incentivize key personnel. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Following the Mergers, the Combined Company may be unable to integrate RLJ's business and FelCor's business
successfully and realize the anticipated synergies and other expected benefits of the Mergers on the anticipated timeframe or at all.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mergers involve the combination of two companies that currently operate as independent public companies. The Combined Company expects to
benefit from the elimination of duplicative costs associated with supporting a public company platform and the resulting economies of scale. These savings are not expected to be realized upon full
integration, which is not expected to occur until 2018. The Combined Company will be required to devote significant management attention and resources to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=47,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=675995,FOLIO='37',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_38"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
integration of RLJ's and FelCor's business practices and operations. The potential difficulties the Combined Company may encounter in the integration process include the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the inability to successfully combine RLJ's and FelCor's business in a manner that permits the Combined Company to achieve the cost savings
anticipated to result from the Mergers, which would result in the anticipated benefits of the Mergers not being realized in the timeframe currently anticipated or at all; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the complexities associated with integrating personnel from the two companies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the complexities of combining two companies with different histories, cultures, geographic footprints and hotel properties; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> potential unknown liabilities and unforeseen increased expenses, delays or conditions associated with the Mergers; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> performance shortfalls as a result of the diversion of management's attention caused by completing the Mergers and integrating the companies'
operations. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
all these reasons, you should be aware that it is possible that the integration process could result in the distraction of the Combined Company's management, the disruption of the
Combined Company's ongoing business or inconsistencies in its operations, services, standards, controls, policies and procedures, any of which could adversely affect the Combined Company's ability to
deliver exceptional service to its hotel guests, to maintain relationships with its guests, vendors and employees, to achieve the anticipated benefits of the Mergers, or could otherwise materially and
adversely affect its business and financial results. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Because the number of RLJ Common Shares exchanged per share of FelCor Common Stock is fixed and will not be
adjusted in the event of any change in RLJ's share price or FelCor's stock price, the value of RLJ&nbsp;Common Shares issued by RLJ and received by FelCor's stockholders may be higher or lower at
the closing of the Mergers than when the Merger Agreement was executed.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the consummation of the REIT Merger, each share of FelCor Common Stock (other than shares, if any, held by RLJ, any of RLJ's subsidiaries
or any wholly-owned subsidiaries of FelCor) will be converted into 0.362 RLJ Common Shares (the Common Exchange Ratio) and each share of FelCor Series&nbsp;A Preferred Stock will be converted into
one RLJ Series&nbsp;A Preferred Share (the Preferred Exchange Ratio). The Exchange Ratios are fixed in the Merger Agreement and will not be adjusted for changes in the market price of either RLJ
Common Shares or FelCor Common Stock. Changes in the market price of RLJ Common Shares prior to the REIT Merger will affect the market value of the consideration that FelCor's stockholders will
receive on the Closing date of the Mergers. Stock price changes may result from a variety of factors (many of which are beyond the control of either RLJ or FelCor), including the following
factors:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> market reaction to the announcement of the Mergers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in RLJ's or FelCor's respective businesses, operations, assets, liabilities and prospects; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in market assessments of the business, operations, financial position and prospects of either RLJ or FelCor or the Combined Company; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> market assessments of the likelihood that the Mergers will be completed; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> interest rates, general market and economic conditions and other factor generally affecting the market prices of RLJ Common Shares and the
FelCor Common Stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the actual or perceived impact of U.S. monetary policy; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=48,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=220502,FOLIO='38',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_39"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> federal, state and local legislation, governmental regulation and legal developments in the businesses in which RLJ and FelCor operate; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> other factors beyond the control of either RLJ or FelCor, including those described or referred to elsewhere in this "Risk Factors" section. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market price of RLJ Common Shares at the closing of the REIT Merger may vary from its price on the date the Merger Agreement was executed, on the date of this joint proxy
statement/prospectus and on the dates of RLJ's and FelCor's special meetings. As a result, the market value of the consideration for the REIT Merger represented by the Common Exchange Ratio also will
vary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therefore,
while the number of RLJ Common Shares to be issued per share of FelCor Common Stock is fixed, (i)&nbsp;RLJ's shareholders cannot be sure of the market value of the
consideration that will be paid to FelCor's stockholders upon completion of the Mergers and (ii)&nbsp;FelCor's stockholders cannot be sure of the market value of the consideration they will receive
upon completion of the Mergers. Neither RLJ nor FelCor has the right to terminate the Merger Agreement based on an increase or decrease in the market price of RLJ Common Shares. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The REIT Merger and related transactions are subject to RLJ Shareholder Approval and FelCor Stockholder
Approval.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The REIT Merger cannot be completed unless (i)&nbsp;FelCor's common stockholders approve the REIT Merger Proposal by the affirmative vote of
the holders of at least a majority of all outstanding shares of FelCor Common Stock and (ii)&nbsp;RLJ's shareholders approve the RLJ Share Issuance Proposal by the affirmative vote of a majority of
the votes cast. If shareholder approval is not obtained by FelCor's stockholders or RLJ's shareholders, the REIT Merger and related transactions cannot be completed. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


RLJ's shareholders and FelCor's stockholders will be diluted by the REIT Merger.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The REIT Merger will dilute the ownership position of RLJ's shareholders and result in FelCor's stockholders having an ownership stake in the
Combined Company that is smaller than their current stake in FelCor. Following the RLJ Share Issuance, RLJ and FelCor estimate that RLJ's shareholders will own approximately 71% of outstanding RLJ
Common Shares, and FelCor's stockholders will own approximately 29% of outstanding RLJ Common Shares immediately after the Mergers. Consequently, RLJ's shareholders and FelCor's stockholders, as a
general matter, will have less influence over the Combined Company's management and policies after the effective time of the REIT Merger than they currently exercise over the management and policies
of RLJ and FelCor, respectively. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If the Mergers are not consummated by December&nbsp;28, 2017, RLJ or FelCor may terminate the Merger
Agreement.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either RLJ or FelCor may terminate the Merger Agreement under certain circumstances, including if the Mergers have not been consummated by
December&nbsp;28, 2017. However, this termination right will not be available to a party if that party failed to fulfill its obligations under the Merger Agreement and that failure was the cause of,
or resulted in, the failure to consummate the Mergers. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The market price of RLJ Common Shares may decline as a result of the Mergers and the market price of RLJ
Common Shares after the consummation of the Mergers may be affected by factors different from those affecting the price of RLJ Common Shares or the FelCor Common Stock before the Mergers.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of RLJ Common Shares may decline as a result of the Mergers if the Combined Company does not achieve the perceived benefits of
the Mergers or the effect of the Mergers on the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=49,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=955510,FOLIO='39',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_40"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Combined
Company's financial results is not consistent with the expectations of financial or industry analysts. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, upon consummation of the Mergers, RLJ's shareholders and FelCor's stockholders will own interests in the Combined Company operating an expanded business with a different mix
of properties, risks and liabilities. RLJ's current shareholders and FelCor's current stockholders may not wish to continue to invest in the Combined Company, or for other reasons may wish to dispose
of some or all of their RLJ Common Shares. If, following the effective time of the Mergers, large amounts of RLJ Common Shares are sold, the price of RLJ Common Shares could decline. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
the Combined Company's results of operations, as well as the market price of RLJ&nbsp;Common Shares after the Mergers may be affected by factors in addition to those currently
affecting RLJ's or FelCor's results of operations and the market prices of RLJ Common Shares and the FelCor Common Stock, particularly the increase in the Combined Company's leverage compared to that
in place for
RLJ and FelCor today, and other differences in assets and capitalization. Accordingly, RLJ's and FelCor's historical market prices and financial results may not be indicative of these matters for the
Combined Company after the Mergers. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


An adverse judgment in any litigation challenging the Mergers may prevent the Mergers from becoming effective
or from becoming effective within the expected timeframe.  </I></B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three putative class actions have been filed by purported stockholders of FelCor challenging the Mergers. For more information regarding the
three putative class actions, see "Litigation Relating to the Mergers" beginning on page&nbsp;26. It is possible that shareholders of either party may file additional lawsuits challenging the
Mergers or the other transactions contemplated by the Merger Agreement, which may name FelCor, RLJ and/or their respective boards as defendants. The outcome of such lawsuits cannot be assured,
including the amount of costs associated with defending these claims or any other liabilities that may be incurred in connection with the litigation of these claims. If plaintiffs are successful in
obtaining an injunction prohibiting the parties from completing the Mergers on the agreed-upon terms, such an injunction may delay the consummation of the Mergers in the expected timeframe, or may
prevent the Mergers from being consummated altogether. Whether or not any plaintiff's claim is successful, this type of litigation may result in significant costs and divert management's attention and
resources, which could adversely affect the operation of FelCor's business.

 </FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ci49201_risks_related_to_the_c__ci402448"> </A>
<A NAME="toc_ci49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Risks Related to the Combined Company Following the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Following the REIT Merger, the Combined Company may not pay dividends at or above the rate currently paid by
RLJ or FelCor.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the REIT Merger, the Combined Company's shareholders may not receive dividends at the same rate that they did as RLJ's shareholders or
FelCor's stockholders prior to the REIT Merger for various reasons, including the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Combined Company may not have enough cash to pay such dividends due to changes in its cash requirements, capital spending plans, cash flow
or financial position; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> decisions on whether, when and in what amounts to make any future dividends will remain at all times entirely at the discretion of the Combined
Company's board of trustees, which reserves the right to change its dividend practices at any time and for any reason; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the amount of dividends that the Combined Company's subsidiaries may distribute to the Combined Company may be subject to restrictions imposed
by state law and restrictions imposed by the terms of any current or future indebtedness that these subsidiaries may incur. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=50,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=486381,FOLIO='40',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_41"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Combined Company's shareholders will have no contractual or other legal right to dividends that have not been declared by its board of trustees. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The Combined Company will have a significant amount of indebtedness and may need to incur more in the future.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Combined Company will have substantial indebtedness following completion of the Mergers. In addition, in connection with executing its
business strategies following the Mergers, the Combined Company expects to evaluate the possibility of acquiring additional properties and making strategic investments, and it may elect to finance
these endeavors by incurring additional indebtedness. The amount of such indebtedness could have material adverse consequences for the Combined Company,
including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> hindering its ability to adjust to changing market, industry or economic conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limiting its ability to access the capital markets to raise additional equity or refinance maturing debt on favorable terms or to fund
acquisitions or emerging businesses; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limiting the amount of free cash flow available for future operations, acquisitions, dividends, stock repurchases or other uses; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> making it more vulnerable to economic or industry downturns, including interest rate increases; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> placing it at a competitive disadvantage compared to less leveraged competitors. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover,
to respond to competitive challenges, the Combined Company may be required to raise substantial additional capital to execute its business strategy. The Combined Company's
ability to arrange additional financing will depend on, among other factors, its financial position and performance, as well as prevailing market conditions and other factors beyond its control. If
the Combined Company is able to obtain additional financing, its credit ratings could be further adversely affected, which could further raise its borrowing costs and further limit its future access
to capital and its ability to satisfy its obligations under its indebtedness. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The historical and unaudited pro forma condensed combined financial information included elsewhere in this
joint proxy statement/prospectus may not be representative of the Combined Company's results after the Mergers, and accordingly, you have limited financial information on which to evaluate the
Combined Company following the Mergers.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed combined financial information included elsewhere in this joint proxy statement/prospectus has been presented
for informational purposes only and is not necessarily indicative of the financial position or results of operations that actually would have occurred had the Mergers been completed as of the dates
indicated, nor is it indicative of the future operating results or financial position of the Combined Company following the Mergers. The unaudited pro forma condensed combined financial information
does not reflect future events that may occur after the Mergers. The unaudited pro forma condensed combined financial information presented elsewhere in this joint proxy statement/prospectus is based
in part on certain assumptions regarding the Mergers that RLJ and FelCor believe are reasonable under the circumstances. Neither RLJ nor FelCor can assure you that the assumptions will prove to be
accurate over time. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=51,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=834363,FOLIO='41',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_42"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ci49201_risks_related_to_taxes_and_the_mergers"> </A>
<A NAME="toc_ci49201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Risks Related to Taxes and the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The Mergers should be taxable to FelCor common stockholders; however, FelCor common stockholders will not
receive cash with which to pay any tax.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mergers should be treated as a taxable sale by FelCor of all of its assets followed by a liquidating distribution to the FelCor common
stockholders. FelCor common stockholders will not receive cash with which to pay any tax. The FelCor common stockholders effectively should be treated as selling their FelCor Common Stock in exchange
for the RLJ Common Shares and the amount of any cash received in the REIT Merger. As a result, FelCor common stockholders should recognize gain or loss equal to the difference, if any, between the
fair market value of RLJ Common Shares and the amount of any cash received in the REIT Merger and the holder's adjusted tax basis in
the FelCor Common Stock exchanged. Generally, any gain or loss recognized should be capital gain or loss and will constitute long-term capital gain or loss if the FelCor common stockholder held the
FelCor Common Stock for more than one year as of the effective time of the Mergers. Because the merger consideration consists solely of RLJ Common Shares (other than cash received in the REIT Merger
for fractional shares), holders of FelCor Common Stock may need to sell RLJ Common Shares received in the Mergers, or raise cash from other sources, to pay any tax obligations resulting from the
Mergers. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


RLJ would incur adverse tax consequences if it or FelCor failed to qualify as a REIT for United States
federal income tax purposes.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ has assumed, based on public filings, that FelCor has qualified and will continue to qualify as a REIT for United States federal income tax
purposes prior to the Mergers and that RLJ will be able to continue to qualify as a REIT following the Mergers. However, if FelCor has failed or fails to qualify as a REIT, RLJ and REIT Merger Sub
generally would succeed to or incur significant tax liabilities (including the significant tax liability that would result from the deemed sale of assets by FelCor pursuant to the Mergers), and RLJ
could possibly lose its REIT status should disqualifying activities continue after the acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REITs
are subject to a range of complex organizational and operational requirements. As a REIT, RLJ must distribute with respect to each year at least 90% of its REIT taxable income to
its shareholders. Other restrictions apply to its income and assets. RLJ's REIT status is also dependent upon the ongoing qualification of subsidiary entities as REITs, as a result of its substantial
ownership interest in those entities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any taxable year that RLJ fails to qualify as a REIT and is unable to avail itself of certain savings provisions set forth in the Code, it would be subject to federal income tax at
the regular corporate rates on all of its taxable income, whether or not it makes any distributions to its shareholders. Those taxes would reduce the amount of cash available for distribution to its
shareholders or for reinvestment and would adversely affect RLJ's earnings. As a result, RLJ's failure to qualify as a REIT during any taxable year could have a material adverse effect upon RLJ and
its shareholders. Furthermore, unless certain relief provisions apply, RLJ would not be eligible to elect REIT status again until the fifth taxable year that begins after the first year for which it
failed to qualify. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Some of FelCor's hotels will be subject to property tax reappraisal.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the Mergers, some of FelCor's hotels will be subject to property tax reappraisal that could increase property tax expense and
adversely affect RLJ's profitability. Ten of
FelCor's hotel properties, or approximately 26%, are located in jurisdictions that may provide for property tax reappraisal upon a change of ownership and so may face such a reassessment. Further, an
additional five of FelCor's hotel properties, or approximately 13%, are located in jurisdictions where the property tax value is subject to a ceiling that will no longer be applicable following the
Mergers. The Mergers and the associated publicity together with the related transfers of property and property name changes </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=52,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=485836,FOLIO='42',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_43"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>that
will occur in connection with the Mergers may cause other jurisdictions, in which the timing of the reappraisals is discretionary with the taxing authorities, to decide to reappraise FelCor's
properties in those jurisdictions and may correspondingly increase the property tax expense to the combined company. Due to the significant uncertainties involved, the possible increases in property
tax expense have not been quantified. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


RLJ might lose its REIT status and incur significant tax liabilities</I></B></FONT><FONT SIZE=2><B>.  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December&nbsp;31, 2011. So long as RLJ meets the
requirements under the Code for qualification as a REIT each year, RLJ can deduct dividends paid to its shareholders when calculating its taxable income. To qualify as a REIT, RLJ must meet detailed
technical requirements, including income, asset, distribution and stock ownership tests, under several Code provisions that have not been extensively interpreted by judges or administrative officers.
In addition, RLJ does not control the determination of all factual matters and circumstances that affect its ability to qualify as a REIT. New legislation, regulations, administrative interpretations
or court decisions might significantly change the tax laws with respect to REIT qualification or the federal income tax consequences of such qualification. RLJ believes that it is organized so that it
qualifies as a REIT under the Code and that RLJ has operated and will continue to operate so that it continues to qualify. However, RLJ cannot guarantee that it will qualify as a REIT in any given
year because:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the rules governing REITs are highly complex; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ does not control all factual determinations that affect REIT status; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ's circumstances may change in the future. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any taxable year that RLJ fails to qualify as a REIT, it would not be entitled to deduct dividends paid to its shareholders from its taxable income. Consequently, RLJ's net assets
and distributions to shareholders would be substantially reduced because of its increased tax liability. If RLJ&nbsp;made distributions in anticipation of its qualification as a REIT, it might be
required to borrow additional funds or to liquidate some of its investments in order to pay the applicable tax. If RLJ's qualification as a REIT terminates, it may not be able to elect to be treated
as a REIT for the four taxable years following the year it lost the qualification. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


RLJ may pay taxes even if it continues to qualify as a REIT.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even if RLJ continues to qualify as a REIT, it is required to pay some federal, state, local and foreign taxes on its income and property. For
example, certain of RLJ's (and FelCor's) subsidiaries have elected to be treated as taxable REIT subsidiaries. RLJ will be subject to a 100% penalty tax on payments it receives from these subsidiaries
if the economic arrangements between the REIT and the taxable subsidiaries are not comparable to similar arrangements between unrelated third parties. RLJ&nbsp;also could be subject to tax in the
event it, among other things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> sells property that is considered to be held for sale to customers in the ordinary course of its trade or business (for example, inventory) for
federal income tax purposes; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fails to satisfy certain distribution rules, as described below. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


RLJ's REIT distribution requirements are complex and may create tax difficulties.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To maintain RLJ's status as a REIT for federal income tax purposes, RLJ generally must distribute to its shareholders at least 90% of its
taxable income each year. In addition, RLJ is subject to a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=53,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=411209,FOLIO='43',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_44"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>4%&nbsp;nondeductible
excise tax on the amount by which its distributions for a calendar year are less than the sum of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 85% of its ordinary income for the calendar year; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 95% of its capital gain net income for the calendar year; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any amount of its income that it did not distribute in prior years. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
tax purposes, RLJ may be required to treat interest, rent and other items as earned even though RLJ has not yet received these amounts. In addition, RLJ may not be able to deduct
currently as expenses for tax purposes some items that it has actually paid. RLJ could also realize income, such as income from cancellation of indebtedness that is not accompanied by cash proceeds.
If one or more of these events happened, RLJ could have taxable income in excess of cash available for distribution. In such circumstances, RLJ might have to borrow money or sell investments on
unfavorable terms in order to meet the distribution requirements applicable to a REIT. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


FelCor's taxable REIT subsidiaries will be limited in using certain tax net operating loss carryovers.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a corporation undergoes an "ownership change" within the meaning of Section&nbsp;382 of the Code and the Treasury Regulations thereunder,
such corporation's ability to use net operating losses ("NOLs"), generated prior to the time of that ownership change may be limited. To the extent the affected corporation's ability to use NOLs is
limited, such corporation's taxable income may increase. As of December&nbsp;31, 2016, FelCor's taxable REIT subsidiaries ("TRSs") had approximately $336&nbsp;million of NOLs which will begin to
expire in 2023 for federal tax purposes and during the period from 2019 to 2033 for state tax purposes if not utilized. An ownership change within the meaning of Section&nbsp;382 of the Code with
respect to FelCor's TRSs will occur in connection with the Mergers. Accordingly, FelCor's TRSs' ability to use NOLs incurred prior to the ownership change in such future years will be limited, and
FelCor's TRSs will have greater taxable income as a result of such limitation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=54,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=491214,FOLIO='44',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_45"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ci49201_cautionary_statement_r__ci402378"> </A>
<A NAME="toc_ci49201_5"> </A>
<BR></FONT><FONT SIZE=2><B>  CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This joint proxy statement/prospectus and the annexes to this joint proxy statement/prospectus contain forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as
amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as "may," "believe," "expect," "anticipate," "intend,"
"estimate," "project," "target," "goal," "plan," "should," "will," "predict," "potential," "likely," or other words, phrases or expressions of similar import, or the negative or other words or
expressions of similar meaning, and statements regarding the benefits of the Mergers or the other transactions contemplated by the Merger Agreement or the future financial condition, results of
operations and business of RLJ, FelCor or the Combined Company. Without limiting the generality of the preceding sentence, certain information contained in the sections "The REIT
Merger&#151;Background of the Mergers," "The REIT Merger&#151;Recommendation of the RLJ Board and Its Reasons for the Merger," "The REIT Merger&#151;Recommendation of the FelCor
Board and Its Reasons for the Merger," "The REIT Merger&#151;Certain RLJ Unaudited Prospective Financial Information," and
"The REIT Merger&#151;Certain FelCor Unaudited Prospective Financial Information" constitute forward-looking statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ and FelCor base these forward-looking statements on particular assumptions that they have made in light of their industry experience, as well as their perception of historical
trends, current conditions, expected future developments and other factors that they believe are appropriate under the circumstances. The forward-looking statements are necessarily estimates
reflecting the judgment of RLJ's and FelCor's respective management and involve a number of known and unknown risks, uncertainties and other factors which may cause actual results, performance, or
achievements of RLJ, FelCor or the Combined Company to be materially different from those expressed or implied by the forward-looking statements. In addition to other factors and matters contained in
this joint proxy statement/prospectus, including those disclosed under "Risk Factors" beginning on page&nbsp;35, these forward-looking statements are subject to risks, uncertainties and other
factors, including, among others:</FONT>

</P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ability of the RLJ and FelCor to obtain the required shareholder or stockholder, as applicable, approvals to consummate the Mergers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the satisfaction or waiver of other conditions in the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risk that the Mergers or the other transactions contemplated by the Merger Agreement may not be completed in the time frame expected by the
parties or at all; </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement and that a
termination under certain circumstances could require RLJ to pay FelCor or FelCor to pay RLJ a termination fee or expense amount, as described under "The Merger Agreement&#151;Termination Fees
and Expenses" beginning on page&nbsp;132; </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ability of RLJ to effectively acquire and dispose of properties, including properties to be acquired in the Mergers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ability of RLJ to successfully integrate pending transactions and implement its operating strategy, including the Mergers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in general political, economic and competitive conditions and specific market conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> adverse changes in the real estate and real estate capital markets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> financing risks; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=55,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=304572,FOLIO='45',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_ci49201_1_46"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the outcome of current and future litigation, including any legal proceedings that may be instituted against RLJ, FelCor or others related to
the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> regulatory proceedings or inquiries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in laws or regulations or interpretations of current laws and regulations that impact RLJ's or FelCor's business, assets or
classification as a REIT; and </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> other risks detailed in filings made by each of RLJ and FelCor with the SEC, including the Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2016 and the Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017 filed by RLJ with the SEC and incorporated herein by reference and the Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2016, as amended, and the Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017 filed by FelCor and incorporated
herein by reference. See also "Where You Can Find More Information and Incorporation by Reference" on page&nbsp;210 of this joint proxy statement/prospectus.

 </FONT></DD>

</DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
RLJ and FelCor believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore
there can be no assurance that such statements included in this joint proxy statement/prospectus will prove to be accurate. As you read and consider the information in this joint proxy
statement/prospectus, you are cautioned to not place undue reliance on these forward-looking statements. These statements are not guarantees of performance or results and speak only as of the date of
this joint proxy statement/prospectus, in the case of forward-looking statements contained in this joint proxy statement/prospectus, or the dates of the documents incorporated by reference or attached
as annexes to this joint proxy statement/prospectus, in the case of forward-looking statements made in those documents. Neither RLJ nor FelCor undertakes any obligation to update or revise any
forward-looking statements, whether as a result of new information or developments, future events, or otherwise, except as required by law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by RLJ,
FelCor or any other person that the results or conditions described in such statements or the objectives and plans of RLJ or FelCor will be achieved. In addition, RLJ's and FelCor's qualification as a
REIT involves the application of highly technical and complex provisions of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
forward-looking statements, expressed or implied, included in this joint proxy statement/prospectus are expressly qualified in their entirety by this cautionary statement. This
cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that RLJ, FelCor or persons acting on their behalf may issue. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=56,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=512790,FOLIO='46',FILE='DISK127:[17ZBR1.17ZBR49201]CI49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ck49201_1_47"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ck49201_the_companies"> </A>
<A NAME="toc_ck49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  THE COMPANIES    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


RLJ Lodging Trust  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>RLJ
Lodging Trust<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7777 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
is a Maryland REIT that has elected to be taxed as a REIT under the Code. RLJ acquires primarily premium-branded, focused-service and compact full-service hotels, and is one of the
largest U.S. publicly-traded lodging REITs in terms of both number of hotels and number of rooms. As of March&nbsp;31, 2017, RLJ owned 122 hotels with approximately 20,100 rooms, located in 21
states and the District of Columbia, and an interest in one mortgage loan secured by a hotel. RLJ owns, through wholly-owned subsidiaries, 100% of the interests in all hotel properties, with the
exception of one hotel property in which RLJ owns a 98.3% controlling interest in a joint venture. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
Common Shares are listed on the NYSE, trading under the symbol "RLJ." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's
principal executive offices are located at 3 Bethesda Metro Center, Suite&nbsp;1000, Bethesda, Maryland 20814, and its telephone number is (301)&nbsp;280-7777. RLJ had 57
employees as of March&nbsp;31, 2017. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


RLJ Lodging Trust,&nbsp;L.P.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>RLJ
Lodging Trust,&nbsp;L.P.<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7777 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Operating Partnership, a Delaware limited partnership, and its subsidiaries conduct all of RLJ's business, hold substantially all of RLJ's assets and liabilities and generate
substantially all of RLJ's revenues. RLJ is the sole general partner of the Operating Partnership and, as of March&nbsp;31, 2017, owned approximately 99.6% of the outstanding Operating Partnership
Common Units. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rangers Sub I,&nbsp;LLC  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Rangers
Sub I,&nbsp;LLC<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7777 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REIT
Merger Sub, a wholly-owned subsidiary of the Operating Partnership, is a Maryland limited liability company that was formed on April&nbsp;20, 2017 solely for the purposes of
effecting the REIT Merger. Upon closing under the Merger Agreement, the REIT Merger will be consummated whereby FelCor will be merged with and into REIT Merger Sub, with REIT Merger Sub surviving as a
wholly-owned subsidiary of the Operating Partnership. REIT Merger Sub has not conducted any activities to date, except for activities incidental to its formation and activities undertaken in
connection with the transactions contemplated by the Merger Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=57,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=302572,FOLIO='47',FILE='DISK127:[17ZBR1.17ZBR49201]CK49201A.;19',USER='MKEANE',CD='14-JUL-2017;17:36' -->
<A NAME="page_ck49201_1_48"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rangers Sub II,&nbsp;LP  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Rangers
Sub II,&nbsp;LP<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814<BR>
(301)&nbsp;280-7777 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partnership
Merger Sub, a Delaware limited partnership, was formed on April&nbsp;20, 2017 solely for the purposes of facilitating RLJ's acquisition of FelCor. Upon closing under the
Merger Agreement, the Partnership Merger will be consummated whereby Partnership Merger Sub will merge with and into FelCor&nbsp;LP, with FelCor&nbsp;LP surviving as the wholly-owned subsidiary of
the Operating Partnership. Partnership Merger Sub has not carried on any activities to date, except for activities incidental to its formation and activities undertaken in connection with the
transactions contemplated by the Merger Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FelCor Lodging Trust Incorporated  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>FelCor
Lodging Trust Incorporated<BR>
125 E. John Carpenter Freeway, Suite&nbsp;1600<BR>
Irving, TX 75062<BR>
(972)&nbsp;444-4900 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor,
a Maryland corporation, is a REIT traded on the NYSE under the symbol "FCH" that owns a diversified portfolio of primarily upper-upscale full-service hotels that are located in
major urban and resort markets throughout the U.S. FelCor partners with leading hotel companies who operate its properties under globally renowned names and as premier independent hotels. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor's
only material asset is its ownership interest in FelCor&nbsp;LP, a Delaware limited partnership with no publicly-traded equity. FelCor is the sole general partner and the
owner of a greater than 99.5% partnership interest in FelCor&nbsp;LP. Through FelCor&nbsp;LP, FelCor held ownership interests in 39&nbsp;hotels with 11,500 rooms as of March&nbsp;31, 2017. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FelCor Lodging Limited Partnership  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>FelCor
Lodging Limited Partnership<BR>
125 E. John Carpenter Freeway, Suite&nbsp;1600<BR>
Irving, TX 75062<BR>
(972)&nbsp;444-4900 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor&nbsp;LP,
a Delaware limited partnership, is a partnership with no publicly-traded equity. FelCor is the sole general partner of, and the owner of a greater than 99.5%
partnership interest in, FelCor&nbsp;LP. Through FelCor&nbsp;LP, FelCor held ownership interests in 39 hotels with 11,500 rooms as of March&nbsp;31, 2017. As the sole partner of
FelCor&nbsp;LP, FelCor has exclusive and complete control of FelCor&nbsp;LP's day-to-day management. The holders of non-controlling interests in FelCor&nbsp;LP are unaffiliated with FelCor and,
in aggregate, hold less than 1% of the FelCor&nbsp;LP Common Units. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The Combined Company  </I></B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Combined Company will retain the name "RLJ Lodging Trust" and will continue to be a Maryland REIT, which has elected to be taxed as a REIT
under the Code. The Combined Company will be a publicly traded, lodging REIT focused on the acquisition and ownership of premium-branded, focused service and compact full-service hotels. The Combined
Company is expected to have a pro forma equity market capitalization of approximately $3.5&nbsp;billion and a total capitalization of approximately $6.4&nbsp;billion based on RLJ's closing price
of $19.67 per share on July&nbsp;6, 2017.

 </FONT>

</P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=58,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=580194,FOLIO='48',FILE='DISK127:[17ZBR1.17ZBR49201]CK49201A.;19',USER='MKEANE',CD='14-JUL-2017;17:36' -->
<A NAME="page_ck49201_1_49"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Immediately
after the Mergers, the Combined Company's asset base will consist primarily of interests in a portfolio of 161 hotels operating in 26 states and the District of Columbia with an aggregate
of approximately 31,600 rooms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
business of the Combined Company will be operated through the Operating Partnership and its subsidiaries, which will include FelCor&nbsp;LP and its subsidiaries. On a pro forma
basis giving effect to the Mergers, the Combined Company will own an approximately 99.3% partnership interest in the Operating Partnership and the Combined Company will have the full, exclusive and
complete responsibility for and discretion in the day-to-day management and control of the Operating Partnership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
common shares of the Combined Company will continue to be listed on the NYSE, trading under the symbol "RLJ." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Combined Company's principal executive offices will be located at 3 Bethesda Metro Center, Suite&nbsp;1000, Bethesda, MD 20814, and its telephone number is (301)&nbsp;280-7777. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=59,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=821270,FOLIO='49',FILE='DISK127:[17ZBR1.17ZBR49201]CK49201A.;19',USER='MKEANE',CD='14-JUL-2017;17:36' -->
<A NAME="page_ck49201_1_50"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ck49201_the_rlj_special_meeting"> </A>
<A NAME="toc_ck49201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  THE RLJ SPECIAL MEETING    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This joint proxy statement/prospectus is being furnished in connection with the solicitation of proxies from RLJ's shareholders for use at the
RLJ special meeting. This joint proxy statement/prospectus and accompanying form of proxy are first being mailed to RLJ's shareholders on or about
[&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;], 2017. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT FACE="times" SIZE=2><A
NAME="ck49201_purpose_of_the_rlj_special_meeting"> </A>
<A NAME="toc_ck49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Purpose of the RLJ Special Meeting    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of RLJ's shareholders will be held at RLJ's corporate headquarters at 3&nbsp;Bethesda Metro Center, Suite 1000, Bethesda MD
20814, on August&nbsp;15, 2017, at 1:00&nbsp;p.m., Eastern Time, for the following purposes:</FONT>

</P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to consider and vote on the RLJ Share Issuance Proposal, the proposal to approve (i)&nbsp;the issuance of RLJ Common Shares to the FelCor
common stockholders and (ii)&nbsp;the issuance of RLJ Series&nbsp;A Preferred Shares to holders of FelCor Series&nbsp;A Preferred Stock pursuant to the Merger Agreement;
and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to consider and vote on the RLJ Adjournment Proposal, the proposal to adjourn the RLJ special meeting, if necessary or appropriate, including
to solicit additional proxies if there are not sufficient votes to approve the RLJ Share Issuance Proposal. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
business within the purposes described in the Notice of Special Meeting of RLJ's shareholders may be conducted at the RLJ special meeting. Any action may be taken on the items of
business described above at the RLJ special meeting on the date specified above, or on any date or dates to which the special meeting may be postponed or to which, by original or later adjournment,
the special meeting may be adjourned. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
joint proxy statement/prospectus also contains information regarding the FelCor special meeting, including the items of business for that special meeting. RLJ's shareholders are not
voting on the proposals to be voted on at the FelCor special meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ck49201_record_date;_voting_rights;_proxies"> </A>
<A NAME="toc_ck49201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Record Date; Voting Rights; Proxies    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ has fixed the close of business on July&nbsp;6, 2017 as the record date for determining holders of RLJ Common Shares entitled to notice
of, and to vote at, the RLJ special meeting. Only holders of RLJ Common Shares at the close of business on the record date will be entitled to notice of, and to vote at, the RLJ special meeting,
unless a new record date is set in connection with any adjournment or postponement of the RLJ special meeting. As of the record date, there were 124,639,939 issued and outstanding RLJ Common Shares.
Each holder of record of RLJ Common Shares on the record date is entitled to one vote per share. Votes may be cast either in person or by properly executed proxy at the RLJ special meeting. As of the
record date, the issued and outstanding RLJ Common Shares were held by approximately 16,781 beneficial owners.


</FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may submit your proxy either by telephone, through the Internet or by mailing the enclosed proxy card, or you may vote in person at the RLJ special meeting. </FONT></P>


<UL>
<DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> To submit your proxy by telephone, dial 1-866-883-3382 using a touch-tone phone and follow the recorded instructions. You will be asked to
provide the company number and control number from the enclosed proxy card. To submit your proxy through the Internet, visit www.proxypush.com/rlj. You will be asked to provide the company number and
control number from the enclosed proxy card. Proxies submitted by telephone or through the Internet must be received by 11:59&nbsp;p.m., Central Time, on August&nbsp;14, 2017. </FONT> <FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> To submit your proxy by mail, complete, date and sign each proxy card you receive and return it as promptly as practicable in the enclosed
prepaid envelope. If you sign and return your proxy </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=60,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=38565,FOLIO='50',FILE='DISK127:[17ZBR1.17ZBR49201]CK49201A.;19',USER='MKEANE',CD='14-JUL-2017;17:36' -->
<A NAME="page_ck49201_1_51"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>card,
but do not mark the boxes showing how you wish to vote, your shares will be voted "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Share Issuance Proposal and
"</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Adjournment Proposal.</FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If you intend to vote in person, please bring proper identification, together with proof that you are a record owner of RLJ Common Shares. If
your RLJ Common Shares are held in "street name," please bring acceptable proof of ownership, such as a letter from your broker or an account statement showing that you beneficially own such shares on
the applicable record date. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you hold your RLJ Common Shares in "street name," please read the question and answer referencing "street name" shares above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
RLJ Common Shares that are entitled to vote and are represented at the RLJ special meeting by properly executed proxies received before or at the RLJ special meeting and not revoked,
will be voted at such special meeting in accordance with the instructions indicated on the proxies. If no instructions are given on a timely and properly executed proxy card, your shares will be
voted:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Share Issuance Proposal; and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the RLJ Adjournment Proposal. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes
cast by proxy or in person at the RLJ special meeting will be tabulated by the inspector of elections appointed for the RLJ special meeting who will determine whether or not a
quorum is present. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
proxy given by a shareholder pursuant to this solicitation may be revoked at any time before the vote is taken at the special meeting in any of the following
ways:</FONT></P>


<UL>
<DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> submitting a later proxy by telephone or through the Internet prior to 11:59&nbsp;p.m., Central Time, on August&nbsp;14, 2017; </FONT> <FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> filing with the Secretary of RLJ, before the taking of the vote at the RLJ special meeting, a written notice of revocation bearing a later date
than the proxy card; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> duly executing a later dated proxy card relating to the same shares and delivering it to the Secretary of RLJ before the taking of the vote at
the RLJ special meeting; or</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> voting in person at the RLJ special meeting, although attendance at the special meeting will not by itself constitute a revocation of a proxy. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
written notice of revocation or subsequent proxy card should be sent to RLJ Lodging Trust, 3&nbsp;Bethesda Metro Center, Suite&nbsp;1000, Bethesda, Maryland, Attention:
Secretary, or hand delivered to the Secretary of RLJ before the taking of the vote at the RLJ special meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ck49201_solicitation_of_proxies"> </A>
<A NAME="toc_ck49201_5"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Solicitation of Proxies    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ is soliciting proxies on behalf of the RLJ Board. RLJ will bear the costs of soliciting proxies. Brokerage houses, fiduciaries, nominees and
others will be reimbursed for their
out-of-pocket expenses in forwarding proxy materials to owners of RLJ Common Shares held in their names. In addition to the solicitation of proxies by use of the mails, proxies may be solicited from
RLJ's shareholders by trustees, officers and employees of RLJ in person or by telephone, by facsimile, on the Internet or other appropriate means of communications. No additional compensation, except
for reimbursement of reasonable out-of-pocket expenses, will be paid to trustees, officers and employees of RLJ in connection with this solicitation. RLJ has retained D.F. King to solicit, and for
advice and assistance in connection with the solicitation of, proxies for the RLJ special meeting at a cost of $15,000, plus out-of-pocket expenses. No portion of the amount that RLJ has agreed to pay
to D.F. King is contingent upon the closing of the Mergers. Any questions or requests for assistance regarding this


</FONT>

</P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=61,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=397259,FOLIO='51',FILE='DISK127:[17ZBR1.17ZBR49201]CK49201A.;19',USER='MKEANE',CD='14-JUL-2017;17:36' -->
<A NAME="page_ck49201_1_52"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


joint proxy statement/prospectus and related proxy materials may be directed to D.F. King by telephone at (800)&nbsp;317-8033.

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ck49201_quorum;_abstentions_and_broker_non-votes"> </A>
<A NAME="toc_ck49201_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Quorum; Abstentions and Broker Non-Votes    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the outstanding RLJ Common Shares entitled to vote at the RLJ special meeting and present in person or represented
by proxy, will constitute a quorum at the special meeting. For purposes of the RLJ Share Issuance Proposal, the failure to return your proxy card and other shares not voted (whether by broker non-vote
or otherwise) will not be considered present for the purpose of determining the presence of a quorum and will have no effect on the RLJ Share Issuance Proposal. Under NYSE rules, abstentions will be
considered as votes cast and, accordingly, will have the same effect as votes "AGAINST" the RLJ Share Issuance Proposal. Because approval of the RLJ Adjournment Proposal requires that the number of
votes cast for the RLJ Adjournment Proposal exceeds the number of votes cast against the RLJ Adjournment Proposal from holders of RLJ Common Shares represented in person or by proxy and entitled to
vote at the RLJ special meeting, abstentions and the failure to return a proxy card will have no effect on the outcome of the RLJ Adjournment Proposal provided a quorum is otherwise present at the
special meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks,
brokers and other nominees that hold their customers' shares in street name may not vote their customers' shares on "non-routine" matters without instructions from their
customers. As each of the proposals to be voted upon at the RLJ special meeting is considered "non-routine," such organizations do not have discretion to vote on any of the proposals. As a result, if
you fail to provide your broker, bank or other nominee with any instructions regarding how to vote your RLJ Common Shares, your RLJ Common Shares will not be considered present at the RLJ special
meeting and will not be voted on any of the proposals. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ck49201_required_vote"> </A>
<A NAME="toc_ck49201_7"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Required Vote    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approval of the RLJ Share Issuance Proposal will require that the number of votes cast for the RLJ Share Issuance Proposal exceeds the
number of votes cast against the RLJ Share Issuance Proposal from holders of RLJ Common Shares represented in person or by proxy and entitled to vote at the RLJ special meeting, assuming a quorum is
present. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
approval of the RLJ Adjournment Proposal will require that the number of votes cast for the RLJ Adjournment Proposal exceeds the number of votes cast against the RLJ Adjournment
Proposal from holders of RLJ Common Shares represented in person or by proxy and entitled to vote at the RLJ special meeting, assuming a quorum is present. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Regardless of the number of RLJ Common Shares you own, your vote is important. Please complete, sign, date and promptly return the enclosed proxy card today or
vote by phone or internet.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=62,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1031641,FOLIO='52',FILE='DISK127:[17ZBR1.17ZBR49201]CK49201A.;19',USER='MKEANE',CD='14-JUL-2017;17:36' -->
<A NAME="page_ck49201_1_53"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ck49201_proposals_submitted_to_the_rlj_shareholders"> </A>
<A NAME="toc_ck49201_8"> </A>
<BR></FONT><FONT SIZE=2><B>  PROPOSALS SUBMITTED TO THE RLJ SHAREHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>RLJ Share Issuance Proposal<BR>  </B></FONT><FONT SIZE=2><B><I>(Proposal 1 on the RLJ Proxy Card)  </I></B></FONT></P>


<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's shareholders are being asked to approve the issuance of RLJ Common Shares to the FelCor common stockholders and the issuance of RLJ Series&nbsp;A
Preferred Shares to holders of FelCor Series&nbsp;A Preferred Stock pursuant to the Merger Agreement. For a summary and detailed information regarding this proposal, see the information about the
Mergers and the Merger Agreement throughout this joint proxy statement/prospectus, including the information set forth in sections entitled "The REIT Merger" beginning on page 62 and "The Merger
Agreement" beginning on page 113. A copy of the Merger Agreement is attached as Annex&nbsp;A to this joint proxy statement/prospectus.


</FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Merger Agreement, approval of the RLJ Share Issuance is a condition to the consummation of the Mergers. If the RLJ Share Issuance Proposal is not approved, the Mergers
will not be completed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the RLJ Share Issuance Proposal requires that the number of votes cast for this proposal exceeds the number of votes cast against this proposal from holders of RLJ Common
Shares represented in person or by proxy and entitled to vote at the RLJ special meeting, assuming a quorum is present. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ck49201_recommendation_of_the_rlj_board"> </A>
<A NAME="toc_ck49201_9"> </A>
<BR></FONT><FONT SIZE=2><B>  Recommendation of the RLJ Board    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The RLJ Board recommends that RLJ's shareholders vote "FOR" the RLJ Share Issuance Proposal to issue RLJ Common Shares
to FelCor common stockholders and to issue RLJ Series&nbsp;A Preferred Shares to holders of FelCor Series&nbsp;A Preferred Stock in the REIT Merger pursuant to the Merger
Agreement.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>RLJ Adjournment Proposal<BR>  </B></FONT><FONT SIZE=2><B><I>(Proposal 2 on the RLJ Proxy Card)</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
RLJ special meeting may be adjourned to another time or place, if necessary or appropriate in the view of the RLJ Board, to permit, among other things, further solicitation of
proxies, if necessary or appropriate in the view of the RLJ Board, in favor of the RLJ Share Issuance Proposal if there are not sufficient votes at the time of such adjournment to approve such
proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
is asking RLJ's shareholders to approve the adjournment of the RLJ special meeting, if necessary or appropriate, to solicit additional proxies in favor of the RLJ Share Issuance
Proposal if there are not sufficient votes at the time of such adjournment to approve such proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the RLJ Adjournment Proposal requires that the number of votes cast for this proposal exceeds the number of votes cast against this proposal from holders of RLJ Common Shares
represented in person or by proxy and entitled to vote at the RLJ special meeting, assuming a quorum is present. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
does not intend to call a vote on the RLJ Adjournment Proposal if the RLJ Share Issuance Proposal considered at the RLJ special meeting has been approved at the RLJ special meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ck49201_recommendation_of_the_rlj_board_1"> </A>
<A NAME="toc_ck49201_10"> </A>
<BR></FONT><FONT SIZE=2><B>  Recommendation of the RLJ Board    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The RLJ Board recommends that RLJ's shareholders vote "FOR" the RLJ Adjournment Proposal to adjourn the RLJ special
meeting, if necessary or appropriate, including to solicit additional proxies if there are not sufficient votes to approve the RLJ Share Issuance Proposal.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=63,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=516095,FOLIO='53',FILE='DISK127:[17ZBR1.17ZBR49201]CK49201A.;19',USER='MKEANE',CD='14-JUL-2017;17:36' -->
<A NAME="page_ck49201_1_54"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ck49201_other_business"> </A>
<A NAME="toc_ck49201_11"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Business    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At this time, RLJ does not intend to bring any other matters before the RLJ special meeting, and RLJ does not know of any matters to be brought
before the RLJ special meeting by others. If, however, any other matters properly come before the RLJ special meeting, the persons named in the enclosed proxy, or their duly constituted substitutes,
acting at the RLJ special meeting or any adjournment or postponement thereof will be deemed authorized to vote RLJ Common Shares represented thereby in accordance with the judgment of management on
any such matter. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=64,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=320519,FOLIO='54',FILE='DISK127:[17ZBR1.17ZBR49201]CK49201A.;19',USER='MKEANE',CD='14-JUL-2017;17:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cm49201_1_55"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cm49201_the_felcor_special_meeting"> </A>
<A NAME="toc_cm49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  THE FELCOR SPECIAL MEETING    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This joint proxy statement/prospectus is being furnished in connection with the solicitation of proxies from FelCor common stockholders for use
at the FelCor special meeting. This joint proxy statement/prospectus and accompanying form of proxy are first being mailed to FelCor common stockholders on or about
[&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;], 2017. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT FACE="times" SIZE=2><A
NAME="cm49201_purpose_of_the_felcor_special_meeting"> </A>
<A NAME="toc_cm49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Purpose of the FelCor Special Meeting    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of FelCor's common stockholders will be held at FelCor's corporate headquarters at 125 E. John Carpenter Freeway, Suite 1600,
Irving, Texas 75062, on August&nbsp;15, 2017 at 5:00&nbsp;p.m., Central Time, for the following purposes:</FONT>

</P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to consider and vote on the REIT Merger Proposal; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to consider and vote on the FelCor Compensation Proposal; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to consider and vote on the FelCor Adjournment Proposal. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
business within the purposes described in the Notice of Special Meeting of FelCor may be conducted at the FelCor special meeting. Any action may be taken on the items of business
described above at the FelCor special meeting on the date specified above, or on any date or dates to which the FelCor special meeting may be postponed or to which, by original or later adjournment,
the special meeting may be adjourned. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
joint proxy statement/prospectus also contains information regarding the RLJ special meeting, including the items of business for that special meeting. FelCor stockholders are not
voting on the proposals to be voted on at the RLJ special meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cm49201_record_date;_voting_rights;_proxies"> </A>
<A NAME="toc_cm49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Record Date; Voting Rights; Proxies    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor has fixed the close of business on July&nbsp;6, 2017 as the record date for determining holders of FelCor Common Stock entitled to
notice of, and to vote at, the FelCor special meeting. Holders of FelCor Common Stock and FelCor Series&nbsp;A Preferred Stock at the close of business on the record date will be entitled to notice
of the FelCor special meeting, unless a new record date is set in connection with any adjournment or postponement of the special meeting. Only holders of FelCor Common Stock at the close of business
on the record date will be entitled to vote at the FelCor special meeting, unless a new record date is set in connection with any adjournment or postponement of the special meeting. As of the record
date, there were 138,421,753 issued and outstanding shares of FelCor Common Stock. Each holder of record of FelCor Common Stock on the record date is entitled to one vote per share. Votes may be cast
either in person or by properly executed proxy at the FelCor special meeting. As of the record date, the issued and outstanding FelCor Common Stock was held by approximately 7,601 beneficial owners.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may submit your proxy either by telephone, through the Internet or by mailing the enclosed proxy card, or you may vote in person at the FelCor special meeting. </FONT></P>



<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> To submit your proxy by telephone, dial the toll free telephone number set forth on the proxy card you received using a touch-tone phone and
follow the recorded instructions. You will be asked to provide the control number from the enclosed proxy card. To submit your proxy through the Internet, visit the website set forth on the proxy card
you received. You will be asked to provide the control number from the enclosed proxy card. Proxies submitted by telephone or through the Internet must be received by 11:59&nbsp;p.m., Eastern Time,
on August&nbsp;14, 2017.

 </FONT></DD></DL>
</UL>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=65,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=132622,FOLIO='55',FILE='DISK127:[17ZBR1.17ZBR49201]CM49201A.;22',USER='CHE109863',CD='16-JUL-2017;21:38' -->
<A NAME="page_cm49201_1_56"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> To submit your proxy by mail, complete, date and sign each proxy card you receive and return it as promptly as practicable in the enclosed
prepaid envelope. If you sign and return your proxy card, but do not mark the boxes showing how you wish to vote, your shares will be voted "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the
REIT Merger Proposal, "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Compensation Proposal and "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Adjournment Proposal. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If you intend to vote in person, please bring proper identification, together with proof that you are a record owner of the shares. If your
shares are held in "street name," please bring acceptable proof of ownership, such as a letter from your broker or an account statement showing that you beneficially own such shares on the applicable
record date. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If you hold your shares in "street name," please read the question and answer referencing shares held in "street name" above. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
shares of FelCor Common Stock that are entitled to vote and are represented at the FelCor special meeting by properly executed proxies received before or at the special meeting and
not revoked, will be voted at such special meeting in accordance with the instructions indicated on the proxies. If no instructions are given on a timely and properly executed proxy card, your shares
will be voted:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the REIT Merger Proposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Compensation Proposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2>" the FelCor Adjournment Proposal. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes
cast by proxy or in person at the FelCor special meeting will be tabulated by one or more inspectors appointed by the FelCor Board for the special meeting who will determine
whether or not a quorum is present. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
proxy given by a stockholder pursuant to this solicitation may be revoked at any time before the vote is taken at the special meeting in any of the following
ways:</FONT></P>


<UL>
<DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> submitting a later proxy by telephone or through the Internet prior to 11:59&nbsp;p.m., Eastern Time, on August&nbsp;14, 2017; </FONT> <FONT SIZE=2>


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> filing with the Secretary of FelCor, before the taking of the vote at the FelCor special meeting, a written notice of revocation bearing a
later date than the proxy card; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> duly executing a later dated proxy card relating to the same shares and delivering it to the Secretary of FelCor before the taking of the vote
at the FelCor special meeting; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> voting in person at the FelCor special meeting, although attendance at the special meeting will not by itself constitute a revocation of a
proxy. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
written notice of revocation or subsequent proxy card should be sent to 125&nbsp;E.&nbsp;John Carpenter Freeway, Suite&nbsp;1600, Irving, Texas 75062, Attention: Secretary, or
hand delivered to the Secretary of FelCor before the taking of the vote at the FelCor special meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cm49201_solicitation_of_proxies"> </A>
<A NAME="toc_cm49201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Solicitation of Proxies    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor is soliciting proxies on behalf of the FelCor Board. FelCor will bear the costs of soliciting proxies. Brokerage houses, fiduciaries,
nominees and others will be reimbursed for their out-of-pocket expenses in forwarding proxy materials to owners of FelCor Common Stock held in their names. In addition to the solicitation of proxies
by use of the mails, proxies may be solicited from FelCor common stockholders by directors, officers and employees of FelCor in person or by telephone, by facsimile, on the Internet or other
appropriate means of communications. No additional compensation, except for reimbursement of reasonable out-of-pocket expenses, will be paid to directors, officers and employees of FelCor in
connection with this solicitation. FelCor has retained D.F.&nbsp;King to solicit, and


</FONT>

</P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=66,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=43291,FOLIO='56',FILE='DISK127:[17ZBR1.17ZBR49201]CM49201A.;22',USER='CHE109863',CD='16-JUL-2017;21:38' -->
<A NAME="page_cm49201_1_57"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


for advice and assistance in connection with the solicitation of, proxies for the FelCor special meeting at a cost of $25,000, plus out-of-pocket expenses. No portion of the amount that FelCor has
agreed to pay to D.F.&nbsp;King is contingent upon the closing of the Mergers. FelCor has agreed to indemnify D.F.&nbsp;King against any loss, damage, expense, liability or claim arising out of
such services. Any questions or requests for assistance regarding this joint proxy statement/prospectus and related proxy materials may be directed to D.F.&nbsp;King by telephone at
(877)&nbsp;732-3614.

</FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cm49201_quorum;_abstentions_and_broker_non-votes"> </A>
<A NAME="toc_cm49201_5"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Quorum; Abstentions and Broker Non-Votes    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the outstanding shares of FelCor Common Stock entitled to vote at the FelCor special meeting and present in person
or represented by proxy, will constitute a quorum at the special meeting. Shares that abstain from voting will be treated as shares that are present and entitled to vote at the FelCor special meeting
for purposes of determining whether a quorum exists. Because approval of the REIT Merger Proposal requires the affirmative vote of holders of a majority of the outstanding shares of FelCor Common
Stock, abstentions and the failure to vote will have the same effect as votes "</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" approval of the REIT Merger Proposal. For the FelCor
Compensation Proposal, a failure to vote, a failure to instruct your bank, broker or nominee to vote or an abstention from voting will have no effect. Approval of the FelCor Adjournment Proposal
requires the affirmative vote of holders of a majority of the outstanding shares of FelCor Common
Stock entitled to vote at the FelCor special meeting and present in person or represented by proxy, whether or not a quorom is present; therefore, abstentions will have the same effect as votes
"</FONT><FONT SIZE=2><B>AGAINST</B></FONT><FONT SIZE=2>" approval of the FelCor Adjournment Proposal. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks,
brokers and other nominees that hold their customers' shares in street name may not vote their customers' shares on "non-routine" matters without instructions from their
customers. As each of the proposals to be voted upon at the FelCor special meeting is considered "non-routine," such organizations do not have discretion to vote on any of the proposals. As a result,
if you hold your shares in "street name" and you fail to provide your broker, bank or other nominee with any instructions regarding how to vote your shares of FelCor Common Stock your shares of FelCor
Common Stock will not be considered present at the FelCor special meeting and will not be voted on any of the proposals. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cm49201_required_vote"> </A>
<A NAME="toc_cm49201_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Required Vote    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of the REIT Merger Proposal requires the affirmative vote of the holders of a majority of the outstanding shares of FelCor Common
Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the FelCor Compensation Proposal requires, provided a quorum is present, that the majority of votes cast are cast in favor of the FelCor Compensation Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the FelCor Adjournment Proposal requires the affirmative vote of holders of a majority of the outstanding shares of FelCor Common Stock entitled to vote at the FelCor special
meeting and present in person or represented by proxy, whether or not a quorom is present. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Regardless of the number of shares of FelCor Common Stock you own, your vote is important. Please complete, sign, date and promptly return the enclosed proxy card
today or vote by phone or internet.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>57</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=67,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=518006,FOLIO='57',FILE='DISK127:[17ZBR1.17ZBR49201]CM49201A.;22',USER='CHE109863',CD='16-JUL-2017;21:38' -->
<A NAME="page_cm49201_1_58"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cm49201_proposals_submitted_to__cm402269"> </A>
<A NAME="toc_cm49201_7"> </A>
<BR></FONT><FONT SIZE=2><B>  PROPOSALS SUBMITTED TO THE FELCOR COMMON STOCKHOLDERS    <BR>    </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="cm49201_reit_merger_proposal_(__cm402257"> </A>
<A NAME="toc_cm49201_8"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


REIT Merger Proposal<BR>  </B></FONT><FONT SIZE=2><B><I>(Proposal 1 on the FelCor Proxy Card)    <BR>    </I></B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor common stockholders are asked to approve the REIT Merger Proposal as contemplated by the Merger Agreement. For a summary and detailed
information regarding the REIT Merger Proposal, see the information about the Mergers and the Merger Agreement throughout this joint proxy statement/prospectus, including the information set forth in
sections entitled "The REIT Merger" beginning on page 62 and "The Merger Agreement" beginning on page 113. A copy of the Merger Agreement is attached as Annex&nbsp;A to this joint proxy
statement/prospectus.

</FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Merger Agreement, approval of the REIT Merger Proposal is a condition to the consummation of the Mergers. If the REIT Merger Proposal is not approved, the Mergers will
not be completed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the REIT Merger Proposal requires the affirmative vote of the holders of a majority of the outstanding shares of FelCor Common Stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cm49201_recommendation_of_the_felcor_board"> </A>
<A NAME="toc_cm49201_9"> </A>
<BR></FONT><FONT SIZE=2><B>  Recommendation of the FelCor Board    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The FelCor Board recommends that FelCor common stockholders vote "FOR" the REIT Merger Proposal.</B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="cm49201_felcor_compensation_proposal_(__fel02552"> </A>
<A NAME="toc_cm49201_10"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


FelCor Compensation Proposal<BR>  </B></FONT><FONT SIZE=2><B><I>(Proposal 2 on the FelCor Proxy Card)</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section sets forth the information required by Item&nbsp;402(t) of Regulation&nbsp;S-K regarding the compensation for certain executive officers of FelCor that
is based on or otherwise relates to the Mergers. This compensation is referred to as "golden parachute" compensation by the applicable SEC disclosure rules, and in this section such term is used to
describe the compensation payable to certain FelCor executive officers related to the Mergers. The "golden parachute" compensation payable to certain FelCor executive officers is subject to a
non-binding advisory vote of FelCor common stockholders. The amounts set forth below have been calculated assuming (1)&nbsp;that the Mergers are completed on August&nbsp;31, 2017 and, where
applicable, that each executive officer experiences a qualifying termination of employment as of August&nbsp;31, 2017, and (2)&nbsp;a per share price of FelCor Common Stock of $7.98, the average
closing price per share of FelCor's Common Stock over the first five business days following the announcement of the Merger Agreement. For further information regarding the consideration to be
received in settlement of equity-based awards, see "The REIT Merger&#151;Interests of FelCor's Directors and Executive Officers in the Mergers."

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amounts indicated below are estimates of amounts that would be payable to the executive officers, and such estimates are based on multiple assumptions that may or may not actually
occur, including assumptions described in this joint proxy statement/prospectus. Some of the assumptions are based on information not currently available and, as a result, the actual amounts, if any,
to be received </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=68,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=800235,FOLIO='58',FILE='DISK127:[17ZBR1.17ZBR49201]CM49201A.;22',USER='CHE109863',CD='16-JUL-2017;21:38' -->
<A NAME="page_cm49201_1_59"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>by
any named executive officer may differ in material respects from the amounts set forth below. All dollar amounts set forth below have been rounded to the nearest whole number. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Cash ($)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity ($)(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Benefits and<BR>
Perquisites<BR>
($)(3) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Tax<BR>
Reimbursement<BR>
($)(4) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Other ($)(5) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total ($)(6) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Steven R. Goldman</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,078,125</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>798,128</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>144,156</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,002</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,034,411</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Troy A. Pentecost</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,925,715</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,539,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>96,104</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,875,162</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>148,720</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,585,601</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas C. Hendrick</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,342,954</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,810,582</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,453</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48,698</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,247,687</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael C. Hughes</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,342,954</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,455,278</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>96,104</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,855,149</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>115,091</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,864,576</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jonathan H. Yellen</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,342,954</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,514,588</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>96,104</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>119,997</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,073,643</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Richard A. Smith</FONT><FONT SIZE=2><B>(8)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
"double trigger" cash severance payable to the executive officers named above upon a qualifying termination. Pursuant to the applicable executive
officer's change in control and severance agreement, upon a qualifying termination, each of Messrs.&nbsp;Goldman, Pentecost, Hendrick, Hughes and Yellen is entitled to a lump sum severance payment
equal to 2.99 (or 2.50, in the case of Mr.&nbsp;Goldman) multiplied by the sum of that executive's then-current base salary, plus the greater of (i)&nbsp;his average cash bonus (annualized for
partial years of service) paid over the preceding three years of employment (or a shorter period, if employed less than three years) or (ii)&nbsp;his target cash bonus for the current year. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>The
following table quantifies each such executive officer's (i)&nbsp;current base salary, which is included in the aggregate total reported in the "Cash" column above and (ii)&nbsp;average cash
bonus (annualized for partial years of service) paid over the preceding three years of employment (or a shorter period, if employed less than three years) and target cash bonus for the current year,
the greater of which is included in the aggregate total reported in the "Cash" column above: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 </UL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Bonus Component </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Base Salary<BR>
Component ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Average<BR>
Annualized<BR>
Cash Bonus ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 Target<BR>
Cash Bonus ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Steven R. Goldman</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>725,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>906,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Troy A. Pentecost</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>515,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>359,549</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>463,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas C. Hendrick</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>447,770</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>256,316</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>335,827</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael C. Hughes</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>447,770</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>245,398</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>335,827</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jonathan H. Yellen</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>447,770</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>316,777</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>335,827</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
the value of the unvested shares of FelCor restricted stock and FelCor RSUs held by each executive officer named above that, as a result of the REIT
Merger, will, in the case of FelCor restricted stock, become fully vested and, in the case of FelCor RSUs, become vested in the number of shares of FelCor Common Stock determined as set forth in the
agreement governing such FelCor RSU, and at the effective time of the REIT Merger, all such shares (less the shares of FelCor Common Stock withheld to satisfy applicable withholding tax obligations)
will be converted into the right to receive RLJ Common Shares based on the Common Exchange Ratio. The estimated dollar value of such shares of FelCor restricted stock and FelCor RSUs assumes a price
per share of $7.98 for each share of FelCor Common Stock, which represents the average of the closing price of FelCor Common Stock for the first five business days following the first public
announcement of the Mergers on April&nbsp;24, 2017. Accordingly, the actual value received by the named executive officers may be greater or less than those provided above. See "The REIT
Merger&#151;Interests of FelCor's Directors and Executive Officers in the Mergers&#151;Restricted Stock and FelCor RSUs" below for additional details regarding FelCor's restricted stock
and FelCor RSUs. All such amounts are "single trigger" pursuant to the change in control provisions of the </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=69,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=750963,FOLIO='59',FILE='DISK127:[17ZBR1.17ZBR49201]CM49201A.;22',USER='CHE109863',CD='16-JUL-2017;21:38' -->
<A NAME="page_cm49201_1_60"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>agreements
governing the award of the shares of FelCor restricted stock and FelCor RSUs and the applicable executive officer's change in control and severance agreement.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Benefits
and perquisites include, for a period of 24&nbsp;months (or 36&nbsp;months, in the case of Mr.&nbsp;Goldman) following a qualifying termination,
health and dental insurance coverage for the individual and his family; group term life insurance equal to annual base salary; disability insurance; and supplemental health insurance coverage. The
amounts included in this column are "double trigger" payments which become payable only in connection with a qualifying termination.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
an estimate of the excise tax triggered under Section&nbsp;4999 of the Code that the executive officer will be reimbursed for
(i.e.,&nbsp;"grossed-up") in connection with the executive officer's change in control payments. Neither Mr.&nbsp;Goldman nor Mr.&nbsp;Hendrick has a provision in his change in control and
severance agreement that would entitle him to a gross-up of excise taxes, if any; the change in control and severance agreements of FelCor's other executive officers do contain such a provision.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
dividend equivalent right payments pursuant to the terms of each FelCor RSU award agreement entitling the applicable executive officer to a cash payment
in an amount equal to the aggregate amount of dividends that would have been distributed in the period between the date of the award and the vesting date had the shares attributable to such FelCor RSU
been issued and outstanding throughout such period. All such amounts are "single trigger" pursuant to the change in control provisions of the applicable executive officer's change in control and
severance agreements.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>For
Mr.&nbsp;Goldman and Mr.&nbsp;Hendrick, these amounts are subject to reduction to the extent payments would be considered "parachute payments" within the
meaning of Section&nbsp;280G of the Code if such reduction would give the executive officer a better after-tax result than if he received the payments in full. Based on current estimates and
assumptions, FelCor anticipates that (i)&nbsp;Mr.&nbsp;Goldman will not be subject to any excise tax and (ii)&nbsp;Mr.&nbsp;Hendrick will be subject to excise tax and will achieve a better
after-tax result by receiving his payments in full.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pursuant
to the terms of Mr.&nbsp;Goldman's employment agreement, the accelerated vesting of Mr.&nbsp;Goldman's outstanding equity awards upon a change in
control is prorated over an 18-month period by applying a fraction, the numerator of which is the number of days in the period commencing on the date of Mr.&nbsp;Goldman's employment agreement
(February&nbsp;10, 2017) and ending on the date of such change in control, and the denominator of which is 548. The amount set forth in the table above assumes the change in control date is
August&nbsp;15, 2017. Mr.&nbsp;Goldman's employment agreement also contemplates the possibility of certain further adjustments to the acceleration of Mr.&nbsp;Goldman's outstanding equity awards
based on FelCor's total stockholder return, but no such adjustments would be required based on the assumptions used for purposes of this table.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Richard
A. Smith retired as FelCor's President and Chief Executive Officer effective September&nbsp;16, 2016. There are no agreements or understandings, whether
written or unwritten, between Mr.&nbsp;Smith and either FelCor or RLJ concerning any type of compensation, whether present, deferred or contingent, that is based on or otherwise relates to the
Mergers.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and Rule&nbsp;14a-21(c) of the Exchange Act, FelCor is seeking stockholder approval of a non-binding
advisory proposal to approve the compensation of certain FelCor executive officers that is based on or otherwise relates to the Mergers as disclosed above in this section. The non-binding advisory
proposal gives FelCor common stockholders the opportunity to express their views on the compensation of certain </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=70,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=439012,FOLIO='60',FILE='DISK127:[17ZBR1.17ZBR49201]CM49201A.;22',USER='CHE109863',CD='16-JUL-2017;21:38' -->
<A NAME="page_cm49201_1_61"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>FelCor
executive officers related to the Mergers. Accordingly, FelCor is requesting stockholders to approve the following resolution, on a non-binding advisory basis: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>"RESOLVED,
that the compensation that may be paid or become payable to FelCor's named executive officers, in connection with the Merger Agreement, the Mergers and the transactions contemplated thereby
and the agreements or understandings pursuant to which such compensation may be paid or become payable, in each case as disclosed pursuant to Item&nbsp;402(t) of Regulation&nbsp;S-K in "Proposal
2: FelCor Compensation Proposal," are hereby APPROVED." </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the non-binding advisory proposal to approve certain compensation arrangements for certain FelCor executive officers in connection with the transactions contemplated by the
Merger Agreement requires that the majority of votes cast are cast in favor of the FelCor Compensation Proposal, provided a quorum is present. For purposes of the FelCor Compensation Proposal, a
failure to vote, a failure to instruct your bank, broker or nominee to vote or an abstention from voting will have no effect. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cm49201_recommendation_of_the_felcor_board_1"> </A>
<A NAME="toc_cm49201_11"> </A>
<BR></FONT><FONT SIZE=2><B>  Recommendation of the FelCor Board    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The FelCor Board recommends that FelCor common stockholders vote "FOR" the FelCor Compensation
Proposal.</B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="cm49201_felcor_adjournment_proposal_(p__fel02513"> </A>
<A NAME="toc_cm49201_12"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


FelCor Adjournment Proposal<BR>  </B></FONT><FONT SIZE=2><B><I>(Proposal 3 on the FelCor Proxy Card)</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FelCor common stockholders are being asked to approve a proposal that will give the FelCor Board the authority to adjourn the FelCor special meeting, if necessary
or appropriate, for the purpose of soliciting additional votes for the approval of the REIT Merger Proposal if there are not sufficient votes at the time of the FelCor special meeting to approve the
REIT Merger Proposal. If, at the FelCor special meeting, the number of shares of FelCor Common Stock, present or represented by proxy and voting for the approval of the REIT Merger Proposal is
insufficient to approve such proposal, FelCor intends to move to adjourn the FelCor special meeting to another place, date or time in order to enable the FelCor Board to solicit additional proxies for
approval of the proposal. Holders of a majority of the shares of FelCor Common Stock entitled to vote at the FelCor special meeting and present in person or represented by proxy, whether or not a
quorum is present, may adjourn the special meeting to another place, date or time. FelCor does not intend to call a vote on the FelCor Adjournment Proposal if the REIT Merger Proposal considered at
the FelCor special meeting has been approved at the FelCor special meeting. If the FelCor special meeting is adjourned for the purpose of soliciting additional proxies, FelCor common stockholders who
have already submitted their proxies will be able to revoke them at any time prior to their use. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cm49201_recommendation_of_the_felcor_board_2"> </A>
<A NAME="toc_cm49201_13"> </A>
<BR></FONT><FONT SIZE=2><B>  Recommendation of the FelCor Board    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The FelCor Board recommends that FelCor common stockholders vote "FOR" the FelCor Adjournment
Proposal.</B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cm49201_other_business"> </A>
<A NAME="toc_cm49201_14"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Business    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No other matters will be transacted at the FelCor special meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=71,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=423383,FOLIO='61',FILE='DISK127:[17ZBR1.17ZBR49201]CM49201A.;22',USER='CHE109863',CD='16-JUL-2017;21:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_co49201_1_62"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="co49201_the_reit_merger"> </A>
<A NAME="toc_co49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  THE REIT MERGER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material terms of the REIT Merger. This summary does not purport to be complete and may not contain all of the
information about the REIT Merger that is important to you. The summary of the material terms of the REIT Merger below and elsewhere in this joint proxy statement/prospectus is qualified in its
entirety by reference to the Merger Agreement, copies of which are attached to this joint proxy statement/prospectus as Annex&nbsp;A, and are incorporated by reference into this joint proxy
statement/prospectus. You are urged to read this joint proxy statement/prospectus, including the Merger Agreement, carefully and in its entirety for a more complete understanding of the REIT Merger. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="co49201_general"> </A>
<A NAME="toc_co49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the RLJ Board and the FelCor Board has unanimously approved the Merger Agreement, the Mergers and the other transactions contemplated by
the Merger Agreement. Subject to the terms and conditions of the Merger Agreement, FelCor will merge with and into REIT Merger Sub, with REIT Merger Sub surviving as a wholly-owned subsidiary of the
Operating Partnership. The Merger Agreement also provides for the Partnership Merger in which, immediately prior to the REIT Merger, Partnership Merger Sub will merge with and into FelCor&nbsp;LP,
with FelCor&nbsp;LP surviving as a wholly-owned subsidiary of the Operating Partnership. FelCor stockholders will receive the merger consideration described below under "The Merger
Agreement&#151;Consideration for the Mergers" beginning on page 114.

 </FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="co49201_background_of_the_mergers"> </A>
<A NAME="toc_co49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Background of the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The boards and management teams of RLJ and FelCor periodically and in the ordinary course have, from time to time, evaluated and considered a
variety of financial and strategic opportunities as part of their respective long-term strategies to enhance value for their shareholders and stockholders, including potential divestitures, business
combinations and other transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;19, 2016, FelCor issued a press release announcing the retirement of Richard A. Smith, FelCor's President and Chief Executive Officer. In connection with
Mr.&nbsp;Smith's retirement, the FelCor Board had begun a review of the long-term strategic direction of the company, and, as a result of the aforementioned press release, FelCor received a number
of unsolicited inquiries from parties who were interested in potential divestitures, business combinations and other transactions involving FelCor. As described in more detail below, from the date of
the press release announcing Mr.&nbsp;Smith's retirement until the signing of the Merger Agreement with RLJ, at the direction of the FelCor Board, BofA Merrill Lynch had discussions with more than
20 possible strategic and financial counterparties, consisting mostly of private companies, to determine whether they would be interested in a potential transaction involving FelCor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;19, 2016, Thomas J. Corcoran, Jr., Chairman of the Board of Directors of FelCor, was asked by Montgomery J. Bennett, then Chairman of the Board and Chief Executive
Officer of Ashford Hospitality Trust ("AHT"), as well as its external advisor, Ashford&nbsp;Inc. ("AINC"), for a lunch meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;20, 2016, Mr.&nbsp;Corcoran met with Mr.&nbsp;Bennett. Mr.&nbsp;Bennett said that FelCor and AHT should consider merging. Mr.&nbsp;Bennett stated his view
that companies with larger capitalizations trade better than companies with smaller capitalizations, and he provided limited materials that he claimed supported his view. Mr.&nbsp;Corcoran suggested
setting up a meeting with Christopher J. Hartung, FelCor's lead independent director, to discuss a potential transaction. That meeting was subsequently scheduled for October&nbsp;25, 2016. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=72,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=642527,FOLIO='62',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_co49201_1_63"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;21, 2016, W. Michael Murphy, a director of Ashford Hospitality Prime,&nbsp;Inc., called Mr.&nbsp;Corcoran to highlight the benefits of a combination of FelCor and
AHT. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;25, 2016, Mr.&nbsp;Hartung met with Mr.&nbsp;Bennett, during which meeting Mr.&nbsp;Bennett again proposed that FelCor engage with AHT on a potential transaction. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;27, 2016, at FelCor's quarterly board meeting, the FelCor Board discussed potential transaction partners and potential investor views with management and
representatives of BofA Merrill Lynch. Following such discussions, the FelCor Board determined to approach a limited number of potential strategic counterparties to assess their interest in a
transaction with FelCor. Representatives of FelCor thereafter contacted several such parties, three of which (including RLJ) indicated a willingness to engage in further discussion with FelCor. One of
these parties participated in several conversations with Mr.&nbsp;Corcoran, but declined to proceed further. Another party also participated in several conversations with Mr.&nbsp;Corcoran and
BofA Merrill Lynch, but ultimately did not submit any proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;10, 2016, Mr.&nbsp;Bennett called Mr.&nbsp;Hartung asking about FelCor's reaction to a potential transaction with AHT. Mr.&nbsp;Hartung responded that it was
under review, but that for a stock deal the strength of the resultant company was most important. Mr.&nbsp;Hartung pointed out that FelCor and AHT have different philosophies regarding external
management, leverage, conflicts of interest, governance and other matters. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;11, 2016, Mr.&nbsp;Corcoran called Ross H. Bierkan, President, Chief Executive Officer and Chief Investment Officer of RLJ, to arrange a meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;13, 2016, Mr.&nbsp;Corcoran met with Mr.&nbsp;Bierkan to determine whether RLJ might have an interest in a transaction with FelCor. Mr.&nbsp;Bierkan said that
RLJ may have an interest, and he would discuss the opportunity with Robert L. Johnson, the chairman of the RLJ Board, to confirm. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;14, 2016, Mr.&nbsp;Bierkan confirmed with Mr.&nbsp;Johnson that RLJ would be interested in exploring a potential transaction with FelCor, and following that
conversation, Mr.&nbsp;Bierkan informed Mr.&nbsp;Corcoran, who indicated that he would further consult with the FelCor Board. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;14, 2016, Patricia L. Gibson, a FelCor independent director, met with Douglas A. Kessler, then President of AHT. Ms.&nbsp;Gibson explained that the FelCor Board was
focused on governance and was concerned about AHT's external management structure and litigation history. Ms.&nbsp;Gibson noted that Mr.&nbsp;Hartung and others would be meeting with
Mr.&nbsp;Bennett at the National Association of Real Estate Investment Trusts conference ("NAREIT"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;16, 2016, Mr.&nbsp;Hartung and Mark D. Rozells, an independent director of FelCor, met with Messrs.&nbsp;Bennett and Kessler at NAREIT to discuss a potential
transaction. During the meeting, AHT delivered a presentation to Mr.&nbsp;Hartung and Mr.&nbsp;Rozells proposing $8.00 per share for FelCor Common Stock in a fixed ratio, all-stock transaction.
This presentation was subsequently sent to Mr.&nbsp;Corcoran by Mr.&nbsp;Bennett on November&nbsp;17, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;17, 2016, Mr.&nbsp;Hartung and Mr.&nbsp;Rozells met with Mr.&nbsp;Bierkan to discuss RLJ's level of interest in exploring a potential transaction, RLJ's
familiarity with the FelCor portfolio and the strategic alignment and fit of the two companies. Following this discussion, Mr.&nbsp;Hartung and Mr.&nbsp;Rozells informed Mr.&nbsp;Bierkan that
they would get back in touch with RLJ after they conferred with other members of the FelCor Board. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;22, 2016, the FelCor Board had a telephonic meeting to discuss potential interest from AHT and RLJ. The FelCor Board determined that FelCor should continue the
evaluation of its stand-alone strategy before engaging in substantive negotiations with third parties. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=73,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=184290,FOLIO='63',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_co49201_1_64"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;26, 2016, Mr.&nbsp;Corcoran met with Mr.&nbsp;Bennett, at which meeting Mr.&nbsp;Corcoran expressed concerns regarding a variety of issues concerning AHT and its
management, including corporate governance, conflicts of interest, capital structure and strategy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;28, 2016, Mr.&nbsp;Hartung contacted Mr.&nbsp;Bierkan to follow-up on RLJ's interest in exploring a potential transaction with FelCor. Mr.&nbsp;Hartung informed
Mr.&nbsp;Bierkan that the FelCor Board was still discussing the possibility of pursuing a transaction. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;30, 2016, Mr.&nbsp;Bennett sent to Mr.&nbsp;Corcoran a presentation entitled "Project Fish&#151;Combination Overview" responding to issues previously raised
by Mr.&nbsp;Corcoran. Mr.&nbsp;Corcoran forwarded the presentation to other members of the FelCor Board. Dinesh P. Chandiramani, a director of AINC, visited FelCor's offices that same day to
encourage Mr.&nbsp;Corcoran to support a merger of FelCor and AHT. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;2, 2016, the FelCor Board met and discussed a potential transaction with either AHT or RLJ. Representatives of BofA Merrill Lynch gave a presentation regarding both
AHT and RLJ. The FelCor Board determined that the best course of action at that point in time was to continue to defer any substantive discussions on a transaction with either AHT or RLJ, continue the
search for a replacement CEO and focus on executing asset sales. The FelCor Board also determined that AHT's proposal would not be in the best interests of FelCor's stockholders in light of concerns
regarding the uncertain and volatile value of AHT's shares offered as consideration, leverage, external management, governance, the dilutive earnings per share impact to the combined company and the
value transfer to AINC without proper compensation to FelCor stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;5, 2016, Mr.&nbsp;Hartung contacted Mr.&nbsp;Bennett and stated that FelCor was not interested in advancing discussions with AHT at that time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;13, 2016, Dr.&nbsp;Benjamin Ansell, the lead independent director of AHT, sent a letter to Mr.&nbsp;Hartung regarding AHT's proposal to engage in a transaction
with FelCor. The letter set forth certain purported benefits of the potential transaction and included an indicative merger consideration of $9.31 per share payable in AHT shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;17, 2016, Mr.&nbsp;Corcoran met with Mr.&nbsp;Bennett. Mr.&nbsp;Corcoran reiterated his concerns with AHT's proposal, including the uncertain and volatile value
of AHT's shares offered as consideration, leverage, governance and external management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;18, 2016, the FelCor Board met telephonically, with representatives from management, Polsinelli PC ("Polsinelli"), Sidley Austin&nbsp;LLP ("Sidley"), Jones Day, and
BofA Merrill Lynch also present. BofA Merrill Lynch reviewed with the FelCor Board the terms of AHT's revised proposal as compared to AHT's earlier proposal. Following a discussion, the FelCor Board
determined to continue consideration of a potential sale or merger transaction, and authorized Mr.&nbsp;Hartung to engage in continuing discussions with Dr.&nbsp;Ansell and with RLJ, and to
contact again other likely interested parties regarding their potential interest in a transaction with FelCor. The FelCor Board further authorized the creation of a transaction committee comprised of
three independent directors, namely Mr.&nbsp;Hartung, Glenn A. Carlin and Charles A. Ledsinger, Jr., chaired by Mr.&nbsp;Ledsinger (the "FelCor Transaction Committee"). The FelCor Transaction
Committee was formed to respond to the AHT letter from Dr.&nbsp;Ansell as well as interest from other parties, including RLJ. The FelCor Transaction Committee would also evaluate and respond to any
later solicitations from other parties interested in merging with or acquiring FelCor. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;19, 2016, Mr.&nbsp;Hartung sent a letter to Dr.&nbsp;Ansell. Mr.&nbsp;Hartung stated that while the FelCor Board was carefully considering AHT's proposal, the
FelCor Board had identified several basic issues that needed to be resolved at the outset for discussions to advance, including AHT's high leverage and its external management structure and related
conflicts of interests. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>64</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=74,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=365976,FOLIO='64',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_co49201_1_65"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;19, 2016, Mr.&nbsp;Hartung called Mr.&nbsp;Bierkan to inform him that FelCor had decided to provide a draft nondisclosure agreement to RLJ and expressed FelCor's
desire for RLJ and FelCor to use the holiday period to negotiate the nondisclosure agreement so that each party may start preliminary diligence on the other at the start of the New Year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;20, 2016, FelCor provided a draft nondisclosure agreement to RLJ. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;21, 2016, Mr.&nbsp;Corcoran spoke with Mr.&nbsp;Bennett regarding the process for evaluating the proposed transaction. On behalf of FelCor, Sidley delivered a
draft confidentiality agreement, which included a customary standstill provision, to AHT's counsel. AHT's counsel responded that AHT would not agree to a standstill that restricted its ability to
present its proposal directly to FelCor's stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;23, 2016, Mr.&nbsp;Hartung sent a letter to Dr.&nbsp;Ansell acknowledging receipt of AHT's December&nbsp;13 letter and summarizing certain concerns regarding
AHT's proposal. The letter expressed the view of the FelCor Board that the proposed merger consideration would provide insufficient value to FelCor's stockholders, and reiterated that the financial,
structural and governance concerns previously expressed by Mr.&nbsp;Corcoran needed to be addressed before FelCor would be willing to engage in substantive discussions with AHT regarding a potential
transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;26, 2016, at the request of AHT and FelCor, representatives from UBS Securities&nbsp;LLC ("UBS"), financial advisor to AHT, contacted representatives from BofA
Merrill Lynch to discuss AHT's offer, AHT's management structure and post-transaction leverage. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;27, 2016, the independent directors of FelCor met telephonically, with representatives of Polsinelli and Jones Day in attendance. At the meeting, Mr.&nbsp;Hartung
reported on the status of discussions with AHT and RLJ, as well as related issues. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;28, 2016, after discussion and negotiations regarding the terms of the nondisclosure agreement, FelCor and RLJ entered into a nondisclosure agreement that included a
customary standstill provision applicable to both parties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;29, 2016, Dr.&nbsp;Ansell called Mr.&nbsp;Hartung. They discussed AHT's proposal, entering into a nondisclosure agreement with a customary standstill provision and
extending the deadline for nominating directors for election to the FelCor Board. During this call, Dr.&nbsp;Ansell informed Mr.&nbsp;Hartung that AHT had acquired a position in FelCor's shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;5, 2017, the FelCor Transaction Committee met telephonically, with FelCor management and representatives of Sidley, Polsinelli, and BofA Merrill Lynch also present.
Representatives of BofA Merrill Lynch reported on its discussions with UBS. Mr.&nbsp;Hartung reported on his discussions with Dr.&nbsp;Ansell, including plans for a meeting on January&nbsp;6,
and related matters. Discussions also ensued about potential further discussion with RLJ. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;6, 2017, Dr.&nbsp;Ansell, Mr.&nbsp;Kessler and Alan Tallis, an independent director of AHT, accompanied by representatives from UBS, met with Messrs.&nbsp;Hartung
and Rozells in San Francisco to discuss AHT's proposal. Mr.&nbsp;Ledsinger and Mr.&nbsp;Carlin, as well as representatives from BofA Merrill Lynch, also attended the meeting telephonically. At
this meeting, the representatives of FelCor delivered a draft nondisclosure agreement prepared by Sidley, which contained a limited standstill restriction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over
the course of the following week, representatives from Sidley and Cadwalader, Wickersham&nbsp;&amp; Taft&nbsp;LLP ("Cadwalader") negotiated the nondisclosure agreement. On
January&nbsp;11, 2017, AHT, AINC and FelCor entered into the nondisclosure agreement, which included a limited standstill expiring on February&nbsp;9, 2017. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=75,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=900866,FOLIO='65',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_co49201_1_66"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;10, 2017, FelCor provided RLJ and Barclays with access to FelCor's virtual data room and due diligence material. From this point, RLJ commenced preliminary diligence on
FelCor and its assets and representatives of RLJ had various telephonic discussions with, and submitted diligence questions to, representatives of FelCor and the FelCor management team. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;16, 2017, Dr.&nbsp;Ansell sent a letter to Mr.&nbsp;Hartung that reiterated AHT's desire to pursue a potential transaction on a friendly basis. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;17, 2017, at the direction of the FelCor Board, representatives of BofA Merrill Lynch discussed AHT's diligence requests with UBS. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;20, 2017, the FelCor Board met telephonically, with FelCor management and representatives of Sidley, Polsinelli, BofA Merrill Lynch, and Sard Verbinnen also present.
The representatives of FelCor's management and advisors provided updates on the status of their discussions and related issues. At this meeting, the FelCor Board also authorized moving forward with a
nondisclosure agreement with an entity referred to herein as Party X. Party X had indicated to FelCor that it was interested in contributing some of its hotels to FelCor in exchange for equity in
FelCor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;20, 2017, representatives from Sidley asked Cadwalader whether AHT would be willing to internalize its external manager, AINC, indicating that internalization would
address some of FelCor's fundamental structural concerns. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;21, 2017, representatives from Cadwalader advised on behalf of AHT that an internalization of AINC was not under consideration by AHT at that time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;23, 2017, Dr.&nbsp;Ansell sent a letter to Mr.&nbsp;Hartung requesting that FelCor provide certain due diligence materials, including detailed historical property
level financial data. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;24, 2017, Mr.&nbsp;Hartung sent a letter to Dr.&nbsp;Ansell stating that while the FelCor Board was still considering the merits of the potential transaction, the
FelCor Board had concluded that AHT's current proposal was not in the best interest of FelCor stockholders, noting FelCor's previously expressed concerns with the proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;27, 2017, FelCor entered into a nondisclosure agreement with Party X. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;30, 2017, Mr.&nbsp;Hartung contacted Mr.&nbsp;Bierkan to discuss the process for RLJ and FelCor to continue more detailed diligence, including establishing pricing,
the mechanics involved in exchanging additional diligence materials, and related timing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;31, 2017, the FelCor Transaction Committee met telephonically, with FelCor management and representatives of Sidley, Polsinelli, Sard Verbinnen, and BofA Merrill Lynch
also present. BofA Merrill Lynch reported on the status of discussions with AHT, RLJ and Party X, and related issues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;31, 2017, at the direction of RLJ, representatives from Barclays contacted representatives from BofA Merrill Lynch to convey that RLJ, based on information available to
it at the time, was prepared to pursue a transaction with FelCor at an implied share value of FelCor Common Stock in the low $8.00 range. BofA Merrill Lynch advised Barclays that this price range
would likely be insufficient to warrant exploration by the FelCor Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;1, 2017, Mr.&nbsp;Corcoran met with Mr.&nbsp;Bennett. Mr.&nbsp;Bennett said that AHT would respond in writing to Mr.&nbsp;Hartung's January&nbsp;24 letter.
Mr.&nbsp;Bennett also said that AHT would propose seven candidates for election to the FelCor Board. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;1, 2017, FelCor and its representatives indicated to RLJ and its representatives that RLJ's proposed merger consideration of FelCor Common Stock in the low $8.00 per
share range would </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>66</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=76,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=872239,FOLIO='66',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_co49201_1_67"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>need
to be increased significantly in order for the FelCor Board to explore a potential transaction with RLJ. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;2, 2017, Dr.&nbsp;Ansell sent a letter to Mr.&nbsp;Hartung that reiterated AHT's belief that FelCor's stockholders would benefit from a potential transaction.
Dr.&nbsp;Ansell then presented a revised proposal for the acquisition of FelCor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;3, 2017, the FelCor Transaction Committee met telephonically, with FelCor management and representatives of Sidley, Polsinelli, Sard Verbinnen, and BofA Merrill Lynch
also in attendance. BofA Merrill Lynch provided updates regarding the various discussions in progress, including the revised proposal from AHT and the asset contribution transaction proposed by Party
X. BofA Merrill Lynch presented preliminary financial analyses with respect to FelCor and certain of the proposed transactions. There was substantial discussion, following which the FelCor Transaction
Committee determined that FelCor should continue to engage RLJ in discussions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;6, 2017, the FelCor Board met telephonically with FelCor management and representatives of Sidley, Polsinelli, Sard Verbinnen, and BofA Merrill Lynch also in
attendance. Mr.&nbsp;Hartung reported on the various strategic matters being considered by the FelCor Board, including the ongoing transaction discussions with various parties, interactions with RLJ
and its advisors and the revised proposal received from AHT. The FelCor Board observed that the revised AHT proposal did not reflect any increase in value or provide for greater transaction certainty. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;6, 2017, Mr.&nbsp;Bierkan informed Mr.&nbsp;Hartung that following RLJ's initial business and financial due diligence review of FelCor, and subject to confirmatory
due diligence and final approval by the RLJ Board, RLJ remained interested in a potential transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;7, Mr.&nbsp;Hartung called Mr.&nbsp;Bierkan to inform him that the FelCor Board remained interested in a potential transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;8, 2017, Mr.&nbsp;Hartung sent a letter to Dr.&nbsp;Ansell indicating that FelCor was not prepared to engage in transaction discussions with AHT based on
Dr.&nbsp;Ansell's February&nbsp;2 letter. Mr.&nbsp;Hartung noted that AHT's proposal failed to address fundamental issues previously identified by FelCor, including the value and certainty of
AHT's offer, the combined company's high leverage, external management, conflicts of interest and governance issues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;9, 2017, RLJ and its representatives verbally communicated to FelCor and its representatives, based on the preliminary due diligence review through that date, RLJ was
prepared to explore a stock-for-stock merger in which FelCor shareholders would receive 0.363 RLJ Common Shares for each share of FelCor Common Stock. Based on the $23.15 closing price of RLJ's Common
Shares on February&nbsp;8, 2017, RLJ's proposal had a value of approximately $8.40 per share of FelCor Common Stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;10, 2017, FelCor entered into an employment agreement with Mr.&nbsp;Goldman, pursuant to which Mr.&nbsp;Goldman was appointed to serve as Chief Executive Officer
of FelCor, effective as of March&nbsp;1, 2017, but due to certain circumstances, he started his employment on February&nbsp;27, 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;10, 2017, representatives of BofA Merrill Lynch informed representatives of Barclays that FelCor was interested in the parties' furthering their mutual due diligence
reviews in connection with a potential transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;13, 2017, the FelCor Transaction Committee hosted a conference call with Mr.&nbsp;Bierkan, Leslie D. Hale, RLJ's Chief Operating Officer, Chief Financial Officer and
Executive Vice President and representatives of Barclays and BofA Merrill Lynch. During this call, Mr.&nbsp;Bierkan presented the strategic and financial rationale for the proposed transaction to
the FelCor Transaction Committee. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=77,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=230493,FOLIO='67',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_co49201_1_68"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;16 and 17, 2017, the FelCor Board held its regularly scheduled quarterly meeting. Representatives of BofA Merrill Lynch, Sidley and Polsinelli also participated. At
the meeting, the FelCor Board elected Mr.&nbsp;Goldman as a director of FelCor. Mr.&nbsp;Carlin reviewed the presentation made by Mr.&nbsp;Bierkan to the FelCor Transaction Committee. BofA
Merrill Lynch gave a presentation to the FelCor Board regarding the discussions with RLJ, AHT, Party X, and certain other parties. The FelCor Board had an extended discussion of strategic
alternatives, corporate strategy and other matters. Representatives of BofA Merrill Lynch noted that Party X had recently engaged in the process and required additional information. Representatives of
BofA Merrill Lynch presented a revised preliminary financial analysis concerning FelCor and certain of the prospective transactions under consideration. The FelCor Board determined that FelCor should
provide additional information to Party X, and that Mr.&nbsp;Goldman should initiate and maintain an open dialogue with RLJ. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on February&nbsp;17, 2017, Messrs.&nbsp;Corcoran and Goldman met with Mr.&nbsp;Bennett and J. Robison Hays, AHT's Chief Strategy Officer. Mr.&nbsp;Goldman asked
Mr.&nbsp;Bennett that AHT not take a hostile public position prior to Mr.&nbsp;Goldman's official start of employment at FelCor in order to allow Mr.&nbsp;Goldman 30-45&nbsp;days to understand
the FelCor portfolio, the Ashford portfolio and to discuss with Mr.&nbsp;Bennett a potential combination of AHT and FelCor in a friendly and constructive manner. Mr.&nbsp;Goldman offered to extend
the nomination date for new directors and assured Mr.&nbsp;Bennett that should AHT postpone its nomination of new directors, Mr.&nbsp;Goldman would instruct FelCor to share all necessary
information with AHT to allow AHT to complete thorough due diligence of FelCor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;17, 2017, Mr.&nbsp;Goldman sent an e-mail to Mr.&nbsp;Bierkan letting Mr.&nbsp;Bierkan know that the FelCor Board authorized Mr.&nbsp;Goldman to engage in
conversations with Mr.&nbsp;Bierkan. Mr.&nbsp;Goldman and Mr.&nbsp;Bierkan spoke on February&nbsp;18, 2017 and February&nbsp;23, 2017, leading to an in-person meeting on February&nbsp;28,
2017, as described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;17, 2017, the RLJ Board held its regularly scheduled quarterly meeting with representatives of RLJ's management, RLJ's counsel, Hogan Lovells US&nbsp;LLP ("Hogan
Lovells"), and Barclays in attendance. At the meeting, representatives of RLJ and representatives of Barclays presented the RLJ Board with an overview of a potential transaction with FelCor, following
which the RLJ Board discussed the strategic rationale for the potential transaction. Following this discussion, members of RLJ's management provided the RLJ Board with an analysis of the metrics for
the potential transaction and the potential financial impact to RLJ following the transaction. Representatives from Barclays then provided the RLJ Board with a preliminary financial analysis of the
proposed transaction. During the meeting, Mr.&nbsp;Bierkan provided an update on the status of discussions with FelCor regarding a potential transaction and noted that RLJ submitted an oral
non-binding proposal to FelCor on February&nbsp;9, 2017. The RLJ Board then discussed the merits of the potential transaction. Following this discussion, the RLJ Board authorized management to
proceed with its preliminary discussions with FelCor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;17, 2017, BofA Merrill Lynch delivered a memorandum to the FelCor Board disclosing certain relationships between BofA Merrill Lynch and its affiliates, on the one
hand, and FelCor, RLJ and AHT and certain of their affiliates, on the other hand, during the prior two years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;18, 2017, Mr.&nbsp;Goldman called Mr.&nbsp;Bennett and again offered to extend the deadline for director nominations and provide certain diligence materials that
had previously been requested by AHT. Mr.&nbsp;Bennett told Mr.&nbsp;Goldman that he would discuss Mr.&nbsp;Goldman's proposal with AHT's board and call him back. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on February&nbsp;18, 2017, Mr.&nbsp;Kessler called Mr.&nbsp;Goldman on behalf of Mr.&nbsp;Bennett to discuss Mr.&nbsp;Goldman's proposal to extend the deadline for
director nominations and to provide requested diligence materials. Mr.&nbsp;Kessler proposed that (1)&nbsp;FelCor and AHT make a joint public announcement that they were working on a business
combination, (2)&nbsp;FelCor grant AHT exclusivity for 30&nbsp;days, (3)&nbsp;the director nomination period be extended for 30&nbsp;days, (4)&nbsp;the parties sign a mutual standstill </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=78,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=770521,FOLIO='68',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_co49201_1_69"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>agreement,
(5)&nbsp;the parties share due diligence information and (6)&nbsp;FelCor make an announcement on the positive aspects of AHT's high leverage and external management structure. After
notifying the FelCor Board of Mr.&nbsp;Kessler's proposal, Mr.&nbsp;Goldman called Mr.&nbsp;Kessler and said FelCor was not able to agree to those requests and asked Mr.&nbsp;Kessler to
consider a simple 30-day extension of the nomination period to allow the parties to work together in good faith without being under the public spotlight. Mr.&nbsp;Kessler called Mr.&nbsp;Goldman
back later that afternoon and rejected that proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;21, 2017, Mr.&nbsp;Kessler was appointed as the Chief Executive Officer of AHT. Mr.&nbsp;Bennett, AHT's previous Chief Executive Officer, remained Chairman of
AHT's board. Mr.&nbsp;Kessler was previously President of AHT and remained an executive officer of AINC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;21, 2017, Dr.&nbsp;Ansell sent a letter to Mr.&nbsp;Hartung regarding a potential transaction. The letter contained a proposal to acquire all of the outstanding
FelCor shares for $9.27 per share, based on the closing prices of AHT and AINC common stock as of February&nbsp;17, 2017, comprised of a fixed exchange ratio of 1.192 shares of AHT, 0.003 shares of
AINC (then owned by AHT) and 0.001&nbsp;warrants to purchase AINC shares in exchange for each share of FelCor Common Stock. The letter also suggested a number of potential corporate governance
enhancements that might be made in connection with a potential transaction. AHT made its letter publicly available and submitted a notice of nomination to FelCor for the nomination of seven candidates
for election to the FelCor Board at the 2017 annual meeting of FelCor's stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;21, 2017, FelCor issued a press release confirming that it had received AHT's February&nbsp;21 proposal, and stating that the proposal followed several months in
which FelCor had engaged with AHT to explore the possibility of a mutually beneficial transaction. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;21, 2017, the RLJ Board held a telephonic meeting with representatives of RLJ's management, Hogan Lovells and Barclays in attendance. During the meeting,
Mr.&nbsp;Bierkan provided an update on the status of discussions with FelCor regarding a potential transaction and updated the RLJ&nbsp;Board on the oral non-binding proposal that was submitted by
RLJ to FelCor on February&nbsp;9, 2017. Following this discussion, Mr.&nbsp;Bierkan recommended to the RLJ&nbsp;Board that term sheet negotiations and confirmatory due diligence proceed and the
RLJ Board authorized management to continue to engage in discussions with FelCor regarding a potential transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;24, 2017, FelCor issued a press release noting concerns regarding dilution to AHT&nbsp;shareholders affecting the value of AHT's proposal and creating uncertainty
around the ability to obtain the approvals required from both AHT and FelCor stockholders, as well as the costs of external management and the resulting uncompensated value transfer to AINC, the
extremely high leverage of the combined company and governance concerns relating to external management. AHT's stock price had declined dramatically since the public announcement of its acquisition
proposal. Based on the closing prices for AHT and AINC common stock on February&nbsp;24, 2017, the value of AHT's February&nbsp;21 proposal had declined from $9.27 to approximately $7.81 per share
of FelCor Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;27, 2017, Mr.&nbsp;Goldman sent a letter to Mr.&nbsp;Bennett setting forth FelCor's concerns regarding both the inadequate value and uncertainty of AHT's
all-stock, fixed exchange ratio proposal contained in AHT's February&nbsp;21 letter, and stating that FelCor was prepared to engage with AHT if it were willing to consider making an all or
substantially all-cash proposal. In addition, Mr.&nbsp;Goldman confirmed that FelCor was willing to provide additional information, including property level information, to AHT provided AHT also
shared reciprocal property level information with FelCor. Mr.&nbsp;Goldman and Michael C. Hughes, Executive Vice President and Chief Financial Officer of FelCor, also spoke with Mr.&nbsp;Kessler
by telephone. The parties agreed to share additional diligence materials and maintain open communication. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=79,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=739999,FOLIO='69',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_co49201_1_70"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;28, 2017, Mr.&nbsp;Kessler sent a letter to Mr.&nbsp;Goldman acknowledging FelCor's willingness to reengage and noting that restrictive covenants in FelCor's bonds
limit the amount of debt that FelCor may incur and the amount of cash that may be distributed to FelCor stockholders, and continued to express a preference for an all-stock transaction.
Mr.&nbsp;Kessler noted that AHT was willing to recommence its diligence review. AHT issued a press release with a copy of Mr.&nbsp;Kessler's letter. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;28, 2017, Mr.&nbsp;Goldman met with Mr.&nbsp;Bierkan to discuss the merits of a potential merger between RLJ and FelCor and agreed to share additional information
that would assist each company in its evaluation of the other. Mr.&nbsp;Goldman then expressed to Mr.&nbsp;Bierkan that RLJ's February&nbsp;9 proposal was not sufficiently attractive to warrant
serious exploration by the FelCor Board, and indicated that
RLJ would need to improve the exchange ratio in order to increase the likelihood that the FelCor Board would approve the transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;3, 2017, Mr.&nbsp;Goldman and FelCor's representatives indicated to RLJ and its representatives that it would be necessary for RLJ to increase the proposed exchange
ratio before Mr.&nbsp;Goldman could recommend the potential transaction to the FelCor Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;9, 2017, Messrs.&nbsp;Goldman and Hughes spoke with Messrs.&nbsp;Bennett and Kessler by telephone. They discussed process, due diligence and next steps.
Messrs.&nbsp;Goldman and Hughes indicated that the next step would be for AHT to make a revised proposal with a large enough cash component so that the issues with AHT stock would be largely
mitigated. Deric S. Eubanks, Chief Financial Officer of AHT, called Mr.&nbsp;Hughes to request detail regarding compliance calculations under FelCor's senior notes. Mr.&nbsp;Hughes provided the
requested information shortly after the call. In addition, FelCor provided to AHT previously requested property level financial information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;9, 2017, RLJ and its representatives proposed to FelCor and its representatives a best and final exchange ratio of 0.368 RLJ Common Shares for each share of FelCor Common
Stock. Mr.&nbsp;Goldman responded that he would report this offer to the FelCor Transaction Committee and recommend that both sides work toward consummating a transaction and commencing confirmatory
due diligence. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;13, 2017, the FelCor independent directors held a conference call with Mr.&nbsp;Goldman and representatives of Polsinelli. During this call, Mr.&nbsp;Goldman
summarized his review of FelCor and his strategy for continuing as an independent company, and he reviewed his discussions relating to the potential transactions with AHT, RLJ and Party X. The
independent directors and Mr.&nbsp;Goldman were in agreement that FelCor should continue to pursue a transaction with RLJ. As Party X had not submitted a formal proposal, the FelCor Board decided to
cease discussions with Party X. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;13, 2017, Mr.&nbsp;Goldman informed Mr.&nbsp;Bierkan that the FelCor Board was in favor of pursuing a transaction with RLJ and approved the commencement of formal due
diligence by RLJ in connection with a potential transaction, including providing RLJ with access to FelCor's properties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the week of March&nbsp;13, 2017, Mr.&nbsp;Bierkan and other members of RLJ&nbsp;management toured FelCor hotels. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;14, 2017, the RLJ Board held a telephonic meeting with representatives of RLJ's management, Hogan Lovells and Barclays in attendance. At the meeting, the RLJ Board was
updated on the status of discussions with FelCor regarding a potential transaction, noting the revised proposed exchange ratio, the implied price per share of FelCor Common Stock, the equity and
enterprise value of the combined company and the pro forma ownership interests of the two companies' shareholders.
Mr.&nbsp;Bierkan informed the RLJ Board that, during a telephone call with Mr.&nbsp;Goldman, Mr.&nbsp;Goldman had expressed continued interest in a transaction with RLJ and wanted to proceed
with detailed due diligence and negotiation of a merger agreement. Mr.&nbsp;Bierkan also informed the RLJ Board of FelCor's request that the board of the combined company include three FelCor
trustees if the combined company board consisted of nine trustees or, alternatively, two FelCor trustees if the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>70</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=80,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=606021,FOLIO='70',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_co49201_1_71"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>combined
company board consisted of seven trustees. The RLJ Board then discussed possible responses to this request. The Board and management then discussed the projected expenses of the transaction
and representatives from Barclays briefed the RLJ Board on expected overall costs for the transaction. Following this presentation, Ms.&nbsp;Hale and representatives of Barclays and Hogan Lovells
outlined the diligence completed to date on FelCor and provided an overview of the scope and timing of diligence to be completed prior to execution of a definitive agreement. Representatives of Hogan
Lovells then provided information to the RLJ Board regarding the RLJ Board's fiduciary obligations in transactions of this nature. Following this discussion and the review of the proposed terms for a
draft term sheet to be provided to FelCor, the RLJ Board authorized management to continue to engage in discussions with FelCor regarding a potential transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
that day, RLJ provided to FelCor a draft term sheet outlining terms for a business combination between the companies. The term sheet provided for a stock-for-stock merger at an
exchange ratio of 0.368 RLJ Common Shares for each share of FelCor Common Stock. Based on the $22.55 closing price of RLJ's Common Shares on March&nbsp;14, RLJ's proposal had a value of
approximately $8.30 per share of FelCor Common Stock. The draft term sheet by its terms was non-binding, but included a binding 28-day exclusivity period and did not speak to the proposed constitution
of the combined company board. Mr.&nbsp;Goldman responded to the term sheet in a telephone call with Mr.&nbsp;Bierkan. Mr.&nbsp;Goldman indicated that FelCor would not agree to exclusivity and
that FelCor would expect representation on the board of the combined company. Specifically, Mr.&nbsp;Goldman requested either two FelCor directors on a seven-member RLJ board, or three FelCor
directors on a nine-member RLJ board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the week of March&nbsp;20, 2017, Mr.&nbsp;Goldman toured RLJ and FelCor hotels with Troy Pentecost, President and Chief Operating Officer of FelCor; Mr.&nbsp;Bierkan and
other members of RLJ&nbsp;management toured FelCor hotels during this week. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;25, 2017, Mr.&nbsp;Kessler and Mr.&nbsp;Goldman telephonically discussed the potential transaction. During the call, Mr.&nbsp;Kessler discussed (i)&nbsp;the
reasons why AHT believed that a business combination made sense for both sets of stockholders, (ii)&nbsp;the status of due diligence to date, (iii)&nbsp;AHT's efforts to accommodate the request of
the FelCor Board for AHT to revise its offer to include a cash component and (iv)&nbsp;the terms of a revised proposal to acquire FelCor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;25, 2017, Mr.&nbsp;Kessler sent a letter to Mr.&nbsp;Goldman that contained the revised proposal to acquire all outstanding FelCor shares. The proposal was
restructured to include a cash component of up to approximately $213&nbsp;million, representing 21% of the total consideration based on the closing stock price of AHT and AINC common stock as of
March&nbsp;24, 2017. The revised total consideration per each share of FelCor Common Stock would be comprised of $1.53 in cash, a fixed exchange ratio of 0.930 shares of AHT, 0.003 shares of AINC
and 0.001&nbsp;warrants to purchase AINC shares. Based on the closing prices of AHT and AINC common stock as of March&nbsp;24, 2017, the last trading day before the revised proposal was made, the
value of the revised AHT March&nbsp;25 proposal would be approximately $8.80 per share of FelCor Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;27, 2017, Mr.&nbsp;Bierkan met with Mr.&nbsp;Goldman to discuss the proposed terms of the potential transaction and key open points, including FelCor's representation
on the board of trustees of the combined company and estimated transaction expenses to be incurred in connection with the potential transaction. In addition Messrs.&nbsp;Bierkan and Goldman
discussed the status of FelCor's marketing efforts with respect to the Morgans, Royalton and Knickerbocker hotels. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the week of March&nbsp;27, 2017, Mr.&nbsp;Goldman and Mr.&nbsp;Pentecost toured RLJ and FelCor hotels with Mr.&nbsp;Bierkan and other members of the RLJ executive team. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;4, 2017, the FelCor Transaction Committee met telephonically with Mr.&nbsp;Goldman. Mr.&nbsp;Hughes and representatives of BofA Merrill Lynch and Polsinelli also
participated. Mr.&nbsp;Goldman </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>71</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=81,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=914956,FOLIO='71',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<A NAME="page_co49201_1_72"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>noted
that he had visited with senior management of RLJ and toured many of its assets. The FelCor Transaction Committee engaged in a discussion regarding RLJ, Mr.&nbsp;Goldman's impressions of
Mr.&nbsp;Bierkan and the RLJ management team Mr.&nbsp;Goldman met the prior week, the merits of RLJ's existing offer and related issues. Mr.&nbsp;Goldman also discussed three alternatives to a
transaction with RLJ: (1)&nbsp;maintaining FelCor as an independent company following additional hotel sales and significant reduction in G&amp;A expenses ("FelCor 2.0"); (2)&nbsp;combining FelCor
with AHT on the terms set forth in its most recent proposal; and (3)&nbsp;a merger transaction with Party X. Representatives of BofA Merrill Lynch then reviewed with the FelCor Transaction Committee
the financial metrics of combining FelCor with RLJ on the terms set forth in RLJ's most recent proposal as compared to the financial metrics of FelCor 2.0 and a combination with AHT pursuant to the
terms of AHT's most recent offer. Following detailed discussion of these alternatives, BofA Merrill Lynch reported on the outbound calls that the FelCor Board had previously authorized BofA Merrill
Lynch to make over the prior three weeks to more than 20 parties who had either previously expressed interest in FelCor or who could have an interest in merging with or acquiring FelCor. BofA Merrill
Lynch noted that of the more than 20 potential counterparties with which FelCor and its advisors had discussions to gauge their interest in a potential transaction with FelCor, many of whom would
incur a significant prepayment fee of approximately $100&nbsp;million associated with the refinancing of FelCor's senior notes, only RLJ and AHT had expressed a continuing interest in pursuing a
transaction. BofA Merrill Lynch also noted that only
RLJ could assume the senior notes without incurring a significant prepayment fee, giving RLJ a material competitive advantage over other bidders. Following discussion, the FelCor Transaction Committee
determined to recommend that the FelCor Board authorize management to engage in substantive discussions with RLJ for the purpose of reaching an agreement to merge FelCor and RLJ. Following this
meeting, Mr.&nbsp;Goldman contacted Mr.&nbsp;Bierkan and informed him that it had made this recommendation and asked that Mr.&nbsp;Bierkan speak with the RLJ Board to obtain the same approval. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;6, 2017, Mr.&nbsp;Kessler and Mr.&nbsp;Goldman met to discuss the March&nbsp;25, 2017 letter and the revised proposal. At the meeting, Messrs.&nbsp;Kessler and
Goldman discussed various aspects of the revised proposal. Messrs.&nbsp;Kessler and Goldman agreed to instruct UBS and BofA Merrill Lynch to continue to engage with each other in order to provide
AHT with certain information necessary to modify its offer, with the understanding that AHT may at a later date publicly release its revised proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;6, 2017, the RLJ Board held a telephonic meeting with representatives of RLJ's management, Hogan Lovells and Barclays in attendance. During the meeting,
Mr.&nbsp;Bierkan updated the RLJ Board on the potential transaction with FelCor, noting that RLJ had provided a term sheet for the transaction to FelCor following the March&nbsp;14 meeting of the
RLJ Board and that RLJ had continued its due diligence review of FelCor, with members of management having toured a substantial majority of FelCor's hotels. Mr.&nbsp;Bierkan also noted that FelCor
had continued its due diligence review of RLJ&nbsp;and that Mr.&nbsp;Goldman had toured more than half of RLJ's hotels. Mr.&nbsp;Bierkan also informed the RLJ&nbsp;Board that the FelCor
Transaction Committee had met on April&nbsp;4 and recommended that the FelCor Board authorize negotiation of the potential transaction. Mr.&nbsp;Bierkan then updated the RLJ&nbsp;Board on
discussions with FelCor regarding composition of the combined company's board. Following Mr.&nbsp;Bierkan's update, Ms.&nbsp;Hale provided a report on the status of RLJ's due diligence review of
FelCor. The RLJ Board authorized management to continue to engage in discussions with FelCor regarding a potential transaction, and authorized management to negotiate an engagement letter with
Barclays to serve as financial advisor to RLJ in connection with the transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;6, 2017, Barclays, on behalf of and at the direction of RLJ, sent a draft merger agreement to BofA Merrill Lynch. The draft provided for a stock-for-stock merger with an
exchange ratio of 0.368 RLJ Common Shares for each share of FelCor Common Stock. The draft further provided that one FelCor director, mutually agreed to by FelCor and RLJ, would be appointed to the
RLJ board. The draft also provided for fully mutual no-solicitation and fiduciary termination provisions, with RLJ and FelCor both having the same termination rights (including the right to terminate
to accept a superior proposal), both parties having the same right to withdraw its recommendation if it were to receive a proposal that could reasonably be expected to lead to a superior proposal, and
both parties paying the same dollar amount of termination fees (which fee was not yet proposed). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>72</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=82,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=387077,FOLIO='72',FILE='DISK127:[17ZBR1.17ZBR49201]CO49201A.;16',USER='NDEWIND',CD='12-JUL-2017;20:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cq49201_1_73"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;10, 2017, AHT filed a preliminary proxy statement seeking support for the election of seven candidates to the FelCor Board. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;11, 2017, Sidley sent comments on the draft RLJ merger agreement to Hogan Lovells, counsel to RLJ. After Sidley sent comments on the draft merger agreement, Sidley and
Hogan Lovells from time to time discussed open issues in the merger agreement, including the scope of representations and warranties, interim operating covenants restricting the activities of both
companies between signing and closing, rights of the respective boards to change recommendations, termination provisions, termination fee triggers, termination fee amounts, expense payment triggers
and expense payment amounts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;11, 2017, the FelCor Board met telephonically. Mr.&nbsp;Hughes and representatives of BofA Merrill Lynch and Polsinelli also participated. Mr.&nbsp;Goldman summarized
events that had occurred since the last meeting, including the decision to not pursue a merger with Party X and the status of discussions with both RLJ and AHT. Open issues on the RLJ draft merger
agreement and the status of due diligence were then discussed. Mr.&nbsp;Goldman also discussed with the FelCor Board the alternative of FelCor 2.0. Following discussion of the foregoing matters,
representatives of BofA Merrill Lynch reviewed with the FelCor Board materials covering three scenarios: FelCor 2.0, combining FelCor with
AHT on the terms set forth in its most recent proposal, and combining FelCor with RLJ on the terms set forth in its most recent proposal. BofA Merrill Lynch reported on further discussions with third
parties, but noted that there had been no other formal offers or indications of substantive interest. BofA Merrill Lynch again noted that in the course of the process it had contacted more than 20
potential counterparties to gauge their interest in a potential transaction with FelCor, but that at present there were no discussions ongoing with any other party, and none had a continuing interest
in pursuing a transaction. Following discussion and upon the recommendation of the FelCor Transaction Committee, the FelCor Board authorized management to engage in discussions with RLJ for the
purpose of reaching an agreement to merge FelCor and RLJ based on the most recent offer from RLJ. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;17, 2017, following completion of significant diligence and the identification of certain matters that impacted valuation, Mr.&nbsp;Bierkan contacted Mr.&nbsp;Goldman
and indicated that RLJ was revising its proposal. After a series of phone calls that afternoon, Mr.&nbsp;Goldman and Mr.&nbsp;Bierkan ultimately agreed to recommend to each of their respective
boards an exchange ratio of 0.362 RLJ Common Shares for each share of FelCor Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;18, 2017, Messrs.&nbsp;Goldman and Hughes spoke with Mr.&nbsp;Kessler by telephone to discuss the status of AHT's revised offer. Representatives from BofA Merrill
Lynch and UBS also participated. The parties discussed how large a cash component AHT would be prepared to offer. UBS indicated that AHT could provide approximately $4.90 per FelCor share in cash.
Mr.&nbsp;Goldman reminded Mr.&nbsp;Kessler of FelCor's concerns with the resulting leverage of AHT's stock following a merger with FelCor, and suggested Mr.&nbsp;Kessler include as much cash as
possible in any revised proposal. Mr.&nbsp;Goldman also reiterated to Mr.&nbsp;Kessler that AHT needed to make a "best and final" offer because FelCor had scheduled a board meeting for
April&nbsp;21, 2017, and at that time would make a decision regarding FelCor's strategic direction. Mr.&nbsp;Kessler agreed and committed that AHT's next offer would be delivered late in the day
on April&nbsp;20, 2017, and that it would be AHT's best and final offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;18, 2017, Barclays delivered a memorandum to the RLJ Board disclosing certain material relationships between Barclays and its affiliates, on the one hand, and FelCor and
RLJ and certain of their affiliates, on the other hand, during the prior three years. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;19, 2017, the RLJ Board held a telephonic meeting with representatives of RLJ's management, Hogan Lovells and Barclays in attendance. During the meeting, RLJ's management
presented the RLJ Board with the findings and progress of the business, financial, legal, tax and accounting due diligence review of FelCor. Following this presentation, the RLJ Board reviewed the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>73</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=83,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=435798,FOLIO='73',FILE='DISK127:[17ZBR1.17ZBR49201]CQ49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:37' -->
<A NAME="page_cq49201_1_74"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>memorandum
from Barclays disclosing its material relationships with RLJ and FelCor. The RLJ Board then discussed the engagement of Barclays as financial advisor for the transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;20, 2017, AHT delivered a letter proposing to acquire FelCor for total consideration with a purported value of $8.25 per share, comprising $4.13 in cash, 0.608 shares of
AHT common stock, 0.003 shares of Ashford,&nbsp;Inc. common stock and 0.001 warrants to purchase AINC common stock with a strike price of $100 per share. The proposal would have required financing
in the form of $1.842&nbsp;billion in new commercial mortgage-backed securities. No financing commitments were provided. After submission of this letter, UBS contacted BofA Merrill Lynch and
indicated, among other items, that although AHT was highly confident it could raise committed financing, UBS would not speak for 100% of the financing, and commitments from other banks would be
required. In addition, UBS indicated to BofA Merrill Lynch that AHT would require approximately four weeks in order to complete its diligence, obtain fully committed financing and negotiate a merger
agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the morning of April&nbsp;21, 2017, Mr.&nbsp;Bennett called Mr.&nbsp;Hartung to say that AHT had made an offer with a value of $8.25 per share, half of which would be in the
form of cash consideration. Mr.&nbsp;Bennett also contacted Mr.&nbsp;Corcoran to encourage FelCor to accept AHT's offer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;21, 2017, BofA Merrill Lynch delivered an updated memorandum to the FelCor Board disclosing certain relationships between BofA Merrill Lynch and its affiliates, on the
one hand, and FelCor, RLJ and AHT and certain of their affiliates, on the other hand, during the prior two calendar years as well as the first quarter of 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;21, 2017, the FelCor Board met to review the terms and conditions of the proposed transaction with RLJ, as well as the most recent proposal from AHT. FelCor's management
and representatives of Sidley, Polsinelli, and BofA Merrill Lynch were also in attendance. At the meeting, representatives of BofA Merrill Lynch reviewed their presentation regarding certain financial
aspects of RLJ's proposal, under which 0.362 RLJ Common Shares would be paid for each share of FelCor Common Stock. Representatives of BofA Merrill Lynch also reviewed the financial aspects of AHT's
most recent offer comprising $4.13 in cash, 0.608 shares of AHT common stock, 0.003 shares of AINC common stock and 0.001 warrants to purchase AINC common stock with a strike price of $100 per share.
In reviewing the AHT proposal, representatives of BofA Merrill Lynch noted that RLJ was prepared to enter into a merger agreement and did not require financing, while AHT would need to raise
approximately $1.8&nbsp;billion in financing and require four additional weeks to obtain financing commitments and complete its due diligence. The FelCor Board and FelCor's advisors also discussed
the view that the combined company resulting from a transaction with RLJ would be a stronger company with significantly less leverage compared to a combination with AHT and would create more
opportunity to grow shareholder value over time with less financial risk. BofA Merrill Lynch also noted that the then current value of the RLJ proposal valued FelCor at a higher amount than the then
current value of the AHT proposal, and there could be no certainty that AHT would maintain its current proposal after completing at least four weeks of additional diligence and negotiations to obtain
committed financing. Mr.&nbsp;Goldman noted that the most recent AHT proposal was provided in response to his request that AHT submit its "best and final" offer. The FelCor Board determined that,
after considering both proposals from RLJ and AHT, the AHT proposal would not be in the best interests of FelCor and its stockholders to pursue a potential transaction with AHT, and the RLJ proposal
was superior both in terms of certainty of execution and combined company value. Representatives from Sidley then reviewed the proposed terms of the latest draft from RLJ of the merger agreement,
which the representatives from Sidley noted were substantially final, subject to reaching agreement on the amounts of the termination fees and expense payments. The FelCor Board then discussed the
terms of
the merger agreement, including what amounts should be proposed to resolve the open issues regarding termination fees and expense payments. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>74</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=84,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=209691,FOLIO='74',FILE='DISK127:[17ZBR1.17ZBR49201]CQ49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:37' -->
<A NAME="page_cq49201_1_75"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;21, 2017, the RLJ Board held a telephonic meeting with representatives of RLJ's management, Hogan Lovells and Barclays in attendance. During the meeting, RLJ's management
and the RLJ Board further discussed the findings of the business, financial, legal, tax and accounting diligence review of FelCor. Following this discussion, representatives of Hogan Lovells provided
the RLJ Board with an update on the status of the merger agreement negotiations, noting that the terms of the merger agreement were substantially final, with the exception of reaching agreement on the
amounts of the termination fees and expense payments. The RLJ Board then discussed the terms of the merger agreement as well as proposals to resolve the open issues regarding termination fees and
expense payments. Following this discussion, representatives of Barclays reviewed the financial analysis of the proposed transaction and its valuation of RLJ and FelCor and answered questions from the
RLJ Board regarding that methodology. The RLJ Board also discussed and formally approved the proposed terms of the engagement letter with Barclays. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
April&nbsp;21, 2017 and April&nbsp;23, 2017, the parties worked to finalize the various transaction agreements for approval by each company's respective boards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the evening of April&nbsp;23, 2017, the FelCor Board met to review the terms and conditions of the proposed transaction with RLJ. FelCor's management and representatives of
Sidley, Polsinelli, and BofA Merrill Lynch were also in attendance. At the meeting, representatives of BofA Merrill Lynch reviewed their presentation regarding the financial aspects of RLJ's offer of
0.362 RLJ Common Shares for each share of FelCor Common Stock, which had been revised to reflect closing stock prices from Friday, April&nbsp;21, 2017. Representatives from Sidley reviewed the
proposed terms of the latest draft of the merger agreement, which the representatives from Sidley noted were substantially final, subject to board approval. The FelCor Board then discussed the terms
of the merger agreement, including the reasonableness of each party's termination fees and expense payments. Following additional discussion by the FelCor Board, representatives of BofA Merrill Lynch
rendered to the FelCor Board its oral opinion, which was subsequently confirmed by delivery of a written opinion, dated April&nbsp;23, 2017, to the effect that, as of April&nbsp;23, 2017, and
based upon and subject to the factors, assumptions, limitations, qualifications and conditions set forth in such opinion, the merger consideration to be received by holders of FelCor Common Stock was
fair, from a financial point of view, to such holders, as more fully described below in the section entitled "&#151;Opinion of FelCor's Financial Advisor" beginning on page&nbsp;90 of this
joint proxy statement/prospectus. This opinion was addressed to, and for the use and benefit of, the FelCor Board in connection with its evaluation of the mergers and is not intended to be and does
not constitute a recommendation as to how any holder of FelCor Common Stock should vote with respect to the REIT Merger. Such opinion is attached to this joint proxy statement/prospectus as
Annex&nbsp;C and is incorporated herein by reference.

</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FelCor Board, with the advice and assistance of its financial advisors and outside legal counsel and FelCor's management, evaluated and discussed the terms of the Merger Agreement
and the transactions contemplated thereby, taking into consideration the AHT offer, and unanimously determined that the Merger Agreement, the Mergers and the transactions contemplated thereby,
including the Mergers, are fair and reasonable, and in the best interests of FelCor and its stockholders (including the holders of FelCor Series&nbsp;A Preferred Stock), and that the REIT Merger is
advisable, and unanimously approved the Merger Agreement, the Mergers and the transactions contemplated thereby. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the evening of April&nbsp;23, 2017, the RLJ Board held a telephonic meeting with representatives of RLJ's management, Hogan Lovells and Barclays in attendance. At the meeting,
RLJ's management provided the RLJ Board with an update on the remaining items from RLJ's diligence review of FelCor. Following this discussion, representatives of Hogan Lovells reviewed with the RLJ
Board the trustees' fiduciary duties under applicable law in connection with transactions of this type. Representatives from Hogan Lovells then summarized the final terms of the merger agreement,
including the resolution of the remaining open points discussed at the last meeting. Representatives of Barclays summarized its financial analyses of RLJ and FelCor and the key financial highlights
relating </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>75</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=85,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=582443,FOLIO='75',FILE='DISK127:[17ZBR1.17ZBR49201]CQ49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:37' -->
<A NAME="page_cq49201_1_76"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


to the transaction with FelCor. Barclays then delivered to the RLJ Board its oral opinion, which was confirmed by delivery of a written opinion, dated April&nbsp;23, 2017, to the effect that, as of
April&nbsp;23, 2017, and based on and subject to the assumptions and limitations set forth in the merger agreement, the exchange ratio of 0.362 RLJ Common Shares per share of FelCor Common Stock to
be paid by RLJ in the transaction was fair from a financial point of view to RLJ, as more fully described below in the section entitled"&#151;Opinion of RLJ's Financial Advisor" beginning on
page&nbsp;83 of this joint proxy statement/prospectus. This opinion was addressed to, and for the use and benefit of, the RLJ Board in connection with and for purposes of its evaluation of the
mergers and does not constitute a recommendation as to how any holder of RLJ Common Shares should vote with respect to the RLJ Share Issuance. Such opinion is attached to this joint proxy statement/
prospectus as Annex&nbsp;B and is incorporated herein by reference.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
RLJ Board, with the advice and assistance of its financial advisors and outside legal counsel and RLJ's management, evaluated and discussed the terms of the merger agreement and the
transactions contemplated thereby, taking into consideration a variety of factors, including those described in "The Mergers&#151;Recommendation of the RLJ Board and its Reasons for the
Mergers," and unanimously determined that the Mergers and the other transactions contemplated by the Merger Agreement are advisable and in the best interests of RLJ and its shareholders, and
unanimously authorized, approved and adopted the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties executed the Merger Agreement the night of April&nbsp;23, 2017 and issued a joint press release announcing the transaction before the open of the U.S. financial markets on
April&nbsp;24, 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;2, 2017, Mr.&nbsp;Kessler called Mr.&nbsp;Goldman and indicated that AHT would not be pursuing its proposed merger with FelCor. On May&nbsp;3, 2017, AHT issued a
press release announcing it was abandoning its efforts to merge with FelCor and also announced that it was withdrawing its preliminary proxy statement and proposed slate of directors for election to
the FelCor Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;12, 2017, RLJ received an unsolicited, nonbinding proposal from a private equity investor, which we refer to as Party&nbsp;Y, to acquire all of the capital stock of RLJ
at a price of $24.00 per RLJ Common Share in an all-cash transaction. No additional dividends would be paid to shareholders after signing. According to the letter, the transaction would not be subject
to any material conditions, other than termination of the Merger Agreement and customary closing conditions, including approval of RLJ's shareholders. The proposal was subject to completion of
confirmatory due diligence and negotiation of a definitive merger agreement.


</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;15, 2017, the RLJ Board met to discuss the proposal received from Party&nbsp;Y. In the course of this meeting, the RLJ Board thoroughly reviewed and discussed the
proposal, with input from its legal and financial advisors. After due deliberation, the RLJ Board concluded that the proposal did not constitute, and was not reasonably likely to lead to, a "Superior
Proposal" as that term is defined in the Merger Agreement. The RLJ Board therefore determined to reject the proposal. Later that day, RLJ notified Party&nbsp;Y that the RLJ Board had rejected the
proposal.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;20, 2017, RLJ received a second unsolicited, nonbinding proposal from Party&nbsp;Y, this time to acquire all of the capital stock of RLJ at a price of $25.00 per RLJ
Common Share in an all-cash transaction. Except for the price, the material terms of the proposal otherwise were identical to the prior proposal.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;21, 2017, the RLJ Board met to discuss the second proposal received from Party&nbsp;Y. In the course of this meeting, the RLJ Board thoroughly reviewed and discussed the
proposal, with input from its legal and financial advisors. After due deliberation, the RLJ Board concluded that the proposal did not constitute, and was not reasonably likely to lead to, a "Superior
Proposal" as that

</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>76</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=86,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=849766,FOLIO='76',FILE='DISK127:[17ZBR1.17ZBR49201]CQ49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:37' -->
<A NAME="page_cq49201_1_77"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


term is defined in the Merger Agreement. The RLJ Board therefore determined to reject the proposal. Later that day, RLJ notified Party&nbsp;Y that the RLJ Board had rejected the proposal.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;23, 2017, RLJ received a third unsolicited, nonbinding proposal from Party&nbsp;Y, this time to acquire all of the capital stock of RLJ at a price of $25.50 per RLJ
Common Share in an all-cash transaction. Except for the price, the material terms of the proposal otherwise were identical to the prior proposals.


</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;26, 2017 and again on June&nbsp;27, 2017, the RLJ Board met to discuss the third proposal received from Party&nbsp;Y. In the course of these meetings, the RLJ Board
thoroughly reviewed and discussed the proposal, with input from its legal and financial advisors. After due deliberation, on June&nbsp;27, 2017 the RLJ Board determined that the proposal could
reasonably be expected to lead to a "Superior Proposal" as that term is defined in the Merger Agreement, and authorized management to commence discussions and negotiations with Party&nbsp;Y
regarding the potential transaction described in the June&nbsp;23 letter.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;29, 2017, RLJ and Party&nbsp;Y entered into a confidentiality agreement, and thereafter Party&nbsp;Y commenced business and legal diligence with respect to RLJ and the
preparation of a draft merger agreement, which it provided to RLJ on July&nbsp;2, 2017. Between June&nbsp;29, 2017 and July&nbsp;6, 2017, representatives of Party&nbsp;Y and RLJ engaged in
various discussions regarding the proposed transaction and RLJ's business. On July&nbsp;6, 2017, Party&nbsp;Y submitted a revised nonbinding offer to acquire all of the capital stock of RLJ at a
price of $24.00 per RLJ Common Share.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;8, 2017, the RLJ Board met to discuss the revised proposal received from Party&nbsp;Y on July&nbsp;6, 2017. In the course of this meeting, the RLJ Board thoroughly
reviewed and discussed the revised proposal, with input from its legal and financial advisors. After due deliberation, the RLJ Board concluded that the revised proposal did not constitute, and was not
reasonably likely to lead to, a "Superior Proposal" as that term is defined in the Merger Agreement. The RLJ Board therefore determined to reject the revised proposal. Later that day, RLJ notified
Party&nbsp;Y that the RLJ Board had rejected the revised proposal.

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cq49201_recommendation_of_the_rlj_boar__rec02541"> </A>
<A NAME="toc_cq49201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recommendation of the RLJ Board and Its Reasons for the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By vote at a meeting held on April&nbsp;23, 2017, after careful consideration, the RLJ Board unanimously (i)&nbsp;determined that the terms
of the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement are in the best interests of RLJ and its shareholders and authorized, approved, adopted and
declared advisable the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement. The RLJ Board unanimously recommends that RLJ shareholders vote </FONT> <FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> the RLJ Share
Issuance Proposal and </FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> the RLJ Adjournment Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reaching its determination, the RLJ Board consulted with RLJ's senior management and outside legal and financial advisors and carefully considered numerous factors that the RLJ Board
viewed as supporting its decision, including the following material factors:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The RLJ Board expects that the Mergers will provide a number of significant potential strategic opportunities and benefits, including the
following: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the transaction is expected to result in a diversified and high quality portfolio of high margin focused-service and compact
full-service hotels with premium branded hotels in high barriers-to-entry markets with multiple demand generators;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the transaction is expected to have imbedded value creation from recapitalization of FelCor's capital structure, accretive
near-term and long-term dispositions of non-strategic </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>77</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=87,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=117186,FOLIO='77',FILE='DISK127:[17ZBR1.17ZBR49201]CQ49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:37' -->
<A NAME="page_cq49201_1_78"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>assets,
and selective repositioning opportunities; additionally there is expected to be perpetual value creation in G&amp;A, operating and capital procurement efficiencies;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the combined portfolio of 161 hotels and approximately 31,600 guest rooms in 26 states and the District of Columbia would provide
enhanced negotiating leverage with brands, managers and vendors;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the transaction is expected to create a strong and flexible financial platform, over time generating significant free cash flow
with superior liquidity and investment capacity which allows for the pursuit of value creation opportunities, and the return of capital to shareholders through all parts of the cycle; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the transaction is expected to be accretive in the first full year;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Combined Company would be the third largest pure-play lodging REIT, with a more efficient cost structure, greater access to
capital, and a differentiated portfolio strategy, providing competitive advantages over smaller, less efficient peers; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Combined Company is expected to provide improved liquidity for RLJ shareholders as a result of the increased equity
capitalization and the increased shareholder base of the Combined Company. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The RLJ Board also considered that the fixed exchange ratio, which will not fluctuate as a result of changes in the market prices of RLJ common
shares or shares of FelCor common stock, provides certainty as to the respective pro forma percentage ownership of the Combined Company and limits the impact of external factors on the Mergers. </FONT> <FONT SIZE=2>


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The RLJ Board considered that the Merger Agreement provides the RLJ Board with the ability, subject to certain terms and conditions, to make a
change in recommendation if it has received an Acquisition Proposal from a party other than FelCor that, in the good faith determination of the RLJ Board, after consultation with its financial and
legal advisors, constitutes a superior proposal for 50% or more of RLJ (as further defined in the Merger Agreement) and determines in good faith, after consultation with its financial and legal
advisors, that failure to take such action would be inconsistent with the trustees' duties under applicable law, as more fully described in the section entitled "The Merger
Agreement&#151;Acquisition Proposals; Change in Recommendation" beginning on page&nbsp;125. </FONT><FONT SIZE=2>



<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The RLJ Board considered the financial analyses presented to it by Barclays and Barclays' oral opinion delivered at a meeting of the RLJ Board
on April&nbsp;23, 2017, which was subsequently confirmed by delivery to the RLJ Board of a written opinion of Barclays, dated April&nbsp;23, 2017, to the effect that, subject to the contents of
such opinion, including the various assumptions and limitations set forth therein, Barclays was of the opinion that, as of such date, the merger consideration payable by RLJ was fair, from a financial
point of view, to RLJ, as more fully described in the section entitled "The REIT Merger&#151;Opinion of RLJ's Financial Advisor" beginning on page&nbsp;83. </FONT> <FONT SIZE=2>


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The RLJ Board considered its knowledge of the business, operations, financial condition, earnings and prospects of RLJ and FelCor, taking into
account the results of RLJ's due diligence review of FelCor, as well as its knowledge of the current and prospective environment in which RLJ and FelCor operate, including economic and market
conditions. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The RLJ Board considered the commitment on the part of both parties to complete the Mergers as reflected in their respective obligations under
the terms of the Merger Agreement, and the likelihood that the security holder approvals needed to complete the Mergers would be obtained in a timely manner. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>78</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=88,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=916180,FOLIO='78',FILE='DISK127:[17ZBR1.17ZBR49201]CQ49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:37' -->
<A NAME="page_cq49201_1_79"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
RLJ Board also considered a variety of risks and other potentially negative factors in considering the Merger Agreement, the Mergers and the other transactions contemplated by the
Merger Agreement, including the following material factors:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risk of diverting management focus and resources from operational matters and other strategic opportunities while working to implement the
Mergers; </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that, under the terms of the Merger Agreement, RLJ must pay FelCor a termination fee of $95&nbsp;million and/or pay an expense amount of
$20&nbsp;million if the Merger Agreement is terminated under specified circumstances, which may deter other parties from proposing an alternative transaction that may be more advantageous to RLJ
shareholders, or which may become payable following a termination of the Merger Agreement in circumstances where no alternative transaction or Superior Proposal is available to RLJ. For more
information, see "The Merger Agreement&#151;Termination of the Merger Agreement" on page&nbsp;131; </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms of the Merger Agreement placing limitations on the ability of RLJ to solicit, initiate or knowingly encourage or knowingly facilitate
any inquiries, discussion, offer or request by a third party that constitutes, or could reasonably be expected to lead to, an Acquisition Proposal and to furnish non-public information to a third
party interested in pursuing an alternative business combination transaction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risk that, notwithstanding the likelihood of the Mergers being completed, the Mergers may not be completed, or that completion may be
unduly delayed, including the effect of the pendency of the Mergers and the effect such failure to be completed may have on the trading price of RLJ's common shares and RLJ's operating results,
particularly in light of the costs incurred in connection with the transaction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risk that the cost savings, operational synergies and other benefits to the RLJ shareholders expected to result from the Mergers might not
be fully realized or not realized at all, including as a result of possible changes in the real estate market or the lodging industry affecting the markets in which the Combined Company will operate; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risk of other potential difficulties in integrating the two companies and their respective operations; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the substantial costs to be incurred in connection with the transaction, including the transaction expenses arising from the Mergers and the
costs of integrating the businesses of RLJ and FelCor; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the restrictions on the conduct of RLJ's business during the period between the execution of the Merger Agreement and the consummation of the
Mergers. For more information, see "The Merger Agreement&#151;Conduct of Business by RLJ Pending the Merger"; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risk that RLJ or FelCor may be unable to retain key employees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Merger Agreement's provisions permitting FelCor to terminate the Merger Agreement in order to enter into a Superior Proposal for more than
50% of FelCor (as further defined in "The Merger Agreement&#151;Acquisition Proposals; Change in Recommendation") (subject to compliance with the provisions of the Merger Agreement regarding
nonsolicitation of Acquisition Proposals) upon payment by FelCor to RLJ of a termination fee of $39&nbsp;million. For more information, see "The Merger Agreement&#151;Termination of the
Merger Agreement"; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> other matters described in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing discussion of the factors considered by the RLJ Board is not intended to be exhaustive and is not provided in any specific order or ranking, but rather includes material
factors </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>79</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=89,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=512303,FOLIO='79',FILE='DISK127:[17ZBR1.17ZBR49201]CQ49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:37' -->
<A NAME="page_cq49201_1_80"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>considered
by the RLJ Board. In view of the wide variety of factors considered in connection with its evaluation of the Merger Agreement, the Mergers and the other transactions contemplated by the
Merger Agreement, and the complexity of these matters, the RLJ Board did not consider it practicable to, and did not attempt to, qualify, rank or otherwise assign any relative or specific weights or
values to the factors considered, and individual trustees may have held varied views of the relative importance of the factors considered and given different weights or values to different factors.
The RLJ Board viewed its position and recommendation as being based on an overall review of the totality of the information
available to it, including discussions with RLJ's management and outside legal and financial advisors, and determined that, in the aggregate, the potential benefits considered outweighed the potential
risks or possible negative consequences of approving the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
explanation and reasoning of the RLJ Board and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors
discussed in the section entitled "Cautionary Statement Regarding Forward-Looking Statements" beginning on page&nbsp;44. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>For the reasons set forth above, the RLJ Board determined that the terms of the Merger Agreement, the Mergers and the other transactions contemplated by the
Merger Agreement are in the best interests of RLJ and its shareholders and authorized, approved, adopted and declared advisable the Merger Agreement, the Mergers and the other transactions
contemplated by the Merger Agreement. The RLJ Board recommends to RLJ's shareholders that they vote "FOR" the RLJ Share Issuance Proposal.</B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cq49201_recommendation_of_the_felcor_b__rec02653"> </A>
<A NAME="toc_cq49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recommendation of the FelCor Board and Its Reasons for the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement, the FelCor Board consulted with
FelCor's legal and financial advisors. In reaching its determination, the FelCor Board considered a number of factors, including the following material factors which the FelCor Board viewed as
supporting its decision with respect to the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the merger consideration had an implied value per share of FelCor Common Stock of $8.54, which represented a premium of approximately 16.7% to
FelCor's stock price, based on closing prices on April&nbsp;21, 2017, the last trading day prior to the public announcement of the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the receipt of RLJ Common Shares as merger consideration provides FelCor common stockholders the opportunity to continue ownership in the
Combined Company, which is expected to provide a number of significant potential strategic opportunities and benefits, including the following: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Mergers combine two complementary portfolios, primarily consisting of focused-service and compact full-service hotels,
providing enhanced geographic and brand diversity with 161 hotels in 26 states and the District of Columbia with multiple demand generators and significant penetration within key high-growth markets,
diversified across Marriott&reg;, Hilton&reg;, Hyatt&reg; and Wyndham&reg; flags;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Combined Company's differentiated portfolio strategy, concentrated on focused-service and compact-full service hotels, will
allow it to capitalize on value creating growth opportunities with less market competition;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Combined Company will be the third largest pure play lodging REIT by enterprise value, and its meaningful scale will allow it
to capitalize on operating cost and capital purchasing efficiencies, enhance negotiating leverage with brands and vendors and gain </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>80</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=90,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=471244,FOLIO='80',FILE='DISK127:[17ZBR1.17ZBR49201]CQ49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:37' -->
<A NAME="page_cq49201_1_81"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>more
efficient access to capital, giving it significant competitive advantages over its smaller, less efficient peers;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the enhanced scale of the Combined Company allows for the optimization of the portfolio through the sale of non-strategic hotels,
which will result in significant value accretion to shareholders, deleveraging of the balance sheet and a focused portfolio positioned in the most profitable segments of the hotel industry; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the transaction is expected to be accretive in the first full year, with expected general and administrative ("G&amp;A") expense
savings of approximately $22&nbsp;million;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Combined Company, with a strong and flexible balance sheet and disciplined approach to portfolio and asset management, will
have the attributes and capabilities to drive accretive growth and to pursue additional opportunities to enhance value at any point in the business cycle; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Common Exchange Ratio in the REIT Merger is fixed and will not fluctuate as a result of changes in the market value of FelCor Common Stock
or RLJ Common Shares, which provides certainty as to the respective pro forma percentage ownership of the Combined Company and limits the impact of external factors on the Mergers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the merger consideration, consisting of RLJ Common Shares, which will be listed for trading on the NYSE, continues to provide liquidity for
FelCor common stockholders desiring to liquidate their investment after the Mergers; </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the opinion of BofA Merrill Lynch, dated April&nbsp;23, 2017, to the FelCor Board as to the fairness, from a financial point of view and as
of the date of the opinion, of the Common Exchange Ratio provided for in the REIT Merger to the holders of FelCor Common Stock, as more fully described below in the section entitled "The REIT
Merger&#151;Opinion of FelCor's Financial Advisor" beginning on page&nbsp;90; </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the potential for less attractive strategic alternatives being available to FelCor in the future as a result of macroeconomic or industry
specific trends; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Merger Agreement permits FelCor to continue to pay its stockholders regular quarterly dividends of up to $0.06 per FelCor Common Stock
through consummation of the REIT Merger; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the REIT Merger is subject to approval by holders of a majority of the outstanding FelCor Common Stock; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Merger Agreement provides FelCor with the ability, under certain specified circumstances, to consider an acquisition transaction if the
FelCor Board determines it could reasonably be expected to lead to a Superior Proposal and provides the FelCor Board with the ability, under certain specified circumstances, to make a change in
recommendation and to terminate the Merger Agreement following such change in recommendation and/or in order to enter into an agreement with respect to a Superior Proposal upon payment of a
$39&nbsp;million termination fee; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the fact that the receipt of the merger consideration by FelCor common stockholders in exchange for their FelCor Common Stock in the REIT
Merger will be a taxable transaction for federal income tax purposes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the commitment on the part of each of FelCor and RLJ to complete the Mergers as reflected in their respective obligations under the terms of
the Merger Agreement and the absence of any required government consents, and the likelihood that the Mergers will be completed on a timely basis; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>81</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=91,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=643709,FOLIO='81',FILE='DISK127:[17ZBR1.17ZBR49201]CQ49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:37' -->
<A NAME="page_cq49201_1_82"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the other terms of the Merger Agreement, including representations, warranties and covenants of the parties, as well as the conditions to their
respective obligations under the Merger Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FelCor Board also considered a variety of risks and other potentially negative factors in considering the Merger Agreement, the Mergers and the other transactions contemplated by the
Merger Agreement, including the following material factors:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that, because the Common Exchange Ratio is fixed in the Merger Agreement and will not fluctuate as a result of changes in the market value of
FelCor Common Stock or RLJ Common Shares, a decline in the value of RLJ Common Shares unmatched by a similar decline in the value of FelCor Common Stock, or an increase in the value of FelCor Common
Stock without a similar increase in the value of RLJ Common Shares, would reduce the relative value of the RLJ Common Shares received in the Mergers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risk that a different strategic alternative could prove to be more beneficial to FelCor stockholders than the proposed Mergers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the fact that FelCor had not fully implemented certain strategic initiatives, including consummating certain asset sales and reducing G&amp;A
expenses, which may have improved FelCor's future earnings and increased the overall enterprise value; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that, under the terms of the Merger Agreement, FelCor must pay to RLJ a $39&nbsp;million termination fee if the Merger Agreement is
terminated under certain circumstances, which might discourage or deter other parties from proposing an alternative transaction that may be more advantageous to FelCor stockholders, or which may
become payable in circumstances where no alternative transaction or Superior Proposal is available to FelCor; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms of the Merger Agreement place limitations on the ability of FelCor to solicit, initiate, knowingly encourage or knowingly facilitate
any inquiries or the making of any proposal by or with a third party with respect to a competing transaction and to furnish information to, or enter into discussions with, a third party interested in
pursuing an alternative strategic transaction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risk that, while the Mergers are expected to be completed, there is no assurance that all of the conditions to the parties' obligations to
complete the Mergers will be satisfied or waived; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risk of diverting management focus and resources from operational matters and other strategic opportunities while working to implement the
Mergers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the consummation of the Mergers is subject to the approval of the RLJ shareholders and the Mergers will not close if the RLJ shareholders do
not approve the RLJ Share Issuance Proposal; </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that, under the terms of the Merger Agreement, in certain circumstances, the RLJ Board may make a change in recommendation, as more fully
described in the section entitled "The Merger Agreement&#151;Acquisition Proposals; Change in Recommendation" beginning on page&nbsp;125; </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provisions in the Merger Agreement restricting operation of FelCor's business during the period between the signing of the Merger Agreement and
consummation of the Mergers may delay or prevent FelCor from undertaking business opportunities that may arise or other actions it would otherwise take with respect to its operations absent the
pending completion of the Mergers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the expenses to be incurred in connection with the Mergers; and </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the types and nature of the risks described under the section entitled "Risk Factors" beginning on page&nbsp;35.


</FONT></DD>

</DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>82</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=92,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=590853,FOLIO='82',FILE='DISK127:[17ZBR1.17ZBR49201]CQ49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:37' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cs49201_1_83"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing discussion of the factors considered by the FelCor Board is not intended to be exhaustive and is not provided in any specific order or ranking, but
rather includes material factors considered by the FelCor Board. In view of the wide variety of factors considered in connection with their respective evaluation of the Merger Agreement, the Mergers
and the other transactions contemplated by the Merger Agreement, and the complexity of these matters, the FelCor Board did not consider it practical to, and did not attempt to, quantify, rank or
otherwise assign any relative or specific weights or values to the different factors considered and individuals may have given different weights to different factors. The FelCor Board conducted an
overall review of the factors considered and determined that, in the aggregate, the potential benefits considered outweighed the potential risks or possible negative consequences of approving the
Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The explanation and reasoning of the FelCor Board and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors
discussed in the section entitled "Cautionary Statement Regarding Forward-Looking Statements" beginning on page&nbsp;45.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>After careful consideration, for the reasons set forth above, the FelCor Board has approved the Merger Agreement, the Mergers and the other transactions
contemplated thereby and has determined that the transactions contemplated by the Merger Agreement are advisable and in the best interests of FelCor and its stockholders and recommends to the FelCor
common stockholders that they vote "FOR" the REIT Merger Proposal, "FOR" the FelCor Compensation Proposal and "FOR" the FelCor Adjournment Proposal.</B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cs49201_opinion_of_rlj_s_financial_advisor"> </A>
<A NAME="toc_cs49201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Opinion of RLJ's Financial Advisor    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ engaged Barclays to act as its financial advisor to RLJ in connection with a potential acquisition of FelCor. On April&nbsp;23, 2017,
Barclays rendered its oral opinion which was subsequently confirmed in writing to the RLJ Board that, based upon and subject to the qualifications, limitations and assumptions stated in the written
opinion as of such date, the Common Exchange Ratio to be paid by RLJ pursuant to the Merger Agreement was fair from a financial point of view to RLJ. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The full text of Barclays' written opinion, dated as of April&nbsp;23, 2017, is attached to this joint proxy statement/prospectus as Annex&nbsp;B. Barclays'
written opinion sets forth, among other things, the assumptions made, procedures followed, factors considered and limitations upon the review undertaken by Barclays in rendering its opinion. You are
encouraged to read the opinion carefully in its entirety. The following is a summary of Barclays' opinion and the methodology that Barclays used to render its opinion. This summary is qualified in its
entirety by reference to the full text of the opinion.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays'
opinion, the issuance of which was approved by Barclays' Fairness Opinion Committee, is addressed to the RLJ Board, addresses only the fairness, from a financial point of view,
of the Common Exchange Ratio to be paid by RLJ in the REIT Merger and does not constitute a recommendation to any shareholder of RLJ as to how such shareholder should vote with respect to the RLJ
Share Issuance or any other matter. The terms of the REIT Merger were determined through arm's-length negotiations between RLJ and FelCor and were unanimously approved by the RLJ Board. Barclays did
not recommend any specific form of consideration to RLJ or that any specific form of consideration constituted the only appropriate consideration for the REIT Merger. Barclays was not requested to
address, and its opinion does not in any manner address, RLJ's underlying business decision to proceed with or effect the Mergers. In addition, Barclays expressed no opinion on, and its opinion does
not in any manner address, the fairness of the amount or the nature of any compensation to any officers, directors or employees of any parties to the REIT Merger, or any class of such persons,
relative to the Common Exchange Ratio to be paid by RLJ in the REIT Merger. No limitations were </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>83</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=93,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=13093,FOLIO='83',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<A NAME="page_cs49201_1_84"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>imposed
by the RLJ Board upon Barclays with respect to the investigations made or procedures followed by it in rendering its opinion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at its opinion, Barclays, among other things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed and analyzed a draft of the Merger Agreement, dated as of April&nbsp;23, 2017 and the specific terms of the Mergers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed and analyzed publicly available information concerning RLJ and FelCor that Barclays believed to be relevant to its analysis, including
RLJ's Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2016 and FelCor's Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2016; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed and analyzed financial and operating information with respect to the business, operations and prospects of RLJ furnished to Barclays
by RLJ, including certain financial forecasts relating to RLJ prepared by RLJ management (the "RLJ Projections"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed and analyzed financial and operating information with respect to the business, operations and prospects of FelCor furnished to
Barclays by FelCor, including certain financial forecasts relating to FelCor prepared by FelCor management, as extrapolated by RLJ for year 2021 and approved for Barclays' use by RLJ (the "FelCor
Projections"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed and analyzed financial and operating information with respect to the business, operations and prospects of FelCor furnished to
Barclays by RLJ, including certain financial forecasts relating to FelCor prepared by RLJ management (the "Adjusted FelCor Projections"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed and analyzed the pro forma impact of the Mergers on the future financial performance of the Combined Company, including cost savings,
operating synergies and certain dis-synergies expected by management of RLJ to result from the combination of the businesses of RLJ and FelCor (the "expected synergies"); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed and analyzed a comparison of the historical and projected financial results and present financial condition of RLJ and FelCor with
each other and with those of other companies that Barclays deemed relevant; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed and analyzed a comparison of the financial terms of the Mergers with the financial terms of certain other transactions that Barclays
deemed relevant; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed and analyzed published estimates of independent research analysts with respect to the future financial performance, net asset value
and price targets of RLJ and FelCor; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> had discussions with the management of RLJ concerning its business, operations, assets, liabilities, financial condition and prospects; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> undertook such other studies, analyses and investigations as Barclays deemed appropriate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at its opinion, Barclays assumed and relied upon the accuracy and completeness of the financial and other information used by Barclays without any independent verification of
such information (and did not assume responsibility or liability for any independent verification of such information) and further relied upon the assurances of management of RLJ that they were not
aware
of any facts or circumstances that would make such information inaccurate or misleading. With respect to the RLJ Projections, upon the advice of RLJ, Barclays assumed that such projections were
reasonably prepared on a basis reflecting the best currently available estimates and judgments of the management of RLJ as to the future financial performance of RLJ and that RLJ would perform
substantially in accordance with such projections. With respect to the Adjusted FelCor Projections, upon the advice of RLJ, Barclays assumed that such projections were reasonably prepared on a basis
reflecting the best currently available estimates and judgments of the management of RLJ as to the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>84</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=94,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=916298,FOLIO='84',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<A NAME="page_cs49201_1_85"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>future
financial performance of FelCor and that FelCor would perform substantially in accordance with such projections. Furthermore, upon the advice and direction of RLJ, Barclays assumed that the
amounts and timing of the expected synergies were reasonable and that the expected synergies would be realized in accordance with such estimates. In arriving at its opinion, Barclays assumed no
responsibility for and expressed no view as to any such projections or estimates (including the expected synergies) or the assumptions on which they were based. In arriving at its opinion, Barclays
did not conduct a physical inspection of the properties and facilities of RLJ or FelCor and did not make or obtain any evaluations or appraisals of the assets or liabilities of RLJ or FelCor.
Barclays' opinion was necessarily based upon market, economic and other conditions as they existed on, and could be evaluated as of, April&nbsp;23, 2017. Barclays assumed no responsibility for
updating or revising its opinion based on events or circumstances that may have occurred after April&nbsp;23, 2017. Barclays expressed no opinion as to the prices at which (i)&nbsp;shares of
FelCor Common Stock would trade following the announcement of the Mergers or (ii)&nbsp;RLJ Common Shares would trade following the announcement or consummation of the Mergers. Barclays' opinion
should not be viewed as providing any assurance that the market value of the RLJ Common Shares to be held by the shareholders of RLJ after the consummation of the Mergers will be in excess of the
market value of the RLJ Common Shares owned by such shareholders at any time prior to the announcement or consummation of the Mergers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Barclays assumed that the executed Merger Agreement conformed in all material respects to the last draft reviewed by Barclays. Barclays assumed the accuracy of the
representations and warranties contained in the Merger Agreement and all agreements related thereto. Barclays also assumed, upon the advice and at the instruction of RLJ, that all material
governmental, regulatory and third party approvals, consents and releases for the Mergers would be obtained within the constraints contemplated by the Merger Agreement and that the Mergers would be
consummated in accordance with the terms of the Merger Agreement without waiver, modification or amendment of any material term, condition or agreement thereof. Barclays did not express any opinion as
to any tax or other consequences that might result from the Mergers, nor does Barclays' opinion address any legal, tax, regulatory or accounting matters, as to which Barclays understands that RLJ has
obtained such advice as it deemed necessary from qualified professionals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with rendering its opinion, Barclays performed certain financial, comparative and other analyses as summarized below. In arriving at its opinion, Barclays did not ascribe a
specific range of values to the RLJ Common Shares or the FelCor Common Stock but rather made its determination as to fairness, from a financial point of view, to RLJ of the Common Exchange Ratio to be
paid by RLJ
in the REIT Merger on the basis of various financial and comparative analyses. The preparation of a fairness opinion is a complex process and involves various determinations as to the most appropriate
and relevant methods of financial and comparative analyses and the application of those methods to the particular circumstances. Therefore, a fairness opinion is not readily susceptible to summary
description. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at its opinion, Barclays did not attribute any particular weight to any single analysis or factor considered by it but rather made qualitative judgments as to the
significance and relevance of each analysis and factor relative to all other analyses and factors performed and considered by it and in the context of the circumstances of the particular transaction.
Accordingly, Barclays believes that its analyses must be considered as a whole, as considering any portion of such analyses and factors, without considering all analyses and factors as a whole, could
create a misleading or incomplete view of the process underlying its opinion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the material financial analyses used by Barclays in preparing its opinion to the RLJ Board. Certain financial analyses summarized below include information
presented in tabular format. In order to fully understand the financial analyses used by Barclays, the tables must be read together with the text of each summary, as the tables alone do not constitute
a complete description of the financial analyses. In performing its analyses, Barclays made numerous assumptions </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>85</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=95,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=123459,FOLIO='85',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<A NAME="page_cs49201_1_86"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>with
respect to industry performance, general business and economic conditions and other matters, many of which are beyond the control of RLJ or any other parties to the Mergers. None of RLJ, FelCor,
Barclays or any other person assumes responsibility if future results are materially different from those discussed. Any estimates contained in these analyses are not necessarily indicative of actual
values or predictive of future results or values, which may be significantly more or less favorable than as set forth below. In addition, analyses relating to the value of the businesses do not
purport to be appraisals or reflect the prices at which the businesses may actually be sold. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Discounted Cash Flow Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to estimate the present value of the RLJ Common Shares and the FelCor Common Stock, Barclays performed a discounted cash flow analysis
of RLJ and FelCor. A discounted cash flow analysis is a traditional valuation methodology used to derive a valuation of an asset by calculating the "present value" of estimated future cash flows of
the asset. "Present value" refers to the current value of future cash flows or amounts and is obtained by discounting those future
cash flows or amounts by a discount rate that takes into account macroeconomic assumptions and estimates of risk, the opportunity cost of capital, expected returns and other appropriate factors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
calculate the estimated enterprise value of RLJ using the discounted cash flow method, Barclays added RLJ's (i)&nbsp;projected unlevered free cash flows for fiscal years 2017
through 2021 based on the RLJ Projections to (ii)&nbsp;the "terminal value" as of 2022 for RLJ, and discounted such amounts to their respective present value using a range of selected discount
rates. The unlevered free cash flows were calculated by taking earnings before interest, tax expense, depreciation and amortization ("EBITDA") and subtracting capital expenditures, taxes and working
capital requirements. The residual value of RLJ at the end of the forecast period, or "terminal value," was estimated by selecting a range of multiples of 11.5x to 12.5x, which was based on Barclays'
professional judgment and experience, and which was applied to the estimated 2022 EBITDA. The cash flows and terminal values were then discounted to present value as of December&nbsp;31, 2016 using
discount rates ranging from 8.5% to 9.5%. The range of discount rates was selected based on an analysis of the weighted average cost of capital of RLJ. Barclays then calculated a range of implied
prices per share of RLJ by subtracting estimated net debt as of December&nbsp;31, 2016 from the estimated enterprise value using the discounted cash flow method and dividing such amount by the fully
diluted number of RLJ Common Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
calculate the estimated enterprise value of FelCor using the discounted cash flow method, Barclays added FelCor's (i)&nbsp;projected unlevered free cash flows for fiscal years 2017
through 2021 based on the Adjusted FelCor Projections, (ii)&nbsp;the "terminal value" as of 2022 for FelCor, and discounted such amounts to their respective present value using a range of selected
discount rates, (iii)&nbsp;projected unlevered free cash flows for one asset subject to a ground lease expected to be terminated in the future, discounted to its present value using a range of
selected discount rates and (iv)&nbsp;the estimated market value provided by management of RLJ for select assets not included in the unlevered free cash flows or terminal value of FelCor. The
unlevered free cash flows were calculated by taking EBITDA and subtracting capital expenditures, taxes or other working capital requirements. The residual value of FelCor at the end of the forecast
period, or "terminal value," was estimated by selecting a range of multiples of 12.0x to 13.0x, which was based on Barclays' professional judgment and experience, and which was applied to the
estimated 2022 EBITDA. The cash flows and terminal values were then discounted to present value as of December&nbsp;31, 2016 using discount rates ranging from 9.0% to 10.0%. The range of discount
rates was selected based on an analysis of the weighted average cost of capital of FelCor. Barclays then calculated a range of implied prices per share of FelCor by subtracting estimated net debt (as
adjusted for expected net cash proceeds for one asset under contract for sale at the time of signing the Merger Agreement) and the liquidation value of convertible preferred equity as of
December&nbsp;31, 2016 from the estimated enterprise value using the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>86</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=96,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=924328,FOLIO='86',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<A NAME="page_cs49201_1_87"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>discounted
cash flow method and dividing such amount by the fully diluted number of shares of FelCor Common Stock. The following summarizes the result of these calculations for each of RLJ and FelCor: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="112pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Price Per Share </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$22.07 - $25.50</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FelCor</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$7.58 - $9.38</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using
the ranges of implied equity values of RLJ and FelCor resulting from the foregoing analysis, Barclays calculated a range of implied exchange ratios by (1)&nbsp;dividing the
lowest implied total price per share of FelCor Common Stock by the highest implied price per RLJ Common Share to arrive at the low end of the implied exchange ratio range, and (2)&nbsp;dividing the
highest implied total price per share of FelCor Common Stock by the lowest implied price per RLJ Common Share to arrive at the high end of the implied exchange ratio range for such valuation method. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on this implied per share equity value range for RLJ and FelCor, Barclays calculated an implied exchange ratio range of 0.297x to 0.425x. Barclays noted that on the basis of the
discounted cash flow analysis, the exchange ratio of 0.362 RLJ Common Shares per share of FelCor Common Stock to be paid by RLJ pursuant to the Merger Agreement was within the range of implied
exchange ratios calculated in this analysis. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Selected Comparable Public Company Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to assess how the public market values shares of similar publicly traded companies and to provide a range of relative implied equity
values per RLJ Common Share and per share of FelCor Common Stock by reference to these companies, which could then be used to calculate implied exchange ratio ranges, Barclays reviewed and compared
specific financial and operating data relating to RLJ and FelCor with selected companies that Barclays, based on its experience in the lodging real estate industry and considering similarity in
company portfolio, size, asset type, asset quality and geographic exposure, deemed comparable to RLJ and FelCor. The selected comparable companies were: </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


RLJ Primary Comparables  </I></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Apple Hospitality REIT&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Chatham Lodging Trust </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Hersha Hospitality Trust </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Summit Hotel Properties,&nbsp;Inc. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FelCor Primary Comparables  </I></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ashford Hospitality Prime,&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ashford Hospitality Trust,&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Chesapeake Lodging Trust </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> DiamondRock Hospitality Company </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Hospitality Properties Trust </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Host Hotels&nbsp;&amp; Resorts&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> LaSalle Hotel Properties </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Park Hotels&nbsp;&amp; Resorts&nbsp;Inc. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>87</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=97,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=176155,FOLIO='87',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<A NAME="page_cs49201_1_88"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Pebblebrook Hotel Trust </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ryman Hospitality Properties,&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Sunstone Hotel Investors,&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Xenia Hotels&nbsp;&amp; Resorts,&nbsp;Inc. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays
calculated and compared various financial multiples and ratios of RLJ, FelCor and the selected primary comparable companies. As part of its selected comparable company analysis,
Barclays calculated and analyzed each company's ratio of its enterprise value to its calendar year 2017 estimated EBITDA (which we refer to as "2017E EBITDA") based on Wall Street research consensus
estimates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of these calculations were performed, and based on publicly available financial data and closing prices, as of April&nbsp;21, 2017, the last trading date prior to the delivery of
Barclays' opinion. Barclays selected the comparable companies listed above because their businesses and operating profiles are reasonably similar to that of RLJ and FelCor, as all the selected
companies are REITs with operations that, for the purposes of the analysis of Barclays, may be considered similar to those of RLJ and FelCor, but none of the selected companies are identical to RLJ
and FelCor. However, because of the inherent differences between the business, operations and prospects of RLJ, FelCor and those of the selected comparable companies, Barclays believed that it was
inappropriate to, and therefore did not, rely solely on the quantitative results of the selected comparable company analysis. Accordingly, Barclays also made qualitative judgments concerning
differences between the business, financial and operating characteristics and prospects of RLJ and FelCor and the selected comparable companies that could affect the public trading values of each in
order to provide a context in which to consider the results of the quantitative analysis. These qualitative judgments related primarily to the differing sizes, asset mix, growth prospects,
profitability levels, leverage and degree of operational risk between RLJ, FelCor and the companies included in the selected company analysis. Based upon these judgments, Barclays selected a range of
11.0x to 12.0x multiples of 2017E EBITDA for RLJ and 11.5x to 12.5x multiples of 2017E EBITDA for FelCor and applied such range to the RLJ Projections and the Adjusted FelCor Projections,
respectively, to calculate enterprise value for the respective companies. Barclays then calculated a range of implied prices per share of RLJ by subtracting estimated net debt as of
December&nbsp;31, 2016 from the estimated enterprise value and dividing such amount by the fully diluted number of RLJ Common Shares. Barclays then calculated a range of implied prices per share of
FelCor by subtracting estimated net debt (as adjusted for expected net cash proceeds for one asset under contract for sale at the time of signing the merger agreement) and the liquidation value of
convertible preferred equity as of December&nbsp;31, 2016 from the estimated enterprise value and dividing such amount by the fully diluted number of shares of FelCor Common Stock. The following
summarizes the result of these calculations: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="112pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Price Per Share </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$23.31 - $26.25</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FelCor</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$7.33 - $8.99</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using
the ranges of implied equity values of RLJ and FelCor resulting from the foregoing analysis, Barclays calculated a range of implied exchange ratios by (1)&nbsp;dividing the
lowest implied total price per share of FelCor Common Stock by the highest implied price per RLJ Common Share to arrive at the low end of the implied exchange ratio range, and (2)&nbsp;dividing the
highest implied total price per share of FelCor Common Stock by the lowest implied price per RLJ Common Share to arrive at the high end of the implied exchange ratio range for such valuation method. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on this implied per share equity value range for RLJ and FelCor, Barclays calculated an implied exchange ratio range of 0.279x to 0.386x. Barclays noted that on the basis of the
selected comparable company analysis, the exchange ratio of 0.362 RLJ Common Shares per share of FelCor </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>88</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=98,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=91145,FOLIO='88',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<A NAME="page_cs49201_1_89"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Common
Stock to be paid by RLJ pursuant to the Merger Agreement was within the range of implied exchange ratios calculated in this analysis. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Selected Precedent Transaction Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays reviewed and compared the purchase prices and financial multiples paid in selected other transactions that Barclays, based on its
experience with merger and acquisition transactions, deemed relevant. Barclays chose such transactions based on, among other things, the similarity of the applicable target companies in the
transactions to FelCor with respect to company portfolio, size, asset type, asset quality and geographic exposure and other characteristics that Barclays deemed relevant. The selected precedent
transactions were: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="227pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="191pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Month and Year Announced

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Acquiror </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>September 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Blackstone</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Strategic Hotels&nbsp;&amp; Resorts,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>November 2012</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>BRE Select Hotels Corp.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Apple REIT Six,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>July 2007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Inland American Real Estate Trust,&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Apple Hospitality Five,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>June 2007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Whitehall Street Global Real Estate Fund</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Equity Inns,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>April 2007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Apollo Real Estate Advisors, Aimbridge Hospitality and JF Capital Advisors</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Eagle Hospitality Properties Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>April 2007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>J.E. Robert Companies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Highland Hospitality Corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>April 2007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Apollo Investment Corporation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Innkeepers USA Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>March 2007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Inland American Real Estate Trust,&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Winston Hotels,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>February 2007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>ING Clarion Partners,&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Apple Hospitality Two,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>May 2006</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>J.E. Robert Companies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Jameson Inns,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>May 2006</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Westmont Hospitality Group and Cadim,&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Boykin Lodging Company</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>February 2006</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Blackstone</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>MeriStar Hospitality Corporation</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using
publicly available information, Barclays analyzed the ratio of the enterprise value paid for the target company in each transaction to the EBITDA for the target company for the
preceding twelve month reporting period from when the applicable transaction was announced ("LTM EBITDA"). The following summarizes the result of these calculations: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="108pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>LTM EBITDA Multiple </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>High</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.9x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Low</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.7x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.7x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reasons for and the circumstances surrounding each of the selected precedent transactions analyzed were diverse and there are inherent differences in the business, operations,
financial conditions and prospects of FelCor and the companies included in the selected precedent transaction analysis. Accordingly, Barclays believed that a purely quantitative selected precedent
transaction analysis would not be particularly meaningful in the context of considering the REIT Merger. Barclays therefore made qualitative judgments concerning differences between the
characteristics of the selected precedent transactions and the REIT Merger which would affect the acquisition values of the selected target companies and FelCor. Based upon these judgments, Barclays
selected a range of 12.0x to 13.0x multiples of LTM EBITDA and applied such range to the FelCor projections to calculate a range of implied enterprise values for FelCor. Barclays then calculated a
range of implied prices per share of FelCor subtracting estimated net debt (as adjusted for expected net proceeds for one asset under contract for sale at the time of signing the merger agreement) and
the liquidation value of convertible </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>89</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=99,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=29973,FOLIO='89',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<A NAME="page_cs49201_1_90"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>preferred
equity as of December&nbsp;31, 2016 from the estimated enterprise value and dividing such amount by the fully diluted number of shares of FelCor Common Stock. The following summarizes the
result of these calculations; </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="112pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Price Per Share </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FelCor</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$7.90 - $9.54</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using
the ranges of implied equity values of FelCor resulting from the foregoing precedent transaction analysis, Barclays calculated a range of implied exchange ratios by
(1)&nbsp;dividing the lowest implied total price per share of FelCor Common Stock by $26.25 (the highest implied price per RLJ Common Share resulting from the above-referenced selected comparable
public company analysis) to arrive at the low end of the implied exchange ratio range, and (2)&nbsp;dividing the highest implied total price per share of FelCor Common Stock by $23.31 (the lowest
implied price per RLJ Common Share resulting from the above-referenced selected comparable public company analysis) to arrive at the high end of the implied exchange ratio range for such valuation
method. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on this implied per share equity value range for FelCor from the precedent transaction analysis and the implied per share equity value range for RLJ based on the selected
comparable public company analysis, Barclays calculated an implied exchange ratio range of 0.301x to 0.409x. Barclays noted that on the basis of the selected precedent transaction analysis, the
exchange ratio of 0.362 RLJ Common Shares per share of FelCor Common Stock to be paid by RLJ pursuant to the Merger Agreement was within the range of implied exchange ratios calculated in this
analysis. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays is acting as financial advisor to RLJ in connection with the Mergers and will receive a fee for its services of approximately
$11&nbsp;million if the Mergers consummate, $1&nbsp;million of which was payable upon rendering its opinion and the remainder of which is contingent upon the consummation of the Mergers. RLJ has
agreed to reimburse Barclays for its reasonable expenses and indemnify Barclays for certain liabilities that may arise out of its engagement. Barclays has performed various investment banking services
for RLJ in the past, and expects to perform such services in the
future, and has received, and expects to receive, customary fees for such services. Specifically, in the past two years, Barclays has performed the following investment banking and financial services:
(i)&nbsp;in May 2014, as lead underwriter for RLJ's public offering of RLJ Common Shares and (ii)&nbsp;currently as a lender in RLJ's revolving credit facility. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays,
its subsidiaries and its affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial
services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and
financial instruments (including loans and other obligations) of RLJ and FelCor for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions
and investments in such securities and financial instruments. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cs49201_opinion_of_felcor_s_financial_advisor"> </A>
<A NAME="toc_cs49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Opinion of FelCor's Financial Advisor    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor has retained BofA Merrill Lynch to act as FelCor's financial advisor in connection with the REIT Merger. BofA Merrill Lynch is an
internationally recognized investment banking firm which is regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, negotiated underwritings,
secondary distributions of listed and unlisted securities, private placements and valuations for corporate and other purposes. FelCor selected BofA Merrill Lynch to act as FelCor's financial advisor
in connection with the REIT Merger on the basis of BofA Merrill Lynch's </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>90</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=100,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=867990,FOLIO='90',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<A NAME="page_cs49201_1_91"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>experience
in transactions similar to the REIT Merger, its reputation in the investment community and its familiarity with FelCor and its business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;23, 2017, at a meeting of the FelCor Board held to evaluate the REIT Merger, BofA Merrill Lynch delivered to the FelCor Board an oral opinion, which was confirmed by
delivery of a written opinion dated April&nbsp;23, 2017, to the effect that, as of the date of the opinion and based on and subject to various assumptions and limitations described in its opinion,
the Common Exchange Ratio provided for in the REIT Merger was fair, from a financial point of view, to the holders of FelCor Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The full text of BofA Merrill Lynch's written opinion to the FelCor Board, which describes, among other things, the assumptions made, procedures followed, factors
considered and limitations on the review undertaken, is attached as Annex&nbsp;C to this document and is incorporated by reference herein in its entirety. The following summary of BofA Merrill
Lynch's opinion is qualified in its entirety by reference to the full text of the opinion. BofA Merrill Lynch delivered its opinion to the FelCor Board for the benefit and use of the FelCor Board (in
its capacity as such) in connection with and for purposes of its evaluation of the Common Exchange Ratio from a financial point of view. No opinion or view was expressed as to the relative merits of
the REIT Merger in comparison to other strategies or transactions that might be available to FelCor or in which FelCor might engage (including with respect to proposals received from AHT relating to a
possible acquisition of FelCor) or as to the underlying business decision of FelCor to proceed with or effect the REIT Merger. BofA Merrill Lynch's opinion does not address any other aspect of the
REIT Merger and does not constitute a recommendation to any stockholder as to how to vote or act in connection with the proposed REIT Merger or any related matter.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with rendering its opinion, BofA Merrill Lynch:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain publicly available business and financial information relating to FelCor and RLJ; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain internal financial and operating information with respect to the business, operations and prospects of FelCor furnished to or
discussed with BofA Merrill Lynch by the management of FelCor, including certain financial forecasts relating to FelCor prepared by the management of FelCor, referred to herein as the FelCor
forecasts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain internal financial and operating information with respect to the business, operations and prospects of RLJ furnished to or
discussed with BofA Merrill Lynch by the management of RLJ, including certain financial forecasts relating to RLJ prepared by the management of RLJ as extrapolated by FelCor for year 2021 and approved
for BofA Merrill Lynch's use by FelCor, referred to herein as the RLJ forecasts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain estimates approved by FelCor management as to the net asset values of the hospitality properties owned by FelCor and RLJ,
referred to herein as the NAV estimates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain estimates as to the amount and timing of cost savings anticipated by the managements of FelCor and RLJ to result from the REIT
Merger, referred to herein as cost savings; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> discussed the past and current business, operations, financial condition and prospects of FelCor with members of senior management of FelCor
and RLJ, and discussed the past and current business, operations, financial condition and prospects of RLJ with members of senior management of FelCor and RLJ; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed the potential pro forma financial impact of the REIT Merger on the future financial performance of RLJ, including the potential effect
on RLJ's estimated funds from operations; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>91</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=101,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=197726,FOLIO='91',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<A NAME="page_cs49201_1_92"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed the trading histories for FelCor Common Stock and RLJ Common Shares and a comparison of such trading histories with each other and
with the trading histories of other companies BofA Merrill Lynch deemed relevant; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compared certain financial and stock market information of FelCor and RLJ with similar information of other companies BofA Merrill Lynch deemed
relevant; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compared certain financial terms of the REIT Merger to financial terms, to the extent publicly available, of other transactions BofA Merrill
Lynch deemed relevant; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed the relative financial contributions of FelCor and RLJ to the future financial performance of the Combined Company on a pro forma
basis; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> considered the results of BofA Merrill Lynch's efforts, on behalf and at the direction of FelCor, to solicit indications of interest from, and
respond to inquiries of, third parties with respect to a possible transaction involving FelCor; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed a draft, dated April&nbsp;22, 2017, of the Merger Agreement, referred to herein as the Draft Agreement; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> performed such other analyses and studies and considered such other information and factors as BofA Merrill Lynch deemed appropriate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at its opinion, BofA Merrill Lynch assumed and relied upon, without independent verification, the accuracy and completeness of the financial and other information and data
publicly available or provided to or otherwise reviewed by or discussed with it and relied upon the assurances of the managements of FelCor and RLJ that they were not aware of any facts or
circumstances that would make such information or data inaccurate or misleading in any material respect. With respect to the FelCor forecasts and the NAV estimates, BofA Merrill Lynch was advised by
FelCor, and assumed, that they were reasonably prepared on bases reflecting the best currently available estimates and good faith judgments of the management of FelCor as to the future financial
performance of FelCor and the values of the hospitality properties owned by FelCor and RLJ, respectively. BofA Merrill Lynch further assumed that the proposed dispositions of certain hospitality
properties of FelCor reflected in the FelCor forecasts will be consummated in the manner and the at the values projected by FelCor. With respect to the RLJ forecasts prepared by the management of RLJ
and cost savings, BofA Merrill Lynch was advised by RLJ, and assumed, with FelCor's consent, that they were reasonably prepared on bases reflecting the best currently available estimates and good
faith judgments of the management of RLJ as to the future financial performance of RLJ and other matters covered thereby. As the FelCor Board was aware, BofA Merrill Lynch was not provided with, and
did not have access to, financial forecasts relating to RLJ prepared by management of RLJ for 2021. With respect to the RLJ forecasts for such
time period, BofA Merrill Lynch was advised by FelCor and assumed, at the direction of FelCor, that based upon management of FelCor's review and assessment of the future financial results reflected in
the RLJ forecasts, the RLJ forecasts were a reasonable basis upon which to evaluate the future financial performance of RLJ. BofA Merrill Lynch did not make or was not provided with any independent
evaluation or appraisal of the assets or liabilities (contingent or otherwise) of FelCor or RLJ, nor did it make any physical inspection of the properties or assets of FelCor or RLJ. BofA Merrill
Lynch did not evaluate the solvency or fair value of FelCor or RLJ under any state, federal or other laws relating to bankruptcy, insolvency or similar matters. BofA Merrill Lynch assumed, at the
direction of FelCor, that the REIT Merger would be consummated in accordance with its terms, without waiver, modification or amendment of any material term, condition or agreement and that, in the
course of obtaining the necessary governmental, regulatory and other approvals, consents, releases and waivers for the REIT Merger, no delay, limitation, restriction or condition, including any
divestiture requirements or amendments or modifications, would be imposed that would have an adverse effect on FelCor, RLJ or the contemplated benefits of the REIT Merger. BofA Merrill Lynch </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>92</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=102,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=675849,FOLIO='92',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<A NAME="page_cs49201_1_93"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>also
assumed, at the direction of FelCor, that the REIT Merger and the related transactions would have the tax consequences described in the Merger Agreement, and that the final executed Merger
Agreement would not differ in any material respect from the Draft Agreement reviewed by BofA Merrill Lynch. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA
Merrill Lynch expressed no view or opinion as to any related transactions or any terms or other aspects of the REIT Merger (other than the Common Exchange Ratio to the extent
expressly specified in its opinion), including, without limitation, the form or structure of the REIT Merger, the form or structure, or financial or other terms, of any related transactions, aspects
or implications of any voting or support agreements or any governance or other arrangements, agreements or understandings entered into in connection with or related to the REIT Merger, any related
transactions or otherwise. BofA Merrill Lynch's opinion was limited to the fairness, from a financial point of view, of the Common Exchange Ratio to the holders of FelCor Common Stock and no opinion
or view was expressed with respect to any consideration received in connection with the REIT Merger by the holders of any other class of securities, creditors or other constituencies of any party. In
addition, no opinion or view was expressed with respect to the fairness (financial or otherwise) of the amount, nature or any other aspect of any compensation to any of the officers, directors or
employees of any party to the REIT Merger, or class of such persons, relative to the Common Exchange Ratio. Furthermore, no opinion or view was expressed as to the relative merits of the REIT Merger
in comparison to other strategies or transactions that might be available to FelCor or in which FelCor might engage (including with respect to proposals received from AHT relating to a possible
acquisition of FelCor) or as to the underlying business decision of FelCor to proceed with or effect the REIT Merger. BofA Merrill Lynch did not express any opinion as to what the value of RLJ Common
Shares actually would be when issued or the prices at which FelCor Common Stock or RLJ Common Shares would trade at any time, including following announcement or consummation of the REIT Merger. In
addition, BofA Merrill Lynch expressed no opinion or recommendation as to how any stockholder should vote or act in connection with the REIT Merger or any related matter. Except as described above,
FelCor imposed no other limitations on the investigations made or procedures followed by BofA Merrill Lynch in rendering its opinion. BofA Merrill Lynch expressed no view or opinion with respect
to, and relied upon the assessments of FelCor, RLJ and their respective representatives regarding, legal, regulatory, accounting, tax and similar matters relating to FelCor, RLJ, their related
entities and security holders and the REIT Merger and related transactions, as to which BofA Merrill Lynch understood that FelCor and RLJ obtained such advice as they deemed necessary from qualified
professionals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA
Merrill Lynch's opinion was necessarily based on financial, economic, monetary, market and other conditions and circumstances as in effect on, and the information made available to
BofA Merrill Lynch as of, the date of its opinion. It should be understood that subsequent developments may affect its opinion, and BofA Merrill Lynch does not have any obligation to update, revise or
reaffirm its opinion. The issuance of BofA Merrill Lynch's opinion was approved by a fairness opinion review committee of BofA Merrill Lynch. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
discussion set forth below in the sections entitled "</FONT><FONT SIZE=2><I>Selected Publicly Traded Companies Analyses,</I></FONT><FONT SIZE=2>" "</FONT><FONT SIZE=2><I>Selected
Precedent Transactions Analysis</I></FONT><FONT SIZE=2>," "</FONT><FONT SIZE=2><I>Discounted Cash Flow Analyses</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>Net Asset Value
Analyses</I></FONT><FONT SIZE=2>" represents a brief summary of the material financial analyses presented by BofA Merrill Lynch to the FelCor Board in connection with its opinion. </FONT> <FONT SIZE=2><B>The financial analyses summarized below
include information presented in tabular format. In order to fully understand the financial analyses performed by BofA Merrill Lynch,
the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses performed by BofA Merrill Lynch. Considering the
data set forth in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a
misleading or incomplete view of the financial analyses performed by BofA Merrill Lynch.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>93</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=103,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=206735,FOLIO='93',FILE='DISK127:[17ZBR1.17ZBR49201]CS49201A.;15',USER='NDEWIND',CD='12-JUL-2017;20:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cu49201_1_94"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Selected Publicly Traded Companies Analyses  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch performed separate selected public companies analyses of FelCor and RLJ in which BofA Merrill Lynch reviewed and compared
financial and operating data relating to FelCor, RLJ and the selected publicly traded companies listed below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In performing a selected public companies analysis of FelCor, BofA Merrill Lynch reviewed publicly available financial and
stock market
information for FelCor and the following twelve selected
companies that BofA Merrill Lynch viewed as generally relevant as U.S. publicly traded lodging REITs (which we refer to as the "FelCor selected REITs"):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Host Hotels&nbsp;&amp; Resorts,&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Park Hotels&nbsp;&amp; Resorts&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> LaSalle Hotel Properties </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Sunstone Hotel Investors,&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ryman Hospitality Properties,&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> DiamondRock Hospitality&nbsp;Co. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Pebblebrook Hotel Trust </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Xenia Hotels&nbsp;&amp; Resorts&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Chesapeake Lodging Trust </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ashford Hospitality Trust,&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ashford Hospitality Prime,&nbsp;Inc. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA
Merrill Lynch reviewed, among other things, enterprise values of the FelCor selected REITs, calculated as equity values based on closing stock prices on April&nbsp;21, 2017, plus
debt, preferred stock and minority interest, and less cash and cash equivalents, as a multiple of calendar year 2017 estimated earnings before interest, taxes, depreciations and amortization, commonly
referred to as EBITDA. Financial data of the FelCor selected REITs (other than RLJ) were based on public filings and publicly available consensus estimates. Financial data of FelCor were based on the
FelCor forecasts. Financial data of RLJ were based on the RLJ forecasts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
overall low to high calendar year 2017 estimated EBITDA multiples observed for the FelCor selected REITs were 10.6x to 14.5x (with a mean of 12.1x and a median of 12.0x). BofA
Merrill Lynch noted that, based on the closing stock price of FelCor on April&nbsp;21, 2017 and the FelCor forecasts, the implied calendar year 2017 estimated EBITDA multiple for FelCor was 11.5x.
BofA Merrill Lynch then deducted from FelCor's 2017 estimated EBITDA the EBITDA attributable to certain assets that were assumed for disposition in the FelCor forecasts. BofA Merrill Lynch then
applied calendar year 2017 estimated EBITDA multiples derived from the FelCor selected REITs of 11.0x to 12.0x to corresponding data of FelCor, as adjusted for forecast dispositions, based on the
FelCor forecasts. Net disposition proceeds, after transaction costs and debt attributable to the disposed assets, totaled $514&nbsp;million, per the FelCor forecasts, and were assumed as cash on the
balance sheet for the purposes of BofA Merrill Lynch's analysis. This analysis indicated an approximate implied per share equity value reference range for FelCor, based on calendar year 2017 estimated
EBITDA multiples, of $8.00 and $9.40. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In performing a selected public companies analysis of RLJ, BofA Merrill Lynch reviewed publicly available financial and stock
market information
for RLJ and the following sixteen selected companies that BofA Merrill Lynch viewed as generally relevant as U.S. publicly traded REITs, consisting of
twelve U.S. publicly traded full service lodging REITs, which we refer to as the RLJ selected full service REITs, and four U.S. publicly traded select service lodging REITs, which we refer </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>94</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=104,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1009373,FOLIO='94',FILE='DISK127:[17ZBR1.17ZBR49201]CU49201A.;71',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cu49201_1_95"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>to
as the RLJ selected select service REITs and, together with the RLJ selected full service REITs, collectively refer to as the RLJ selected REITs: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="181pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>RLJ Selected Full Service REITs


<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ Selected Select Service REITs </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Host Hotels&nbsp;&amp;
Resorts,&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>
Apple&nbsp;Hospitality&nbsp;REIT,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Park Hotels&nbsp;&amp;
Resorts&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Summit Hotel
Properties</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>LaSalle Hotel
Properties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Hersha Hospitality
Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Sunstone Hotel Investors,
&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Chatham Lodging
Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Ryman Hospitality
Properties,&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> DiamondRock
Hospitality&nbsp;Co.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Pebblebrook Hotel
Trust</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Xenia Hotels&nbsp;&amp;
Resorts&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Chesapeake Lodging
Trust</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>FelCor</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Ashford Hospitality Trust,
&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Ashford Hospitality Prime,
&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA
Merrill Lynch reviewed, among other things, enterprise values of the RLJ selected REITs, calculated as equity values based on closing stock prices on April&nbsp;21, 2017, plus
debt, preferred stock and minority interest, less cash and cash equivalents, as a multiple of calendar year 2017 estimated EBITDA. Financial data of the RLJ selected REITs (other than FelCor) were
based on public filings and publicly available consensus estimates. Financial data of RLJ were based on the RLJ forecasts. Financial data of FelCor were based on the FelCor forecasts. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
overall low to high calendar year 2017 estimated EBITDA multiples observed for the RLJ selected REITs were 10.6x to 14.5x (with a mean of 12.3x and a median of 12.2x). BofA Merrill
Lynch noted that, based on the closing stock price of RLJ on April&nbsp;21, 2017 and the RLJ forecasts, the implied calendar year 2017 estimated EBITDA multiple for RLJ was 10.9x. BofA Merrill Lynch
then applied calendar year 2017 estimated EBITDA multiples derived from the RLJ selected REITs of 11.0x to 12.0x to corresponding data of RLJ based on the RLJ forecasts. This analysis indicated an
approximate
implied per share equity value reference range for RLJ, based on calendar year 2017 estimated EBITDA multiples, of $24.00 and $27.00. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilizing
the approximate implied per share equity value reference ranges derived for FelCor and RLJ described above, BofA Merrill Lynch calculated the following approximate implied
exchange ratio reference range, as compared to the exchange ratio: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="35%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Implied Exchange Ratio Reference Range

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exchange Ratio </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>0.296x - 0.392x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.362x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
company or business used in these analyses is identical or directly comparable to FelCor or RLJ. Accordingly, an evaluation of the results of these analyses is not entirely
mathematical. Rather, these analyses involve complex considerations and judgments concerning differences in financial and operating characteristics and other factors that could affect the public
trading or other values of the companies or businesses to which FelCor or RLJ were compared. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>95</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=105,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=874603,FOLIO='95',FILE='DISK127:[17ZBR1.17ZBR49201]CU49201A.;71',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cu49201_1_96"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Selected Precedent Transactions Analysis  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch reviewed, to the extent publicly available, financial information relating to the following twenty selected transactions
involving companies in the lodging industry: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="239pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Acquiror </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>HNA Group</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Hilton Worldwide Holdings,
&nbsp;Inc. (25% Ownership Position)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Apple Hospitality
REIT</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Apple REIT Ten</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Anbang</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Strategic Hotels and
Resorts</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Marriott</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Starwood
Hotels&nbsp;&amp; Resorts</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Blackstone</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Strategic Hotels and
Resorts</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Blackstone</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Hilton Hotels
Corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Whitehall Global Real
Estate</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Equity Inns</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Apollo,
Aimbridge&nbsp;&amp; JF Capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Eagle Hospitality
Properties Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>JER Partners</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Highland Hospitality
Corp.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Apollo</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Innkeepers USA
Trust</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Inland American Real
Estate Trust</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Winston Hotels</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Blackstone</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Meristar
Hospitality</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Kingdom Hotels and Colony
Capital</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Fairmont Hotels&nbsp;&amp;
Resorts</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Blackstone</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Wyndham
International&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Cindat Capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Hersha Hospitality&#151;7
Manhattan Hotels (70% Ownership Position)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Blackstone</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Apple REIT Six</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Inland American Real
Estate Trust</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Apple Hospitality
Five</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>MSREF</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> CNL&#151;8 Asset Luxury
Hotel Portfolio</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Ashford Hospitality
Trust</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> CNL&#151;51 Upper Upscale
Hotel Portfolio</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Host Marriott</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> Starwood Hotels&#151;38
Hotel Portfolio</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA
Merrill Lynch reviewed transaction values, calculated as the enterprise value implied for the target company based on the consideration payable in the selected transaction, as a
multiple of the target company's one-year forward estimated EBITDA. The observed median and mean one-year forward estimated EBITDA multiples for the selected transactions were 12.4x and 12.9x,
respectively. BofA Merrill Lynch then deducted from FelCor's 2017 estimated EBITDA the EBITDA attributable to certain assets that were assumed for disposition in the FelCor forecasts. BofA Merrill
Lynch then applied a selected range of one-year forward estimated EBITDA multiples of 11.0x to 14.0x, derived from the selected transactions to FelCor's calendar year 2017 estimated EBITDA, as
adjusted for dispositions. Estimated financial data of the selected transactions were based on publicly available information at the time of announcement of the relevant transaction. Estimated
financial data of
FelCor were based on the FelCor forecasts. Net disposition proceeds, after transaction costs and debt attributable to the disposed assets, totaled $514&nbsp;million, per the FelCor forecasts, and
were assumed as cash on the balance sheet for the purposes of BofA Merrill Lynch's analysis. This analysis indicated the following approximate implied per share equity value reference range for
FelCor, as compared to the implied value of the merger consideration based on the closing price of RLJ Common Shares as of April&nbsp;21, 2017: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="167pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Implied Per Share Equity Value Reference Range

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Merger Consideration Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$8.00 - $12.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
company or business used in these analyses is identical or directly comparable to FelCor or RLJ. Accordingly, an evaluation of the results of these analyses is not entirely
mathematical. Rather, these analyses involve complex considerations and judgments concerning differences in financial and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>96</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=106,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=760171,FOLIO='96',FILE='DISK127:[17ZBR1.17ZBR49201]CU49201A.;71',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cu49201_1_97"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>operating
characteristics and other factors that could affect the public trading or other values of the companies or businesses to which FelCor or RLJ were compared. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Discounted Cash Flow Analyses  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch performed separate discounted cash flow analyses of FelCor and RLJ to calculate ranges of implied present values of the
unlevered, after-tax free cash flows that FelCor and RLJ were forecasted to generate during fiscal years ending December&nbsp;31, 2017 through December&nbsp;31, 2021 utilizing the FelCor forecasts
and the RLJ forecasts, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In performing a discounted cash flow analysis of FelCor, BofA Merrill Lynch derived implied terminal values for FelCor by
applying terminal
forward multiples of 11.0x to 12.0x to FelCor's estimated forward EBITDA in the terminal year. Present values (as of January&nbsp;1, 2017 based on mid-year convention) of the cash flows and terminal
values were then calculated using a selected discount rate range of 9.0% to 10.0%. Included in this analysis were certain dispositions as set forth in the FelCor forecasts. This analysis indicated an
approximate implied per share equity value reference range for FelCor of $7.00 to $8.80. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In performing a discounted cash flow analysis of RLJ, BofA Merrill Lynch derived implied terminal values for RLJ by applying
terminal forward
multiples of 11.0x to 12.0x to RLJ's estimated forward EBITDA in the terminal year. Present values (as of January&nbsp;1, 2017 based on mid-year convention) of the cash flows and terminal values
were then calculated using a selected discount rate range of 8.5% to 9.5%. This analysis indicated an approximate implied per share equity value reference range for RLJ of $22.80 to $26.30. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilizing
the approximate implied per share equity value reference range described above, BofA Merrill Lynch calculated the following approximate implied exchange ratio reference range,
as compared to the exchange ratio: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="35%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Implied Exchange Ratio Reference Range

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exchange Ratio </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>0.266x - 0.386x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.362x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Net Asset Value Analyses  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch performed separate net asset value analyses of FelCor and RLJ in which BofA Merrill Lynch reviewed FelCor's and RLJ's
respective assets and liabilities based on financial and other information and data, as described below. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch performed a net asset value analysis of FelCor based on the FelCor forecasts and NAV Estimates. An estimated
range of
operating real estate values for FelCor was calculated on a property-by-property basis, taking into account FelCor's net indebtedness and preferred equity, which range implied a capitalization rate
midpoint for FelCor of 7.2%. This analysis indicated an approximate implied per share equity value reference range for FelCor of $7.60 to $8.80. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch performed a net asset value analysis of RLJ based on the RLJ forecasts and NAV Estimates. An estimated range of
operating
real estate values for RLJ was calculated on a property-by-property basis, taking into account RLJ's net indebtedness, which range implied a capitalization rate midpoint for RLJ of 7.7%. This analysis
indicated an approximate implied per share equity value reference range for RLJ of $24.40 to $26.40. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilizing
the approximate implied per share equity value reference ranges derived for FelCor and RLJ described above, BofA Merrill Lynch calculated the following approximate implied
exchange ratio reference range, as compared to the exchange ratio: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="35%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Implied Exchange Ratio Reference Range

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exchange Ratio </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>0.288x - 0.361x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.362x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>97</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=107,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1006331,FOLIO='97',FILE='DISK127:[17ZBR1.17ZBR49201]CU49201A.;71',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cu49201_1_98"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Factors  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch also noted certain additional factors that were not considered part of BofA Merrill Lynch's material financial analyses with
respect to its opinion but were referenced for informational purposes, including, among other things, the following: </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Relative Contributions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch reviewed the relative contributions of FelCor and RLJ to the Combined Company's calendar year 2017 and calendar year 2018
estimated EBITDA and estimated adjusted funds from operations ("FFO"). For purposes of this review, among other things: (i)&nbsp;FelCor's net debt included preferred equity; and (ii)&nbsp;fiscal
year 2018 figures reflect asset sales and repayment of $525&nbsp;million senior secured notes. Financial data of FelCor and RLJ were based on the FelCor forecasts and the RLJ forecasts,
respectively. This indicated the following relative contributions of FelCor to the Combined Company's calendar year 2017 and calendar year 2018 estimated EBITDA and estimated adjusted FFO, in each
case, as compared to the approximate equity ownership percentage for holders of FelCor Common Stock in the Combined Company of 29% implied by the exchange ratio:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> calendar year 2017 and calendar year 2018 estimated EBITDA of 21% and 27%, respectively; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> calendar year 2017 and calendar year 2018 estimated adjusted FFO of 28% and 30%, respectively. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Pro Forma Accretion/Dilution Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch reviewed the potential pro forma financial effect of the REIT Merger on FelCor's calendar year 2017 and calendar year 2018
estimated FFO per share taking into account, as applicable, FelCor's disposition of certain hospitality assets, based on the FelCor forecasts and the RLJ forecasts, in each case based on the exchange
ratio and after taking into account the potential cost savings. Relative to FelCor's calendar year 2017 and calendar year 2018 estimated FFO per share on a standalone basis, this review indicated
that: the REIT Merger would be accretive in calendar year 2017 and calendar year 2018. Actual results achieved by FelCor and the Combined Company may vary from forecasted results and such variations
may be material. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Pro Forma Synergies Discounted Cash Flow Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch performed a discounted cash flow analysis to calculate the implied present value of the cash flows that the Combined Company
was forecasted to generate from synergies from G&amp;A and stock amortization during fiscal years 2017 through 2021 utilizing the FelCor forecasts and the RLJ forecasts. In performing a discounted cash
flow analysis of such synergies, BofA Merrill Lynch derived implied terminal values by applying terminal forward multiples of 11.0x to 12.0x to the estimated value of such synergies in the terminal
year. Terminal values were then calculated using a selected discount rate range of 8.0% to 9.0%. This analysis indicated an implied equity value reference range for such synergies of
$166&nbsp;million to $183&nbsp;million, and an approximate implied equity value of $174.5&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Illustrative Theoretical Pro Forma Value Creation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch reviewed an illustrative theoretical pro forma value creation for holders of FelCor Common Stock that could result from the
REIT Merger based on the midpoint discounted cash flow equity value of each of FelCor and RLJ, and taking into account the estimated net G&amp;A synergies (as discussed above) and the cost of capital
synergies anticipated to be realized from the REIT Merger. Financial data of FelCor and RLJ were based on the FelCor forecasts and the RLJ forecasts, respectively. The midpoint discounted cash flow
equity value of each of FelCor and RLJ was obtained </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>98</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=108,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=499338,FOLIO='98',FILE='DISK127:[17ZBR1.17ZBR49201]CU49201A.;71',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cu49201_1_99"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>in
BofA Merrill Lynch's discounted cash flow analysis described above under "</FONT><FONT SIZE=2><I>Opinion of FelCor's Financial Advisor&#151;Discounted Cash Flow
Analysis</I></FONT><FONT SIZE=2>". This review implied an increase in equity value of $1.36 per share of FelCor Common Stock, resulting in an implied equity value of $9.23 per share of FelCor Common
Stock. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Leverage Comparison  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch reviewed a comparison of FelCor's and the Combined Company's leverage multiples, calculated as the sum of net debt plus
preferred equity divided by LTM EBITDA for fiscal years 2017 through 2021 utilizing the FelCor forecasts and the RLJ forecasts. BofA Merrill Lynch noted that such leverage multiples for projected net
debt plus preferred as a multiple of projected EBITDA of the Combined Company would be approximately 1.0x to 1.5x lower in comparison to FelCor's standalone leverage multiples. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Liquidity Comparison  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch reviewed a comparison of the values of FelCor's and the Combined Company's estimated liquidity, calculated as the sum of cash
and cash equivalents plus funds available from revolver facilities plus estimated unsecured asset borrowing capacity, for fiscal years 2018 through 2021, utilizing the FelCor forecasts and the RLJ
forecasts. BofA Merrill Lynch noted that such estimated available liquidity of the Combined Company would be approximately $2.7&nbsp;billion to $3.3&nbsp;billion higher in comparison to FelCor's
standalone estimated liquidity values. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Merrill Lynch also observed the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> historical trading performance of FelCor Common Stock and RLJ Common Shares during the 52-week period ended April&nbsp;21, 2017, which
indicated low and high closing prices for FelCor Common Stock and RLJ Common Shares during such period of approximately $5.76 and $8.34 per share and $18.96 and $24.96 per share, respectively, as
compared to the closing price of FelCor Common Stock and RLJ Common Shares on April&nbsp;21, 2017 of $7.32 per share and $23.60 per share, respectively; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> publicly available research analysts' price targets for FelCor Common Stock and RLJ Common Shares, which indicated low to high price targets
for FelCor Common Stock and RLJ Common Shares of approximately $7.00 to $9.00 per share and $21.00 to $28.00 per share, as compared to the closing price of FelCor Common Stock and RLJ Common Shares on
April&nbsp;21, 2017 of $7.32 per share and $23.60 per share, respectively; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the relationship between movements in FelCor Common Stock and RLJ Common Shares during the three-year period ended April&nbsp;21, 2017,
including the daily ratio of the closing price of FelCor Common Stock to the closing price of RLJ Common Shares during such period, and the average of this ratio calculated over various periods ended
April&nbsp;21, 2017. </FONT></DD></DL>
</UL>
<UL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Miscellaneous  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As noted above, the discussion set forth above in the sections entitled "</FONT><FONT SIZE=2><I>Selected Publicly Traded Companies
Analyses,</I></FONT><FONT SIZE=2>" "</FONT><FONT SIZE=2><I>Selected Precedent Transactions Analysis</I></FONT><FONT SIZE=2>," "</FONT><FONT SIZE=2><I>Discounted Cash Flow
Analyses</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>Net Asset Value Analyses</I></FONT><FONT SIZE=2>" is a summary of the material financial analyses presented by BofA Merrill Lynch to the
FelCor Board in connection with its opinion and is not a comprehensive description of all analyses undertaken by BofA Merrill Lynch in connection with its opinion. The preparation of a financial
opinion is a complex analytical process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods
to the particular circumstances and, therefore, a financial opinion is not readily susceptible to partial analysis </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>99</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=109,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=644577,FOLIO='99',FILE='DISK127:[17ZBR1.17ZBR49201]CU49201A.;71',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cu49201_1_100"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>or
summary description. BofA Merrill Lynch believes that its analyses summarized above must be considered as a whole. BofA Merrill Lynch further believes that selecting portions of its analyses and
the factors considered or focusing on information presented in tabular format, without considering all analyses and factors or the narrative description of the analyses, could create a misleading or
incomplete view of the processes underlying BofA Merrill Lynch's analyses and opinion. The fact that any specific analysis has been referred to in the summary above is not meant to indicate that such
analysis was given greater weight than any other analysis referred to in the summary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
performing its analyses, BofA Merrill Lynch considered industry performance, general business and economic conditions and other matters, many of which are beyond the control of FelCor
and RLJ. The estimates of the future performance of FelCor and RLJ in or underlying BofA Merrill Lynch's analyses are not necessarily indicative of actual values or actual future results, which may be
significantly more or less favorable than those estimates or those suggested by BofA Merrill Lynch's analyses. These analyses were prepared solely as part of BofA Merrill Lynch's analysis of the
fairness, from a financial point of view, to the holders of FelCor Common Stock of the Common Exchange Ratio provided for in the REIT Merger and were provided to the FelCor Board in connection with
the delivery of BofA Merrill Lynch's opinion. The analyses do not purport to be appraisals or to reflect the prices at which a company might actually be sold or the prices at which any securities have
traded or may trade at any time in the future. Accordingly, the estimates used in, and the ranges of valuations resulting from, any particular analysis described above are inherently subject to
substantial uncertainty and should not be taken to be BofA Merrill Lynch's view of the actual values of FelCor or RLJ. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
type and amount of consideration payable in the REIT Merger was determined through negotiations between FelCor and RLJ, rather than by any financial advisor, and was approved by the
FelCor Board. The decision to enter into the Merger Agreement was solely that of the FelCor Board. As described above, BofA Merrill Lynch's opinion and analyses were only one of many factors
considered by the FelCor Board in its evaluation of the proposed REIT Merger and should not be viewed as determinative of the views of the FelCor Board or management with respect to the REIT Merger or
the merger consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor
has agreed to pay BofA Merrill Lynch for its services in connection with the Merger an aggregate fee currently estimated to be approximately $25&nbsp;million, of which
$1.5&nbsp;million was payable in connection with its opinion and the remainder of which is contingent upon the completion of the Mergers. In addition, BofA Merrill Lynch would have received a
$10&nbsp;million independence fee if FelCor had not entered into the Merger Agreement and did not undergo a change of control within one year after the first unsolicited Acquisition Proposal
received after the engagement of BofA Merrill Lynch. FelCor also has agreed to reimburse BofA Merrill Lynch for its expenses incurred in connection with
BofA Merrill Lynch's engagement and to indemnify BofA Merrill Lynch, any controlling person of BofA Merrill Lynch and each of their respective directors, officers, employees, agents and affiliates
against certain liabilities, including liabilities under the federal securities laws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA
Merrill Lynch and its affiliates comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other
brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and financial advisory services and other
commercial services and products to a wide range of companies, governments and individuals. In the ordinary course of their businesses, BofA Merrill Lynch and its affiliates may invest on a principal
basis or on behalf of customers or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions in the equity, debt or other securities
or financial instruments (including derivatives, bank loans or other obligations) of FelCor, RLJ and certain of their respective affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA
Merrill Lynch and its affiliates in the past have provided, currently are providing, and in the future may provide, investment banking, commercial banking and other financial
services to FelCor and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=110,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=134857,FOLIO='100',FILE='DISK127:[17ZBR1.17ZBR49201]CU49201A.;71',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cu49201_1_101"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>have
received or in the future may receive compensation for the rendering of these services, including (i)&nbsp;having acted as a joint book runner and co-lead arranger for, and as a lender under,
certain loans and/or revolvers for FelCor, (ii)&nbsp;having acted as joint book runner to FelCor in a debt capital market transaction and in an equity follow on offering, (iii)&nbsp;having acted
as joint dealer manager in a debt tender offer, and (iv)&nbsp;having provided or providing certain treasury and trade management products and services. From April&nbsp;1, 2015 through
March&nbsp;31, 2017, BofA Merrill Lynch and its affiliates derived aggregate revenues from FelCor and its affiliates of approximately $10&nbsp;million for investment and corporate banking
services. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, BofA Merrill Lynch and its affiliates in the past have provided, currently are providing, and in the future may provide, investment banking, commercial banking and other
financial services to RLJ and have received or in the future may receive compensation for the rendering of these services, including having as a joint book runner and co-lead arranger for, and as a
lender under, certain loans and/or revolvers for RLJ. From April&nbsp;1, 2015 through March&nbsp;31, 2017, BofA Merrill Lynch and its affiliates derived aggregate revenues from RLJ and its
affiliates of approximately $4&nbsp;million for investment and corporate banking services. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="cert"></A>Certain RLJ Unaudited Prospective Financial Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although RLJ periodically may issue limited financial guidance to investors, RLJ does not as a matter of course make public long-term
projections as to future revenues, earnings or other results due to, among other reasons, the uncertainty of the underlying assumptions and estimates. However, in connection with the Mergers, RLJ's
management prepared and provided to the RLJ Board in connection with its evaluation of the transaction, and to its financial advisor Barclays, including in connection with Barclays' financial analyses
described above under the section entitled "&#151;Opinion of RLJ's Financial Advisor," certain unaudited prospective financial information regarding RLJ's operations for fiscal years 2017
through 2021 (the "RLJ Adjusted Projections"). RLJ's management also provided to the RLJ Board and Barclays, certain unaudited prospective financial information regarding FelCor's operations for
fiscal years 2017 through 2021 for purposes of evaluating the transaction, which were prepared based on the projections provided to RLJ by FelCor (the "FelCor Projections") from 2017 through 2021, as
adjusted by RLJ's management (the "RLJ Adjusted FelCor Projections"). The below summary of the RLJ Adjusted Projections and the RLJ Adjusted FelCor Projections are included for the purpose of
providing RLJ shareholders or FelCor stockholders access to certain nonpublic information that was furnished to certain parties in connection with the Mergers, and such information may not be
appropriate for other purposes, and is not included to influence the voting decision of any RLJ shareholder or FelCor stockholder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's
unaudited prospective financial information was not prepared with a view toward public disclosure, nor was it prepared with a view toward compliance with published guidelines of
the Securities and Exchange Commission or the guidelines established by the American Institute of Certified Public Accountants for preparation, presentation of prospective financial information. The
inclusion of this unaudited prospective financial information should not be regarded as an indication that such information is predictive of actual future events or results and such information should
not be relied upon as such, and readers of this joint proxy statement/prospectus are cautioned not to place undue reliance on the unaudited prospective financial information. The unaudited prospective
financial information included in this joint proxy statement/prospectus has been prepared by, and is the responsibility of, RLJ management. PricewaterhouseCoopers&nbsp;LLP has neither examined,
compiled nor performed any procedures with respect to the accompanying unaudited prospective financial information and, accordingly, PricewaterhouseCoopers&nbsp;LLP does not express an opinion or
any other form of assurance with respect thereto. The PricewaterhouseCoopers&nbsp;LLP report included in this joint proxy statement/prospectus relates to RLJ's historical financial information. It
does not extend to the prospective financial information and should not be read to do so. Furthermore, the unaudited </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>101</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=111,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=666895,FOLIO='101',FILE='DISK127:[17ZBR1.17ZBR49201]CU49201A.;71',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cu49201_1_102"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>prospective
financial information does not take into account any circumstances or events occurring after the date it was prepared. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
presented with numeric specificity, this unaudited prospective financial information was based on numerous variables and assumptions (including assumptions related to industry
performance and general business, economic, market and financial conditions and additional matters specific to RLJ's and FelCor's businesses, as applicable) that are inherently subjective and
uncertain and are beyond the control of RLJ's management. Important factors that may affect actual results and cause this unaudited prospective financial information not to be achieved include, but
are not limited to, risks and uncertainties relating to RLJ's and FelCor's businesses (including their ability to achieve strategic goals, objectives and targets over applicable periods), industry
performance, general business and economic conditions and other factors described in the sections entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors." This
unaudited prospective financial information also reflects numerous variables, expectations and assumptions available at the time they were prepared as to certain business decisions that are subject to
change. As a result, actual results may differ materially from those contained in this unaudited prospective financial information. Accordingly, there can be no assurance that the projected results
summarized below will be realized. RLJ shareholders and FelCor stockholders are urged to review the most recent SEC filings of RLJ and FelCor for a description of the reported and anticipated results
of operations and financial condition and capital resources, including in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in RLJ's and FelCor's respective
Annual Reports on Form&nbsp;10-K for the year ended December&nbsp;31, 2016 and their respective Quarterly Reports on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017, which are
incorporated by reference into this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of RLJ, FelCor or their respective officers, trustees, directors, affiliates, advisors or other representatives can give you any assurance that actual results will not differ
materially from this unaudited prospective financial information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
UNDERTAKES NO OBLIGATION TO UPDATE OR OTHERWISE REVISE OR RECONCILE THIS UNAUDITED PROSPECTIVE FINANCIAL INFORMATION TO REFLECT CIRCUMSTANCES EXISTING AFTER THE DATE THIS UNAUDITED
PROSPECTIVE FINANCIAL INFORMATION WAS GENERATED OR TO REFLECT THE OCCURRENCE OF FUTURE EVENTS, EVEN IN THE EVENT THAT ANY OR ALL OF THE ASSUMPTIONS UNDERLYING SUCH INFORMATION ARE SHOWN TO BE IN
ERROR. SINCE THE UNAUDITED PROSPECTIVE FINANCIAL INFORMATION COVERS MULTIPLE YEARS, SUCH INFORMATION BY ITS NATURE BECOMES LESS PREDICTIVE WITH EACH SUCCESSIVE YEAR. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
and FelCor may calculate certain non-GAAP financial metrics, including Adjusted EBITDA and Adjusted FFO per share, using different methodologies. Consequently, the financial metrics
presented in each company's prospective financial information disclosures and in the sections of this joint proxy statement/prospectus with respect to the opinions of the financial advisors to RLJ and
FelCor may not be directly comparable to one another. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
has not made and makes no representation to FelCor or any FelCor stockholder, in the Merger Agreement or otherwise, concerning this unaudited prospective financial information or
regarding RLJ's ultimate performance compared to the unaudited prospective financial information or that the projected results will be achieved. In light of the foregoing factors and the uncertainties
inherent in the
unaudited prospective financial information, RLJ urges all RLJ shareholders and FelCor stockholders not to place undue reliance on such information and to review RLJ's and FelCor's most recent SEC
filings for a description of RLJ's and FelCor's reported financial results. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>102</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=112,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=773810,FOLIO='102',FILE='DISK127:[17ZBR1.17ZBR49201]CU49201A.;71',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cw49201_1_103"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


RLJ Adjusted Projections  </I></B></FONT></P>


</UL>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents selected unaudited prospective financial data for the fiscal years ending&nbsp;2017 through&nbsp;2021 for RLJ
on a standalone basis. The RLJ Adjusted Projections were underwritten by RLJ's management solely for internal purposes. The RLJ Adjusted Projections were not updated to account for any circumstances
or events occurring after the date they were initially prepared and therefore should not be relied on as predictive of actual future results. In assessing the Merger, RLJ's management applied a more
conservative underwriting methodology, including the acceleration of select capital expenditures. As a result, the RLJ Adjusted Projections vary from the projections RLJ's management provided to
FelCor's management in February&nbsp;2017.

 </FONT></P>


 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>($ in millions, except per share values)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Adjusted EBITDA(1)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>368</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>371</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>370</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>381</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>394</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Unlevered Free Cash Flow(2)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>285</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>186</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>185</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>245</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>256</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted
EBITDA is a non-GAAP financial performance measure composed of EBITDA, further adjusted to exclude (1)&nbsp;transaction and pursuit costs,
(2)&nbsp;non-cash gain or loss on the sale of assets, (3)&nbsp;amortization of share-based compensation, (4)&nbsp;non-cash income taxes,(5)&nbsp;property-level severance costs, (6)&nbsp;debt
modification and extinguishment costs, and (7)&nbsp;other income and expenses outside the normal course of operations.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Unlevered
Free Cash Flow is a non-GAAP financial measure that is defined as Adjusted EBITDA less certain items such as capital expenditures and changes in working
capital. Unlevered Free Cash Flow should not be considered as an alternative to net income as a measure of operating performance or cash provided by operating activities as a cash flow measurement. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
preparing the RLJ Adjusted Projections, RLJ made a number of hotel operating and corporate assumptions. Assumptions made include, among others, market factors that would affect hotel
occupancy levels and average daily rates and hotel operating costs such as increased wages, utilities, marketing, maintenance, and property taxes. Additionally, RLJ made assumptions regarding hotel
capital needs, debt, and corporate general and expenses. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


RLJ Adjusted FelCor Projections  </I></B></FONT></P>


</UL>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the RLJ Adjusted FelCor Projections. As with the RLJ Adjusted Projections, RLJ's management derived its RLJ
Adjusted FelCor Projections using a similar conservative methodology, including applying more conservative capital estimates and corresponding revenue disruption. The RLJ Adjusted FelCor Projections
are based solely on the information available to RLJ's management at the time they were prepared and were not updated to account for any circumstances or events occurring after the date they were
initially prepared; therefore they should not be relied on as predictive of actual future results.

 </FONT></P>


 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>($ in millions)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Adjusted EBITDA (excluding select assets)(1)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>200</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>201</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>211</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>221</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>233</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Unlevered Free Cash Flow(2)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>75</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>85</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>131</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>191</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted
EBITDA is a non-GAAP financial performance measure composed of EBITDA, further adjusted to exclude (1)&nbsp;transaction and pursuit costs,
(2)&nbsp;non-cash gain or loss on the sale of assets, (3)&nbsp;amortization of share-based compensation, (4)&nbsp;non-cash income taxes, (5)&nbsp;property-level severance costs,
(6)&nbsp;debt modification and extinguishment costs, and (7)&nbsp;other income and </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>103</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=113,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=176019,FOLIO='103',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_104"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>expenses
outside the normal course of operations. Adjusted EBITDA was further adjusted to exclude select assets as of January&nbsp;1, 2017 that were identified for potential future disposition. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Unlevered
Free Cash Flow is a non-GAAP financial measure that is defined as Adjusted EBITDA less certain items such as capital expenditures and changes in working
capital. Unlevered Free Cash Flow should not be considered as an alternative to net income as a measure of operating performance or cash provided by operating activities as a cash flow measurement.
These amounts exclude net proceeds from asset dispositions.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
preparing the RLJ Adjusted FelCor Projections, RLJ made a number of hotel operating and corporate assumptions. Assumptions made include, among others, market factors that would affect
hotel occupancy levels and average daily rates and hotel operating costs such as increased wages, utilities, marketing, maintenance, and property taxes. Additionally, RLJ made assumptions regarding
hotel capital needs, debt, and corporate general and expenses. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_certain_felcor_unaudit__cw402421"> </A>
<A NAME="toc_cw49201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain FelCor Unaudited Prospective Financial Information    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although FelCor periodically may issue limited financial guidance to investors, FelCor does not as a matter of course make public long-term
projections as to future revenues, earnings or other results due to, among other reasons, the uncertainty of the underlying assumptions and estimates. However, in connection with the Mergers, FelCor's
management prepared and provided to the FelCor Board in connection with its evaluation of the transaction, and to its financial advisor BofA Merrill Lynch, including in connection with BofA Merrill
Lynch's financial analyses described above under the section entitled "&#151;Opinion of FelCor's Financial Advisor," certain unaudited prospective financial information regarding FelCor's
operations for fiscal years 2017 through 2021 (the "FelCor Projections"). The below summary of the FelCor Projections is included for the purpose of providing FelCor stockholders and RLJ shareholders
access to certain nonpublic information that was furnished to certain parties in connection with the Mergers, and such information may not be appropriate for other purposes, and is not included to
influence the voting decision of any FelCor stockholder or RLJ shareholder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FelCor Projections were not prepared with a view toward public disclosure, nor were they prepared with a view toward compliance with GAAP, the published guidelines of the SEC
regarding projections and forward-looking statements or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentations of financial projections.
The inclusion of the FelCor Projections should not be regarded as an indication that such information is predictive of actual future events or results and such information should not be relied upon as
such, and readers of this joint proxy statement/prospectus are cautioned not to place undue reliance on the FelCor Projections. The unaudited prospective financial information included in this joint
proxy statement/prospectus has been prepared by, and is the responsibility of, FelCor management. PricewaterhouseCoopers&nbsp;LLP has neither examined, compiled nor performed any procedures with
respect to the accompanying unaudited prospective financial information and, accordingly, PricewaterhouseCoopers&nbsp;LLP does not express an opinion or any other form of assurance with respect
thereto. The PricewaterhouseCoopers&nbsp;LLP report included in this joint proxy statement/prospectus relates to FelCor's historical financial information. It does not extend to the prospective
financial information and should not be read to do so. Furthermore, the unaudited prospective financial information does not take into account any circumstances or events occurring after the date it
was prepared. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
presented with numeric specificity, this unaudited prospective financial information was based on numerous variables and assumptions (including assumptions related to industry
performance and general business, economic, market and financial conditions and additional matters specific to FelCor's business) that are inherently subjective and uncertain and are beyond the
control of FelCor's management. Important factors that may affect actual results and cause this unaudited prospective </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>104</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=114,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=307107,FOLIO='104',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_105"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


financial information not to be achieved include, but are not limited to, risks and uncertainties relating to FelCor's business (including its ability to achieve strategic goals, objectives and
targets over applicable periods), industry performance, general business and economic conditions and other factors described in the sections entitled "Cautionary Statement Regarding Forward-Looking
Statements" and "Risk Factors." This unaudited prospective financial information also reflects numerous variables, expectations and assumptions available at the time they were prepared as to certain
business decisions that are subject to change. As a result, actual results may differ materially from those contained in this unaudited prospective financial information. Accordingly, there can be no
assurance that the projected results summarized below will be realized. FelCor stockholders and RLJ shareholders are urged to review the most recent SEC filings of FelCor for a description of the
reported and anticipated results of operations and financial condition and capital resources, including in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in
FelCor's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016 and the Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017, which are incorporated
by reference into this joint proxy statement/prospectus.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of FelCor, RLJ or their respective officers, trustees, directors, affiliates, advisors or other representatives can give you any assurance that actual results will not differ
materially from this unaudited prospective financial information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FELCOR UNDERTAKES NO OBLIGATION TO UPDATE OR OTHERWISE REVISE OR RECONCILE THE BELOW UNAUDITED PROSPECTIVE FINANCIAL INFORMATION TO REFLECT CIRCUMSTANCES EXISTING AFTER THE DATE THIS
UNAUDITED PROSPECTIVE FINANCIAL INFORMATION WAS GENERATED OR TO REFLECT THE OCCURRENCE OF FUTURE EVENTS, EVEN IN THE EVENT THAT ANY OR ALL OF THE ASSUMPTIONS UNDERLYING SUCH INFORMATION ARE SHOWN TO
BE IN ERROR. SINCE THE UNAUDITED PROSPECTIVE FINANCIAL INFORMATION COVERS MULTIPLE YEARS, SUCH INFORMATION BY ITS NATURE BECOMES LESS PREDICTIVE WITH EACH SUCCESSIVE YEAR.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor
and RLJ may calculate certain non-GAAP financial metrics, including Adjusted EBITDA, using different methodologies. Consequently, the financial metrics presented in each company's
prospective financial information disclosures and in the sections of this joint proxy statement/prospectus with respect to the opinions of the financial advisors to FelCor and RLJ may not be directly
comparable to one another. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor has not made and makes no representation to RLJ or any RLJ shareholder, in the Merger Agreement or otherwise, concerning the below unaudited prospective financial information or
regarding FelCor's ultimate performance compared to the unaudited prospective financial information or that the projected results will be achieved. In light of the foregoing factors and the
uncertainties inherent in the unaudited prospective financial information, FelCor urges all FelCor stockholders and RLJ
shareholders not to place undue reliance on such information and to review FelCor's most recent SEC filings for a description of FelCor's reported financial results.


</FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FelCor Projections  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FelCor Projections were based on numerous variables and assumptions, including the following: (1)&nbsp;potentially selling up to six
hotels (including three that were already being marketed)&#151;for total net proceeds of $638&nbsp;million; (2)&nbsp;cash flow projections based on FelCor's business plan for 2017 through
2021; (3)&nbsp;certain levels of property-level net operating income and capital costs based on property-specific assumptions; (4)&nbsp;no share issuances or buybacks during the projections
period; and (5)&nbsp;a $0.24 per share annual common stock dividend during the projection period. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FelCor Projections were provided to the FelCor Board and FelCor's financial advisors, BofA Merrill Lynch. The FelCor Projections were not updated to account for any circumstances or
events

 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>105</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=115,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=290224,FOLIO='105',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_106"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


occurring after the date they were initially prepared and therefore should not be relied on as predictive of actual future results. The following table presents a summary of the FelCor Projections for
the calendar years ending 2017 through 2021 for FelCor on a standalone basis and includes FelCor's share of partnerships and joint ventures.

 </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>($ in millions)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Adjusted EBITDA (excluding select assets)(1)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>235</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>221</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>220</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>231</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>240</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Unlevered Free Cash Flow(2)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>77</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>69</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>106</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>139</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>179</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted
EBITDA is a non-GAAP financial performance measure composed of EBITDA, further adjusted to exclude (1)&nbsp;unconsolidated partnerships and joint
ventures, (2)&nbsp;gains and losses related to extinguishment of debt and interest rate swaps, (3)&nbsp;gains or losses on the sale of depreciable assets and impairment losses,
(4)&nbsp;cumulative effects of any changes in accounting principles, (5)&nbsp;other expenses and costs outside the normal course of operations and (6)&nbsp;variable stock compensation.
Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect Adjusted EBITDA on the same basis. Adjusted EBITDA was further adjusted to exclude select assets as of
December&nbsp;31, 2017 that were identified for potential future disposition.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Unlevered
Free Cash Flow is a non-GAAP financial measure that is defined as Adjusted EBITDA less certain items such as capital expenditures and changes in working
capital. Unlevered Free Cash Flow should not be considered as an alternative to net income as a measure of operating performance or cash provided by operating activities as a cash flow measurement.
These amounts exclude net proceeds from asset dispositions.  </FONT></DD></DL>
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


RLJ Projections Provided to FelCor  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the unaudited prospective financial information for calendar years 2017 through 2020, which was prepared by RLJ's
management and provided to FelCor and FelCor's financial advisors, BofA Merrill Lynch, on February&nbsp;12, 2017 by RLJ with an extrapolation for calendar year 2021 as prepared by FelCor's
management (which we refer to as the "RLJ Unadjusted Projections"). The following table presents a summary of the RLJ Unadjusted Projections for RLJ on a standalone basis and includes RLJ's share of
partnerships and joint ventures. The FelCor management team made no adjustments or changes to the unaudited prospective financial information of the RLJ Unadjusted Projections that were provided by
RLJ for calendar years 2017 through 2020. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>($ in millions)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Adjusted EBITDA(1)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>376</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>383</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>388</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>399</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>410</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Unlevered Free Cash Flow(2)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>261</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>243</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>254</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>281</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>299</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted
EBITDA is a non-GAAP financial performance measure composed of EBITDA, further adjusted to exclude (1)&nbsp;transaction and pursuit costs,
(2)&nbsp;non-cash gain or loss on the sale of assets, (3)&nbsp;amortization of share-based compensation, (4)&nbsp;non-cash income taxes, (5)&nbsp;property-level severance costs,
(6)&nbsp;debt modification and extinguishment costs, and (7)&nbsp;other income and expenses outside the normal course of operations.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Unlevered
Free Cash Flow is a non-GAAP financial measure that is defined as Adjusted EBITDA less certain items such as capital expenditures and changes in working
capital. Unlevered Free Cash Flow should not be considered as an alternative to net income as a measure of operating performance or cash provided by operating activities as a cash flow measurement. </FONT></DD></DL>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>106</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=116,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=253278,FOLIO='106',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_107"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_trustees_and_management_of_rlj_after_the_mergers"> </A>
<A NAME="toc_cw49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Trustees and Management of RLJ After the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement provides that, as of the effective time of the REIT Merger, the RLJ Board of the Combined Company, will be increased to
eight trustees, including all of the current trustees of the RLJ Board and one current director of FelCor who shall be mutually acceptable to FelCor and RLJ and appointed to the board of trustees of
the Combined Company. The current trustees of RLJ are: Ross H. Bierkan, Robert L. Johnson, Robert M. La Forgia, Nathaniel A. Davis, Glenda G. McNeal, Evan Bayh and Arthur Collins. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the executive officers of RLJ immediately prior to the effective time of the Mergers will continue as an executive officer of the Combined Company following the effective time of
the Mergers. The current senior leadership team will continue to be led by Robert L. Johnson as Executive Chairman, Ross H. Bierkan as President and Chief Executive Officer, and Leslie D. Hale as
Chief Operating Officer and Chief Financial Officer. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_interests_of_rlj_s_trustees_an__int02696"> </A>
<A NAME="toc_cw49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Interests of RLJ's Trustees and Executive Officers in the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the recommendation of the RLJ Board to approve the RLJ Share Issuance, RLJ's shareholders should be aware that certain executive
officers and trustees of RLJ have certain interests in the Mergers that may be different from, or in addition to, the interests of RLJ's shareholders generally and that may present actual or potential
conflicts of interests. The RLJ Board was aware of these interests and considered them, among other matters, in reaching its decision to approve the Merger Agreement and the transactions contemplated
thereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the consummation of the Mergers, all seven of the current trustees of the RLJ Board are expected to continue as trustees of the board of trustees of the Combined Company.
Robert L. Johnson, RLJ's Executive Chairman, will serve as Executive Chairman of the Board of Trustees of the Combined Company. Nathaniel A. Davis, lead independent trustee for RLJ, will serve as lead
independent trustee for the Combined Company. In addition, Ross H. Bierkan, RLJ's President, Chief Executive Officer and Chief Investment Officer, will serve as President, Chief Executive Officer and
Chief Investment Officer of the Combined Company, and Leslie D. Hale, RLJ's Chief Operating Officer and Chief Financial Officer, will serve as Chief Operating Officer and Chief Financial Officer of
the Combined Company. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_interests_of_felcor_s_director__int02823"> </A>
<A NAME="toc_cw49201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Interests of FelCor's Directors and Executive Officers in the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the recommendation of the FelCor Board to approve the REIT Merger Proposal and the FelCor Compensation Proposal, FelCor's
stockholders should be aware that directors and executive officers of FelCor have interests in the Mergers that may be different from, or in addition to, the interests of FelCor's stockholders
generally and that may present actual or potential conflicts of interests. The FelCor Board was aware of, and considered the interests of, its directors and executive officers in reaching its decision
to approve the Merger Agreement and the transactions contemplated thereby. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Restricted Stock and FelCor RSUs  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Merger Agreement, as of the business day immediately preceding the effective time of the REIT Merger, each outstanding share of
FelCor restricted stock (to the extent not already vested) will automatically become fully vested, and at the effective time of the REIT Merger, such shares (less the shares of FelCor Common Stock
withheld to satisfy applicable withholding tax obligations) will be converted into the right to receive RLJ Common Shares based on the Common Exchange Ratio. Pursuant to the Merger Agreement, as of
the business day immediately preceding the effective time of the REIT Merger, each outstanding FelCor RSU will automatically become vested in the number of shares of FelCor Common Stock determined as
set forth in the agreement or other FelCor benefit plan governing such FelCor RSU, and at the effective time of the REIT Merger, such </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>107</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=117,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=826616,FOLIO='107',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_108"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>shares
(less the shares of FelCor Common Stock withheld to satisfy applicable withholding tax obligations) will be converted into the right to receive RLJ Common Shares based on the Common Exchange
Ratio. Any dividend equivalent rights related to a vesting FelCor RSU will become fully vested and converted into the right to receive cash. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the Merger Agreement, FelCor restricted stock and FelCor RSUs (including related dividend equivalent rights) held by an individual who is party to a change in control and
severance agreement with FelCor (as discussed further below) will become vested, as set forth in such agreement, as of a change in control, including the approval of the REIT Merger by the FelCor
common stockholders at the FelCor special meeting, which may occur prior to the business day immediately preceding the effective time of the REIT Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows, for each executive officer, (i)&nbsp;the number of shares subject to FelCor RSUs held by such officer as of the date of this joint proxy statement/prospectus
that are expected to vest; (ii)&nbsp;the value of such FelCor RSUs; (iii)&nbsp;the number of shares subject to restricted stock awards as of the date of this joint proxy statement/prospectus; and
(iv)&nbsp;the value of such awards. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"110%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares Subject<BR>
to RSUs (#)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Value of Shares<BR>
Subject to<BR>
RSUs ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares of<BR>
Restricted<BR>
Stock (#)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Value of Shares<BR>
of Restricted<BR>
Stock ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Steven R. Goldman</FONT><FONT SIZE=2><B>(2)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100,016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>798,128</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Troy A. Pentecost</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>443,597</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,539,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas C. Hendrick</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>196,890</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,571,182</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>239,400</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael C. Hughes</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>307,679</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,455,278</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jonathan H. Yellen</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>315,111</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,514,588</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As
a result of the REIT Merger, all unvested shares of FelCor restricted stock and FelCor RSUs held by the executive officers named above will, in the case of FelCor
restricted stock, become vested and, in the case of FelCor RSUs, become fully vested in the number of shares of FelCor Common Stock determined as set forth in the agreements governing such FelCor RSU,
and at the effective time of the REIT Merger, all such shares (less the shares of FelCor Common Stock withheld to satisfy applicable withholding tax obligations) will be converted into the right to
receive RLJ Common Shares based on the Common Exchange Ratio. The number of shares subject to performance-based FelCor RSUs expected to vest are determined based on truncated performance periods, as
contemplated by the agreements governing such RSUs.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pursuant
to the terms of Mr.&nbsp;Goldman's employment agreement, the accelerated vesting of Mr.&nbsp;Goldman's outstanding equity awards upon a change in
control is prorated over an 18-month period by applying a fraction, the numerator of which is the number of days in the period commencing on the date of Mr.&nbsp;Goldman's employment agreement
(February&nbsp;10, 2017) and ending on the date of such change in control, and the denominator of which is 548. The amount set forth in the table above assumes the change in control date is
August&nbsp;15, 2017. Mr.&nbsp;Goldman's employment agreement also contemplates the possibility of certain further adjustments to the acceleration of Mr.&nbsp;Goldman's outstanding equity awards
based on FelCor's total stockholder return, but no such adjustments would be required based on the assumptions used for purposes of this table.

 </FONT></DD>

</DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In each case, the value of the award is based on the amount that would be realized with respect to such award, based on an assumed value of $7.98 per share of FelCor Common Stock, which
was the average closing market price of FelCor Common Stock over the first five business days following the first public announcement of the Mergers (and which does not necessarily reflect the value
of the actual exchange ratio being used to convert the outstanding equity awards), and assuming the Mergers occurred on August&nbsp;31, 2017.

 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>108</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=118,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=67487,FOLIO='108',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_109"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Directors' and Officers' Indemnification and Insurance  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement provides that, from and after the effective time of the REIT Merger until the sixth anniversary of the effective time of
the REIT Merger, RLJ will indemnify all present and former officers, directors, partners, members, trustees or employees of FelCor or those who served on behalf of FelCor as an officer, director,
partner, member, trustee or employee of any of FelCor's subsidiaries who at any time prior to the effective time of the REIT Merger were entitled to indemnification under the charter or bylaws of
FelCor or in any indemnification agreement of FelCor or its subsidiaries or other applicable contract existing on the date of the Merger Agreement to the same extent as they are entitled to
indemnification under such charter or bylaws or existing indemnifications agreements or other applicable contracts in respect of actions or omissions occurring at or prior to the effective time of the
REIT Merger (including, without limitation, the transactions contemplated by the Merger Agreement). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Merger Agreement also requires FelCor, or if FelCor is unable to, RLJ shall cause the surviving entity, to maintain for a period of six years from the effective time of
the REIT Merger, "run-off" or "tail" director and officer liability coverage for the benefit of the directors and officers of FelCor and its subsidiaries without reduction of existing coverage under,
and having terms not less favorable to the insured persons, than the director and officer liability insurance coverage currently maintained by FelCor (as long as the annual premium does not exceed
250% of the annual premium under FelCor's existing policies). </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Change in Control and Severance Agreements  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2007, FelCor entered into change in control and severance agreements with certain of its named executive officers (each, individually, a
"NEO" and collectively, the "NEOs") (other than Mr.&nbsp;Goldman and Mr.&nbsp;Hendrick, with whom FelCor entered into similar agreements in 2015 and 2017, respectively, when they were appointed as
executive officers), Mr.&nbsp;Corcoran and certain other key employees (each, individually, an "Individual" and collectively, the "Individuals"). Each of these agreements automatically renews at
calendar year end for successive one-year terms unless terminated. In the event of a potential change in control, each Individual agrees to remain in FelCor's employ until the earlier of one year
following the potential change in control or six months following an actual
change in control. Upon the occurrence of a change in control, an Individual will be entitled to the immediate vesting of all outstanding equity incentive compensation and other benefits previously
awarded or credited to his account (which is also required by the terms of FelCor's equity grants), except that Mr.&nbsp;Goldman's vesting is subject to certain prorations in the manner set forth in
his change in control and severance agreement in the event a change in control occurs within the first 18&nbsp;months of Mr.&nbsp;Goldman's employment. In addition, if an Individual's employment
is terminated by FelCor other than for cause, retirement or disability or by the Individual for good reason (as these terms are defined in the change in control and severance agreement), the
Individual will be eligible to receive (i)&nbsp;a payment of accrued but unpaid base salary through the date of termination, all other amounts to which the Individual is then irrevocably vested
under any compensation plan of FelCor, and any earned but unpaid incentive compensation for periods preceding the date of termination, (ii)&nbsp;a lump sum severance payment equal to 2.99 (or 2.50,
in the case of Mr.&nbsp;Goldman) multiplied by the sum of that Individual's then-current base salary, </FONT><FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2> the greater of (A)&nbsp;his or her
average cash bonus (annualized for partial years of service) paid over the preceding three years of employment (or a shorter period, if employed less than three years) or (B)&nbsp;his or her target
cash bonus for the current year, (iii)&nbsp;certain benefit continuation rights for up to 24&nbsp;months (or up to 36&nbsp;months, in the case of Mr.&nbsp;Goldman) following termination, and
(iv)&nbsp;certain legal fees and expenses actually incurred. Other than for Mr.&nbsp;Goldman and Mr.&nbsp;Hendrick, FelCor will also "gross-up" the severance payment to cover excise taxes
imposed under Section&nbsp;4999 of the Code, if any, on the benefits, thereby providing such benefits to the employee on a net basis, after payment of excise taxes; this provision is part of the
2007 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>109</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=119,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=338749,FOLIO='109',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_110"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>agreements
and has not been modified in any respect since 2007 (other than for Mr.&nbsp;Goldman and Mr.&nbsp;Hendrick, who do not benefit from the "gross-up" provision). For purposes of these
agreements:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> A </FONT><FONT SIZE=2><I>change in control</I></FONT><FONT SIZE=2> generally occurs whenever: (i)&nbsp;any person or group is or becomes the
beneficial owner of 35% or more of FelCor's outstanding voting securities; (ii)&nbsp;a majority of the FelCor Board is comprised of persons designated by any person who has entered into an agreement
with FelCor to become a 35% or more beneficial owner or to effect a merger or consolidation transaction, or of persons other than those persons constituting the FelCor Board on the date of these
agreements; (iii)&nbsp;the FelCor stockholders approve either a merger or consolidation of FelCor with any other corporation or a plan or agreement under which all or substantially all of FelCor's
assets would be liquidated, distributed, sold or otherwise disposed of; or (iv)&nbsp;FelCor's Compensation Committee adopts a resolution to the effect that, in the judgment of the committee, a
change in control has effectively occurred. The approval of the REIT Merger by the FelCor common stockholders at the FelCor special meeting will be deemed to be a change in control for purposes of
these agreements. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Good reason</I></FONT><FONT SIZE=2>, generally means, among other things and subject to certain limitations, any of the
following events following a change in control, without the Individual's consent: (i)&nbsp;the assignment of any duties materially inconsistent with his status as a senior executive officer or any
substantial reduction in or restriction upon the nature, status or extent of his responsibilities or authority as compared to immediately prior to the change in control; (ii)&nbsp;a material
reduction in the Individual's annual base salary, as in effect immediately prior to the change in control, except for across-the-board salary reductions similarly affecting all of the FelCor
Executives and all executives of any person then in control of FelCor; (iii)&nbsp;the relocation of the office where the Individual is required to perform his duties, to a location more than 25
miles away; (iv)&nbsp;FelCor's failure to pay the Individual any portion of his then-current compensation, or any portion or installment of deferred compensation, within five days of the date the
payment is due; or (v)&nbsp;FelCor's failure to continue (or to substitute for) any material compensation or benefit plan that the Individual was participating in immediately prior to the change in
control. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the execution of the Merger Agreement, each NEO and Mr.&nbsp;Corcoran entered into a letter agreement that supplements the change in control and severance agreements
(the "CIC Amendment"). The CIC Amendment provides that, if the Individual's employment terminates in connection with the Mergers, any severance benefits under the change in control and severance
agreement will be payable only if the Individual executes a waiver and release within 45&nbsp;days after the Individual's date of termination. The CIC Amendment contains additional provisions
regarding the effects of a notice of termination, the date for payment of severance benefits and related matters. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_regulatory_approvals_required_for_the_mergers"> </A>
<A NAME="toc_cw49201_5"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Regulatory Approvals Required for the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ and FelCor are not aware of any material federal or state regulatory requirements that must be complied with, or approvals that must be
obtained, in connection with the Mergers or the other transactions contemplated by the Merger Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_accounting_treatment"> </A>
<A NAME="toc_cw49201_6"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Treatment    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ prepares its financial statements in accordance with GAAP. The REIT Merger will be accounted for by applying the acquisition method, which
requires the identification of the acquirer, the determination of the acquisition date, the recognition and measurement, at fair value, of the identifiable assets acquired, liabilities assumed and any
noncontrolling interest in the consolidated subsidiaries of the acquiree and recognition and measurement of goodwill or a gain from
a bargain purchase. The accounting guidance for business combinations, referred to as ASC 805, provides that in a business combination involving the exchange of equity interests, the entity issuing
the equity interests is usually the acquirer; however, all pertinent facts and circumstances must be considered, including the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>110</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=120,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=573627,FOLIO='110',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_111"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>relative
voting rights of the shareholders of the constituent companies in the combined entity, the composition of the board of trustees and senior management of the combined entity, the relative size
of the company and the terms of the exchange of equity interests in the business combination, including payment of a premium. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the fact that RLJ is the entity issuing the equity securities, that continuing RLJ shareholders are expected to own approximately 71% of the issued and outstanding common shares
of the Combined Company, and former FelCor stockholders are expected to own approximately 29% of the issued and outstanding common shares of the Combined Company and that the current trustees of the
RLJ Board and senior management will represent the majority of the board and all of the senior management of the Combined Company, and based on the terms of the REIT Merger, with FelCor common
stockholders receiving a premium (as of the trading day immediately preceding the announcement of the Mergers) over the fair market value of their FelCor Common Stock on such date, RLJ is considered
the acquirer for accounting purposes. Therefore, RLJ will recognize and measure, at fair value, the identifiable assets acquired, liabilities assumed and any noncontrolling interests in the
consolidated subsidiaries of FelCor, and RLJ will recognize and measure goodwill and any gain from a bargain purchase, in each case, upon completion of the REIT Merger. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_appraisal_rights"> </A>
<A NAME="toc_cw49201_7"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Appraisal Rights    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither holders of RLJ Common Shares nor holders of FelCor Common Stock will be entitled to appraisal rights in the REIT Merger. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_exchange_of_shares_in_the_mergers"> </A>
<A NAME="toc_cw49201_8"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Exchange of Shares in the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ has appointed Wells Fargo Shareowners Services, a division of Wells Fargo Bank N.A. to act as the exchange agent for the exchange of FelCor
Common Stock and FelCor Series&nbsp;A Preferred Stock for the merger consideration. As promptly as practicable after the effective time of the REIT Merger (but in no event later than two business
days thereafter), the exchange agent will send to each holder of record of shares of FelCor Common Stock and FelCor Series&nbsp;A Preferred Stock at the effective time of the REIT Merger who holds
FelCor Common Stock or FelCor Series&nbsp;A Preferred Stock in certificated or book-entry form&nbsp;a letter of transmittal and instructions for effecting the exchange of FelCor stock certificates
or book-entry shares for the merger consideration that the holder is entitled to receive under the Merger Agreement. Upon surrender of stock certificates or book-entry shares for cancellation along
with the executed letter of transmittal and other documents described in the instructions, a holder of shares of FelCor Common Stock will receive any whole RLJ Common Shares that such holder is
entitled to receive and cash in lieu of any fractional RLJ Common Shares such holder is entitled to receive under the Merger Agreement. Upon surrender of stock certificates or book-entry shares for
cancellation along with the executed letter of transmittal and other documents described in the instructions, a holder of shares of FelCor Series&nbsp;A Preferred Stock will receive any whole RLJ
Series&nbsp;A Preferred Shares that such holder is entitled to receive. After the effective time of the REIT Merger, FelCor will not register any transfers of FelCor Common Stock or FelCor
Series&nbsp;A Preferred Stock.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
shareholders need not take any action with respect to their share certificates or book-entry shares. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_dividends"> </A>
<A NAME="toc_cw49201_9"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividends    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ currently pays a quarterly dividend on its common shares at an annualized rate of $1.32 per share and FelCor currently pays a quarterly
dividend on its shares of common stock at an annual rate of $0.24 per share. Each of RLJ and FelCor plan to continue its current dividend policy until the closing of the Mergers. In the event that the
date of Closing occurs before the end of the then current dividend period of FelCor or RLJ, as the case may be, then each of FelCor and RLJ shall declare a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>111</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=121,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=281221,FOLIO='111',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_112"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>dividend
to the respective holders, the record date, and payment date (to the extent practicable), for which shall be the close of business on the last business day prior to the date of Closing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Merger Agreement permits RLJ to continue to pay regular quarterly dividends, and any distribution that is reasonably necessary to maintain its REIT qualification under
the Code and avoid or reduce the imposition of any corporate level tax or excise tax under the Code. The Merger Agreement permits FelCor to continue to pay regular quarterly dividends, and any
distribution that is reasonably necessary to maintain its REIT qualification under the Code and avoid or reduce the imposition of any corporate level tax or excise tax under the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the closing of the Mergers, RLJ expects to continue its current dividend policy for shareholders, subject to the discretion of the RLJ Board, which reserves the right to change
RLJ's dividend policy at any time and for any reason. See "Risk Factors&#151;Risks Related to the Combined Company Following the Mergers" on page&nbsp;40.

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_listing_of_rlj_common_shares"> </A>
<A NAME="toc_cw49201_10"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Listing of RLJ Common Shares    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is a condition to the completion of the Mergers that the RLJ Common Shares issuable in connection with the Mergers be approved for listing on
the NYSE, subject to official notice of issuance. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_deregistration_of_felcor_common_stock"> </A>
<A NAME="toc_cw49201_11"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Deregistration of FelCor Common Stock    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the Mergers are completed, the FelCor Common Stock will no longer be listed on the NYSE and will be deregistered under the Exchange Act. </FONT></P>




<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_litigation_relating_to_the_mergers"> </A>
<A NAME="toc_cw49201_12"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Litigation Relating to the Mergers

    <BR>    </B></FONT></P>


<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three putative class actions have been filed by purported stockholders of FelCor challenging the Mergers. The first suit, styled as </FONT> <FONT SIZE=2><I>George Assad v. FelCor Lodging
Trust&nbsp;Inc., et al.</I></FONT><FONT SIZE=2>, No.&nbsp;1:17-cv-01744-ELH, was filed in the United States District Court for the District
of Maryland on June&nbsp;26, 2017 and is against FelCor, its directors (including Steven&nbsp;R. Goldman, who is also an officer), FelCor&nbsp;LP, RLJ, the REIT Merger Sub, and the Partnership
Merger Sub (the "Assad Lawsuit"). The second suit, styled as </FONT><FONT SIZE=2><I>Martin Johnson&nbsp;v. FelCor Lodging Trust&nbsp;Inc., et al.</I></FONT><FONT SIZE=2>,
No.&nbsp;1:17-cv-01786-ELH, was filed in the United States District Court for the District of Maryland on June&nbsp;28, 2017, and is against FelCor and its directors (including Steven R. Goldman,
who is also an officer) (the "Johnson Lawsuit"). The third suit, styled as </FONT><FONT SIZE=2><I>Sachs Investment Group v. FelCor Lodging Trust&nbsp;Inc., et al</I></FONT><FONT SIZE=2>.,
No.&nbsp;1:17-cv-01933-ELH, was filed in the United States District Court for the District of Maryland on July&nbsp;11, 2017, and is against FelCor and its directors (including Steven&nbsp;R.
Goldman, who is also an officer) (the "Sachs Lawsuit" and, with the Assad Lawsuit and Johnson Lawsuit, the "Lawsuits").


</FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lawsuits allege that FelCor and its directors violated Section&nbsp;14(a) of the Exchange Act and Rule&nbsp;14a-9 promulgated thereunder by disseminating a false and misleading
Form&nbsp;S-4 containing a joint proxy statement/prospectus. The Lawsuits further allege that FelCor's directors violated Section&nbsp;20(a) of the Exchange Act by failing to exercise proper
control over the person(s) who violated Section&nbsp;14(a) of the Exchange Act. The Assad Lawsuit further alleges that RLJ violated Section&nbsp;20(a).

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lawsuits seek, among other things, injunctive relief preventing the parties from consummating the Mergers, rescission of the transactions contemplated by the Merger Agreement should
they be consummated, and litigation costs, including attorneys' fees. The Johnson Lawsuit and Sachs Lawsuit also seek damages to be awarded to the plaintiff and any class in the event the transactions
contemplated by the Merger Agreement are consummated. The Assad Lawsuit also seeks injunctive relief directing the defendants to disseminate a true and complete joint proxy statement/prospectus and
declaratory relief that defendants violated Sections&nbsp;14(a) and/or 20(a) of the Exchange Act and Rule&nbsp;14a-9 promulgated thereunder.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor and RLJ intend to defend vigorously against the Lawsuits.


</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>112</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=122,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=76809,FOLIO='112',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_113"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cw49201_the_merger_agreement"> </A>
<A NAME="toc_cw49201_13"> </A>
<BR></FONT><FONT SIZE=2><B>  THE MERGER AGREEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material terms of the Merger Agreement. This summary does not purport to be complete and may not contain all
of the information about the Merger Agreement that is important to you. The summary of the material terms of the Merger Agreement below and elsewhere in this joint proxy statement/prospectus is
qualified in its entirety by reference to the Merger Agreement, a copy of which is attached to this joint proxy statement/prospectus as Annex&nbsp;A and is incorporated by reference into this joint
proxy statement/prospectus. You are urged to read the Merger Agreement carefully and in its entirety because it, and not the description below or elsewhere in this joint proxy statement/prospectus, is
the legal document that governs the Mergers. </FONT></P>

<P style="font-family:times;">


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE=2><B>The Merger Agreement has been included in this joint proxy statement/prospectus to provide you with information regarding the terms of the Mergers. It is not
intended to provide you with any other factual or financial information about RLJ or FelCor or any of their respective affiliates or businesses. Information about RLJ and FelCor can be found elsewhere
in this joint proxy statement/prospectus and in the other filings each of RLJ and FelCor has made with the SEC, which are available without charge at http://www.sec.gov. See "Where You Can Find More
Information and Incorporation by Reference" beginning on page 210.</B></FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_the_mergers"> </A>
<A NAME="toc_cw49201_14"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement provides for the merger of (i)&nbsp;Partnership Merger Sub, an indirect wholly-owned subsidiary of the Operating
Partnership, with and into FelCor&nbsp;LP and (ii)&nbsp;FelCor with and into REIT Merger Sub, a wholly-owned subsidiary of the Operating Partnership. At the effective time of the Partnership
Merger, the separate corporate existence of Partnership Merger Sub will cease and FelCor&nbsp;LP will survive the Partnership Merger as an indirect wholly-owned subsidiary of the Operating
Partnership. At the effective time of the REIT Merger, the separate corporate existence of FelCor will cease and REIT Merger Sub will survive the REIT Merger as a wholly-owned subsidiary of the
Operating Partnership. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_closing;_effective_time_of_the_mergers"> </A>
<A NAME="toc_cw49201_15"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Closing; Effective Time of the Mergers    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Closing will occur:</FONT></P>


<UL>
<DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> as promptly as practicable (but no later than the second business day) after satisfaction or waiver of the closing conditions in the Merger
Agreement, which are described under "Conditions to Complete the Mergers" beginning on page 129 (other than those conditions that by their terms are required to be satisfied or waived at the Closing,
but subject to the satisfaction or waiver of such conditions); or </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> on such other date as may be specified by the parties. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership Merger will become effective upon such time as the certificate of merger for the Partnership Merger has been filed with the Secretary of State of the State of Delaware,
or such later time that the parties will have agreed upon and designated in such certificate of merger as the effective time of the Partnership Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
REIT Merger will become effective upon such time as the articles of merger for the REIT Merger have been accepted for record by the Maryland State Department of Assessments and
Taxation, or such later time which the parties will have agreed upon and designated in such articles of merger as the effective time of the REIT Merger. The REIT Merger will occur as soon as
practicable following the effective time of the Partnership Merger. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>113</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=123,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=97689,FOLIO='113',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_114"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_organizational_documents"> </A>
<A NAME="toc_cw49201_16"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Organizational Documents    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The agreement of limited partnership of Partnership Merger Sub, as in effect immediately prior to the effective time of the Partnership Merger,
except for such changes as may be necessary to reflect any change of name of the surviving entity of the Partnership Merger, will be the agreement of limited partnership of such surviving entity
immediately following the effective time of the Partnership Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
limited liability company agreement of REIT Merger Sub, as in effect immediately prior to the effective time of the REIT Merger, except for such changes as may be necessary to
reflect any change of name of the surviving entity of the REIT Merger, will be the limited liability company agreement of such surviving entity immediately following the effective time of the REIT
Merger. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_consideration_for_the_mergers"> </A>
<A NAME="toc_cw49201_17"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Consideration for the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Merger Agreement, at the Partnership Merger effective time, each outstanding FelCor&nbsp;LP Common Unit held by a
limited partner of FelCor&nbsp;LP (other than FelCor or a subsidiary of FelCor) and issued and outstanding immediately prior to the effective time of the Partnership Merger will automatically be
converted into 0.362 Operating Partnership Common Units and each holder thereof will be admitted as a limited partner of the Operating Partnership; provided that in lieu of receiving such Operating
Partnership Common Units each such limited partner of FelCor&nbsp;LP will have the right to elect to receive, for each outstanding FelCor&nbsp;LP Common Unit, 0.362&nbsp;RLJ Common Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the terms of the Merger Agreement, at the REIT Merger effective time:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each share of FelCor Common Stock issued and outstanding immediately prior to the effective time of the REIT Merger (other than shares of
FelCor Common Stock held by any wholly-owned subsidiary of FelCor, RLJ or any subsidiary of RLJ, which will automatically be canceled and retried and cease to exist, and no payment will be made with
respect thereto) will automatically be converted into the right to receive 0.362 RLJ Common Shares; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each share of FelCor Series&nbsp;A Preferred Stock issued and outstanding immediately prior to the effective time of the REIT Merger will
automatically be converted into the right to receive from the Operating Partnership one share of newly created RLJ Series&nbsp;A Preferred Shares; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each share of FelCor restricted stock granted pursuant to FelCor equity plans that is outstanding as of immediately prior to the effective time
of the REIT Merger (whether or not then vested) will automatically become vested (and all restrictions with respect thereto will lapse) and each share of FelCor Common Stock resulting from the vesting
of such shares of FelCor restricted stock (less shares withheld to satisfy tax withholding obligations with respect to such vesting) will be treated as a share of FelCor Common Stock and accordingly
be converted into the right to receive 0.362 RLJ Common Shares; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each FelCor RSU award granted pursuant to FelCor equity plans that is outstanding as of immediately prior to the effective time of the REIT
Merger (whether or not then vested or subject to any performance condition that has not been satisfied) will automatically become vested to the extent determined as set forth in the agreement or other
FelCor benefit plan governing such FelCor RSU (and all restrictions with respect thereto will lapse) and each share of FelCor Common Stock resulting from the vesting of such FelCor RSUs (less shares
withheld to satisfy tax withholding obligations with respect to such vesting) will be treated as a share of FelCor Common Stock and accordingly be converted into the right to receive 0.362 RLJ Common
Shares. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
certificates or scrips representing fractional RLJ Common Shares or fractional Operating Partnership Common Units will be issued with respect to the Mergers, and such fractional
interests will </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>114</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=124,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=658711,FOLIO='114',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<A NAME="page_cw49201_1_115"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>not
entitle the owner thereof to vote or to any other rights as a holder of such interests. Each holder of FelCor Common Stock or FelCor&nbsp;LP Common Units who would otherwise have been entitled
to receive fractional RLJ Common Shares or Operating Partnership Common Units will be entitled to receive, in lieu thereof, cash, without interest, in an amount equal to such fractional RLJ Common
Shares or Operating Partnership Common Units, as applicable, multiplied by the volume weighted average price of RLJ Common Shares for the 10 trading days immediately prior to the Closing date,
starting with the opening of trading on the first trading day to the closing of the last trading day prior to the Closing date, as reported by Bloomberg. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_tax_withholding"> </A>
<A NAME="toc_cw49201_18"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tax Withholding    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of the merger consideration under the Merger Agreement is subject to applicable withholding requirements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_no_rights_of_objection_or_appraisal"> </A>
<A NAME="toc_cw49201_19"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


No Rights of Objection or Appraisal    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither holders of RLJ Common Shares nor holders of FelCor Common Stock will be entitled to appraisal rights in the REIT Merger. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cw49201_exchange_procedures"> </A>
<A NAME="toc_cw49201_20"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Exchange Procedures    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the effective time of the REIT Merger, RLJ will transfer to the Operating Partnership, and the Operating Partnership will deposit
or cause to be deposited with the exchange agent evidence of book-entry, RLJ Common Shares and RLJ Series&nbsp;A Preferred Shares and cash in an amount sufficient to pay the merger consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
promptly as practicable after the effective time of the REIT Merger (but in no event later than two business days following the effective time of the REIT Merger), if any FelCor
stockholders held certificates representing FelCor Common Stock or FelCor Series&nbsp;A Preferred Stock immediately prior to the effective time of the REIT Merger, the exchange agent will send them
a letter of transmittal and instructions for exchanging their shares of FelCor Common Stock or FelCor Series&nbsp;A Preferred Stock, as the case may be, for the applicable merger consideration. Upon
surrender of such certificates for cancellation along with the executed letter of transmittal and other required documents described in the instructions, a holder of shares of FelCor Common Stock or
FelCor Series&nbsp;A Preferred Stock will receive the applicable merger consideration. If any certificate has been lost, stolen or destroyed, then upon the making of an affidavit of that fact by the
person claiming such certificate to be lost, stolen or destroyed and, if required by the surviving entity of the REIT Merger, the posting by such person of a bond in such reasonable amount as the
surviving entity of the REIT Merger may direct, as indemnity against any claim that may be made against it with respect to such certificate, the exchange agent will issue in exchange for such lost,
stolen or destroyed certificate the applicable merger consideration to which the holder thereof is entitled pursuant to the Merger Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of shares of FelCor Common Stock or FelCor Series&nbsp;A Preferred Stock in book-entry form immediately prior to the effective time of the REIT Merger will not need to take any
action to receive the applicable merger consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exchange agent also will deliver by check or wire transfer any amounts payable in respect of dividends or distributions on RLJ Common Shares or RLJ Series&nbsp;A Preferred Shares
and any other amount such holder is entitled to receive in lieu of fractional RLJ Common Shares that such holder has the right to receive pursuant to the Merger Agreement. No interest will be paid or
accrued on the applicable merger consideration. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>115</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=125,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=937670,FOLIO='115',FILE='DISK127:[17ZBR1.17ZBR49201]CW49201A.;38',USER='OALBERT',CD='17-JUL-2017;06:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cy49201_1_116"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cy49201_representations_and_warranties"> </A>
<A NAME="toc_cy49201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Representations and Warranties    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement contains representations and warranties of each of the parties to the Merger Agreement to the other parties. The assertions
embodied in those representations and warranties were made solely for purposes of the Merger Agreement and may be subject to important confidential disclosures and qualifications and limitations
agreed to by the parties in connection with negotiating the terms of the Merger Agreement. Accordingly, neither RLJ shareholders nor FelCor stockholders should rely on representations and warranties
as characterizations of the actual state of facts or circumstances, and they should bear in mind that the representations and warranties were made solely for the benefit of the parties to the Merger
Agreement, were negotiated for purposes of allocating contractual risk among the parties to the Merger Agreement rather than to establish matters as facts, and may be subject to contractual standards
of materiality different from those generally applicable to equityholders. Moreover, information concerning the subject matter of such representations and warranties may change after the date of the
Merger Agreement, which subsequent information may or may not be reflected in public disclosures by RLJ and FelCor. This
description of the representations and warranties is included to provide RLJ shareholders and FelCor stockholders with information regarding the terms of the Merger Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the Merger Agreement, FelCor and FelCor&nbsp;LP made representations and warranties relating to, among other things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> due organization, valid existence, good standing and power and authority of FelCor and FelCor&nbsp;LP to own, lease and, to the extent
applicable, operate their properties and to carry on their business as it is now being conducted; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> due organization, valid existence and good standing and power and authority of FelCor's subsidiaries to own, lease and, to the extent
applicable, operate their properties and carry on their businesses as now being conducted; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> capital structure and capitalization of FelCor, FelCor&nbsp;LP and FelCor's subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> authority to enter into the Merger Agreement and, subject to FelCor common stockholder approval, complete the Mergers and the other
transactions contemplated by the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enforceability of the Merger Agreement against FelCor and FelCor&nbsp;LP; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> approval by the FelCor Board of the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of conflicts with, violations or breaches of, or defaults under, FelCor's and FelCor&nbsp;LP's organizational documents, certain
contracts applicable to it and its subsidiaries, and applicable laws; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> consents, approvals, authorizations and permits of, or filings with or notifications to, governmental authorities required in connection with
executing and delivering the Merger Agreement or the performance of the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor's SEC filings since January&nbsp;1, 2014, financial statements, internal controls, SEC correspondence and accounting or auditing
practices and the statements and documents contained therein; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the accuracy of the information contained in this joint proxy statement/prospectus and supplied by or on behalf of FelCor (or any FelCor
subsidiary) for inclusion or incorporation by reference in this joint proxy statement/prospectus or the registration statement on Form&nbsp;S-4 pursuant to which the RLJ Common Shares issued under
the Merger Agreement are registered; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>116</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=126,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=940917,FOLIO='116',FILE='DISK127:[17ZBR1.17ZBR49201]CY49201A.;9',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cy49201_1_117"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor's, FelCor&nbsp;LP's and each FelCor subsidiary's compliance with applicable laws (including federal securities laws); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor's internal controls over financial reporting and its disclosure controls and procedures and the absence of off-balance sheet
arrangements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of any material adverse effect, as defined below under the "Material Adverse Effect" section, on FelCor or FelCor&nbsp;LP and certain
other changes and events since December&nbsp;31, 2016 through the date of the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor's employee benefit plans and other labor and employment matters affecting FelCor, FelCor&nbsp;LP and FelCor's subsidiaries; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the material contracts of FelCor, FelCor&nbsp;LP and FelCor's subsidiaries, the enforceability of such material contracts on FelCor,
FelCor&nbsp;LP and FelCor's subsidiaries (as applicable) and the absence of notice of any violations or defaults under, any such material contract; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of any undisclosed certain litigation or investigations against or affecting FelCor, FelCor&nbsp;LP or any FelCor subsidiary by or
before any governmental authority; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> environmental matters affecting FelCor, FelCor&nbsp;LP and FelCor's subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> intellectual property matters affecting FelCor, FelCor&nbsp;LP and FelCor's subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> real property owned or leased by FelCor, FelCor&nbsp;LP and FelCor's subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> tax matters affecting FelCor, FelCor&nbsp;LP and FelCor's subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compliance with the terms and conditions, and validity, of FelCor's material insurance policies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> receipt by FelCor of an opinion from its financial advisor; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the FelCor Board's actions to render any applicable takeover statutes inapplicable to the REIT Merger and the absence of any FelCor poison
pill, stockholder rights plan or similar arrangements to which FelCor is a party or otherwise bound; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the vote of FelCor common stockholders required to consummate the transactions contemplated by the Merger Agreement on behalf of FelCor; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of a shareholder rights plan; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of any undisclosed broker's, finder's or other similar fees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain matters relating to the Investment Company Act; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor's, FelCor's affiliates' and FelCor&nbsp;LP's ownership of RLJ equity; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor's affiliate transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain matters relating to FelCor's transaction expenses; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence and disclaimer of any other representations or warranties made with respect to RLJ or any RLJ subsidiary. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the Merger Agreement, RLJ, the Operating Partnership, REIT Merger Sub and Partnership Merger Sub made representations and warranties relating to, among other
things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> due organization, valid existence, good standing and power and authority of RLJ, the Operating Partnership, REIT Merger Sub and Partnership
Merger Sub to own, lease and, to the extent applicable, operate its properties and to carry on its business as it is now being conducted; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>117</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=127,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=255459,FOLIO='117',FILE='DISK127:[17ZBR1.17ZBR49201]CY49201A.;9',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cy49201_1_118"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> due organization, valid existence and good standing and power and authority of RLJ's subsidiaries to own, lease and, to the extent applicable,
operate their properties and carry on their businesses as now being conducted; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> capital structure and capitalization of RLJ, the Operating Partnership, REIT Merger Sub, Partnership Merger Sub and RLJ's subsidiaries; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> authority to enter into the Merger Agreement and, subject to RLJ Shareholder Approval, complete the Mergers and the other transactions
contemplated by the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enforceability of the Merger Agreement against RLJ, the Operating Partnership, REIT Merger Sub and Partnership Merger Sub; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> approval by the RLJ Board of the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of conflicts with, violations or breaches of, or defaults under, RLJ's, the Operating Partnership's, REIT Merger Sub's and Partnership
Merger Sub's organizational documents, certain contracts applicable to it and its subsidiaries, and applicable laws; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> consents, approvals, authorizations and permits of, or filings with or notifications to, governmental authorities required in connection with
executing and delivering the Merger Agreement or the performance of the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ's SEC filings since January&nbsp;1, 2014, financial statements, internal controls, SEC correspondence and accounting or auditing
practices and the statements and documents contained therein; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the accuracy of the information contained in this joint proxy statement/prospectus and supplied by or on behalf of RLJ, the Operating
Partnership, REIT Merger Sub and Partnership Merger Sub (or any RLJ subsidiary) for inclusion or incorporation by reference in this joint proxy statement/prospectus or the registration statement on
Form&nbsp;S-4 pursuant to which the RLJ Common Shares issued under the Merger Agreement are registered; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ's, the Operating Partnership's, REIT Merger Sub's, Partnership Merger Sub's and each other RLJ subsidiary's compliance with applicable laws
(including federal securities laws); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of any material adverse effect, as defined below under the "Material Adverse Effect" section, on RLJ, the Operating Partnership, REIT
Merger Sub or Partnership Merger Sub and certain other changes and events since December&nbsp;31, 2016 through the date of the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ's employee benefit plans and other labor and employment matters affecting RLJ and RLJ's subsidiaries; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the material contracts of RLJ or RLJ's subsidiaries, the enforceability of such material contracts against RLJ or any RLJ subsidiary party to
such contract and the absence of notice of any violations or defaults under, any such material contract; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of any undisclosed certain litigation or investigations against or affecting RLJ, the Operating Partnership, REIT Merger Sub,
Partnership Merger Sub or any other RLJ subsidiary by or before any governmental authority; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> environmental matters affecting RLJ, the Operating Partnership, REIT Merger Sub, Partnership Merger Sub and RLJ's subsidiaries; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> intellectual property matters affecting RLJ, the Operating Partnership, REIT Merger Sub, Partnership Merger Sub and RLJ's subsidiaries; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> real property owned or leased by RLJ or any RLJ subsidiary; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>118</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=128,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=658562,FOLIO='118',FILE='DISK127:[17ZBR1.17ZBR49201]CY49201A.;9',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cy49201_1_119"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> tax matters affecting RLJ, the Operating Partnership, REIT Merger Sub, Partnership Merger Sub and each other RLJ subsidiary; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compliance with the terms and conditions and validity of RLJ's material insurance policies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> receipt by the RLJ Board of an opinion from its financial advisor; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the vote of RLJ shareholders required in connection with the execution, delivery and performance of the Merger Agreement and the Mergers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of any undisclosed broker's, finder's or other similar fees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain matters relating to the Investment Company Act; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> ownership and prior activities of REIT Merger Sub and Partnership Merger Sub; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain matters relating to the Investment Company Act; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the RLJ Board's actions to render any applicable takeover statutes inapplicable to the REIT Merger and the absence of any RLJ poison pill or
similar arrangements to which RLJ is a party or otherwise bound; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The ownership of FelCor equity by RLJ's, RLJ's affiliates' and the Operating Partnership's, RLJ's subsidiaries and their affiliates; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the RLJ Board's actions to render any applicable takeover statutes inapplicable to the issuance of RLJ Share Issuance Common Shares in
connection with the Mergers and the absence of any RLJ poison pill, shareholder rights plan or similar arrangements to which RLJ is a party or otherwise bound; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ's affiliate transactions; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence and disclaimer of any other representations or warranties made with respect to FelCor or any FelCor subsidiary. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties of all the parties to the Merger Agreement will expire upon the effective time of the Mergers. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cy49201_material_adverse_effect"> </A>
<A NAME="toc_cy49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Material Adverse Effect    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of the representations of the parties to the Merger Agreement are qualified by a "material adverse effect" standard (that is, they will not
be deemed to be untrue or incorrect unless their failure to be true and correct, individually or in the aggregate, has had or would reasonably be expected to have a material adverse effect). For the
purposes of the Merger Agreement, "material adverse effect" means any event, circumstance, change or effect (a)&nbsp;that prevents or materially impairs the ability of the applicable parties to
consummate the Mergers before the Outside Date, or (b)&nbsp;that is material and adverse to the business, assets, properties, liabilities, condition (financial or otherwise) or results of operations
of FelCor and FelCor's subsidiaries or RLJ, the Operating Partnership, REIT Merger Sup, Partnership Merger Sub and RLJ's subsidiaries, as applicable, taken as a whole, other than any event,
circumstance, change or effect to the extent arising out of or resulting from:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any failure to meet any projections or forecasts or any decrease in the market price of the party's equity (it being understood and agreed
that, subject to the other clauses of this proviso, any event, circumstance, change or effect giving rise to such failure or decrease will be taken into account in determining whether there has been a
material adverse effect); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any events, circumstances, changes or effects that affect the lodging industry generally; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>119</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=129,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=126787,FOLIO='119',FILE='DISK127:[17ZBR1.17ZBR49201]CY49201A.;9',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cy49201_1_120"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any changes in the United States or global economy or capital, financial or securities markets generally, including changes in interest or
exchange rates or changes in global, national or regional political conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the commencement, escalation or worsening of a war or armed hostilities or the occurrence of acts of terrorism or sabotage; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the negotiation, execution or announcement of the Merger Agreement, or the consummation or anticipation of the Mergers or other transactions
contemplated thereby, including the impact of any of the foregoing on relationships, contractual or otherwise, with customers, franchisors, managers, suppliers, lenders, investors, future partners or
employees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the taking of any action expressly required by, or the failure to take any action expressly prohibited by, the Merger Agreement, or the taking
of any action at the written request or with the prior written consent of the other party; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> earthquakes, hurricanes or other natural disasters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in law or GAAP or interpretations or enforcement thereof; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any stockholder or derivative litigation arising from allegations of a breach or violation of applicable law relating to the Merger Agreement
or transactions contemplated thereby; </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>which
in the case of each of the second, third, fourth and eighth clauses do not disproportionately affect the applicable party and its subsidiaries, taken as a whole, relative to other participants
in the lodging industry in the United States, and in the case of the seventh clause, does not disproportionately affect the applicable party and its subsidiaries, taken as a whole, relative to other
participants in the lodging industry in the geographic regions in which the party and its subsidiaries operate or own or lease properties. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cy49201_conduct_of_business_by_felcor___con02531"> </A>
<A NAME="toc_cy49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conduct of Business by FelCor and FelCor&nbsp;LP Pending the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Merger Agreement, FelCor and FelCor&nbsp;LP have agreed that, between the date of the Merger Agreement and the earlier to occur of
the effective time of the REIT Merger and the date, if any, on which the Merger Agreement is terminated (the "Interim Period"), they will, and will cause each of the FelCor subsidiaries to, conduct
their businesses and operations in the ordinary course and in a manner consistent with past practice in all material respects, and use commercially reasonable efforts to (i)&nbsp;maintain the
material assets and properties of FelCor and FelCor subsidiaries in their current condition (normal wear and tear and damage caused by casualty or by any reason outside of FelCor's or FelCor
subsidiaries' control excepted), (ii)&nbsp;preserve intact in all material
respects their current business organization, goodwill, ongoing businesses and relationships with third parties, (iii)&nbsp;keep available the services of their present officers and key employees
and consultants and (iv)&nbsp;maintain, in all material respects, satisfactory relationships with significant customers, franchisors, managers and suppliers and with other persons with whom they
have significant business relations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor
and FelCor&nbsp;LP have also agreed that, during the Interim Period, except to the extent required by law (or as permitted by the Merger Agreement), FelCor and FelCor&nbsp;LP
will not, and will not cause or permit any FelCor subsidiary to, do any of the following, unless RLJ agrees in writing (which agreement cannot be unreasonably withheld, subject to certain
exceptions):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> amend or propose to amend the organizational documents of FelCor or FelCor&nbsp;LP (or such equivalent organizational or governing documents
of any other FelCor subsidiary); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> split, combine, reclassify or subdivide any shares of stock or other voting securities or equity interests of FelCor or any FelCor subsidiary
or, except as contemplated by the fourth clause </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>120</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=130,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=77677,FOLIO='120',FILE='DISK127:[17ZBR1.17ZBR49201]CY49201A.;9',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cy49201_1_121"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>below,
issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution for its capital stock, other voting securities or equity interests; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> declare, set aside or pay any dividend on or make any other distributions (whether in cash, stock, property or otherwise) with respect to
shares of capital stock of FelCor or any FelCor subsidiary or other equity securities or ownership interests in FelCor or any FelCor subsidiary, except: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the declaration and payment by FelCor of regular quarterly dividends with respect to shares of FelCor Common Stock at a rate not
to exceed $0.06 per share of FelCor Common Stock,  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the declaration and payment by FelCor of regular quarterly dividends with respect to shares of FelCor Series&nbsp;A Preferred
Stock will be made in accordance with the terms of such FelCor Series&nbsp;A Preferred Stock as set forth in the FelCor charter,  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the declaration and payment of regular distributions that are required to be made in respect of FelCor&nbsp;LP units, </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the declaration and payment of dividends or distributions by any directly or indirectly wholly-owned FelCor subsidiary to its
parent entity,  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the declaration and payment of dividends or distributions by any FelCor subsidiary that is not wholly-owned, directly or
indirectly, by FelCor, in accordance with the requirements of the organizational documents of such FelCor subsidiary, and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the payment of accrued dividend equivalent rights upon the vesting of FelCor RSUs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> redeem, repurchase or otherwise acquire, or offer to redeem, repurchase or otherwise acquire, directly or indirectly, any equity securities of
FelCor or a FelCor subsidiary or any securities of FelCor or any FelCor subsidiary; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> issue, deliver, sell, pledge, dispose, encumber or grant any shares of FelCor's or any of FelCor's subsidiaries' voting securities or equity
interests, or any options, calls, warrants, convertible securities or other rights of any kind to acquire any equity interests or any other rights issued by FelCor or any FelCor subsidiary; provided,
however, that FelCor may issue shares of FelCor Common Stock upon the vesting of any FelCor restricted stock or FelCor RSU; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> grant, confer, award, or modify the terms of any options, convertible securities, restricted stock, phantom shares, equity-based compensation
or other rights to acquire, or denominated in, any of FelCor's or any FelCor's subsidiaries' equity interests; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> acquire or agree to acquire any real property, corporation, partnership, limited liability company, other business organization or any division
or material amount of assets thereof or any equity interest in or business of any firm, corporation, partnership, company, limited liability company, trust, joint venture, association or other entity
or division thereof; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> dispose of or encumber or subject to any lien other than ordinary course leasing activities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> incur, create or assume any Indebtedness (as defined in the Merger Agreement) for borrowed money or issue or amend the terms of any debt
securities or assume, guarantee or endorse, or otherwise become responsible for the Indebtedness of any other person; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> make any loans, advances or capital contributions to, or investments in, any other person or make any change in its existing borrowing or
lending arrangements for or on behalf of any of such Persons (as defined in the Merger Agreement); </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>121</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=131,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=383051,FOLIO='121',FILE='DISK127:[17ZBR1.17ZBR49201]CY49201A.;9',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cy49201_1_122"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> renew, modify or amend, terminate (other than through expiration in accordance with its terms), or waive, release, compromise or assign any
rights or claims under, any FelCor material contract or major lease; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into or amend any contract if such contract or amendment of a contract would reasonably be expected to prevent or materially impede,
interfere with, hinder or delay the consummation of the Mergers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into or modify any collective bargaining agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establish, adopt, enter into, amend, or terminate any FelCor pension plan or post-retirement benefit plan or arrangement or otherwise take any
action that subjects FelCor or its subsidiaries to material liability for pension or post-retirement benefits; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> waive, release, assign any material rights or claims or make any payment, direct or indirect, of any other liability of FelCor or any FelCor
subsidiary, in an amount in excess of $1.0&nbsp;million, before the same comes due in accordance with its terms, other than in the ordinary course of business and consistent with past practice; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> repay or refinance any material Indebtedness; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> make or commit to make any capital expenditures in excess of $1.0&nbsp;million individually or $5.0&nbsp;million in the aggregate with
respect to any FelCor property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> settle or compromise any legal action, investigation, suit or arbitration proceeding, in each case made or pending against FelCor or any of the
FelCor subsidiaries other than settlements where the amount paid is less than as agreed upon by the parties; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> hire or terminate (other than for cause) any officer or director of FelCor or any FelCor subsidiary or promote or appoint any person to a
position of officer or director of FelCor or any FelCor subsidiary; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> increase, or accelerate, the compensation, perquisites or other benefits payable or to become payable to any current or former directors,
employees or other individual service providers of FelCor or any FelCor subsidiary (other than payment of normal year-end bonuses and annual salary increases in the ordinary course consistent with
past practice and any established performance criteria); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establish, adopt, enter into, materially amend or terminate any FelCor benefit plan or employment agreement or arrangement; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> make any material change to its methods of accounting, principles or practices in effect at December&nbsp;31, 2016, except as required by a
change in GAAP (or any interpretation thereof) or in applicable law or fail to maintain all financial books and records in all material respects in accordance with GAAP (or any interpretation
thereof); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into any new line of business; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fail to duly and timely file all material reports and other material documents required to be filed with all governmental authorities and other
authorities (including the NYSE), subject to extensions permitted by law; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into, amend or modify any tax protection agreement; make, change or rescind any election relating to taxes; change a material method of
tax accounting; file or amend any income tax return or any other material tax return; settle or compromise any material U.S. federal, state, local or foreign income tax liability, audit, claim or
assessment or enter into any material closing agreement related to taxes or take any action outside the ordinary course of business that would </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>122</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=132,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=107719,FOLIO='122',FILE='DISK127:[17ZBR1.17ZBR49201]CY49201A.;9',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_cy49201_1_123"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>materially
reduce or limit the usage by RLJ or any RLJ subsidiary of any net operating losses (and carryovers thereof) or other material tax attributes of FelCor or its subsidiaries; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> merge or consolidate or adopt a plan of merger, complete or partial liquidation or resolutions providing for or authorizing such merger,
liquidation or a dissolution, consolidation, recapitalization or bankruptcy reorganization; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> permit any material insurance policy to terminate or lapse without replacing such policy with comparable coverage or amend or cancel any
material insurance policy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> initiate or consent to any material zoning reclassification of any real property or any other material change to any approved site plan,
special use permit, planned development approval or other land use entitlement affecting any FelCor property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> adopt or approve any budget or operating plan under any joint venture agreement for any period anticipated to relate to any time after the
Closing date to the extent such budget or operating plan differs from the budget or operating plan for the prior fiscal year other than to account for inflation and uncontrollable expenses; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> form any new joint ventures; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> amend or modify the compensation terms or any other obligations of FelCor contained in the engagement letter with FelCor's financial advisor in
a manner materially adverse to FelCor or RLJ or engage other financial advisors in connection with the transactions contemplated by the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> take, or agree to commit to take, any action that would reasonably be expected to result in any of the conditions to the Mergers not being
satisfied by the Outside Date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> take any action that could, or fail to take any action, the failure of which could, reasonably be expected to cause FelCor to fail to qualify
as a REIT under the Code or FelCor&nbsp;LP to cease to be treated as a partnership or disregarded entity for U.S. federal income tax purposes; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> authorize, or enter into any contract, agreement, commitment or arrangement to do any of the foregoing. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cy49201_conduct_of_business_by_rlj_and__con03109"> </A>
<A NAME="toc_cy49201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conduct of Business by RLJ and the Operating Partnership Pending the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Merger Agreement, RLJ and the Operating Partnership have agreed that during the Interim Period they will, and will cause each of their
subsidiaries to, conduct their businesses and operations in the ordinary course and in a manner consistent with past practice in all material respects, and use commercially reasonable efforts
(i)&nbsp;maintain the material assets and properties of RLJ and RLJ subsidiaries in their current condition (normal wear and tear and damage caused by casualty or by any reason outside of RLJ's or
RLJ subsidiaries' control excepted), (ii)&nbsp;preserve intact in all material respects their current business organization, goodwill, ongoing businesses and relationships with third parties,
(iii)&nbsp;keep available the services of its present officers and key employees and consultants and (iv)&nbsp;maintain, in all material respects, satisfactory relationships with significant
customers, franchisors, managers and suppliers and with other persons with whom they have significant business relations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
and the Operating Partnership have also agreed that, during the Interim Period, except to the extent required by law (or as permitted by the Merger Agreement), RLJ and the Operating
Partnership will not, and will not cause or permit any RLJ subsidiary to, do any of the following, unless FelCor agrees in writing:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> amend or propose to amend the organizational documents of RLJ or the Operating Partnership (or such equivalent organizational or governing
documents of any other RLJ subsidiary); </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>123</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=133,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=267984,FOLIO='123',FILE='DISK127:[17ZBR1.17ZBR49201]CY49201A.;9',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_da49201_1_124"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> split, combine, reclassify or subdivide any shares of stock or other voting securities or equity interests of RLJ or any RLJ subsidiary or,
except as contemplated by the fourth clause below, issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution for its capital stock, other voting securities
or equity interests; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> declare, set aside or pay any dividend on or make any other distributions (whether in cash, stock, property or otherwise) with respect to
shares of capital stock of RLJ or any RLJ subsidiary or other equity securities or ownership interests in RLJ, except: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the declaration and payment by RLJ of regular quarterly dividends with respect to shares of RLJ Common Shares at a rate not to
exceed $0.33 per share of RLJ Common Shares,  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the declaration and payment by RLJ of dividends or distributions made to RLJ by any wholly-owned subsidiary of RLJ, or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the declaration and payment of dividends or distributions made by any subsidiary of RLJ that is not wholly-owned, directly or
indirectly, by RLJ in accordance with the requirements of the organizational documents of such subsidiary; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> redeem, repurchase or otherwise acquire, or offer to redeem, repurchase or otherwise acquire, directly or indirectly, any equity securities of
RLJ or an RLJ subsidiary or any securities of RLJ or any RLJ subsidiary; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> issue, deliver, sell, pledge, dispose, encumber or grant any shares of RLJ's or any of RLJ's subsidiaries' capital stock or other voting
securities or equity interests, or any options, calls, warrants, convertible securities or other rights of any kind to acquire any equity interests or any other rights issued by RLJ or any RLJ
subsidiary; provided, however, that RLJ may issue RLJ Common Shares pursuant to awards under the RLJ equity plans; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> incur, create or assume any Indebtedness for borrowed money or issue or amend the terms of any debt securities or assume, guarantee or endorse,
or otherwise become responsible for the Indebtedness of any other person; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> acquire or agree to acquire, any real property, corporation, partnership, limited liability company, other business organization or any
division or material amount of assets thereof that would, or would reasonably be expected to, prevent or materially impair the ability of RLJ, REIT Merger Sub or Partnership Merger Sub to consummate
the Mergers before the Outside Date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into or amend any contract if such contract or amendment of a contract would reasonably be expected to prevent or materially impede,
interfere with, hinder or delay the consummation of the Mergers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fail to duly and timely file all material reports and other material documents required to be filed with all governmental authorities and other
authorities (including the NYSE), subject to extensions permitted by law; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> take any action that could, or fail to take any action, the failure of which could, reasonably be expected to cause RLJ to fail to qualify as a
REIT under the Code or the Operating Partnership to cease to be treated as a partnership or disregarded entity for U.S. federal income tax purposes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> take, or agree to commit to take, any action that would reasonably be expected to result in any of the conditions to the Mergers not being
satisfied by the Outside Date; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> authorize, or enter into any contract, agreement, commitment or arrangement to do any of the foregoing. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>124</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=134,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=413256,FOLIO='124',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_da49201_1_125"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_agreement_to_take_certain_acti__agr02608"> </A>
<A NAME="toc_da49201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Agreement to Take Certain Actions and Use Reasonable Best Efforts    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of FelCor and RLJ will (and will cause their subsidiaries to) use its reasonable best efforts to take, or cause to be taken, all actions,
and to do, or cause to be done, and to assist and cooperate with the other party in doing, all things necessary, proper or advisable under applicable law or pursuant to any contract or agreement to
consummate and make effective, as promptly as practicable, the Mergers and the other transactions contemplated by the Merger Agreement, including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the taking of all actions necessary to cause the closing conditions in the Merger Agreement, which are described below under the "Conditions to
Complete the Mergers" section, to be satisfied; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the obtaining of all necessary actions or nonactions, waivers, consents and approvals from governmental authorities or other persons necessary
in connection with the consummation of the Mergers and the other transaction contemplated by the Merger Agreement and the taking of all reasonable steps as may be necessary to obtain an approval or
waiver from, or to avoid an action or proceeding by, any governmental authority or other persons necessary in connection with the consummation of the Mergers and the other transactions contemplated by
the Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the defending of any lawsuits or other legal proceedings, whether judicial or administrative, challenging the Mergers, the Merger Agreement or
the consummation of any of the other transactions contemplated by the Merger Agreement, including seeking to have any stay or temporary restraining order entered by any court or other governmental
entity vacated or reversed; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the execution and delivery of any additional instruments necessary to consummate the transactions contemplated by and to fully carry out the
purposes of the Merger Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_non-solicitation"> </A>
<A NAME="toc_da49201_2"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Non-Solicitation    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of RLJ and FelCor have agreed to cease any existing discussions, negotiations or communications with any person conducted theretofore with
respect to any Acquisition Proposal (as defined in the Merger Agreement). The parties will use all reasonable efforts to cause all third parties who have been furnished confidential information
regarding either party in connection with the solicitation of or discussions regarding an Acquisition Proposal within the six months prior to the date of the Merger Agreement to promptly return or
destroy such information (to the extent that FelCor is entitled to have such information returned or destroyed). Moreover, neither FelCor nor RLJ will release any third party from, or waive any
provisions of, any confidentiality or standstill agreement to which it or any of its subsidiaries is a party with respect to any Acquisition Proposal. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_acquisition_proposals;_change_in_recommendation"> </A>
<A NAME="toc_da49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Acquisition Proposals; Change in Recommendation    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Interim Period, neither FelCor nor RLJ will, and will cause each of their respective subsidiaries, and its officers and directors,
managers or equivalent not to, and will use its reasonable best efforts to cause any other representatives of itself or its subsidiaries not to, directly or
indirectly:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> solicit, initiate, knowingly encourage or knowingly facilitate any inquiry, discussion, offer or request that constitutes, or could reasonably
be expected to lead to, an Acquisition Proposal (provided that the references in the definition of "Acquisition Proposal" to "twenty percent (20%)" will be deemed to be "five percent (5%)" (an
"Inquiry")); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> engage in any discussions or negotiations regarding, or furnish to any third party any nonpublic information in connection with, or otherwise
cooperate in any way with, or knowingly facilitate </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>125</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=135,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=68606,FOLIO='125',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_da49201_1_126"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>in
any way any effort by, any third party in connection with, any Acquisition Proposal or Inquiry; or </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> approve or recommend an Acquisition Proposal; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into any letter of intent, memorandum of understanding, agreement in principle, acquisition agreement, merger agreement, share purchase
agreement, asset purchase agreement, share exchange agreement, option agreement or other similar definitive agreement providing for or relating to an Acquisition Proposal; or propose or agree to do
any of the foregoing. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the Merger Agreement, "Acquisition Proposal" means, with respect to a party, any proposal or offer, whether in one transaction or a series of related transactions,
relating to any of the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> merger, consolidation, share exchange, business combination or similar transaction involving such party or any of its subsidiaries or any of
its subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> sale, lease, exchange, mortgage, pledge, license, transfer or other disposition, by merger, consolidation, share exchange, business combination
or any similar transaction, of any assets of such party or any of its subsidiaries representing 20% or more of the consolidated assets of such party and its subsidiaries, taken as a whole; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> issuance, sale or other disposition by such party or any of its subsidiaries of (including by way of merger, consolidation, share exchange,
business combination or any similar transaction) securities (or options, rights or warrants to purchase, or securities convertible into, such securities) representing 20% or more of the votes
associated with the outstanding shares of such party; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> tender offer or exchange offer in which any person or "group" (as such term is defined under the Exchange Act) will acquire beneficial
ownership (as such term is defined in Rule&nbsp;13d-3 under the Exchange Act), or the right to acquire beneficial ownership, of 20% or more of the votes associated with the outstanding shares of
such party; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> recapitalization, restructuring, liquidation, dissolution or other similar type of transaction with respect to such party in which a third
party will acquire beneficial ownership of 20% or more of the outstanding shares of such party; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> transaction that is similar in form, substance or purpose to any of the foregoing transactions. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the Merger Agreement, the term "Superior Proposal" means a written Acquisition Proposal made by a third party (except for purposes of this definition, the references in
the definition of Acquisition Proposal to "20%" are replaced with "50%") which such party's board determines in its good faith judgment (after consultation with its legal and financial advisors and
after taking into account all financial, legal, regulatory and any other aspects of the transaction described in such proposal as well as any changes to the financial terms of the Merger Agreement
proposed by the other party in response to such proposal or otherwise) to be more favorable to such party and its shareholders (solely in their capacity as such) from a financial point of view than
the transactions contemplated by the Merger Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time prior to obtaining the FelCor Stockholder Approval and RLJ Shareholder Approval, as applicable, FelCor or RLJ, as applicable, may, in response to an unsolicited bona fide
written Acquisition Proposal by a third party received after the date of the Merger Agreement (that did not result from a breach of the Merger Agreement):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> furnish non-public information to such third party, and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>126</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=136,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=911743,FOLIO='126',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_da49201_1_127"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> engage in discussions or negotiations with such third party with respect to the Acquisition Proposal if, (i)&nbsp;the FelCor Board or the RLJ
Board, as the case may be, determines in good faith, after consultation with its financial and legal advisors, that such Acquisition Proposal constitutes, or could reasonably be expected to lead to, a
Superior Proposal, and (ii)&nbsp;the FelCor Board or the RLJ Board, as the case may be, determines in good faith, after consultation with legal counsel, that failure to take such action would be
reasonably likely to be inconsistent with the duties of its directors or trustees under applicable law; provided, that such Acquisition Proposal was not solicited in violation of the Merger Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor
and RLJ will notify the other party promptly after receipt of any Acquisition Proposal or any request for non-public information relating to such party or any of its subsidiaries
by any third party, or any Inquiry (as defined in the Merger Agreement) from any person seeking to have discussions or negotiations with such party relating to a possible Acquisition Proposal. Such
notice will be made orally and confirmed in writing, and will indicate the identity of the third party making the Acquisition Proposal or Inquiry and the material terms and conditions of any
Inquiries, proposals or offers. FelCor and RLJ will also promptly notify the other, orally and in writing, if it enters into discussions or negotiations concerning any Acquisition Proposal or provides
non-public information or data to any person and keep the other party informed of the status and terms of any such proposals, offers, discussions or negotiations on a current basis, including by
providing a copy of all material documentation or correspondence relating thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the FelCor Board nor the RLJ Board nor any committee thereof, will:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> withhold, withdraw, qualify or modify, in a manner adverse to FelCor, on the one hand, or RLJ on the other hand, the FelCor Board's
recommendation that the FelCor common stockholders vote in favor of the REIT Merger (the "FelCor Recommendation") or the RLJ Board's recommendation that the RLJ shareholders vote in favor of the RLJ
Share Issuance Proposal (the "RLJ Recommendation"), as the case may be; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> approve, adopt or recommend (or publicly propose to approve, adopt or recommend) any Acquisition Proposal; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fail to include the FelCor Recommendation or the RLJ Recommendation, as the case may be, in the joint proxy statement or any
Schedule&nbsp;14D-9, as applicable; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fail to publicly recommend against any Acquisition Proposal within 10 business days of the request of the other party, and reaffirm the FelCor
Recommendation or the RLJ Recommendation, as applicable, within 10 business days of the request of the other party (any of the actions described in the first, second, or third bullet above this fourth
bullet an "Adverse Recommendation Change"); or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> approve, adopt, declare advisable or recommend (or agree to, resolve or propose to approve, adopt, declare advisable or recommend), or cause or
permit FelCor or RLJ, as applicable, to enter into any Alternative Acquisition Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time prior to obtaining the FelCor Stockholder Approval, the FelCor Board will be permitted to, and at any time prior to obtaining the RLJ Shareholder Approval, the RLJ Board will
be permitted to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> terminate the Merger Agreement to enter into a definitive agreement, including an Alternative Acquisition Agreement, with respect to a Superior
Proposal, if such board (i)&nbsp;has received an Acquisition Proposal that, in the good faith determination of such board, after consultation with its financial and legal advisors, constitutes, a
Superior Proposal, after having complied with, and giving effect to all of the adjustments which may be offered by the other party, and (ii)&nbsp;determines in good faith, after consultation with
its financial and legal advisors, that failure </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>127</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=137,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=68493,FOLIO='127',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_da49201_1_128"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>to
take such action would be inconsistent with the directors' or trustees' duties, as applicable, under applicable law; or </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> effect an Adverse Recommendation Change if, after the date of the Merger Agreement FelCor or RLJ, as applicable, receives an unsolicited bona
fide written Acquisition Proposal by a third party and that such board determines in good faith, after consultation with its financial and legal advisors, that such Acquisition Proposal constitutes,
or could reasonably be expected to lead to, a Superior Proposal, and such board determines in good faith, after consultation with its financial and legal advisors, that failure to take such action
would be inconsistent with the directors' or trustees' duties, as applicable, duties under applicable law. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
in connection with an Acquisition Proposal, neither the FelCor Board nor the RLJ Board will be entitled to terminate the Merger Agreement or effect an Adverse Recommendation
Change unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor or RLJ, as the case may be, has provided written notice (a "Notice of Superior Proposal") to the other party that it intends to take
such action and describes the material terms and conditions of, and attaches a complete copy of, the Superior Proposal that is the basis of such action, and identifies the third party making such
Superior Proposal; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> following receipt of the Notice of Superior Proposal, as the case may be, the other party will, negotiate with the receiving party in good
faith to make such adjustments in the terms and conditions of the Merger Agreement so that such Superior Proposal ceases to constitute a Superior Proposal; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> following the end of the five business day period, the FelCor Board or the RLJ Board, as the case may be, will have determined in good faith,
after consultation with its financial and legal advisors, that the Superior Proposal giving rise to the Notice of Superior Proposal continues to constitute a Superior Proposal. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_shareholder_meetings"> </A>
<A NAME="toc_da49201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Shareholder Meetings    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Merger Agreement, each of RLJ and FelCor are required to prepare and cause to be filed with the SEC this joint proxy
statement/prospectus, and as promptly as practicable after the Form&nbsp;S-4 is declared effective by the SEC, each of RLJ and FelCor must use its reasonable best efforts to cause this joint proxy
statement/prospectus to be mailed to its shareholders or stockholders, as applicable, as promptly as practicable after the Form&nbsp;S-4 is declared effective by the SEC. Each party is also required
to, as promptly as reasonably practicable following the date of the Merger Agreement, establish a record date for, duly call, give notice of, convene and hold a meeting of its stockholders or
shareholders, as applicable, for the purpose of seeking FelCor Stockholder Approval and RLJ Shareholder Approval. Each board will use its reasonable best efforts to obtain such approvals, except to
the extent that such board will have made an Adverse Recommendation Change. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_shareholder_votes"> </A>
<A NAME="toc_da49201_5"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Shareholder Votes    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor Stockholder Approval is required to effect the REIT Merger. RLJ Shareholder Approval is required to issue the RLJ Common Shares to the
FelCor common stockholders in connection with the REIT Merger. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_directors__and_officer__da402174"> </A>
<A NAME="toc_da49201_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Directors' and Officers' Indemnification and Insurance    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement provides that, from and after the effective time of the Mergers, RLJ will indemnify all present and former directors,
officers, employees, partners, members, and trustees of FelCor and its subsidiaries to the extent a claim, action, suit, proceeding or investigation
arises out of or pertains to (i)&nbsp;any action or omission or alleged action or omission in such person's capacity as a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>128</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=138,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=369914,FOLIO='128',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_da49201_1_129"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>director,
officer, partner, member, trustee or employee of FelCor or any of its subsidiaries or (ii)&nbsp;the Merger Agreement or transactions contemplated thereby. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, FelCor or the surviving entity of the REIT Merger will obtain and maintain for a period of six years from and after the effective time of the REIT Merger "run-off" or "tail"
director and officer liability coverage for the benefit of the directors and officers of FelCor and its subsidiaries, without reduction of existing coverage under, and having terms not less favorable
to the insured persons, than the director and officer liability insurance coverage presently maintained by FelCor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
all rights to exculpation and indemnification existing in favor of the present and former directors, officers, employees, partners, members, and trustees of FelCor and its
subsidiaries in the organizational documents of such entities or in any indemnification agreement with FelCor or a FelCor subsidiary will survive the Mergers and remain in full force and effect. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_certain_other_covenants"> </A>
<A NAME="toc_da49201_7"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain Other Covenants    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement contains certain other covenants of FelCor and RLJ relating to, among other
things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> affording each party reasonable access to the other parties' respective properties, offices, books, contracts, commitments, personnel and
records during the Interim Period; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> consultation regarding any press releases or other public statements with respect to the Mergers or the other transactions contemplated by the
Merger Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain employee benefit matters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the preparation, execution and filing of returns, questionnaires or other documents regarding transfer taxes; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor's cooperation with RLJ's third party debt financing or public offering; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor&nbsp;LP's reasonable best efforts, if requested by RLJ and as soon as reasonably practicable after the date of the Merger Agreement,
to commence a consent solicitation with respect to any or all of FelCor&nbsp;LP's outstanding senior notes; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the opportunity for FelCor to participate in the defense or settlement of any shareholder litigation against RLJ or their respective directors
relating to the Mergers and the other transactions contemplated by the Merger Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_conditions_to_complete_the_mergers"> </A>
<A NAME="toc_da49201_8"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conditions to Complete the Mergers    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of each of party to effect the Mergers and consummate the other transaction contemplated by the Merger Agreement are subject to
the satisfaction or waiver (to the extent permitted by law) of the following conditions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of the RLJ Shareholder Approval and the FelCor Stockholder Approval having been obtained; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> no governmental authority in the United States will have enacted, issued, promulgated, enforced or entered any law or order (whether temporary,
preliminary or permanent) which is then in effect and has the effect of making either of the Mergers illegal or otherwise preventing or prohibiting consummation of either of the Mergers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the registration statement on Form&nbsp;S-4 will have become effective under the Securities Act, and no stop order suspending the
effectiveness of the Form&nbsp;S-4 will have been issued and no proceedings for that purpose will have been initiated or be threatened by the SEC that has not been withdrawn; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>129</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=139,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=594686,FOLIO='129',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_da49201_1_130"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the approval for listing on the NYSE of the RLJ Common Shares to be issued in the REIT Merger. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of RLJ, the Operating Partnership, REIT Merger Sub and Partnership Merger Sub to complete the Mergers and the other transactions contemplated by the Merger Agreement are
further subject to the satisfaction or waiver of the following conditions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of (i)&nbsp;the representations and warranties of FelCor and FelCor&nbsp;LP regarding organization, qualification, capital structure,
authority, opinion of financial advisor, the vote required to approve the REIT Merger and no brokers as set forth in the Merger Agreement, must be true and correct in all material respects as of the
date of the Merger Agreement and as of the effective time of the Partnership Merger, as though made on and as such effective time; and (ii)&nbsp;the other representations and warranties of FelCor
and FelCor&nbsp;LP set forth in the Merger Agreement must be true and correct as of the effective time of the Partnership Merger, as though made on and as of such effective time, except
(x)&nbsp;that the accuracy of such representations and warranties that by their terms speak as of the date of the Merger Agreement or some other date will be determined as of such date and not as of
the Closing date, and (y)&nbsp;where any such failure of the representations and warranties to be true and correct would not, individually or in the aggregate, have a material adverse effect on
FelCor or FelCor&nbsp;LP (without giving effect to any "materiality" or "material adverse effect" qualifications contained therein); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor having performed in all material respects all agreements and covenants required to be performed by it under the Merger Agreement on or
prior to the Closing date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor shall have delivered to RLJ an officer's certificate, as of the Closing date, certifying to the effect that the conditions in the
foregoing two bullets have been satisfied; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of any event, circumstance or occurrence arising after the date of the Merger Agreement that, individually or in the aggregate,
constitutes or would reasonably be expected to result in a material adverse effect on FelCor or FelCor&nbsp;LP; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ having received opinions, each dated as of the REIT Merger effective time, from Polsinelli PC (or other counsel reasonably acceptable to
RLJ) with respect to the qualification of FelCor as a REIT under the Code and from Hogan Lovells US&nbsp;LLP with respect to RLJ continuing to qualify as a REIT for the year that includes the
effective time of the REIT Merger. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of FelCor and FelCor&nbsp;LP to complete the Mergers and the other transactions contemplated by the Merger Agreement are further subject to the satisfaction or waiver
of the following conditions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of (i)&nbsp;the representations and warranties of RLJ, the Operating Partnership, Partnership Merger Sub and REIT Merger Sub regarding
organization, qualification, capitalization, authority and enforceability and no brokers, as set forth in the Merger Agreement must be true and correct in all material respects as of the date of the
Merger Agreement and as of the effective time of the Partnership Merger, as though made on and as such effective time; and (ii)&nbsp;the other representations and warranties of RLJ, the Operating
Partnership, Partnership Merger Sub and REIT Merger Sub set forth in the Merger Agreement must be true and correct as of the effective time of the Partnership Merger, as though made on and as of such
effective time, except (x)&nbsp;that the accuracy of such representations and warranties that by their terms speak as of the date of the Merger Agreement or some other date will be determined as of
such date and not as of the Closing date, and (y)&nbsp;where any such failure of the representations and warranties to be true and correct would not, individually or in the aggregate, have a
material adverse effect on RLJ, the Operating Partnership, Partnership Merger Sub and REIT Merger Sub (without giving effect to any "materiality" or "material adverse effect" qualifications contained
therein); </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>130</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=140,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=599658,FOLIO='130',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_da49201_1_131"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ, the Operating Partnership, Partnership Merger Sub and REIT Merger Sub having performed in all material respects all agreements and
covenants required to be performed by it under the Merger Agreement on or prior to the Closing date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ shall have delivered to FelCor an officer's certificate, as of the Closing date, certifying to the effect that the conditions in the
foregoing two bullets have been satisfied; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of any event, circumstance or occurrence arising after the date of the Merger Agreement that, individually or in the aggregate,
constitutes or would reasonably be expected to result in a material adverse effect on RLJ, the Operating Partnership, Partnership Merger Sub or REIT Merger Sub; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor having received an opinion, dated as of the REIT Merger effective time, from Hogan Lovells US&nbsp;LLP (or other counsel reasonably
acceptable to FelCor) with respect to the qualification of RLJ as a REIT under the Code. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_termination_of_the_merger_agreement"> </A>
<A NAME="toc_da49201_9"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Termination of the Merger Agreement    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Termination by Mutual Agreement  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ and FelCor may agree by mutual written consent to terminate the Merger Agreement and to abandon the Mergers and the other transactions
contemplated thereby prior to the effective time of the Mergers. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Termination by Either RLJ or FelCor  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, either RLJ or FelCor may terminate the Merger Agreement and abandon the Mergers and the other transactions contemplated by the
Merger Agreement:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if the Mergers have not been consummated before the Outside Date, provided that a party may not terminate the Merger Agreement as described in
this bullet, if the failure of such party to perform any of its obligations under the Merger Agreement has been a principal cause of, or resulted in, the failure of the Mergers to be consummated on or
before such date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if any judgment, injunction, order, decree, ruling or action by any governmental authority of competent jurisdiction permanently restraining,
enjoining or otherwise prohibiting the transactions contemplated by the Merger Agreement becomes final and nonappealable, provided that a party may not terminate the Merger Agreement as described in
this bullet if the issuance of such nonappealable order was primarily due to the failure of such party to perform any of its obligations under the Merger Agreement; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if the FelCor Stockholder Approval or the RLJ Shareholder Approval has not been obtained at a duly held FelCor stockholder meeting or RLJ
shareholder meeting, as applicable, or at any adjournment or postponement thereof at which the Merger Agreement and the transactions contemplated thereby have been voted upon, provided, however, that
the right to terminate the Merger Agreement pursuant to this bullet will not be available to a party if the failure to obtain such party's respective approval was primarily due to such party's failure
to perform any of its obligations under the Merger Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Termination by FelCor  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor may also terminate the Merger Agreement:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if RLJ, REIT Merger Sub or Partnership Merger Sub has breached or failed to perform in any material respect any of its representations,
warranties, covenants or other agreements set forth in the Merger Agreement, which breach or failure to perform would, or would reasonably be </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>131</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=141,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=128128,FOLIO='131',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_da49201_1_132"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>expected
to, result in a failure of FelCor's obligation to complete the Mergers as described above under the "Conditions to Complete the Mergers" section and cannot be cured on or before the Outside
Date or, if curable, is not cured within 60&nbsp;days of receipt by RLJ of written notice of such breach or failure, provided that FelCor may not terminate as described in this bullet if FelCor or
FelCor&nbsp;LP are then in breach of any of their respective representations, warranties, covenants or agreements set forth in the Merger Agreement such that the conditions to RLJ's obligation to
complete the Mergers as described above under the "Conditions to Complete the Mergers" section would not be satisfied; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if, prior to the receipt of FelCor Stockholder Approval, the FelCor Board has determined to enter into an Alternative Acquisition Agreement
with respect to a Superior Proposal to the extent permitted by the Merger Agreement, and FelCor pays RLJ the termination fee of $39&nbsp;million and enters into the Alternative Acquisition Agreement
with respect to such Superior Proposal; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if the RLJ Board has made an Adverse Recommendation Change, or RLJ enters into an Alternative Acquisition Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Termination by RLJ  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ may also terminate the Merger Agreement:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if FelCor has breached or failed to perform in any material respect any of its representations, warranties, covenants or other agreements set
forth in the Merger Agreement, which breach or failure to perform would, or would reasonably be expected to, result in a failure of RLJ's obligation to complete the Mergers described above under the
"Conditions to Complete the Mergers" section and cannot be cured on or before the Outside Date or, if curable, is not cured within 60&nbsp;days of receipt by FelCor of written notice of such breach
or failure, provided that RLJ may not terminate as described in this bullet if RLJ, REIT Merger Sub or Partnership Merger Sub are then in breach of any of their respective representations, warranties,
covenants or agreements set forth in the Merger Agreement such that the conditions to FelCor's obligation to complete the merger described above under the "Conditions to Complete the Mergers" section
would not be satisfied; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if, prior to the receipt of RLJ Shareholder Approval in connection with the REIT Merger, the RLJ Board has determined to enter into an
Alternative Acquisition Agreement with respect to a Superior Proposal to the extent permitted by the Merger Agreement, and RLJ pays FelCor the termination fee of $95&nbsp;million and enters into the
Alternative Acquisition Agreement with respect to such Superior Proposal; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if, the FelCor Board will have made an Adverse Recommendation Change, or FelCor enters into an Alternative Acquisition Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_termination_fees_and_expenses"> </A>
<A NAME="toc_da49201_10"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Termination Fees and Expenses    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as agreed in writing by the parties or as described below, all out-of-pocket costs and expenses incurred in connection with the Merger
Agreement and the transactions contemplated by the Merger Agreement will be paid by the party incurring the cost or expense whether or not the Mergers close. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>132</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=142,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=893468,FOLIO='132',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_da49201_1_133"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Termination Fee and Expense Amount Payable by FelCor  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor has agreed to pay to RLJ a $39&nbsp;million termination fee, if:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Merger Agreement is terminated by FelCor due to the FelCor Board's determination to enter into an Alternative Acquisition Agreement with
respect to a Superior Proposal to the extent permitted by the Merger Agreement and FelCor enters into the Alternative Acquisition Agreement with respect to such Superior Proposal; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> either FelCor or RLJ terminates the Merger Agreement due to the failure of (i)&nbsp;the Partnership Merger to have occurred prior to the
Outside Date as a result of the failure to obtain the FelCor Stockholder Approval or (ii)&nbsp;the FelCor common stockholders to approve the REIT Merger, and in either case, FelCor
(a)&nbsp;receives or has received an Acquisition Proposal, which proposal has been publicly announced and has not been withdrawn either (I)&nbsp;at or prior to the time of the FelCor stockholder
meeting or (II)&nbsp;otherwise prior to the termination of the Merger Agreement, and (b)&nbsp;within 12&nbsp;months after the termination of the Merger Agreement, consummates a transaction
regarding, or executes an Alternative Acquisition Agreement which is later consummated with respect to, any Acquisition Proposal; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ terminates the Merger Agreement due to FelCor's breach or failure to perform in any material respect any of its representations,
warranties, covenants or other agreements in accordance with the first bullet above in "Termination by RLJ," and FelCor (i)&nbsp;receives or has received an Acquisition Proposal, which proposal has
been publicly announced and has not been withdrawn prior to the termination of the Merger Agreement, and (ii)&nbsp;within twelve months after the termination of the Merger Agreement, consummates a
transaction regarding, or executes a definitive agreement which is later consummated with respect to, any Acquisition Proposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ terminates the Merger Agreement due to the FelCor Board's Adverse Recommendation Change; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ or FelCor terminates the Merger Agreement due to the failure to obtain the FelCor Stockholder Approval following the FelCor Board's Adverse
Recommendation Change; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ terminates the Merger Agreement due to FelCor entering into an Alternative Acquisition Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor
will pay to RLJ a $20&nbsp;million expense amount if (i)&nbsp;either RLJ or FelCor terminates the Merger Agreement due to the failure to obtain the FelCor Stockholder Approval
or (ii)&nbsp;RLJ terminates the Merger Agreement due to FelCor's breach or failure to perform in any material respect any of its representations, warranties, covenants or other agreements in
accordance with the first bullet above in "Termination by RLJ." Payment of the $20&nbsp;million expense amount, if required, will be credited toward the amount due under any subsequent obligation to
pay the termination fee. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Termination Fee and Expenses Payable by RLJ  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ has agreed to pay to FelCor a $95&nbsp;million termination fee, if:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Merger Agreement is terminated by RLJ due to the RLJ Board's determination to enter into an Alternative Acquisition Agreement with respect
to a Superior Proposal to the extent permitted by the Merger Agreement and RLJ enters into the Alternative Acquisition Agreement with respect to such Superior Proposal; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> either RLJ or FelCor terminates the Merger Agreement due to the failure of (i)&nbsp;the Partnership Merger to have occurred prior to the
Outside Date as a result of the failure to obtain the RLJ Shareholder Approval or (ii)&nbsp;the RLJ shareholders to approve the RLJ Share Issuance, and in </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>133</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=143,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=371049,FOLIO='133',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_da49201_1_134"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>either
case, RLJ (a)&nbsp;receives or has received an Acquisition Proposal, which proposal has been publicly announced and has not been withdrawn either (I)&nbsp;at or prior to the time of the RLJ
shareholder meeting or (II)&nbsp;otherwise prior to the termination of the Merger Agreement, and (b)&nbsp;within 12&nbsp;months after the termination of the Merger Agreement, consummates a
transaction regarding, or executes an Alternative Acquisition Agreement which is later consummated with respect to, any Acquisition Proposal; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor terminates the Merger Agreement due to a breach or failure to perform, in any material respect, by RLJ, REIT Merger Sub or Partnership
Merger Sub, of its representations, warranties, covenants or other agreements in accordance with the first bullet above in "Termination by FelCor," and RLJ (i)&nbsp;receives or has received an
Acquisition Proposal, which proposal has been publicly announced and has not been withdrawn prior to the termination of the Merger Agreement, and (ii)&nbsp;within 12&nbsp;months after the
termination of the Merger Agreement, consummates a transaction regarding, or executes a definitive agreement which is later consummated with respect to, any Acquisition Proposal. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor terminates the Merger Agreement due to the RLJ Board's Adverse Recommendation Change; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RLJ or FelCor terminates the Merger Agreement due to the failure to obtain the RLJ Shareholder Approval following the RLJ Board's Adverse
Recommendation Change; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FelCor terminates the Merger Agreement due to RLJ entering into an Alternative Acquisition Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
will pay to FelCor a $20&nbsp;million expense amount if (i)&nbsp;either FelCor or RLJ terminates the Merger Agreement due to the failure of the RLJ shareholders to approve the
RLJ Share Issuance or (ii)&nbsp;FelCor terminates the Merger Agreement due to a breach or failure to perform, in any material respect, by RLJ, REIT Merger Sub or Partnership Merger Sub, of its
representations, warranties, covenants or other agreements in accordance with the first bullet above in "Termination by FelCor." Payment of the $20&nbsp;million expense amount, if required, will be
credited toward the amount due under any subsequent obligation to pay the termination fee. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_amendment_and_waiver"> </A>
<A NAME="toc_da49201_11"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Amendment and Waiver    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement may be amended in writing by the parties to the Merger Agreement at any time before or after the FelCor Stockholder
Approval and prior to the effective time
of the REIT Merger. After the FelCor Stockholder Approval is obtained, no such amendment, modification or supplement will (i)&nbsp;change the amount or form of consideration to be delivered to the
FelCor stockholders, (ii)&nbsp;require further FelCor common stockholder approval, or (iii)&nbsp;not be permitted under applicable law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time prior to the effective time of the REIT Merger, any party to the Merger Agreement may waive the other party's compliance with certain provisions of the Merger Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="da49201_specific_performance"> </A>
<A NAME="toc_da49201_12"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Specific Performance    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties to the Merger Agreement will be entitled to seek an injunction or injunctions to prevent breaches of the Merger Agreement
and to enforce specifically the terms and provisions of the Merger Agreement in addition to any and all other remedies at law or in equity to which each is entitled. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>134</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=144,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=124438,FOLIO='134',FILE='DISK127:[17ZBR1.17ZBR49201]DA49201A.;8',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_db49201_1_135"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="db49201_the_voting_agreements"> </A>
<A NAME="toc_db49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  THE VOTING AGREEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;23, 2017, RLJ entered into a voting agreement with each of the FelCor Executives. Collectively, the FelCor Executives
beneficially own approximately 1.0% of the outstanding shares of FelCor Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;23, 2017, FelCor entered into a voting agreement with each of the RLJ Executives. Collectively, the RLJ Executives beneficially own approximately 1.4% of the outstanding
shares of RLJ Common Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the FelCor Executives and the RLJ Executives, (collectively, the "Executives") has executed the respective voting agreement solely in his or her capacity as an RLJ shareholder or
a FelCor common stockholder, as applicable, and not in his or her capacity as a director, trustee, officer or
fiduciary of either company. Without limiting the foregoing, nothing in the voting agreements will restrict, limit or affect (or require the Executives to attempt to restrict, limit or affect) in any
respect any actions taken by the Executives or each of his or her designees or representatives who are a director, trustee, officer or fiduciary of either company in his or her capacity as a director,
trustee, officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the material terms of the voting agreements. This summary does not purport to be complete and may not contain all of the information about the voting
agreements that is important to you. The summary of the material terms of the voting agreements below and elsewhere in this joint proxy statement/prospectus is qualified in its entirety by reference
to the voting agreements, a form of which is attached as an annex to this joint proxy statement/prospectus and incorporated by reference herein. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="db49201_agreement_to_vote"> </A>
<A NAME="toc_db49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Agreement to Vote    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Executive has agreed that, during the period from the date of the Merger Agreement through the earliest to occur of (i)&nbsp;the
requisite approvals of the REIT Merger Proposal, at the FelCor special meeting, and the RLJ Share Issuance Proposal, at the RLJ special meeting, have been obtained, as applicable, (ii)&nbsp;the date
on which the Merger Agreement is terminated according to its terms or (iii)&nbsp;the termination of the applicable voting agreement by written mutual consent (the "Expiration Time"), such Executive
will:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at every meeting of the RLJ shareholders or FelCor stockholders, as applicable, called with respect to any of the following matters, and at
every adjournment or postponement thereof, and on every action or approval by written consent of the RLJ shareholders or FelCor stockholders, as applicable, with respect to any of the following
matters, the RLJ shareholders or FelCor stockholders, as applicable, will cause the holder of record on any applicable record date to (including via proxy), vote 100% of such Executive's RLJ Common
Shares or FelCor Common Stock, as applicable: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> (i) in favor of the RLJ Share Issuance Proposal or the REIT Merger Proposal, as applicable; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> (ii) against (a)&nbsp;any Acquisition Proposal for RLJ or FelCor, as applicable, (b)&nbsp;any action or agreement that would
reasonably be expected to result in any condition to the consummation of the Mergers as set forth in the Merger Agreement not being fulfilled, and (c)&nbsp;any action which could reasonably be
expected to impede, interfere with, materially delay, materially postpone or mater ally adversely affect consummation of the transactions contemplated by the Merger Agreement. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> on every action or approval by written consent of the partners of the Operating Partnership or FelCor&nbsp;LP, as applicable, with respect to
any of the following matters, and at every meeting of </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>135</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=145,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1010950,FOLIO='135',FILE='DISK127:[17ZBR1.17ZBR49201]DB49201A.;12',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_db49201_1_136"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>the
partners of the Operating Partnership or FelCor&nbsp;LP, as applicable, called with respect to any of the following matters, and at every adjournment or postponement thereof, the RLJ shareholder
or FelCor stockholder will, or will cause the holder of record on any applicable record date to (including via proxy), vote the Operating Partnership Common Units or the FelCor&nbsp;LP Common Units
(together, with the RLJ Common Shares and FelCor Common Stock, the "subject securities"), as applicable: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> (i) in favor of the Partnership Merger; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> (ii) in favor of any amendment to the applicable partnership agreement proposed to facilitate the Partnership Merger or the other
transactions contemplated by the Merger Agreement; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> (iii) against (a)&nbsp;any action or agreement that would reasonably be expected to result in any condition to the consummation
of the Mergers as set forth in the Merger Agreement not being fulfilled, and (b)&nbsp;any action which could reasonably be expected to impede, interfere with, materially delay, materially postpone
or materially adversely affect consummation of the transactions contemplated by the Merger Agreement. </FONT></DD></DL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, each Executive has also appointed each of RLJ and FelCor, as applicable, during the period from the date of the Merger Agreement through the Expiration Time as his or her
attorney-in-fact and irrevocable proxy, with full power of substitution and resubstitution, to the fullest extent of the Executive's rights with respect to the subject securities, to vote the subject
securities solely with respect to the matters set forth in the first and second primary bullets above; provided, however, that such irrevocable proxy is effective only if the Executive fails to be
counted as present, to consent or to vote the subject securities. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="db49201_transfer_restrictions"> </A>
<A NAME="toc_db49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transfer Restrictions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executives have agreed to certain restrictions on the transfer of the subject shares. Each Executive has agreed that, during the period from
the date of the Merger Agreement through the Expiration Time, he or she will not, directly or indirectly:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> transfer any subject securities; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> deposit any subject securities into a voting trust or enter into a voting agreement or arrangement with respect to such subject securities or
grant any proxy or power of attorney with respect thereto; </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the transfer restrictions describe above, nothing in the voting agreements will prevent:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the transfer of any subject securities in accordance with applicable law; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> subject to the Executive remaining in compliance with the voting agreement, the transfer of subject securities to (x)&nbsp;an affiliate of
the Executive or (y)&nbsp;to any member of the Executive's immediately family or to a trust for the benefit of the Executive or any member of the Executive's immediately family, so long as such
affiliate or other permitted transferee, in connection with such transfer, executes a joinder to the voting agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="db49201_termination"> </A>
<A NAME="toc_db49201_4"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Termination    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each voting agreement will terminate and have no further force or effect immediately following the Expiration Time. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>136</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=146,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=105859,FOLIO='136',FILE='DISK127:[17ZBR1.17ZBR49201]DB49201A.;12',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_db49201_1_137"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="db49201_material_u.s._federal_income_tax_consequences"> </A>
<A NAME="toc_db49201_5"> </A>
<BR></FONT><FONT SIZE=2><B>  MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material United States Federal Income Tax Consequences&#151;the Mergers  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material United States federal income tax consequences of the Mergers to holders of FelCor Common Stock whose shares of FelCor
Common Stock are surrendered in the Mergers in exchange for the merger consideration pursuant to the Merger Agreement and who hold their stock as a capital asset within the meaning of
Section&nbsp;1221 of the Code. The summary is based on the Code, Treasury regulations issued under the Code, and administrative and judicial interpretations thereof, each as in effect as of the date
of this joint proxy statement/prospectus, all of which are subject to change at any time, possibly with retroactive effect. We have not requested, and do not plan to request, any rulings from the
Internal Revenue Service ("IRS") relating to this transaction
concerning our tax treatment or the federal income tax consequences of the merger, and the statements in this proxy are not binding on the IRS or any court. As a result, neither RLJ nor FelCor can
assure you that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax consequences set forth below. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this discussion, the term "U.S. shareholder" means a beneficial owner of FelCor Common Stock that is, for United States federal income tax
purposes:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a citizen or resident of the United States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United
States or any of its political subdivisions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a trust that (i)&nbsp;is subject to the supervision of a court within the United States and the control of one or more United States persons
or (ii)&nbsp;has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an estate that is subject to United States federal income tax on its income regardless of its source. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this discussion, a "non-U.S. shareholder" means a beneficial owner of FelCor Common Stock that is, for United States federal income tax purposes, an individual,
corporation, estate or trust and is not a U.S. shareholder as described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary does not describe all of the tax consequences of the Mergers that may be applicable to holders of FelCor Common Stock who are subject to special treatment under United
States federal income tax law (including, for example, financial institutions, dealers in securities, insurance companies or tax-exempt entities, shareholders who acquired FelCor Common Stock pursuant
to the exercise of an employee stock option or right or otherwise as compensation, partnerships or other pass-through
entities (and persons holding FelCor Common Stock through a partnership or other pass-through entity), broker-dealers, regulated investment companies, REITs, certain expatriates, United States persons
that have a functional currency other than the United States dollar, persons subject to the alternative minimum tax, persons subject to the Medicare contribution tax on net investment income, and
shareholders who hold FelCor Common Stock as part of a hedge, straddle, conversion, constructive sale or other integrated transaction). In addition, this discussion does not describe the tax
consequences of the Mergers that may be applicable to a non-U.S. shareholder who:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> has held more than 10% of FelCor Common Stock at any time during the five-year period ending on the date of the date of the Mergers; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> is a "qualified shareholder" as defined in Section&nbsp;897(k)(3)(A) of the Code for purposes of the Foreign Investment Real Property Tax Act
of 1980 ("FIRPTA"), which describes certain partnerships and other collective investment vehicles that satisfy various recordkeeping, administrative and other requirements. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>137</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=147,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=905459,FOLIO='137',FILE='DISK127:[17ZBR1.17ZBR49201]DB49201A.;12',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_db49201_1_138"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
to the extent specifically discussed below, this summary does not address the tax consequences of any transaction other than the Mergers. Also, this summary does not address
United States federal income tax considerations applicable to holders of options or warrants to purchase FelCor Common Stock, holders of debt instruments convertible into FelCor Common Stock or
holders of FelCor Series&nbsp;A Preferred Stock. In addition, no information is provided with respect to the tax consequences of the Mergers under applicable state, local or non-United States laws
or United States federal tax laws other than federal income tax laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a partnership holds RLJ Common Shares or FelCor Common Stock, the tax treatment of a partner will generally depend on the status of the partners and the activities of the partnership.
If a shareholder or stockholder is a partner in a partnership holding RLJ Common Shares or FelCor Common Stock, the shareholder or stockholder, as applicable, should consult its tax advisors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This summary of United States federal income tax consequences is for general information purposes only and is not intended to constitute a complete description of
all tax consequences relating to the Mergers. We urge you to consult with your tax advisor regarding the applicability to you of the rules
discussed above and the particular tax effects to you of the Mergers, including the application of state, local and foreign tax laws.</B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="db49201_consequences_to_felcor_of_the_mergers"> </A>
<A NAME="toc_db49201_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Consequences to FelCor of the Mergers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For U.S. federal income tax purposes, RLJ and FelCor will treat the Mergers as if FelCor had sold all of its assets to REIT Merger Sub in
exchange for the RLJ Common Shares, RLJ Series&nbsp;A Preferred Shares, cash and the assumption of FelCor's liabilities in a fully taxable transaction and then made a liquidating distribution of the
RLJ Common Shares to the FelCor common stockholders in exchange for the outstanding FelCor Common Stock. As a REIT, FelCor is generally entitled to receive a deduction for liquidating distributions,
and it anticipates that its deemed liquidating distribution together with its net operating loss carry-forwards will exceed its taxable income recognized as a result of the Mergers (together with any
other undistributed taxable income recognized in the taxable year of the Mergers). Accordingly, FelCor anticipates that it will not be subject to United States federal income tax on any gain
recognized in connection with the Mergers and the other transactions contemplated by the Merger Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="db49201_consequences_of_the_mergers_to_u.s._shareholders"> </A>
<A NAME="toc_db49201_7"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Consequences of the Mergers to U.S. Shareholders    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For FelCor common stockholders, the Mergers will be treated as a taxable sale for U.S. federal income tax purposes by
you of your FelCor
Common Stock in exchange for the merger consideration. As a result, U.S. shareholders will recognize gain or loss equal to the difference, if any, between the fair market value of RLJ Common Shares
plus the amount of any cash received in the REIT Merger for fractional shares and the shareholder's adjusted tax basis in the FelCor Common Stock exchanged. Because the REIT Merger consideration to be
given to holders of FelCor Common Stock consists solely of RLJ Common Shares (other than cash received in the REIT Merger for fractional shares), holders of FelCor Common Stock may need to sell shares
of RLJ Common Shares received in the REIT Merger, or raise cash from other sources, to pay any tax obligations resulting from the REIT Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
any gain or loss recognized should be capital gain or loss and will constitute long-term capital gain or loss if you have held the FelCor Common Stock for more than one year
as of the effective time of the merger. An individual U.S. shareholder will be subject to tax on net capital gain at a maximum U.S. federal income tax rate of 20%. Capital gains of corporate U.S.
shareholders generally are taxable at the regular tax rates applicable to corporations. The deductibility of a capital loss recognized in the exchange is subject to limitation. If you hold blocks of
shares of FelCor Common </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>138</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=148,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=250605,FOLIO='138',FILE='DISK127:[17ZBR1.17ZBR49201]DB49201A.;12',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_db49201_1_139"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Stock
which were acquired separately at different times or prices, you must separately calculate your gain or loss for each block of shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Rule for U.S. Shareholders Who Have Held Shares Less than Six Months.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A U.S. shareholder who has held FelCor Common
Stock for less than six
months at the effective time of the Mergers, taking into account certain holding period rules, and who recognizes a loss on the exchange of shares of FelCor Common Stock for RLJ Common Shares in the
Mergers, will be treated as recognizing a long-term capital loss to the extent of any capital gain dividends received from FelCor, or such holder's share of any designated retained capital gains, with
respect to those shares. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="db49201_consequences_of_the_mergers_to_non-u.s._shareholders"> </A>
<A NAME="toc_db49201_8"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Consequences of the Mergers to Non-U.S. Shareholders    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A non-U.S. shareholder's gain or loss from the Mergers will be determined in the same manner as that of a U.S.
shareholder. Subject to the
discussion of backup withholding described below, a non-U.S. shareholder generally will not be subject to U.S. federal income tax on the merger consideration received unless: (1)&nbsp;such non-U.S.
shareholder's shares of FelCor Common Stock are treated as being effectively connected with its U.S. trade or business (and, if a tax treaty applies, is attributable to a U.S. permanent establishment
by the non-U.S. shareholder); or (2)&nbsp;such non-U.S. shareholder is a nonresident alien individual who is present in the United States for 183&nbsp;days or more during the calendar year and
certain other conditions are met; (3)&nbsp;such non-U.S. shareholder held more than 10% of FelCor Common Stock at any time during the five-year period ending on the date of the
date of the Mergers; or (4)&nbsp;such non-U.S. shareholder is a "qualified shareholder" as defined in Section&nbsp;897(k)(3)(A) of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
non-U.S. shareholder whose gain is effectively connected with the conduct of trade or business in the United States will be subject to United States federal income tax on such gain on
a net basis in the same manner as a U.S. shareholder. In addition, a non-U.S. shareholder that is a corporation may be subject to the 30% branch profits tax (or lower applicable treaty rate) on such
effectively connected gain. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the non-U.S. shareholder is an individual who has been present in the U.S. for 183&nbsp;days or more during the taxable year of disposition and certain other conditions are
satisfied, that shareholder will be subject to a 30% tax on the shareholder's capital gains, which may be offset by U.S.-source capital losses. In addition, the non-U.S. shareholder may be subject to
applicable alternative minimum taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
non-U.S. shareholder who has held more than 10% of FelCor Common Stock at any time during the five-year period ending on the date of the date of the Mergers or a non-U.S. shareholder
who is a "qualified shareholder" as defined in Section&nbsp;897(k)(3)(A) of the Code should consult its own tax advisors concerning the tax consequences of the receipt of the merger consideration. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="db49201_information_reporting_and_backup_withholding"> </A>
<A NAME="toc_db49201_9"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Information Reporting and Backup Withholding    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information reporting and backup withholding may apply to payments made in connection with the Mergers. Backup withholding will not apply,
however, to a shareholder who (a)&nbsp;in the case of a U.S. shareholder, furnishes a correct taxpayer identification number and certifies that it is not subject to backup withholding on the
substitute IRS Form&nbsp;W-9 or successor form, (b)&nbsp;in the case of a non-U.S. shareholder, furnishes an applicable IRS Form&nbsp;W-8 or successor form, or (c)&nbsp;is otherwise exempt
from backup withholding and complies with other applicable rules and certification requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amounts withheld under the backup withholding rules may be allowed as a refund or a credit against such shareholder's United States federal income tax liability provided the required
information is timely furnished to the IRS. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>139</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=149,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=588633,FOLIO='139',FILE='DISK127:[17ZBR1.17ZBR49201]DB49201A.;12',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_db49201_1_140"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="db49201_additional_withholding_tax_on___add02578"> </A>
<A NAME="toc_db49201_10"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Additional Withholding Tax on Payments Made to Foreign Accounts    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes may be imposed under Sections&nbsp;1471 through 1474 of the Code (such Sections commonly referred to as FATCA) on certain
types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. The application of FATCA to the payment of the merger consideration made to a non-U.S. shareholder with
respect to shares of FelCor Common Stock pursuant to the REIT Merger is not entirely clear. We urge you to consult your tax advisor regarding FATCA and the application of these rules to such payment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The foregoing discussion of United States federal income tax consequences is for general information purposes only and is not intended to constitute a complete
description of all tax consequences relating to the Mergers. Tax matters are very complicated, and the tax consequences of the Mergers to you will depend upon the facts of your particular situation.
Because individual circumstances may differ, we urge you to consult with your tax advisor regarding the applicability to you of the rules discussed above and the particular tax effects to you of the
Mergers, including the application of state, local and foreign tax laws.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>II.&nbsp;&nbsp;&nbsp;&nbsp;Material United States Federal Income Tax Consequences&#151;the Combined Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material U.S. federal income tax consequences and other material tax considerations relating to our company and to the holders
of our common shares, or "shares." The discussion set forth herein is not intended to be, and should not be construed as, tax advice. As used in this section, references to the terms "company," "we,"
"our," and "us" mean only RLJ, and not its subsidiaries or other lower-tier entities, except as otherwise indicated. We have not sought and will not seek an advance ruling from the IRS regarding any
matter discussed in this section. This discussion is based upon the Code, the Treasury regulations, rulings and other administrative interpretations and practices of the IRS (including administrative
interpretations and practices expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers who requested and received those rulings), and judicial
decisions, all as currently in effect, and all of which are subject to differing interpretations or to change, possibly with retroactive effect. No assurance can be given that the IRS would not
assert, or that a court would not sustain, a position contrary to any of the tax consequences described below. This discussion also is based upon the assumption that we will operate our company and
its subsidiaries and affiliated entities in accordance with their applicable
organizational documents and in the manner that we have represented. This discussion does not address the actual material federal income tax consequences of the ownership and disposition of our shares
to any particular holder, which depend on that shareholder's particular tax circumstances. In addition, this discussion does not discuss any state, local or non-U.S. tax consequences, or any tax
consequences arising under any federal tax other than the income tax, associated with the ownership or disposition of our shares or our election to be taxed as a REIT. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
U.S. federal income tax treatment of holders of our shares depends in some instances on determinations of fact and interpretations of complex provisions of U.S. federal income tax
law for which no clear precedent or authority may be available. You are urged to consult your tax advisor regarding the tax consequences to you of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the acquisition, ownership and disposition of our shares, including the federal, state, local, and foreign income and other tax consequences; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our election to be taxed as a REIT for federal income tax purposes; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> potential changes in applicable tax laws. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>140</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=150,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=274020,FOLIO='140',FILE='DISK127:[17ZBR1.17ZBR49201]DB49201A.;12',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_db49201_1_141"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="db49201_federal_income_taxation_of_the_company_as_a_reit"> </A>
<A NAME="toc_db49201_11"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Federal Income Taxation of the Company as a REIT    <BR>    </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a self-advised and self-administered Maryland REIT that acquires primarily premium-branded, focused-service and compact full-service
hotels. Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. We are the sole general partner of the Operating Partnership. As of
March&nbsp;31, 2017, we owned, through a combination of direct and indirect interests, 99.6% of the OP units in the Operating Partnership. We made an election to be treated as a REIT, effective for
our taxable year that ended December&nbsp;31, 2011. We believe that we have been organized and have operated in a manner that has permitted us to qualify for taxation as a REIT from the effective
date of our REIT election. We own, through the Operating Partnership, 100% of the outstanding common stock of three entities that also have elected to be treated as REITs. These entities are subject
to the same REIT qualification requirements and other limitations described herein that apply to us. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualification
and taxation as a REIT depend on our ability to meet, on a continuing basis, through actual operating results, distribution levels, and diversity of share and asset
ownership, various qualification requirements imposed upon REITs by the Code. In addition, our ability to qualify as a REIT may depend in part upon the operating results, organizational structure and
entity classification for U.S. federal income tax purposes of certain entities in which we invest. Our ability to qualify as a REIT also requires that we satisfy certain asset tests, some of which
depend upon the fair market values of assets that we own directly or indirectly. Such values may not be susceptible to a precise determination. Accordingly, no assurance can be given that the actual
results of our operations for any taxable year will satisfy such requirements for qualification and taxation as a REIT. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided
that we qualify as a REIT, generally we will not be subject to federal corporate income tax on our taxable income that is distributed currently to our shareholders. This
substantially eliminates the "double taxation" at the corporate and shareholder levels that results generally from an investment in a corporation, because income generated by a REIT generally is taxed
only at the shareholder level upon a distribution of dividends by the REIT to its shareholders. We will, however, be subject to U.S. federal income tax in the following
circumstances:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We will be taxed at regular federal corporate rates on any undistributed "REIT taxable income," including undistributed net capital gains, for
any taxable year. REIT taxable income is the taxable income of the REIT, subject to specified adjustments, including a deduction for dividends paid. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We (or our shareholders) may be subject to the "alternative minimum tax" on our items of tax preference, if any. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If we have net income from prohibited transactions, which are, in general, sales or other dispositions of inventory or property held primarily
for sale to customers in the ordinary course of business, other than foreclosure property, such income will be subject to a 100% tax. See&#151;Gross Income Tests&#151;Prohibited
Transactions Tax" below. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If we elect to treat property that we acquire in connection with certain leasehold terminations or a foreclosure of a mortgage loan as
"foreclosure property," we may thereby avoid (1)&nbsp;the 100% prohibited transactions tax on gain from a resale of that property (if the sale otherwise would constitute a prohibited transaction);
and (2)&nbsp;the inclusion of any income from such property as non-qualifying income for purposes of the REIT gross income tests discussed below. Income from the sale or operation of the property
may be subject to U.S. federal corporate income tax at the highest applicable rate (currently 35%). See "&#151;Gross Income Tests&#151;Income from Foreclosure Property" below. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>141</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=151,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=213267,FOLIO='141',FILE='DISK127:[17ZBR1.17ZBR49201]DB49201A.;12',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_db49201_1_142"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If we fail to satisfy the 75% gross income test or the 95% gross income test, as discussed below, but our failure is due to reasonable cause
and not due to willful neglect and we nonetheless maintain our REIT qualification because of specified cure provisions, we will be subject to a 100% tax on an amount equal to (1)&nbsp;the greater of
(a)&nbsp;the amount by which we fail the 75% gross income test, or (b)&nbsp;the amount by which we fail the 95% gross income test, as the case may be, multiplied by (2)&nbsp;a fraction intended
to reflect our profitability. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If we violate the asset tests (other than a de minimis failure of the 5% or 10% asset test) or other requirements applicable to REITs, as
described below, but our failure is due to reasonable cause and not due to willful neglect and we nonetheless maintain our REIT qualification because of specified cure provisions, we will be required
to pay a tax equal to at least $50,000 per failure, which, in the case of certain asset test failures, will be determined as the amount of net income generated by the assets in question multiplied by
the highest corporate tax rate (currently 35%), if that amount exceeds $50,000 per failure. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If we fail to distribute during each calendar year at least the sum of (1)&nbsp;85% of our REIT ordinary income for such year, (2)&nbsp;95%
of our REIT capital gain net income for such year, and (3)&nbsp;any undistributed taxable income from prior periods (collectively, the required distribution), we will be subject to a non-deductible
4% excise tax on the excess of the required distribution over the sum of (a)&nbsp;the amounts that we actually distributed (taking into account excess distributions from prior years), plus
(b)&nbsp;retained amounts upon which we paid income tax at the corporate level. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet record-keeping requirements
intended to monitor our compliance with rules relating to the composition of our shareholders, as described below under "&#151;Requirements for Qualification as a REIT." </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We will be subject to a 100% penalty tax on certain rental income we receive when a TRS provides services to our tenants, on certain expenses
deducted by a TRS on payments made to us and, effective for our taxable years beginning after December&nbsp;31, 2015, on income for services rendered to us by a TRS, if the arrangements among us,
our tenants, and our taxable REIT subsidiaries do not reflect arm's-length terms. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If we acquire appreciated assets from a corporation that is or has been a C corporation (or a partnership in which a C corporation is a
partner) in a transaction in which our basis in the assets is determined by reference to the C corporation's (or such partnership's) basis in such assets, provided no election is made for the
transaction to be taxable currently, we will be subject to tax on such appreciation at the highest corporate income tax rate then applicable if we subsequently recognize gain on a disposition of any
such assets during the 5-year period following the acquisition from the C corporation (or partnership). Gain from the sale of property which we acquired in an exchange under Section&nbsp;1031 (a
like kind exchange) or 1033 (an involuntary conversion) of the Code is generally excluded from the application of this built-in gains tax, unless we surrendered property in the exchange that was
subject to built-in gain immediately prior to the exchange. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We may elect to retain and pay income tax on our net long-term capital gain. See "Federal Income Tax Consequences to RLJ Shareholders." </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The earnings of our subsidiaries that are C corporations, including our TRSs, are subject to federal corporate income tax. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
our qualification as a REIT, we and our subsidiaries may be subject to a variety of taxes, including payroll taxes and state, local, and foreign income, property and
other taxes on our assets, operations and net worth. We also could be subject to tax in other situations and on transactions not presently contemplated. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>142</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=152,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=67761,FOLIO='142',FILE='DISK127:[17ZBR1.17ZBR49201]DB49201A.;12',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dc49201_1_143"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Requirements for Qualification as a REIT  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Code defines a REIT as a corporation, trust or association: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
is managed by one or more trustees or directors;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
would be taxable as a domestic corporation but for Sections&nbsp;856 through 860 of the Code;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
is neither a financial institution nor an insurance company subject to applicable provisions of the Code;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
beneficial ownership of which is held by 100 or more persons;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>during
the last half of each taxable year not more than 50% in value of the outstanding shares of which is owned, directly or indirectly, by five or fewer
"individuals" (as defined in the Code to include certain entities and as determined by applying certain attribution rules);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
makes an election to be taxable as a REIT, or has made this election for a previous taxable year which has not been revoked or terminated, and satisfies all of
the relevant filing and other administrative requirements established by the IRS that must be met in order to elect and maintain REIT qualification;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
uses a calendar year for U.S. federal income tax purposes;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
meets other tests described below, including with respect to the nature of its income and assets and the amount of its distributions; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>that
has no earnings and profits from any non-REIT taxable year at the close of any taxable year. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Code provides that conditions&nbsp;(1) through (4)&nbsp;must be met during the entire taxable year, and condition&nbsp;(5) must be met during at least 335&nbsp;days of a
taxable year of 12&nbsp;months, or during a proportionate part of a shorter taxable year. Conditions&nbsp;(5) and (6)&nbsp;need not be satisfied during a corporation's initial tax year as a
REIT. For purposes of condition&nbsp;(6), an "individual" generally includes a supplemental unemployment compensation benefit plan, a private foundation or a portion of a trust permanently set aside
or used exclusively for charitable purposes. However, a trust that is a qualified trust under Code Section&nbsp;401(a) generally is not considered an individual, and beneficiaries of a qualified
trust are treated as holding shares of a REIT in proportion to their actual interests in the trust for purposes of condition&nbsp;(6) above. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
monitor compliance with the share ownership requirements, we generally are required to maintain records regarding the actual ownership of our shares. To do so, we must demand written
statements each year from the record holders of specified percentages of our shares pursuant to which the record holders must disclose the actual owners of the shares (i.e.,&nbsp;the persons
required to include in gross income the dividends paid by us). We must maintain a list of those persons failing or refusing to comply with this demand as part of our records. We could be subject to
monetary penalties if we fail to comply with these record-keeping requirements. A shareholder that fails or refuses to comply with the demand is required by Treasury regulations to submit a statement
with its tax return disclosing the actual ownership of our shares and other information. We have complied, and currently intend to continue to comply, with these requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that we have been organized, have operated and have issued sufficient shares with sufficient diversity of ownership to allow us to satisfy conditions&nbsp;(1) through
(9)&nbsp;and we have no earnings and profits from a non-REIT year in satisfaction of condition&nbsp;(10). Our declaration of trust provides restrictions regarding the ownership and transfers of
our shares, which are intended to assist </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>143</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=153,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=790040,FOLIO='143',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_144"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>us
in satisfying the share ownership requirements described in conditions&nbsp;(5) and (6)&nbsp;above. These restrictions, however, do not ensure that we have previously satisfied, and may not
ensure that we will, in all cases, be able to continue to satisfy, such share ownership requirements. If we fail to satisfy these requirements, except as provided in the next sentence, our status as a
REIT will terminate. If, however, we comply with the demand and record-keeping requirements described in the previous paragraph and we do not know, or would not have known through the exercise of
reasonable diligence, that we failed to meet the requirement described in condition&nbsp;(6), we will be treated as having satisfied this requirement. See "&#151;Failure to Qualify as a
REIT." </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Effect of Subsidiary Entities  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ownership of Partnerships, Limited Liability Companies and Qualified REIT Subsidiaries  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a REIT that is a partner in a partnership or a member of a limited liability company or other entity that is treated as a
partnership for U.S. federal income tax purposes, Treasury regulations provide that the REIT is deemed to own its proportionate share of the partnership's assets, and to earn its proportionate share
of the partnership's income, for purposes of the asset and gross income tests applicable to REITs, as described below. A REIT's proportionate share of a partnership's assets and income is based on the
REIT's pro rata share of the capital interests in the partnership. However, solely for purposes of the 10% value test, described below, the determination of a REIT's interest in partnership assets is
based on the REIT's proportionate interest in the equity and certain debt securities issued by the partnership. In addition, the assets and gross income of the partnership are deemed to retain the
same character in the hands of the REIT. Thus, our proportionate share of the assets and items of income of the Operating Partnership and any subsidiaries treated as partnerships for federal income
tax purposes will be treated as our assets and items of income for purposes of applying the REIT requirements. A summary of the rules governing the federal income taxation of partnerships and their
partners is provided below in "Tax Aspects of Our Operating Partnership and Our Other Subsidiary Partnerships." As the sole general partner of the Operating Partnership, we have direct control over it
and indirect control over the subsidiaries in which the Operating Partnership or a subsidiary has a controlling interest. We currently intend to operate these entities in a manner consistent with the
requirements for our qualification as a REIT. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent
legislation may alter who bears the liability in the event any subsidiary partnership is audited and an adjustment is assessed. Congress recently revised the rules applicable to
U.S. federal income tax audits of partnerships (such as certain of our subsidiaries) and the collection of any tax resulting from any such audits or other tax proceedings, generally for taxable years
beginning after December&nbsp;31, 2017. Under the new rules, the partnership itself may be liable for a hypothetical increase in partner-level taxes (including interest and penalties) resulting from
an adjustment of partnership tax items on audit, regardless of changes in the composition of the partners (or their relative ownership) between the year under audit and the year of the adjustment. The
new rules also include an elective alternative method under which the additional taxes resulting from the adjustment are assessed from the affected partners, subject to a higher rate of interest than
otherwise would apply. Many questions remain as to how the new rules will apply, especially with respect to partners that are REITs, and it is not clear at this time what effect this new legislation
will have on us. However, these changes could increase the U.S. federal income tax, interest, and/or penalties otherwise borne by us in the event of a U.S. federal income tax audit of a subsidiary
partnership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a REIT owns a corporate subsidiary that is a "qualified REIT subsidiary," or "QRS," the QRS generally is disregarded for U.S. federal income tax purposes, and its assets, liabilities
and items of income, deduction and credit are treated as assets, liabilities and items of income, deduction and credit of the REIT itself, including for purposes of the gross income and asset tests
applicable to REITs. A QRS is any corporation other than a TRS that is directly or indirectly wholly-owned by a REIT. Other entities that are wholly-owned by us, including single member limited
liability companies that have not </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>144</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=154,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=443190,FOLIO='144',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_145"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>elected
to be taxed as corporations for U.S. federal income tax purposes, also generally are disregarded as separate entities for U.S. federal income tax purposes, including for purposes of the REIT
income and asset tests. Disregarded subsidiaries, along with any partnerships in which we hold an equity interest, are sometimes referred to herein as "pass-through subsidiaries." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a disregarded subsidiary ceases to be wholly-owned by us (for example, if any equity interest in the subsidiary is acquired by a person other than us or another
disregarded subsidiary of ours), the subsidiary's separate existence no longer would be disregarded for U.S. federal income tax purposes. Instead, the subsidiary would have multiple owners and would
be treated either as a partnership or a taxable corporation. Such an event could, depending on the circumstances, adversely affect our ability to satisfy the various asset and gross income
requirements applicable to REITs, including the requirement that REITs generally may not own, directly or indirectly, more than 10% of the securities of another corporation unless it is a TRS, a QRS
or another REIT. See "&#151;Gross Income Tests" and "&#151;Asset Tests." </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ownership of Subsidiary REITs  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed above, we own three subsidiary REITs. We believe that each such REIT is organized and has operated and will continue to operate in
a manner to permit it to qualify for taxation as a REIT for federal income tax purposes from and after the effective date of its REIT election. However, if any of these subsidiary REITs were to fail
to qualify as a REIT, then (i)&nbsp;the subsidiary REIT would become subject to regular U.S. corporate income tax, as described herein, see "&#151;Failure to Qualify as a REIT" below, and
(ii)&nbsp;our equity interest in such subsidiary REIT would cease to be a qualifying real estate asset for purposes of the 75% asset test and would become subject to the 5% asset test, the 10%
voting share asset test, and the 10% value asset test generally applicable to our ownership in corporations other than REITs, QRSs and TRSs. See "&#151;Asset Tests" below. If any of the
subsidiary REITs were to fail to qualify as a REIT, it is possible that we would not meet the 10% voting share test and the 10% value test with respect to
our indirect interest in such entity, in which event we would fail to qualify as a REIT, unless we could avail ourselves of certain relief provisions. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ownership of Taxable REIT Subsidiaries  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A TRS is an entity that is taxable as a corporation in which a REIT owns, directly or indirectly, an equity interest, including stock, and that
elects with the REIT to be treated as a TRS under the Code. If a TRS owns, directly or indirectly, securities representing more than 35% of the vote or value of a subsidiary corporation, that
subsidiary also will be treated as a TRS. A TRS is a regular corporation subject to federal income tax at applicable corporate rates. The income and assets of our TRSs are not attributable to us for
purposes of satisfying the income and asset test requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
TRS must not directly or indirectly operate or manage a lodging or health care facility or, generally, provide to another person, under a franchise, license or otherwise, rights to any
brand name under which any lodging facility or health care facility is operated. Although a TRS may not operate or manage a lodging facility, it may lease or own such a facility so long as the
facility is a "qualified lodging facility" and such facility is operated on behalf of the TRS by an "eligible independent contractor." A "qualified lodging facility" generally is a hotel at which no
authorized gambling activities are conducted, and includes the customary amenities and facilities operated as part of, or associated with, the hotel. "Customary amenities" must be customary for other
properties of a comparable size and class owned by other owners unrelated to the REIT. An "eligible independent contractor" is an independent contractor that, at the time a management agreement is
entered into with a TRS to operate a "qualified lodging facility," is actively engaged in the trade or business of operating "qualified lodging facilities" for a person or persons unrelated to either
the TRS or any REITs with which the TRS is affiliated. A hotel management company that otherwise would qualify as an "eligible independent contractor" with regard to a TRS of a REIT will not so
qualify if the hotel management </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>145</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=155,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=359969,FOLIO='145',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_146"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>company
and/or one or more actual or constructive owners of 10% or more of the hotel management company actually or constructively own more than 35% of the REIT, or one or more actual or constructive
owners of more than 35% of the hotel management company own 35% or more of the REIT (determined with respect to a REIT whose stock is regularly traded on an established securities market by taking
into account only the stock held by persons owning, directly or indirectly, more than 5% of the outstanding stock of the REIT and, if the stock of the eligible independent contractor is
publicly-traded, 5% of the publicly-traded stock of the eligible independent contractor). We believe, and currently intend to take all steps reasonably practicable to ensure, that none of our TRSs has
engaged or will engage in "operating" or "managing" our hotels and that the hotel management
companies engaged to operate and manage hotels leased to or owned by the TRSs have qualified and continue to qualify as "eligible independent contractors" with regard to those TRSs. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
restrictions are imposed on TRSs. First, a TRS may not deduct interest expense in any year paid or accrued to an affiliated REIT to the extent that such expense exceeds,
generally, 50% of the TRS's adjusted taxable income for that year (although the TRS may carry forward to, and deduct in, a succeeding year interest expense disallowed under the 50% test, provided
certain conditions are met). In addition, a REIT would be obligated to pay a 100% penalty tax on certain payments from the TRS that it receives, including interest or rent, or on certain expenses
deducted by the TRS, and, for tax years beginning after December&nbsp;31, 2015, on income earned by our TRSs for services provided to, or on behalf of, us, if the IRS were able to assert
successfully that the economic arrangements between the REIT and the TRS did not meet specified arm's-length standards set forth in the Code. Our TRSs make substantial payments to us, including
payments of rent pursuant to the hotel leases and interest payments. There can be no assurance that the limitation on interest deductions applicable to TRSs will not apply to the interest payments
made to us by one of our TRSs, resulting in an increase in the corporate income tax liability of such subsidiary. In addition, there can be no assurance that the IRS might not seek to impose the 100%
excise tax on a portion of the payments received by us from, or expenses deducted by, or service income imputed to, our TRSs. While we believe that our arrangements with our TRSs reflect arm's-length
terms, these determinations inherently are factual, and the IRS has broad discretion to assert that amounts paid between related parties should be reallocated to reflect accurately their respective
incomes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
of the restrictions applicable to the income, assets and activities of a REIT, a REIT may need to conduct certain business activities in one or more TRSs. These business
activities include alternative uses of real estate, such as the development and/or sale of timeshare or condominium units. As discussed below under "&#151;Asset Tests," the aggregate value of
all of our TRSs may not exceed 25% (20% for tax years beginning after December&nbsp;31, 2017) of the value of all of our assets. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Gross Income Tests  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To qualify as a REIT, we must satisfy two gross income requirements on an annual basis. First, at least 75% of our gross income for each taxable
year must be derived from investments relating to real property or mortgages on real property, including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "rents from real property"; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> dividends or other distributions on, and gain from the sale of, stock in other REITs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> gain from the sale of real property or mortgages on real property, in either case, not held for sale to customers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> interest income derived from mortgage loans secured by real property or interests in real property; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>146</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=156,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=610308,FOLIO='146',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_147"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> income attributable to the temporary investment of new capital in stock and debt instruments during the one-year period following the receipt
by us of new capital raised through equity offerings or the issuance of debt obligations with at least a five-year term. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second,
at least 95% of our gross income in each taxable year must be derived from some combination of income that qualifies under the 75% gross income test described above, as well as
(1)&nbsp;other dividends, (2)&nbsp;interest, and (3)&nbsp;gain from the sale or disposition of stock or securities, in either case, not held for sale to customers. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of one or both of the 75% and 95% gross income tests, the following items of income are excluded from the computation of gross income: (1)&nbsp;gross income from
prohibited transactions; (2)&nbsp;certain foreign currency gain; and (3)&nbsp;income and gain from certain hedging transactions. See "&#151;Income from Hedging Transactions,"
"&#151;Foreign Currency Gain," and "&#151;Prohibited Transactions Tax," below. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rents from Real Property  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently, rents paid pursuant to the leases of our hotels to our TRSs, together with gain from the sale of hotels and dividends and interest
received from the TRSs, constitute substantially all of our gross income. Rents received by us will qualify as "rents from real property" in satisfying the gross income requirements described above
only if the following conditions are met:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> First, if rent attributable to personal property, leased in connection with a lease of real property, is greater than 15% of the total rent
received under the lease, then the portion of rent attributable to the personal property will not qualify as rents from real property. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Second, the amount of rent must not be based in whole or in part on the income or profits of any person. Amounts received as rent, however,
generally will not be excluded from rents from real property solely by reason of being based on fixed percentages of gross receipts or sales. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Third, rents we receive from a "related party tenant" generally will not qualify as rents from real property. A tenant is a related party
tenant if the REIT, or an actual or constructive owner of 10% or more of the REIT, actually or constructively owns 10% or more of the tenant. Two exceptions apply with respect to the lease of property
by a REIT to a TRS. We may lease our hotels that qualify as "qualified lodging facilities" to our TRSs if the hotel is operated on behalf of the TRS by an "eligible independent contractor." In
addition, a REIT may lease any property to a TRS if at least 90% of the property is leased to unrelated tenants, and the rent paid by the TRS is substantially comparable to rent paid by the unrelated
tenants for comparable space. Amounts attributable to certain rental increases charged to a controlled TRS can fail to qualify even if the above conditions are met. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Fourth, for rents to qualify as rents from real property for the purpose of satisfying the gross income tests, we generally must not operate or
manage the property or furnish or render services to the tenants of such property, other than through an "independent contractor" who is adequately compensated and from whom we derive no revenue, or
through a TRS. To the extent that impermissible services are provided by an independent contractor, the cost of the services generally must be borne by the independent contractor. A REIT is permitted
to provide directly to tenants services that are "usually or customarily rendered" in connection with the rental of space for occupancy only and not otherwise considered to be provided for the
tenants' convenience. A REIT may provide a minimal amount of "non-customary" services to its tenants, other than through an independent contractor, but if the income from these impermissible tenant
services exceeds 1% of the total income from a property, then all of the income from that property will fail to qualify as rents from real property. If the total amount of the income from
impermissible tenant services does not exceed 1% of the total income from the property, </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>147</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=157,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=400458,FOLIO='147',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_148"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>the
services will not "taint" the other income from the property (that is, it will not cause the rent paid by tenants of that property to fail to qualify as rents from real property), but the
impermissible tenant services income will not qualify as rents from real property. A REIT is deemed to have received income from the provision of impermissible services in an amount equal to at least
150% of the direct cost of providing the service. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
we lease substantially all of our properties to our TRSs, we generally do not provide services to our tenants. However, we have a few small leases of space at our hotels with
tenants that are unrelated third parties. In that case, we cannot provide any assurance that the IRS will agree with our positions related to whether any services we provide directly to tenants are
"usually or customarily rendered" in connection with the rental of space for occupancy only. We monitor the activities at our properties and do not intend to provide services that will cause us to
fail to meet the gross income tests. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order for the rent paid pursuant to the leases with our TRSs to constitute "rents from real property," the leases must be respected as true leases for federal income tax purposes.
Accordingly, the leases cannot be treated as service contracts, joint ventures or some other type of arrangement. The determination of whether the leases are true leases for federal income tax
purposes depends upon an analysis of all the surrounding facts and circumstances. In making such a determination, courts have considered a variety of factors, including the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the intent of the parties; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the form of the agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the degree of control over the property that is retained by the property owner (e.g.,&nbsp;whether the lessee has substantial control over
the operation of the property or whether the lessee was required simply to use its best efforts to perform its obligations under the agreement); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the extent to which the property owner retains the risk of loss with respect to the property (e.g.,&nbsp;whether the lessee bears the risk of
increases in operating expenses or the risk of damage to the property) or the potential for economic gain (e.g.,&nbsp;appreciation) with respect to the property. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Section&nbsp;7701(e) of the Code provides that a contract that purports to be a service contract or a partnership agreement is treated instead as a lease of property if
the contract properly is treated as such, taking into account all relevant factors. Since the determination of whether a service contract should be treated as a lease is inherently factual, the
presence or absence of any single factor may not be dispositive in every case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
leases have been structured with the intent to qualify as true leases for federal income tax purposes. However, this determination is inherently a question of fact, and we cannot
assure you that the IRS will not successfully assert a contrary position. If the leases were recharacterized as service contracts or partnership agreements, rather than true leases, or disregarded
altogether for tax purposes, all or part of the payments that we receive from the TRSs would not be considered rent or would not otherwise satisfy the various requirements for qualification as "rents
from real property." In that case, we likely would not be able to satisfy either the 75% or 95% gross income tests and, as a result, would lose our REIT status. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
indicated above, "rents from real property" must not be based in whole or in part on the income or profits of any person. Each of our leases provides for periodic payments of a
specified base rent plus, to the extent that it exceeds the base rent, additional rent which is calculated based upon the gross sales of the hotels subject to the lease, plus certain other amounts.
Payments made pursuant to these leases should qualify as "rents from real property" since generally they are based on either fixed dollar amounts or on specified percentages of gross sales that are
fixed at the time the leases are </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>148</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=158,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=12225,FOLIO='148',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_149"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>entered
into. The foregoing assumes that the leases have not been and will not be renegotiated during their term in a manner that has the effect of basing either the percentage rent or the base rent
on income or profits. The foregoing also assumes that the leases are not in reality used as a means of basing rent on income or profits. More generally, the rent payable under the leases will not
qualify as "rents from real property" if, considering the leases and all of the surrounding circumstances, the arrangement does not conform with normal business practice. We have not renegotiated, and
currently do not intend to renegotiate, the percentages used to determine the percentage rent during the terms of the leases in a manner that has had or will have the effect of basing rent on income
or profits. In addition, we believe that the rental provisions and other terms of the leases conform with normal business practice and generally are not intended to be used as a means of basing rent
on income or profits. Furthermore, currently we intend that, with respect to properties that we acquire in the future, we will not charge rent for any property that is based in whole or in part on the
income or profits of any person, except by reason of being based on a fixed percentage of gross revenues, as described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted above, under the Code, if a lease provides for the rental of both real and personal property and the portion of the rent attributable to personal property is 15% or less of the
total rent due under the lease, then all rent paid pursuant to such lease qualifies as "rents from real property." If, however, a lease provides for the rental of both real and personal property, and
the portion of the rent attributable to personal property exceeds 15% of the total rent due under the lease, then no portion of the rent that is attributable to personal property will qualify as
"rents from real property." The amount of rent attributable to personal property is the amount which bears the same ratio to total rent for the taxable year as the average of the fair market value of
the personal property at the beginning and end of the year bears to the average of the aggregate fair market value of both the real and personal property at the beginning and end of such year.
Currently, a significant portion of our personal property is owned by our TRSs. We believe that, to the extent that any of our leases includes a lease of items of personal property, either the amount
of rent attributable to personal property with respect to such lease would not exceed 15% of the total rent due under the lease (determined under the law in effect for the applicable period), or, with
respect to leases where the rent attributable to personal property constitutes non-qualifying income, such amounts, when taken together with all other non-qualifying income, would not jeopardize our
status as a REIT. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Interest Income  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest generally will be non-qualifying income for purposes of the 75% or 95% gross income tests if it depends in whole or in part on the
income or profits of any person. However, interest based on a fixed percentage or percentages of receipts or sales still may qualify under the gross
income tests. We receive interest payments from our TRSs and from third parties, which constitutes qualifying income for purpose of the 95% gross income test but not necessarily the 75% gross income
test. We do not expect that the interest income from these sources will affect our ability to qualify under the 75% gross income test. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividend Income  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may receive distributions from our TRSs or other corporations that are not REITs or QRSs. These distributions generally will be treated as
dividend income to the extent of the earnings and profits of the distributing corporation. We also may recognize capital gain with respect to our investments in our TRSs or such other corporations.
Such dividend income or capital gain will constitute qualifying income for purposes of the 95% gross income test, but not for purposes of the 75% gross income test. We do not expect that these amounts
will affect our ability to qualify under the 75% gross income test. Any dividends that we receive from our subsidiary REITs, or capital gain </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>149</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=159,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=524153,FOLIO='149',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_150"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>recognized
in connection with an investment in a REIT, will be qualifying income for purposes of both the 95% and 75% gross income tests. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Income from Hedging Transactions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time we may enter into hedging transactions with respect to one or more of our assets or liabilities. Any such hedging transactions
could take a variety of forms, including the use of derivative instruments such as interest rate swap or cap agreements, option agreements, and futures or forward contracts. Income of a REIT,
including income from a pass-through subsidiary, arising from "clearly identified" hedging transactions that are entered into to manage the risk of interest rate or price changes with respect to
borrowings, including gain from the disposition of such hedging transactions, to the extent the hedging transactions hedge indebtedness incurred, or to be incurred, by the REIT to acquire or carry
real estate assets (each such hedge, a "Borrowings Hedge"), will not be treated as gross income for purposes of either the 95% gross income test or the 75% gross income test. Income of a REIT arising
from hedging transactions that are entered into to manage the risk of currency fluctuations with respect to our investments (each such hedge, a "Currency Hedge") will not be treated as gross income
for purposes of either the 95% gross income test or the 75% gross
income test provided that the transaction is "clearly identified." Effective for taxable years beginning after December&nbsp;31, 2015, this exclusion from the 95% and 75% gross income tests also
will apply if we previously entered into a Borrowings Hedge or a Currency Hedge, a portion of the hedged indebtedness or property is disposed of, and in connection with such extinguishment or
disposition we enter into a new "clearly identified" hedging transaction to offset the prior hedging position. In general, for a hedging transaction to be "clearly identified," (1)&nbsp;it must be
identified as a hedging transaction before the end of the day on which it is acquired, originated, or entered into; and (2)&nbsp;the items of risks being hedged must be identified "substantially
contemporaneously" with entering into the hedging transaction (generally not more than 35&nbsp;days after entering into the hedging transaction). To the extent that we hedge with other types of
financial instruments or in other situations, the resultant income will be treated as income that does not qualify under the 95% or 75% gross income tests unless the hedge meets certain requirements
and we elect to integrate it with a specified asset and to treat the integrated position as a synthetic debt instrument. We intend to structure any hedging transactions in a manner that does not
jeopardize our qualification as a REIT but there can be no assurance we will be successful in this regard. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Foreign Currency Gain  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Real estate foreign exchange gain" is excluded from the calculation of the 75% gross income test and "passive foreign exchange gain" is
excluded from the calculation of the 95% gross income test. "Real estate foreign exchange gain" means (i)&nbsp;foreign currency gain attributable (without duplication) to (A)&nbsp;an item of
income or gain to which the 75% gross income test applies, (B)&nbsp;the acquisition or ownership of obligations secured by mortgages on real property or on interests in real property, or
(C)&nbsp;becoming or being the obligor under obligations secured by mortgages on real property or interests in real property, or (ii)&nbsp;foreign currency gain attributable to a "qualified
business unit" or "QBU" of the REIT under Code Section&nbsp;987, provided the QBU itself satisfies both the 75% gross income test and the 75% asset test described below under "&#151;Asset
Tests." "Passive foreign exchange gain" is (without duplication) real estate foreign exchange gain, foreign currency gain attributable to an item of income or gain to which the 95% gross income test
applies, foreign currency gain attributable to the acquisition or ownership of obligations, or foreign currency gain attributable to becoming or being the obligor under obligations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>150</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=160,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=920439,FOLIO='150',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_151"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Prohibited Transactions Tax  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any gain realized by us on the sale of any property held as inventory or other property held primarily for sale to customers in the ordinary
course of business, including our share of any such gain realized by a subsidiary partnership and taking into account any related foreign currency gains or losses, will be treated as income from a
"prohibited transaction" that is subject to a 100% penalty tax. Whether property is held as inventory or primarily for sale to customers in the ordinary course of a trade or business is a question of
fact that depends upon all the facts and circumstances with respect to the particular transaction. However, we will not be treated as a dealer in real property for the purpose of the 100% penalty tax
if: (i)&nbsp;we have held the property for at least two years and for the production of rental income (unless such property was acquired through foreclosure or deed in lieu of foreclosure or lease
termination); (ii)&nbsp;capitalized expenditures on the property in the two years preceding the year of sale are less than 30% of the net selling price of the property; and (iii)&nbsp;we either
(a)&nbsp;have seven or fewer sales of property (excluding sales of foreclosure property or in connection with an involuntary conversion ("excluded sales")) for the year of sale, (b)&nbsp;the
aggregate tax basis of property sold (other than excluded sales) during the year of sale is 10% or less of the aggregate tax basis of all of our assets as of the beginning of the taxable year,
(c)&nbsp;the fair market value of property sold (other than excluded sales) during the year of sale is less than 10% of the fair market value of all of our assets as of the beginning of the taxable
year, (d)&nbsp;effective for taxable years beginning after December&nbsp;31, 2015, the aggregate adjusted basis of property sold during the year is 20% or less of the aggregate adjusted basis of
all of our assets as of the beginning of the taxable year and the aggregate adjusted basis of property sold during the three-year period ending with the year of sale is 10% or less of the aggregate
tax basis of all of our assets as of the beginning of each of the three taxable years ending with the year of sale; or (e)&nbsp;effective for taxable years beginning after December&nbsp;31, 2015,
the fair market value of property sold during the year is 20% or less of the aggregate fair market value of all of our assets as of the beginning of the taxable year and the fair market value of
property sold during the three-year period ending with the year of sale is 10% or less of the aggregate fair market value of all of our assets as of the beginning of each of the three taxable years
ending with the year of sale. If we rely on clauses&nbsp;(b), (c), (d), or (e)&nbsp;in the preceding sentence, substantially all of the marketing and development expenditures with respect to the
property sold must be made through an independent contractor from whom we derive no income or, effective for taxable years beginning after December&nbsp;31, 2015, our TRS. The sale of more than one
property to one buyer as part of one transaction constitutes one sale for purposes of this "safe harbor." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hold hotels for investment with a view to long-term appreciation, engage in the business of acquiring and owning hotels and we currently intend to make sales of hotels consistent with
our investment objectives. However, some of our sales may not satisfy the "safe harbor" requirements described above and there can be no assurance that the IRS might not contend that one or more of
these sales are subject to the 100% penalty tax. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Income from Foreclosure Property  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generally will be subject to tax at the maximum corporate tax rate (currently 35%) on any net income from foreclosure property, including any
gain from the disposition of the foreclosure property and any foreign currency gain, other than income that constitutes qualifying income for purposes of the 75% gross income test (other than by
reason of such income being income or gain from foreclosure property). Foreclosure property is real property and any personal property incident to such real property (1)&nbsp;that we acquire as the
result of having bid on the property at foreclosure, or having otherwise reduced the property to ownership or possession by agreement or process of law, after a default (or upon imminent default) on a
lease of the property or a mortgage loan held by us and secured by the property, (2)&nbsp;for which we acquired the related loan or lease at a time when default was not imminent or anticipated, and
(3)&nbsp;with respect to which we made a proper election to treat the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>151</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=161,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=724563,FOLIO='151',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_152"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>property
as foreclosure property. Any gain from the sale of property for which a foreclosure property election has been made will not be subject to the 100% tax on gain from prohibited transactions
described above, even if the property otherwise would constitute inventory or dealer property. If an unrelated third party lessee defaults under a lease, we are permitted to lease the related hotel to
a TRS, in which case the hotel would not become foreclosure property. To the extent that we receive any income from property described in clause&nbsp;(1) above that does not qualify for purposes of
the 75% gross income test, we intend to make an election to treat the related property as foreclosure property. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Failure to Satisfy the Gross Income Tests  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to continue to monitor our sources of income, including any non-qualifying income received by us, and manage our assets so as to
ensure our compliance with the gross income tests. If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we still may qualify as a REIT for such year if we are
entitled to relief under applicable provisions of the Code. These relief provisions generally will be available if (1)&nbsp;our failure to meet these tests was due to reasonable cause and not due to
willful neglect, and (2)&nbsp;following our identification of the failure to meet the 75% and/or 95% gross income tests for any taxable year, we file&nbsp;a schedule with the IRS setting forth a
description of each item of our gross income that satisfies the gross income tests for such taxable year in accordance with Treasury regulations. It is not possible to state whether we would be
entitled to the benefit of these relief provisions in all circumstances. As discussed above
under "&#151;General," even where these relief provisions apply, the Code imposes a tax, which could be significant in amount, based upon the profit attributable to the amount by which we fail
to satisfy the particular gross income test. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain Potential Excise Taxes on TRS Payments  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any redetermined rents, redetermined deductions, excess interest or redetermined taxable REIT subsidiary service income will be subject to a
100% penalty tax. In general, redetermined rents are rents from real property that are overstated as a result of services furnished by a TRS to our tenants, and redetermined deductions and excess
interest represent items that are deducted by a TRS for amounts paid to us that are in excess of the amounts that would have been deducted and paid to us based on arm's- length negotiations.
Redetermined taxable REIT subsidiary service income means gross income (less allocable deductions) of a TRS attributable to services provided to, or on behalf of, us (other than to tenants) to the
extent the TRS's income (less deductions) attributable thereto is increased to clearly reflect income. While we believe that our arrangements with our TRSs reflect arm's-length terms, these
determinations inherently are factual, and the IRS has broad discretion to assert that amounts paid between related parties should be reallocated to reflect accurately their respective incomes. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Asset Tests  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the close of each calendar quarter, we must satisfy the following tests relating to the nature of our
assets:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at least 75% of the value of our total assets must be represented by some combination of "real estate assets," cash, cash items, U.S.
government securities, and, under some circumstances, stock or debt instruments purchased with new capital. For this purpose, real estate assets include interests in real property, such as land,
buildings and leasehold interests in real property, stock of other corporations that qualify as REITs (and, effective for tax years beginning after December&nbsp;31, 2015, debt instruments issued by
publicly offered REITs, interests in mortgages on interests in real property and personal property leased in connection with real property to the extent that rents attributable to such personal
property are treated as "rents from real property"), and some types of mortgage-backed securities and mortgage loans. Assets that do </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>152</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=162,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=115939,FOLIO='152',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_153"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>not
qualify for purposes of the 75% asset test are subject to the additional asset tests described below; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> not more than 25% of our total assets may be represented by securities other than those described in the first bullet above; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> except for securities described in the first bullet above and last bullet below, and securities in TRSs or QRSs, the value of any one issuer's
securities owned by us may not exceed 5% of the value of our total assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> except for securities described in the first bullet above and last bullet below, and securities in TRSs or QRSs, we may not own more than 10%
of any one issuer's outstanding voting securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> except for securities described in the first bullet above and last bullet below, securities in TRSs or QRSs, and certain types of indebtedness
that are not treated as securities for purposes of this test, as discussed below, we may not own more than 10% of the total value of the outstanding securities of any one issuer; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> not more than 25% (20% for tax years beginning after December&nbsp;31, 2017) of our total assets may be represented by securities of one or
more TRSs; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Not more than 25% of our total assets may be represented by debt instruments issued by publicly offered REITs that are "nonqualified" debt
instruments (e.g.,&nbsp;not secured by interests in mortgages on interests in real property and personal property leased in connection with real property to the extent that rents attributable to
such personal property are treated as "rents from real property"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the asset tests, a REIT is not treated as owning the stock of a QRS or an equity interest in any entity treated as a partnership or disregarded for U.S. federal income
tax purposes. Instead, a REIT is treated as owning its proportionate share of the assets held by such entity. Solely for purposes of the 10% value test, the determination of our interest in the assets
of an entity treated as a partnership for federal income tax purposes in which we own an interest will be based on our proportionate interest in any securities issued by the partnership, excluding for
this purpose certain securities described in the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
10% value test does not apply to certain "straight debt" and other excluded securities, as described in the Code, including (1)&nbsp;loans to individuals or estates,
(2)&nbsp;obligations to pay rents from real property, (3)&nbsp;rental agreements described in Section&nbsp;467 of the Code (generally, obligations related to deferred rental payments, other than
with respect to transactions with related party tenants), (4)&nbsp;securities issued by other REITs, (5)&nbsp;certain securities issued by a state, the District of Columbia, a foreign government,
or a political subdivision of any of the foregoing, or the Commonwealth of Puerto Rico, and (6)&nbsp;any other arrangement as determined by the IRS. In addition, (1)&nbsp;a REIT's interest as a
partner in a partnership is not considered a security for purposes of the 10% value test; (2)&nbsp;any debt instrument issued by a partnership (other than straight debt or other excluded security)
will not be considered a security issued by the partnership if at least 75% of the partnership's gross income is derived from sources that would qualify for the 75% REIT gross income test; and
(3)&nbsp;any debt instrument issued by a partnership (other than straight debt or other excluded security) will not be considered a security issued by a partnership to the extent of the REIT's
interest as a partner in the partnership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the 10% value test, "straight debt" means a written unconditional promise to pay on demand on a specified date a sum certain in money if (1)&nbsp;the debt is not
convertible, directly or indirectly, into stock, (2)&nbsp;the interest rate and interest payment dates are not contingent on profits, the borrower's discretion, or similar factors, other than
certain contingencies relating to the timing and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>153</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=163,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=295945,FOLIO='153',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_154"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>amount
of principal and interest payments, as described in the Code, and (3)&nbsp;in the case of an issuer which is a corporation or a partnership, securities that otherwise would be considered
straight debt will not be so considered if we, and any of our "controlled TRSs" (as defined in the Code), hold securities of the corporate or partnership issuer which (a)&nbsp;are not straight debt
or other excluded securities (prior
to the application of this rule), and (b)&nbsp;have an aggregate value greater than 1% of the issuer's outstanding securities (including, for purposes of a partnership issuer, our interest as a
partner in the partnership). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
intend to continue to maintain adequate records of the value of our assets to ensure compliance with the asset tests and to take any available actions within 30&nbsp;days after the
close of any quarter as may be required to cure any non-compliance with the asset tests. See "&#151;Failure to Satisfy the Asset Tests." We may not obtain independent appraisals to support our
conclusions concerning the values of some or all of our assets. We do not intend to seek an IRS ruling as to the classification of our properties for purposes of the REIT asset tests. Accordingly,
there can be no assurance that the IRS will not contend that our assets or our interest in other securities will not cause a violation of the REIT asset test requirements. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Failure to Satisfy the Asset Tests  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The asset tests must be satisfied not only on the last day of the calendar quarter in which we, directly or through pass-through subsidiaries,
acquire securities in the applicable issuer, but also on the last day of the calendar quarter in which we increase our ownership of securities in such issuer, including as a result of increasing our
interest in pass-through subsidiaries. An example of such an acquisition would be an increase in our interest in the Operating Partnership as a result of the exercise of a limited partner's redemption
right relating to units in the Operating Partnership or an additional capital contribution to the Operating Partnership of proceeds from an offering of shares by us. After initially meeting the asset
tests at the close of any quarter, we will not lose our qualification as a REIT for failure to satisfy the asset tests at the end of a later quarter solely by reason of changes in asset values
(including a failure caused solely by a change in the foreign currency exchange rate used to value a foreign asset). If we fail to satisfy the asset tests because we acquire assets during a quarter,
we can cure this failure by disposing of sufficient non-qualifying assets or acquiring sufficient qualifying assets within 30&nbsp;days after the close of that quarter. We intend to continue to
maintain adequate records of the value of our assets to ensure compliance with the asset tests and to take any available action within 30&nbsp;days after the close of any quarter as may be required
to cure any non-compliance with the asset tests. Although we plan to take steps to ensure that we satisfy such tests for any quarter with respect to which testing is to occur, there can be no
assurance that such steps always will be successful. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we fail to timely cure any non-compliance with the asset tests, we would cease to qualify as a REIT, unless we satisfy certain relief provisions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
failure to satisfy the 5% asset test, or the 10% vote or value asset tests, can be remedied even after the 30-day cure period under certain circumstances. Specifically, if we fail
these asset tests at the end of any quarter and such failure is not cured within 30&nbsp;days thereafter, we may dispose of sufficient assets (generally within six months after the last day of the
quarter in which our identification of the failure to satisfy these asset tests occurred) in order to cure such a violation that does not exceed the
lesser of 1% of our assets at the end of the relevant quarter or $10,000,000. If we fail any of the other asset tests or our failure of the 5% and 10% asset tests results in a violation in excess of
the de minimis amount described above, as long as such failure was due to reasonable cause and not willful neglect, we are permitted to avoid disqualification as a REIT, after the 30-day cure period,
by taking steps including disposing of sufficient assets to meet the asset test (generally within six months after the last day of the quarter in which our identification of the failure to satisfy the
REIT asset test occurred), paying a tax equal to the greater of $50,000 or the highest corporate income tax rate (currently 35%) of the net income generated by the non-qualifying assets during the
period in which we failed to satisfy </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>154</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=164,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=613553,FOLIO='154',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dc49201_1_155"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
asset test, and filing, in accordance with applicable Treasury regulations, a schedule with the IRS that describes the assets that caused us to fail to satisfy the asset test(s). We intend to take
advantage of any and all relief provisions that are available to us in order to cure any violation of the asset tests applicable to REITs. In certain circumstances, utilization of such provisions
could result in us being required to pay an excise or penalty tax, which tax could be significant in amount. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Annual Distribution Requirements  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to qualify as a REIT, we are required to distribute dividends, other than capital gain dividends, to our shareholders in an amount at
least equal to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the sum of: (1)&nbsp;90% of our "REIT taxable income," computed without regard to our net capital gain and the deduction for dividends paid,
and (2)&nbsp;90% of our net income, after tax, if any, from foreclosure property; minus </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the sum of specified items of "non-cash income." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this test, "non-cash income" means income attributable to (1)&nbsp;leveled stepped rents, (2)&nbsp;original issue discount included in our taxable income without the
receipt of a corresponding payment, (3)&nbsp;cancellation of indebtedness, or (4)&nbsp;a like-kind exchange that later is determined to be taxable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generally must make dividend distributions in the taxable year to which they relate. Dividend distributions may be made in the following year in two circumstances. First, we may
declare a dividend in October, November, or December of any year with a record date in one of these months if we pay the dividend on or before January&nbsp;31 of the following year. Such
distributions are treated as both paid by us and received by our shareholders on December&nbsp;31 of the year in which they are declared. Second, distributions may be made in the following year if
they are declared before we timely file our tax return for the year and if made with or before the first regular dividend payment after such declaration. These distributions are taxable to our
shareholders in the year in which paid, even though the distributions relate to our prior taxable year for purposes of the 90% distribution requirement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order for distributions to be counted as satisfying the annual distribution requirement for REITs, and to provide us with a REIT-level dividends paid deduction, the distributions must
not be "preferential dividends." A distribution is not a preferential dividend if the distribution is (1)&nbsp;pro rata among all outstanding shares of stock within a particular class, and
(2)&nbsp;in accordance with the preferences among different classes of shares as set forth in our organizational documents. This requirement does not apply to publicly offered REITs, including us,
with respect to distributions made in tax years beginning after 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that we distribute at least 90%, but less than 100%, of our "REIT taxable income," as adjusted, we will be subject to tax at ordinary corporate tax rates on the retained
portion. We may elect to retain, rather than distribute, our net long-term capital gain and pay tax on such gain. In this case, we could elect for our shareholders to include their proportionate share
of such undistributed long-term capital gain in their taxable income, and for them to receive a corresponding credit for their share of the tax that we paid. Our shareholders would then increase the
adjusted basis of their share by the difference between (1)&nbsp;the amount of capital gain dividends that we designated and that they included in their taxable income, minus (2)&nbsp;the tax that
we paid on their behalf with respect to that income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that in the future we may have available net operating losses carried forward from prior tax years, such losses may reduce the amount of distributions that we must make in
order to comply with the REIT distribution requirements. Such losses, however, (1)&nbsp;generally will not affect the character, in the hands of our shareholders, of any distributions that actually
are made as ordinary dividends or capital gain; and (2)&nbsp;cannot be passed through or used by our shareholders. See "Federal Income Tax Consequences to RLJ Shareholders&#151;Taxation of
Taxable U.S. Shareholders&#151;Distributions Generally." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>155</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=165,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=347234,FOLIO='155',FILE='DISK127:[17ZBR1.17ZBR49201]DC49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_de49201_1_156"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to distribute during each calendar year at least the sum of (1)&nbsp;85% of our REIT ordinary income for such year, (2)&nbsp;95% of our REIT
capital gain net income for such year, and (3)&nbsp;any undistributed taxable income from prior periods, we would be subject to a non-deductible 4% excise tax on the excess of such required
distribution over the sum of (a)&nbsp;the amount actually distributed, and (b)&nbsp;the amount of income we retained and on which we paid corporate income tax. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if we were to recognize "built-in-gain" (as defined below) on the disposition of any assets acquired from a C corporation in a transaction in which our basis in the assets
was determined by reference to the C corporation's basis (for instance, if the assets were acquired in a tax-free reorganization), we would be required to distribute at least 90% of the built-in-gain,
net of the tax we would pay on such gain. "Built-in-gain" is the excess of (1)&nbsp;the fair market value of the asset (measured at the time of acquisition) over (2)&nbsp;the tax basis of the
asset (measured at the time of acquisition). However, the built-in gains tax will not apply if the subchapter&nbsp;C corporation elects to be subject to an immediate tax when the asset is acquired
by us. Gain from the sale of property which we acquired in an exchange under Section&nbsp;1031 (a like kind exchange) or 1033 (an involuntary conversion) of the Code is generally excluded from the
application of this built-in gains tax, unless we surrendered property in the exchange that was subject to built-in gain immediately prior to the exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
currently intend to make timely distributions sufficient to satisfy the annual distribution requirements. The Operating Partnership's partnership agreement authorizes us, as general
partner, to take such steps as may be necessary to cause the Operating Partnership to distribute to its partners an amount sufficient to permit us to meet these distribution requirements. Our
subsidiary REITs may use consent dividends, in addition to cash dividends, in order to satisfy all or a portion of their distribution requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is possible that, from time to time, we may not have sufficient cash with which to meet the distribution requirements due to timing differences between our actual receipt of cash,
including receipt of distributions from our subsidiaries, and our inclusion of items in income for U.S. federal income tax purposes or for other reasons. If we do not have sufficient cash to meet our
distribution requirements, it might be necessary for us to arrange for short-term, or possibly long-term, borrowings, or to pay dividends in the form of taxable in-kind distributions of property.
Alternatively, we may declare a taxable dividend payable in cash or shares at the election of each shareholder, where the aggregate amount of cash to be distributed as part of such dividend may be
subject to limitation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may be able to rectify a failure to meet the distribution requirements for a particular tax year by paying "deficiency dividends" to shareholders in a later year, which may be
included in our deduction for dividends paid for the earlier year. In this case, we may be able to avoid losing REIT qualification or being taxed on amounts distributed as deficiency dividends. We
will be required to pay interest to the IRS based on the amount of any deduction taken for deficiency dividends. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
calculate our REIT taxable income based upon the conclusion that the lessor is the owner of the hotels for federal income tax purposes. As a result, we expect that the depreciation
deductions with respect to the hotels owned by the lessors will reduce our REIT taxable income. This conclusion is consistent with the conclusion discussed above that the leases with respect to our
hotels have been and will continue to be treated as true leases for federal income tax purposes. If, however, the IRS were to challenge successfully this position, in addition to failing in all
likelihood the 75% and 95% gross income tests described above, we also might be deemed retroactively to have failed to meet the REIT distribution requirements and would have to rely on the payment of
a "deficiency dividend" in order to retain REIT status. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Record-Keeping Requirements  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to maintain records and request on an annual basis information from specified shareholders. These requirements are designed to
assist us in determining the actual ownership of our </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>156</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=166,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=963866,FOLIO='156',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_de49201_1_157"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>outstanding
shares and in maintaining our qualification as a REIT. Failure to comply therewith could result in monetary fines. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Failure to Qualify as a REIT  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to satisfy one or more requirements for REIT qualification other than the gross income or asset tests, we could avoid
disqualification if our failure is due to reasonable cause and not to willful neglect and we pay a penalty of $50,000 for each such failure. Relief provisions are available for failures of the gross
income tests and asset tests, as described above in "&#151;Gross Income Tests" and "&#151;Asset Tests." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we fail to qualify as a REIT in any taxable year, and the relief provisions described above do not apply, we would be subject to tax, including any applicable alternative minimum tax,
on our taxable income at regular corporate tax rates. We could not deduct distributions to shareholders in any year in which we were not a REIT, and we would not be required to make distributions in
such a year. The cash available for distribution to our shareholders would be reduced significantly and the value of our shares could be reduced materially. Any distributions to shareholders would be
taxable as regular corporate dividends to the extent of our current and accumulated earnings and profits. Unless we were entitled to relief under specific statutory provisions, we also would be
disqualified from re-electing to be treated as a REIT for the four taxable years following the year during which we lost qualification. In addition, if we merge with another REIT, and we are the
"successor" to the other REIT, the other REIT's disqualification from taxation as a REIT would prevent us from being taxed as a REIT for the four taxable years following the year during which the
other REIT's qualification was lost. It is not possible to state whether, in all circumstances, we would be entitled to statutory relief, although we intend to take advantage of any and all relief
provisions that are available to us to cure any violation of the requirements applicable to REITs. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de49201_tax_aspects_of_the_operating_p__tax03254"> </A>
<A NAME="toc_de49201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tax Aspects of the Operating Partnership and Other RLJ Subsidiary Partnerships    <BR>    </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially all of our assets are owned indirectly through the Operating Partnership, which owns hotels either directly or through certain
subsidiaries (including through the subsidiary REITs). This discussion focuses on the tax aspects of RLJ's ownership of its hotel properties through partnerships and entities, such as limited
liability companies, that are treated as partnerships for federal income tax purposes. In general, partnerships are "pass-through" entities that are not subject to federal income tax. Rather, partners
are allocated their proportionate shares of the items of income, gain, loss, deduction and credit of a partnership, and potentially are subject to tax thereon, without regard to whether the partners
receive a distribution from the partnership. We include in our gross income our proportionate share of partnership items for purposes of the gross income tests and in the computation of our REIT
taxable income. Moreover, for purposes of the REIT asset tests, we include our proportionate share of assets held through the Operating Partnership and those of its subsidiaries that either are
disregarded as separate entities or treated as partnerships for federal income tax purposes. See "Federal Income Taxation of the Company as a REIT&#151;Effect of Subsidiary
Entities&#151;Ownership of Partnerships, Limited Liability Companies and Qualified REIT Subsidiaries" above. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Entity Classification  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Operating Partnership or any non-corporate subsidiary were treated as an association, the entity would be taxable as a corporation and,
therefore, would be subject to federal income tax on its taxable income. In such a situation, the character of our assets and items of gross income would change and could preclude us from qualifying
as a REIT (see "Federal Income Taxation of the Company as a REIT&#151;Asset Tests" and "Federal Income Taxation of the Company as a REIT&#151;Gross Income Tests" above). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>157</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=167,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=844538,FOLIO='157',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_de49201_1_158"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
assume for purposes of this discussion that the Operating Partnership and all of its subsidiaries (other than our TRSs and the subsidiary REITs) are classified as partnerships or
disregarded as separate entities for federal income tax purposes. Pursuant to Treasury regulations under Section&nbsp;7701 of the Code, a partnership will be treated as a partnership for federal
income tax purposes unless it elects to be treated as a corporation or would be treated as a corporation because it is a "publicly traded partnership." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Operating Partnership nor any of its non-corporate subsidiaries that is not a TRS has elected or will elect to be treated as a corporation. Therefore, subject to the
disclosure below, the Operating Partnership and each such subsidiary will be treated as a partnership for federal income tax purposes (or, if such an entity only has one partner or member, a
disregarded entity for federal income tax purposes). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section&nbsp;7704 of the Code, a partnership that does not elect to be treated as a corporation nevertheless will be treated as a corporation for federal income tax
purposes if it is a "publicly traded partnership" and it does not derive at least 90% of its gross income from certain specified sources of "qualifying income" within the meaning of that section. A
"publicly traded partnership" is any partnership (i)&nbsp;the interests of which are traded on an established securities market, or (ii)&nbsp;the interests of which are readily tradable on a
"secondary market or the substantial equivalent thereof." Operating Partnership Common Units currently are not and in the future will not be traded on an established securities market. There is a
significant risk, however, that the Operating Partnership Common Units could be considered readily tradable on the substantial equivalent of a secondary market. In that event, the Operating
Partnership could be treated as a "publicly traded partnership," but even then it only would be taxable as a corporation if less than 90% of its gross income were to constitute "qualifying income."
Treasury regulations under Section&nbsp;7704 of the Code set forth certain "safe harbors" under which interests will not be treated as "readily tradable on a secondary market (or the substantial
equivalent thereof)" within the meaning of Section&nbsp;7704 of the Code (the "Safe Harbors"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Qualifying
income," for purposes of the "qualifying income" exception, generally is real property rents and other types of passive income. We believe that the Operating Partnership has
had and will continue to have sufficient qualifying gross income so that it would be taxed as a partnership even if it were considered a publicly traded partnership. The gross income requirements
applicable to us in order for us to qualify as a REIT under the Code and the definition of qualifying income under the publicly traded partnership rules are very similar. Although differences exist
between these two income tests, we do not believe that these differences would cause the Operating Partnership not to satisfy the 90% gross income test applicable to publicly traded partnerships. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Operating Partnership were taxable as a corporation, most, if not all, of the tax consequences described herein would be inapplicable. In particular, we would not qualify as a
REIT because the value of our ownership interest in the Operating Partnership would exceed 5% of our assets and we would be considered to hold more than 10% of the voting securities (and more than 10%
of the value of the outstanding securities) of another corporation (see "&#151;Asset Tests" above). In this event, the value of our shares could be materially adversely affected (see
"&#151;Failure to Qualify as a REIT" above). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
with regard to the exercise of the right to redeem Operating Partnership Common Units and certain "permitted transfers" (generally among related individuals or entities) under the
Operating Partnership's partnership agreement, no limited partner may transfer Operating Partnership Common Units without our prior written consent, as general partner of the Operating Partnership,
which consent may be withheld in our sole discretion. The Operating Partnership's partnership agreement provides that we shall take such actions, if any, that are reasonably necessary or appropriate
to prevent the
Operating Partnership from being classified as a publicly traded partnership and, except as provided otherwise in the partnership agreement, to permit the Operating Partnership to insure that at least
one </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>158</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=168,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=692802,FOLIO='158',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_de49201_1_159"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>of
the Safe Harbors is met. We may exercise our authority, as general partner, under the partnership agreement to impose limitations on the right to redeem Operating Partnership Common Units only to
the extent that outside tax counsel provides to us an opinion to the effect that, in the absence of such limitation or restriction, there is a significant risk that the Operating Partnership will be
treated as a publicly traded partnership and, by reason thereof, taxable as a corporation. These limitations, if imposed, could adversely affect the interests of holders of Operating Partnership
Common Units. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Partnership Tax Allocations  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A partnership agreement generally will determine the allocation of income and loss among partners. However, such allocations will be disregarded
for federal income tax purposes if they do not comply with the provisions of Section&nbsp;704(b) of the Code and the regulations promulgated thereunder. Generally, Section&nbsp;704(b) of the Code
and the regulations promulgated thereunder require that partnership allocations respect the economic arrangement of the partners. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an allocation is not recognized for federal income tax purposes, the item subject to the allocation will be reallocated in accordance with the partners' interests in the partnership,
which will be determined by taking into account all of the facts and circumstances relating to the economic arrangement of the partners with respect to such item. The allocations of taxable income and
loss provided for in the Operating Partnership's partnership agreement and the partnership agreements and operating agreements of the non-corporate subsidiaries are intended to comply with the
requirements of Section&nbsp;704(b) of the Code and the regulations promulgated thereunder. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tax Allocations with Respect to the Hotels  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;704(c) of the Code, income, gain, loss and deduction attributable to appreciated or depreciated property, such as the
hotels, that is contributed to a
partnership in exchange for an interest therein must be allocated in a manner such that the contributing partner is charged with, or benefits from, the difference between the adjusted tax basis and
the fair market value of such property at the time of contribution. This difference is known as built-in gain or built-in loss. The Operating Partnership's partnership agreement requires that such
allocations be made in a manner consistent with Section&nbsp;704(c) of the Code. In general, the partners of the Operating Partnership, including us, who contributed appreciated assets with built-in
gain are allocated depreciation deductions for federal income tax purposes that are lower than such deductions would be if determined on a pro rata basis. Thus, the carryover basis of the contributed
assets in the hands of the Operating Partnership may cause us to be allocated lower depreciation and other deductions, and therefore to be effectively allocated more income, which might adversely
affect our ability to comply with the REIT distribution requirements and/or cause a higher proportion of our distributions to our shareholders to be taxed as dividends. See "Federal Income Taxation of
the Company as a REIT&#151;Annual Distribution Requirements" above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in the event of the disposition of any of the contributed assets with built-in gain, all income attributable to the built-in gain generally will be allocated to the
contributing partners, even though the proceeds of such sale would be distributed proportionately among all the partners and could be retained by us rather than distributed to our shareholders. Thus,
if the Operating Partnership were to sell a hotel with built-in gain that was contributed to the Operating Partnership by us, we generally would be allocated all of the income attributable to the
built-in gain, which amount could exceed the economic, or "book," income allocated to us as a result of such sale. Such an allocation might cause us to recognize taxable income in excess of cash
proceeds, which might adversely affect our ability to comply with the REIT distribution requirements. It should be noted that, as the general partner of the Operating Partnership, we will determine
whether or not to sell a hotel that we contributed to the Operating Partnership. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>159</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=169,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=612785,FOLIO='159',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_de49201_1_160"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
the general partner of the Operating Partnership, we have the authority to elect the method to be used to account for built-in gain with respect to assets contributed to the Operating
Partnership. Any property purchased by the Operating Partnership initially will have an adjusted tax basis equal to its fair market value, and Section&nbsp;704(c) of the Code will not apply. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de49201_federal_income_tax_consequences_to_rlj_shareholders"> </A>
<A NAME="toc_de49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Federal Income Tax Consequences to RLJ Shareholders    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion describes the material federal income tax consequences to you of owning and disposing of our shares. This summary does
not address state, local or non-U.S. tax consequences. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion assumes that you hold our shares as "capital assets" (generally, property held for investment within the meaning of Section&nbsp;1221 of the Code). This discussion is
not intended to constitute, and should not be construed as, tax advice and does not purport to discuss all aspects of U.S. federal income taxation that may be important to a particular investor in
light of its investment or tax circumstances, or to investors subject to special tax rules, including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> tax-exempt organizations, except to the extent discussed below in "&#151;Taxation of Tax-Exempt U.S. Shareholders"; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> broker-dealers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> traders in securities that elect to mark to market; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> trusts, estates, regulated investment companies, REITs, financial institutions, insurance companies or S corporations; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> investors subject to the alternative minimum tax provisions of the Code; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> investors that hold their shares as part of a "hedge," "straddle," "conversion transaction," "synthetic security," or other integrated
investment; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> investors that hold their shares through a partnership or similar pass-through entity; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> holders who receive our shares through the exercise of employee share options or otherwise as compensation; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons holding 10% or more (by vote or value) of our outstanding shares, except to the extent discussed below; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> non-U.S. shareholders (as defined in I. Material United States Federal Income Tax Consequences&#151;the Mergers), including "qualified
shareholders" as defined in Section&nbsp;897(k)(3)(A) of the Code, except to the extent discussed below in "&#151;Taxation of Non-U.S. Shareholders"; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> foreign (non-U.S.) governments; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons with a "functional currency" other than the U.S. dollar; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> U.S. expatriates; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> investors who are otherwise subject to special tax treatment under the Code. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Taxation of Taxable U.S. Shareholders  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section summarizes the U.S. federal income taxation of U.S. shareholders (as defined in I.&nbsp;Material United States Federal Income Tax
Consequences&#151;the Mergers) that are not tax-exempt. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>160</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=170,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=426752,FOLIO='160',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_de49201_1_161"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Distributions Generally  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The distributions that we make to our taxable U.S. shareholders out of current or accumulated earnings and profits that we do not designate as
capital gain dividends or as qualified dividend income will be taken into account by shareholders as ordinary income when actually or constructively received. As long as we qualify as a REIT, these
distributions will not be eligible for the dividends-received deduction for U.S. shareholders that are corporations. In determining the extent to which a distribution with respect to our shares
constitutes a dividend for federal income tax purposes, our earnings and profits will be allocated first to distributions with respect to our preferred shares, if any, and then to our common shares.
Except for dividends that we designate as qualified dividend income, dividends received from REITs are not eligible to be taxed at the preferential qualified dividend income tax rates currently
available to individual U.S. shareholders who receive dividends from taxable C corporations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
from us in excess of our current and accumulated earnings and profits will not be taxable to a U.S. shareholder to the extent that they do not exceed the adjusted basis of
the U.S. shareholder's shares in respect of which the distributions were made. Rather, the distribution will reduce the adjusted basis of these shares. To the extent that such distributions exceed the
adjusted basis of a U.S. shareholder's shares, the U.S. shareholder generally must include such distributions in income as long-term capital gain, or short-term capital gain if the shares have been
held for one year or less. In addition, any dividend that we declare in October, November or December of any year and that is payable to a shareholder of record on a specified date in any such month
will be treated as both paid by us and received by the shareholder on December&nbsp;31 of such year, provided that we actually pay the dividend before the end of January of the following calendar
year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that we have available net operating losses and capital losses carried forward from prior tax years, such losses may reduce the amount of distributions that we must make in
order to comply with the REIT distribution requirements. See "Federal Income Taxation of the Company as a REIT&#151;Annual Distribution Requirements." Such losses, however, are not passed
through to U.S. shareholders and may not be used to offset income of U.S. shareholders from other sources on their income tax returns. Such losses would not affect the character of any distributions
that we make, which generally are subject to tax in the hands of U.S. shareholders to the extent that we have current or accumulated earnings and profits. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Capital Gain Dividends  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may elect to designate distributions of our net capital gain as "capital gain dividends." Distributions that we designate as capital gain
dividends generally will be taxed to U.S. shareholders as long-term capital gain, without regard to the period during which the U.S. shareholder that receives such distribution has held its shares, to
the extent that such gain does not exceed our actual net capital gain for the taxable year. Designations made by us only will be effective to the extent that they comply with Revenue Ruling 89-81,
which requires that distributions made to different classes of shares be composed proportionately of dividends of a particular type. If we designate any portion of a dividend as a capital gain
dividend, a U.S. shareholder will receive an IRS Form&nbsp;1099-DIV indicating the amount that will be taxable to the U.S. shareholder as capital gain. Corporate U.S. shareholders may be required to
treat up to 20% of some capital gain dividends as ordinary income. Recipients of capital gain dividends from us that are taxed at corporate income tax rates will be taxed at the normal corporate
income tax rates on these dividends. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may elect to retain and pay taxes on some or all of our net long term capital gain, in which case U.S. shareholders will be treated as having received, solely for U.S. federal income
tax purposes, our undistributed capital gain as well as a corresponding credit or refund, as the case may be, for taxes that we paid on such undistributed capital gain. The U.S. shareholder will
increase the basis in its shares by the difference between the amount of capital gain included in its income and the amount of tax it is deemed to have paid. Our earnings and profits, and the earnings
and profits of U.S. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>161</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=171,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=417107,FOLIO='161',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_de49201_1_162"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>shareholders
that are corporations, will be adjusted for the undistributed capital gains in accordance with Treasury regulations to be prescribed by the IRS. See "Federal Income Taxation of the
Company as a REIT&#151;Annual Distribution Requirements." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will classify portions of any designated capital gain dividend or undistributed capital gain as either:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a long-term capital gain distribution, which would be taxable to non-corporate U.S. shareholders at a maximum rate of up to 23.8% (which rate
takes into account the maximum capital gain rate of 20% and the 3.8% Medicare tax on net investment income, described below under "&#151;Medicare Tax on Net Investment Income"), and taxable to
U.S. shareholders that are corporations at a maximum rate of 35%; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an "unrecaptured Section&nbsp;1250 gain" distribution, which would be taxable to non-corporate U.S. shareholders at a maximum rate of 25%, to
the extent of previously claimed real property depreciation deductions. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
maximum amount of dividends that we may designate as capital gain and as "qualified dividend income" (discussed below) with respect to any taxable year (effective for distributions
in tax years beginning after December&nbsp;31, 2014) may not exceed the dividends actually paid by us with respect to such year, including dividends paid by us in the succeeding tax year that relate
back to the prior tax year for purposes of determining our dividends paid deduction. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Qualified Dividend Income  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may elect to designate a portion of our distributions paid to such U.S. shareholders as "qualified dividend income." A portion of a
distribution that is properly designated as
qualified dividend income is taxable to non-corporate U.S. shareholders as capital gain, provided that the U.S. shareholder has held the shares with respect to which the distribution is made for more
than 60&nbsp;days during the 121-day period beginning on the date that is 60&nbsp;days before the date on which such shares became ex-dividend with respect to the relevant distribution. The
maximum amount of our distributions eligible to be designated as qualified dividend income for a taxable year is equal to the sum of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the qualified dividend income received by us during such taxable year from non-REIT corporations (including any TRS in which we own an
interest); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the excess of any "undistributed" REIT taxable income recognized during the immediately preceding year over the U.S. federal income tax paid by
us with respect to such undistributed REIT taxable income; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the excess of any income recognized during the immediately preceding year attributable to the sale of a built-in-gain asset that was acquired
in a carry-over basis transaction from a non-REIT C corporation over the U.S. federal income tax paid by us with respect to such built-in gain. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
dividends that we receive will be treated as qualified dividend income for purposes of the first bullet above if (1)&nbsp;the dividends are received from (a)&nbsp;a U.S.
corporation (other than a REIT or a RIC), (b)&nbsp;any TRS that we may form, or (c)&nbsp;a "qualifying foreign corporation," and (2)&nbsp;specified holding period requirements and other
requirements are met. If we designate any portion of a dividend as qualified dividend income, a U.S. shareholder will receive an IRS Form&nbsp;1099-DIV indicating the amount that will be taxable to
the holder as qualified dividend income. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Passive Activity Losses and Investment Interest Limitations  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions made by us and gain arising from the sale or exchange by a U.S. shareholder of our shares will not be treated as passive activity
income. As a result, U.S. shareholders
will not be able to apply any "passive losses" against income or gain relating to our shares. Distributions made by us, to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>162</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=172,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=213570,FOLIO='162',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_de49201_1_163"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
extent they do not constitute a return of capital, generally will be treated as investment income for purposes of computing the investment interest limitation. A U.S. shareholder that elects to
treat capital gain dividends, capital gain from the disposition of shares, or qualified dividend income as investment income for purposes of the investment interest limitation will be taxed at
ordinary income rates on such amounts. We intend to notify U.S. shareholders regarding the portions of distributions for each year that constitute ordinary income, return of capital and capital gain
in compliance with the applicable IRS guidance. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dispositions of Our Shares  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, a U.S. shareholder will realize gain or loss upon the sale, redemption or other taxable disposition of our shares in an amount equal
to the difference between the sum of the fair market value of any property and the amount of cash received in such disposition and the U.S. shareholder's adjusted tax basis in the shares at the time
of the disposition. In general, a U.S. shareholder's adjusted basis will equal the U.S. shareholder's acquisition cost, increased by the excess for net capital gain deemed distributed to the U.S.
shareholder (discussed above) less tax deemed paid on it and reduced by returns of capital. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, capital gain recognized by individuals and other non-corporate U.S. shareholders upon the sale or disposition of our shares will be subject to a maximum federal income tax
rate of up to 23.8% (which rate takes into account the maximum capital gain rate of 20% and the 3.8% Medicare tax on net investment income, described below), if our shares are held for more than one
year, and will be taxed at ordinary income tax rates of up to 43.4% (which rate takes into account the maximum ordinary income tax rate of 39.6% and the 3.8% Medicare tax on net investment income,
described below) if the shares are held for one year or less. Gains recognized by U.S. shareholders that are corporations are subject to federal income tax at a maximum rate of 35%, whether or not
such gains are classified as long-term capital gain or ordinary income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
capital loss recognized by a U.S. shareholder upon the disposition of our shares that were held for more than one year at the time of disposition will be considered a long-term capital
loss, which generally is available only to offset capital gain of the shareholder, but not ordinary income (except in the case of individuals, who may offset up to $3,000 of ordinary income each
year). In addition, any
loss upon a sale or exchange of our shares by a U.S. shareholder who has held the shares for six months or less, after applying holding period rules, will be treated as a long-term capital loss to the
extent of distributions that we make that are required to be treated by the U.S. shareholder as long-term capital gain. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Medicare Tax on Net Investment Income  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High-income U.S. individuals, estates, and trusts are subject to an additional 3.8% tax on net investment income. Net investment income, for
this purpose, includes dividends and gain from the sale of stock. In the case of an individual, the tax will be 3.8% of the lesser of the individual's net investment income or the excess of the
individual's modified adjusted gross income over an amount equal to (1)&nbsp;$250,000, in the case of a married individual filing a joint return or a surviving spouse, (2)&nbsp;$125,000, in the
case of a married individual filing a separate return, or (3)&nbsp;$200,000 in the case of a single individual. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
shareholders should consult their tax advisors regarding the effect, if any, of this legislation on their ownership and disposition of our shares. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Withholding on Payments in Respect of Certain Foreign Accounts  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain future payments made to "foreign financial institutions" and "non-financial foreign entities" may be subject to withholding at a rate of
30%. U.S. shareholders should consult their tax </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>163</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=173,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=139667,FOLIO='163',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_de49201_1_164"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>advisors
regarding the effect, if any, of this withholding provision on their ownership and disposition of our shares. See "&#151;Taxation of Non-U.S. Shareholders&#151;Foreign Account
Tax Compliance Act." </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Information Reporting Requirements and Backup Withholding  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will report to our shareholders and to the IRS the amount of dividends we pay during each calendar year and the amount of tax we withhold, if
any. Generally, dividend payments are not subject to withholding; however, they may be subject to backup withholding. A shareholder may be subject to backup withholding at a rate of 28% with respect
to dividends, unless the holder:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> is a corporation or is considered exempt therefrom pursuant to certain other exempt categories and, when required, demonstrates this fact; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provides a taxpayer identification number, certifies as to no loss of exemption from backup withholding, and otherwise complies with the
applicable requirements of the backup withholding rules. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
shareholder who does not provide us with its correct taxpayer identification number also may be subject to penalties imposed by the IRS. Any amount paid as backup withholding will be
creditable against the shareholder's U.S. federal income tax liability. In addition, we may be required to withhold a portion of any capital gain dividends paid to any shareholders who fail to certify
their non-foreign status to us. For a discussion of the backup withholding rules as applied to non-U.S. shareholders, see "&#151;Taxation of Non-U.S. Shareholders." </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Taxation of Tax-Exempt U.S. Shareholders  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. tax-exempt entities, including qualified employee pension and profit sharing trusts and individual retirement accounts, generally are
exempt from federal income taxation. Such entities, however, may be subject to taxation on their unrelated business taxable income, or UBTI. While some investments in real estate may generate UBTI,
the IRS has ruled that dividend distributions from a REIT to a tax-exempt entity generally do not constitute UBTI. Based on that ruling, and provided that (1)&nbsp;a tax-exempt shareholder has not
held our shares as "debt financed property" within the meaning of the Code (i.e.,&nbsp;where the acquisition or holding of the property is
financed through a borrowing by the U.S. tax-exempt shareholder), and (2)&nbsp;our shares are not otherwise used in an unrelated trade or business, dividend income from us and gain from the sale of
our shares generally should not give rise to UBTI to a U.S. tax-exempt shareholder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt
U.S. shareholders that are social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans exempt
from federal income taxation under Sections&nbsp;501(c)(7), (c)(9), (c)(17) or (c)(20) of the Code, respectively, or single parent title-holding corporations exempt under Section&nbsp;501(c)(2) of
the Code whose income is payable to any of the aforementioned tax-exempt organizations, are subject to different UBTI rules. These rules generally require such shareholders to characterize
distributions from us as UBTI unless the organization is able to claim properly a deduction for amounts set aside or placed in reserve for certain purposes so as to offset the income generated by its
investment in our shares. These shareholders should consult with their own tax advisors concerning these set aside and reserve requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
certain circumstances, a pension trust (1)&nbsp;that is described in Section&nbsp;401(a) of the Code, (2)&nbsp;that is tax exempt under Section&nbsp;501(a) of the Code, and
(3)&nbsp;that owns more than 10% of our shares, could be required to treat a percentage of the dividends as UBTI, if we are a "pension-held REIT." We will not be a pension-held REIT
unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> either (1)&nbsp;one pension trust owns more than 25% of the value of our shares, or (2)&nbsp;one or more pension trusts, each individually
holding more than 10% of the value of our shares, collectively own more than 50% of the value of our shares; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>164</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=174,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=190355,FOLIO='164',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_de49201_1_165"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we would not have qualified as a REIT but for the fact that Section&nbsp;856(h)(3) of the Code provides that shares owned by such trusts
shall be treated as owned by the beneficiaries of such trusts for purposes of the requirement that not more than 50% of the value of the outstanding shares of a REIT may be owned, directly or
indirectly, by five or fewer "individuals" (as defined in the Code to include certain entities). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of restrictions on the ownership and transfer of our shares contained in our declaration of trust, we do not expect to be classified as a "pension-held REIT," and, as a
result, the tax treatment
described above should be inapplicable to our shareholders. However, because our shares are publicly traded, we cannot guarantee that this always will be the case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt
U.S. shareholders are urged to consult their tax advisors regarding the U.S. federal, state, local and foreign income and other tax consequences of owning our shares. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Taxation of Non-U.S. Shareholders  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of rules governing the federal income tax taxation of the ownership and disposition of our shares by our non-U.S.
shareholders. For purposes of this summary, a "non-U.S. shareholder" is a beneficial owner of our shares that is not a U.S. shareholder (as defined above under "Federal Income Tax Consequences to RLJ
Shareholders") or an entity that is treated as a partnership for U.S. federal income tax purposes. Except as specifically noted below, the discussion does not address the federal income taxation of
the ownership and disposition of our shares by non-U.S. shareholders who have held more than 10% of our shares or by non-U.S. shareholders who are "qualified shareholders" as defined in
Section&nbsp;897(k)(3)(A) of the Code. These rules are complex, and no attempt is made herein to provide more than a brief summary of such rules. Accordingly, the discussion does not address all
aspects of federal income taxation, and we urge non-U.S. shareholders to consult with their tax advisors regarding the effect of federal, state, local and non-U.S. income tax laws on the ownership and
disposition of our shares. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Distributions Generally  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in the discussion below, distributions made by us with respect to our shares will be treated for U.S. federal income tax purposes
as:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> ordinary income dividends; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> return of capital distributions; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> long-term capital gain. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion assumes that our shares will continue to be considered regularly traded on an established securities market for purposes of the Foreign Investment in Real Property Tax
Act of 1980, or FIRPTA, provisions described below. If our shares no longer are regularly traded on an established securities market, the tax consequences described below would materially differ. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ordinary Income Dividends  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A distribution made by us to a non-U.S. shareholder will be treated as an ordinary income dividend if the distribution is payable out of our
earnings and profits and:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> is not attributable to our net capital gain, or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the distribution is attributable to our net capital gain from the sale of "U.S. real property interests," or USRPIs, and the non-U.S.
shareholder owns 10% or less of the value of a class of our shares at all times during the one-year period ending on the date of the distribution. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>165</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=175,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=694202,FOLIO='165',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_de49201_1_166"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, non-U.S. shareholders will not be considered to be engaged in a U.S. trade or business solely as a result of their ownership of our shares. In cases where the dividend income
from a non-U.S. shareholder's investment in our shares is, or is treated as, effectively connected with the non-U.S.
shareholder's conduct of a U.S. trade or business, the non-U.S. shareholder generally will be subject to U.S. federal income tax at graduated rates in the same manner as U.S. shareholders are taxed
with respect to such dividends. Such income generally must be reported on a U.S. income tax return filed by or on behalf of the non-U.S. shareholder. The income also may be subject to the 30% branch
profits tax in the case of a non-U.S. shareholder that is a corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
we will withhold and remit to the IRS 30% of dividend distributions (including distributions that later may be determined to have been made in excess of current and
accumulated earnings and profits) that could not be treated as FIRPTA gain distributions with respect to the non-U.S. shareholder (and that are not deemed to be capital gain dividends for purposes of
FIRPTA withholding rules described below) unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a lower treaty rate applies and the non-U.S. shareholder files with us an IRS Form&nbsp;W-8BEN or W-8BEN-E evidencing eligibility for that
reduced treaty rate; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the non-U.S. shareholder files an IRS Form&nbsp;W-8ECI with us claiming that the distribution is income effectively connected with the
non-U.S. shareholder's trade or business; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the non-U.S. shareholder is a foreign sovereign or controlled entity of a foreign sovereign and also provides an IRS Form&nbsp;W-8EXP
claiming an exemption from withholding under section&nbsp;892 of the Code. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
treaties may reduce the withholding obligations on our distributions. Under most tax treaties, however, taxation rates below 30% that are applicable to ordinary income dividends from
U.S. corporations may not apply to ordinary income dividends from a REIT or may apply only if the REIT meets certain additional requirements. If the amount of tax withheld with respect to a
distribution to a non-U.S. shareholder exceeds the non-U.S. shareholder's U.S. federal income tax liability with respect to the distribution, the non-U.S. shareholder may file for a refund of the
excess from the IRS. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Return of Capital Distributions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless (A)&nbsp;our shares constitute a USRPI, as described in "&#151;Dispositions of Our Shares" below, or (B)&nbsp;either
(1)&nbsp;the non-U.S. shareholder's investment in our shares is effectively connected with a U.S. trade or business conducted by such non-U.S. shareholder (in which case the non-U.S. shareholder
will be subject to the same treatment as U.S. shareholders with respect to such gain), or (2)&nbsp;the non-U.S. shareholder is a nonresident alien individual who was present in the U.S. for
183&nbsp;days or more during the taxable year and has a "tax home" in the U.S. (in which case the non-U.S. shareholder will be subject to a 30% tax on the individual's net capital gain for the
year), distributions that we make which are not dividends out of our earnings and profits and are not FIRPTA gain distributions will not be subject to U.S. federal income tax. If we cannot determine
at the time a distribution is made whether or not the distribution will exceed our current and accumulated earnings and profits, the distribution will be subject to withholding at the rate applicable
to dividends. The non-U.S. shareholder may seek a refund from the IRS of any amounts withheld if it subsequently is determined that the distribution was, in fact, in excess of our current and
accumulated earnings and profits. If our shares constitute a USRPI, as described below, distributions that we make in excess of the sum of (1)&nbsp;the non-U.S. shareholder's proportionate share of
our earnings and profits, and (2)&nbsp;the non-U.S. shareholder's basis in its shares, will be taxed under FIRPTA at the rate of tax, including any applicable capital gain rates, that would apply to
a U.S. shareholder of the same type (e.g.,&nbsp;an individual or a corporation, as the case may be), and the collection of the tax will be enforced by a refundable withholding tax at a rate of 10%
of the amount by which the distribution exceeds the non-U.S. shareholder's share of our earnings and profits. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>166</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=176,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=135386,FOLIO='166',FILE='DISK127:[17ZBR1.17ZBR49201]DE49201A.;11',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dg49201_1_167"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Capital Gain Dividends  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the discussion below under the section titled "&#151;FIRPTA Distributions," a distribution made by us to a non-U.S.
shareholder will be treated as long-term capital gain if the distribution is made out of our current or accumulated earnings and profits, the distribution is attributable to our net capital gain
(other than from the sale of a USRPI) and we timely designate the distribution as a capital gain dividend. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term
capital gain that a non-U.S. shareholder is deemed to receive from a capital gain dividend that is not attributable to the sale of a USRPI generally will not be subject to U.S.
federal income tax in the hands of the non-U.S. shareholder unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the non-U.S. shareholder's investment in our shares is effectively connected with a U.S. trade or business of the non-U.S. shareholder, in
which case the non-U.S. shareholder will be subject to the same treatment as U.S. shareholders with respect to any such gain, except that a non-U.S. shareholder that is a corporation also may be
subject to the 30% branch profits tax; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the non-U.S. shareholder is a nonresident alien individual who is present in the United States for 183&nbsp;days or more during the taxable
year and has a "tax home" in the United States, in which case the nonresident alien individual will be subject to a 30% tax on any such capital gains. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FIRPTA Distributions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time, some of our distributions may be of amounts attributable to gain from the sale or exchange of USRPIs. Such distributions to a
non-U.S. shareholder generally will be subject to the taxation and withholding regime applicable to ordinary income dividends only if (1)&nbsp;dividends are received with respect to a class of
shares that is "regularly traded" on a domestic "established securities market," both as defined by applicable Treasury regulations, and (2)&nbsp;the non-U.S. shareholder does not own more than 10%
of that class of shares at any time during the one-year period ending on the date of distribution. If both of these conditions are satisfied, qualifying non-U.S. shareholders will not be subject to
FIRPTA withholding or reporting with respect to such dividends, and will not be required to pay branch profits tax. Instead, these dividends will be subject to U.S. federal income tax and withholding
as ordinary dividends, currently at a 30% tax rate, unless reduced by applicable treaty. Although there can be no assurance in this regard, we believe that our common shares are "regularly traded" on
a domestic "established securities market" within the meaning of applicable Treasury regulations; however, we can provide no assurance that our common shares are or will continue to be "regularly
traded" on a domestic "established securities market" in future taxable years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as discussed above, for any year in which we qualify as a REIT, distributions that are attributable to gain from the sale or exchange of a USRPI are taxed to a non-U.S.
shareholder as if these distributions were gains effectively connected with a trade or business in the U.S. conducted by the non-U.S. shareholder. A non-U.S. shareholder that does not qualify for the
special rule discussed above will be taxed on these amounts at the normal rates applicable to a U.S. shareholder and will be required to file&nbsp;a U.S. federal income tax return reporting these
amounts. If such a non-U.S. shareholder is a corporation, it also may owe the 30% branch profits tax under Section&nbsp;884 of the Code in respect of these amounts. We or other applicable
withholding agents will be required to withhold from distributions to such non-U.S. shareholders, and to remit to the IRS 35% of the amount treated
as gain from the sale or exchange of USRPIs. The amount of any tax so withheld is creditable against the non-U.S. shareholder's U.S. federal income tax liability, and the non-U.S. shareholder may file
for a refund from the IRS of any amount of withheld tax in excess of that tax liability. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
non-U.S. shareholder who has held more than 10% of our shares or a non-U.S. shareholder who is a "qualified shareholder" as defined in Section&nbsp;897(k)(3)(A) of the Code should
consult its own tax </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>167</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=177,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=923023,FOLIO='167',FILE='DISK127:[17ZBR1.17ZBR49201]DG49201A.;27',USER='CHE109571',CD='16-JUL-2017;21:58' -->
<A NAME="page_dg49201_1_168"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>advisors
concerning the tax consequences of the our distributions attributable to gain from the sale or exchange of USRPIs. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Undistributed Capital Gain  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the law is not entirely clear on the matter, it appears that amounts designated by us as undistributed capital gains in respect of our
shares held by non-U.S. shareholders generally should be treated in the same manner as actual distributions by us of capital gain dividends. Under this approach, the non-U.S. shareholder would be able
to offset as a credit against its U.S. federal income tax liability resulting therefrom its proportionate share of the tax paid by us on the undistributed capital gains treated as long-term capital
gains to the non-U.S. shareholder, and receive from the IRS a refund to the extent its proportionate share of the tax paid by us were to exceed the non-U.S. shareholder's actual U.S. federal income
tax liability on such long-term capital gain. If we were to designate any portion of our net capital gain as undistributed capital gain, a non-U.S. shareholder should consult its tax advisors
regarding taxation of such undistributed capital gain. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dispositions of Our Shares  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless our shares constitute a USRPI, a sale of our shares by a non-U.S. shareholder generally will not be subject to U.S. federal income
taxation under FIRPTA. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
with respect to any particular shareholder, our shares will constitute a USRPI only if each of the following three statements is true. </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Fifty percent or more of our assets throughout a prescribed testing period consists of interests in real property located within the United
States, excluding for this purpose, interests in real property solely in a capacity as creditor. We believe that 50% or more of our assets will consist of interests in U.S. real property. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We are not a "domestically-controlled qualified investment entity." A domestically-controlled qualified investment entity includes a REIT less
than 50% of the value of which is held directly or indirectly by non-U.S. shareholders at all times during a specified testing period. Although we expect that we likely will be
domestically-controlled, we cannot make any assurance that we are or will remain a domestically-controlled qualified investment entity. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Either (a)&nbsp;our shares are not "regularly traded," as defined by applicable Treasury regulations, on an established securities market; or
(b)&nbsp;our shares are "regularly traded" on an established securities market but the selling non-U.S. shareholder has held over 10% of that outstanding class of shares any time during the
five-year period ending on the date of the sale. We expect that our common shares will continue to be regularly traded on an established securities market. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, dispositions of our capital stock by qualified shareholders are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified
shareholders own, actually or constructively, more than 10% of our capital stock. An actual or deemed disposition of our capital stock by such shareholders may also be treated as a dividend.
Furthermore, dispositions of our capital stock by "qualified foreign pension funds" or entities all of the interests of which are held by "qualified foreign pension funds" are exempt from FIRPTA.
Non-U.S. stockholders should consult their tax advisors regarding the application of these rules. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific
wash sale rules applicable to sales of shares in a domestically-controlled qualified investment entity could result in gain recognition, taxable under FIRPTA, upon the sale of
our shares even if we are a domestically-controlled qualified investment entity. These rules would apply if a non-U.S. shareholder (1)&nbsp;disposes of our shares within a 30-day period preceding
the ex-dividend date of a distribution, any portion of which, but for the disposition, would have been taxable to such non-U.S. shareholder as gain from the sale or exchange of a USRPI,
(2)&nbsp;acquires, or enters into a contract or option to acquire, other shares during the 61-day period that begins 30&nbsp;days prior to such </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>168</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=178,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=572331,FOLIO='168',FILE='DISK127:[17ZBR1.17ZBR49201]DG49201A.;27',USER='CHE109571',CD='16-JUL-2017;21:58' -->
<A NAME="page_dg49201_1_169"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>ex-dividend
date, and (3)&nbsp;if our shares are "regularly traded" on an established securities market in the United States, such non-U.S. shareholder has owned more than 10% of such class of
outstanding shares at any time during the one-year period ending on the date of such distribution. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
gain on the sale of our shares were subject to taxation under FIRPTA, the non-U.S. shareholder would be required to file&nbsp;a U.S. federal income tax return and would be subject
to the same treatment as a U.S. shareholder with respect to such gain, subject to the applicable alternative minimum tax and a special alternative minimum tax in the case of non-resident alien
individuals, and the purchaser of the shares could be required to withhold 15% of the purchase price and remit such amount to the IRS. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain
from the sale of our shares that otherwise would not be subject to FIRPTA will nonetheless be taxable in the United States to a non-U.S. shareholder as follows: (1)&nbsp;if the
non-U.S. shareholder's investment in our shares is effectively connected with a U.S. trade or business conducted by such non-U.S. shareholder, the non-U.S. shareholder will be subject to the same
treatment as a U.S. shareholder with respect to such gain, or (2)&nbsp;if the non-U.S. shareholder is a nonresident alien individual who was present in the United States for 183&nbsp;days or more
during the taxable year and has a "tax home" in the United States, the nonresident alien individual will be subject to a 30% tax on the individual's capital gain. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Backup Withholding and Information Reporting  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sale of our shares by a non-U.S. shareholder through a non-U.S. office of a broker generally will not be subject to information reporting or
backup withholding. The sale generally is subject to the same information reporting applicable to sales through a U.S. office of a U.S. or foreign broker if the sale of shares is effected at a
non-U.S. office of a broker that is:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a U.S. person; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a controlled foreign corporation for U.S. tax purposes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a foreign person 50% or more of whose gross income is effectively connected with the conduct of a U.S. trade or business for a specified
three-year period; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a foreign partnership, if at any time during its tax year: (1)&nbsp;one or more of its partners are "U.S. persons," as defined in U.S.
Treasury regulations, who, in the aggregate, hold more than 50% of the income or capital interest in the foreign partnership; or (2)&nbsp;such foreign partnership is engaged in the conduct of a U.S.
trade or business. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup
withholding generally does not apply if the broker does not have actual knowledge or reason to know that you are a United States person and the applicable documentation
requirements are satisfied. Generally, a non-U.S. shareholder satisfies the information reporting requirements by providing the IRS with Form&nbsp;W-8BEN or Form&nbsp;W-8BEN-E or an acceptable
substitute. Backup withholding is not an additional tax. Any amounts that we withhold under the backup withholding rules will be refunded or credited against the non-U.S. shareholder's federal income
tax liability if certain required information is furnished to the IRS. The application of information reporting and backup withholding varies depending on the shareholder's particular circumstances
and, therefore, a non-U.S. shareholder is advised to consult its tax advisor regarding applicable information reporting and backup withholding requirements. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Foreign Account Tax Compliance Act  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Foreign Account Tax Compliance Act ("FATCA") imposes a 30% withholding tax on dividends on, and gross proceeds from the sale or other
disposition of, our shares if paid to a foreign entity, unless either (i)&nbsp;the foreign entity is a "foreign financial institution" that undertakes certain due diligence, reporting, withholding,
and certification obligations, or in the case of a foreign financial institution that is a resident in a jurisdiction that has entered into an intergovernmental agreement to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>169</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=179,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=367040,FOLIO='169',FILE='DISK127:[17ZBR1.17ZBR49201]DG49201A.;27',USER='CHE109571',CD='16-JUL-2017;21:58' -->
<A NAME="page_dg49201_1_170"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>implement
FATCA, the entity complies with the diligence and reporting requirements of such agreement, (ii)&nbsp;the foreign entity is not a "foreign financial institution" and identifies certain of
its U.S. investors, or (iii)&nbsp;the foreign entity otherwise is excepted under FATCA. The required withholding began July&nbsp;1, 2014 with respect to dividends on our shares, and will begin
January&nbsp;1, 2019 with respect to gross proceeds from a sale or other disposition of our shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
withholding is required under FATCA on a payment related to our shares, investors that otherwise would not be subject to withholding (or that otherwise would be entitled to a reduced
rate of withholding) generally will be required to seek a refund or credit from the IRS to obtain the benefit of such exemption or reduction (provided that such benefit is available). Prospective
investors should consult their tax advisors regarding the effect of FATCA in their particular circumstances. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dg49201_other_tax_considerations"> </A>
<A NAME="toc_dg49201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Tax Considerations    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Legislative or Other Actions Affecting REITs  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the
U.S. Treasury Department. We cannot give you any assurances as to whether, or in what form, any proposals affecting REITs or their shareholders will be enacted. Changes to the federal tax laws and
interpretations thereof could adversely affect an investment in our shares. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


State, Local and Foreign Taxes  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, our subsidiaries, and/or our shareholders may be subject to state, local or foreign taxation in various jurisdictions, including those in
which we or they transact business, own property or reside. We own properties located in numerous U.S. jurisdictions and may be required to file tax returns in some or all of those jurisdictions. Our
state and local tax treatment and the state, local and foreign tax treatment of our shareholders may not conform to the federal income tax treatment discussed above. Prospective shareholders should
consult their tax advisors regarding the application and effect of state, local and foreign income and other tax laws on an investment in our shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
portion of our income is earned through our TRSs. The TRSs are subject to federal, state and local income tax at the full applicable corporate rates. In addition, a TRS will be limited
in its ability to deduct interest payments in excess of a certain amount made directly or indirectly to us. To the extent that our TRSs and we are required to pay federal, state or local taxes, we
will have less cash available for distribution to shareholders. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tax Shelter Reporting  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a holder of our shares recognizes a loss as a result of a transaction with respect to our shares of at least (1)&nbsp;$2&nbsp;million or
more in a single taxable year or $4&nbsp;million or more in a combination of taxable years, for a shareholder that is an individual, S corporation, trust, or a partnership with at least one
non-corporate partner, or (2)&nbsp;$10&nbsp;million or more in a single taxable year or $20&nbsp;million or more in a combination of taxable years, for a shareholder that is either a corporation
or a partnership with only corporate partners, such shareholder may be required to file&nbsp;a disclosure statement with the IRS on Form&nbsp;8886. Direct holders of portfolio securities are in
many cases exempt from this reporting requirement, but holders of REIT securities currently are not exempt. The fact that a loss is reportable under these Treasury regulations does not affect the
legal determination of whether the taxpayer's treatment of the loss is proper. The Code imposes significant penalties for failure to comply with these requirements. Shareholders should consult their
tax advisers concerning any possible disclosure obligation with respect to the receipt or disposition of our shares, or transactions that we might undertake directly or indirectly. Moreover,
shareholders should be aware that we and other participants in the transactions in which we are involved (including their advisors) might be subject to disclosure or other requirements pursuant to
these regulations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>170</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=180,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=518797,FOLIO='170',FILE='DISK127:[17ZBR1.17ZBR49201]DG49201A.;27',USER='CHE109571',CD='16-JUL-2017;21:58' -->
<A NAME="page_dg49201_1_171"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg49201_comparative_share_prices_and_dividends"> </A>
<A NAME="toc_dg49201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  COMPARATIVE SHARE PRICES AND DIVIDENDS    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Common Shares are listed for trading on the NYSE under the symbol "RLJ." FelCor Common Stock is listed for trading on the NYSE under the
symbol "FCH." The following table presents trading information for RLJ Common Shares and FelCor Common Stock on April&nbsp;21, 2017, the last trading day before public announcement of the Mergers,
and July&nbsp;14, 2017, the latest practicable trading day before the date of this joint proxy statement/prospectus.

</FONT>

</P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ Common Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor Common Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Date

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> April&nbsp;21, 2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.73</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.53</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.36</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.29</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.32</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>July&nbsp;14, 2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.81</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.67</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.95</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.08</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
illustrative purposes, the following table provides FelCor equivalent per share information on each of the specified dates. FelCor equivalent per share amounts are calculated by
multiplying the per share price of each RLJ Common Share by 0.362, the Common Exchange Ratio, and rounded up or down to the nearest cent. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ Common Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor Common Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Date

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> April&nbsp;21, 2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.73</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.53</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.59</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.52</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>July&nbsp;14, 2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.81</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.67</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.17</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.03</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.12</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dg49201_market_prices_and_dividend_data"> </A>
<A NAME="toc_dg49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Market Prices and Dividend Data    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth the high and low prices of RLJ Common Shares and FelCor Common Stock as reported on the NYSE, and the quarterly
cash dividends per share, for the calendar quarters indicated. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


RLJ  </I></B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Dividend </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2017</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter (through July 14, 2017)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.51</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.98</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.12</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.01</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21.86</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22.81</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18.86</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.58</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18.92</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36.25</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29.90</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.09</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28.73</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27.52</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21.48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2014</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27.28</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.65</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.64</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27.76</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.30</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.47</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27.95</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.30</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2013</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22.82</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.72</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.21</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.53</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.21</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.70</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22.28</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.21</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.57</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>171</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=181,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=250636,FOLIO='171',FILE='DISK127:[17ZBR1.17ZBR49201]DG49201A.;27',USER='CHE109571',CD='16-JUL-2017;21:58' -->
<A NAME="page_dg49201_1_172"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FelCor  </I></B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Dividend </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2017</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter (through July 14, 2017)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.43</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.95</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.17</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.47</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.08</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.68</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.19</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.44</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.07</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.43</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.70</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.04</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.29</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.64</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.04</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.87</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.88</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.04</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.63</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.83</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2014</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.35</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.49</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.02</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.61</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.59</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.02</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.92</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.02</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.18</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.99</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.04</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2013</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.03</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.71</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.47</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.38</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.33</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.49</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.23</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.83</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.02</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the Common Exchange Ratio will not be adjusted for changes in the market price of either RLJ Common Shares or shares of FelCor Common Stock, the market value of the shares of RLJ
Common Shares that holders of FelCor Common Stock will have the right to receive on the date the Mergers are completed may vary significantly from the market value of the RLJ Common Shares that
holders of FelCor Common Stock would receive if the Mergers were completed on the date of this joint proxy statement/prospectus. As a result, you should obtain recent market prices of RLJ Common
Shares and shares of FelCor Common Stock prior to voting your shares. See "Risk Factors&#151;Risks Related to the Mergers" beginning on page&nbsp;35.

 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>172</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=182,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=18492,FOLIO='172',FILE='DISK127:[17ZBR1.17ZBR49201]DG49201A.;27',USER='CHE109571',CD='16-JUL-2017;21:58' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_di49201_1_173"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di49201_unaudited_comparative_per_share_information"> </A>
<A NAME="toc_di49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED COMPARATIVE PER SHARE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth for the year ended December&nbsp;31, 2016 and the three months ended March&nbsp;31, 2017, selected per share
information for RLJ Common Shares on a historical and pro forma combined basis and for FelCor Common Stock on a historical and pro forma equivalent basis. Except for the historical information as of
and for the year ended December&nbsp;31, 2016, the information in the table is unaudited. You should read the table below together with the historical consolidated financial statements and related
notes thereto of RLJ and FelCor contained in RLJ's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016 and FelCor's Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2016, as amended, and each of RLJ's and FelCor's respective Quarterly Reports on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017, which are incorporated herein by
reference into this joint proxy statement/prospectus. See "Where You Can Find More Information and Incorporation by Reference" beginning on page 210.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FelCor pro forma equivalent per common share amounts were calculated by multiplying the RLJ pro forma amounts by the exchange ratio of 0.362. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Combined </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Combined(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per common share, basic and diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends declared per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>For the quarter ended March&nbsp;31, 2017</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) per common share, basic and diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.04</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends declared per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.06</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>N/A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>As of March&nbsp;31, 2017</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net book value per common share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.73</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.84</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
FelCor historical per share information has been adjusted to reflect a probable significant disposition as if it occurred on January&nbsp;1, 2016 and
March&nbsp;31, 2017 for the operating results and financial position, respectively.


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
per share of FelCor Common Stock results based on equivalent RLJ Common Shares to be issued under the Merger Agreement as of June&nbsp;26, 2017 and
based on RLJ's closing price on June&nbsp;26, 2017.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pro
forma dividends per common share is not presented as the dividend policy for the Combined Company will be determined by the RLJ Board following the completion of
the Mergers. It is anticipated that the initial per share dividend will be $1.32 annually paid on a quarterly basis.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>173</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=183,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=132844,FOLIO='173',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<A NAME="page_di49201_1_174"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di49201_description_of_rlj_capital_shares"> </A>
<A NAME="toc_di49201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF RLJ CAPITAL SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di49201_general"> </A>
<A NAME="toc_di49201_3"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of some of the terms of RLJ's capital shares, the RLJ declaration of trust, as amended, RLJ's bylaws, as amended, and
certain provisions of the Maryland REIT law. You should read the RLJ declaration of trust and the RLJ bylaws and the applicable provisions of Maryland law for complete information on RLJ's capital
shares. The following summary is not complete and is subject to, and qualified in its entirety by reference to, the provisions of the RLJ declaration of trust and bylaws. To obtain copies of these
documents, see "Where You Can Find More Information and Incorporation by Reference" beginning on page 210.


</FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of RLJ capital shares in this section applies to the capital shares of the Combined Company after the REIT Merger. For additional information, see "Comparison of Rights
of RLJ Shareholders and FelCor Stockholders" beginning on page 190.

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di49201_shares_authorized"> </A>
<A NAME="toc_di49201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Shares Authorized    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's declaration of trust provides that RLJ may issue up to 450,000,000 RLJ Common Shares and 50,000,000 preferred shares of beneficial
interest, par value $0.01 per share (the "RLJ Preferred Shares"). RLJ's declaration of trust authorizes the RLJ Board to amend the declaration of trust to increase or decrease the aggregate number of
authorized common shares or the number of shares of any class or series without shareholder approval. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di49201_shares_outstanding"> </A>
<A NAME="toc_di49201_5"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Shares Outstanding    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of July&nbsp;6, 2017, 124,639,939 RLJ Common Shares were issued and outstanding and no RLJ Preferred Shares were issued and outstanding.
Upon consummation of the REIT Merger, the Combined Company is expected to have approximately 175,312,607&nbsp;million RLJ Common Shares and 12,879,475 RLJ&nbsp;Series&nbsp;A Preferred Shares
issued and outstanding.

 </FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di49201_common_shares"> </A>
<A NAME="toc_di49201_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Common Shares    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Voting Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of RLJ's declaration of trust regarding the restrictions on transfer and ownership of shares of beneficial interest
and except as may otherwise be specified in the terms of any class or series of shares of beneficial interest, each outstanding RLJ Common Share entitles the holder to one vote on all matters
submitted to a vote of shareholders, including the election
of trustees, and, except as provided with respect to any other class or series of shares of beneficial interest, the holders of such RLJ Common Shares will possess the exclusive voting power. There is
no cumulative voting in the election of trustees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Maryland statute governing REITs formed under the laws of that state (the "Maryland REIT law"), a Maryland REIT generally cannot amend its declaration of trust or merge with
another entity unless declared advisable by a majority of its board of trustees and approved by the affirmative vote of shareholders holding at least two-thirds of the shares entitled to vote on the
matter unless a lesser percentage (but not less than a majority of all the votes entitled to be cast on the matter) is set forth in the REIT's declaration of trust. RLJ's declaration of trust provides
that these actions (other than certain amendments to the provisions of the declaration of trust related to the removal of trustees, the restrictions on ownership and transfer of shares and the
termination of RLJ's existence) may be taken if declared advisable by a majority of the RLJ Board and approved by the vote of shareholders holding a majority of the votes entitled to be cast on the
matter. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>174</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=184,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=164131,FOLIO='174',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<A NAME="page_di49201_1_175"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividends, Distributions, Liquidation and Other Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the preferential rights of any other class or series of shares and to the provisions of RLJ's declaration of trust regarding the
restrictions on transfer and ownership of shares, holders of RLJ Common Shares are entitled to receive dividends on such RLJ Common Shares if, as and when authorized by the RLJ Board, and declared by
RLJ out of assets legally available therefor. Such holders also are entitled to share ratably in the assets of RLJ legally available for distribution to shareholders in the event of RLJ's liquidation,
dissolution or winding up after payment or establishment of reserves for all debts and other liabilities of RLJ and any shares with preferential rights related thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of RLJ Common Shares have no preference, conversion, exchange, sinking fund or redemption rights, have no preemptive rights to subscribe for any securities of RLJ and have no
appraisal rights. Subject to the provisions of RLJ's declaration of trust regarding the restrictions on transfer and ownership of shares, RLJ Common Shares will have equal dividend, liquidation and
other rights. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di49201_preferred_shares"> </A>
<A NAME="toc_di49201_7"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Preferred Shares    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to articles supplementary to be filed by RLJ prior to the REIT Merger effective time, RLJ will issue 12,950,000 RLJ Preferred Shares as
$1.95 Series&nbsp;A Cumulative Convertible Preferred Shares, par value $0.01 per share (the RLJ Series&nbsp;A Preferred Shares). </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Preemptive Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of RLJ Series&nbsp;A Preferred Shares have no preemptive rights and are not subject to any sinking fund. Unless converted or
redeemed by RLJ into RLJ Common Shares, RLJ Series&nbsp;A Preferred Shares will have a perpetual term, with no maturity. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ranking  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Series&nbsp;A Preferred Shares will rank senior to RLJ Common Shares, with respect to the payment of dividends and any distributions upon
liquidation, dissolution or winding up. So long as any RLJ Series&nbsp;A Preferred Shares are outstanding, RLJ may authorize, reclassify, create or increase the authorized amount of any class of
shares having rights senior to RLJ Series&nbsp;A Preferred Shares only if such action is approved by the affirmative vote of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the votes entitled to be cast by the
holders of RLJ Series&nbsp;A Preferred Shares and every other series of parity shares outstanding, acting as a single class regardless of series, in addition to any other vote of RLJ's shareholders
required by law. However, no such vote of the holders of RLJ Series&nbsp;A Preferred Shares shall be required in connection with such authorization, creation, or increase in the authorized amount of
a senior class if provision is made for the redemption of all RLJ Series&nbsp;A Preferred Shares at the time outstanding. RLJ may create additional classes of securities, increase the authorized
number of preferred shares or issue series of preferred shares ranking junior to, or on parity with, RLJ Series&nbsp;A Preferred Shares, without the vote or consent of any holder of RLJ
Series&nbsp;A Preferred Shares. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividends  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of RLJ Series&nbsp;A Preferred Shares are entitled to receive, when, as and if declared by the RLJ Board, out of funds legally
available for payment, cash dividends in an amount per share equal to the greater of $1.95 per annum or the cash distributions declared or paid for the corresponding period (determined as of the
record date for each of the respective quarterly dividend payment dates referred to below) on the number of RLJ Common Shares, or portion thereof, into which an RLJ Series&nbsp;A Preferred Share is
then convertible. Dividends on RLJ Series&nbsp;A Preferred Shares, for the quarterly periods commencing January&nbsp;1, April&nbsp;1, July&nbsp;1 and October&nbsp;1 of each year, are payable
quarterly in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>175</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=185,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=101677,FOLIO='175',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<A NAME="page_di49201_1_176"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>arrears
on the last calendar day of January, April, July and October of each year. Dividends are cumulative and accumulations of dividends on the shares of RLJ Series&nbsp;A Preferred Shares do not
bear interest. Dividends payable on RLJ Series&nbsp;A Preferred Shares are computed on the basis of a 360-day year consisting of twelve 30-day months. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in the next sentence, no dividend will be declared or paid, or set apart for payment, on any parity shares unless full cumulative dividends have been, or
contemporaneously are, declared and paid, or set apart for payment, on RLJ Series&nbsp;A Preferred Shares for all prior dividend periods and the then current dividend period. If accrued dividends on
RLJ Series&nbsp;A Preferred Shares and any parity shares for all prior dividend periods have not been paid in full, then any dividend declared on RLJ Series&nbsp;A Preferred Shares and any parity
shares for any dividend period will be declared ratably in proportion to accrued and unpaid dividends on RLJ Series&nbsp;A Preferred Shares and any parity shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
full cumulative dividends then required to be paid on RLJ Series&nbsp;A Preferred Shares and any parity shares have been, or contemporaneously are, declared and paid, or set
apart for payment, RLJ will not declare, pay or set apart funds for the payment of any dividend or other distribution with respect to any junior shares or redeem, purchase or otherwise acquire for
consideration any junior shares, subject to certain exceptions as described in RLJ's declaration of trust. Notwithstanding the foregoing limitations, RLJ may, at any time, acquire shares of RLJ Common
Shares, without regard to rank, for the purpose of preserving its status as a REIT. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used for these purposes, </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the term "dividend" does not include dividends or distributions payable solely in shares of junior shares, or in options, warrants or rights to
holders of junior shares to subscribe for or purchase any junior shares; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the term "junior shares" shall mean RLJ Common Shares and any other class or series of shares of RLJ over which RLJ Series&nbsp;A Preferred
Shares has preference or priority in the payment of dividends or in the distribution of assets on any liquidation, dissolution or winding up of RLJ.; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the term "parity shares" means any other class or series of RLJ shares now or hereafter issued and outstanding that ranks equally with RLJ
Series&nbsp;A Preferred Shares as to the payment of dividends and amounts upon the liquidation, dissolution or winding up of RLJ. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Optional Redemption  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ may exercise its option to redeem the RLJ Series&nbsp;A Preferred Shares, in whole or in part, only if, for 20 trading days within any
period of 30 consecutive trading day period, including the last trading day of that period, the closing price of the RLJ Common Shares on the NYSE equals or exceeds the conversion price per share
(initially, $89.09 per share, subject to adjustment as described below). In order to exercise this redemption option, RLJ must issue a press release announcing the redemption prior to the opening of
business on the second trading day after the foregoing conditions have been met. Notice of redemption will be given by mail or by publication in </FONT><FONT SIZE=2><I>The Wall Street
Journal</I></FONT><FONT SIZE=2> or </FONT><FONT SIZE=2><I>The New York Times</I></FONT><FONT SIZE=2> or, if neither is then being published, in any other daily newspaper of national circulation (with
subsequent prompt notice by mail) to the holders of RLJ Series&nbsp;A Preferred Shares not more than four business days after RLJ issues the press release. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>176</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=186,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=116030,FOLIO='176',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<A NAME="page_di49201_1_177"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
redemption in accordance with this procedure, each RLJ Series&nbsp;A Preferred Shares so redeemed shall be, at the option of RLJ:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> converted into a number of shares of RLJ Common Shares equal to the liquidation preference (excluding any accrued and unpaid dividends) of the
RLJ Series&nbsp;A Preferred Shares divided by the conversion price as of the opening of business on the call date; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> redeemed in cash at a per share amount equal to the aggregate market value (determined as of the date of the notice of redemption) of such
number of RLJ Common Shares into which the RLJ Series&nbsp;A Preferred Shares are then convertible divided by the then current conversion price. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the redemption date, RLJ must pay on each share of RLJ Series&nbsp;A Preferred Shares to be redeemed any accrued and unpaid dividends, in arrears, for any full dividend period
ending on or prior to the redemption date. In the case of a redemption date falling after a dividend payment record date and prior to the related payment date, the holders of RLJ Series&nbsp;A
Preferred Shares at the close of business on that record date will be entitled to receive the dividend payable on those shares on the corresponding dividend payment date, notwithstanding the
redemption of their shares prior to the dividend payment date. Except as provided for in the preceding sentence, no payment or allowance will be made for accrued dividends on any RLJ Series&nbsp;A
Preferred Shares called for redemption or on the RLJ Common Shares issuable upon that redemption. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
full cumulative dividends then required to be paid on RLJ Series&nbsp;A Preferred Shares and any parity shares have been, or contemporaneously are, declared and paid, or
declared and a sum sufficient for the payment thereof set apart for payment, RLJ Series&nbsp;A Preferred Shares may not be redeemed in whole or in part, and RLJ may not, except as set forth in the
following sentence, redeem, purchase or otherwise acquire for consideration any RLJ Series&nbsp;A Preferred Shares, other than pursuant to a purchase or exchange offer made on the same terms to all
holders of RLJ Series&nbsp;A Preferred Shares. Notwithstanding the foregoing limitations, RLJ may, at any time, acquire RLJ Common Shares, without regard to rank, for the purpose of preserving its
status as a REIT. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
and after the date fixed for redemption, provided that RLJ has made available at the office of the registrar and transfer agent a sufficient number of RLJ Common Shares or a
sufficient amount of cash to effect the redemption, dividends will cease to accrue on RLJ Series&nbsp;A Preferred Shares called for redemption, those shares shall no longer be deemed to be
outstanding and all rights of the holders of those RLJ Series&nbsp;A Preferred Shares shall cease, except for the right to receive the RLJ Common Shares or any cash payable upon redemption, without
interest from the date of redemption, and except that, in the case of a redemption date after a dividend payment record date and prior to the related
dividend payment date, holders of RLJ Series&nbsp;A Preferred Shares on the dividend payment record date will be entitled on the dividend payment date to receive the dividend payable on those
shares. At the close of business on the redemption date, each holder of RLJ Series&nbsp;A Preferred Shares (unless RLJ defaults in the delivery of the RLJ Common Shares or cash) will be, without any
further action, deemed a holder of the number of RLJ Common Shares for which RLJ Series&nbsp;A Preferred Shares is redeemable, or be entitled to receive the cash amount applicable to those shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fractional
shares will not be issued upon redemption of RLJ Series&nbsp;A Preferred Shares, but, in lieu thereof, RLJ will pay a cash adjustment based on the current market price of
RLJ Common Shares on the day prior to the redemption date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Liquidation Preference  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of RLJ Series&nbsp;A Preferred Shares are entitled to receive, in the event of any liquidation, dissolution or winding up of RLJ,
whether voluntary or involuntary, a liquidation preference (the "Series&nbsp;A Liquidation Preference") of $25.00 per share of RLJ Series&nbsp;A Preferred Shares, plus an amount per share of RLJ
Series&nbsp;A Preferred Shares equal to all accrued and unpaid </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>177</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=187,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=282835,FOLIO='177',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<A NAME="page_di49201_1_178"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>dividends,
whether or not earned or declared, to the date of final distribution to such holders and will not be entitled to any other payment. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
the holders of RLJ Series&nbsp;A Preferred Shares have been paid the Series&nbsp;A Liquidation Preference in full, no payment will be made to any holder of junior shares upon
the liquidation, dissolution or winding up of RLJ. If, upon any liquidation, dissolution or winding up of RLJ, the assets of RLJ or proceeds thereof distributable among the holders of RLJ
Series&nbsp;A Preferred Shares and any parity shares are insufficient to pay in full the Series&nbsp;A Liquidation Preference and the liquidation preference applicable to any parity shares, then
those assets will be distributed among the holders of RLJ Series&nbsp;A Preferred Shares and any parity shares, ratably, in accordance with the respective amounts that would be payable on those
shares if all amounts payable on those shares were to be paid in full. Neither a consolidation nor merger of RLJ with another corporation, a statutory share exchange by RLJ, nor a sale or transfer of
all or substantially all of RLJ's assets will be considered a liquidation, dissolution or winding up, voluntary or involuntary, of RLJ. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Voting Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If six quarterly dividends, whether or not consecutive, payable on RLJ Series&nbsp;A Preferred Shares, or any parity shares, are in arrears,
whether or not earned or declared, the number of trustees then constituting the RLJ Board will be increased by two, and the holders of shares of RLJ Series&nbsp;A Preferred Shares and any other
parity shares, voting together as a single class, which are referred to as the voting preferred shares, will have the right to elect two additional trustees to serve on the RLJ Board. This voting
right will be applicable to any annual meeting or special meeting of shareholders, or a properly called special meeting of the holders of the voting preferred shares, until all the delinquent
dividends on the voting preferred shares have been paid and dividends for the then current dividend period have been paid or declared and set aside for payment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
approval by the affirmative vote of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the votes entitled to be cast by the holders of the outstanding RLJ Series&nbsp;A Preferred Shares and any
parity shares similarly affected, voting together as a single class, is required in order to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> amend RLJ's declaration of trust to affect materially and adversely the rights, preferences or voting power of the holders of RLJ
Series&nbsp;A Preferred Shares and the parity shares; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> authorize, reclassify, create or increase the authorized amount of any class of stock having rights senior to RLJ Series&nbsp;A Preferred
Shares with respect to the payment of dividends or amounts upon the liquidation, dissolution or winding up of RLJ. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
may, however, increase the authorized number of shares of preferred shares and may create additional classes of parity shares and junior shares, increase the authorized number of
shares of parity shares junior shares and issue additional series of parity shares and junior shares, all without the consent of any holder of RLJ Series&nbsp;A Preferred Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as required by law, the holders of RLJ Series&nbsp;A Preferred Shares will not be entitled to vote on any merger or consolidation involving RLJ or a sale, lease or transfer of
all or substantially all of RLJ's assets. See "Conversion Price Adjustments" below. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conversion Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Series&nbsp;A Preferred Shares are convertible, in whole or in part, at any time, at the option of the holders, into a number of RLJ
Common Shares obtained by dividing the aggregate liquidation preference (equal to $25.00 per share of RLJ Series&nbsp;A Preferred Shares), excluding any accrued but unpaid dividends, by an initial
conversion price of $89.09 per share of RLJ Common Shares (equivalent to a conversion rate of 0.2806 shares of RLJ Common Shares for each share of RLJ Series&nbsp;A Preferred Shares), subject to
adjustment as described below ("Conversion Price Adjustments"). The right to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>178</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=188,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=267117,FOLIO='178',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<A NAME="page_di49201_1_179"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>convert
shares of RLJ Series&nbsp;A Preferred Shares called for redemption will terminate at the close of business on the redemption date. For information as to notices of redemption, see "Optional
Redemption" above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion
of RLJ Series&nbsp;A Preferred Shares, or a specified portion thereof, may be effected by delivering a certificate or certificates evidencing these shares, together with
written notice of conversion and a proper assignment of the certificate or certificates to RLJ or in blank, to the office or agency to be maintained by RLJ for that purpose. That office is currently
the principal corporate trust office of Wells Fargo Shareowners Services. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
conversion will be deemed to have been effected immediately prior to the close of business on the date on which the certificates for RLJ Series&nbsp;A Preferred Shares shall have
been surrendered and notice shall have been received by RLJ as aforesaid (and if applicable, payment of an amount equal to the dividend payable on those shares shall have been received by RLJ as
described below), and the conversion shall be at the conversion price in effect at that time and date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of RLJ Series&nbsp;A Preferred Shares at the close of business on a dividend payment record date will be entitled to receive the dividend payable on those shares on the
corresponding dividend payment date, notwithstanding the conversion of those shares following the dividend payment record date and prior to the dividend payment date. RLJ Series&nbsp;A Preferred
Shares surrendered for conversion during the period between the close of business on any dividend payment record date and the opening of business on the corresponding dividend payment date (except
shares converted after the issuance by RLJ of a notice of redemption providing for a redemption date during that period, which shares will be entitled to the dividend), however, must be accompanied by
payment of an amount equal to the
dividend payable on those shares on the dividend payment date. A holder of RLJ Series&nbsp;A Preferred Shares on a dividend payment record date who (or whose transferee) tenders any shares for
conversion into RLJ Common Shares on a dividend payment date will receive the dividend payable by RLJ on those RLJ Series&nbsp;A Preferred Shares on that date, and the converting holder need not
include payment of the amount of the dividend upon surrender of RLJ Common Shares for conversion. Except as provided above, RLJ will make no payment or allowance for unpaid dividends, whether or not
in arrears, on converted shares or for dividends on the RLJ Common Shares issued upon conversion. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fractional
shares will not be issued upon conversion, but, in lieu thereof, RLJ will pay a cash adjustment based on the current market price of the RLJ Common Shares on the day prior to
the conversion date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conversion Price Adjustments  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The conversion price is subject to adjustment upon certain events, including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> payments of dividends (and other distributions) in RLJ Common Shares; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> subdivisions, combinations and reclassifications of RLJ Common Shares; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> distributions to all holders of RLJ Common Shares of shares of capital stock (other than RLJ Common Shares) or evidences of RLJ's indebtedness
or assets (including securities, but excluding those dividends, rights, warrants and distributions referred to above for which an adjustment previously has been made and excluding permitted common
shares cash distributions, as described below); or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> issuances to all holders of RLJ Common Shares certain rights, options or warrants entitling them to subscribe for or purchase RLJ Common Shares
at a price per share less than the fair market value per share of RLJ Common Shares. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used for these purposes, "permitted common shares cash distribution" means cash dividends and distributions paid with respect to RLJ Common Shares after December&nbsp;31, 2016, not
in excess of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>179</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=189,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=264715,FOLIO='179',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<A NAME="page_di49201_1_180"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
sum of RLJ's cumulative undistributed net earnings at December&nbsp;31, 2016, plus the cumulative amount of funds from operations, as determined by the RLJ Board on a basis consistent with RLJ's
financial reporting practices, after December&nbsp;31, 2016, minus the cumulative amount of dividends accrued or paid on RLJ Series&nbsp;A Preferred Shares or any other class of preferred stock
after January&nbsp;1, 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the foregoing adjustments, RLJ will be permitted to make such reductions in the conversion price as it considers to be advisable in order that any event treated for
federal income tax purposes as a dividend of stock or stock rights will not be taxable to the holders of RLJ Common Shares, or, if that is not possible, to diminish any income taxes that are otherwise
payable because of such event. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case RLJ shall be a party to any transaction (including, without limitation, a merger, consolidation, statutory share exchange, tender offer for all or substantially all of the RLJ
Common Shares or sale of all or substantially all of RLJ's assets), in each case as a result of which RLJ Common Shares will be converted into the right to receive stock, securities or other property
(including cash or any combination thereof), each share of RLJ Series&nbsp;A Preferred Shares, if convertible after the consummation of the transaction, will thereafter be convertible into the kind
and amount of shares of stock and other securities and property receivable (including cash or any combination thereof) upon the consummation of such transaction by a holder of that number of shares,
or fraction thereof, of RLJ Common Shares into which one share of RLJ Series&nbsp;A Preferred Shares was convertible immediately prior to such transaction (assuming that a holder of RLJ Common
Shares failed to exercise any rights of election and received per share the kind and amount received per share by a plurality of non-electing shares). RLJ may not become a party to any of these
transactions unless the terms thereof are consistent with the foregoing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
adjustment of the conversion price will be required to be made in any case until cumulative adjustments amount to one percent or more of the conversion price. Any adjustments not so
required to be made will be carried forward and taken into account in subsequent adjustments. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di49201_power_to_reclassify_the_unissu__pow03078"> </A>
<A NAME="toc_di49201_8"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Power to Reclassify the Unissued RLJ Common Shares or RLJ Preferred Shares    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's declaration of trust authorizes the RLJ Board to classify and reclassify any unissued RLJ Common Shares or RLJ Preferred Shares into other
classes or series of shares and to establish the number of shares in each class or series and to set the preferences, conversion and other rights, voting powers, restrictions, limitations as to
dividends or other distributions, qualifications or terms or conditions of redemption for each such class or series. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di49201_power_to_increase_or_decrease___pow04941"> </A>
<A NAME="toc_di49201_9"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Power to Increase or Decrease Authorized RLJ Common Shares and Issue Additional RLJ Common Shares and  RLJ Preferred Shares    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The RLJ Board may amend RLJ's declaration of trust to increase or decrease the aggregate number of shares or the number of shares of any class
or series that RLJ has the authority to issue, without shareholder approval. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di49201_certain_provisions_of_maryland__cer03115"> </A>
<A NAME="toc_di49201_10"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain Provisions of Maryland Law and RLJ's Declaration of Trust and Bylaws    <BR>    </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The RLJ Board of Trustees  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's declaration of trust and bylaws provide that the number of trustees of RLJ may be established by the RLJ Board, but may not be fewer than
two nor more than 15. RLJ's declaration of trust and bylaws provide that any vacancy, including a vacancy created by an increase in
the number of trustees, may be filled only by a majority of the remaining trustees, even if the remaining trustees do </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>180</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=190,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=665330,FOLIO='180',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<A NAME="page_di49201_1_181"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>not
constitute a quorum. Any individual elected to fill such vacancy will serve for the remainder of the full term and until a successor is duly elected and qualifies. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to RLJ's bylaws, each of RLJ's trustees will be elected by RLJ's shareholders to serve until the next annual meeting of shareholders and until his or her successor is duly
elected and qualifies under Maryland law. Holders of RLJ Common Shares will have no right to cumulative voting in the election of trustees. Trustees will be elected by a majority of all the votes cast
at a meeting of shareholders duly called and at which a quorum is present; provided, however, that if on the record date for such meeting the number of trustee nominees exceeds the number of trustees
to be elected, then a plurality of all the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient. For purposes of the election of trustees, a
majority of the votes cast means the number of shares voted for a trustee must exceed the number of shares voted against that trustee. Any incumbent trustee who does not receive a majority of the
votes cast by shareholders entitled to vote with respect to the election of that trustee shall tender his or her resignation to the RLJ Board for consideration by the nominating and corporate
governance committee of the RLJ Board. The nominating and corporate governance committee will make a recommendation to the RLJ Board on whether to accept or reject the resignation, or whether other
action should be taken. The RLJ Board will act on the recommendation and publicly disclose its decision and the rationale behind it within 90&nbsp;days from the date of the certification of the
election results. Notwithstanding the foregoing, RLJ's bylaws require the RLJ Board to accept any such resignation if the nominee has received more votes against than for his or her election at each
of two consecutive annual meetings of shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's
bylaws provide that at least a majority of RLJ's trustees must be "independent," with independence being defined in the manner established by the RLJ Board and in a manner
consistent with listing standards established by the NYSE. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Removal of Trustees  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's declaration of trust provides that, subject to the rights of holders of one or more classes or series of RLJ Preferred Shares to elect or
remove one or more trustees, a trustee may be removed only for cause (as defined in RLJ's declaration of trust) and only by the affirmative vote of at least two-thirds of the votes entitled to be cast
generally in the election of trustees and that the RLJ
Board has the exclusive power to fill vacant trusteeships, even if the remaining trustees do not constitute a quorum. These provisions may preclude shareholders from removing incumbent trustees and
filling the vacancies created by such removal with their own nominees. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Business Combinations  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under provisions of the MGCL that apply to Maryland REITs, certain "business combinations" (including a merger, consolidation, share exchange
or, in certain circumstances specified under the statute, an asset transfer or issuance or reclassification of equity securities) between a Maryland REIT and any interested shareholder, or an
affiliate of such an interested shareholder, are prohibited for five&nbsp;years after the most recent date on which the interested shareholder becomes an interested shareholder. Maryland law defines
an interested shareholder as:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the trust's outstanding voting shares; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an affiliate or associate of the trust who, at any time within the two-year period prior to the date in question, was the beneficial owner,
directly or indirectly, of 10% or more of the voting power of the then-outstanding voting shares of the trust. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
person is not an interested shareholder under the statute if the RLJ Board approves in advance the transaction by which the person otherwise would have become an interested
shareholder. In </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>181</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=191,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=220995,FOLIO='181',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<A NAME="page_di49201_1_182"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>approving
a transaction, however, the RLJ Board may provide that its approval is subject to compliance at or after the time of the approval, with any terms and conditions determined by the RLJ Board. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the five-year prohibition, unless, among other conditions, the trust's common shareholders receive a minimum price (as described under Maryland law) for their shares and the
consideration is received in cash or in the same form as previously paid by the interested shareholder for its shares, any business combination between the trust and an interested shareholder
generally must be recommended by the board of trustees and approved by the affirmative vote of at least:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 80% of the votes entitled to be cast by holders of outstanding voting shares of the trust; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> two-thirds of the votes entitled to be cast by holders of voting shares of the trust other than shares held by the interested shareholder with
whom (or with whose affiliate) the business combination is to be effected or shares held by an affiliate or associate of the interested shareholder. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
provisions of the MGCL do not apply, however, to business combinations that are approved or exempted by a trust's board of trustees prior to the time that the interested
shareholder becomes an interested shareholder. Pursuant to the statute, the RLJ Board has determined to opt out of the business combination provisions of the MGCL and, consequently, the five-year
prohibition and, accordingly, the supermajority vote requirements will not apply to business combinations between RLJ and an interested shareholder, unless the RLJ Board in the future alters or
repeals this resolution. As a result, any person who later becomes an interested shareholder may be able to enter into business combinations with RLJ without compliance by RLJ with the supermajority
vote requirements and the other provisions of the statute. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
RLJ Board may not determine to become subject to such business combination provisions in the future without shareholder approval. An alteration or repeal of the resolution of the RLJ
Board will not have any effect on any business combinations that have been consummated or upon any agreements existing at the time of such modification or repeal. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Control Share Acquisitions  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland law provides that "control shares" of a Maryland REIT acquired in a "control share acquisition" have no voting rights except to the
extent approved at a special meeting of shareholders by the affirmative vote of two-thirds of the votes entitled to be cast on the matter,
excluding shares in a Maryland REIT in respect of which any of the following persons is entitled to exercise or direct the exercise of the voting power of such shares in the election of trustees:
(1)&nbsp;a person who makes or proposes to make a control share acquisition; (2)&nbsp;an officer of the trust; or (3)&nbsp;an employee of the trust who is also a trustee of the trust. "Control
shares" are voting shares that, if aggregated with all other such shares previously acquired by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting
power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing trustees within one of the following ranges of voting
power:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> one-tenth or more but less than one-third; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> one-third or more but less than a majority; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a majority or more of all voting power. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>Control
shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained shareholder approval. A "control share acquisition" means the acquisition,
directly or indirectly, of ownership of, or the power to direct the exercise of voting power with respect to, issued and outstanding control shares, subject to certain exceptions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>182</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=192,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=221655,FOLIO='182',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<A NAME="page_di49201_1_183"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
person who has made or proposes to make a control share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses and making an "acquiring person
statement" as described in the MGCL), may compel the RLJ Board to call a special meeting of shareholders to be held within 50&nbsp;days of demand to consider the voting rights of the control shares.
If no request for a special meeting is made, RLJ may present the question at any shareholders meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
voting rights of control shares are not approved at the meeting or if the acquiring person does not deliver an "acquiring person statement" as required by Maryland law, then, subject
to certain conditions and limitations, the trust may redeem any or all of the control shares (except those for which voting rights have previously been approved) for fair value. Fair value is
determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of shareholders at which the
voting rights of such shares are considered and not approved. If voting rights for control shares are approved at a shareholders meeting and the acquirer becomes entitled to vote a majority of the
shares entitled to vote, all other shareholders may exercise appraisal rights, unless appraisal rights are eliminated under the declaration of trust. RLJ's declaration of trust eliminates all
appraisal rights of shareholders. The control share acquisition statute does not apply (1)&nbsp;to shares acquired in a merger, consolidation or share exchange if RLJ is a party to the transaction
or (2)&nbsp;to acquisitions approved or exempted by the declaration of trust or bylaws of the trust. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's
bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions by any person of RLJ Common Shares. The RLJ Board may not amend or
eliminate such provision without shareholder approval. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Subtitle 8 of Title 3 of the Maryland General Corporation Law  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtitle 8 of Title 3 of the MGCL ("Section&nbsp;8") permits a Maryland REIT with a class of equity securities registered under the Exchange
Act and at least three independent trustees to elect to be subject, by provision in its declaration of trust or bylaws or a resolution of its board of trustees and notwithstanding any contrary
provision in the declaration of trust or bylaws, to any or all of the following five provisions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a classified board; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a two-thirds shareholder vote requirement for removing a trustee; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a requirement that the number of trustees be fixed only by vote of the trustees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a requirement that a vacancy on the board be filled only by the remaining trustees and for the remainder of the full term of the class of
trustees in which the vacancy occurred; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a requirement that requires the request of the holders of at least a majority of all votes entitled to be cast to call a special meeting of
shareholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
has opted out of all of the provisions of Subtitle 8 and must receive the approval of a majority of shareholders casting votes on the matter to opt in to any of the provisions of
Subtitle 8; however, pursuant to provisions in RLJ's declaration of trust and bylaws unrelated to Subtitle 8, RLJ currently (1)&nbsp;requires the affirmative vote of the holders of not less than
two-thirds of all of the votes entitled to be cast on the matter for the removal of any trustee from the RLJ Board, which removal will be allowed only for cause, and (2)&nbsp;requires, unless called
by the Executive Chairman of the RLJ Board, the President or Chief Executive Officer or the RLJ Board, the written request of shareholders entitled to cast a majority of all votes entitled to be cast
at such meeting to call a special meeting. In addition, provisions in RLJ's declaration of trust and bylaws provide that the number of trustees may be determined by the RLJ Board and that RLJ's
trustees may fill vacancies on the RLJ Board and, therefore, pursuant to provisions in the MGCL, shareholders will not have the authority to determine the number of trustees on the RLJ Board or to
fill vacancies on the RLJ Board other than vacancies resulting from the removal of a trustee. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>183</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=193,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=614142,FOLIO='183',FILE='DISK127:[17ZBR1.17ZBR49201]DI49201A.;20',USER='NDEWIND',CD='12-JUL-2017;20:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dk49201_1_184"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Amendment of RLJ's Declaration of Trust and Bylaws and Approval of Extraordinary Transactions  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Maryland REIT law, a Maryland REIT generally cannot amend its declaration of trust or merge with another entity unless declared
advisable by a majority of the board of trustees and approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter unless a
lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter, is set forth in the REIT's declaration of trust. RLJ's declaration of trust provides that such
actions (other than certain amendments to the provisions of RLJ's declaration of trust related to the removal of trustees, the restrictions on ownership and transfer of RLJ's shares and termination of
the trust) may be taken if declared advisable by a majority of the RLJ Board and approved by the vote of shareholders holding a majority of the votes entitled to be cast on the matter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's
bylaws may be altered, amended or repealed, and new bylaws adopted, by the vote of a majority of the entire RLJ Board or by a vote of the holders of not less than a majority of all
the shares of RLJ then outstanding and entitled to be cast on the matter. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Meetings of Shareholders  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under RLJ's bylaws, annual meetings of shareholders will be held each year at a date and time as determined by the RLJ Board. Special meetings
of shareholders may be called only by a majority of the trustees then in office, by the Executive Chairman of the RLJ Board, RLJ's President or RLJ's Chief Executive Officer. Additionally, subject to
the provisions of RLJ's bylaws, special meetings of the shareholders shall be called by RLJ's Secretary upon the written request of shareholders entitled to cast at least a majority of the votes
entitled to be cast at such meeting. Only matters set forth in the notice of the special meeting may be considered and acted upon at such a meeting. Maryland law and RLJ's bylaws provide that any
action required or permitted to be taken at a meeting of shareholders may be taken without a meeting by unanimous written consent, if that consent sets forth that action and is signed by each
shareholder entitled to vote on the matter. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Advance Notice of Trustee Nominations and New Business  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's bylaws provide that, with respect to an annual meeting of shareholders, nominations of persons for election to the RLJ Board and the
proposal of business to be considered by shareholders at the annual meeting may be made only:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> pursuant to RLJ's notice of the meeting; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by or at the direction of the RLJ Board; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by a shareholder who was a shareholder of record both at the time of giving of the notice of the meeting and at the time of the annual meeting,
who is entitled to vote at the meeting and who has complied with the advance notice procedures set forth in RLJ's bylaws. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to special meetings of shareholders, only the business specified in RLJ's notice of meeting may be brought before the meeting of shareholders. The proposal of business to be
considered by shareholders at a special meeting may be made only at the written request of a majority of all votes entitled to be cast at such meeting, which complies with the procedures set forth in
RLJ's bylaws pertaining to special meetings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of requiring shareholders to give advance notice of nominations and other proposals is to afford the RLJ Board the opportunity to consider the qualifications of the proposed
nominees or the advisability of the other proposals and, to the extent considered necessary by the RLJ Board, to inform shareholders and make recommendations regarding the nominations or other
proposals. The advance notice procedures also permit a more orderly procedure for conducting RLJ shareholder meetings. Although RLJ's bylaws do not give the RLJ Board the power to disapprove timely </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>184</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=194,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=444713,FOLIO='184',FILE='DISK127:[17ZBR1.17ZBR49201]DK49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dk49201_1_185"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>shareholder
nominations and proposals, RLJ's bylaws may have the effect of precluding a contest for the election of trustees or proposals for other action if the proper procedures are not followed,
and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of trustees to the RLJ Board or to approve its own proposal. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Anti-takeover Effect of Certain Provisions of Maryland Law and RLJ's Declaration of Trust and Bylaws  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of RLJ's declaration of trust on removal of trustees and the advance notice provisions of RLJ's bylaws could delay, defer or
prevent a transaction or a change in control of RLJ that might involve a premium price for holders of RLJ Common Shares or otherwise be in the best interests of RLJ's shareholders. Likewise, if the
RLJ Board were to opt into the business combination provisions of the MGCL or certain of the provisions of Subtitle 8 of Title 3 of the MGCL, with shareholder approval, if the provision in RLJ's
bylaws opting out of the control share acquisition provisions of the MGCL were amended or rescinded or if the RLJ Board opted in to the Maryland Business Combination Act (Subtitle 6 of Title 3 of the
MGCL), these provisions of the MGCL could have similar anti-takeover effects. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Indemnification and Limitation of Trustees' and Officers' Liability  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Maryland REIT law permits a Maryland REIT to include in its declaration of trust a provision limiting the liability of its trustees and
officers to the trust and its shareholders for money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate
dishonesty established by a final judgment as being material to the cause of action. RLJ's declaration of trust contains such a provision that eliminates such liability to the maximum extent permitted
by Maryland law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Maryland REIT law permits a Maryland REIT to indemnify and advance expenses to its trustees, officers, employees and agents to the same extent as permitted by the MGCL for directors
and officers of a Maryland corporation. The MGCL permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and
reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or are threatened to be made a party by reason of their service in those or other capacities
unless it is established that:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1)&nbsp;was committed in bad
faith or (2)&nbsp;was the result of active and deliberate dishonesty; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the director or officer actually received an improper personal benefit in money, property or services; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
under the MGCL, a Maryland corporation may not indemnify a director or officer for an adverse judgment in a suit by or in the right of the corporation or if the director or
officer was
adjudged liable on the basis that personal benefit was improperly received, unless in either case a court orders indemnification and then only for expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the MGCL permits a corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a written affirmation by such director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for
indemnification by the corporation; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>185</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=195,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=505359,FOLIO='185',FILE='DISK127:[17ZBR1.17ZBR49201]DK49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dk49201_1_186"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a written undertaking by such director or officer or on such director's or officer's behalf to repay the amount paid or reimbursed by the
corporation if it is ultimately determined that the director did not meet the standard of conduct. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's
declaration of trust and bylaws obligate RLJ, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and to pay or reimburse reasonable expenses
in advance of final disposition of a proceeding to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any present or former trustee or officer (including any individual who, at RLJ's request, serves or has served as a director, trustee, officer,
partner, member, employee or agent of another REIT, corporation, partnership, company, joint venture, trust, employee benefit plan or any other enterprise) against any claim or liability to which he
or she may become subject by reason of service in such capacity; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any present or former trustee or officer who has been successful in the defense of a proceeding to which he or she was made a party by reason
of service in such capacity. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's
declaration of trust and bylaws also permit RLJ, with the approval of the RLJ Board, to indemnify and advance expenses to any person who served a predecessor of RLJ's in any of the
capacities described above and to any employee or agent of RLJ's company or a predecessor of RLJ's company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, upon completion of RLJ's initial public offering, RLJ entered into indemnification agreements with each of RLJ's trustees and executive officers that provide for
indemnification to the maximum extent permitted by Maryland law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as the foregoing provisions permit indemnification of trustees, officers or persons controlling RLJ for liability arising under the Securities Act, RLJ has been informed that, in
the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk49201_restrictions_on_ownership_and_transfer"> </A>
<A NAME="toc_dk49201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Restrictions on Ownership and Transfer    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to qualify as a REIT under the Code, RLJ's shares must be beneficially owned by 100 or more persons during at least 335&nbsp;days of
a taxable year of 12&nbsp;months (other than the first year for which an election to be a REIT has been made) or during a proportionate part of a shorter taxable year. Also, no more than 50% of the
value of RLJ's outstanding shares (after taking into account options to acquire common shares) may be owned, directly, indirectly, or through attribution, by five or fewer individuals (as defined in
the Code to include certain entities) at any time during the last half of a taxable year (other than the first year for which an election to be a REIT has been made). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the RLJ Board believes that it is essential for RLJ to qualify as a REIT, RLJ's declaration of trust, subject to certain exceptions, contains restrictions on the number of RLJ's
shares of beneficial interest that a person may own. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to assist RLJ in complying with the limitations on the concentration of ownership of RLJ's shares imposed by the Code, RLJ's declaration of trust generally prohibits any person
or entity (other
than a person or entity who has been granted an exception) from directly or indirectly, beneficially or constructively, owning more than 9.8% of the aggregate of RLJ's outstanding common shares, by
value or by number of shares, whichever is more restrictive, or 9.8% of the aggregate of the outstanding preferred shares of any class or series, by value or by number of shares, whichever is more
restrictive. However, RLJ's declaration of trust permits (but does not require) exceptions to be made for shareholders provided that the RLJ Board determines that such exceptions will not jeopardize
RLJ's qualification as a REIT. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>186</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=196,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=123169,FOLIO='186',FILE='DISK127:[17ZBR1.17ZBR49201]DK49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dk49201_1_187"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's
declaration of trust also prohibits any person from (1)&nbsp;beneficially or constructively owning RLJ's shares of beneficial interest that would result in RLJ being "closely
held" under Section&nbsp;856(h) of the Code, (2)&nbsp;transferring RLJ's shares if such transfer would result in RLJ being beneficially owned by fewer than 100 persons (determined without regard
to any rules of attribution), (3)&nbsp;beneficially or constructively owning RLJ's shares that would result in RLJ owning (directly or constructively) 10% or more of the ownership interest in a
tenant of its real property if income derived from such tenant for RLJ's taxable year would result in more than a de minimis amount of non-qualifying income for purposes of the REIT tests that, taking
into account any other non-qualifying gross income of RLJ's, would cause RLJ to fail to satisfy an applicable REIT gross income requirement, and (4)&nbsp;beneficially or constructively owning RLJ's
shares that would cause RLJ otherwise to fail to qualify as a REIT, including, but not limited to, as a result of any "eligible independent contractor" (as defined in Section&nbsp;856(d)(9)(A) of
the Code) that operates a "qualified lodging facility" (as defined in Section&nbsp;856(d)(9)(D)(i) of the Code) on behalf of a taxable REIT subsidiary, or TRS, failing to qualify as such. Any person
who acquires or attempts or intends to acquire beneficial ownership of RLJ's shares that will or may violate any of the foregoing restrictions on transferability and ownership will be required to give
notice immediately to RLJ and provide RLJ with such other information as RLJ may request in order to determine the effect of such transfers on RLJ's qualification as a REIT. The foregoing restrictions
on transferability and ownership will not apply if the RLJ Board determines that it is no longer in RLJ's best interest to attempt to qualify, or to qualify, or to continue to qualify, as a REIT. In
addition, the RLJ Board may determine that compliance with the foregoing restrictions is no longer required for RLJ's qualification as a REIT. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
RLJ Board, in its sole discretion, may waive the 9.8% ownership limit for common shares or preferred shares for a shareholder that is not an individual if such shareholder provides
information and makes representations to the board that are satisfactory to the board, in its reasonable discretion, to establish that such person's ownership in excess of the 9.8% limit for common or
preferred shares would not jeopardize RLJ's qualification as a REIT. As a condition of granting the waiver, the RLJ Board, in its sole discretion, may require a ruling from the IRS, or an opinion of
counsel in either case in form and substance satisfactory to the RLJ Board in order to determine or ensure RLJ's qualification as a REIT. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the RLJ Board from time to time may increase the share ownership limits. However, the share ownership limits may not be increased if, after giving effect to such increase,
five or fewer
individuals could own or constructively own in the aggregate, more than 49.9% in value of the shares then outstanding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any transfer of RLJ's shares of beneficial interest occurs which, if effective, would result in any person beneficially or constructively owning shares in excess, or in violation, of
the above transfer or ownership limitations, known as a prohibited owner, then that number of shares, the beneficial or constructive ownership of which otherwise would cause such person to violate the
transfer or ownership limitations (rounded up to the nearest whole share), will be automatically transferred to a charitable trust for the exclusive benefit of a charitable beneficiary, and the
prohibited owner will not acquire any rights in such shares. This automatic transfer will be considered effective as of the close of business on the business day before the violative transfer. If the
transfer to the charitable trust would not be effective for any reason to prevent the violation of the above transfer or ownership limitations, then the transfer of that number of shares that
otherwise would cause any person to violate the above limitations will be void. RLJ shares held in the charitable trust will continue to constitute issued and outstanding shares. The prohibited owner
will not benefit economically from ownership of any shares held in the charitable trust, will have no rights to dividends or other distributions and will not possess any rights to vote or other rights
attributable to the shares held in the charitable trust. The trustee of the charitable trust will be designated by RLJ and must be unaffiliated with RLJ or any prohibited owner and will have all
voting rights and rights to dividends or other distributions with respect to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>187</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=197,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=481439,FOLIO='187',FILE='DISK127:[17ZBR1.17ZBR49201]DK49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dk49201_1_188"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>shares
held in the charitable trust, and these rights will be exercised for the exclusive benefit of the trust's charitable beneficiary. Any dividend or other distribution paid before RLJ's discovery
that shares have been transferred to the trustee will be paid by the recipient of such dividend or distribution to the trustee upon demand, and any dividend or other distribution authorized but unpaid
will be paid when due to the trustee. Any dividend or distribution so paid to the trustee will be held in trust for the trust's charitable beneficiary. Subject to Maryland law, effective as of the
date that such shares have been transferred to the charitable trust, the trustee, in its sole discretion, will have the authority to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> rescind as void any vote cast by a prohibited owner prior to RLJ's discovery that such shares have been transferred to the charitable trust;
and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> recast such vote in accordance with the desires of the trustee acting for the benefit of the trust's charitable beneficiary. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>However,
if RLJ has already taken irreversible corporate action, then the trustee will not have the authority to rescind and recast such vote. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
20&nbsp;days of receiving notice from RLJ that shares have been transferred to the charitable trust, and unless RLJ buys the shares first as described below, the trustee will
sell the shares held in the charitable trust to a person, designated by the trustee, whose ownership of the shares will not violate the share ownership limits in RLJ's declaration of trust. Upon the
sale, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the prohibited owner and to the charitable
beneficiary. The prohibited owner will receive the lesser of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the price paid by the prohibited owner for the shares or, if the prohibited owner did not give value for the shares in connection with the
event causing the shares to be held in the charitable trust (for example, in the case of a gift or devise), the market price of the shares on the day of the event causing the shares to be held in the
charitable trust; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the price per share received by the trustee from the sale or other disposition of the shares held in the charitable trust (less any commission
and other expenses of a sale). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
trustee may reduce the amount payable to the prohibited owner by the amount of dividends and distributions paid to the prohibited owner and owed by the prohibited owner to the
trustee. Any net sale proceeds in excess of the amount payable to the prohibited owner will be paid immediately to the charitable beneficiary. If, before RLJ's discovery that RLJ's shares have been
transferred to the charitable trust, such shares are sold by a prohibited owner, then:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> such shares will be deemed to have been sold on behalf of the charitable trust; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to the extent that the prohibited owner received an amount for such shares that exceeds the amount that the prohibited owner was entitled to
receive as described above, the excess must be paid to the trustee upon demand. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, shares held in the charitable trust will be deemed to have been offered for sale to RLJ, or RLJ's designee, at a price per share equal to the lesser
of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the price per share in the transaction that resulted in such transfer to the charitable trust (or, in the case of a gift or devise, the market
price at the time of the gift or devise); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the market price on the date we, or RLJ's designee, accepts such offer. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
may reduce the amount payable to the prohibited owner by the amount of dividends and distributions paid to the prohibited owner and owed by the prohibited owner to the trustee. RLJ
may pay the amount of such reduction to the trustee for the benefit of the charitable beneficiary. RLJ will have the right to accept the offer until the trustee has sold the shares held in the
charitable trust. Upon </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>188</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=198,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=594024,FOLIO='188',FILE='DISK127:[17ZBR1.17ZBR49201]DK49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dk49201_1_189"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>such
a sale to RLJ, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the prohibited owner and any dividends
or other distributions held by the trustee will be paid to the charitable beneficiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
certificates representing RLJ's shares will bear a legend referring to the restrictions described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
shareholder of record of more than 5% (or such lower percentage as required by the Code or the regulations promulgated thereunder) in value of the outstanding shares will be
required to give
written notice to RLJ within 30&nbsp;days after the end of each taxable year stating the name and address of each actual owner, the number of shares of each class and series of shares that the each
actual owner beneficially owns and a description of the manner in which such shares are held. Each such shareholder shall provide to RLJ such additional information as RLJ may request in order to
determine the effect, if any, of such beneficial ownership on RLJ's status as a REIT and to ensure compliance with the ownership limitations. In addition, each shareholder shall upon demand be
required to provide to RLJ such information as RLJ may request, in good faith, in order to determine RLJ's status as a REIT and to comply with the requirements of any taxing authority or governmental
authority or to determine such compliance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
share ownership limitations could delay, deter or prevent a transaction or a change in control that might involve a premium price for holders of RLJ Common Shares or might
otherwise be in the best interest of RLJ's shareholders. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


REIT Qualification  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's declaration of trust provides that the RLJ Board may revoke or otherwise terminate RLJ's REIT election, without approval of RLJ's
shareholders, if RLJ determines that it is no longer in RLJ's best interests to attempt to qualify, or to continue to qualify, as a REIT. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk49201_stock_exchange_listing"> </A>
<A NAME="toc_dk49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock Exchange Listing    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ Common Shares are listed on the NYSE under the symbol "RLJ." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the REIT Merger, the RLJ Series&nbsp;A Preferred Shares will be listed on the NYSE under the symbol "RLJprA."


</FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk49201_transfer_agent_and_registrar"> </A>
<A NAME="toc_dk49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transfer Agent and Registrar    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for RLJ Common Shares and RLJ Series&nbsp;A Preferred Shares is Wells Fargo Shareowners Services, a division
of Wells Fargo Bank N.A. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>189</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=199,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=207494,FOLIO='189',FILE='DISK127:[17ZBR1.17ZBR49201]DK49201A.;10',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dm49201_1_190"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dm49201_comparison_of_rights_of_rlj_sh__com02621"> </A>
<A NAME="toc_dm49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  COMPARISON OF RIGHTS OF RLJ SHAREHOLDERS AND FELCOR STOCKHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both RLJ and FelCor are organized in Maryland. The rights of RLJ shareholders are governed by the Maryland REIT Law, the RLJ declaration of
trust and bylaws and certain provisions of the Maryland General Corporation Law, or the MGCL, that are incorporated in the Maryland REIT Law. The rights of FelCor stockholders are governed by the MGCL
and FelCor's articles of amendment and restatement (the "FelCor Charter") and bylaws. Upon consummation of the Mergers, the rights of the former FelCor stockholders who receive RLJ Common Shares or
RLJ Series&nbsp;A Preferred Shares will be governed by the Maryland REIT Law and the RLJ declaration of trust and bylaws of RLJ. Upon consummation of the Mergers, holders of FelCor Series&nbsp;A
Preferred Stock will receive RLJ Series&nbsp;A Preferred Shares having the preferences, rights and privileges materially unchanged from the preferences, rights and privileges of the FelCor
Series&nbsp;A Preferred Stock as described above in "Description of RLJ&nbsp;Capital Shares&#151;Preferred Shares." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the material differences as of the date of this joint proxy statement/prospectus between the rights of RLJ shareholders and the rights of FelCor
stockholders under the governing documents of RLJ and FelCor and the above-described laws which govern RLJ and FelCor. The following summary is qualified in its entirety by reference to the relevant
provisions of (i)&nbsp;Maryland law, (ii)&nbsp;the RLJ declaration of trust, (iii)&nbsp;the FelCor Charter, (iv)&nbsp;the RLJ bylaws and (v)&nbsp;the FelCor bylaws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a general matter, the laws relating to entities governed by the MGCL and entities governed by the Maryland REIT Law are comparable, although there are some differences and as a
general matter the Maryland REIT Law grants fewer express statutory rights to shareholders and provides greater flexibility to the entity to establish rights and terms in the RLJ declaration of trust.
Pursuant to the RLJ declaration of trust, RLJ has elected to be subject to certain provisions of the MGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section does not include a complete description of all differences between the rights of RLJ shareholders and FelCor stockholders, nor does it include a complete description of the
specific rights of such holders. Furthermore, the identification of some of the differences in the rights of such holders is not intended to indicate that other differences that may be equally
important do not exist. You are urged to read carefully the relevant provisions of Maryland law, as well as the governing instruments of each of RLJ and FelCor, each as amended, restated, supplemented
or otherwise modified from time to time, copies of which are available, without charge, to any person, including any beneficial owner to whom this joint proxy statement/prospectus is delivered, by
following the instructions listed under "Where You Can Find More Information" beginning on page 210.

</FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights&nbsp;of&nbsp;RLJ&nbsp;common&nbsp;shareholders&nbsp;(which&nbsp;will<BR>
be&nbsp;the&nbsp;rights&nbsp;of&nbsp;common&nbsp;shareholders&nbsp;of&nbsp;the<BR>
Combined&nbsp;Company&nbsp;following&nbsp;the&nbsp;REIT&nbsp;Merger) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights of FelCor common stockholders </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Corporate Governance</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>RLJ is a Maryland REIT, formed pursuant to the Maryland REIT Law, that has elected to be taxed as a REIT.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>FelCor is a Maryland corporation, incorporated pursuant to the MGCL, that has elected to be taxed as a REIT.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The rights of RLJ shareholders are governed by the Maryland REIT Law, the RLJ declaration of trust and the RLJ bylaws.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The rights of FelCor stockholders are governed by the MGCL, the FelCor Charter and the FelCor bylaws.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Authorized Capital Stock</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ is authorized to issue 500,000,000 shares, consisting of (i)&nbsp;450,000,000 common shares of beneficial interest, $0.01 par value per
share and (ii)&nbsp;50,000,000 preferred shares of beneficial interest, $0.01 par value per share.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FelCor is authorized to issue 220,000,000 shares of stock, consisting of (i)&nbsp;200,000,000 shares of common stock, having a par value of
$0.01 per share and (ii)&nbsp;20,000,000 shares of preferred stock, having a par value of $0.01 per share.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>As of July&nbsp;6, 2017, there were 124,639,939 RLJ Common Shares outstanding. RLJ has no preferred shares outstanding.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>As of July&nbsp;6, 2017, there were 138,421,753 shares of FelCor Common Stock and 12,879,475 shares of FelCor Series&nbsp;A Preferred Stock
outstanding.</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>190</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=200,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=35016,FOLIO='190',FILE='DISK127:[17ZBR1.17ZBR49201]DM49201A.;33',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_dm49201_1_191"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights&nbsp;of&nbsp;RLJ&nbsp;common&nbsp;shareholders&nbsp;(which&nbsp;will<BR>
be&nbsp;the&nbsp;rights&nbsp;of&nbsp;common&nbsp;shareholders&nbsp;of&nbsp;the<BR>
Combined&nbsp;Company&nbsp;following&nbsp;the&nbsp;REIT&nbsp;Merger) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights of FelCor common stockholders </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Voting Rights</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


 Subject to the provisions of any class or series of shares then outstanding or as otherwise required by law, each holder of RLJ shares is entitled to one vote per share on each matter presented to the RLJ shareholders. </font> <p align=left
 style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> Subject to the provisions of any class or series of shares then outstanding or as otherwise required by law, the RLJ shareholders are entitled to vote only on the following matters:
 (i)&nbsp;election and removal of trustees; (ii)&nbsp;amendment of the RLJ declaration of trust; (iii)&nbsp;termination of RLJ; (iv)&nbsp;merger or consolidation RLJ, or the sale or disposition of all or substantially all of the assets of RLJ;
 (v)&nbsp;such other matters with respect to which the RLJ Board has adopted a resolution declaring that a proposed action is advisable and directing that the matter be submitted to the RLJ shareholders for approval or ratification; and (f)&nbsp;such
 other matters as may be properly brought before a meeting by an RLJ shareholder pursuant to the RLJ bylaws.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


 Each holder of FelCor Common Stock is entitled to one vote per share on all matters upon which the FelCor stockholders are entitled to vote. </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> Subject to the rights of the
 holders of any series of preferred stock, the holders of FelCor Common Stock possess all of the voting power of the capital stock of FelCor and have the exclusive right to vote upon, authorize and approve any and all matters which may properly come
 before the FelCor stockholders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>With the exception of the election and removal of trustees and any matter as may be properly brought before a meeting by an RLJ shareholder,
no action that would bind RLJ and the trustees may be taken without the prior recommendation of the trustees.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Size of Board</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


 The number of trustees, which must be between two and fifteen, may be changed by the RLJ Board. Currently, the RLJ Board consists of seven directors. </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> Upon completion of the
 Mergers, the board of trustees of the Combined Company will be increased to eight trustees.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The number of directors, which must be between three and nine, unless otherwise determined from time to time by resolution adopted by the
affirmative vote of at least 80% of the members of the FelCor Board, may be changed by the FelCor Board. Currently, the FelCor Board consists of 10 directors.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Election of Trustees and Directors</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The RLJ bylaws provide that trustees must receive a majority of all votes at a meeting of shareholders duly called and at which a quorum is
present in order to be elected; provided, however, that if the number of trustee nominees exceeds the number of trustees to be elected, then a plurality of all the votes cast at a meeting of shareholders duly called and at which a quorum is present
shall be sufficient.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The FelCor bylaws provide that directors must receive a majority of all votes at a meeting of stockholders duly called and at which a quorum
is present in order to be elected; provided, however, that if the number of director nominees exceeds the number of directors to be elected, then a plurality of all the votes cast at a meeting of stockholders duly called and at which a quorum is
present shall be sufficient.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Removal of Trustees and Directors</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Subject to the rights of holders of one or more classes or series of RLJ preferred shares to elect or remove one or more trustees, any
trustee may be removed at any time, but only for cause and then only by the affirmative vote of the holders of not less than two-thirds of the votes entitled to be cast generally in the election of trustees.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Any director or the entire FelCor Board may be removed by the holders of a majority of the shares entitled to vote at an election of
directors; provided, however, any such removal shall be for cause; and provided, further, that if the FelCor stockholders of any class of the capital stock are entitled separately to elect one or more directors, such directors may not be removed
except by the affirmative vote of a majority of all of the shares of such class or series entitled to vote for such directors.</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>191</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=201,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=872368,FOLIO='191',FILE='DISK127:[17ZBR1.17ZBR49201]DM49201A.;33',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_dm49201_1_192"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights&nbsp;of&nbsp;RLJ&nbsp;common&nbsp;shareholders&nbsp;(which&nbsp;will<BR>
be&nbsp;the&nbsp;rights&nbsp;of&nbsp;common&nbsp;shareholders&nbsp;of&nbsp;the<BR>
Combined&nbsp;Company&nbsp;following&nbsp;the&nbsp;REIT&nbsp;Merger) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights of FelCor common stockholders </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Filling Vacancies on Board</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Any vacancy on the RLJ Board shall be filled, at any regular meeting or at any special meeting called for that purpose, by a majority of the trustees, even
if the remaining trustees do not constitute a quorum.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Except with respect to any directors who have been or may be elected separately by the holders of FelCor preferred stock, should a vacancy in the FelCor
Board occur, such vacancy shall be filled by the affirmative vote of a majority of the remaining directors, even though less than a quorum of the FelCor Board. Any director so elected may qualify as an independent director only if such director has
received the affirmative vote of at least a majority of the remaining independent directors, if any.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Amendment of the RLJ declaration of trust and the FelCor Charter</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Under the Maryland REIT Law, a Maryland REIT generally cannot amend its declaration of trust unless declared advisable by its board of
trustees and approved by the affirmative vote of the RLJ shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland REIT may provide in its declaration of trust for approval of an amendment
to the declaration of trust by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Under the MGCL, a Maryland corporation generally cannot amend its charter unless declared advisable by the board of directors and approved
by the affirmative vote of the FelCor stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of a charter amendment by a lesser
percentage, but not less than a majority of all of the votes entitled to be cast on the matter.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The RLJ declaration of trust provides than an amendment to the RLJ declaration of trust may be approved by the affirmative vote of the
holders of a majority of the total number of shares entitled to vote, except that the affirmative vote of the holders of not less than two-thirds of the shares outstanding and entitled to be cast on the matter shall be necessary to amend
Section&nbsp;5.3, Article&nbsp;VII or Section&nbsp;12.2 of the RLJ declaration of trust.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The FelCor Charter provides for a majority vote on these matters, except that (i)&nbsp;amendments to Article&nbsp;IV, Sections&nbsp;D., E.
or G. of the FelCor Charter shall be valid only if approved by the affirmative vote of the majority of the members of the FelCor Board and adopted by the affirmative vote of at least two-thirds of all votes entitled to be cast on the matter and
(ii)&nbsp;amendments to Article&nbsp;V of the FelCor Charter shall be valid only if approved by the affirmative vote of at least 80% of the members of the FelCor Board and approved by the affirmative vote of at least three-fourths of all votes
entitled to be case on the matter.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Amendment of Bylaws</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The RLJ bylaws may be altered, amended or repealed by the vote of a majority of the entire RLJ Board or by a vote of the holders of not less
than a majority of all the shares of RLJ then outstanding and entitled to be cast on the matter.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The FelCor Board has the sole and exclusive power and authority to make, alter or repeal the FelCor bylaws.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Special Meetings of Shareholders / Stockholders</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ's bylaws provide that special meeting of stockholders may be called by the Executive Chairman or Chairman of the RLJ Board, the Chief
Executive Officer, the President or a majority of the trustees. A special meeting of the shareholders shall be called by the Secretary of RLJ upon the written request of the RLJ shareholders entitled to cast not less than a majority of all votes
entitled to be cast at any such meeting. Such request shall state the purpose or purposes of the meeting and the matters proposed to be acted on at such meeting.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FelCor's bylaws and the FelCor Charter provide that special meetings of the stockholders, for any purpose or purposes, unless otherwise
provided by statute or by the FelCor Charter, may be called at any time by the Chairman, the Chief Executive Officer or the President and shall be called by the Secretary at the request in writing of a majority of the FelCor Board, a majority of the
independent directors, or, subject to the provisions of Sections&nbsp;2-502(b) and (c)&nbsp;of the MGCL, at the request in writing of the FelCor stockholders entitled to cast not less than 25% of the votes entitled to be cast at the
meeting.</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>192</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=202,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=426822,FOLIO='192',FILE='DISK127:[17ZBR1.17ZBR49201]DM49201A.;33',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_dm49201_1_193"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights&nbsp;of&nbsp;RLJ&nbsp;common&nbsp;shareholders&nbsp;(which&nbsp;will<BR>
be&nbsp;the&nbsp;rights&nbsp;of&nbsp;common&nbsp;shareholders&nbsp;of&nbsp;the<BR>
Combined&nbsp;Company&nbsp;following&nbsp;the&nbsp;REIT&nbsp;Merger) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights of FelCor common stockholders </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Business transacted at the special meeting of stockholders will be limited to the purposes stated in the notice.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Advance Notice Provisions for Shareholder / Stockholder Nominations and Shareholder / Stockholder Business Proposals</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


 The RLJ bylaws provide that, with respect to an annual meeting of shareholders, nominations of individuals for election to the RLJ Board and the proposal of business other than nominations of trustees to be considered by the RLJ shareholders at an
 annual meeting of shareholders may be made only: </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> </FONT><FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2>
 &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:8pt;"><font size=2></FONT><FONT SIZE=2>pursuant to the notice of the meeting (or any supplement thereto) given by or at the direction of the RLJ Board; </font> <p align=left
 style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> </FONT><FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:8pt;"><font
 size=2></FONT><FONT SIZE=2>otherwise by or at the direction of the RLJ Board; or </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> </FONT><FONT SIZE=2> </font> <p align=left
 style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:8pt;"><font size=2></FONT><FONT SIZE=2>by an RLJ shareholder who was an RLJ shareholder of record both at the
 time of giving of notice of the meeting and at the time of the annual meeting, who is entitled to vote at the meeting in the election of trustees or on the proposal of other business, as the case may be, and who complied with the notice provisions as
 set forth in the RLJ bylaws </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> In general, notice of shareholder nominations or business for an annual meeting must be delivered not earlier than 150&nbsp;days nor later than
 120&nbsp;days prior to the first anniversary of the date of the proxy statement for the preceding year's annual meeting, unless the annual meeting is advanced or delayed more than 30&nbsp;days from the anniversary of the date of the preceding year's
 annual meeting, in which case notice must be delivered not earlier than the 150th&nbsp;day nor later than the later of the 120th&nbsp;day prior to the annual meeting or the 10th&nbsp;day following the day on which public announcement of the date of
 the meeting is first made. Notice of shareholder nominations for a special meeting must be delivered not earlier than the 150th&nbsp;day prior to the special meeting, and not later than the later of the 120th&nbsp;day prior to the special meeting or
 the 10th&nbsp;day following the day on which public announcement is first made of the date of the special meeting and the nominees proposed by the RLJ Board to be elected at such meeting.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


 The FelCor bylaws provide that only such business shall be conducted at an annual meeting of stockholders as has been properly brought before the meeting. For business to be properly brought before the meeting it must be: </font> <p align=left
 style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> </FONT><FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:8pt;"><font
 size=2></FONT><FONT SIZE=2>authorized by the FelCor Board and specified in the notice, or a supplemental notice, of the meeting; </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> </FONT><FONT SIZE=2> </font> <p align=left
 style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:8pt;"><font size=2></FONT><FONT SIZE=2>otherwise brought before the meeting by or at the direction of the
 FelCor Board or the chairman of the meeting; or </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> </FONT><FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2>
 &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:8pt;"><font size=2></FONT><FONT SIZE=2>otherwise properly brought before the meeting by a FelCor stockholder, whether such business is included in FelCor's proxy statement or
 information statement or a proxy statement prepared by one or more FelCor stockholders. </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> In general, notice of stockholder nominations or business for an annual meeting must
 be delivered not earlier than 120&nbsp;days nor later than 90&nbsp;days prior to the anniversary date of the preceding year's annual meeting of stockholders, unless no annual meeting was held in the previous year or the annual meeting is advanced or
 delayed more than 30&nbsp;days from the anniversary of the date of the preceding year's annual meeting, in which case notice must be delivered not later than the later of the 10th&nbsp;day following the day on which the first public disclosure of the
 date of the annual meeting was made or the 90th&nbsp;day before the date of the meeting. Notice of stockholder nominations for a special meeting must be delivered not later than the later of the 10th&nbsp;day following the day on which the first
 public disclosure of the date of the annual meeting was made or the 90th&nbsp;day before the date of the meeting.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Notice of Shareholder / Stockholder Meetings</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Not less than 10&nbsp;days nor more than 90&nbsp;days before each meeting of shareholders, the secretary shall give notice to each RLJ
shareholder entitled to vote at such meeting and to each RLJ shareholder not entitled to vote who is entitled to notice of the meeting. In the case of special meetings, such notice must state the purpose for which the meeting is called.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unless otherwise provided by law, the notice of any stockholder meeting shall be given not less than 10&nbsp;days nor more than 90&nbsp;days
before the date of the meeting, to each FelCor stockholder entitled to vote at the meeting and to each other FelCor stockholder entitled to notice of the meeting. In the case of special meetings, such notice must state the purpose for which the
meeting is called.</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>193</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=203,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=255897,FOLIO='193',FILE='DISK127:[17ZBR1.17ZBR49201]DM49201A.;33',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_dm49201_1_194"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights&nbsp;of&nbsp;RLJ&nbsp;common&nbsp;shareholders&nbsp;(which&nbsp;will<BR>
be&nbsp;the&nbsp;rights&nbsp;of&nbsp;common&nbsp;shareholders&nbsp;of&nbsp;the<BR>
Combined&nbsp;Company&nbsp;following&nbsp;the&nbsp;REIT&nbsp;Merger) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights of FelCor common stockholders </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Limits on Ownership and Transfer of Shares</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Except with regard to any persons exempted by the RLJ Board, no person may at any time beneficially own or constructively own shares of any class of RLJ
shares in excess of 9.8% of the total number of shares of such class of equity shares outstanding. In addition, no person shall beneficially own or constructively own shares of RLJ to the extent that (1)&nbsp;such beneficial ownership constructive
ownership of shares would result in RLJ being "closely held" under Section&nbsp;856(h) of the Code, (2)&nbsp;such beneficial ownership or constructive ownership would result in (a)&nbsp;RLJ owning (directly or indirectly) an interest in a tenant that
is described in Section&nbsp;856(d)(2)(B) of the Code if the income derived be RLJ from such tenant for the taxable year of RLJ during which such determination is being made would reasonably be expected to equal or exceed the lesser of (I)&nbsp;one
percent (1%) of RLJ's gross income (as determined for purposes of Section&nbsp;856(c) of the Code), or (II)&nbsp;an amount that would cause RLJ to fail to satisfy any of the gross income requirements of Section&nbsp;856(c) of the Code or (b)&nbsp;any
manager or operator of a "qualified lodging facility," within the meaning of Section&nbsp;856(d)(9)(D) of the Code, leased by RLJ (or any subsidiary of RLJ) to one of its taxable REIT subsidiaries with respect to RLJ failing to qualify as an
"eligible independent contractor," within the meaning of Section&nbsp;856(d)(9)(A) of the Code, in either case if the income derived by RLJ from such tenant or such taxable REIT subsidiary, taking into account any other income of RLJ that would not
qualify under the gross income requirements of Section&nbsp;856(c) of the Code, would (or in the sole judgment of the RLJ Board, could) cause RLJ to fail to satisfy any of such gross income requirements; or (3)&nbsp;such beneficial ownership or
constructive ownership of shares would result in RLJ otherwise failing to qualify as a REIT.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Except with regard to any persons exempted by the FelCor Board, no person may at any time beneficially own or constructively own shares of any class of
FelCor stock in excess of 9.9% of the total number of shares of such class of equity stock outstanding. In addition, no person shall (1)&nbsp;beneficially own FelCor stock that would result in FelCor being "closely held" under Section&nbsp;856(h) of
the Code or (2)&nbsp;constructively own FelCor stock which would result in FelCor constructively owning 10% or more of the ownership interests in any tenant or subtenant of FelCor's real property within the meaning of Section&nbsp;856(d)(2)(B) of the
Code.</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>194</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=204,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=831668,FOLIO='194',FILE='DISK127:[17ZBR1.17ZBR49201]DM49201A.;33',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_dm49201_1_195"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights&nbsp;of&nbsp;RLJ&nbsp;common&nbsp;shareholders&nbsp;(which&nbsp;will<BR>
be&nbsp;the&nbsp;rights&nbsp;of&nbsp;common&nbsp;shareholders&nbsp;of&nbsp;the<BR>
Combined&nbsp;Company&nbsp;following&nbsp;the&nbsp;REIT&nbsp;Merger) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights of FelCor common stockholders </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Limitation of Liability and Indemnification of Trustees or Directors and Officers</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


 The RLJ declaration of trust provides that, to the maximum extent permitted by Maryland law, no present or former trustee or officer of RLJ shall be liable to RLJ or to any RLJ shareholder for money damages. </font> <p align=left
 style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> The RLJ declaration of trust provides that, to the maximum extent permitted by Maryland law in effect from time to time, and in accordance with applicable provisions of the RLJ bylaws and any
 indemnification agreement or resolution of the RLJ Board in effect from time to time, RLJ shall indemnify, and pay or reimburse the reasonable expenses in advance of final disposition of a proceeding to, (i)&nbsp;any present or former trustee or
 officer of RLJ against any claim or liability to which he or she may become subject by reason of service in such capacity and (ii)&nbsp;any individual who, while a trustee or officer of RLJ and at the request of RLJ, serves or has served as a
 director, officer, partner, trustee, employee or agent of another REIT, corporation, partnership, joint venture, trust, limited liability company, other enterprise or employee benefit plan, from and against any claim or liability to which such person
 may become subject or which such person may incur by reason of his or her service in such capacity. In addition, RLJ may, with the approval of the RLJ Board, provide such indemnification and advancement of expenses to any individual who served a
 predecessor of RLJ in any of the capacities described in (i)&nbsp;or (ii)&nbsp;above and to any employee or agent of RLJ or a predecessor of RLJ.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


 The FelCor Charter provides that, to the fullest extent permitted by Maryland statutory or decisional law, as amended or interpreted, no director or officer of FelCor shall be personally liable to FelCor or the FelCor stockholders for money damages.
 </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> FelCor's bylaws provides that, to the maximum extent permitted by Maryland law in effect from time to time, FelCor shall indemnify and, without requiring a preliminary
 determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a)&nbsp;any individual who is a present or former director or officer of FelCor and who is
 made a party to the proceeding by reason of his or her service in that capacity or (b)&nbsp;any individual who, while a director or officer of FelCor and at the request of FelCor, serves or has served as director, officer, partner or trustee of
 another corporation, partnership, joint venture, trust, employee benefit plan or other entity or enterprise and who is made a party to the proceeding by reason of his or her service in that capacity. FelCor may, with the approval of the FelCor Board,
 provide such indemnification and advance of expenses to a person who served a predecessor of the corporation in any of the capacities described in (a)&nbsp;or (b)&nbsp;above and to any employee or agent of the corporation or a predecessor of the
 corporation.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Maryland Business Combination Act</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>As permitted by the MGCL, the RLJ Board has adopted a resolution exempting RLJ from the business combination provisions of Subtitle 6 of
Title 3 of the MGCL relating to business combinations with interested shareholders or affiliates of interested shareholders. The RLJ Board cannot repeal this resolution without shareholder approval.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>As permitted by the MGCL, the FelCor Board has adopted a resolution exempting FelCor from the business combination provisions of Subtitle 6
of Title 3 of the MGCL relating to business combinations with interested stockholders or affiliates of interested stockholders.</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>195</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=205,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=771979,FOLIO='195',FILE='DISK127:[17ZBR1.17ZBR49201]DM49201A.;33',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_dm49201_1_196"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights&nbsp;of&nbsp;RLJ&nbsp;common&nbsp;shareholders&nbsp;(which&nbsp;will<BR>
be&nbsp;the&nbsp;rights&nbsp;of&nbsp;common&nbsp;shareholders&nbsp;of&nbsp;the<BR>
Combined&nbsp;Company&nbsp;following&nbsp;the&nbsp;REIT&nbsp;Merger) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights of FelCor common stockholders </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Subtitle 8 of Title 3 of the MGCL</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


 Under certain provisions of the MGCL, a Maryland corporation or Maryland REIT with a class of equity securities registered under the Exchange Act and at least three independent trustees may elect to be subject, by provision in its declaration of
 trust or bylaws or by resolution of its board of trustees and notwithstanding any contrary provision in the declaration of trust or bylaws, to any or all of five following provisions: (i)&nbsp;a classified board (Section&nbsp;3-803 of the MGCL),
 (ii)&nbsp;a 2/3 vote requirement for removing a trustee (Section&nbsp;3-804(a) of the MGCL), (iii)&nbsp;a requirement that the number of trustees be fixed only by vote of the trustees (Section&nbsp;3-804(b) of the MGCL), (iv)&nbsp;that any and all
 vacancies on the board of trustees may be filled only by the remaining trustees, even if the remaining trustees do not constitute a quorum, and for the remainder of the full term of the class of trustees in which the vacancy occurred
 (Section&nbsp;3-804(c) of the MGCL) and (v)&nbsp;a majority requirement for the calling of a shareholder-requested special meeting of shareholders (Section&nbsp;3-805 of the MGCL). </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font
 size=2> Through provisions in its declaration of trust, RLJ is prohibited from electing to be subject to Sections&nbsp;3-803, 3-804(a) and 3-805 of the MGCL; provided, however that such prohibition may be repealed, in whole or in part, if such repeal
 is approved by the RLJ shareholders by the affirmative vote of a majority of the votes entitled to be cast on the matter.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


 Through provisions in the FelCor Charter, FelCor is prohibited from electing to be subject to Sections&nbsp;3803, 3-804(a), 3-804(b) and 3-805 of the MGCL, unless such election is first approved by the affirmative vote of a majority of the votes
 cast on the matter by stockholders entitled to vote generally in the election of directors. </font> <p align=left style="font-family:times;margin-top:9pt;margin-left:0pt;"> <font size=2> Through provisions in its charter and bylaws unrelated to Subtitle 8 of Title 3
 of the MGCL, although FelCor has not opted into Section&nbsp;3-804(c) of the MGCL, FelCor vests in the FelCor Board the exclusive power to fix the number of directors.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Through provisions in the RLJ declaration of trust and bylaws unrelated to Subtitle 8 of Title 3 of the MGCL, RLJ already (i)&nbsp;vests in
the RLJ Board the exclusive power to fix the number of trustees and (ii)&nbsp;requires, unless called by a majority of the trustees, the executive chairman or chairman of the RLJ Board, the president or the chief executive officer, the request of
shareholders entitled to cast at least a majority of the votes entitled to be cast on any matter that may properly be considered at a meeting of shareholders to call a special meeting to act on such matter. Pursuant to Subtitle 8, RLJ has elected
that, except as may be provided by the RLJ Board in setting the terms of any class or series of preferred shares, any and all vacancies on the RLJ Board may be filled only by the affirmative vote of a majority of the remaining trustees in office,
even if the remaining trustees do not constitute a quorum, and any trustee elected to fill a vacancy will serve for the remainder of the full term of the trusteeship in which the vacancy occurred.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>196</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=206,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=860728,FOLIO='196',FILE='DISK127:[17ZBR1.17ZBR49201]DM49201A.;33',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_dm49201_1_197"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights&nbsp;of&nbsp;RLJ&nbsp;common&nbsp;shareholders&nbsp;(which&nbsp;will<BR>
be&nbsp;the&nbsp;rights&nbsp;of&nbsp;common&nbsp;shareholders&nbsp;of&nbsp;the<BR>
Combined&nbsp;Company&nbsp;following&nbsp;the&nbsp;REIT&nbsp;Merger) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Rights of FelCor common stockholders </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Distributions</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Maryland REIT law contains no restrictions on the payment of distributions by a Maryland REIT.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Subject to certain exceptions pertaining to distributions from recent net earnings, the MGCL provides that no distribution may be made by a Maryland
corporation if, after giving effect to the distribution, the corporation would be unable to pay its indebtedness as the indebtedness becomes due in the usual course of business or the corporation's total assets would be less than the sum of its total
liabilities plus, unless its charter permits otherwise, the amount that would be needed, if the corporation were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of the FelCor stockholders whose
preferential rights on dissolution are superior to those receiving the distribution.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>REIT Qualification</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The RLJ declaration of trust provides that the RLJ Board may revoke or otherwise terminate RLJ's REIT election, without approval of the RLJ
shareholders, if it determines that it is no longer in RLJ's best interests to continue to be qualified as a REIT.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The FelCor Charter provides that the FelCor Board may not cause FelCor not to qualify as a REIT or to otherwise revoke FelCor's election to
be taxed as a REIT without the affirmative vote of the holders of 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding shares of capital stock of FelCor entitled to vote on such matter.</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>197</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=207,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=246542,FOLIO='197',FILE='DISK127:[17ZBR1.17ZBR49201]DM49201A.;33',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_do49201_1_198"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do49201_description_of_policies_of_rlj"> </A>
<A NAME="toc_do49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF POLICIES OF RLJ    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of RLJ's investment policies and its policies with respect to certain other activities, including financing
matters and conflicts of interest. These policies may be amended or revised from time to time at the discretion of the RLJ Board without shareholder approval. No assurance can be given that RLJ's
investment objectives will be attained. Since it entered into the Merger Agreement, RLJ's ability to pursue and implement certain of the objectives and policies described below have been constrained
by the restrictions contained in the covenants of the Merger Agreement. See "The Merger Agreement&#151;Conduct of Business by RLJ and the Operating Partnership Pending the Mergers" beginning on
page&nbsp;123.

 </FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_investments_in_real_es__do402288"> </A>
<A NAME="toc_do49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Investments in Real Estate or Interests in Real Estate    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ conducts substantially all of its investment activities through the Operating Partnership and its subsidiaries. RLJ's primary business
objective is to enhance shareholder value over time by generating strong risk-adjusted returns for the RLJ shareholders. RLJ invests principally in hotels located in the United States. RLJ targets
primarily premium-branded, focused-service and compact full-service hotels that are consistent with its investment and growth strategies. RLJ also may selectively invest in loans secured by these
types of hotels or ownership interests in entities owning these types of hotels to the extent the investment provides RLJ with an opportunity to acquire the underlying real estate, and subject to the
applicable requirements for qualifying as a REIT. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
intends to engage in future investment activities in a manner that is consistent with the requirements applicable to REITs for federal income tax purposes. RLJ primarily pursues its
investment objectives through the ownership by the Operating Partnership of hotels, but it may also make equity investments in other entities, including joint ventures that own hotels. RLJ's
management team identifies and negotiates acquisition and other investment opportunities, subject to the approval by the RLJ Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
may enter into joint ventures from time to time, if it determines that doing so would be the most cost-effective and efficient means of raising capital. Equity investments may be
subject to existing mortgage financing and other indebtedness or such financing or indebtedness may be incurred in connection with acquiring investments. Any such financing or indebtedness will have
priority over RLJ's equity interest in such property. Investments are also subject to RLJ's policy not to be treated as an investment company under the Investment Company Act of 1940, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
does not have a specific policy to acquire assets primarily for capital gain or primarily for income. From time to time, RLJ may make investments in pursuit of its business and
growth strategies that do not provide current cash flow. RLJ believes investments that do not generate current cash flow may be, in certain instances, consistent with enhancing shareholder value over
time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
does not have any specific policy as to the amount or percentage of its assets which will be invested in any specific asset, other than the tax rules applicable to REITs.
Additionally, no limits have been set on the concentration of investments in any one geographic location, hotel type or franchise brand. RLJ currently anticipates that its real estate investments will
continue to be concentrated in premium-branded, focused-service and compact full-service hotels. RLJ anticipates that its real estate investments will continue to be diversified in terms of geographic
market. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_investments_in_real_estate_mortgages"> </A>
<A NAME="toc_do49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Investments in Real Estate Mortgages    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While RLJ emphasizes equity real estate investments in hotels, RLJ may selectively acquire loans secured by hotels or entities that own hotels
to the extent that those investments are consistent with its qualification as a REIT and provide it with an opportunity to acquire the underlying real estate. RLJ does not generally originate any
secured or unsecured real estate loans or purchase any debt securities </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>198</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=208,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=885635,FOLIO='198',FILE='DISK127:[17ZBR1.17ZBR49201]DO49201A.;32',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_do49201_1_199"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>as
a stand-alone, long-term investment, but, in limited circumstances, it may from time to time provide a short-term loan to a hotel owner as a means of securing an acquisition opportunity. The
mortgages in which RLJ may invest may be first-lien mortgages or subordinate mortgages secured by hotels. The subordinated mezzanine loans in which RLJ may invest may include mezzanine loans secured
by a pledge of ownership interests in an entity owning a hotel or group of hotels. Investments in real estate mortgages and subordinated real estate loans are subject to the risk that one or more
borrowers may default and that the collateral securing mortgages may not be sufficient or, in the case of subordinated mezzanine loans, available to enable RLJ to recover its full investment. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_investments_in_securities_or_i__inv05416"> </A>
<A NAME="toc_do49201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Investments in Securities or Interests in Entities Primarily Engaged in Real Estate Activities and  Investments in Other Securities    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the gross income and asset requirements for qualifying as a REIT, RLJ may invest in securities of entities engaged in real estate
activities or securities of other issuers, including for the purpose of exercising control over such entities. RLJ does not currently have any policy limiting the types of entities in which it may
invest or the proportion of assets to be so invested, whether through acquisition of an entity's common shares, limited liability or partnership interests, interests in another REIT or entry into a
joint venture. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_purchase_and_sale_of_investments"> </A>
<A NAME="toc_do49201_5"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Purchase and Sale of Investments    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ invests in hotels primarily for generation of current income and long-term capital appreciation. RLJ may deliberately and strategically
dispose of assets in the future and redeploy funds into new acquisitions and redevelopment, renovation and expansion opportunities that align with its investment and growth strategies or for other
business purposes.

</FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_lending_policies"> </A>
<A NAME="toc_do49201_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Lending Policies    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ does not have a policy limiting its ability to make loans to other persons, although its ability to do so may be limited by applicable law,
such as the Sarbanes-Oxley Act of 2002. Subject to tax rules applicable to REITs, RLJ may make loans to unaffiliated third parties. For example, RLJ may consider offering purchase money financing in
connection with the disposition of assets in instances where the provision of that financing would increase the value to be received by it for the asset sold. RLJ may choose to guarantee debt of
certain joint ventures with third parties. Consideration for those guarantees may include, but is not limited to, fees, long-term management contracts, options to acquire additional ownership
interests and promoted equity positions. The RLJ Board may adopt a formal lending policy without notice to or consent of the RLJ shareholders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_issuance_of_additional_securities"> </A>
<A NAME="toc_do49201_7"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Issuance of Additional Securities    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the RLJ Board determines that obtaining additional capital would be advantageous to it, RLJ may, without shareholder approval, issue debt or
equity securities, including causing the Operating Partnership to issue additional Operating Partnership Common Units, retain earnings (subject to the REIT distribution requirements for federal income
tax purposes) or pursue a combination of these methods. As long as the Operating Partnership is in existence, the proceeds of all equity capital raised by RLJ will be contributed to the Operating
Partnership in exchange for additional Operating Partnership Common Units, which will dilute the ownership interests of any other limited partners. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
may offer the RLJ Common Shares, Operating Partnership Common Units, or other debt or equity securities in exchange for cash, real estate assets or other investment targets, and to
repurchase or otherwise re-acquire the RLJ Common Shares, Operating Partnership Common Units or other debt or equity securities. RLJ may issue preferred shares from time to time, in one or more
classes or series, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>199</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=209,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=214822,FOLIO='199',FILE='DISK127:[17ZBR1.17ZBR49201]DO49201A.;32',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_do49201_1_200"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>as
authorized by the RLJ Board without the need for shareholder approval. RLJ has not adopted a specific policy governing the issuance of senior securities at this time. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_distribution_policy"> </A>
<A NAME="toc_do49201_8"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Distribution Policy    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ plans to continue to pay a consistent distribution on a quarterly basis, with distributions based on anticipated cash generated from
operations. The anticipated initial annual distribution rate after the Mergers is expected to be $0.33 per RLJ Common Share quarterly ($1.32 per share annually) and $1.95 per RLJ Series&nbsp;A
Preferred Share annually. RLJ may use financing, including its unsecured revolving credit facility, to maintain the consistency of the quarterly distribution rate, taking into consideration any
acquisitions, dispositions, capital improvements and economic cycles. Any distribution is subject to approval of the RLJ Board and there can be no assurance of the classification or duration of
distributions at the anticipated initial annual distribution rate after the Mergers. The RLJ Board monitors the company's distribution rate relative to the performance of its hotels on an ongoing
basis and may make adjustments to the distribution rate as determined to be prudent in relation to other cash requirements of RLJ.

</FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_reporting_policies"> </A>
<A NAME="toc_do49201_9"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Reporting Policies    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ makes available to its shareholders audited annual financial statements and annual reports. RLJ is subject to the information reporting
requirements of the Exchange Act, pursuant to which it files periodic reports, proxy statements and other information, including audited financial statements, with the SEC. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_conflict_of_interest_policies"> </A>
<A NAME="toc_do49201_10"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conflict of Interest Policies    <BR>    </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Relationship with the Operating Partnership  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of interest could arise in the future as a result of the relationships between RLJ, on the one hand, and the Operating Partnership or
any limited partner thereof, on the other. RLJ's trustees and officers have duties to RLJ and the RLJ shareholders under applicable Maryland law in connection with their management of RLJ. At the same
time, RLJ, as general partner, has fiduciary duties and obligations to the Operating Partnership and to its limited partners under Delaware law and the partnership agreement of the Operating
Partnership in connection with the management of the Operating Partnership. RLJ's duties as general partner to the Operating Partnership and its partners may come into conflict with the duties of
RLJ's trustees and officers to RLJ and the RLJ shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided for in the relevant partnership agreement, Delaware law generally requires a general partner of a Delaware limited partnership to adhere to fiduciary duty
standards under which it owes its limited partners the highest duties of good faith, fairness and loyalty and which generally prohibit such general partner from taking any action or engaging in any
transaction as to which it has a conflict of interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
partnership agreement of the Operating Partnership provides that the provisions limiting RLJ's liability, as the general partner, to the Operating Partnership and the limited
partners act as an express limitation of any fiduciary or other duties that it would otherwise owe the Operating Partnership and the limited partners. The provisions of Delaware law that allow the
common law fiduciary duties of a general partner to be modified by a partnership agreement have not been resolved in a court of law, and RLJ has not obtained an opinion of counsel covering the
provisions set forth in the partnership agreement that purport to waive or restrict its fiduciary duties that would be in effect under common law were it not for the partnership agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
partnership agreement of the Operating Partnership expressly limits RLJ's liability by providing that neither RLJ, as the general partner of the Operating Partnership, nor any of
RLJ's </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>200</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=210,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=841427,FOLIO='200',FILE='DISK127:[17ZBR1.17ZBR49201]DO49201A.;32',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_do49201_1_201"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>trustees
or officers, will be liable or accountable in damages to the Operating Partnership, the limited partners or assignees for errors in judgment, mistakes of fact or law or for any act or
omission if RLJ, or such trustee or officer, acted in good faith. In addition, the Operating Partnership is required to indemnify RLJ, and RLJ's officers, trustees, employees, agents and designees to
the fullest extent permitted by applicable law from and against any and all claims arising from operations of the Operating Partnership, unless it is established that (1)&nbsp;the act or omission
was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty, (2)&nbsp;the indemnified party actually received an
improper personal benefit in money, property or services or (3)&nbsp;in the case of a criminal proceeding, the indemnified person had reasonable cause to believe that the act or omission was
unlawful. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Policies Applicable to All Trustees and Officers  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ has adopted certain policies that are designed to eliminate or minimize certain potential conflicts of interest, including a policy for the
review, approval or ratification of any material related party transaction, which is any transaction or series of transactions in which RLJ or any of its subsidiaries are to be a participant, the
amount involved exceeds $120,000, and a "related person" (as defined under SEC rules) has a direct or indirect material interest. This policy provides that the audit committee of the RLJ Board will
review the relevant facts and circumstances of each related party transaction, including whether the transaction is on terms comparable to those that could be obtained in arm's-length dealings with an
unrelated third party. Based on its consideration of all of the relevant facts and circumstances, the audit committee will decide whether or not to approve such transaction. If RLJ becomes aware of an
existing related party transaction that has not been pre-approved under this policy, the transaction will be referred to the audit committee, which will evaluate all options available, including
ratification, revision or termination of such transaction. This policy also requires any trustee who may be interested in a related party transaction to recuse himself or herself from any
consideration of such related party transaction. Further, RLJ has adopted a code of business conduct and ethics that prohibits conflicts of interest between RLJ, on the one hand, and RLJ's employees,
officers and trustees, on the other hand, unless such transactions are approved by a majority of its disinterested trustees or otherwise comply with its related party transaction policy. In addition,
the RLJ Board is subject to certain provisions of Maryland law that are designed to eliminate or minimize conflicts. However, RLJ cannot assure you that these policies or provisions of law will always
be successful in eliminating the influence of such conflicts. If such policies or provisions of law are not successful, decisions could be made that are not in the best interests of the RLJ
shareholders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_changes_in_objectives_and_policies"> </A>
<A NAME="toc_do49201_11"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Changes in Objectives and Policies    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The objectives and policies may be amended or waived at the discretion of the RLJ Board without a vote of the RLJ shareholders. RLJ has no
present intention to modify any of these objectives and policies, and it is anticipated that any modification would occur only if business and economic factors affecting RLJ make its stated objectives
and policies unworkable or imprudent. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>201</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=211,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=531862,FOLIO='201',FILE='DISK127:[17ZBR1.17ZBR49201]DO49201A.;32',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_do49201_1_202"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do49201_principal_and_management_shareholders_of_rlj"> </A>
<A NAME="toc_do49201_12"> </A>
<BR></FONT><FONT SIZE=2><B>  PRINCIPAL AND MANAGEMENT SHAREHOLDERS OF RLJ    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information regarding the beneficial ownership of the RLJ Common Shares and the Operating Partnership
Common Units, as of July&nbsp;6, 2017 by (a)&nbsp;each of RLJ's trustees, (b)&nbsp;each of RLJ's named executive officers, (c)&nbsp;all of RLJ's trustees and executive officers as a group, and
(d)&nbsp;each person known to RLJ to be the beneficial owner of more than five percent of the RLJ Common Shares. The Operating Partnership Common Units are redeemable for an equal number of RLJ
Common Shares or cash, at RLJ's election, beginning one year after the date of issuance. Unless otherwise indicated, all RLJ Common Shares and Operating Partnership Common Units are owned directly and
the indicated person has sole voting and dispositive power with respect to such RLJ Common Shares or Operating Partnership Common Units. The SEC has defined "beneficial ownership" of a security to
mean the possession, directly or indirectly, of voting power and/or dispositive power with respect to such security. A shareholder is also deemed to be, as of any date, the beneficial owner of all
securities that such shareholder has the right to acquire within 60&nbsp;days after that date through (a)&nbsp;the exercise of any option, warrant or right, (b)&nbsp;the conversion of a
security, (c)&nbsp;the power to revoke a trust, discretionary account or similar arrangement, or (d)&nbsp;the automatic termination of a trust, discretionary account or similar arrangement.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise indicated, the address of each person listed below is c/o RLJ Lodging Trust, 3&nbsp;Bethesda Metro Center, Suite&nbsp;1000, Bethesda, MD 20814. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name and Position

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares and OP<BR>
Units<BR>
Beneficially<BR>
Owned </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% of All<BR>
Shares(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% of All<BR>
Shares and<BR>
OP Units(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Robert L. Johnson</FONT><FONT SIZE=2><B>(3)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,203,540</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ross H. Bierkan</FONT><FONT SIZE=2><B>(4)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>677,771</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leslie D. Hale</FONT><FONT SIZE=2><B>(5)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>371,023</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Evan Bayh</FONT><FONT SIZE=2><B>(5)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35,642</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Nathaniel A. Davis</FONT><FONT SIZE=2><B>(5)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>82,928</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Robert M. La Forgia</FONT><FONT SIZE=2><B>(5)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,528</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Glenda G. McNeal</FONT><FONT SIZE=2><B>(5)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Arthur Collins</FONT><FONT SIZE=2><B>(5)</B></FONT><FONT SIZE=2>.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,669</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All trustees and executive officers as a group (8 persons)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,439,436</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>More than Five Percent Beneficial Owners</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Vanguard Group&#151;23-1945930</FONT><FONT SIZE=2><B>(6)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,292,967</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Invesco,&nbsp;Ltd.</FONT><FONT SIZE=2><B>(7)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,572,085</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vanguard Specialized Funds&#151;Vanguard REIT Index Fund&#151;23-2834924</FONT><FONT SIZE=2><B>(8)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,436,115</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>BlackRock,&nbsp;Inc.</FONT><FONT SIZE=2><B>(9)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,972,206</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goldman Sachs Asset Management</FONT><FONT SIZE=2><B>(10)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,397,956</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FMR,&nbsp;LLC</FONT><FONT SIZE=2><B>(11)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,395,252</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LaSalle Investment Management Securities</FONT><FONT SIZE=2><B>(12)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,953,054</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Less
than 1%

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
total number of RLJ Common Shares deemed outstanding and used in calculating this percentage for the named person(s) is the sum of (a)&nbsp;124,639,939 RLJ
Common Shares outstanding as of July&nbsp;6, 2017 and (b)&nbsp;the number of RLJ Common Shares issuable to such person(s) upon redemption of Operating Partnership Common Units owned by such
person(s). Amounts shown for individuals assume that all Operating Partnership Common Units held by the person have been redeemed for RLJ Common Shares, and amounts for all trustees and executive
officers as a group assume all Operating Partnership Common Units held by such persons, if any, have been redeemed for RLJ Common Shares.

 </FONT></DD>

</DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>202</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=212,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=734858,FOLIO='202',FILE='DISK127:[17ZBR1.17ZBR49201]DO49201A.;32',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_do49201_1_203"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
total number of RLJ Common Shares and Operating Partnership Common Units deemed outstanding and used in calculating this percentage for the named person(s) is
the sum of (a)&nbsp;124,639,939 RLJ Common Shares outstanding as of July&nbsp;6, 2017 and (b)&nbsp;125,198,689 Operating Partnership Common Units outstanding as of July&nbsp;6, 2017 (other
than such units held by us).


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
335,250 Operating Partnership Common Units received by Mr.&nbsp;Johnson in connection with the formation transactions effected in connection with RLJ's
initial public offering and restricted common shares subject to time vesting.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
67,050 Operating Partnership Common Units received by Mr.&nbsp;Bierkan in connection with the formation transactions effected in connection with RLJ's
initial public offering and restricted common shares subject to time vesting.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
restricted common shares subject to time vesting.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information provided by The Vanguard Group in a Schedule&nbsp;13G/A filed with the SEC on February&nbsp;10, 2017. The Vanguard Group,&nbsp;Inc. is the
beneficial owner of 19,292,967 shares, of which it has sole voting power with respect to 307,237 shares, sole dispositive power with respect to 19,006,012 shares, shared voting power with respect to
146,430 shares and shared dispositive power with respect to 286,955 shares. The address of The Vanguard Group as reported by it in the Schedule&nbsp;13G/A, is 100 Vanguard Blvd., Malvern, PA 19355.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information provided by Invesco,&nbsp;Ltd. in a Schedule&nbsp;13G/A filed with the SEC on February&nbsp;14, 2017. Invesco,&nbsp;Ltd. is the
beneficial owner of 9,572,085 shares, of which it has sole voting power with respect to 3,614,268 shares and sole dispositive power with respect to all of the shares. The address of
Invesco,&nbsp;Ltd., as reported by it in the Schedule&nbsp;13G/A, is 1555 Peachtree Street NE, Suite&nbsp;1800, Atlanta, GA 30309.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information provided by Vanguard Specialized Funds&#151;Vanguard REIT Index Fund 23-2834924 (the "Vanguard REIT Index Fund") in a
Schedule&nbsp;13G/A filed with the SEC on February&nbsp;14, 2017. The Vanguard REIT Index Fund is the beneficial owner of 9,436,115 shares. The Vanguard REIT Index Fund has sole voting power with
respect to all of the shares. The address of the Vanguard REIT Index Fund, as reported by it in the Schedule&nbsp;13G/A, is 100 Vanguard Blvd., Malvern, PA 19355.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information provided by BlackRock,&nbsp;Inc. in a Schedule&nbsp;13G/A filed with the SEC on January&nbsp;25, 2017. BlackRock,&nbsp;Inc. is the
beneficial owner of 10,972,206 shares, of which it has sole voting power with respect to 10,559,244 shares and sole dispositive power with respect to all of the shares. The address of
BlackRock,&nbsp;Inc., as reported by it in the Schedule&nbsp;13G/A, is 55 East 52nd&nbsp;Street, New York, NY 10055.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information provided by Goldman Sachs Asset Management in a Schedule&nbsp;13G filed with the SEC on February&nbsp;10, 2017. Goldman Sachs Asset
Management is the beneficial owner of 13,397,956 shares, of which it has shared voting power with respect to 13,124,179 shares and shared dispositive power with respect to all of the shares. The
address of Goldman Sachs Asset Management, as reported by it in the Schedule&nbsp;13G, is 200 West Street, New York, NY&nbsp;10282.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information provided by FMR&nbsp;LLC in a Schedule&nbsp;13G filed with the SEC on February&nbsp;14, 2017. FMR&nbsp;LLC is the beneficial owner of
8,395,252 shares, of which it has sole voting power with respect to 6,113,190 shares and sole dispositive power with respect to all of the shares. The address of FMR&nbsp;LLC as reported by it in
the Schedule&nbsp;13G, is 245 Summer Street, Boston, MA 02210.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information provided by LaSalle Investment Management Securities,&nbsp;LLC in a Schedule&nbsp;13G filed with the SEC on February&nbsp;14, 2017.
LaSalle Investment Management Securities,&nbsp;LLC is the beneficial owner of 6,953,054 shares, of which it has sole voting power with respect to 330,544 shares and sole dispositive power with
respect to 6,622,510 shares. The address of LaSalle Investment Management Securities,&nbsp;LLC as reported by it in the Schedule&nbsp;13G, is 100&nbsp;East Pratt Street, Baltimore, MD 21202. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>203</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=213,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=770646,FOLIO='203',FILE='DISK127:[17ZBR1.17ZBR49201]DO49201A.;32',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_do49201_1_204"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do49201_principal_and_management_stockholders_of_felcor"> </A>
<A NAME="toc_do49201_13"> </A>
<BR></FONT><FONT SIZE=2><B>  PRINCIPAL AND MANAGEMENT STOCKHOLDERS OF FELCOR    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows how much of the FelCor Common Stock and the FelCor Series&nbsp;A Preferred Stock was beneficially owned on
July&nbsp;6, 2017 by all current directors and executive officers of FelCor individually, and as a group and each person known to FelCor to be the beneficial owner of more than five percent of the
FelCor Common Stock. Unless otherwise indicated, each person owns directly the number of shares shown after his or her name in the table below and has sole voting and investment power with respect to
such shares. None of the shares owned by such persons are subject to any pledge. The address of each of the persons listed below is c/o FelCor Lodging Trust Incorporated, 125 E. John Carpenter
Freeway, Suite&nbsp;1600, Irving, TX 75062.

</FONT>

</P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"110%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="93pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="93pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name of Beneficial Owner

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount and Nature<BR>
of Beneficial<BR>
Ownership of<BR>
Common Stock(a) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent of<BR>
Class(b) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount and Nature<BR>
of Beneficial<BR>
Ownership of<BR>
Series&nbsp;A Preferred<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent of<BR>
Class(b) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Glenn A. Carlin</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>103,364</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas J. Corcoran, Jr.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>418,163</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Robert F. Cotter</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>143,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(d)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Patricia L. Gibson</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,028</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Steven R. Goldman</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,651</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(e)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,710</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dana Hamilton</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29,167</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Christopher J. Hartung</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34,023</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas C. Hendrick</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>129,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael C. Hughes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>143,193</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Charles A. Ledsinger, Jr.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>92,371</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Robert H. Lutz, Jr.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>79,173</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(f)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Troy A. Pentecost</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>467,441</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mark D. Rozells</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>73,751</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(g)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jonathan H. Yellen</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>267,543</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(h)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All executive officers and directors, as a group (14 persons)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,011,303</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,710</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>More than Five Percent Beneficial Owners</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Vanguard Group,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,201,975</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(i)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Black Rock&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,814,844</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(j)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vanguard Specialized Funds</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,977,747</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(k)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Land&nbsp;&amp; Buildings Investment Management,&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,821,554</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(l)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
less than 1% of the outstanding shares of such class.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>With
respect to Messrs.&nbsp;Goldman, Hendrick, Hughes, Pentecost and Yellen, the number of shares shown do not include shares that may be issued to them if and
when unvested FelCor RSUs, previously awarded to them vest, none of which are eligible to vest before December&nbsp;27, 2017.


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
upon 138,421,753 shares of FelCor Common Stock and 12,879,475 shares of FelCor Series&nbsp;A Preferred Stock as of July&nbsp;6, 2017.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
shares beneficially owned by Mr.&nbsp;Corcoran include (i)&nbsp;3,101 shares of FelCor Common Stock issuable upon the conversion of 4,000 shares of FelCor
Series&nbsp;A Preferred Stock; (ii)&nbsp;30,000 shares of FelCor Common Stock held by TCOR Holdings,&nbsp;LLC, of which he is the sole beneficial owner; and (iii)&nbsp;2,847 shares of FelCor
Common Stock held in his individual retirement account. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>204</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=214,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=165056,FOLIO='204',FILE='DISK127:[17ZBR1.17ZBR49201]DO49201A.;32',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_do49201_1_205"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
shares beneficially owned by Mr.&nbsp;Cotter include (i)&nbsp;15,918 shares held by a revocable trust, over which Mr.&nbsp;Cotter retains control and
(ii)&nbsp;10,898 shares held by a corporation controlled by Mr.&nbsp;Cotter.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
shares beneficially owned by Mr. Goldman consist of 3,651 shares of FelCor Common Stock issuable upon conversion of 4,710 shares of FelCor Series A Preferred
Stock.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
shares beneficially owned by Mr.&nbsp;Lutz include (i)&nbsp;2,500 shares owned by Mr.&nbsp;Lutz's spouse and (ii)&nbsp;7,700 shares held in his
individual retirement account.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
shares held by Mr.&nbsp;Rozells include (i)&nbsp;25,000 shares held in his individual retirement account and (ii)&nbsp;48,751 shares held by a trust.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
shares beneficially owned by Mr.&nbsp;Yellen include 30,592 shares of FelCor Common Stock held by trusts for the benefit of Mr.&nbsp;Yellen's minor children.
Mr.&nbsp;Yellen is not the trustee of those trusts and disclaims any beneficial interest in, or control over, those shares.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
upon Amendment No.&nbsp;12 to its Schedule&nbsp;13G filed on February&nbsp;10, 2017. The Vanguard Group,&nbsp;Inc., an investment advisor, reported
that it had sole voting power with respect to 428,203&nbsp;shares and shared voting power with respect to 165,561 shares, and sole dispositive power with respect to 19,787,522 shares and shared
dispositive power with respect to 414,453 shares.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
upon Amendment No.&nbsp;7 to its Schedule&nbsp;13G filed on January&nbsp;24, 2017. Black Rock&nbsp;Inc. reported that it had sole dispositive power
with respect to these shares and sole voting power with respect to 11,337,755 shares.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
upon Amendment No.&nbsp;7 to its Schedule&nbsp;13G filed on February&nbsp;13, 2017. Vanguard Specialized Funds reported that it had sole voting power
with respect to these shares.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on the Schedule&nbsp;13D filed on September&nbsp;19, 2016 by Land&nbsp;&amp; Buildings Investment Management,&nbsp;LLC ("L&amp;B Management") and the other
reporting persons named therein. L&amp;B&nbsp;Management, an investment manager, reported that it had sole voting power and sole dispositive power with respect to these shares. Jonathan Litt, the
managing principal of L&amp;B Management, reported shared voting power and shared dispositive power with respect to these shares. The shares are directly held by certain private investment funds, of which
Land&nbsp;&amp; Buildings&nbsp;GP&nbsp;LP is the general partner and L&amp;B Management is the investment manager.

</FONT></DD>

</DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>205</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=215,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=957738,FOLIO='205',FILE='DISK127:[17ZBR1.17ZBR49201]DO49201A.;32',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_do49201_1_206"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do49201_experts"> </A>
<A NAME="toc_do49201_14"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_rlj"> </A>
<A NAME="toc_do49201_15"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


RLJ    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements and management's assessment of the effectiveness of internal control over financial reporting (which is included in
Management's Annual Report on Internal Control over Financial Reporting) incorporated in this joint proxy statement/prospectus by reference to the Annual Report on Form&nbsp;10-K of RLJ Lodging
Trust for the year ended December&nbsp;31, 2016 have been so incorporated in reliance on the report of PricewaterhouseCoopers&nbsp;LLP, an independent
registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do49201_felcor"> </A>
<A NAME="toc_do49201_16"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FelCor    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements of FelCor Lodging Trust Incorporated and FelCor Lodging Limited Partnership and management's assessment of the
effectiveness of internal control over financial reporting (which is included in Management's Report on Internal Control over Financial Reporting) incorporated in this joint proxy statement/prospectus
by reference to the Annual Report on Form&nbsp;10-K of FelCor Lodging Trust Incorporated and FelCor Lodging Limited Partnership for the year ended December&nbsp;31, 2016 have been so incorporated
in reliance on the reports of PricewaterhouseCoopers&nbsp;LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>206</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=216,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=9314,FOLIO='206',FILE='DISK127:[17ZBR1.17ZBR49201]DO49201A.;32',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<A NAME="page_do49201_1_207"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do49201_legal_matters"> </A>
<A NAME="toc_do49201_17"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the RLJ Common Shares and the RLJ Series&nbsp;A Preferred Shares to be issued in the REIT Merger will be passed upon by Hogan
Lovells US&nbsp;LLP. It is a condition to the REIT Merger that RLJ and FelCor receive opinions from Hogan Lovells US&nbsp;LLP (or other counsel reasonably acceptable to FelCor) and Polsinelli PC
(or other counsel reasonably acceptable to RLJ), respectively, concerning the qualification of RLJ and FelCor as REITs under the Code. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>207</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=217,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=98214,FOLIO='207',FILE='DISK127:[17ZBR1.17ZBR49201]DO49201A.;32',USER='NDEWIND',CD='12-JUL-2017;20:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dq49201_1_208"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq49201_shareholder_proposals"> </A>
<A NAME="toc_dq49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SHAREHOLDER PROPOSALS    <BR>    </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq49201_2018_rlj_annual_meeting_of_shareholders"> </A>
<A NAME="toc_dq49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2018 RLJ Annual Meeting of Shareholders    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Mergers are completed, the FelCor stockholders will become shareholders of RLJ. RLJ's first regularly scheduled annual meeting of
shareholders following the completion of the Mergers will occur in 2018. A date has not been set for RLJ's 2018 annual meeting of shareholders. Any shareholder proposal pursuant to Rule&nbsp;14a-8
of the rules promulgated under the Exchange Act, to
be considered for inclusion in RLJ's proxy materials for the 2018 annual meeting of shareholders must be received at RLJ's principal executive offices, 3 Bethesda Metro Center, Suite&nbsp;1000,
Bethesda, Maryland&nbsp;20814, no later than November&nbsp;28, 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, any RLJ shareholder who wishes to propose a nominee to the RLJ Board or propose any other business to be considered by the shareholders (other than a shareholder proposal
included in RLJ's proxy materials pursuant to Rule&nbsp;14a-8 of the rules promulgated under the Exchange Act) must comply with the advance notice provisions and other requirements of
Article&nbsp;II, Section&nbsp;12 of RLJ's bylaws, which are on file with the SEC and may be obtained from by any shareholder who sends a written request to such effect to Investor Relations, RLJ
Lodging Trust, 3 Bethesda Metro Center, Suite&nbsp;1000, Bethesda, MD 20814. These notice provisions require that nominations of persons for election to the RLJ Board and the proposal of business to
be considered by the shareholders for the 2018 annual meeting of shareholders must be received no earlier than October&nbsp;29, 2017 and no later than November&nbsp;28, 2017. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq49201_2017_felcor_annual_meeting_of_stockholders"> </A>
<A NAME="toc_dq49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2017 FelCor Annual Meeting of Stockholders    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor will not hold an annual meeting of stockholders in 2017 if the Mergers are completed because FelCor will have been merged out of
existence in the REIT Merger. However, if the Merger Agreement is terminated for any reason, FelCor expects to hold an annual meeting of stockholders in 2017. A date has not been set for FelCor's 2017
annual meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
FelCor holds an annual meeting in 2017, for stockholder proposals to be brought before the 2017 annual meeting, FelCor's bylaws provide that any qualified proposing stockholder must
give written notice to FelCor's Secretary. Because the annual meeting will not be held within 30&nbsp;days from the anniversary date of the preceding year's annual meeting date, written notice by a
stockholder in order to be timely must be received no later than the close of business on the later of the tenth day following the day on which the first public disclosure of the date of the annual
meeting was made or the 90th&nbsp;day before the date of the meeting. All proposals should be submitted to the attention of FelCor's Secretary at FelCor's principal executive offices at the address
below. All proposals must be in writing and otherwise in compliance with applicable SEC requirements and FelCor's bylaws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, any FelCor stockholder who wishes to propose a nominee to the FelCor Board or propose any other business to be considered by the stockholders (other than a stockholder
proposal included in FelCor's proxy materials pursuant to Rule&nbsp;14a-8 of the rules promulgated under the Exchange Act) must comply with the advance notice provisions and other requirements of
Section&nbsp;3.1(c) of FelCor's bylaws, which are on file with the SEC and may be obtained by any stockholder who sends a written request to such effect to Investor Relations, FelCor Lodging Trust
Incorporated, 125 E. John Carpenter Freeway, Suite&nbsp;1600, Irving, TX 75062. Because the annual meeting will not be held within 30&nbsp;days from the anniversary date of the preceding year's
annual meeting date, these notice provisions require that
nominations of persons for election to the FelCor Board and the proposal of business to be considered by the stockholders for the 2017 annual meeting of stockholders, if applicable, must be received
by FelCor's Secretary no later than the close of business on the later of the tenth day following the day on which public disclosure of the date of the annual meeting was made or the 90th&nbsp;day
before the date of the meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>208</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=218,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=261817,FOLIO='208',FILE='DISK127:[17ZBR1.17ZBR49201]DQ49201A.;32',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dq49201_1_209"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you have questions or need more information about the annual meeting, you may write to: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>FelCor
Lodging Trust Incorporated<BR>
125 E. John Carpenter Freeway, Suite&nbsp;1600<BR>
Irving, Texas 75062<BR>
Attention: Secretary </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>209</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=219,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=638790,FOLIO='209',FILE='DISK127:[17ZBR1.17ZBR49201]DQ49201A.;32',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dq49201_1_210"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq49201_where_you_can_find_more_inform__whe02685"> </A>
<A NAME="toc_dq49201_4"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION AND INCORPORATION BY REFERENCE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FelCor and RLJ each file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any
reports, statements or other information filed at the SEC's public reference room at 100&nbsp;F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on
the public reference room. FelCor's and RLJ's SEC filings are also available to the public from commercial document retrieval services and at the web site maintained by the SEC at http://www.sec.gov.
You also may obtain free copies of the documents filed with the SEC by FelCor and RLJ by going to FelCor's and RLJ's websites at http://www.felcor.com and http://www.rljlodgintrst.com, respectively.
FelCor's and RLJ's website addresses are provided as an inactive textual reference only. The information provided on FelCor's and RLJ's websites is not part of this joint proxy statement/prospectus,
and is not incorporated by reference into this joint proxy statement/prospectus. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
has filed with the SEC a registration statement on Form&nbsp;S-4 of which this joint proxy statement/prospectus forms&nbsp;a part. The registration statement registers the RLJ
Common Shares to be issued to FelCor's stockholders in the Mergers. The registration statement, including the exhibits and schedules thereto, contains additional information about RLJ Common Shares.
The rules and regulations of the SEC allow RLJ and FelCor to omit certain information included in the registration statement from this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC allows RLJ to "incorporate by reference" into this joint proxy statement/prospectus the information it files with the SEC, which means RLJ can disclose important information to
you by referring you to those documents. Information incorporated by reference is deemed to be part of this joint proxy statement/prospectus. Later information filed with the SEC will update and
supersede this information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
joint proxy statement/prospectus incorporates by reference the RLJ documents listed below (other than any portions of the documents not deemed to be filed), all of which have been
previously filed by RLJ with the SEC:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Current Reports on Form&nbsp;8-K filed with the SEC on April&nbsp;24, 2017, April&nbsp;25, 2017, May&nbsp;4, 2017 and May&nbsp;15,
2017. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
joint proxy statement/prospectus incorporates by reference the FelCor documents listed below (other than any portions of the documents not deemed to be filed), all of which have
been previously filed by FelCor with the SEC:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016, as amended by Amendment No.&nbsp;1 thereto; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2017; and </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Current Reports on Form&nbsp;8-K filed with the SEC on January&nbsp;26, 2017 (only with respect to Items&nbsp;1.01, 5.02 and 9.01),
February&nbsp;16, 2017 (only with respect to Items&nbsp;5.02 and 9.01), April&nbsp;24, 2017 (only with respect to Item&nbsp;8.01), April&nbsp;25, 2017, April&nbsp;26, 2017, May&nbsp;16,
2017 and June&nbsp;26, 2017.

 </FONT></DD>

</DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
and FelCor each also incorporate by reference into this joint proxy statement/prospectus additional documents that it may file with the SEC under Sections&nbsp;13(a), 13(c), 14, or
15(d) of the Exchange Act after the date of this joint proxy statement/prospectus and prior to the dates of the FelCor and RLJ special meetings; provided, however that it is not incorporating any
information furnished under either Item&nbsp;2.02 or Item&nbsp;7.01 of any Current Report on Form&nbsp;8-K. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>210</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=220,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=305751,FOLIO='210',FILE='DISK127:[17ZBR1.17ZBR49201]DQ49201A.;32',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dq49201_1_211"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
and FelCor will each provide free copies of its reports, proxy statements and other information, including this joint proxy statement/prospectus, filed with the SEC at the SEC's
website at www.sec.gov. Copies of the documents filed by RLJ with the SEC will be available free of charge on RLJ's website at www.rljlodgingtrust.com or by contacting RLJ Investor Relations at
ir@rljlodgingtrust.com or at 301-280-7774. Copies of the documents filed by FelCor with the SEC will be available free of charge on FelCor's website at www.felcor.com or by contacting FelCor Investor
Relations at asalami@felcor.com or at 972-444-4967. The information contained on RLJ's website is not part of this joint proxy statement/prospectus. The reference to RLJ's website is intended to be an
inactive textual reference only. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>211</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=221,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=403758,FOLIO='211',FILE='DISK127:[17ZBR1.17ZBR49201]DQ49201A.;32',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dq49201_1_212"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq49201_multiple_shareholders_sharing_one_address"> </A>
<A NAME="toc_dq49201_5"> </A>
<BR></FONT><FONT SIZE=2><B>  MULTIPLE SHAREHOLDERS SHARING ONE ADDRESS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC has adopted rules that permit companies and intermediaries, such as brokers, to satisfy the delivery requirements for proxy statements
and annual reports with respect to two or more shareholders sharing the same address by delivering a single annual report or proxy statement, as applicable, addressed to those shareholders. This
process, which is commonly referred to as "householding," potentially provides extra convenience for shareholders and cost savings for companies. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ
and FelCor and some brokers may be householding proxy materials by delivering proxy materials to multiple shareholders who request a copy and share an address, unless contrary
instructions have been received from the affected shareholders. Once you have received notice from your broker or RLJ or FelCor that they will be householding materials to your address, householding
will continue until you are notified otherwise or until you revoke your consent. If at any time you no longer wish to participate in householding and would prefer to receive a separate proxy statement
and annual report, please notify your broker if your shares are held in a brokerage account or, if you are a shareholder of record of RLJ or stockholder of record of FelCor, notify either RLJ's
investor relations department at 3 Bethesda Metro Center, Suite&nbsp;1000, Bethesda, MD 20814, Tel. (301)&nbsp;280-7774 or FelCor's investor relations department at 125 E. John Carpenter Freeway,
Suite&nbsp;1600, Irving, TX 75062, Tel. (972)&nbsp;444-4900, as applicable. RLJ shareholders or FelCor stockholders who share a single address, but receive multiple copies of RLJ's or FelCor's, as
applicable, proxy statement, may request that in the future they receive a single copy by notifying RLJ or FelCor, as applicable, at the telephone and address set forth in the preceding sentences. In
addition, RLJ or FelCor, as applicable, will promptly deliver, upon written or oral request made to the address or telephone number above, a separate copy of the proxy statement to a shareholder at a
shared address to which a single copy of the documents was delivered pursuant to a prior request. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>212</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=222,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=812604,FOLIO='212',FILE='DISK127:[17ZBR1.17ZBR49201]DQ49201A.;32',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dq49201_1_213"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq49201_unaudited_pro_forma_co__dq402421"> </A>
<A NAME="toc_dq49201_6"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following unaudited pro forma condensed combined financial statements as of March&nbsp;31, 2017 and for the year ended December&nbsp;31,
2016 and the three months ended March&nbsp;31, 2017 have been prepared (i)&nbsp;as if the Mergers occurred on March&nbsp;31, 2017 for purposes of the unaudited pro forma condensed combined
balance sheet and (ii)&nbsp;as if the Mergers occurred on January&nbsp;1, 2016 for purposes of the unaudited pro forma condensed combined statements of operations for the year ended
December&nbsp;31, 2016 and for the three months ended March&nbsp;31, 2017. The unaudited pro forma condensed combined financial statements are not necessarily indicative of what the actual
financial position and operating results would have been had the Mergers occurred on March&nbsp;31, 2017 or January&nbsp;1, 2016, respectively, nor do they purport to represent RLJ's future
financial position or operating results. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fair value of the assets acquired and the liabilities assumed as a result of the Mergers and the related adjustments incorporated into the unaudited pro forma condensed combined
financial statements are based on preliminary estimates and information currently available. The amount of equity to be issued in connection with the Mergers and the assignment of fair value to the
assets and liabilities of FelCor has not been finalized and is subject to change. A final determination of fair value and the related allocation of the merger consideration, which cannot be made prior
to the completion of the Mergers, will be based on the actual market price of RLJ Common Shares and the number of shares of FelCor Common Stock and FelCor Series&nbsp;A Preferred Stock outstanding
immediately prior to the effective time of the Mergers. Changes in the market price of RLJ Common Shares prior to the Mergers will affect the market value of the merger consideration that FelCor
common stockholders will receive on the Closing date of the Mergers. The amount of the equity to be issued in connection with the Mergers will be based on the number of FelCor Common Stock outstanding
immediately prior to the effective date of the Mergers, converted pursuant to the Common Exchange Ratio, and the fair value of the assets acquired and liabilities assumed will be based on the actual
assets and liabilities of FelCor that exist at the effective time of the Mergers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
actual amounts recorded in connection with the Mergers may change based on any increases or decreases in the fair value of the assets acquired and liabilities assumed, and may result
in variances to the amounts presented in the unaudited pro forma condensed combined financial statements. The assumptions and estimates underlying the adjustments to the unaudited pro forma condensed
combined financial statements are described in the accompanying notes to the unaudited pro forma condensed combined financial statements. The adjustments are based on available information and
assumptions that management of RLJ considered to be reasonable. The unaudited pro forma condensed combined financial statements do not purport to: (1)&nbsp;represent RLJ's actual financial position
had the Mergers occurred on March&nbsp;31, 2017; (2)&nbsp;represent the results of RLJ's operations that would have actually occurred had the Mergers occurred on January&nbsp;1, 2016; or
(3)&nbsp;project RLJ's financial position or results of operations as of any future date or for any future period, as applicable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the period from January&nbsp;1, 2016 to March&nbsp;31, 2017, RLJ and FelCor disposed of various hotel properties. None of the hotel properties disposed by the respective
companies during this period exceeded the significance level that requires the presentation of pro forma condensed combined financial information pursuant to Article&nbsp;11 of
Regulation&nbsp;S-X. As such, the following unaudited pro forma condensed combined statements of operations for the year ended December&nbsp;31, 2016 and for the three months ended
March&nbsp;31, 2017 do not include pro forma adjustments to present the impact of these insignificant dispositions as if they occurred on January&nbsp;1, 2016. In April and May 2017, FelCor
classified two hotels as held for sale in accordance with the applicable accounting guidance. Due to the significance of one of the probable dispositions, FelCor's historical consolidated balance
sheet as of March&nbsp;31, 2017 and historical consolidated statements of operations for the year ended December&nbsp;31, 2016 and the three months ended March&nbsp;31, 2017 have been adjusted
to reflect the probable disposition. For pro forma purposes, the disposition is assumed to have occurred on March&nbsp;31, 2017 for </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>213</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=223,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=808085,FOLIO='213',FILE='DISK127:[17ZBR1.17ZBR49201]DQ49201A.;32',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dq49201_1_214"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
unaudited pro forma condensed combined balance sheet and on January&nbsp;1, 2016 for the unaudited pro forma condensed combined statements of operations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma condensed combined financial statements have been developed from, and should be read in conjunction with, the consolidated financial statements of RLJ and the
accompanying notes thereto included in RLJ's Annual Report filed on Form&nbsp;10-K for the year ended December&nbsp;31, 2016 and Quarterly Report filed on Form&nbsp;10-Q for the three months
ended March&nbsp;31, 2017, incorporated herein by reference, (ii)&nbsp;the consolidated financial statements of FelCor and the accompanying notes thereto included in FelCor's Annual Report filed
on Form&nbsp;10-K for the year ended December&nbsp;31, 2016, as amended, and Quarterly Report filed on Form&nbsp;10-Q for the three months ended March&nbsp;31, 2017, incorporated herein by
reference, (iii)&nbsp;the accompanying notes to the unaudited pro forma condensed combined financial statements and (iv)&nbsp;the information relating to RLJ and FelCor contained in or
incorporated by reference into this joint proxy statement/prospectus. In RLJ's opinion, all adjustments necessary to reflect the Mergers with FelCor, and the issuance of RLJ Common Shares have been
made. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>214</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=224,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=243182,FOLIO='214',FILE='DISK127:[17ZBR1.17ZBR49201]DQ49201A.;32',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_dq49201_1_215"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq49201_unaudited_pro_forma_condensed___una03634"> </A>
<A NAME="toc_dq49201_7"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET<BR>  AS OF MARCH 31, 2017<BR>  </B></FONT><FONT SIZE=2><B><I>(in thousands, except share data)</I></B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="11pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ<BR>
Historical(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Historical(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1><I>A</I></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Adjusted </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ<BR>
Pro Forma </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Assets</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Investment in hotel properties, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,341,219</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,535,718</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(34,113</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,501,605</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,290,717</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> B</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6,133,541</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>451,010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>50,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>30,568</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>80,803</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>531,813</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Prepaid expense and other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>60,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33,201</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33,201</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4,994</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> C</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>88,860</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Restricted cash reserves</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>61,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>22,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>22,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>83,857</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Hotel and other receivables, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>34,668</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>31,160</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>31,160</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>65,828</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Deferred income tax asset</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,676</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,676</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Investment in unconsolidated subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,532</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,532</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>20,702</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> D</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>28,234 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Total assets</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,992,764</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,680,165</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,676,620</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,306,425</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6,975,809</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Liabilities and Equity</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Debt, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,582,432</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,354,187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,354,187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>65,575</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> E</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,002,194</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Accounts payable and other liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>116,273</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>81,583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>81,583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>102,455</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> F</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>300,311</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Distributions payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>41,699</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>14,853</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>14,853</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>56,552</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Advance deposits and deferred revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>14,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>29,686</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>29,686</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,949</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Accrued interest</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,697</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12,236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12,236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15,933</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Deferred income tax liability</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,430</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,430 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Total liabilities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,769,794</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,492,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,492,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>168,030</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,430,369</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Redeemable noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Equity</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Shareholders' equity:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Preferred shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>309,337</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>309,337</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> G</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>313,990</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Common shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,384</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,384</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(877</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> H</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,753</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Additional paid-in capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,189,179</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,579,066</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,579,066</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,524,158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> H</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,244,087</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Accumulated other comprehensive income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>646</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>646</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Retained earnings (deficit)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>18,711</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,757,732</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,761,277</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,658,777</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> I</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(83,789</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total shareholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,209,782</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>132,055</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>128,510</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,138,395</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,476,687</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Noncontrolling interest:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Preferred equity in consolidated joint ventures</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,783</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,783</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,783</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Noncontrolling interest in consolidated joint ventures</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,907</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,199</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,199</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13,106</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Noncontrolling interest in the operating partnership</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,281</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,281 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total noncontrolling interest</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13,188</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>50,982</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>50,982</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>64,170 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Total equity</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,222,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>183,037</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>179,492</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,138,395</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,540,857</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Total liabilities and equity</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,992,764</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,680,165</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,676,620</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,306,425</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6,975,809</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=1></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
historical financial information of RLJ and FelCor is derived from their respective Quarterly Reports filed on Form&nbsp;10-Q for the three months ended
March&nbsp;31, 2017. Certain historical FelCor amounts have been reclassified to conform to RLJ's financial statement presentation. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>See
accompanying notes to the unaudited pro forma condensed combined financial statements </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>215</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=225,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=325160,FOLIO='215',FILE='DISK127:[17ZBR1.17ZBR49201]DQ49201A.;32',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ds49201_1_216"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ds49201_unaudited_pro_forma_condensed___una04897"> </A>
<A NAME="toc_ds49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS<BR>  FOR THE YEAR ENDED DECEMBER 31, 2016<BR>  </B></FONT><FONT SIZE=2><B><I>(in thousands, except per share data)    <BR>    </I></B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="8pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="8pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="8pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ<BR>
Historical(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Historical(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1><I>a</I></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Adjusted </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ<BR>
Pro Forma </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Revenue</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Room revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,010,637</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>661,640</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(9,648</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>651,992</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,662,629</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Food and beverage revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>111,691</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>155,227</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(334</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>154,893</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>266,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other operating department revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>37,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>50,087</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(429</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>49,658</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>87,325</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,159,995</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>866,954</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(10,411</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>856,543</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,016,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Expense</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Room expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>228,656</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>171,883</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4,542</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>167,341</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>395,997</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Food and beverage expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>79,589</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>119,047</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(635</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>118,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>198,001</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Management and franchise fee expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>118,210</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>32,935</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>32,935</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>151,145</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>241,654</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>227,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,559</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>223,741</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>465,395</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total property operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>668,109</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>551,165</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(8,736</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>542,429</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,210,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>162,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>114,054</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,415</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>111,639</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12,205</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> b</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>286,344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Impairment loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26,459</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(20,126</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6,333</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6,333</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Property tax, insurance and other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>77,281</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>70,057</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,786</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>68,271</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>145,552</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>General and administrative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>31,516</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>27,037</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>27,037</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>58,553</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Transaction and pursuit costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>192</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>192</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>939,598</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>788,772</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(33,063</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>755,709</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12,205</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,707,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>220,397</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>78,182</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>22,652</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>100,834</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(12,205</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>309,026</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Equity in income from unconsolidated subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(672</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> d</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>861</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>303</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>342</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>342</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>645</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,695</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>62</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>62</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,757</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(58,820</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(78,244</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(78,244</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> e</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(125,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income from continuing operations before income tax expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>163,575</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,875</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>22,652</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>24,527</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>186,569</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income tax expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(8,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(873</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(873</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(11,935</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> f</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(20,998</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>155,385</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,002</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>22,652</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23,654</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(13,468</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>165,571</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss from discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,131</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,131</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,131</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Gain on sale of hotel properties, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>45,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6,322</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6,322</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>52,251</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>201,314</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,193</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>22,652</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(13,468</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>214,691</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net (income) loss attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Preferred distributions in a consolidated joint venture</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,461</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,461</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,461</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Noncontrolling interest in consolidated joint ventures</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>618</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Noncontrolling interest in the operating partnership</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(907</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(814</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Preferred dividends</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(25,115</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(25,115</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(25,115</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Net income (loss) attributable to common shareholders</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>200,352</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(21,617</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>22,652</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,035</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(13,468</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>187,919</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Basic per common share data:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) attributable to common shareholders before discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.03</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.09</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> g</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Discontinued operations attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Weighted-average shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>123,651</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(87,460</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>174,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> g</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Diluted per common share data:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) attributable to common shareholders before discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.03</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.09</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> g</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Discontinued operations attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Weighted-average shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>123,879</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>138,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(87,460</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>174,547</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> g</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
historical financial information of RLJ and FelCor is derived from their respective Annual Reports filed on Form&nbsp;10-K for the year ended
December&nbsp;31, 2016. Certain historical FelCor amounts have been reclassified to conform to RLJ's financial statement presentation. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>See
accompanying notes to the unaudited pro forma condensed combined financial statements </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>216</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=226,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=362537,FOLIO='216',FILE='DISK127:[17ZBR1.17ZBR49201]DS49201A.;27',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_ds49201_1_217"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ds49201_unaudited_pro_forma_condensed___una05136"> </A>
<A NAME="toc_ds49201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS<BR>  FOR THE THREE MONTHS ENDED MARCH 31, 2017<BR>  </B></FONT><FONT SIZE=2><B><I>(in thousands, except per share data)    <BR>    </I></B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="8pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="8pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="8pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ<BR>
Historical(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Historical(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1><I>a</I></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FelCor<BR>
Adjusted </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>RLJ<BR>
Pro Forma </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Revenue</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Room revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>224,965</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>144,933</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,472</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>143,461</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>368,426</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Food and beverage revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26,691</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>32,074</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(67</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>32,007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>58,698</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other operating department revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,576</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,097</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(181</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10,916</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>19,492</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>260,232</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>188,104</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>186,384</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>446,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Expense</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Room expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>51,922</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>40,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,030</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>39,648</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>91,570</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Food and beverage expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>19,297</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(174</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26,048</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>45,345</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Management and franchise fee expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26,913</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>34,463</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>57,823</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>54,388</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(865</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>53,523</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>111,346</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total property operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>155,955</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>128,838</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,069</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>126,769</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>282,724</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>38,665</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>27,838</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(503</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>27,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,626</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> b</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>69,626</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Impairment loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>24,838</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>24,838</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>24,838</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Property tax, insurance and other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>19,158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>14,689</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(594</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>14,095</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33,253</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>General and administrative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,123</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6,940</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6,940</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>16,063</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Transaction and pursuit costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>625</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>473</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>473</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,093</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> c</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total operating expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>223,526</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>203,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,166</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>200,450</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>426,509</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>36,706</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(15,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,446</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(14,066</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>20,107</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Equity in loss from unconsolidated subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(173</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> d</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(303</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>140</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>140</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>485</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>518</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(14,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(19,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(19,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,889</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> e</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(30,758</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income (loss) from continuing operations before income tax expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23,003</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(34,928</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,446</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(33,482</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>183</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(10,296</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income tax expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,166</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(547</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(547</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(419</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> f</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,132</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income (loss) from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,837</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(35,475</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,446</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(34,029</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(12,428</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss on sale of hotel properties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(726</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,777</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(36,141</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,446</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(34,695</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(13,154</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net (income) loss attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Preferred distributions in a consolidated joint venture</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(360</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(360</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(360</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Noncontrolling interest in consolidated joint ventures</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>66</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>404</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>404</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>470</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Noncontrolling interest in the operating partnership</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(85</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>186</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>186</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Preferred dividends</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,279</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,279</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,279</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Net income (loss) attributable to common shareholders</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,758</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(42,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,446</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(40,744</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(19,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Basic per common share data:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) per share attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> g</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Weighted-average shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>123,734</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(87,110</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>174,402</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> g</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Diluted per common share data:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) per share attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> g</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Weighted-average shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>123,841</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>137,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(87,110</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>174,509</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> g</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
historical financial information of RLJ and FelCor is derived from their respective Quarterly Reports filed on Form&nbsp;10-Q for the quarter ended
March&nbsp;31, 2017. Certain historical FelCor amounts have been reclassified to conform to RLJ's financial statement presentation. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>See
accompanying notes to the unaudited pro forma condensed combined financial statements </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>217</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=227,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=331230,FOLIO='217',FILE='DISK127:[17ZBR1.17ZBR49201]DS49201A.;27',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_du49201_1_218"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="du49201_notes_to_unaudited_pro_forma_c__not04238"> </A>
<A NAME="toc_du49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS<BR>  (in thousands unless otherwise noted)    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du49201_1._overview"> </A>
<A NAME="toc_du49201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


1. Overview    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the unaudited pro forma condensed combined financial statements, RLJ has assumed a total preliminary purchase price for the
Mergers of approximately
$1.1&nbsp;billion, which consists primarily of RLJ Common Shares issued in exchange for shares of FelCor Common Stock. The total preliminary purchase price was calculated based on the closing price
of RLJ Common Shares on June&nbsp;26, 2017, which was $20.83. At the effective time of the Mergers, each share of FelCor Common Stock, issued and outstanding immediately prior to the effective time
of the Mergers will be converted into the right to receive 0.362 of a share of newly issued shares of RLJ Common Shares, totaling approximately 50.7&nbsp;million shares of RLJ Common Shares based on
the number of shares of FelCor Common Stock outstanding as of March&nbsp;31, 2017, determined as follows:

</FONT>

</P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FelCor Common Stock outstanding as of March&nbsp;31, 2017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>138,409</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FelCor equity-incentive awards vesting in connection with the Mergers</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,558 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total FelCor Common Stock to convert to RLJ Common Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>139,967</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common Exchange Ratio</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.362 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ Common Shares to be issued</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,668 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma condensed combined financial statements have been prepared by applying the acquisition method of accounting with RLJ as the acquiring entity. Accordingly, the
total estimated purchase price was allocated to the FelCor assets acquired and the liabilities assumed based on their respective fair values, as further described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent identified, certain reclassifications have been reflected in the unaudited pro forma condensed combined financial statements to conform FelCor's financial statement
presentation to that of RLJ. However, the unaudited pro forma condensed combined financial statements may not reflect all the adjustments necessary to conform the accounting policies of FelCor to
those of RLJ due to limitations on the availability of information as of the date of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pro forma adjustments represent RLJ management's estimates based on the information available as of the date of this joint proxy statement/prospectus and are subject to change as
additional information becomes available and additional analyses are performed. The unaudited pro forma condensed combined financial statements do not reflect the impact of possible cost savings from
operating efficiencies or synergies. Also, the unaudited pro forma condensed combined financial statements do not reflect possible adjustments related to restructuring or integration activities that
have yet to be determined or transaction or other costs following the Mergers that are not expected to have a continuing impact. Further, non-recurring transaction-related expenses anticipated to be
incurred prior to, or concurrent with, closing the Mergers are not included in the unaudited pro forma condensed combined statements of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma condensed combined statements of operations for the year ended December&nbsp;31, 2016 and for the three months ended March&nbsp;31, 2017 combine the
historical consolidated statements of operations of RLJ and FelCor, giving effect to the Mergers as if they occurred on January&nbsp;1, 2016, the beginning of the earliest period presented. The
unaudited pro forma condensed combined balance sheet combines the historical consolidated balance sheets of RLJ and FelCor as of March&nbsp;31, 2017, giving effect to the Mergers as if they occurred
on March&nbsp;31, 2017. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>218</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=228,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=638550,FOLIO='218',FILE='DISK127:[17ZBR1.17ZBR49201]DU49201A.;25',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_du49201_1_219"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Preliminary Estimated Purchase Price  </I></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total preliminary estimated purchase price of approximately $1.1&nbsp;billion was determined based on the number of outstanding shares of
FelCor Common Stock as of March&nbsp;31, 2017,
plus FelCor equity-incentive awards that are expected to vest in connection with the Mergers. For purposes of the unaudited pro forma condensed combined financial statements, such shares of FelCor
Common Stock are assumed to be outstanding as of the date of the unaudited pro forma condensed combined balance sheet. Further, no effect has been given to any other new shares of FelCor Common Stock
that may be issued or granted subsequent to the date of this joint proxy statement/prospectus and before the Closing date of the Mergers. In all cases, RLJ's closing common share price was a
determining factor in arriving at the final consideration for the Mergers. The common share price assumed for the total preliminary estimated purchase price was the closing price of RLJ Common Shares
on June&nbsp;26, 2017 ($20.83 per share), the most recent date practicable in the preparation of this joint proxy statement/prospectus.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
actual purchase price will be computed using the closing price of RLJ Common Shares on the Closing date of the Mergers. Therefore, the actual purchase price will fluctuate with the
market price of RLJ Common Shares until the Mergers is consummated. As a result, the final purchase price could differ significantly from the current estimate, which could materially impact the
unaudited pro forma condensed combined consolidated financial statements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents the changes to the value of RLJ Common Shares to be issued and the total preliminary estimated purchase price based on a 10% increase and decrease in the per
share price of RLJ Common Shares (in thousands, except the per share price of RLJ Common Shares): </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares Issued </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Price Per RLJ<BR>
Common<BR>
Share </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Value of<BR>
Shares Issued </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Closing price on June&nbsp;26, 2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,668</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.83</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,055,414</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Decrease of 10%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,668</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18.75</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>950,025</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase of 10%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,668</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22.91</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,160,804</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total preliminary estimated purchase price described above has been allocated to the assets acquired and liabilities assumed for purposes of these pro forma condensed combined
financial statements, based on their estimated relative fair values, assuming the Mergers were completed on March&nbsp;31, 2017. The final allocation will be based upon valuations and other analyses
for which there is currently insufficient information to make a definitive allocation. Accordingly, the purchase price allocation adjustments are preliminary and have been made solely for the purpose
of providing unaudited pro forma condensed combined financial statements. The final purchase price allocation will be determined after the Mergers are consummated and after a complete and thorough
analysis to determine the fair value of FelCor's net assets and liabilities. As a result, the final acquisition accounting adjustments, including those resulting from conforming FelCor's accounting
policies to those of RLJ's, could differ materially from the pro forma adjustments presented herein. The estimated </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>219</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=229,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=541249,FOLIO='219',FILE='DISK127:[17ZBR1.17ZBR49201]DU49201A.;25',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_du49201_1_220"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>purchase
price of FelCor (as calculated in the manner described above) is allocated to the assets to be acquired and the liabilities to be assumed on the following preliminary basis: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Investment in hotel properties, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,792,322</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>80,803</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid expenses and other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,207</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash reserves</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hotel and other receivables</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,160</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment in unconsolidated subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,234</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,419,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable and other liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(89,938</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(14,853</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Advance deposits and deferred revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(29,686</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued interest</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(12,236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Redeemable noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(313,990</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred equity in a consolidated joint venture</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(43,783</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interest in consolidated joint ventures</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,199</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total estimated purchase price</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,047,015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du49201_2._adjustments_to_the_unaudite__2._02846"> </A>
<A NAME="toc_du49201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2. Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed combined balance sheet as of March&nbsp;31, 2017 reflects the following adjustments: </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


A. FelCor Probable Significant Disposition  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April and May 2017, FelCor classified two hotels as held for sale in accordance with the applicable accounting guidance. Due to the
significance of one of the probable transactions, FelCor's historical consolidated balance sheet as of March&nbsp;31, 2017 has been adjusted to reflect the probable significant disposition as if it
occurred on March&nbsp;31, 2017. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


B. Investment in Hotel Properties, Net  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The hotel property assets acquired in connection with the Mergers are reflected in the unaudited pro forma condensed combined balance sheet of
RLJ at a preliminary fair value. The preliminary fair value is based, in part, on valuations prepared with the assistance of a third-party valuation expert. The assets of acquired operating hotel
properties generally consist of land and improvements, buildings and improvements, and furniture, fixtures and equipment. The adjustments reflected in the unaudited pro forma condensed combined
balance sheet represent the differences between the preliminary fair value </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>220</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=230,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=554787,FOLIO='220',FILE='DISK127:[17ZBR1.17ZBR49201]DU49201A.;25',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_du49201_1_221"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>of
the hotel properties acquired by RLJ in connection with the Mergers, and FelCor's historical balances, which are presented as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fair Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Less: FelCor<BR>
Historical </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Land and improvements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>471,996</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(255,462</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>216,534</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buildings and improvements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,959,016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,728,548</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>230,468</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture, fixtures and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>312,307</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(402,913</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(90,606</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Construction in progress</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,003</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(49,003</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,792,322</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,435,926</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>356,396</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated depreciation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>934,321</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>934,321 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment in hotel properties, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,792,322</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,501,605</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,290,717</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fair value of the assets acquired was estimated by using market data and other information available and making numerous estimates and assumptions. FelCor's historical accumulated
depreciation was eliminated since the assets are recognized and presented at fair value. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


C. Prepaid Expense and Other Assets  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs of $4.1&nbsp;million related to a line of credit were included within other assets in FelCor's historical
balance sheet. Since the debt assumed in the Mergers is presented at fair value in the unaudited pro forma condensed combined balance sheet, the historical unamortized debt issuance costs have been
eliminated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
an unamortized fair value adjustment of $0.7&nbsp;million to a ground lease included within other assets in FelCor's historical balance sheet has been eliminated. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
deferred equity offering costs included within other assets in FelCor's historical balance sheet have been eliminated. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unamortized debt issuance costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,059</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ground lease fair value adjustment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(728</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred offering costs writeoff</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(207</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment to prepaid expense and other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,994</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


D. Investment in Unconsolidated Subsidiaries  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro forma adjustment represents the difference between the preliminary fair value of FelCor's unconsolidated subsidiaries acquired by RLJ in
connection with the Mergers, and FelCor's historical carrying value as of March&nbsp;31, 2017. The preliminary fair value of the unconsolidated subsidiaries was based, in part, on a hotel property
valuation prepared with the assistance of a third-party valuation expert, and a fair value adjustment for debt held by the unconsolidated subsidiaries. The fair value of debt was estimated based upon
the contractual future cash flows discounted using borrowing spreads and market interest rates that would have been available for debt with similar terms and maturities. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of investment in unconsolidated subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,234</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: FelCor investment in unconsolidated subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,532</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment to investment in unconsolidated subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,702 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>221</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=231,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=793845,FOLIO='221',FILE='DISK127:[17ZBR1.17ZBR49201]DU49201A.;25',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_du49201_1_222"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


E. Debt, Net  </I></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ will assume FelCor's debt in connection with the Mergers, which includes senior unsecured notes, senior secured notes, mortgage debt, and a
line of credit. The debt to be assumed by RLJ has been adjusted by $65.6&nbsp;million, which reflects the estimated fair value of the debt at March&nbsp;31, 2017. Unamortized debt issuance costs
were included within debt in FelCor's historical balance sheet. Since the debt assumed in the Mergers is presented at fair value in the unaudited pro
forma condensed combined balance sheet, the historical unamortized debt issuance costs have been eliminated, and the estimated new costs of $3.0&nbsp;million to assume the debt have been recognized
in the unaudited pro forma condensed combined balance sheet.

</FONT>

</P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Fair value of FelCor debt assumed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,422,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Costs to assume FelCor's debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: FelCor debt&#151;historical basis</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,354,187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment to debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>65,575</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


F. Accounts Payable and Other Liabilities  </I></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring transaction costs include those costs to be paid by RLJ or FelCor directly attributable to the Mergers. These transaction costs,
consisting primarily of severance, transfer
tax, and fees for bankers, legal, accounting, tax and other professional services, are estimated to be approximately $102.5&nbsp;million. These costs are non-recurring in nature and directly related
to the Mergers and, therefore, are reflected as a reduction to retained earnings and not included in the unaudited pro forma condensed combined statements of operations.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The debt issuance costs are the costs to be paid by RLJ that are directly attributable to the assumption of debt in connection with the Mergers. These costs, consisting primarily of debt
assumption fees, are estimated to be approximately $3.0&nbsp;million.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
straight-lining of rent pursuant to the underlying ground leases associated with the hotel properties acquired in connection with the Mergers will commence at the effective date of
the Mergers. Therefore, the carrying value of straight-line rent included on FelCor's historical balance sheet has been eliminated. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Non-recurring transaction costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>102,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Debt issuance costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ground lease straight-line rent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,045</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment to accounts payable and other liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>102,455</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


G. Preferred Shares  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro forma adjustment represents the difference between the preliminary fair value of FelCor Series&nbsp;A Preferred Shares acquired by RLJ
in connection with the Mergers, and FelCor's historical carrying value of FelCor Series&nbsp;A Preferred Shares as of March&nbsp;31, 2017. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of FelCor Series&nbsp;A Preferred Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>313,990</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: FelCor Series&nbsp;A Preferred Shares&#151;historical basis</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(309,337</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment to FelCor Series&nbsp;A Preferred Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,653 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>222</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=232,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=214791,FOLIO='222',FILE='DISK127:[17ZBR1.17ZBR49201]DU49201A.;25',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_du49201_1_223"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


H. Common Shares and Additional Paid-in Capital  </I></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro forma adjustment represents the issuance of RLJ Common Shares with a par value of $0.01 per share and a market price per share of $20.83
as of June&nbsp;26, 2017, the most recent date practicable in the preparation of this joint proxy statement/prospectus. Each share of FelCor Common Stock will be converted into 0.362 shares of RLJ
Common Shares at the effective date of the Mergers.

</FONT>

</P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> FelCor Common Stock outstanding as of March&nbsp;31, 2017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>138,409</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FelCor equity-incentive awards vesting in connection with the Mergers</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,558 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total FelCor Common Stock to convert to RLJ Common Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>139,967</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exchange ratio</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.362 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ Common Shares to be issued</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,668</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Par value per share of RLJ Common Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.01 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Par value of RLJ Common Shares to be issued</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>507</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Par value of FelCor Common Stock&#151;historical basis</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,384</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment to RLJ Common Shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(877</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ Common Shares to be issued</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,668</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional paid-in capital per share ($20.83 less $0.01 par value)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.82</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional paid-in capital of RLJ Common Shares to be issued</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,054,908</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: FelCor additional paid-in capital&#151;historical basis</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,579,066</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment to additional paid-in capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,524,158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


I. Retained Earnings (Deficit)  </I></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Represents the elimination of FelCor's accumulated deficit of $2.8&nbsp;billion as of March&nbsp;31, 2017 and an adjustment of
$102.5&nbsp;million to decrease retained earnings for non-recurring transaction costs directly attributable to the Mergers that have not yet been expensed in the historical consolidated statements
of operations or accrued in the historical consolidated balance sheets, which have been used as the starting point for the unaudited pro forma condensed combined financial statements (See
Note&nbsp;F above).

 </FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du49201_3._adjustments_to_the_unaudite__3._05642"> </A>
<A NAME="toc_du49201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


3. Adjustments to the Unaudited Pro Forma Condensed Combined Statements of Operations for the year  ended December&nbsp;31, 2016 and the three months ended March&nbsp;31, 2017    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The historical amounts include RLJ's and FelCor's actual operating results for the periods presented, as filed with the SEC on their respective
Forms&nbsp;10-K and Forms&nbsp;10-Q, which are incorporated in this joint proxy statement/prospectus by reference. The pro forma adjustments to the historical amounts are presented in the
unaudited pro forma condensed combined statements of operations for the year ended December&nbsp;31, 2016 and the three months ended March&nbsp;31, 2017, assuming the Mergers occurred on
January&nbsp;1, 2016. Noted below are the explanations for the adjustments included in the unaudited pro forma condensed combined statements of operations for the year ended December&nbsp;31, 2016
and the three months ended March&nbsp;31, 2017: </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


a. FelCor Probable Significant Disposition  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April and May 2017, FelCor classified two hotels as held for sale in accordance with the applicable accounting guidance. Due to the
significance of one of the probable transactions, FelCor's historical consolidated statements of operations for the year ended December&nbsp;31, 2016 and for the three months ended March&nbsp;31,
2017 have been adjusted to reflect the significant probable disposition as if it occurred on January&nbsp;1, 2016. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>223</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=233,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=906113,FOLIO='223',FILE='DISK127:[17ZBR1.17ZBR49201]DU49201A.;25',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_du49201_1_224"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


b. Depreciation and Amortization  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the unaudited pro forma condensed combined statements of operations, depreciation and amortization expense is calculated using
the straight-line method over the estimated useful lives of 40&nbsp;years for buildings, 15&nbsp;years for building improvements, and five years for furniture, fixtures, and equipment. As RLJ
would have commenced depreciation and amortization on January&nbsp;1, 2016, the depreciation and amortization expense included in FelCor's historical financial statements has been removed so that
the unaudited pro forma condensed combined statements of operations reflect the depreciation and amortization that RLJ would have recognized subsequent to the time of the Mergers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes the pro forma depreciation and amortization expense by asset category for the hotel properties acquired in the Mergers that would have been recorded for
the three months ended March&nbsp;31, 2017 and for the year ended December&nbsp;31, 2016 (assuming the Mergers occurred on January&nbsp;1, 2016) less the removal of the depreciation and
amortization expense included in FelCor's historical financial statements: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="96pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="88pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR>
March&nbsp;31, 2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Depreciation expense&#151;buildings and improvements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,258</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>61,033</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation expense&#151;furniture, fixtures and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,703</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>62,811</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Eliminations of FelCor's historic depreciation and amortization expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(27,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(111,639</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment to depreciation and amortization expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,626</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,205</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


c. Transaction and Pursuit Costs  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Represents the reversal of approximately $1.1&nbsp;million in transaction costs incurred during the three months ended March&nbsp;31, 2017.
These costs are directly related to the Mergers and will not have a continuing impact on the operating results of RLJ. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


d. Equity in Income from Unconsolidated Subsidiaries  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro forma adjustment represents the additional depreciation and amortization expense recognized after consideration of fair value
adjustments to the portion of the unconsolidated subsidiary owned by FelCor. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


e. Interest Expense  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro forma adjustments to interest expense related to the Mergers represent the (1)&nbsp;amortization of the above-market debt fair value
adjustment on a straight-line basis as a result of recognizing the assumed FelCor debt at fair value, (2)&nbsp;amortization of deferred financing costs related to the assumption of FelCor's debt
over the remaining life of the debt, and (3)&nbsp;elimination of FelCor's historic amortization of deferred financing costs. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>224</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=234,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=888974,FOLIO='224',FILE='DISK127:[17ZBR1.17ZBR49201]DU49201A.;25',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_du49201_1_225"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes the adjustments to the unaudited pro forma condensed combined statements of operations for the three months ended March&nbsp;31, 2017 and for the year
ended December&nbsp;31, 2016: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="96pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="88pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR>
March&nbsp;31, 2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization of the fair value adjustment on FelCor's debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,994</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,974</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization of deferred financing costs related to the assumption of debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(151</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(603</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Elimination of FelCor's historic amortization of deferred financing costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,046</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,973 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment to interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,889</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,344 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


f. Income Tax Expense  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Represents an increase in income tax expense of $11.9&nbsp;million and $0.4&nbsp;million for the year ended December&nbsp;31, 2016 and for
the three months ended March&nbsp;31, 2017, respectively. The increase in income tax expense is due to a potential ownership change limitation on the utilization of net operating loss carryforwards
as a result of the Mergers. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>225</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=235,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=387993,FOLIO='225',FILE='DISK127:[17ZBR1.17ZBR49201]DU49201A.;25',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<A NAME="page_du49201_1_226"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


g. Earnings (Loss) Per Share  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma adjustment to shares outstanding used in the calculation of basic and diluted earnings per share are based on the
combined basic and diluted weighted-average shares, after giving effect to the Common Exchange Ratio, as follows (in thousands, except per share data): </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="96pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="88pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR>
March&nbsp;31, 2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Numerator:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders before discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(19,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>191,037</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from discontinued operations attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,118</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(19,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>187,919</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: dividends paid on unvested restricted shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(282</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,105</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: undistributed earnings attributable to unvested restricted shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(188</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders, excluding amounts attributable to unvested restricted shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(19,504</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,626</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Denominator:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ weighted-average common shares outstanding&#151;basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>123,734</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>123,651</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ Common Shares to be issued to FelCor stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,668</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,668</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pro forma weighted-average common shares outstanding&#151;basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>174,402</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>174,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ unvested restricted shares&#151;treasury stock method</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>107</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>228 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pro forma weighted-average common shares outstanding&#151;diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>174,509</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>174,547 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic per common share data:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders before discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.09</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discontinued operations attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted per common share data:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders before discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.09</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discontinued operations attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common shareholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>226</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=236,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=389399,FOLIO='226',FILE='DISK127:[17ZBR1.17ZBR49201]DU49201A.;25',USER='CHE108048',CD='11-JUL-2017;22:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="la49201_annex_a"> </A>
<A NAME="toc_la49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Annex A    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="la49201_agreement_and_plan_of_merger_b__agr08192"> </A>
<A NAME="toc_la49201_2"> </A></FONT> <FONT SIZE=2><B>  AGREEMENT AND PLAN OF MERGER    <BR>    <BR>    By and Among    <BR>    <BR>    RLJ LODGING TRUST    <BR>    <BR>    RLJ LODGING TRUST,&nbsp;L.P.    <BR>    <BR>    RANGERS SUB I,&nbsp;LLC
<BR>    <BR>    RANGERS SUB II,&nbsp;LP    <BR>    <BR>    FELCOR LODGING TRUST INCORPORATED    <BR>    <BR>    and    <BR>    <BR>    FELCOR LODGING LIMITED PARTNERSHIP    <BR>    <BR>    Dated as of April&nbsp;23, 2017    <BR>    </B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=237,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=802328,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]LA49201A.;6',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_lc49201_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lc49201_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="LC49201_TOC"></A> </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="29%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="59%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#le49201_article_i_definitions"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE I DEFINITIONS </B></FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#le49201_article_i_definitions"><BR><FONT SIZE=2><B>A-3</B></FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#le49201_section_1.1_definitions_."><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;1.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#le49201_section_1.1_definitions_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Definitions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#le49201_section_1.1_definitions_."><FONT SIZE=2><BR>
A-3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#lg49201_article_ii_the_mergers"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE II THE MERGERS </B></FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lg49201_article_ii_the_mergers"><BR><FONT SIZE=2><B>A-15</B></FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg49201_section_2.1_the_mergers_."><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg49201_section_2.1_the_mergers_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Mergers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lg49201_section_2.1_the_mergers_."><FONT SIZE=2><BR>
A-15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg49201_section_2.2_closing_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg49201_section_2.2_closing_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lg49201_section_2.2_closing_."><FONT SIZE=2>A-15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg49201_section_2.3_effective_time_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg49201_section_2.3_effective_time_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effective Time</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lg49201_section_2.3_effective_time_."><FONT SIZE=2>A-15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg49201_section_2.4_organizational_documents_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.4</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg49201_section_2.4_organizational_documents_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organizational Documents</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lg49201_section_2.4_organizational_documents_."><FONT SIZE=2>A-16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_2.5_tax_consequences_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.5</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_2.5_tax_consequences_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Consequences</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li49201_section_2.5_tax_consequences_."><FONT SIZE=2>A-17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_article_iii_effect_of_the_mergers"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE III EFFECT OF THE MERGERS </B></FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li49201_article_iii_effect_of_the_mergers"><BR><FONT SIZE=2><B>A-17</B></FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_3.1_effect_on_shares_."><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_3.1_effect_on_shares_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect on Shares</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li49201_section_3.1_effect_on_shares_."><FONT SIZE=2><BR>
A-17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_3.2_effect_on_partnership_interests_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_3.2_effect_on_partnership_interests_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect on Partnership Interests</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li49201_section_3.2_effect_on_partnership_interests_."><FONT SIZE=2>A-19</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_3.3_company_restricted_stock;_company_rsus_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_3.3_company_restricted_stock;_company_rsus_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Company Restricted Stock; Company RSUs</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li49201_section_3.3_company_restricted_stock;_company_rsus_."><FONT SIZE=2>A-20</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_3.4_adjustments_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.4</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_3.4_adjustments_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li49201_section_3.4_adjustments_."><FONT SIZE=2>A-21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_3.5_exchange_fund;_exchange_agent_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.5</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li49201_section_3.5_exchange_fund;_exchange_agent_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exchange Fund; Exchange Agent</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li49201_section_3.5_exchange_fund;_exchange_agent_."><FONT SIZE=2>A-21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_3.6_withholding_rights_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.6</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_3.6_withholding_rights_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Withholding Rights</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_3.6_withholding_rights_."><FONT SIZE=2>A-26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_3.7_lost_certificates_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.7</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_3.7_lost_certificates_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lost Certificates</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_3.7_lost_certificates_."><FONT SIZE=2>A-26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_3.8_no_rights_of_objection_or_appraisal_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.8</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_3.8_no_rights_of_objection_or_appraisal_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Rights of Objection or Appraisal</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_3.8_no_rights_of_objection_or_appraisal_."><FONT SIZE=2>A-27</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_3.9_fractional_shares_and_units_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.9</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_3.9_fractional_shares_and_units_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fractional Shares and Units</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_3.9_fractional_shares_and_units_."><FONT SIZE=2>A-27</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_article_iv_representations_and__art02910"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND COMPANY&nbsp;LP </B></FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_article_iv_representations_and__art02910"><BR><FONT SIZE=2><B>A-27</B></FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.1_organizati__lk402135"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.1_organizati__lk402135"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organization and Qualification; Subsidiaries</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_4.1_organizati__lk402135"><FONT SIZE=2><BR>
A-28</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.2_organizational_documents_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.2_organizational_documents_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organizational Documents</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_4.2_organizational_documents_."><FONT SIZE=2>A-29</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.3_capital_structure_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.3_capital_structure_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital Structure</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_4.3_capital_structure_."><FONT SIZE=2>A-29</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.4_authority_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.4</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.4_authority_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Authority</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_4.4_authority_."><FONT SIZE=2>A-31</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.5_no_conflic__lk402047"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.5</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.5_no_conflic__lk402047"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Conflict; Required Filings and Consents</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_4.5_no_conflic__lk402047"><FONT SIZE=2>A-32</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.6_permits;_compliance_with_law_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.6</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.6_permits;_compliance_with_law_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Permits; Compliance with Law</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_4.6_permits;_compliance_with_law_."><FONT SIZE=2>A-33</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.7_sec_filing__lk402002"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.7</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk49201_section_4.7_sec_filing__lk402002"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SEC Filings; Company Financial Statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk49201_section_4.7_sec_filing__lk402002"><FONT SIZE=2>A-34</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.8_disclosure_documents_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.8</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.8_disclosure_documents_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Disclosure Documents</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm49201_section_4.8_disclosure_documents_."><FONT SIZE=2>A-36</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.9_absence_of_certain_changes_or_events_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.9</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.9_absence_of_certain_changes_or_events_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Absence of Certain Changes or Events</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm49201_section_4.9_absence_of_certain_changes_or_events_."><FONT SIZE=2>A-37</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.10_employee_benefit_plans_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.10</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.10_employee_benefit_plans_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee Benefit Plans</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm49201_section_4.10_employee_benefit_plans_."><FONT SIZE=2>A-38</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.11_labor_and_other_employment_matters_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.11</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.11_labor_and_other_employment_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Labor and Other Employment Matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm49201_section_4.11_labor_and_other_employment_matters_."><FONT SIZE=2>A-40</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.12_material_contracts_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.12</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.12_material_contracts_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material Contracts</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm49201_section_4.12_material_contracts_."><FONT SIZE=2>A-41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.13_litigation_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.13</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.13_litigation_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Litigation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm49201_section_4.13_litigation_."><FONT SIZE=2>A-43</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.14_environmental_matters_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.14</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.14_environmental_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Environmental Matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm49201_section_4.14_environmental_matters_."><FONT SIZE=2>A-44</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.15_intellectual_property_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.15</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm49201_section_4.15_intellectual_property_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Intellectual Property</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm49201_section_4.15_intellectual_property_."><FONT SIZE=2>A-45</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-i</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=238,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=753068,FOLIO='A-i',FILE='DISK127:[17ZBR1.17ZBR49201]LC49201A.;41',USER='CHE108053',CD=';9-JUL-2017;22:32' -->
<A NAME="page_lc49201_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="29%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="59%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.16_properties_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.16_properties_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Properties</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.16_properties_."><FONT SIZE=2>A-46</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.17_taxes_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.17_taxes_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Taxes</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.17_taxes_."><FONT SIZE=2>A-49</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.18_insurance_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.18</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.18_insurance_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Insurance</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.18_insurance_."><FONT SIZE=2>A-53</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.19_opinion_of_financial_advisor_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.19</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.19_opinion_of_financial_advisor_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of Financial Advisor</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.19_opinion_of_financial_advisor_."><FONT SIZE=2>A-53</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.20_takeover_statutes_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.20</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.20_takeover_statutes_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Takeover Statutes</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.20_takeover_statutes_."><FONT SIZE=2>A-53</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.21_vote_required_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.21_vote_required_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vote Required</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.21_vote_required_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.22_no_rights_plan_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.22</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.22_no_rights_plan_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Rights Plan</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.22_no_rights_plan_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.23_brokers_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.23</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.23_brokers_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brokers</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.23_brokers_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.24_investment_company_act_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.24_investment_company_act_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment Company Act</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.24_investment_company_act_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.25_ownership_of_parent_common_shares_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.25</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.25_ownership_of_parent_common_shares_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ownership of Parent Common Shares</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.25_ownership_of_parent_common_shares_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.26_affiliate_transactions_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.26_affiliate_transactions_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Affiliate Transactions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.26_affiliate_transactions_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo49201_section_4.27_transaction_expenses_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.27</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo49201_section_4.27_transaction_expenses_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transaction Expenses</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo49201_section_4.27_transaction_expenses_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_4.28_no_other___lq401997"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.28</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_4.28_no_other___lq401997"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Other Representations or Warranties</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_4.28_no_other___lq401997"><FONT SIZE=2>A-55</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#lq49201_article_v_representations_and___art04199"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE V REPRESENTATIONS AND WARRANTIES OF PARENT, PARENT&nbsp;LP, REIT MERGER SUB AND PARTNERSHIP MERGER SUB </B></FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq49201_article_v_representations_and___art04199"><BR><FONT SIZE=2><B>A-55</B></FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.1_organizati__lq402142"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.1_organizati__lq402142"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organization and Qualification; Subsidiaries</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.1_organizati__lq402142"><FONT SIZE=2><BR>
A-55</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.2_organizational_documents_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.2_organizational_documents_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organizational Documents</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.2_organizational_documents_."><FONT SIZE=2>A-56</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.3_capital_structure_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.3_capital_structure_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital Structure</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.3_capital_structure_."><FONT SIZE=2>A-56</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.4_authority_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.4_authority_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Authority</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.4_authority_."><FONT SIZE=2>A-58</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.5_no_conflic__lq402054"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.5_no_conflic__lq402054"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Conflict; Required Filings and Consents</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.5_no_conflic__lq402054"><FONT SIZE=2>A-59</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.6_permits;_compliance_with_law_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.6_permits;_compliance_with_law_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Permits; Compliance with Law</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.6_permits;_compliance_with_law_."><FONT SIZE=2>A-60</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.7_sec_filings;_financial_statements_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.7_sec_filings;_financial_statements_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SEC Filings; Financial Statements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.7_sec_filings;_financial_statements_."><FONT SIZE=2>A-61</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.8_disclosure_documents_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.8_disclosure_documents_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Disclosure Documents</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.8_disclosure_documents_."><FONT SIZE=2>A-63</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.9_absence_of_certain_changes_or_events_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.9_absence_of_certain_changes_or_events_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Absence of Certain Changes or Events</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.9_absence_of_certain_changes_or_events_."><FONT SIZE=2>A-64</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.10_certain_erisa_matters_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.10_certain_erisa_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain ERISA Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.10_certain_erisa_matters_."><FONT SIZE=2>A-65</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.11_labor_and_other_employment_matters_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.11_labor_and_other_employment_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Labor and Other Employment Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.11_labor_and_other_employment_matters_."><FONT SIZE=2>A-66</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.12_material_contracts_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.12_material_contracts_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material Contracts</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.12_material_contracts_."><FONT SIZE=2>A-67</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.13_litigation_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.13</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.13_litigation_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Litigation</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.13_litigation_."><FONT SIZE=2>A-67</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.14_environmental_matters_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.14</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.14_environmental_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Environmental Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.14_environmental_matters_."><FONT SIZE=2>A-67</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.15_intellectual_property_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.15_intellectual_property_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Intellectual Property</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.15_intellectual_property_."><FONT SIZE=2>A-68</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq49201_section_5.16_properties_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq49201_section_5.16_properties_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Properties</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq49201_section_5.16_properties_."><FONT SIZE=2>A-69</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.17_taxes_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.17_taxes_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Taxes</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.17_taxes_."><FONT SIZE=2>A-72</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.18_insurance_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.18</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.18_insurance_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Insurance</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.18_insurance_."><FONT SIZE=2>A-74</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.19_opinion_of_financial_advisor_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.19</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.19_opinion_of_financial_advisor_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of Financial Advisor</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.19_opinion_of_financial_advisor_."><FONT SIZE=2>A-75</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.20_vote_required_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.20</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.20_vote_required_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vote Required</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.20_vote_required_."><FONT SIZE=2>A-75</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.21_brokers_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.21_brokers_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brokers</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.21_brokers_."><FONT SIZE=2>A-75</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.22_investment_company_act_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.22</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.22_investment_company_act_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment Company Act</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.22_investment_company_act_."><FONT SIZE=2>A-75</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.23_ownership_of_reit__sec03422"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.23</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.23_ownership_of_reit__sec03422"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ownership of REIT Merger Sub and Partnership Merger Sub; No Prior Activities</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.23_ownership_of_reit__sec03422"><FONT SIZE=2>A-75</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.24_ownership_of_company_common_stock_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.24_ownership_of_company_common_stock_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ownership of Company Common Stock</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.24_ownership_of_company_common_stock_."><FONT SIZE=2>A-76</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.25_takeover_statutes_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.25</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.25_takeover_statutes_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Takeover Statutes</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.25_takeover_statutes_."><FONT SIZE=2>A-76</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.26_no_rights_plan_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.26_no_rights_plan_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Rights Plan</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.26_no_rights_plan_."><FONT SIZE=2>A-76</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.27_affiliate_transactions_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.27</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.27_affiliate_transactions_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Affiliate Transactions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.27_affiliate_transactions_."><FONT SIZE=2>A-76</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_5.28_no_other___ls402000"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.28</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_5.28_no_other___ls402000"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Other Representations or Warranties</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_5.28_no_other___ls402000"><FONT SIZE=2>A-76</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-ii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=239,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=468571,FOLIO='A-ii',FILE='DISK127:[17ZBR1.17ZBR49201]LC49201A.;41',USER='CHE108053',CD=';9-JUL-2017;22:32' -->
<A NAME="page_lc49201_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="29%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="59%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#ls49201_article_vi"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE VI COVENANTS AND AGREEMENTS </B></FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_article_vi"><BR><FONT SIZE=2><B>A-77</B></FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls49201_section_6.1_conduct_of_business_by_the_company_."><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls49201_section_6.1_conduct_of_business_by_the_company_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conduct of Business by the Company</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls49201_section_6.1_conduct_of_business_by_the_company_."><FONT SIZE=2><BR>
A-77</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lu49201_section_6.2_conduct_of_business_by_parent."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lu49201_section_6.2_conduct_of_business_by_parent."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conduct of Business by Parent</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu49201_section_6.2_conduct_of_business_by_parent."><FONT SIZE=2>A-84</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw49201_section_6.3_preparation_of_for__sec04297"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw49201_section_6.3_preparation_of_for__sec04297"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preparation of Form&nbsp;S-4, Joint Proxy Statement and NYSE Listing; Stockholder and Shareholder Meetings</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw49201_section_6.3_preparation_of_for__sec04297"><FONT SIZE=2>A-87</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw49201_section_6.4_access_to_information;_confidentiality_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw49201_section_6.4_access_to_information;_confidentiality_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Access to Information; Confidentiality</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw49201_section_6.4_access_to_information;_confidentiality_."><FONT SIZE=2>A-90</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw49201_section_6.5_no_solicitation;_acquisition_proposals_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw49201_section_6.5_no_solicitation;_acquisition_proposals_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Solicitation; Acquisition Proposals</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw49201_section_6.5_no_solicitation;_acquisition_proposals_."><FONT SIZE=2>A-92</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ly49201_section_6.6_appropriate_action;_consents;_filings_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ly49201_section_6.6_appropriate_action;_consents;_filings_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Appropriate Action; Consents; Filings</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ly49201_section_6.6_appropriate_action;_consents;_filings_."><FONT SIZE=2>A-97</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ly49201_section_6.7_notification_of_ce__sec02568"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ly49201_section_6.7_notification_of_ce__sec02568"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notification of Certain Matters; Transaction Litigation</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ly49201_section_6.7_notification_of_ce__sec02568"><FONT SIZE=2>A-98</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ly49201_section_6.8_public_announcements_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ly49201_section_6.8_public_announcements_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Public Announcements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ly49201_section_6.8_public_announcements_."><FONT SIZE=2>A-99</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ly49201_section_6.9_directors__and_off__sec02481"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ly49201_section_6.9_directors__and_off__sec02481"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Directors' and Officers' Indemnification and Insurance</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ly49201_section_6.9_directors__and_off__sec02481"><FONT SIZE=2>A-99</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ly49201_section_6.10_employee_benefit_matters_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ly49201_section_6.10_employee_benefit_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee Benefit Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ly49201_section_6.10_employee_benefit_matters_."><FONT SIZE=2>A-103</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ly49201_section_6.11_certain_tax_matters_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ly49201_section_6.11_certain_tax_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain Tax Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ly49201_section_6.11_certain_tax_matters_."><FONT SIZE=2>A-104</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ly49201_section_6.12_control_of_operations_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ly49201_section_6.12_control_of_operations_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Control of Operations</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ly49201_section_6.12_control_of_operations_."><FONT SIZE=2>A-105</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ly49201_section_6.13_dividends_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.13</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ly49201_section_6.13_dividends_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ly49201_section_6.13_dividends_."><FONT SIZE=2>A-105</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_6.14_financing_cooperation_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.14</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_6.14_financing_cooperation_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financing Cooperation</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_6.14_financing_cooperation_."><FONT SIZE=2>A-106</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_6.15_section_16_matters_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_6.15_section_16_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;16 Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_6.15_section_16_matters_."><FONT SIZE=2>A-109</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_6.16_voting_of_securities_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_6.16_voting_of_securities_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Voting of Securities</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_6.16_voting_of_securities_."><FONT SIZE=2>A-109</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_6.17_parent_series_a_preferred_shares_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_6.17_parent_series_a_preferred_shares_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Parent Series&nbsp;A Preferred Shares</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_6.17_parent_series_a_preferred_shares_."><FONT SIZE=2>A-109</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_6.18_parent_lp_preferred_units_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.18</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_6.18_parent_lp_preferred_units_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Parent&nbsp;LP Preferred Units</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_6.18_parent_lp_preferred_units_."><FONT SIZE=2>A-109</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_6.19_governance_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.19</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_6.19_governance_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Governance</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_6.19_governance_."><FONT SIZE=2>A-110</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_6.20_reit_ownership_waiver_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.20</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_6.20_reit_ownership_waiver_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>REIT Ownership Waiver</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_6.20_reit_ownership_waiver_."><FONT SIZE=2>A-110</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#ma49201_article_vii"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B> ARTICLE VII CONDITIONS </B></FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_article_vii"><FONT SIZE=2><B><BR>
A-110</B></FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_7.1_conditions__ma402123"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;7.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_7.1_conditions__ma402123"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to the Obligations of Each Party</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_7.1_conditions__ma402123"><FONT SIZE=2><BR>
A-110</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_7.2_conditions_to_the___sec04066"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;7.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_7.2_conditions_to_the___sec04066"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to the Obligations of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_7.2_conditions_to_the___sec04066"><FONT SIZE=2>A-111</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_7.3_conditions_to_the___sec02738"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;7.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_7.3_conditions_to_the___sec02738"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to the Obligations of the Company and Company&nbsp;LP</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_7.3_conditions_to_the___sec02738"><FONT SIZE=2>A-112</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#ma49201_article_viii"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B> ARTICLE VIII TERMINATION, AMENDMENT AND WAIVER </B></FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_article_viii"><FONT SIZE=2><B><BR>
A-113</B></FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ma49201_section_8.1_termination_."><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ma49201_section_8.1_termination_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ma49201_section_8.1_termination_."><FONT SIZE=2><BR>
A-113</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#mc49201_section_8.2_effect_of_termination_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#mc49201_section_8.2_effect_of_termination_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of Termination</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#mc49201_section_8.2_effect_of_termination_."><FONT SIZE=2>A-115</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#mc49201_section_8.3_termination_fees_and_expenses_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#mc49201_section_8.3_termination_fees_and_expenses_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination Fees and Expenses</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#mc49201_section_8.3_termination_fees_and_expenses_."><FONT SIZE=2>A-116</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#mc49201_section_8.4_amendment_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#mc49201_section_8.4_amendment_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amendment</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#mc49201_section_8.4_amendment_."><FONT SIZE=2>A-120</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#mc49201_section_8.5_waiver_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#mc49201_section_8.5_waiver_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Waiver</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#mc49201_section_8.5_waiver_."><FONT SIZE=2>A-121</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#mc49201_section_8.6_fees_and_expenses_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#mc49201_section_8.6_fees_and_expenses_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fees and Expenses</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#mc49201_section_8.6_fees_and_expenses_."><FONT SIZE=2>A-121</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#mc49201_article_ix_general_provisions"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B> ARTICLE IX GENERAL PROVISIONS </B></FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#mc49201_article_ix_general_provisions"><FONT SIZE=2><B><BR>
A-121</B></FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#mc49201_section_9.1_non-surviv__mc402273"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#mc49201_section_9.1_non-surviv__mc402273"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-Survival of Representations and Warranties</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#mc49201_section_9.1_non-surviv__mc402273"><FONT SIZE=2><BR>
A-121</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#mc49201_section_9.2_notices_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#mc49201_section_9.2_notices_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notices</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#mc49201_section_9.2_notices_."><FONT SIZE=2>A-121</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#me49201_section_9.3_interpretation;_certain_definitions_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#me49201_section_9.3_interpretation;_certain_definitions_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interpretation; Certain Definitions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#me49201_section_9.3_interpretation;_certain_definitions_."><FONT SIZE=2>A-123</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#me49201_section_9.4_severability_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.4</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#me49201_section_9.4_severability_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Severability</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#me49201_section_9.4_severability_."><FONT SIZE=2>A-123</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#me49201_section_9.5_assignment;_delegation_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#me49201_section_9.5_assignment;_delegation_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Assignment; Delegation</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#me49201_section_9.5_assignment;_delegation_."><FONT SIZE=2>A-123</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-iii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=240,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=495521,FOLIO='A-iii',FILE='DISK127:[17ZBR1.17ZBR49201]LC49201A.;41',USER='CHE108053',CD=';9-JUL-2017;22:32' -->
<A NAME="page_lc49201_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="29%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="59%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#me49201_section_9.6_entire_agreement_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#me49201_section_9.6_entire_agreement_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Entire Agreement</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#me49201_section_9.6_entire_agreement_."><FONT SIZE=2>A-124</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#me49201_section_9.7_no_third-party_beneficiaries_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#me49201_section_9.7_no_third-party_beneficiaries_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Third-Party Beneficiaries</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#me49201_section_9.7_no_third-party_beneficiaries_."><FONT SIZE=2>A-124</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#me49201_section_9.8_specific_performance_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#me49201_section_9.8_specific_performance_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Specific Performance</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#me49201_section_9.8_specific_performance_."><FONT SIZE=2>A-124</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#me49201_section_9.9_counterparts_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#me49201_section_9.9_counterparts_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Counterparts</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#me49201_section_9.9_counterparts_."><FONT SIZE=2>A-124</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#me49201_section_9.10_governing_law_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#me49201_section_9.10_governing_law_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Governing Law</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#me49201_section_9.10_governing_law_."><FONT SIZE=2>A-125</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#me49201_section_9.11_consent_to_jurisdiction_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#me49201_section_9.11_consent_to_jurisdiction_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consent to Jurisdiction</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#me49201_section_9.11_consent_to_jurisdiction_."><FONT SIZE=2>A-125</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#me49201_section_9.12_waiver_of_jury_trial_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#me49201_section_9.12_waiver_of_jury_trial_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WAIVER OF JURY TRIAL</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#me49201_section_9.12_waiver_of_jury_trial_."><FONT SIZE=2>A-125</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lc49201_exhibits"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBITS    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Exhibit&nbsp;A&#151;Form of Company Stockholders Voting Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Exhibit&nbsp;B&#151;Form of Parent Shareholders Voting Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Exhibit&nbsp;C&#151;Form of Amendment to CIC Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Exhibit&nbsp;D&#151;Form of Articles Supplementary of Parent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Exhibit&nbsp;E&#151;Form of Amendment to Parent Partnership Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Exhibit&nbsp;F&#151;Form of REIT Opinion of Polsinelli PC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Exhibit&nbsp;G&#151;Form of REIT Opinion of Hogan Lovells US&nbsp;LLP</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-iv</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=241,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=538473,FOLIO='A-iv',FILE='DISK127:[17ZBR1.17ZBR49201]LC49201A.;41',USER='CHE108053',CD=';9-JUL-2017;22:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_le49201_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="le49201_agreement_and_plan_of_merger"> </A>
<A NAME="toc_le49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  AGREEMENT AND PLAN OF MERGER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT AND PLAN OF MERGER, dated as of April&nbsp;23, 2017 (this "<U>Agreement</U>"), is made by and among RLJ
Lodging Trust, a Maryland real estate investment trust ("<U>Parent</U>"), RLJ Lodging Trust,&nbsp;L.P., a Delaware limited partnership
("<U>Parent&nbsp;LP</U>"), Rangers Sub I,&nbsp;LLC, a Maryland limited liability company and a wholly owned subsidiary of Parent&nbsp;LP ("<U>REIT Merger
Sub</U>"), Rangers Sub II,&nbsp;LP, a Delaware limited partnership and an indirect wholly owned subsidiary of Parent&nbsp;LP ("<U>Partnership Merger Sub</U>"),
FelCor Lodging Trust Incorporated, a Maryland corporation (the "<U>Company</U>"), and FelCor Lodging Limited Partnership, a Delaware limited partnership
("<U>Company&nbsp;LP</U>"). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in
<U>Section&nbsp;1.1</U>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="le49201_w_i_t_n_e_s_s_e_t_h_"> </A>
<A NAME="toc_le49201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  W I T N E S S E T H:    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties hereto wish to effect a business combination transaction in which the Company shall merge with and into REIT Merger Sub,
with REIT Merger Sub being the surviving entity (the "<U>REIT Merger</U>"), and each outstanding share of Company Common Stock will be converted into the right to receive from
Parent&nbsp;LP the applicable REIT Common Merger Consideration and each outstanding share of Company Series&nbsp;A Preferred Stock will be converted into the right to receive from Parent&nbsp;LP
the applicable REIT Preferred Merger Consideration, upon the terms and subject to the conditions set forth in this Agreement and in accordance with the MGCL and the MD&nbsp;LLC Act; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
prior to the REIT Merger, Partnership Merger Sub shall merge with and into Company&nbsp;LP, with Company&nbsp;LP continuing as the surviving entity and a wholly owned
subsidiary of Parent&nbsp;LP (such merger transaction, the "<U>Partnership Merger</U>" and, together with the REIT Merger, the "<U>Mergers</U>"), and
outstanding partnership interests in Company&nbsp;LP will be converted into the right to receive partnership interests in Parent&nbsp;LP, upon the terms and subject to the conditions set forth in
this Agreement and in accordance with the DRULPA; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the board of trustees of Parent (the "<U>Parent Board</U>") has determined that the Mergers are in the best interests of Parent and its shareholders,
approved this Agreement and the issuance of Parent Common Shares contemplated by this Agreement (the "<U>Parent Share Issuance</U>"), directed that the Parent Share Issuance be
submitted for consideration at a meeting of Parent's shareholders and resolved to recommend that Parent's shareholders vote to approve the Parent Share Issuance; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the board of directors of the Company (the "<U>Company Board</U>") has determined that the Mergers are in the best interests of the Company and its
stockholders, approved this Agreement and the Mergers and the other transactions contemplated by this Agreement, directed that the REIT Merger and the other transactions contemplated by this Agreement
be submitted for consideration at a meeting of the Company's stockholders and resolved to recommend that the Company's stockholders vote to approve the REIT Merger and the other transactions
contemplated by this Agreement; </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=242,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=832283,FOLIO='A-1',FILE='DISK127:[17ZBR1.17ZBR49201]LE49201A.;14',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_le49201_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Company is the sole general partner of Company&nbsp;LP and holds limited partner interests in Company&nbsp;LP through its wholly owned subsidiary, FelCor Holdings Trust,
a Massachusetts business trust ("<U>FelCor Holdings</U>"); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
each of Parent, in its capacity as the general partner of Parent&nbsp;LP, Company, in its capacity as the general partner of Company&nbsp;LP, Parent&nbsp;LP, in its
capacity as the sole member of REIT Merger Sub and in its capacities as the limited partner of Partnership Merger Sub and the sole member of the general partner of Partnership Merger Sub, has taken
all actions required for the execution of this Agreement by Parent&nbsp;LP, Company&nbsp;LP, REIT Merger Sub and Partnership Merger Sub, respectively, and to adopt and approve this Agreement and
to approve the consummation by REIT Merger Sub, Partnership Merger Sub and Company&nbsp;LP, as applicable, of the REIT Merger and the Partnership Merger, as applicable, and the other transactions
contemplated by this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Parent, Parent&nbsp;LP and certain stockholders of the Company have entered into a Voting Agreement in the form attached hereto as
<U>Exhibit&nbsp;A</U> (the "<U>Company Stockholders Voting Agreement</U>") pursuant to which such stockholders have agreed to vote the shares of Company
Common Stock beneficially owned by them, or the voting of which they have the power to direct, in favor of the REIT Merger, or cause such interests to be voted in favor of the REIT Merger, at any
meeting of the stockholders of the Company at which it is proposed that such stockholders approve the REIT Merger; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Company, Company&nbsp;LP and certain shareholders of Parent have entered into a Voting Agreement in the form attached hereto as
<U>Exhibit&nbsp;B</U> (the "<U>Parent Shareholders Voting Agreement</U>") pursuant to which such shareholders have agreed to vote the Parent Common Shares
beneficially owned by them, or the voting of which they have the power to direct, in favor of the Parent Share Issuance, or cause such interests to be voted in favor of the Parent Share Issuance at
any meeting of the shareholders of Parent at which it is proposed that such shareholders approve the Parent Share Issuance; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
prior to the REIT Merger Effective Time, Parent shall transfer to Parent&nbsp;LP (or to the Exchange Agent on behalf of Parent&nbsp;LP) the Parent Common Shares and the
Parent Series&nbsp;A Preferred Shares to be used by Parent&nbsp;LP to provide the Aggregate REIT Merger Consideration under this Agreement, and the parties intend that such transfers by Parent be
treated as contributions of the Parent Common Shares and the Parent Series&nbsp;A Preferred Shares to Parent&nbsp;LP in exchange for a number of Parent&nbsp;LP Common Units equal to the number
of Parent Common Shares transferred to Parent&nbsp;LP and a number of Parent&nbsp;LP Preferred Units equal to the number of Parent Series&nbsp;A Preferred Shares transferred to Parent&nbsp;LP,
with terms of such Parent&nbsp;LP Preferred Units to be the same, in all material respects, as the terms of the Parent Series&nbsp;A Preferred Shares; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
for U.S. federal income tax purposes (and, where applicable, state and local income tax purposes), the parties intend that (i)&nbsp;the REIT Merger will be treated as a
taxable sale by the Company of all of the Company's assets to Parent&nbsp;LP in exchange for the Aggregate REIT Merger Consideration and the assumption of all of the Company's liabilities (including
the Company's interests in Company&nbsp;LP, as determined under the applicable U.S. federal income tax </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=243,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=457339,FOLIO='A-2',FILE='DISK127:[17ZBR1.17ZBR49201]LE49201A.;14',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_le49201_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>regulations),
immediately followed by a distribution of such consideration by the Company to the holders of equity interests in the Company in liquidation of the Company pursuant to Section&nbsp;331
and Section&nbsp;562 of the Internal Revenue Code of 1986, as amended (the "<U>Code</U>"), and that this Agreement shall constitute a "plan of liquidation" of the Company for
U.S. federal income tax purposes, and (ii)&nbsp;to the extent the limited partners of Company&nbsp;LP other than the Company or any other Company Subsidiary receive New Parent&nbsp;LP Common
Units, the Partnership Merger will be treated as contributions by those limited partners of their Company&nbsp;LP Common Units to Parent&nbsp;LP in exchange for the New Parent&nbsp;LP Common
Units pursuant to Section&nbsp;721(a) of the Code; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
concurrently with the execution and delivery of this Agreement and as a material inducement to the willingness of Parent, Parent&nbsp;LP, REIT Merger Sub, and Partnership
Merger Sub to enter into this Agreement, each of the Executive Employees are executing an amendment to his or her Change in Control and Severance Agreement with the Company and Company&nbsp;LP, to
become effective upon the Closing; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
each of the Company, Company&nbsp;LP, Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub desire to make certain representations, warranties, covenants and
agreements in connection with the Mergers, and also to prescribe various conditions to the Mergers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants and subject to the conditions herein contained, and intending to be legally
bound hereby, the parties hereto hereby agree as follows: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="le49201_article_i_definitions"> </A>
<A NAME="toc_le49201_3"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE I    <BR>    <BR>    DEFINITIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="le49201_section_1.1_definitions_."> </A>
<A NAME="toc_le49201_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Definitions</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;For
purposes of this Agreement: </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Acceptable
Confidentiality Agreement</U>" shall mean a customary confidentiality agreement containing terms no less favorable to the Company or Parent, as the
case may be, than the terms set forth in the Confidentiality Agreement; <U>provided</U>, <U>however</U>, that such confidentiality agreement shall not
prohibit compliance by the Company or Parent, as the case may be, with any of the provisions of <U>Section&nbsp;6.5</U>, and shall not include any standstill provisions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Action</U>"
shall mean any claim, action, suit, proceeding, arbitration, mediation or other investigation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Affiliate</U>"
of a specified Person shall mean a Person who, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under
common control with, such specified Person. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=244,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=263070,FOLIO='A-3',FILE='DISK127:[17ZBR1.17ZBR49201]LE49201A.;14',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_le49201_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Aggregate
Cash Consideration</U>" shall mean the aggregate amount paid with respect to fractional shares and fractional units in accordance with
<U>Section&nbsp;3.9</U>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Business
Day</U>" shall mean any day other than a Saturday, Sunday or a day on which all banking institutions in New York, New York are authorized or obligated
by Law or executive order to close. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
2005 Plan</U>" shall mean the Company's 2005 Restricted Stock and Stock Option Plan, as it may be amended from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
2014 Plan</U>" shall mean the Company's 2014 Equity Compensation Plan, as it may be amended from time to time. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Benefit Plan</U>" shall mean each "employee pension benefit plan" (as defined in Section&nbsp;3(2) of ERISA), each "employee welfare benefit plan" (as
defined in Section&nbsp;3(1) of ERISA), and each other plan, agreement, arrangement or policy (written or oral) relating to compensation, deferred compensation, bonus, commission, cash- or
equity-based incentive, stock option, stock purchase, phantom stock, retention, change in control, golden parachute, severance, termination pay, salary continuation, supplemental unemployment,
retirement, supplemental retirement, pension, savings, profit sharing, health, medical, dental, vision, disability, accident, life insurance, vacation, paid time off, education reimbursement,
perquisite, fringe benefit or other employee benefit, in each case maintained or contributed to, or required to be maintained or contributed to, by the Company or the Company Subsidiaries, or pursuant
to which the Company or any Company Subsidiary has or may have any liability, including contingent liability, other than any plan, agreement, arrangement or policy operated by a Governmental
Authority. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Bylaws</U>" shall mean the Bylaws of FelCor Lodging Trust Incorporated restated through October&nbsp;27, 2016, as it may be amended from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Charter</U>" shall mean the Articles of Amendment and Restatement of FelCor Lodging Trust Incorporated, dated May&nbsp;19, 2015, with any articles of
amendment or articles supplementary thereto, as it may be further amended and supplemented from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Common Stock</U>" shall mean the common stock, par value $0.01 per share, of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Employment Agreement</U>" shall mean each contract or agreement of the Company or any Company Subsidiary with any individual who is rendering or has
rendered services thereto as an employee or director pursuant to which the Company or any Company Subsidiary has any actual or contingent liability or obligation to provide compensation and/or
benefits in consideration for past, present or future services. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Equity Plans</U>" shall mean the Company 2005 Plan and the Company 2014 Plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=245,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=981703,FOLIO='A-4',FILE='DISK127:[17ZBR1.17ZBR49201]LE49201A.;14',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_le49201_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company&nbsp;LP
Common Unit</U>" shall mean a limited partnership interest in Company&nbsp;LP designated as a "Common Unit" under the Company Partnership
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company&nbsp;LP
Preferred Unit</U>" shall mean a limited partnership interest in Company&nbsp;LP designated as a "Series&nbsp;A Convertible Preferred
Unit" under the Company Partnership Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Material Adverse Effect</U>" shall mean any event, circumstance, change or effect (a)&nbsp;that is material and adverse to the business, assets,
properties, liabilities, condition (financial or otherwise) or results of operations of the Company and the Company Subsidiaries, taken as a whole or (b)&nbsp;that prevents or materially impairs the
ability of the Company or Company&nbsp;LP to consummate the Mergers before the Outside Date; <U>provided</U>, <U>however</U>, that for purposes of
clause&nbsp;(a) "Company Material Adverse Effect" shall not include any event, circumstance, change or effect to the extent arising out of or resulting from (i)&nbsp;any failure of the Company to
meet any projections or forecasts or any decrease in the market price of the Company Common Stock (it being understood and agreed that, subject to the other clauses of this proviso, any event,
circumstance, change or effect giving rise to such failure or decrease shall be taken into account in determining whether there has been a Company Material Adverse Effect), (ii)&nbsp;any events,
circumstances, changes or effects that affect the lodging industry generally, (iii)&nbsp;any changes in the United States or global economy or capital, financial or securities markets generally,
including changes in interest or exchange rates or changes in global, national or regional political conditions, (iv)&nbsp;the commencement, escalation or worsening of a war or armed hostilities or
the occurrence of acts of terrorism or sabotage, (v)&nbsp;the negotiation, execution or announcement of this Agreement, or the consummation or anticipation of the Mergers or other transactions
contemplated hereby, including the impact of any of the foregoing on relationships, contractual or otherwise, with customers, franchisors, managers, suppliers, lenders, investors, future partners or
employees, (vi)&nbsp;the taking of any action expressly required by, or the failure to take any action expressly prohibited by, this Agreement, or the taking of any action at the written request or
with the prior written consent of an executive officer of Parent, (vii)&nbsp;earthquakes, hurricanes or other natural disasters, (viii)&nbsp;changes in Law or GAAP or interpretations or
enforcement thereof or (ix)&nbsp;any stockholder or derivative litigation arising from allegations of a breach or violation of applicable Law relating to this Agreement or transactions contemplated
thereby, which in the case of each of clauses&nbsp;(ii), (iii), (iv)&nbsp;and (viii)&nbsp;do not disproportionately affect the Company and the Company Subsidiaries, taken as a whole, relative to
other participants in the lodging industry in the United States, and in the case of clause&nbsp;(vii) do not disproportionately affect the Company and the Company Subsidiaries, taken as a whole,
relative to other participants in the lodging industry in the geographic regions in which the Company and the Company Subsidiaries operate or own or lease properties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Partnership Agreement</U>" shall mean that certain Second Amended and Restated Agreement of Limited Partnership of FelCor Lodging Limited Partnership,
dated as of December&nbsp;31, 2001, as amended by that certain First Amendment, dated as of April&nbsp;1, 2002, as further amended by that certain Second Amendment, dated as of August&nbsp;31,
2002, as further amended by that certain Third Amendment, dated as of October&nbsp;1, 2002, as further amended by that certain Fourth Amendment, dated as of July&nbsp;1, 2003, as further amended
by that certain Fifth Amendment, dated as of April&nbsp;2, 2004, as further amended by that certain Sixth Amendment, dated as of August&nbsp;23, 2004, as further amended by that certain Seventh
Amendment, dated as of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=246,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=85281,FOLIO='A-5',FILE='DISK127:[17ZBR1.17ZBR49201]LE49201A.;14',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_le49201_1_6"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>April&nbsp;7,
2005, as further amended by that certain Eighth Amendment, dated as of August&nbsp;30, 2005, as it may be further amended from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Partnership Certificate</U>" shall mean the certificate of limited partnership of FelCor Lodging Limited Partnership, as it may be amended from time to
time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Partnership Unit</U>" shall mean a "Partnership Unit," as defined in the Company Partnership Agreement, and shall include a Company&nbsp;LP Common
Unit and a Company&nbsp;LP Preferred Unit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Preferred Stock</U>" shall mean shares of preferred stock, par value $0.01 per share, of the Company, of any series or type as may be designated by the
Company Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Property Manager</U>" shall mean any Third Party that manages or operates any of the Company Properties on behalf of the Company, Company&nbsp;LP or
any other Company Subsidiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Restricted Stock</U>" shall mean any restricted shares of Company Common Stock granted pursuant to the Company Equity Plans. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
RSU</U>" shall mean any restricted stock unit award with respect to Company Common Stock granted pursuant to the Company Equity Plans. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Series&nbsp;A Preferred Stock</U>" shall mean the $1.95 Series&nbsp;A Cumulative Convertible Preferred Stock, par value $0.01 per share, of the
Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Stockholder Meeting</U>" shall mean the meeting (including any postponement and adjournment thereof) of the holders of shares of Company Common Stock
for the purpose of seeking the Company Stockholder Approval. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Subsidiary</U>" shall mean a Subsidiary of the Company. A Company Subsidiary that is directly or indirectly wholly owned by the Company or
Company&nbsp;LP shall be deemed a wholly owned Company Subsidiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Termination Fee</U>" shall mean $39,000,000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company
Title Insurance Policy</U>" shall mean each policy of title insurance insuring the Company's or the applicable Company Subsidiary's (or the applicable
predecessor's) title to or leasehold interest in Company Properties, subject to the matters and printed exceptions set forth in the Company Title Insurance Policies. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Confidentiality
Agreement</U>" shall mean the letter agreement, dated December&nbsp;28, 2016, as amended from time to time, between Parent and the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>control</U>"
(including the terms "controlled by" and "under common control with") shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=247,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=405127,FOLIO='A-6',FILE='DISK127:[17ZBR1.17ZBR49201]LE49201A.;14',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_le49201_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Controlled
Group Liability</U>" means any and all liabilities (a)&nbsp;under Title IV of ERISA, (b)&nbsp;under Section&nbsp;302 or 4068(a) of ERISA,
(c)&nbsp;under Section&nbsp;430(k) or 4971 of the Code and (d)&nbsp;for violation of the continuation coverage requirements of Sections&nbsp;601 <U>et seq</U>. of ERISA
and Section&nbsp;4980B of the Code or the group health requirements of Sections&nbsp;701 <U>et seq</U>. of ERISA and Sections&nbsp;9801 <U>et seq</U>.
of the Code, in the case of each of the foregoing clauses&nbsp;(a) through (d), with respect to a Person or any of its ERISA Affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Delaware
Secretary</U>" shall mean the Secretary of State of the State of Delaware. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>DRULPA</U>"
shall mean the Delaware Revised Uniform Limited Partnership Act, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Environmental
Law</U>" shall mean any Law relating to the pollution or protection of the indoor or outdoor environment (including air, surface water,
groundwater, land surface or subsurface land), or human health or safety (as such matters relate to Hazardous Materials), including Laws relating to the use, handling, presence, transportation,
treatment, storage, disposal, release or discharge of Hazardous Materials. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Environmental
Permit</U>" shall mean any permit, approval, license or other authorization required under any applicable Environmental Law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>ERISA</U>"
shall mean the Employee Retirement Income Security Act of 1974, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>ERISA
Affiliate</U>" shall mean, with respect to any entity, trade or business, any other entity, trade or business that is, or was at the relevant time, a
member of a group described in Section&nbsp;414(b), (c), (m)&nbsp;or (o)&nbsp;of the Code or Section&nbsp;4001(b)(1) of ERISA that includes or included the first entity, trade or business, or
that is, or was at the relevant time, a member of the same "controlled group" as the first entity, trade or business pursuant to Section&nbsp;4001(a)(14) of ERISA. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Exchange
Act</U>" shall mean the Securities Exchange Act of 1934, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Executive
Employees</U>" shall mean Steven R. Goldman, Troy A. Pentecost, Michael Hughes, Thomas Hendrick and Jonathan Yellen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Expense
Amount</U>" shall mean $20,000,000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Expenses</U>"
shall mean all expenses (including all fees and expenses of counsel, accountants, investment bankers, experts and consultants to a party hereto
and its Affiliates) incurred by a party or on its behalf in connection with or related to the authorization, preparation, negotiation, execution and performance of this Agreement, the preparation,
printing, and filing of the Form&nbsp;S-4, the preparation, printing, filing and mailing of the Joint Proxy Statement and all SEC and other regulatory filing fees incurred in connection with the
Form&nbsp;S-4 and the Joint Proxy Statement, the solicitation of stockholder and shareholder approvals, engaging the services of the Exchange Agent, obtaining third-party consents, any other filings
with the SEC and all other matters related to the Closing of the Mergers and the other transactions contemplated by this Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=248,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=817538,FOLIO='A-7',FILE='DISK127:[17ZBR1.17ZBR49201]LE49201A.;14',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_lg49201_1_8"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>GAAP</U>" shall mean the United States generally accepted accounting principles. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Governmental
Authority</U>" shall mean any United States (federal, state or local) or foreign government, arbitration panel, or any governmental or
quasi-governmental, regulatory, judicial or administrative authority, board, bureau, agency, commission or self-regulatory organization. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Hazardous
Materials</U>" shall mean (i)&nbsp;those substances listed in, defined in or regulated under any Environmental Law, including the following federal
statutes and their state counterparts, as each may be amended from time to time, and all regulations thereunder: the Resource Conservation and Recovery Act, the Comprehensive Environmental Response,
Compensation and Liability Act, the Toxic Substances Control Act, the Clean Water Act, the Safe Drinking Water Act, the Atomic Energy Act and the Clean Air Act; (ii)&nbsp;petroleum and petroleum
products, including crude oil and any fractions thereof; (iii)&nbsp;polychlorinated biphenyls, methane, asbestos, and radon; and (iv)&nbsp;mold that would reasonably be expected to have a material
adverse effect on human health or property. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Indebtedness</U>"
shall mean, with respect to any Person, (i)&nbsp;all indebtedness, notes payable, accrued interest payable or other obligations for borrowed
money, whether secured or unsecured, (ii)&nbsp;all obligations under conditional sale or other title retention agreements, or incurred as financing, in either case with respect to property acquired
by such Person, (iii)&nbsp;all obligations issued, undertaken or assumed as the deferred purchase price for any property or assets, (iv)&nbsp;all obligations under capital leases, (v)&nbsp;all
obligations in respect of bankers acceptances or letters of credit, (vi)&nbsp;all obligations under interest rate cap, swap, collar or similar transaction or currency hedging transactions, and
(vii)&nbsp;any guarantee of any of the foregoing, whether or not evidenced by a note, mortgage, bond, indenture or similar instrument. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Indemnitee</U>"
shall mean any individual who, on or prior to the REIT Merger Effective Time, was an officer, director, partner, member, trustee or employee of
the Company or served on behalf of the Company as an officer, director, partner, member, trustee or employee of any of the Company Subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Intellectual
Property</U>" shall mean all United States and foreign (i)&nbsp;patents, patent applications, invention disclosures, and all related
continuations, continuations-in-part, divisionals, reissues, re-examinations, substitutions and extensions thereof, (ii)&nbsp;trademarks, service marks, trade dress, logos, trade names, corporate
names, Internet domain names, design rights and other source identifiers, together with the goodwill symbolized by any of the foregoing, (iii)&nbsp;copyrightable works and copyrights,
(iv)&nbsp;confidential and proprietary information, including trade secrets, know-how, ideas, formulae, models and methodologies, (v)&nbsp;all rights in the foregoing and in other similar
intangible assets, and (vi)&nbsp;all applications and registrations for the foregoing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Intellectual
Property Registrations</U>" shall mean all Intellectual Property subject to any issuance, registration, or application or filing by, to, or with
any Governmental Authority or domain registrar in any jurisdiction, including patents and patent applications, trademark registrations and applications, copyright registrations and applications, and
Internet domain names. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=249,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=528442,FOLIO='A-8',FILE='DISK127:[17ZBR1.17ZBR49201]LG49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lg49201_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Investment
Company Act</U>" shall mean the Investment Company Act of 1940, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>IRS</U>"
shall mean the United States Internal Revenue Service. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>knowledge</U>"
shall mean the actual knowledge as of the date hereof, with respect to the Company or Parent, of the Persons listed on
<U>Section&nbsp;1.1</U> of the Company Disclosure Letter and <U>Section&nbsp;1.1</U> of the Parent Disclosure Letter, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Law</U>"
shall mean any and all domestic (federal, state or local) or foreign laws, rules, regulations, orders, judgments or decrees promulgated by any
Governmental Authority. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Lien</U>"
shall mean with respect to any asset (including any security), any mortgage, deed of trust, claim, condition, covenant, lien, pledge, charge, security
interest, preferential arrangement, option or other third-party right (including right of first refusal or first offer), restriction, right of way, easement, or title defect or encumbrance of any kind
in respect of such asset, including any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Maryland
SDAT</U>" shall mean the Maryland State Department of Assessments and Taxation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>MD&nbsp;LLC
Act</U>" shall mean the Maryland Limited Liability Company Act, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>MGCL</U>"
shall mean the Maryland General Corporation Law, as amended. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>NYSE</U>"
shall mean the New York Stock Exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Order</U>"
shall mean a judgment, order or decree of a Governmental Authority. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Declaration of Trust</U>" shall mean the Articles of Amendment and Restatement of Declaration of Trust of RLJ Lodging Trust, dated as of May&nbsp;5,
2011, any articles of amendment or articles supplementary thereto and as it may be further amended and supplemented from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Benefit Plan</U>" shall mean each "employee pension benefit plan" (as defined in Section&nbsp;3(2) of ERISA), each "employee welfare benefit plan" (as
defined in Section&nbsp;3(1) of ERISA), and each other material plan, agreement, arrangement or policy (written or oral) relating to employment, compensation, deferred compensation, bonus,
commission, cash- or equity-based incentive, stock option, stock purchase, phantom stock, retention, change in control, golden parachute, severance, termination pay, salary continuation, supplemental
unemployment, retirement, supplemental retirement, pension, savings, profit sharing, health, medical, dental, vision, disability, accident, life insurance, vacation, paid time off, education
reimbursement, perquisite, fringe benefit or other employee benefit, in each case
maintained or contributed to, or required to be maintained or contributed to, by Parent or the Parent Subsidiaries, or pursuant to which Parent or Parent Subsidiaries has or may have any liability, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=250,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=80092,FOLIO='A-9',FILE='DISK127:[17ZBR1.17ZBR49201]LG49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lg49201_1_10"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>including
contingent liability, other than any plan, agreement, arrangement or policy operated by a Governmental Authority. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Bylaws</U>" shall mean the Third Amended and Restated Bylaws of RLJ Lodging Trust, dated as of April&nbsp;29, 2016, as it may be amended from time to
time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Common Shares</U>" shall mean the common shares of beneficial interest, par value $0.01 per share, of Parent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Equity Plans</U>" shall mean the Parent 2011 Equity Incentive Plan, as it may be amended from time to time, and the Parent 2015 Equity Incentive Plan, as
it may be amended from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Lease</U>" shall mean each lease and sublease that is in effect as of the date hereof and to which Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership
Merger Sub or the other Parent Subsidiaries are parties as lessors or sublessors with respect to each of the applicable Parent Properties. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent&nbsp;LP
Common Unit</U>" shall mean a limited partnership interest in Parent&nbsp;LP designated as a "Class&nbsp;A Unit" under the Parent
Partnership Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent&nbsp;LP
Preferred Unit</U>" shall mean a limited partnership interest in Parent&nbsp;LP to be designated as a "Series&nbsp;A Convertible Preferred
Unit" under the Parent Partnership Agreement, as amended in accordance with <U>Section&nbsp;6.18</U> hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Material Adverse Effect</U>" shall mean any event, circumstance, change or effect (a)&nbsp;that is material and adverse to the business, assets,
properties, liabilities, condition (financial or otherwise) or results of operations of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub and the other
Parent Subsidiaries, taken as a whole or (b)&nbsp;that prevents or materially impairs the ability of Parent, Parent&nbsp;LP, REIT Merger Sub or Partnership Merger Sub to consummate the Mergers
before the Outside Date; <U>provided</U>, <U>however</U>, that for purposes of clause&nbsp;(a) "Parent Material Adverse Effect" shall not include any
event, circumstance, change or effect to the extent arising out of or resulting from (i)&nbsp;any failure of Parent to meet any projections or forecasts or any decrease in the market price of the
Parent Common Shares (it being understood and agreed that, subject to the other clauses of this proviso, any event, circumstance, change or effect giving rise to such failure or decrease shall be
taken into account in determining whether there has been a Parent Material Adverse Effect), (ii)&nbsp;any events, circumstances, changes or effects that affect the lodging industry generally,
(iii)&nbsp;any changes in the United States or global economy or capital, financial or securities markets generally, including changes in interest or exchange rates or changes in global, national or
regional political conditions, (iv)&nbsp;the commencement, escalation or worsening of a war or armed hostilities or the occurrence of acts of terrorism or sabotage, (v)&nbsp;the negotiation,
execution or announcement of this Agreement, or the consummation or anticipation of the Mergers or other transactions contemplated hereby, including the impact of any of the foregoing on
relationships, contractual or otherwise, with customers, franchisors, managers, suppliers, lenders, investors, future partners or employees, (vi)&nbsp;the taking of any action expressly required by,
or the failure to take any action expressly prohibited by, this Agreement, or the taking of any action at the written request or with </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=251,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=787080,FOLIO='A-10',FILE='DISK127:[17ZBR1.17ZBR49201]LG49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lg49201_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
prior written consent of an executive officer of the Company, (vii)&nbsp;earthquakes, hurricanes or other natural disasters, (viii)&nbsp;changes in Law or GAAP or interpretations or
enforcement thereof or (ix)&nbsp;any stockholder or derivative litigation arising from allegations of a breach or violation of applicable Law relating to this Agreement or transactions contemplated
thereby, which in the case of each of clauses&nbsp;(ii), (iii), (iv)&nbsp;and (viii)&nbsp;do not disproportionately affect Parent and the Parent Subsidiaries, taken as a whole, relative to other
participants in the lodging industry in the United States, and in the case of clause&nbsp;(vii) do not disproportionately affect Parent and the Parent Subsidiaries, taken as a whole, relative to
other participants in the lodging industry in the geographic regions in which Parent and the Parent Subsidiaries operate or own or lease properties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Material Contract</U>" shall mean each contract or agreement in effect as of the date of this Agreement to which Parent or any Parent Subsidiary is a
party that is required to be filed as an exhibit to the Parent SEC Filings pursuant to Item&nbsp;601(b)(2), (4), (9)&nbsp;or (10)&nbsp;of Regulation&nbsp;S-K promulgated by the SEC, excluding
(x)&nbsp;any contract or agreement that will no longer be in effect following the Closing and (y)&nbsp;any contract or agreement that is, or at the Closing will be, terminable-at-will (as defined
below) or terminable upon not more than sixty (60)&nbsp;days' notice by Parent or any Parent Subsidiary without penalty. A contract or agreement is "terminable-at-will", as that expression is used
in this definition if it expressly provides that it is terminable-at-will, regardless of whether any covenant of good faith and fair dealing may be implied as a matter of law in connection with the
termination thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Partnership Agreement</U>" shall mean the Amended and Restated Agreement of Limited Partnership of RLJ Lodging Trust,&nbsp;L.P., dated May&nbsp;13,
2011, as it may be amended from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Partnership Certificate</U>" shall mean the certificate of limited partnership of RLJ Lodging Trust,&nbsp;L.P., as it may be amended from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Preferred Shares</U>" shall mean the preferred shares of beneficial interest, par value $0.01 per share, of Parent, of any series or type as may be
designated by the Parent Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Series&nbsp;A Preferred Shares</U>" shall mean the Series&nbsp;A cumulative convertible preferred shares, par value $0.01 per share, of Parent, as
designated by the Parent Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Shareholder Meeting</U>" shall mean the meeting (including any postponement and adjournment thereof) of the holders of Parent Common Shares for the
purpose of seeking the Parent Shareholder Approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Subsidiary</U>" shall mean a Subsidiary of Parent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Termination Fee</U>" shall mean $95,000,000. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Parent
Title Insurance Policy</U>" shall mean each policy of title insurance insuring Parent's or the applicable Parent Subsidiary's (or the applicable
predecessor's) title to or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=252,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=592677,FOLIO='A-11',FILE='DISK127:[17ZBR1.17ZBR49201]LG49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lg49201_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>leasehold
interest in Parent Properties, subject to the matters and printed exceptions set forth in the Parent Title Insurance Policies. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Person</U>"
shall mean an individual, corporation, partnership, limited partnership, limited liability company, person (including a "person" as defined in
Section&nbsp;13(d)(3) of the Exchange Act), trust, association or other entity or a government or a political subdivision, agency or instrumentality of a government. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Representative</U>"
shall mean, with respect to any Person, any of such Person's trustees, directors, officers, employees, consultants, advisors (including
attorneys, accountants, consultants, investment bankers, and financial advisors), agents and other representatives. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Sarbanes-Oxley
Act</U>" shall mean the Sarbanes-Oxley Act of 2002, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>SEC</U>"
shall mean the United States Securities and Exchange Commission (including the staff thereof). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Securities
Act</U>" shall mean the Securities Act of 1933, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Surviving
Entity</U>" shall mean, (x)&nbsp;with respect to the Partnership Merger, Company&nbsp;LP, and (y)&nbsp;with respect to the REIT Merger, REIT
Merger Sub. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Subsidiary</U>"
shall mean, with respect to any Person (a)&nbsp;any corporation of which at least fifty percent (50%) of the outstanding voting securities is
directly or indirectly owned (b)&nbsp;any partnership, limited liability company, joint venture or other entity of which at least fifty percent (50%) of the total equity interest is directly or
indirectly owned by such Person or of which such Person or any of its Subsidiaries is a general partner, manager, managing member or the equivalent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Tax</U>"
or "<U>Taxes</U>" shall mean any federal, state, local or foreign or other taxes of any kind, together with any interest,
penalties and additions to tax, imposed by any Governmental Authority, including taxes on or with respect to income, franchises, gross receipts, property, sales, use, capital stock, payroll,
employment, unemployment and net worth, and taxes in the nature of excise, withholding, and value added taxes. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Tax
Return</U>" shall mean any return, report or similar statement, together with any attached schedule, that is required to be provided to a Governmental
Authority with respect to Taxes, including information returns, refunds claims, amended returns and declarations of estimated Tax. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Third
Party</U>" shall mean (i)&nbsp;in the case of the Company, Company&nbsp;LP or a Company Subsidiary, any Person or group of Persons other than Parent,
Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub
and their respective Affiliates or (ii)&nbsp;in the case of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or a Parent Subsidiary, any Person or group of Persons other than the
Company, Company&nbsp;LP and their respective Affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>VWAP
of Parent Common Shares</U>" shall mean the volume weighted average price of Parent Common Shares for the ten (10)&nbsp;trading days immediately prior to
the Closing </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=253,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=450121,FOLIO='A-12',FILE='DISK127:[17ZBR1.17ZBR49201]LG49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lg49201_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Date,
starting with the opening of trading on the first trading day to the closing of the last trading day prior to the Closing Date, as reported by Bloomberg. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following terms shall have the respective meanings set forth in the Section set forth below opposite such term: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="101pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Acquisition Proposal</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.5(k)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Adverse Recommendation Change</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.5(d)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Aggregate REIT Merger Consideration</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.5(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Agreement</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Alternative Acquisition Agreement</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.5(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>BAML</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.19</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Barclays</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;5.19</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Book-Entry Share</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Certificate</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Claim</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.13</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Closing</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Closing Date</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Code</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Common Exchange Ratio</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Board</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Common Quarterly Dividend</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.1(b)(iii)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Designee</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.19</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Disclosure Letter</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>ARTICLE IV</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Employees</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.10(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Franchise Agreement</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.16(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Ground Lease</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.16(g)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Insurance Policies</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.18</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company&nbsp;LP</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Major Leases</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.16(f)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Management Agreement</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.16(h)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Material Contract</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.12(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Permits</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.6(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Permitted Liens</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.16(b)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Property</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.16(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Recommendation</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.4(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company SEC Filings</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.7(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Stockholder Approval</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.21</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Stockholders Voting Agreement</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Subsidiary Partnership</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.17(f)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Tax Letter</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.11(c)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Company Tax Protection Agreements</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.17(f)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>D&amp;O Insurance</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.9(c)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Exchange Agent</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.5(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Exchange Fund</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.5(a)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=254,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=637143,FOLIO='A-13',FILE='DISK127:[17ZBR1.17ZBR49201]LG49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lg49201_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="101pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Existing Indemnification Right</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.9(e)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>FelCor Holdings</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Form&nbsp;S-4</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.5(b)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Inquiry</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.5(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Interim Period</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.1(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Joint Proxy Statement</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.5(b)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>JV Agreement</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.12(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Letter of Transmittal</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.5(c)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Losses</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.14</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Material Parent Leases</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;5.16(f)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Mergers</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>New Parent&nbsp;LP Common Units</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.2(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>New Plans</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.10(b)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Notice of Superior Proposal</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.5(e)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Outside Date</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;8.1(b)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Board</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Common Quarterly Dividend</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.2(b)(iii)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Disclosure Letter</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>ARTICLE V</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Insurance Policies</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;5.18</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent&nbsp;LP</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Permits</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;5.6(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Permitted Liens</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;5.16(b)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Property</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;5.16(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Recommendation</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;5.4(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent SEC Filings</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;5.7(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Share Issuance</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Shareholders Voting Agreement</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Subsidiary Partnership</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;5.17(f)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Tax Letter</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.11(b)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Parent Tax Protection Agreements</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;5.17(f)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Partnership Merger</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Partnership Merger Certificate of Merger</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.3(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Partnership Merger Effective Time</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.3(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Partnership Merger Sub</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Qualifying Income</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;8.3(e)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>REIT Common Merger Consideration</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)(i)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>REIT Merger</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>REIT Merger Articles of Merger</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.3(b)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>REIT Merger Effective Time</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.3(b)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>REIT Merger Sub</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>REIT Preferred Merger Consideration</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)(ii)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Superior Proposal</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.5(k)(ii)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Transfer Taxes</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.11(a)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>WARN Act</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.11</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=255,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=173344,FOLIO='A-14',FILE='DISK127:[17ZBR1.17ZBR49201]LG49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lg49201_1_15"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lg49201_article_ii_the_mergers"> </A>
<A NAME="toc_lg49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE II    <BR>    <BR>    THE MERGERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lg49201_section_2.1_the_mergers_."> </A>
<A NAME="toc_lg49201_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>The Mergers</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Partnership Merger</U>.&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions of this
Agreement, and in accordance with the DRULPA, at the Partnership Merger Effective Time, Partnership Merger Sub shall merge with and into Company&nbsp;LP, whereupon the separate existence of
Partnership Merger Sub shall cease, and Company&nbsp;LP shall continue under the name "FelCor Lodging Limited Partnership" as the Surviving Entity in the Partnership Merger. The Partnership Merger
shall have the effects provided in this Agreement and as specified in the DRULPA. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>REIT Merger</U>.&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions of this Agreement,
and in accordance with the MGCL and the MD&nbsp;LLC Act, at the REIT Merger Effective Time, the Company shall be merged with and into REIT Merger Sub, whereupon the separate existence of the Company
shall cease, and REIT Merger Sub shall continue under the name "Rangers Sub I,&nbsp;LLC" as the Surviving Entity in the REIT Merger. The REIT Merger shall have the effects provided in this Agreement
and as specified in the MGCL and the MD&nbsp;LLC Act. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lg49201_section_2.2_closing_."> </A>
<A NAME="toc_lg49201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Closing</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The closing of the Mergers (the "<U>Closing</U>") shall occur as promptly as practicable (but in no event later than the second (2nd) Business Day) after all of the
conditions set forth in <U>Article&nbsp;VII</U> (other than those conditions that by their terms are required to be satisfied or waived at the Closing, but subject to the
satisfaction or waiver of such conditions) shall have been satisfied or waived by the party entitled to the benefit of the same and, subject to the foregoing, shall take place at such time and on a
date to be specified by the parties (the "<U>Closing Date</U>"). The Closing shall take place at the offices of Hogan Lovells US&nbsp;LLP, 555 13th&nbsp;Street NW,
Washington, D.C., or at such other place as agreed to by the parties hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lg49201_section_2.3_effective_time_."> </A>
<A NAME="toc_lg49201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Effective Time</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Partnership Merger Effective Time</U>.&nbsp;&nbsp;&nbsp;&nbsp;At the Closing, Company&nbsp;LP and
Partnership Merger Sub shall (i)&nbsp;cause the certificate of merger with respect to the Partnership Merger (the "<U>Partnership Merger Certificate of Merger</U>") to be duly
executed and filed with the Delaware Secretary as provided under the DRULPA and (ii)&nbsp;make any other filings, recordings or publications required to be made by Company&nbsp;LP or Partnership
Merger Sub under the DRULPA in connection with the Partnership Merger. The Partnership Merger shall become effective upon such time as the Partnership Merger Certificate of Merger has been filed with
the Delaware Secretary, or such later time that the parties hereto shall have agreed upon and designated in the Partnership Merger Certificate of Merger in accordance with the DRULPA as the effective
time of the Partnership Merger (the "<U>Partnership Merger Effective Time</U>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>REIT Merger Effective Time</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Company and REIT Merger Sub shall cause the
REIT Merger to be consummated as soon as practicable on the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=256,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=220953,FOLIO='A-15',FILE='DISK127:[17ZBR1.17ZBR49201]LG49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lg49201_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Closing
Date immediately after the Partnership Merger Effective Time, and shall (i)&nbsp;cause articles of merger with respect to the REIT Merger (the "<U>REIT Merger Articles of
Merger</U>") to be duly executed and filed with the Maryland SDAT as provided under the MGCL and the MD&nbsp;LLC Act and (ii)&nbsp;make any other filings, recordings or publications
required to be made by the Company or REIT Merger Sub under the MGCL or the MD&nbsp;LLC Act in connection with the REIT Merger. The REIT Merger shall become effective upon such time as the REIT
Merger Articles of Merger have been accepted for record by the Maryland SDAT, or such later time which the parties hereto shall have agreed upon and designated in the REIT Merger Articles of Merger in
accordance with the MGCL and the MD&nbsp;LLC Act as the effective time of the REIT Merger (the "<U>REIT Merger Effective Time</U>"), it being understood and agreed that the
parties shall cause the REIT Merger Effective Time to occur as soon as practicable following the Partnership Merger Effective Time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Partnership Merger shall have the effects set forth in the DRULPA and this Agreement. Without limiting the generality of the foregoing, and subject thereto, from and
after the Partnership Merger Effective Time, the Surviving Entity of the Partnership Merger shall possess all properties, rights, privileges, powers and franchises of Company&nbsp;LP and Partnership
Merger Sub, and all of the claims, obligations, liabilities, debts and duties of Company&nbsp;LP and Partnership Merger Sub shall
become the claims, obligations, liabilities, debts and duties of the Surviving Entity of the Partnership Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
REIT Merger shall have the effects set forth in the MGCL, the MD&nbsp;LLC Act and this Agreement. Without limiting the generality of the foregoing, and subject
thereto, from and after the REIT Merger Effective Time, the Surviving Entity of the REIT Merger shall possess all properties, rights, privileges, powers and franchises of the Company, and all of the
claims, obligations, liabilities, debts and duties of the Company shall become the claims, obligations, liabilities, debts and duties of the Surviving Entity of the REIT Merger. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lg49201_section_2.4_organizational_documents_."> </A>
<A NAME="toc_lg49201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Organizational Documents</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
agreement of limited partnership of Partnership Merger Sub, as in effect immediately prior to the Partnership Merger Effective Time, except for such changes as may
be necessary to reflect any change of name of the Surviving Entity of the Partnership Merger, shall be the limited partnership agreement of the Surviving Entity of the Partnership Merger immediately
following the Partnership Merger Effective Time, until thereafter amended in accordance with the applicable provisions thereof and in accordance with applicable Law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
limited liability company agreement of REIT Merger Sub, as in effect immediately prior to the REIT Merger Effective Time, except for such changes as may be necessary
to reflect any change of name of the Surviving Entity of the REIT Merger, shall be the limited liability company agreement of the Surviving Entity of the REIT Merger immediately following the REIT
Merger Effective Time, until thereafter amended in accordance with the applicable provisions thereof and in accordance with applicable Law. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=257,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=875677,FOLIO='A-16',FILE='DISK127:[17ZBR1.17ZBR49201]LG49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_li49201_1_17"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li49201_section_2.5_tax_consequences_."> </A>
<A NAME="toc_li49201_1"> </A>
<BR></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Tax Consequences</U>.
&nbsp;&nbsp;&nbsp;&nbsp;It is intended that, for U.S. federal income tax purposes (and, where applicable, state and local income tax purposes), (i)&nbsp;Parent's transfers to Parent&nbsp;LP (or to the
Exchange Agent on behalf of Parent&nbsp;LP) of the Parent Common Shares and the Parent Series&nbsp;A Preferred Shares will be treated as contributions of the Parent Common Shares and the Parent
Series&nbsp;A Preferred Shares to Parent&nbsp;LP in exchange for a number of Parent&nbsp;LP Common Units equal to the number of Parent Common Shares transferred to Parent&nbsp;LP and a number
of Parent&nbsp;LP Preferred Units equal to the number of Parent Series&nbsp;A Preferred Shares transferred to Parent&nbsp;LP, with terms of such Parent&nbsp;LP Preferred Units to be the same,
in all material respects, as the terms of the Parent Series&nbsp;A Preferred Shares; (ii)&nbsp;the REIT Merger will be treated as a taxable sale by the Company of all of the Company's assets
(including all of the Company's interests in Company&nbsp;LP, as determined under the applicable U.S. federal income tax regulations) to Parent&nbsp;LP in exchange for the Aggregate REIT Merger
Consideration and the assumption of all of the Company's liabilities, immediately followed by a distribution of the Aggregate REIT Merger Consideration by the Company to the holders of equity
interests in the Company in liquidation of the Company pursuant to Section&nbsp;331 and Section&nbsp;562 of the Code, and that this Agreement shall constitute a "plan of liquidation" of the
Company for U.S. federal income tax purposes, and (iii)&nbsp;to the extent the limited partners of Company&nbsp;LP other than the Company or any other Company Subsidiary receive New
Parent&nbsp;LP Common Units in the Partnership Merger, the Partnership Merger will be treated as contributions by those limited partners of their Company&nbsp;LP Common Units to Parent&nbsp;LP
in exchange for the New Parent&nbsp;LP Common Units pursuant to Section&nbsp;721(a) of the Code. If the Partnership Merger, either alone or taken together with the REIT Merger, is treated as a
merger of the Company&nbsp;LP with Parent&nbsp;LP for purposes of Section&nbsp;708(b)(2)(A) of the Code and Treasury Regulations Section&nbsp;1.708-1(c), then such deemed merger of
Company&nbsp;LP with Parent&nbsp;LP shall be treated as an "assets-over" form of merger under Treasury Regulations&nbsp;1.708-1(c)(3)(i), with (x)&nbsp;the Company treated as selling its
interests in Company&nbsp;LP to Parent&nbsp;LP in exchange for the Aggregate REIT Merger Consideration and the assumption of all of the Company's liabilities (y)&nbsp;any Minority Limited
Partner electing to receive Parent Common Shares treated as selling its interests in Company&nbsp;LP to Parent&nbsp;LP in exchange for such Parent Common Shares, and (z)&nbsp;Company&nbsp;LP
immediately thereafter contributing all of its assets, subject to all of its liabilities, to Parent&nbsp;LP, in exchange for interests in Parent&nbsp;LP which are distributed to the Minority
Limited Partners electing to receive New Parent&nbsp;LP Common Units. The Company, as a party to this Agreement, hereby consents to the characterization set forth in the immediately preceding
sentence, and each Minority Limited Partner electing to receive Parent Common Shares will consent to such characterization as a condition to such election being effective. All Tax Returns shall be
prepared in a manner consistent with this Section. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="li49201_article_iii_effect_of_the_mergers"> </A>
<A NAME="toc_li49201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE III    <BR>    <BR>    EFFECT OF THE MERGERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li49201_section_3.1_effect_on_shares_."> </A>
<A NAME="toc_li49201_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Effect on Shares</U>.
&nbsp;&nbsp;&nbsp;&nbsp;At the REIT Merger Effective Time, by virtue of the REIT Merger and without any action on the part of the Company, REIT Merger Sub or the holders of any securities of the Company or REIT
Merger Sub: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Cancellation of Company Securities</U>.&nbsp;&nbsp;&nbsp;&nbsp;Each share of Company Common Stock issued
and outstanding immediately prior to the REIT Merger Effective </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=258,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=317270,FOLIO='A-17',FILE='DISK127:[17ZBR1.17ZBR49201]LI49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_li49201_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Time
that is held by any wholly owned Company Subsidiary, by Parent or by any Parent Subsidiary shall automatically be canceled and retired and shall cease to exist, and no payment shall be made with
respect thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Conversion of Company Securities</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Each
share of Company Common Stock issued and outstanding immediately prior to the REIT Merger Effective Time (other than shares to be canceled in accordance with
<U>Section&nbsp;3.1(a))</U> shall automatically be converted into the right to receive 0.362 Parent Common Shares (the "<U>Common Exchange Ratio</U>"),
subject to adjustment as provided in <U>Section&nbsp;3.4</U> (the "<U>REIT Common Merger Consideration</U>"). All shares of Company Common Stock, when so
converted, shall no longer be outstanding and shall automatically be cancelled and retired and shall cease to exist, and each holder of a certificate (a "<U>Certificate</U>") or
book-entry share registered in the transfer books of the Company (a "<U>Book-Entry Share</U>") with respect to such Company Common Stock that immediately prior to the REIT Merger
Effective Time represented shares of Company Common Stock shall cease to have any rights with respect to such Company Common Stock other than the right to receive the REIT Common Merger Consideration,
in accordance with <U>Section&nbsp;3.5</U>, including the right, if any, to receive, pursuant to <U>Section&nbsp;3.9</U>, cash in lieu of fractional
Parent Common Shares into which such shares of Company Common Stock have been converted pursuant to this <U>Section&nbsp;3.1(b)(i)</U>, together with the amounts, if any,
payable pursuant to <U>Section&nbsp;3.5(d)</U>. Subject to <U>Section&nbsp;6.20</U>, the issuance of the REIT Common Merger Consideration shall be
subject to the restrictions on ownership and transfer set forth in the Parent Declaration of Trust. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Each
share of Company Series&nbsp;A Preferred Stock issued and outstanding immediately prior to the REIT Merger Effective Time shall automatically be converted into
the right to receive from Parent&nbsp;LP a
number of Parent Series&nbsp;A Preferred Shares equal to one (1)&nbsp;Parent Series&nbsp;A Preferred Share (such share, the "<U>REIT Preferred Merger Consideration</U>").
All shares of Company Series&nbsp;A Preferred Stock, when so converted, shall no longer be outstanding and shall automatically be cancelled and retired and shall cease to exist, and each holder of a
Certificate or Book-Entry Share with respect to such Company Series&nbsp;A Preferred Stock that immediately prior to the REIT Merger Effective Time represented shares of Company Series&nbsp;A
Preferred Stock shall cease to have any rights with respect to such Company Series&nbsp;A Preferred Stock other than the right to receive the REIT Preferred Merger Consideration, as the case may be,
in accordance with <U>Section&nbsp;3.5</U>. Subject to <U>Section&nbsp;6.20</U>, the issuance of the REIT Preferred Merger Consideration shall be
subject to the restrictions on ownership and transfer set forth in the Parent Declaration of Trust. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>REIT Merger Sub Membership Interests</U>.&nbsp;&nbsp;&nbsp;&nbsp;All membership interests of REIT Merger
Sub issued and outstanding immediately prior to the REIT Merger Effective Time shall remain issued and outstanding following the REIT Merger Effective Time. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=259,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=758677,FOLIO='A-18',FILE='DISK127:[17ZBR1.17ZBR49201]LI49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_li49201_1_19"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li49201_section_3.2_effect_on_partnership_interests_."> </A>
<A NAME="toc_li49201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Effect on Partnership Interests</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Conversion of Partnership Merger Sub Interests</U>.&nbsp;&nbsp;&nbsp;&nbsp;At the Partnership Merger
Effective Time, by virtue of the Partnership Merger and without any further action on the part of Parent&nbsp;LP, Partnership Merger Sub, Company&nbsp;LP or the holders of Company&nbsp;LP Common
Units, Parent&nbsp;LP Common Units or partnership interests of Partnership Merger Sub, (i)&nbsp;the partnership interests of Partnership Merger Sub held by Parent&nbsp;LP and issued and
outstanding immediately prior to the Partnership Merger Effective Time shall automatically be cancelled and no payment shall be made with respect thereto, and (ii)&nbsp;the partnership interests in
Partnership Merger Sub held by the general partner of Partnership Merger Sub and issued and outstanding immediately prior to the Partnership Merger Effective Time shall automatically be converted into
one (1)&nbsp;Company&nbsp;LP Common Unit, and the general partner of Partnership Merger Sub shall be admitted as the sole general partner of Company&nbsp;LP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Conversion of Company Partnership Units</U>.&nbsp;&nbsp;&nbsp;&nbsp;At the Partnership Merger Effective
Time, by virtue of the Partnership Merger and without any further action on the part of Parent&nbsp;LP, Partnership Merger Sub, Company&nbsp;LP or the holders of Company&nbsp;LP Common Units or
Parent&nbsp;LP Common Units, (i)&nbsp;the Company's general partner interests in Company&nbsp;LP shall be cancelled and no payment shall be made with respect thereto; (ii)&nbsp;all of the
Company&nbsp;LP Preferred Units held by the Company shall be cancelled and no payment shall be made with respect thereto; (iii)&nbsp;all of the Company&nbsp;LP Common Units held by FelCor
Holdings and issued and outstanding immediately prior to the Partnership Merger Effective Time shall automatically be converted into ninety-nine (99)&nbsp;Company&nbsp;LP Common Units, and FelCor
Holdings shall continue as the sole limited partner of Company&nbsp;LP; and (iv)&nbsp;each Company&nbsp;LP Common Unit held by a limited partner of Company&nbsp;LP other than the Company or
any other Company Subsidiary (each a "<U>Minority Limited Partner</U>") and issued and outstanding immediately prior to the Partnership Merger Effective Time shall automatically
be converted into validly issued Parent&nbsp;LP Common Units in Parent&nbsp;LP ("<U>New Parent&nbsp;LP Common Units</U>") in an amount equal to (x)&nbsp;one (1),
multiplied by (y)&nbsp;the Common Exchange Ratio, and each holder of New Parent&nbsp;LP Common Units shall be admitted as a limited partner of Parent&nbsp;LP in accordance with the terms of the
Parent Partnership Agreement; <U>provided</U> that in lieu of receiving New Parent&nbsp;LP Common Units in the Partnership Merger, each Minority Limited Partner shall have the
right to elect to receive for each Company&nbsp;LP Common Unit held by such Minority Limited Partner a number of Parent Common Shares equal to (x)&nbsp;one (1), multiplied by (y)&nbsp;the Common
Exchange Ratio, and any Minority Limited Partner so electing shall be deemed to have elected to redeem its Company&nbsp;LP Common Units pursuant to Section&nbsp;7.5 of the Company Partnership
Agreement, effective immediately prior to the Partnership Merger Effective Time and shall be treated as having received in exchange for its Company&nbsp;LP Common Units an equal number of Company
Common Stock as of such time, without any further action being required by such Minority Limited Partner. No fractional New Parent&nbsp;LP Common Units or fractional Parent Common Shares will be
issued in the Partnership Merger. Each Minority Limited Partner shall have the right, if any, to receive, pursuant to <U>Section&nbsp;3.9</U>, cash in lieu of fractional New
Parent&nbsp;LP Common Units or Parent Common Shares into </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=260,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=4821,FOLIO='A-19',FILE='DISK127:[17ZBR1.17ZBR49201]LI49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_li49201_1_20"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>which
such Minority Limited Partner's Company&nbsp;LP Common Units have been converted pursuant to this <U>Section&nbsp;3.2(b)</U>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li49201_section_3.3_company_restricted_stock;_company_rsus_."> </A>
<A NAME="toc_li49201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Company Restricted Stock; Company RSUs</U>.
&nbsp;&nbsp;&nbsp;&nbsp;All of the provisions of this <U>Section&nbsp;3.3</U> shall be effectuated without any action on the part of the holder of any Company Restricted Stock and/or
Company RSU. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Treatment of Company Restricted Stock</U>.&nbsp;&nbsp;&nbsp;&nbsp;As of the Business Day immediately
preceding the REIT Merger Effective Time, each share of Company Restricted Stock that is outstanding as of immediately prior to the REIT Merger Effective Time (whether or not then vested) shall
automatically become fully vested, and all restrictions with respect thereto shall lapse. Each share of Company Common Stock resulting from the vesting of the shares of Company Restricted Stock in
accordance with the preceding sentence (less the number of shares of Company Common Stock withheld to satisfy the withholding Tax obligations with respect to such vesting) shall be treated as a share
of Company Common Stock issued and outstanding immediately prior to the REIT Merger Effective Time and shall be converted into the right to receive the REIT Common Merger Consideration in accordance
with <U>Section&nbsp;3.1(b)(i)</U>. As of the REIT Merger Effective Time, each holder of shares of Company Restricted Stock shall cease to have any rights with respect thereto,
except the right to receive the REIT Common Merger
Consideration in accordance with this Agreement including the right, if any, to receive, pursuant to <U>Section&nbsp;3.9</U>, cash in lieu of fractional Parent Common Shares
into which such shares of Company Common Stock have been converted pursuant to <U>Section&nbsp;3.1(b)(i)</U>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Treatment of Company RSUs</U>.&nbsp;&nbsp;&nbsp;&nbsp;As of the Business Day immediately preceding the
REIT Merger Effective Time, each Company RSU that is outstanding as of immediately prior to the REIT Merger Effective Time (whether or not then vested or subject to any performance condition that has
not been satisfied) shall automatically become vested to the extent determined as set forth in the award agreement or other Company Benefit Plan governing such Company RSU, and all restrictions with
respect to such vesting Company RSUs shall lapse. Each share of Company Common Stock resulting from the vesting of the Company RSUs in accordance with the preceding sentence (less the number of shares
of Company Common Stock withheld to satisfy the withholding Tax obligations with respect to such vesting) shall be treated as a share of Company Common Stock issued and outstanding immediately prior
to the REIT Merger Effective Time and shall be converted into the right to receive from Parent&nbsp;LP the REIT Common Merger Consideration in accordance with
<U>Section&nbsp;3.1(b)(i)</U>. As of the Business Day immediately preceding the REIT Merger Effective Time, any dividend equivalent rights associated with the Company RSUs that
vest in accordance with this <U>Section&nbsp;3.3(b)</U> (the "<U>Company Dividend Equivalents</U>") shall automatically become fully vested and converted
into the right to receive an amount in cash equal to the value of such Company Dividend Equivalents as of immediately prior to the REIT Merger Effective Time, less applicable withholding Tax
obligations (the "<U>Company Dividend Equivalent Payment</U>"). As of the REIT Merger Effective Time, each holder of Company RSUs shall cease to have any rights with respect
thereto, except the right to receive from Parent&nbsp;LP the REIT Common Merger Consideration (including the right, if any, to receive, pursuant to </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=261,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=282056,FOLIO='A-20',FILE='DISK127:[17ZBR1.17ZBR49201]LI49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_li49201_1_21"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><U>Section&nbsp;3.9</U>,
cash in lieu of fractional Parent Common Shares into which such shares of Company Common Stock have been converted pursuant to
<U>Section&nbsp;3.1(b)(i)</U>) and the Company Dividend Equivalent Payment in accordance with this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Termination of Company Equity Plans</U>.&nbsp;&nbsp;&nbsp;&nbsp;As of the REIT Merger Effective Time, the
Company Equity Plans shall be terminated, and no further shares of Company Restricted Stock, Company RSUs or other rights with respect to the Company Common Stock shall be granted thereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Manner of Effecting</U>.&nbsp;&nbsp;&nbsp;&nbsp;Prior to the REIT Merger Effective Time, the Company and
Parent&nbsp;LP agree that the Company shall, and shall be permitted under this Agreement to, take all corporate action necessary to effectuate the provisions of this
<U>Section&nbsp;3.3</U>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li49201_section_3.4_adjustments_."> </A>
<A NAME="toc_li49201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Adjustments</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the other provisions of this Agreement and subject to <U>Section&nbsp;6.1(b)(ii)</U> and <U>Section&nbsp;6.1(b)(iii)</U>,
if at any time during the period between the date of this Agreement and the REIT Merger Effective Time, the Company should split, combine or otherwise reclassify the Company Common Stock, or make a
distribution in Company Common Stock, or otherwise change the Company Common Stock into any other securities (including any dividend or other distribution of securities convertible into Company Common
Stock), or engage in a reclassification, reorganization, recapitalization or exchange or other like change, then (without limiting any other rights of Parent hereunder), the Common Exchange Ratio
shall be ratably adjusted to reflect fully the effect of any such change. Without limiting the other provisions of this Agreement and subject to <U>Section&nbsp;6.2(b)(ii)</U>
and <U>Section&nbsp;6.2(b)(iii)</U>, if at any time during the period between the date of this Agreement and the REIT Merger Effective Time, Parent should split, combine or
otherwise reclassify the Parent Common Shares, or make a distribution in Parent Common Shares, or otherwise change the Parent Common Shares into other securities (including any dividend or other
distribution of securities convertible into Parent Common Shares), or engage in a reclassification, reorganization, recapitalization or exchange or other like change, then the Common Exchange Ratio
shall be ratably adjusted to reflect any such change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li49201_section_3.5_exchange_fund;_exchange_agent_."> </A>
<A NAME="toc_li49201_7"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Exchange Fund; Exchange Agent</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Prior
to the REIT Merger Effective Time, Parent&nbsp;LP shall appoint a bank or trust company reasonably satisfactory to the Company to act as exchange agent (the
"<U>Exchange Agent</U>") for the payment and delivery of the REIT Common Merger Consideration, the REIT Preferred Merger Consideration, and the Aggregate Cash Consideration, as
provided in <U>Section&nbsp;3.1(b)</U>, <U>Section&nbsp;3.4</U> and <U>Section&nbsp;3.9</U>. On or before the REIT Merger
Effective Time, (i)&nbsp;Parent shall transfer to Parent&nbsp;LP, and Parent&nbsp;LP shall deposit, or cause to be deposited, with the Exchange Agent evidence of book-entry Parent Common Shares
and Parent Series&nbsp;A Preferred Shares sufficient to pay the REIT Common Merger Consideration and the REIT Preferred Merger Consideration, and (ii)&nbsp;Parent&nbsp;LP shall deposit, or cause
to be deposited, with the Exchange Agent, cash in immediately available funds in an amount sufficient to pay the Aggregate Cash Consideration (such evidence of book-entry Parent Common Shares and
book-entry Parent Series&nbsp;A Preferred Shares and cash amounts, the "<U>Aggregate REIT Merger Consideration</U>" and such Aggregate REIT Merger Consideration as deposited
with the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=262,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=899091,FOLIO='A-21',FILE='DISK127:[17ZBR1.17ZBR49201]LI49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_li49201_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Exchange
Agent, the "<U>Exchange Fund</U>"), in each case, for the benefit of the holders of shares of Company Common Stock, shares of Company Series&nbsp;A Preferred Stock,
shares of Company Restricted Stock, and Company RSUs. In the event the Exchange Fund shall be insufficient to make the payments
contemplated by <U>Section&nbsp;3.9</U>, Parent&nbsp;LP shall promptly deposit, or cause to be deposited, additional funds with the Exchange Agent in an amount which is equal
to the deficiency in the amount required to make such payments. Parent&nbsp;LP shall cause the Exchange Agent to make, and the Exchange Agent shall make, payments of the REIT Common Merger
Consideration and the REIT Preferred Merger Consideration and any amounts payable in respect of dividends or distributions on Parent Common Shares in accordance with
<U>Section&nbsp;3.5(d)</U> or otherwise payable pursuant to <U>Section&nbsp;3.9</U> out of the Exchange Fund in accordance with this Agreement and the
REIT Merger Articles of Merger. The Exchange Fund shall not be used for any other purpose. Any and all interest earned on cash deposited in the Exchange Fund shall be paid to the Surviving Entity of
the REIT Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Share Transfer Books</U>.&nbsp;&nbsp;&nbsp;&nbsp;At the REIT Merger Effective Time, the share transfer
books of the Company shall be closed, and thereafter there shall be no further registration of transfers of shares of Company Common Stock or Company Series&nbsp;A Preferred Stock. From and after
the REIT Merger Effective Time, persons who held shares of Company Common Stock immediately prior to the REIT Merger Effective Time shall cease to have rights with respect to such shares, except as
otherwise provided for herein. On or after the REIT Merger Effective Time, any Certificates presented to the Exchange Agent or the Surviving Entity of the REIT Merger for any reason shall be exchanged
for the REIT Common Merger Consideration or REIT Preferred Merger Consideration with respect to the shares of Company Common Stock or Company Series&nbsp;A Preferred Stock, respectively, formerly
represented thereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Exchange Procedures</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;As
promptly as practicable following the REIT Merger Effective Time (but in no event later than two (2)&nbsp;Business Days thereafter), the Surviving Entity of the
REIT Merger shall cause the Exchange Agent to mail (and to make available for collection by hand): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;to
each holder of record of one or more Certificates evidencing Company Common Stock, (x)&nbsp;a letter of transmittal (a "<U>Letter of
Transmittal</U>"), which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass only upon proper delivery of such Certificates (or
affidavits of loss in lieu thereof) to the Exchange Agent, and which Letter of Transmittal shall be in such form and have such other provisions as the Surviving Entity of the REIT Merger may
reasonably specify, and (y)&nbsp;instructions for use in effecting the surrender of the Certificates in exchange for the REIT Common Merger Consideration into which the number of shares of Company
Common Stock previously represented by such Certificates shall have been converted pursuant to this Agreement, together with any amounts payable in respect of dividends or distributions on Parent
Common Shares </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=263,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=442880,FOLIO='A-22',FILE='DISK127:[17ZBR1.17ZBR49201]LI49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_li49201_1_23"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>in
accordance with <U>Section&nbsp;3.5(d)</U> (which instructions shall provide that, at the election of the surrendering holder, (i)&nbsp;Certificates may be surrendered by
hand delivery or otherwise or (ii)&nbsp;the REIT Common Merger Consideration in exchange therefor, together with any amounts payable in respect of dividends or distributions on Parent Common Shares
in accordance with <U>Section&nbsp;3.5(d)</U>, may be collected by hand by the surrendering holder or by check or wire transfer to the surrendering holder), </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;to
each holder of record of one or more Certificates evidencing Company Series&nbsp;A Preferred Stock, (x)&nbsp;a Letter of Transmittal, which shall specify that
delivery shall be effected, and risk of loss and title to the Certificates shall pass only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof) to the Exchange Agent, and
which Letter of Transmittal shall be in such form and have such other provisions as the Surviving Entity of the REIT Merger may reasonably specify, and (y)&nbsp;instructions for use in effecting the
surrender of the Certificates in exchange for the REIT Preferred Merger Consideration into which the number of shares of Company Series&nbsp;A Preferred Stock previously represented by such
Certificates shall have been converted pursuant to this Agreement, together with any amounts payable in respect of dividends or distributions on Parent Series&nbsp;A Preferred Shares in accordance
with <U>Section&nbsp;3.5(d)</U> (which instructions shall provide that, at the election of the surrendering holder, (i)&nbsp;Certificates may be surrendered by hand delivery
or otherwise or (ii)&nbsp;the REIT Preferred Merger Consideration in exchange therefor, together with any amounts payable in respect of dividends or distributions on Parent Common Shares in
accordance with <U>Section&nbsp;3.5(d)</U>, may be collected by hand by the surrendering holder or by check or wire transfer to the surrendering holder), </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;to
each holder of a share of Company Restricted Stock, a certificate or, at Parent's option, evidence of book-entry Parent Common Shares representing the REIT Common
Merger Consideration into which the number of shares of Company Common Stock previously represented by such award shall have been converted pursuant to this Agreement, and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;to
each holder of a Company RSU, a certificate or, at Parent's option, evidence of book-entry Parent Common Shares representing the REIT Common Merger Consideration into
which the number of shares of Company Common Stock previously represented by such award shall have been converted pursuant to this Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Upon
surrender of a Certificate of Company Common Stock or Company Series&nbsp;A Preferred Stock (or affidavit of loss in lieu thereof) for cancellation to the
Exchange Agent, together with a Letter of Transmittal duly completed and validly executed in accordance with the instructions thereto, and such other documents as may reasonably be required by the
Exchange Agent, the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=264,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=518376,FOLIO='A-23',FILE='DISK127:[17ZBR1.17ZBR49201]LI49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_li49201_1_24"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>holder
of such Certificate shall be entitled to receive in exchange therefor a certificate or, at Parent's option, evidence of book-entry Parent Common Shares representing the REIT Common Merger
Consideration for each share of Company Common Stock or a certificate representing the REIT Preferred Merger Consideration for each share of Company Series&nbsp;A Preferred Stock, as applicable,
formerly represented by such Certificate pursuant to the provisions of this <U>Article&nbsp;III</U>, plus, with respect to Company Common Stock, any cash such holder is
entitled to receive in lieu of fractional Parent Common Shares that such holder has the right to receive pursuant to the provisions of <U>Section&nbsp;3.9</U> and any amounts
that such holder has the right to receive in respect of dividends or distributions on Parent Common Shares or Parent Series&nbsp;A Preferred Shares, as applicable, in accordance with
<U>Section&nbsp;3.5(d)</U>, to be mailed, made available for collection by hand or delivered by wire transfer, within two&nbsp;(2)&nbsp;Business Days following the later to
occur of (A)&nbsp;the REIT Merger Effective Time or (B)&nbsp;the Exchange Agent's receipt of such Certificate (or affidavit of loss in lieu thereof), and the Certificate or Company Common Stock or
Company Series&nbsp;A Preferred Stock (or affidavit of loss in lieu thereof) so surrendered shall be forthwith canceled. The Exchange Agent shall accept such Certificates (or affidavits of loss in
lieu thereof) upon compliance with such reasonable terms and conditions as the Exchange Agent may impose to effect an orderly exchange thereof in accordance with normal exchange practices. Until
surrendered as contemplated by this <U>Section&nbsp;3.5</U>, each Certificate of Company Common Stock or Company Series&nbsp;A Preferred Stock shall be deemed, at any time
after the REIT Merger Effective Time, to represent only the right to receive, upon such surrender, the REIT Common Merger Consideration or the REIT Preferred Merger Consideration, as applicable, as
contemplated by this <U>Article&nbsp;III</U>. No interest shall be paid or accrued for the benefit of holders of the Certificates on the REIT Common Merger Consideration or the
REIT Preferred Merger Consideration payable upon the surrender of the Certificates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;As
promptly as practicable following the REIT Merger Effective Time (but in no event later than two&nbsp;(2)&nbsp;Business Days thereafter), the Surviving Entity
shall cause the Exchange Agent (A)&nbsp;to issue to each holder of Book-Entry Shares that whole number of uncertificated Parent Common Shares or Parent Series&nbsp;A Preferred Shares, as
applicable, that such holder is entitled to receive pursuant to <U>Section&nbsp;3.1(b)</U> in respect of such Book-Entry Shares, and (B)&nbsp;to issue and deliver to each
holder of Book-Entry Shares a check or wire transfer for any amounts payable in respect of dividends or distributions on Parent Common Shares or Parent Series&nbsp;A Preferred Shares in accordance
with <U>Section&nbsp;3.5(d)</U> and any other amount such holder is entitled to receive in lieu of fractional Parent Common Shares that such holder has the right to receive
pursuant to the provisions of <U>Section&nbsp;3.9</U>, in each case, without such holder being required to deliver a Certificate or an executed Letter of Transmittal to the
Exchange Agent, and such Book-Entry Shares shall then be canceled. No interest shall be paid or accrued for the benefit of holders of Book-Entry Shares on the REIT Common Merger Consideration or REIT
Preferred Merger Consideration, as applicable, payable in respect of the Book-Entry Shares. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=265,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=815278,FOLIO='A-24',FILE='DISK127:[17ZBR1.17ZBR49201]LI49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_lk49201_1_25"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;In
the event of a transfer of ownership of shares of Company Common Stock or Company Series&nbsp;A Preferred Stock that is not registered in the transfer records of
the Company, it shall be a condition of payment that any Certificate surrendered in accordance with the procedures set forth in this <U>Section&nbsp;3.5(c)</U> shall be
properly endorsed or shall be otherwise in proper form for transfer, or any Book-Entry Share shall be properly transferred, and that the Person requesting such payment shall have paid any Transfer
Taxes and other Taxes required by reason of the payment of the REIT Common Merger Consideration or the REIT Preferred Merger Consideration, as applicable, to a person other than the registered holder
of the Certificate or Book-Entry Share surrendered or shall have established to the satisfaction of Parent&nbsp;LP that such Tax either has been paid or is not applicable. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Dividends with Respect to Parent Common Shares and Parent Series&nbsp;A Preferred
Shares</U>.&nbsp;&nbsp;&nbsp;&nbsp;No dividends or other distributions with respect to Parent Common Shares or Parent Series&nbsp;A Preferred Shares with a record date after the REIT Merger
Effective Time shall be paid to the holder of any unsurrendered Certificate with respect to the Parent Common Shares or the Parent Series&nbsp;A Preferred Shares, as applicable, issuable hereunder,
and all such dividends and other distributions shall be paid by Parent to Parent&nbsp;LP and by Parent&nbsp;LP to the Exchange Agent and shall be included in the Exchange Fund, in each case until
the surrender of such Certificate (or affidavit of loss in lieu thereof) in accordance with this Agreement. Subject to applicable Law, following surrender of any such Certificate (or affidavit of loss
in lieu thereof) there shall be paid to the holder thereof in addition to the other
amounts payable hereunder, without interest, (i)&nbsp;the amount of dividends or other distributions with a record date after the REIT Merger Effective Time theretofore paid with respect to such
whole Parent Common Shares or Parent Series&nbsp;A Preferred Shares, as the case may be, to which such holder is entitled pursuant to this Agreement and (ii)&nbsp;at the appropriate payment date,
the amount of dividends or other distributions with a record date after the REIT Merger Effective Time but prior to such surrender and with a payment date subsequent to such surrender payable with
respect to such whole Parent Common Shares or Parent Series&nbsp;A Preferred Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Termination of Exchange Fund</U>.&nbsp;&nbsp;&nbsp;&nbsp;Any portion of the Exchange Fund (including any
interest and other income received with respect thereto) which remains undistributed to the former holders of shares of Company Common Stock and Company Series&nbsp;A Preferred Stock on the
first&nbsp;(1<SUP>st</SUP>)&nbsp;anniversary of the REIT Merger Effective Time shall be delivered to Parent&nbsp;LP, upon demand, and any former holders of shares of Company Common Stock and
Company Series&nbsp;A Preferred Stock who have not theretofore received any REIT Common Merger Consideration or REIT Preferred Merger Consideration, as the case may be, to which they are entitled
under this <U>Article&nbsp;III</U> shall thereafter look only to the Surviving Entity of the REIT Merger for payment of such REIT Common Merger Consideration or REIT Preferred
Merger Consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Liability</U>.&nbsp;&nbsp;&nbsp;&nbsp;None of Parent, Parent&nbsp;LP, the Company, Company&nbsp;LP,
the Surviving Entity of the REIT Merger, or the Exchange Agent, or any employee, officer, director, agent or Affiliate of any of them, shall be liable to any holder of shares </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=266,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=238671,FOLIO='A-25',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lk49201_1_26"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>of
Company Common Stock or Company Series&nbsp;A Preferred Stock or Minority Limited Partner in respect of any part of the REIT Common Merger Consideration or REIT Preferred Merger Consideration
delivered to a public official pursuant to any applicable abandoned property, escheat or similar Law. Any amounts remaining unclaimed by holders of any such shares immediately prior to the time at
which such amounts would otherwise escheat to, or become property of, any Governmental Authority shall, to the extent permitted by applicable Law, become the property of the Surviving Entity of the
REIT Merger, free and clear of any claims or interest of any such holders or their successors, assigns or personal representatives previously entitled thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Investment of Exchange Fund</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Agent shall invest any cash included
in the Exchange Fund as directed by Parent&nbsp;LP or, after the REIT Merger Effective Time, the Surviving Entity of the REIT Merger; <U>provided</U>,
<U>however</U>, that (i)&nbsp;no such investment shall relieve Parent&nbsp;LP or the Exchange Agent from making the payments required by this
<U>Article&nbsp;III</U> and, to the extent that there are losses with respect to such investments, or the Exchange Fund diminishes for other reasons below the level required to
make prompt payments of the Aggregate REIT Merger Consideration as contemplated
hereby, Parent&nbsp;LP shall promptly replace or restore the portion of the Exchange Fund lost through investments or other events so as to ensure that the Exchange Fund is, at all times, maintained
at a level sufficient to make such payments, (ii)&nbsp;no such investment shall have maturities that could prevent or delay payments to be made pursuant to this Agreement, and (iii)&nbsp;such
investments shall be in short-term obligations of the United States of America with maturities of no more than thirty (30)&nbsp;days or guaranteed by the United States of America and backed by the
full faith and credit of the United States of America. Any net profit resulting from, or interest or income produced by, such investments, shall be property of, and paid to, the Surviving Entity of
the REIT Merger. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_3.6_withholding_rights_."> </A>
<A NAME="toc_lk49201_1"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Withholding Rights</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub (and any Affiliate of the foregoing), the Surviving Entity and the Exchange Agent, as applicable, shall be entitled to
deduct and withhold from the REIT Common Merger Consideration, the REIT Preferred Merger Consideration and any amounts otherwise payable pursuant to this Agreement (including consideration described
in <U>Section&nbsp;3.2(b)</U> and amounts payable pursuant to <U>Section&nbsp;3.9</U>) to Parent&nbsp;LP and to any holder of shares of Company Common
Stock, shares of Company Series&nbsp;A Preferred Stock and shares of Company Restricted Stock (or otherwise pursuant to this Agreement), such amounts as any such Person is required to deduct and
withhold with respect to the making of such payment under the Code, and the rules and regulations promulgated thereunder, or any provision of applicable Law. To the extent that amounts are so deducted
or withheld and paid over to the appropriate Governmental Authority pursuant to this <U>Section&nbsp;3.6</U>, such withheld amounts shall be treated for all purposes of this
Agreement as having been paid to the Person in respect of which such deduction and withholding was made. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_3.7_lost_certificates_."> </A>
<A NAME="toc_lk49201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.7</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Lost Certificates</U>.
&nbsp;&nbsp;&nbsp;&nbsp;If any Certificate shall have been lost, stolen or destroyed, then upon the making of an affidavit of that fact by the Person claiming such Certificate to be lost, stolen or destroyed
and, if required by the Surviving Entity of the REIT Merger, the posting by such Person of a bond in such reasonable amount as the Surviving Entity </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=267,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=890620,FOLIO='A-26',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lk49201_1_27"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>of
the REIT Merger may direct, as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue in exchange for such lost, stolen or destroyed
Certificate the REIT Common Merger Consideration or REIT Preferred Merger Consideration, as the case may be, to which the holder thereof is entitled pursuant to this
<U>Article&nbsp;III</U>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_3.8_no_rights_of_objection_or_appraisal_."> </A>
<A NAME="toc_lk49201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.8</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Rights of Objection or Appraisal</U>.
&nbsp;&nbsp;&nbsp;&nbsp;No rights of an objecting stockholder or appraisal rights shall be available with respect to the REIT Merger or the other transactions contemplated by this Agreement, so long as the
provisions of Section&nbsp;3-202(c) of the MGCL are applicable to the transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_3.9_fractional_shares_and_units_."> </A>
<A NAME="toc_lk49201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.9</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Fractional Shares and Units</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Fractional Shares</U>.&nbsp;&nbsp;&nbsp;&nbsp;No certificate or scrip representing fractional Parent
Common Shares shall be issued upon the surrender for exchange of Certificates or with respect to Book-Entry Shares, and such fractional share interests shall not entitle the owner thereof to vote or
to any other rights of a shareholder of Parent. Notwithstanding any other provision of this Agreement, each holder of shares of Company Common Stock converted pursuant to the REIT Merger who would
otherwise have been entitled to receive a fraction of a Parent Common Share, shall be entitled to receive from Parent&nbsp;LP, in lieu thereof, cash, without interest, in an amount equal to such
fractional part of a Parent Common Share multiplied by the VWAP of Parent Common Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Fractional Units</U>.&nbsp;&nbsp;&nbsp;&nbsp;No certificate or scrip representing fractional New
Parent&nbsp;LP Common Units or Parent Common Shares shall be issued upon the exchange of Company&nbsp;LP Common Units, and such fractional partnership interests and share interests shall not
entitle the owner thereof to vote or to any other rights of a unitholder of Parent&nbsp;LP or a shareholder of Parent, as applicable. Notwithstanding any other provision of this Agreement, each
holder of shares of Company&nbsp;LP Common Units converted pursuant to the Partnership Merger who would otherwise have been entitled to receive a fraction of a New Parent&nbsp;LP Common Unit or a
fraction of a Parent Common Share, shall be entitled to receive from Parent&nbsp;LP, in lieu thereof, cash, without interest, in an amount equal to such fractional part of a New Parent&nbsp;LP
Common Unit or a Parent Common Share, as applicable, multiplied by the VWAP of Parent Common Shares. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_article_iv_representations_and__art02910"> </A>
<A NAME="toc_lk49201_5"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE IV    <BR>    <BR>    REPRESENTATIONS AND WARRANTIES    <BR>    <BR>    OF THE COMPANY AND COMPANY&nbsp;LP    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except (a)&nbsp;as set forth in the corresponding sections of the disclosure letter that has been prepared by the Company and delivered by the
Company to Parent immediately prior to the
execution and delivery of this Agreement (the "<U>Company Disclosure Letter</U>"), it being agreed that disclosure of any item in any Section of the Company Disclosure Letter
with respect to any Section or subsection of <U>Article&nbsp;IV</U> of this Agreement shall be deemed disclosed with respect to any other Section or subsection of
<U>Article&nbsp;IV</U> of this Agreement to the extent the relevance of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=268,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=596382,FOLIO='A-27',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lk49201_1_28"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>such
item is reasonably apparent from the face of such disclosure, <U>provided</U>, <U>however</U>, that nothing in the Company Disclosure Letter is
intended to broaden the scope of any representation or warranty of the Company made herein, or (b)&nbsp;as disclosed in Company SEC Filings publicly available or filed with, as applicable, the SEC
on or after January&nbsp;1, 2017 and prior to the date of this Agreement (excluding any disclosure set forth in any section of a Company SEC Filing entitled "Risk Factors" or "Cautionary Note
Regarding Forward-Looking Statements" or similarly titled section in any other disclosures included in the Company SEC Filings, in each case, to the extent that such disclosure is cautionary,
predictive or forward-looking in nature), the Company and Company&nbsp;LP hereby jointly and severally represent and warrant to Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub
that: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_4.1_organizati__lk402135"> </A>
<A NAME="toc_lk49201_6"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Organization and Qualification; Subsidiaries</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland, and Company&nbsp;LP is a partnership duly
organized, validly existing and in good standing under the laws of the State of Delaware and each has the requisite organizational power and authority to own, lease and, to the extent applicable,
operate its properties and to carry on its business as it is now being conducted. Each of the Company and Company&nbsp;LP is duly qualified or licensed to do business, and is in good standing, in
each jurisdiction where the character of the properties owned, operated or leased by it or the nature of its business makes such qualification, licensing or good standing necessary, except for such
failures to be so qualified, licensed or in good standing that, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
Company Subsidiary is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, as the case may
be, and has the requisite organizational power and authority to own, lease and, to the extent applicable, operate its properties and to carry on its business as it is now being conducted. Each Company
Subsidiary is duly qualified or licensed to do business, and is in good standing, in each jurisdiction where the character of the properties owned, operated or leased by it or the nature of its
business makes such qualification, licensing or good standing necessary, except for such failures to be so qualified, licensed or in good
standing that, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.1(c)</U>
of the Company Disclosure Letter sets forth a true and complete list of the Company Subsidiaries, together with
(i)&nbsp;the jurisdiction of incorporation or organization, as the case may be, of each Company Subsidiary, (ii)&nbsp;the type of and percentage of interest held, directly or indirectly, by the
Company in each Company Subsidiary, (iii)&nbsp;the names of and the type of and percentage of interest held by any Person other than the Company or a Company Subsidiary in each Company Subsidiary,
and (iv)&nbsp;the classification for U.S. federal income tax purposes of each Company Subsidiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;None
of the Company, Company&nbsp;LP or any Company Subsidiary directly or indirectly owns any interest in or of, or investment in, whether equity or debt, any Person
(other than equity interests in the Company Subsidiaries and investments in </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=269,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=215296,FOLIO='A-28',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lk49201_1_29"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>


<P style="font-family:times;"><FONT SIZE=2>short-term
investment securities set forth on <U>Section&nbsp;4.1(d)</U> of the Company Disclosure Letter). Except as set forth on
<U>Section&nbsp;4.1(d)</U> of the Company Disclosure Letter Company, no Company Subsidiary has guaranteed, or pledged assets to secure, the Indebtedness of the Company or any
other Company Subsidiary. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_4.2_organizational_documents_."> </A>
<A NAME="toc_lk49201_7"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Organizational Documents</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The Company has made available to Parent complete and correct copies of (i)&nbsp;the Company Charter and the Company Bylaws, (ii)&nbsp;the Company Partnership Certificate and the
Company Partnership Agreement, as in effect on the date hereof and (iii)&nbsp;the organizational documents of each Company Subsidiary, each as in effect on the date hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_4.3_capital_structure_."> </A>
<A NAME="toc_lk49201_8"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Capital Structure</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
authorized capital stock of the Company consists of 220,000,000 shares of capital stock, which have been classified as 200,000,000 shares of Company Common Stock and
20,000,000 shares of Company Preferred Stock. At the close of business on April&nbsp;21, 2017, (i)&nbsp;138,421,154 shares of Company Common Stock were issued and outstanding,
(ii)&nbsp;12,879,475 shares of Company Series&nbsp;A Preferred Stock
were issued and outstanding, (iii)&nbsp;2,467,447 shares of Company Common Stock were reserved for issuance pursuant to awards outstanding under the Company Equity Plans, (iv)&nbsp;2,424,707
shares of Company Common Stock were available for grant under the Company Equity Plans, and (v)&nbsp;610,183 shares of Company Common Stock reserved for issuance upon conversion of Company
Partnership Units. All issued and outstanding shares of the capital stock of the Company are and all shares of Company Common Stock reserved for issuance as noted above, shall be, when issued in
accordance with the respective terms thereof, duly authorized, validly issued, fully paid and non-assessable, and free of preemptive rights. There are no outstanding bonds, debentures, notes or other
indebtedness of the Company or any Company Subsidiary having the right to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matter on which holders of shares
of Company Common Stock or other equity holders of such Company Subsidiary may vote. There are no other rights to purchase or receive the Company Common Stock granted under the Company Equity Plans,
the Company Benefit Plans or otherwise other than the Company Restricted Stock and Company RSUs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Company is the sole general partner of Company&nbsp;LP, and the Company owns, directly or indirectly, all of the general partner interests in Company&nbsp;LP.
<U>Section&nbsp;4.3(b)</U> of the Company Disclosure Letter sets forth, as of the date hereof, the name of, and the number and class of limited partnership interests held by,
each partner in Company&nbsp;LP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;All
of the outstanding shares of capital stock of each of the Company Subsidiaries that is a corporation are duly authorized, validly issued, fully paid and
nonassessable. All equity interests in each of the Company Subsidiaries that is a partnership or limited liability company are duly authorized and validly issued. All shares of capital stock of (or
other ownership interests in) each of the Company Subsidiaries which may be issued upon exercise of outstanding options or exchange rights are duly authorized and, upon issuance will be validly
issued, fully paid and nonassessable. Except as set forth in <U>Section&nbsp;4.1(c)</U> of the Company Disclosure Letter, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=270,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=860890,FOLIO='A-29',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lk49201_1_30"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>the
Company owns, directly or indirectly, all of the issued and outstanding capital stock and other equity interests of each of the Company Subsidiaries, free and clear of all encumbrances other than
statutory or other liens for Taxes or assessments which are not yet due or delinquent or the validity of which is being contested in good faith by appropriate proceedings and for which adequate
reserves are being maintained in accordance with GAAP, and there are no existing options, warrants, calls, subscriptions, convertible securities or other securities, agreements, commitments or
obligations of any character relating to the outstanding capital stock or other equity interests of any Company Subsidiary or which would require any Company Subsidiary to issue or sell any shares of
its capital stock, equity interests or securities convertible into or exchangeable for shares of its capital stock or equity interests. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Except
as set forth in this <U>Section&nbsp;4.3</U>, as of the date of this Agreement, there are no securities, options, warrants, calls, rights,
commitments, agreements, rights of first refusal, arrangements or undertakings of any kind to which the Company or any Company Subsidiary is a party or by which any of them is bound, obligating the
Company or any Company Subsidiary to issue, deliver or sell or create, or cause to be issued, delivered or sold or created, additional shares of Company Common Stock, shares of Company Preferred
Stock, shares of Company Series&nbsp;A Preferred Stock or other equity interests or phantom stock or other contractual rights the value of which is determined in whole or in part by the value of any
equity interest of the Company or any of the Company Subsidiaries or obligating the Company or any Company Subsidiary to issue, grant, extend or enter into any such security, option, warrant, call,
right, commitment, agreement, right of first refusal, arrangement or undertaking. As of the date of this Agreement, except as expressly provided in the Company Partnership Agreement, there are no
outstanding contractual obligations of the Company or any Company Subsidiary to repurchase, redeem or otherwise acquire any shares of Company Common Stock, shares of Company Preferred Stock, shares of
Company Series&nbsp;A Preferred Stock, Company Partnership Units or other equity interests of the Company or any Company Subsidiary (other than in satisfaction of withholding Tax obligations
pursuant to certain awards outstanding under the Company Equity Plans in the event the grantees fail to satisfy withholding Tax obligations). Except as set forth on
<U>Section&nbsp;4.3(d)</U> of the Company Disclosure Letter, none of the Company, Company&nbsp;LP or any Company Subsidiary is a party to or, to the knowledge of the Company,
bound by any agreements or understandings concerning the voting (including voting trusts and proxies) of any capital stock or other equity interest of the Company or any of the Company Subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.3(e)</U>
of the Company Disclosure Letter sets forth a true, complete and correct list of all Persons who, as of the close of
business on April&nbsp;21, 2017, held outstanding Company Restricted Stock or Company RSUs, indicating, with respect to each share of Company Restricted Stock or Company RSU then outstanding, the
type of award granted, the number of shares of Company Common Stock subject to such Company Restricted Stock or Company RSU, the date of grant, and the vesting schedule. All shares of Company
Restricted Stock and Company RSUs, as applicable, were (i)&nbsp;granted, accounted for, reported and disclosed in accordance with the applicable Laws, accounting rules and stock exchange
requirements and (ii)&nbsp;validly issued and properly approved by the Company Board (or a duly authorized committee or </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=271,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=994465,FOLIO='A-30',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lk49201_1_31"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>subcommittee
thereof) in compliance with all applicable Law and recorded on the Company's financial statements in accordance with GAAP. Without limiting the generality of the preceding sentence, the
Company has not engaged in any back dating, forward dating or similar activities with respect to the Company Restricted Stock or Company RSUs, and has not been the subject of any investigation by the
SEC, whether current, pending or closed (in the case of any such pending investigation, to the knowledge of the Company), with respect to any such activities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;All
dividends or distributions on the outstanding shares of Company Common Stock, Company Series&nbsp;A Preferred Stock, Company Partnership Units and any dividends or
distributions on any securities of any Company Subsidiary which have been authorized or declared prior to the date hereof have been paid in full (except to the extent such dividends have been publicly
announced and are not yet due and payable). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_4.4_authority_."> </A>
<A NAME="toc_lk49201_9"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Authority</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
of the Company and Company&nbsp;LP has the requisite organizational power and authority to execute and deliver this Agreement, to perform its obligations
hereunder and, subject to receipt of the Company Stockholder Approval, to consummate the transactions contemplated by this Agreement. The execution and delivery of this Agreement by each of the
Company and Company&nbsp;LP and the consummation by the Company and Company&nbsp;LP of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate or
partnership action, and no other corporate or partnership proceedings on the part of the Company or Company&nbsp;LP are necessary to authorize this Agreement or the Mergers or to consummate the
transactions contemplated hereby, subject, (x)&nbsp;with respect to the REIT Merger, to receipt of the Company Stockholder Approval and the filing and acceptance for record of the REIT Merger
Articles of Merger with the Maryland SDAT and (y)&nbsp;with respect to the Partnership Merger, to the filing and acceptance for record of the Partnership Merger Certificate of Merger with the
Delaware Secretary. The Company Board at a duly held meeting has, by unanimous vote, (i)&nbsp;duly and validly authorized the execution and delivery of this Agreement and declared advisable the
consummation of the REIT Merger and the other transactions contemplated hereby, (ii)&nbsp;determined that the Mergers and the transactions contemplated by this Agreement are fair to and in the best
interest of the Company and its stockholders and to Company&nbsp;LP and its limited partners, (iii)&nbsp;directed that the REIT Merger be submitted for consideration at the Company Stockholder
Meeting, and (iv)&nbsp;resolved to recommend that the stockholders of the Company vote in favor of the approval of the REIT Merger and the other transactions contemplated by this Agreement (the
"<U>Company Recommendation</U>") and to include such recommendation in the Joint Proxy Statement, subject to <U>Section&nbsp;6.5</U>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;This
Agreement has been duly executed and delivered by the Company and Company&nbsp;LP and, assuming due authorization, execution and delivery by each of Parent,
Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub, constitutes a legally valid and binding obligation of each of the Company and Company&nbsp;LP, enforceable against the Company and
Company&nbsp;LP in accordance with its terms, except </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=272,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=55123,FOLIO='A-31',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lk49201_1_32"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>as
such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors' rights generally and by general principles of equity
(regardless of whether enforceability is considered in a proceeding in equity or at law). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_4.5_no_conflic__lk402047"> </A>
<A NAME="toc_lk49201_10"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Conflict; Required Filings and Consents</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by each of the Company and Company&nbsp;LP does not, and the performance of this Agreement and the consummation of the
Mergers and the other transactions contemplated hereby by the Company and Company&nbsp;LP will not, (i)&nbsp;assuming receipt of the Company Stockholder Approval, conflict with or violate any
provision of the Company Charter, Company Bylaws, Company Partnership Certificate, Company Partnership Agreement or any equivalent organizational or governing documents of any Company Subsidiary,
(ii)&nbsp;assuming that consents, approvals, authorizations and permits described in <U>Section&nbsp;4.5(b)</U> have been obtained, all filings and notifications described in
<U>Section&nbsp;4.5(b)</U> have been made and any waiting periods thereunder have terminated or expired, conflict with or violate any Law applicable to the Company,
Company&nbsp;LP or any Company Subsidiary or by which any property or asset of the Company, Company&nbsp;LP or any Company Subsidiary is bound, or (iii)&nbsp;except as set forth on
<U>Section&nbsp;4.5(a)</U> of the Company Disclosure Letter, require any consent or approval, result in any breach of or any loss of any benefit or material increase in any
cost or obligation of the Company, Company&nbsp;LP or any Company Subsidiary under, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or
give to others any right of termination, acceleration or cancellation (with or without notice or the lapse of time or both) of, or give rise to any right of purchase, first offer or forced sale under
or result in the creation of a Lien on any property or asset of the Company, Company&nbsp;LP or any Company Subsidiary pursuant to, any note, bond, debt instrument, indenture, contract, agreement,
ground lease, license, permit or other legally binding obligation to which the Company, Company&nbsp;LP or any Company Subsidiary is a party, except, as to clauses&nbsp;(ii) and (iii),
respectively, for any such conflicts, violations, breaches, defaults or other occurrences which, individually or in the aggregate, have not had and would not reasonably be expected to have a Company
Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by each of the Company and Company&nbsp;LP does not, and the performance of this Agreement by the Company and
Company&nbsp;LP will not, require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority, except (i)&nbsp;the filing with the SEC of
(A)&nbsp;a joint proxy statement in preliminary and definitive form relating to the Company Stockholder Meeting and the Parent Shareholder Meeting (together with any amendments or supplements
thereto, the "<U>Joint Proxy Statement</U>") and of a registration statement on Form&nbsp;S-4 pursuant to which the offer and sale of Parent Common Shares in the Mergers will
be registered pursuant to the Securities Act and in which the Joint Proxy Statement will be included as a prospectus (together with any amendments or supplements thereto, the
"<U>Form&nbsp;S-4</U>"), and the declaration of effectiveness of the Form&nbsp;S-4, and (B)&nbsp;such reports under, and other compliance with, the Exchange Act (and the
rules and regulations promulgated thereunder) and the Securities </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=273,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=693186,FOLIO='A-32',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lk49201_1_33"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Act
(and the rules and regulations promulgated thereunder) as may be required in connection with this Agreement and the transactions contemplated hereby, (ii)&nbsp;as may be required under the rules
and regulations of the NYSE, (iii)&nbsp;the filing of the REIT Merger Articles of Merger and the acceptance thereof for record by the Maryland SDAT pursuant to the MGCL and the MD&nbsp;LLC Act,
(iv)&nbsp;the filing of the Partnership Merger Certificate of Merger and the acceptance thereof for record by the Delaware Secretary pursuant to the DRULPA, (v)&nbsp;such filings and approvals as
may be required by any applicable state securities or "blue sky" Laws, (vi)&nbsp;such filings as may be required in connection with state and local Transfer Taxes, and (vii)&nbsp;where failure to
obtain such consents, approvals, authorizations or permits, or to make such filings or notifications, individually or in the aggregate, has not had and would not reasonably be expected to have a
Company Material Adverse Effect. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_4.6_permits;_compliance_with_law_."> </A>
<A NAME="toc_lk49201_11"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Permits; Compliance with Law</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company, Company&nbsp;LP and each Company Subsidiary is in possession of all authorizations, licenses, permits, certificates, approvals, variances, exemptions,
orders, franchises, certifications and clearances of any Governmental Authority and accreditation and certification agencies, bodies or other organizations, including building permits and certificates
of occupancy, necessary for the Company, Company&nbsp;LP and each Company Subsidiary to own, lease and, to the extent applicable, operate its properties or to carry on its respective business
substantially as it is being conducted as of the date hereof (the "<U>Company Permits</U>"), and all such Company Permits are valid and in full force and effect, except where the
failure to be in possession of, or the failure to be valid or in full force and effect of, any of the Company Permits, individually or in the aggregate, has not had and would not reasonably be
expected to have a Company Material Adverse Effect. All applications required to have been filed for the renewal of the Company Permits have been duly filed on a timely basis with the appropriate
Governmental Authority, and all other filings required to have been made with respect to such Company Permits have been duly made on a timely basis with the appropriate Governmental Authority, except
in each case for failures to file which, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect. None of the Company,
Company&nbsp;LP or any Company Subsidiary has received as of the date hereof, any claim or notice nor has any knowledge indicating that the Company or any Company Subsidiary is currently not in
compliance with the terms of any such Company Permits, except where the failure to be in compliance with the terms of any such Company Permits, individually or in the aggregate, have not had and would
not reasonably be expected to have a Company Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;None
of the Company, Company&nbsp;LP or any Company Subsidiary is or has been in conflict with, or in default or violation of (i)&nbsp;any Law applicable to the
Company or any Company Subsidiary or by which any property or asset of the Company or any Company Subsidiary is bound, or (ii)&nbsp;any Company Permits (except for the Company Permits addressed in
<U>Section&nbsp;4.14</U>, which are the subject of the representations and warranties made therein), except in each case for any such conflicts, defaults or </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=274,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=593447,FOLIO='A-33',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lk49201_1_34"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>violations
that, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk49201_section_4.7_sec_filing__lk402002"> </A>
<A NAME="toc_lk49201_12"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.7</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>SEC Filings; Company Financial Statements</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company has filed with, or furnished (on a publicly available basis) to, the SEC all forms, reports, schedules, statements and documents required to be filed or
furnished by it under the Securities Act or the Exchange Act, as the case may be, including any amendments or supplements thereto, from and after January&nbsp;1, 2014 (collectively, the
"<U>Company SEC Filings</U>"). Each Company SEC Filing, as amended or supplemented, if applicable, (i)&nbsp;as of its date, or, if amended or supplemented, as of the date of
the most recent amendment or supplement thereto, complied in all material respects with the requirements of the Securities Act, the Exchange Act and the Sarbanes-Oxley Act, as the case may be, and the
applicable rules and regulations of the SEC thereunder, and (ii)&nbsp;did not, at the time it was filed (or became effective in the case of registration statements), or, if amended or supplemented,
as of the date of the most recent amendment or supplement thereto, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order
to make the statements made therein, in the light of the circumstances under which they were made, not misleading. As of the date of this Agreement, no Company Subsidiary is separately subject to the
periodic reporting requirements of the Exchange Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of the consolidated financial statements contained or incorporated by reference in the Company SEC Filings (as amended, supplemented or restated, if applicable),
including the related notes and schedules, was prepared (except as indicated in the notes thereto) in accordance with GAAP applied on a consistent basis throughout the periods indicated, and each such
consolidated financial statement presented fairly, in all material respects, the consolidated financial position, results of operations, stockholders' equity and cash flows of the Company and its
consolidated subsidiaries as of the respective dates thereof and for the respective periods indicated therein (subject, in the case of unaudited quarterly financial statements, to normal year-end
adjustments). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Company is in compliance in all material respects with the provisions of the Sarbanes-Oxley Act and the provisions of the Exchange Act and Securities Act relating
thereto which under the terms of such provisions (including the dates by which such compliance is required) have become applicable to the Company. Each of the principal executive officer of the
Company and the principal financial officer of the Company has made all certifications required by Rule&nbsp;13a-14 or 15d-14 under the Exchange Act
or Sections&nbsp;302 and 906 of the Sarbanes-Oxley Act and the rules and regulations of the SEC promulgated thereunder with respect to the Company SEC Filings. For purposes of the preceding
sentence, "principal executive officer" and "principal financial officer" shall have the meanings given to such terms in the Sarbanes-Oxley Act. The records, systems, controls, data and information of
the Company and the Company Subsidiaries that are used in the system of internal accounting controls described in the following sentence are recorded, stored, maintained and operated under means that
are under the exclusive ownership and direct control of the Company or the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=275,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=208664,FOLIO='A-34',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lk49201_1_35"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Company
Subsidiaries or accountants, except for any non-exclusive ownership and non-direct control that would not reasonably be expected to have a materially adverse effect on the system of internal
accounting controls. The Company and the Company Subsidiaries have devised and maintain a system of internal accounting controls sufficient to provide reasonable assurances regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including that: (i)&nbsp;transactions are executed only in accordance with
management's authorization; (ii)&nbsp;transactions are recorded as necessary to permit preparation of the financial statements of the Company and the Company Subsidiaries and to maintain
accountability for the assets of the Company and the Company Subsidiaries; (iii)&nbsp;access to such assets is permitted only in accordance with management's authorization; (iv)&nbsp;the reporting
of such assets is compared with existing assets at regular intervals; and (v)&nbsp;accounts, notes and other receivables and inventory are recorded accurately, and proper and adequate procedures are
implemented to effect the collection thereof on a current and timely basis. The Company's principal executive officer and its principal financial officer have disclosed to the Company's auditors and
the audit committee of the Company Board (i)&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting that are reasonably
likely to adversely affect the Company's ability to record, process, summarize and report financial data, and (ii)&nbsp;any fraud, whether or not material, that involves management or other
employees who have a significant role in the Company's internal controls, and the Company has made available to Parent copies of any material written materials relating to the foregoing. The Company
has established and maintains disclosure controls and procedures (as such term is defined in Rule&nbsp;13a-15 promulgated under the Exchange Act) designed to ensure that material information
relating to the Company required to be included in reports filed under the Exchange Act, including its consolidated subsidiaries, is recorded, processed, summarized and made known to the Company's
principal executive officer and its principal financial officer by others within those entities, as appropriate to allow timely decisions regarding required disclosure and to make the certifications
required pursuant to Sections&nbsp;302 and 906 of the Sarbanes-Oxley Act, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared, and, to
the knowledge of the Company, such disclosure controls and procedures are effective in timely alerting the Company's principal executive officer and its principal financial officer to material
information required to be included in the Company's periodic reports required under the Exchange Act. The Company has delivered or made available to Parent complete and accurate copies of notices
received as of the date hereof by the Company from its independent auditor of any significant deficiencies or material weaknesses in the Company's internal control over financial reporting since
January&nbsp;1, 2014 and any other management letter or similar correspondence received as of the date hereof by the Company since January&nbsp;1, 2014 from any independent auditor of the Company
or any of the then-existing Subsidiaries of the Company. Since
the enactment of the Sarbanes-Oxley Act, none of the Company or any Company Subsidiary has made any prohibited loans to any director or executive officer of the Company (as defined in Rule&nbsp;3b-7
promulgated under the Exchange Act). </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=276,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=779219,FOLIO='A-35',FILE='DISK127:[17ZBR1.17ZBR49201]LK49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_lm49201_1_36"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;None
of the Company or any Company Subsidiary has any liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise), except for
liabilities or obligations (i)&nbsp;reflected or reserved against on the consolidated balance sheet of the Company and Company Subsidiaries included in the Company's Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2016 (including any notes thereto), (ii)&nbsp;expressly contemplated by or under this Agreement, including
<U>Section&nbsp;6.1</U> hereof, (iii)&nbsp;incurred in the ordinary course of business consistent with past practice since the most recent balance sheet set forth in the
Company SEC Filings made through and including the date of this Agreement, (iv)&nbsp;described in any section of the Company Disclosure Letter, (v)&nbsp;arising or resulting from a current Company
Employment Agreement or (vi)&nbsp;that, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;To
the knowledge of the Company, none of the Company SEC Filings is the subject of ongoing SEC review and the Company has not received as of the date hereof any comments
from the SEC with respect to any of the Company SEC Filings which remain unresolved, nor has it received as of the date hereof any inquiry or information request from the SEC as to any matters
affecting the Company which has not been adequately addressed. The Company has made available to Parent true and complete copies of all written comment letters from the staff of the SEC received since
January&nbsp;1, 2014 through the date of this Agreement relating to the Company SEC Filings and all written responses of the
Company thereto through the date of this Agreement. None of the Company SEC Filings is the subject of any confidential treatment request by the Company. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm49201_section_4.8_disclosure_documents_."> </A>
<A NAME="toc_lm49201_1"> </A>
<BR></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.8</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Disclosure Documents</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;None
of the information supplied or to be supplied by or on behalf of the Company or any Company Subsidiary for inclusion or incorporation by reference in (i)&nbsp;the
Form&nbsp;S-4 will, at the time such document is filed with the SEC, at any time such document is amended or supplemented or at the time such document is declared effective by the SEC, contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or (ii)&nbsp;the Joint Proxy
Statement will, at the date it is first mailed to the stockholders of the Company and shareholders of Parent, respectively, at the time of the Company Stockholder Meeting and the Parent Shareholder
Meeting, at the time the Form&nbsp;S-4 is declared effective by the SEC or at the REIT Merger Effective Time, contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading. All documents that the Company is responsible for
filing with the SEC in connection with the transactions contemplated herein, to the extent relating to the Company or any Company Subsidiary or other information supplied by or on behalf of the
Company or any Company Subsidiary for inclusion therein, will comply as to form, in all material respects, with the provisions of the Securities Act or Exchange Act, as applicable, and the rules and
regulations of the SEC thereunder and each such document required to be filed with any Governmental Authority (other than the SEC) will </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=277,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=519996,FOLIO='A-36',FILE='DISK127:[17ZBR1.17ZBR49201]LM49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lm49201_1_37"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>comply
in all material respects with the provisions of any applicable Law as to the information required to be contained therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
representations and warranties contained in this <U>Section&nbsp;4.8</U> shall not apply to statements or omissions included in the
Form&nbsp;S-4 or the Joint Proxy Statement to the extent based upon information supplied to the Company by or on behalf of Parent. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm49201_section_4.9_absence_of_certain_changes_or_events_."> </A>
<A NAME="toc_lm49201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.9</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Absence of Certain Changes or Events</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Since December&nbsp;31, 2016, except as contemplated by this Agreement or as set forth in <U>Section&nbsp;4.9</U> of the Company Disclosure Letter: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;each
of the Company, Company&nbsp;LP and each Company Subsidiary has conducted its business in the ordinary course consistent with past practice, and prior to the date
hereof there has not been: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;any
declaration, setting aside or payment of any dividend or other distribution with respect to any shares of capital stock or other equity interests of the Company or
any Company Subsidiary, other than regular quarterly dividends consistent with past practice; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;any
repurchase, redemption or other acquisition by the Company or any Company Subsidiary of any shares of capital stock or other equity interests of the Company or any
Company Subsidiary or any securities or other equity interests convertible into or exercisable for any shares of capital stock or other equity interests, of the Company or any Company Subsidiary,
other than (A)&nbsp;the withholding of shares of Company Common Stock to satisfy withholding Tax obligations with respect to shares of Company Restricted Stock and Company RSUs, and (B)&nbsp;the
acquisition by the Company in the ordinary course of business consistent with past practice in connection with the forfeiture of shares of Company Restricted Stock and Company RSUs pursuant to the
terms of the Company Equity Plans upon termination of employment or service of an award holder; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;any
split, combination, subdivision or reclassification of any capital stock or other equity interests, or any issuance of any other securities or equity interests in
respect of, in lieu of or in substitution for shares of capital stock or other equity interests, of the Company or any Company Subsidiary; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;(A)
any amendment to the Company Charter, Company Bylaws or other organizational documents of the Company; or (B)&nbsp;any amendment to the articles or certificates
of incorporation, bylaws or other organizational documents of any Company Subsidiary; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;except
as required to comply with Law, any Company Employment Agreement or any Company Benefit Plan, (A)&nbsp;any grant of any severance, termination pay, retention,
or change in control benefits to any current or former director, employee or other individual service provider of the Company </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=278,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=771121,FOLIO='A-37',FILE='DISK127:[17ZBR1.17ZBR49201]LM49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lm49201_1_38"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>or
any Company Subsidiary, (B)&nbsp;any entry into any employment, change in control, deferred compensation or other similar agreement, plan, arrangement or policy (or any material amendment to any
such agreement, plan arrangement or policy) with any current or former director or employee of the Company or any Company Subsidiary, (C)&nbsp;any increase in the compensation or benefits payable
under any Company Benefit Plan other than increases in the ordinary course of business consistent with past practice, (D)&nbsp;recognition by the Company, Company&nbsp;LP or any Company Subsidiary
of any labor union, (E)&nbsp;any establishment, adoption, entry into, amendment, modification or termination of any collective bargaining agreement, (F)&nbsp;any establishment, adoption, entry
into, termination or amendment or modification in any material respect, of any material Company Benefit Plan or (G)&nbsp;the taking of any action to accelerate any material compensation or benefits,
including vesting, funding and payment or the making of any material determinations, under any collective bargaining agreement, Company Equity Plan or Company Benefit Plan; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;any
material change in the Company's method of accounting or accounting principles or policies, except for any such change required by reason of a change in GAAP or by
Regulation&nbsp;S-X under the Exchange Act, as approved by the Company's independent accountants; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;any
settlement or remediation of any material Claim against or affecting the Company or a Company Subsidiary; and </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;there
has not been any Company Material Adverse Effect or any effect, event, development or circumstance that, individually or in the aggregate with all other effects,
events, developments and changes, would reasonably be expected to result in a Company Material Adverse Effect. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm49201_section_4.10_employee_benefit_plans_."> </A>
<A NAME="toc_lm49201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.10</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Employee Benefit Plans</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.10(a)</U>
of the Company Disclosure Letter sets forth a true and correct list of each Company Benefit Plan, including each
material Company Employment Agreement (it being understood that any Company Employment Agreement that includes severance is material). Neither the Company nor any Company Subsidiary has any formal
plan or commitment to create any additional Company Benefit Plans or to modify, change, or terminate any existing Company Benefit Plan. The Company has delivered or made available to Parent a copy of
each material Company Benefit Plan and each material Company Employment Agreement (or a written description of the material provisions of each unwritten Company Benefit Plan) and, with respect
thereto, as applicable, (A)&nbsp;all amendments, and currently effective trust (or other funding vehicle) agreements, (B)&nbsp;the most recent summary plan
description (and all summaries of material modifications thereto) and actuarial report (or other financial statement relating to such Company Benefit Plan), (C)&nbsp;the three (3)&nbsp;most
recently filed Forms&nbsp;5500 (with all schedules and attachments), (D)&nbsp;the results of non-discrimination and coverage testing for the three (3)&nbsp;most recently completed plan years,
(E)&nbsp;the most recent determination (or, if applicable, opinion or advisory) letter from the IRS and (F)&nbsp;all material correspondence from a Governmental Authority during the past three
(3)&nbsp;years. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=279,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=576801,FOLIO='A-38',FILE='DISK127:[17ZBR1.17ZBR49201]LM49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lm49201_1_39"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
Company Benefit Plan and Company Employment Agreement has been established, administered and funded in all material respects in accordance with its terms and
applicable Laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Each
Company Benefit Plan that is intended to qualify under Section&nbsp;401(a) of the Code has either received a favorable determination letter from the IRS as to its
qualified status or may rely upon an opinion letter for a prototype plan, in each case, that has not been revoked, and, to the Company's knowledge, no event has occurred that would adversely affect
the qualified status of any such Company Benefit Plan. Neither the Company nor any Company Subsidiary has engaged in a non-exempt prohibited transaction (within the meaning of Section&nbsp;406 of
ERISA or Section&nbsp;4975 of the Code) with respect to any Company Benefit Plan that could result in material liability to the Company and the Company Subsidiaries. No suit, administrative
proceeding, action or other litigation has been brought, or to the knowledge of the Company, is threatened against or with respect to any such Company Benefit Plan or the assets thereof (other than
routine benefits claims). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;4.10(d)</U> of the Company Disclosure Letter, none of the Company, any Company Subsidiaries or any of
their ERISA Affiliates maintains, contributes to, is required to contribute to, or participates in, or has ever during the past six (6)&nbsp;years maintained, contributed to, been required to
contribute to, or participated in, or otherwise has any obligation or liability (including contingent liability) in connection with: (i)&nbsp;an employee pension benefit plan subject to Title IV or
Section&nbsp;302 of ERISA or Section&nbsp;412 or 4971 of the Code, (ii)&nbsp;a "multiple employer welfare arrangement" (as defined in Section&nbsp;3(40) of ERISA), a "multiple employer plan"
(as defined in Section&nbsp;413(c) of the Code) or a "multiemployer plan" (as defined in Section&nbsp;3(37) of ERISA), (iii)&nbsp;any plan or arrangement which provides post-employment medical
or welfare benefits, except as required by applicable Law or that provides for continued benefits during any post-termination severance period; or (iv)&nbsp;any plan established or maintained
outside of the United States or for the benefit of current or former directors, employees or other individual service providers of the Company or any Company Subsidiaries residing outside the United
States. None of the Company, any Company Subsidiaries or any of their ERISA Affiliates has incurred any Controlled Group Liability that has not been satisfied in full, nor do any circumstances exist
that could reasonably be expected to result in any Controlled Group Liability becoming a liability of Parent or any of its Affiliates at or after the REIT Merger Effective Time. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;4.10(e)</U> of the Company Disclosure Letter, neither the execution of this Agreement nor the consummation
of the transactions contemplated hereby, either alone or in conjunction with another event, will: (A)&nbsp;increase any compensation or benefits otherwise payable under any Company Benefit Plan or
Company Employment Agreement with any current or former director, employee or other individual service provider of the Company or any Company Subsidiary, (B)&nbsp;accelerate the time of payment,
vesting or funding or result in any payment of compensation or benefits to any current or former director, employee, or other individual service provider of the Company or any Company Subsidiary,
(C)&nbsp;result in an obligation to fund benefits under any Company Benefit Plan or Company Employment Agreement or limit or restrict </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=280,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=507055,FOLIO='A-39',FILE='DISK127:[17ZBR1.17ZBR49201]LM49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lm49201_1_40"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>the
right to merge, amend, terminate, or receive a reversion of assets from any Company Benefit Plan or Company Employment Agreement, (D)&nbsp;result in payments or benefits under a Company Benefit
Plan or Company Employment Agreement which would not be deductible under Section&nbsp;280G of the Code, or (E)&nbsp;result in the Company or any Company Subsidiary having an obligation to "gross
up" or reimburse any person for any excise Tax imposed under Section&nbsp;409A or Section&nbsp;4999 of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;4.10(f)</U> of the Company Disclosure Letter, there are no material funded benefit obligations of the
Company or the Company Subsidiaries under a Company Benefit Plan or Company Employment Agreement for which contributions have not been timely made or properly accrued and there are no material
unfunded benefit obligations under a Company Benefit Plan or Company Employment Agreement that have not been accounted for by reserves or otherwise reflected as may be required in the consolidated
financial statements in the Company SEC Filings made through and including the date of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;Neither
the Company nor any of the Company Subsidiaries has used the services of workers provided by third-party contract labor suppliers, temporary employees, "leased
employees" (within the meaning of Section&nbsp;414(n) of the Code) or individuals who have provided services as independent contractors to an extent that would reasonably be expected to result in
the disqualification of any Company Benefit Plan or the imposition of penalties or excise Taxes with respect to any Company Benefit Plan by the IRS, the Department of Labor, or any other Governmental
Authority. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm49201_section_4.11_labor_and_other_employment_matters_."> </A>
<A NAME="toc_lm49201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.11</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Labor and Other Employment Matters</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company, Company&nbsp;LP and each Company Subsidiary is in compliance in all material respects with all applicable Laws with respect to labor, employment, employee
classification, fair employment practices, unfair labor practices, terms and conditions of employment, workers' compensation, occupational safety and health, plant closings, wages and hours,
immigration, leasing and supply of temporary and contingent staff, and engagement of independent contractors, including proper classification of same. Except as set forth in
<U>Section&nbsp;4.11</U> of the Company Disclosure Letter, none of the Company, Company&nbsp;LP or any Company Subsidiary or, to the knowledge of the Company, any Company
Property Manager, is (or has been in the past five&nbsp;(5)&nbsp;years) a party to or bound by any collective bargaining agreement, or party to or bound by any other agreement with a labor union
that contains a neutrality or accretion clause, and no labor union has in the past five (5)&nbsp;years been certified to represent any employee of the Company, Company&nbsp;LP or any Company
Subsidiary or, to the knowledge of the Company, any Company Property Manager (or individual over whom the Company, Company&nbsp;LP, any Company Subsidiary or any Company Property Manager has a joint
employment relationship), or has demanded, applied, or threatened to demand or apply, to represent or is attempting to organize so as to represent such employees, including any representation or
certification proceedings or petitions seeking a representation proceeding presently pending or threatened to be brought or filed, with the National Labor Relations Board or any other labor relations
tribunal or authority. There is no pending or, to the knowledge of the Company, threatened work stoppage, slowdown, lockout, material arbitration, or material grievance, labor strike, picketing, or
other material labor disputes against the Company, Company&nbsp;LP or any Company Subsidiary, or, to the knowledge of the Company, any Company Property Manager, or at any Company Property, and no
such activity has occurred in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=281,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=995323,FOLIO='A-40',FILE='DISK127:[17ZBR1.17ZBR49201]LM49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lm49201_1_41"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
past three (3)&nbsp;years. None of the Company, Company&nbsp;LP or any Company Subsidiary has any material outstanding liabilities under the Worker Adjustment and Retraining Notification Act
of 1988, as amended (the "<U>WARN Act</U>"), as a result of any action taken by the Company, Company&nbsp;LP or a Company Subsidiary. None of the Company, Company&nbsp;LP or
any Company Subsidiary has any outstanding material liability in connection with the termination of employment of its employees (including redundancy payments) or for failure to comply with any order
for the reinstatement or re-engagement of any employee and none of the Company, Company&nbsp;LP or any Company Subsidiary has any outstanding material liability for failure to provide information or
to consult with employees under any employment Laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm49201_section_4.12_material_contracts_."> </A>
<A NAME="toc_lm49201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.12</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Material Contracts</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.12(a)</U>
of the Company Disclosure Letter sets forth a list of each contract to which the Company, Company&nbsp;LP or any
Company Subsidiary is a party to or bound by, in effect as of the date of this Agreement, and that (each, a "<U>Company Material Contract</U>"): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;is
required to be filed as an exhibit to the Company's Annual Report on Form&nbsp;10-K pursuant to Item&nbsp;601(b)(2), (4), (9)&nbsp;or (10)&nbsp;of
Regulation&nbsp;S-K promulgated by the SEC; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;(A)
with respect to the Company or any Company Subsidiary that is not an owner or tenant of any Company Property, has resulted, is expected to result, or is reasonably
likely to result, in annual revenues or expenditures (other than principal and/or interest payments or the deposit of other reserves with respect to debt obligations) in excess of $1,000,000 and is
not cancelable within ninety (90)&nbsp;days without penalty to the Company or such Company Subsidiary or (B)&nbsp;with respect to any Company Subsidiary that is an owner or tenant of a Company
Property, has resulted, is expected to result, or is reasonably likely to result, in annual revenues or expenditures (other than principal and/or interest payments or the deposit of other reserves
with respect to debt obligations) in excess of $2,000,000 and is not cancelable within ninety (90)&nbsp;days without penalty to such Company Subsidiary, in each case of clauses&nbsp;(A) and (B),
except for any Company Major Lease, Company Management Agreement, Company Ground Lease, Company Franchise Agreement or any agreement entered into in connection any capital expenditure project set
forth in the budget previously provided to Parent by the Company; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;contains
any non-compete or exclusivity provisions with respect to any line of business or geographic area that restricts the business of the Company or any Company
Subsidiary, or that otherwise restricts the lines of business conducted by the Company or any Company Subsidiary or the geographic area in which the Company or any Company Subsidiary may conduct
business; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;is
an agreement that obligates the Company or any Company Subsidiary to indemnify (A)&nbsp;any past or present directors, officers, trustees and employees of the
Company or any Company Subsidiary pursuant to </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=282,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=806461,FOLIO='A-41',FILE='DISK127:[17ZBR1.17ZBR49201]LM49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lm49201_1_42"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>which
the Company or Company Subsidiary is the indemnitor, other than any operating agreements or property management agreements or any similar agreement pursuant to which a Company Subsidiary that is
not wholly owned, directly or indirectly, by the Company provides such an indemnification to any such directors, officers, trustees, employees or agents in connection with the indemnification by such
non-wholly owned Company Subsidiary or another Company Subsidiary thereunder or (B)&nbsp;other Third Parties for obligations of or losses or damages incurred by such Third Parties, where such
indemnification obligations are material to the Company and Company Subsidiaries, taken as a whole, and not made in the ordinary course of business; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;pursuant
to which the Company or any Company Subsidiary acquired (A)&nbsp;a Company Property or (B)&nbsp;any other assets or businesses of any other person, in each
case since January&nbsp;1, 2014 where the purchase price therefor exceeded $10,000,000; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;constitutes
a letter of credit, similar arrangement or debt obligation or guaranty or other contingent obligation of the Company or any Company Subsidiary with a
principal amount outstanding (or, in the case of a guaranty or other contingent obligation, with a principal amount of the underlying obligation outstanding) as of the date hereof greater than
$2,500,000; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;would
prohibit or materially delay the consummation of the Mergers as contemplated by this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;requires
the Company or any Company Subsidiary to dispose of or acquire assets or properties (other than in connection with the expiration of a Company Major Lease)
with a fair market value in excess of $10,000,000, or involves any pending or contemplated merger, consolidation or similar business combination transaction; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;constitutes
an interest rate cap, interest rate collar, interest rate swap, forward purchasing contract or other contract or agreement relating to a hedging
transaction; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;sets
forth the operational terms of a joint venture, partnership, joint development agreement, limited liability company or strategic alliance of the Company or any
Company Subsidiary (each, a "<U>JV Agreement</U>"); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;[Intentionally
Omitted]; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;contains
restrictions with respect to payment of dividends or any other distribution in respect of the equity interests of the Company or any Company Subsidiary; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;relates
to the acquisition or divestiture of the capital stock or other equity interests of any Person (other than the Company of a Company Subsidiaries) by the
Company or a Company Subsidiary; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-42</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=283,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=900920,FOLIO='A-42',FILE='DISK127:[17ZBR1.17ZBR49201]LM49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lm49201_1_43"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;is
a stockholder or equityholder agreement, investor rights agreement, registration rights agreement or other similar contract between the Company or any Company
Subsidiary, on one hand, and any stockholder or equityholder of the Company or a Company Subsidiary, on the other, granting any Person investor rights, registration rights, director designation rights
or similar rights; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;constitutes
a Company Tax Protection Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;constitutes
a loan to any Person (other than a wholly owned Company Subsidiary) by the Company or any Company Subsidiary (other than advances made pursuant to and
expressly disclosed in the Company Major Leases or pursuant to any disbursement agreement, development agreement, or development addendum entered into in connection with a Company Major Lease with
respect to the development, construction, or equipping of Company Properties or the funding of improvements to Company Properties) in an amount in excess of $5,000,000; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;constitutes
a Company Ground Lease; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;constitutes
a Company Management Agreement; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;constitutes
a Company Franchise Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
Company Material Contract is legal, valid, binding and enforceable on the Company, Company&nbsp;LP and each Company Subsidiary to the extent such Person is a
party thereto and, to the knowledge of the Company, each other party thereto, and is in full force and effect, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar Laws affecting creditors' rights generally and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at Law). Except as, individually
or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect, the Company, Company&nbsp;LP and each Company Subsidiary has performed all
obligations required to be performed by it prior to the date hereof under each Company Material Contract and, to the knowledge of the Company, each other party thereto has performed all obligations
required to be performed by it under such Company Material Contract. None of the Company, Company&nbsp;LP or any Company Subsidiary has received as of the date hereof notice of any violation or
default under any Company Material Contract, except for violations or defaults that would not, individually or in the aggregate, reasonably be expected
to have a Company Material Adverse Effect. The Company has made true and correct copies of each Company Material Contract available to Parent. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm49201_section_4.13_litigation_."> </A>
<A NAME="toc_lm49201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.13</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Litigation</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except as, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect, as of the date of this Agreement,
(a)&nbsp;there is no suit, arbitration, inquiry, claim, action or proceeding (each, a "<U>Claim</U>"), pending or, to the knowledge of the Company, threatened by or before any </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=284,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=658384,FOLIO='A-43',FILE='DISK127:[17ZBR1.17ZBR49201]LM49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lm49201_1_44"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Governmental
Authority, nor, to the knowledge of the Company, is there any investigation pending by any Governmental Authority, in each case, against or affecting the Company, Company&nbsp;LP, any
other Company Subsidiary or any of their respective properties at law or in equity, and (b)&nbsp;none of the Company, Company&nbsp;LP or any other Company Subsidiary, nor any of their respective
properties, is subject to any outstanding judgment, order, writ, injunction or decree of any Governmental Authority at law or in equity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm49201_section_4.14_environmental_matters_."> </A>
<A NAME="toc_lm49201_7"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.14</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Environmental Matters</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth on <U>Section&nbsp;4.14</U> of the Company Disclosure Letter and as, individually or in the aggregate, has not had and would not reasonably be
expected to have a Company Material Adverse Effect: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company, Company&nbsp;LP and each Company Subsidiary and their respective corporate predecessors, if any, are and, except with respect to matters that have been
fully and finally resolved, have been in compliance with all applicable Environmental Laws, possess all Environmental Permits necessary to conduct their current operations and are in compliance with
their respective Environmental Permits. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;None
of the Company, Company&nbsp;LP or any Company Subsidiary has received as of the date hereof any written or, to the knowledge of the Company, oral notice, demand,
letter or claim alleging that the Company or any such Company Subsidiary is in violation of, or liable under, any Environmental Law, that the Company or any Company Subsidiary is obligated to conduct
investigations or clean-up activities under Environmental Law or that any judicial, administrative or compliance order has been issued against the Company or any Company Subsidiary which remains
unresolved. There is no
litigation, request for information or other proceeding pending, or, to the knowledge of the Company, threatened against the Company and any Company Subsidiary under any applicable Environmental Law.
To the knowledge of the Company, there is no investigation pending or threatened against the Company or any Company Subsidiary under any applicable Environmental Law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;None
of the Company, Company&nbsp;LP or any Company Subsidiary has entered into or agreed to any consent decree or order or is subject to any judgment, decree or
judicial, administrative or compliance order relating to compliance with Environmental Laws, Environmental Permits or the investigation, sampling, monitoring, treatment, remediation, removal or
cleanup of Hazardous Materials which remains unresolved. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;None
of the Company, Company&nbsp;LP or any Company Subsidiary has assumed, by contract or operation of Law, any liability under any Environmental Law or relating to
any Hazardous Materials, or is an indemnitor in connection with any threatened or asserted claim by any third-party indemnitee for any liability under any Environmental Law or relating to any
Hazardous Materials. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;None
of the Company, Company&nbsp;LP or any Company Subsidiary has caused, and to the knowledge of the Company, no Third Party has caused any release of a Hazardous
Material that would be required to be investigated or remediated by the Company or any Company Subsidiary under any Environmental Law. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=285,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=50208,FOLIO='A-44',FILE='DISK127:[17ZBR1.17ZBR49201]LM49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lm49201_1_45"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
<U>Section&nbsp;4.14</U> and <U>Sections&nbsp;4.5(b)</U>, <U>4.7-4.9</U>, and <U>4.12</U>
contain the sole representations and warranties of the Company and Company&nbsp;LP with regard to Hazardous Materials, Environmental Laws or other environmental matters. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm49201_section_4.15_intellectual_property_."> </A>
<A NAME="toc_lm49201_8"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.15</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Intellectual Property</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.15(a)</U>
of the Company Disclosure Letter sets forth a correct and complete list of all Intellectual Property Registrations,
in each case owned by the Company or a Company Subsidiary. The Company or a Company Subsidiary is the sole and exclusive owner of all Intellectual Property Registrations. Such Intellectual Property
Registrations have not been cancelled, abandoned or dedicated to the public domain. All registration, maintenance and renewal fees necessary to preserve
the rights of the Company or the Company Subsidiaries in connection with such Intellectual Property Registrations have been paid in a timely manner and, to the knowledge of the Company, such
Intellectual Property Registrations are valid and in full force and effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Except
as, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect, (i)&nbsp;the Company,
Company&nbsp;LP and the other Company Subsidiaries own, free and clear of any Liens (which, for the avoidance of doubt, shall not be deemed to include license agreements) or has a valid and
enforceable license, free and clear of any Liens, or otherwise possess valid and enforceable rights to use all Intellectual Property necessary to conduct the business of the Company, Company&nbsp;LP
and the other Company Subsidiaries as it is currently conducted, (ii)&nbsp;the conduct of the business of the Company, Company&nbsp;LP and the other Company Subsidiaries as it is currently
conducted does not infringe, misappropriate or otherwise violate the Intellectual Property rights of any Third Party, (iii)&nbsp;there are no pending or, to the knowledge of the Company, threatened
claims with respect to any of the Intellectual Property rights owned by the Company, Company&nbsp;LP or any other Company Subsidiary, (iv)&nbsp;none of the Company, Company&nbsp;LP or any
Company Subsidiary (nor any of their respective predecessors) has received any written notice since January&nbsp;1, 2014 from any Third Party (A)&nbsp;asserting the infringement or other violation
of any Intellectual Property by the Company or a Company Subsidiary or (B)&nbsp;pertaining to or challenging the validity, enforceability, or registrability of, any right, title or interest of the
Company or the Company Subsidiaries with respect to, any material Intellectual Property, and (v)&nbsp;to the knowledge of the Company, no Third Party is currently infringing or misappropriating
Intellectual Property owned by the Company, Company&nbsp;LP or any other Company Subsidiary. The Company, Company&nbsp;LP and the Company Subsidiaries have implemented commercially reasonable
measures to maintain and protect each material item of Intellectual Property that they own, and to the knowledge of the Company, there has not been any disclosure or compromise of any confidential or
proprietary information of the Company or the Company Subsidiaries (including any information of any other Person disclosed in confidence to the Company or the Company Subsidiaries) to any Third Party
in a manner that has resulted or is likely to result in the loss of trade secrets or other proprietary rights in and to such information. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-45</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=286,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=452266,FOLIO='A-45',FILE='DISK127:[17ZBR1.17ZBR49201]LM49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_lo49201_1_46"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.16_properties_."> </A>
<A NAME="toc_lo49201_1"> </A>
<BR></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.16</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Properties</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.16(a)</U>
of the Company Disclosure Letter sets forth a list of the common name and address of each hotel and other parcel of
real property owned or leased, including ground leased by the Company, Company&nbsp;LP or any other Company Subsidiary as lessee or sublessee, as of the date of this Agreement (all such real
property interests, together with all buildings, structures and other improvements and fixtures located on or under such real property and all easements, rights and other appurtenances to such real
property, are individually referred to herein as a "<U>Company Property</U>"). As of the date hereof, each of the Company Properties is owned or leased by the Company,
Company&nbsp;LP or Company Subsidiary indicated on <U>Section&nbsp;4.16(a)</U> of the Company Disclosure Letter. Except as set forth in
<U>Section&nbsp;4.16(a)</U> of the Company Disclosure Letter, there are no real properties that the Company, Company&nbsp;LP or any other Company Subsidiary is obligated to
buy, lease or sublease at some future date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Company, Company&nbsp;LP or another Company Subsidiary owns good and valid fee simple title or leasehold title (as applicable) to each of the Company Properties,
in each case, free and clear of Liens,
except for Company Permitted Liens, none of which Company Permitted Liens have had and could not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.
For the purposes of this Agreement, "<U>Company Permitted Liens</U>" shall mean any (i)&nbsp;Liens relating to any Indebtedness set forth on
<U>Section&nbsp;4.16(b)</U> of the Company Disclosure Letter, (ii)&nbsp;statutory or other Liens for Taxes or assessments which are not yet due and delinquent or the validity
of which is being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained in accordance with GAAP, (iii)&nbsp;Company Major Leases, Company Ground
Leases, air rights affecting any Company Property or any other leases or licenses entered into in the ordinary course of business, (iv)&nbsp;Liens imposed or promulgated by Law or any Governmental
Authority, including zoning regulations, permits and licenses, (v)&nbsp;Liens that are disclosed on the existing Company Title Insurance Policies made available by or on behalf of the Company or any
Company Subsidiary to Parent prior to the date hereof and, with respect to leasehold interests, Liens on the underlying fee or leasehold interest of the applicable ground lessor, lessor or sublessor,
(vi)&nbsp;any cashiers', landlords', workers', mechanics', carriers', workmen's, repairmen's and materialmen's liens and other similar Liens imposed by Law and incurred in the ordinary course of
business consistent with past practice that are related to obligations not yet due and payable or the validity of which is being contested in good faith by appropriate proceedings, and
(vii)&nbsp;any other Liens, limitations, restrictions or title defects that do not materially impair the value of the applicable Company Property or the continued use and operation of the applicable
Company Property as currently used and operated. <U>Section&nbsp;4.16(b)</U> of the Company Disclosure Letter describes the material Company Permitted Liens which are being
contested in good faith by appropriate proceedings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Company Properties are, to the knowledge of the Company (x)&nbsp;supplied with utilities and other services as necessary to permit their continued operation as
they are now being operated, (y)&nbsp;in working order sufficient for their normal operation in the manner currently being operated and without any material structural </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-46</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=287,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=290613,FOLIO='A-46',FILE='DISK127:[17ZBR1.17ZBR49201]LO49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lo49201_1_47"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>defects
other than as may be disclosed in any physical condition reports that have been made available to Parent, and (z)&nbsp;adequate and suitable for the purposes for which they are presently
being used. Since January&nbsp;1, 2014, to the knowledge of the Company, none of the Company, Company&nbsp;LP or any Company Subsidiary has received (i)&nbsp;written notice that any certificate,
permit or license from any Governmental Authority having jurisdiction over any of the Company Properties or any agreement, easement or other right of an unlimited duration that is necessary to permit
the lawful use and operation of the buildings and improvements on any of the Company Properties or that is necessary to permit the lawful use and operation of all utilities, parking areas, retention
ponds, driveways, roads and other means of egress and ingress to and from any of the Company Properties is not valid or in full force and effect as of the date of this Agreement, except for such
failures to be valid or in full force and effect that, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect, or of any pending written threat of
modification or cancellation of any of same, that would reasonably be expected to have a Company Material Adverse Effect, or (ii)&nbsp;written notice of any uncured violation of any Laws affecting
any of the Company Properties which,
individually or in the aggregate, would reasonably be expected to have a Company Material Adverse Effect. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;To
the knowledge of the Company, each of the Company Properties has sufficient access to and from publicly dedicated streets for its current use and operation, without
any constraints that interfere with the normal use, occupancy and operation thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;There
are no pending or, to the knowledge of the Company, threatened condemnation, expropriation, eminent domain or rezoning proceedings affecting all or any portion of
any of the Company Properties. The Company and the Company Subsidiaries have all material certificates, variances, permits, licenses or rights required by applicable Law for use and occupancy as are
necessary to conduct the business of the Company and the Company Subsidiaries thereon as presently conducted or currently intended by the Company and Company Subsidiaries to be conducted, and to the
knowledge of the Company, none of the Company, Company&nbsp;LP or any Company Subsidiary has received written notice of any outstanding threat of modification, suspension or cancellation of any such
material certificate, variance, permit, license or right, except as would not reasonably be expected, individually or in the aggregate, to have a Company Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.16(f)</U>
of the Company Disclosure Letter sets forth a list of each lease or sublease, to which the Company or any Company
Subsidiary is a lessor or sublessor with respect to any of the Company Properties together with all amendments, modifications, supplements, renewals and extensions related thereto, which lease or
sublease (excluding antenna leases and license agreements) (i)&nbsp;(A) provides for monthly rent in excess of $6,000 and (B)&nbsp;has a term of twelve (12)&nbsp;months or longer or
(ii)&nbsp;is for a net rentable area in excess of 5,000 square feet (the "<U>Company Major Leases</U>"). The Company has made available to Parent correct and complete (in all
material respects) copies of all Company Major Leases which are in effect as of the date hereof. To the knowledge of the Company, as of the date hereof, each Company Major Lease is valid </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=288,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=450893,FOLIO='A-47',FILE='DISK127:[17ZBR1.17ZBR49201]LO49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lo49201_1_48"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>and
in full force and effect, and none of the Company, Company&nbsp;LP or any Company Subsidiary has received written notice that it is in default under any Company Major Lease as of the date of
this Agreement, except for violations or defaults that have been cured or are disclosed or that would not be material. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.16(g)</U>
of the Company Disclosure Letter sets forth a list of each ground lease or other agreement pursuant to which the
Company, Company&nbsp;LP or any other Company Subsidiary is a lessee
or sublessee with respect to any of the Company Properties that is subject to such ground lease, together with all amendments, modifications, supplements, renewals and extensions related thereto
(each, a "<U>Company Ground Lease</U>"), and identifies each Company Property that is subject to such Company Ground Lease, the Company, Company&nbsp;LP or each other Company
Subsidiary that is a party to such agreement, the date of such agreement and each amendment relating thereto. The Company has made available to Parent correct and complete (in all material respects)
copies of all Company Ground Leases which are in effect as of the date hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.16(h)</U>
of the Company Disclosure Letter sets forth a list of each management agreement pursuant to which any Third Party
manages or operates any of the Company Properties on behalf of the Company, Company&nbsp;LP or any other Company Subsidiary, together with each amendment, guaranty or other agreement or document
binding on the Company, Company&nbsp;LP or applicable Company Subsidiary and relating thereto (each, a "<U>Company Management Agreement</U>"), and identifies each Company
Property that is subject to such Company Management Agreement, the Company, Company&nbsp;LP or each other Company Subsidiary that is a party to such agreement, the date of such agreement and each
amendment relating thereto. The Company has made available to Parent correct and complete (in all material respects) copies of all Company Management Agreements which are in effect as of the date
hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.16(i)</U>
of the Company Disclosure Letter sets forth a list of each franchise, license or other similar agreement providing
the right to utilize a brand name or other rights of a hotel chain or system at any of the Company Properties or by the Company, Company&nbsp;LP or any other Company Subsidiary, together with each
amendment, guaranty or other agreement or document binding on the Company, Company&nbsp;LP or applicable Company Subsidiary and relating thereto (each, a "<U>Company Franchise
Agreement</U>"), and identifies each Company Property that is subject to such Company Franchise Agreement, the Company, Company&nbsp;LP or each other Company Subsidiary that is a party to
such agreement, the date of such agreement and each amendment relating thereto. The Company has made available to Parent correct and complete (in all material respects) copies of all Company
Management Agreements which are in effect as of the date hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;To
the knowledge of the Company, except as set forth on <U>Section&nbsp;4.16(j)</U> of the Company Disclosure Letter, there are no Tax abatements
or exemptions specifically affecting the Company Properties, and the Company and the Company Subsidiaries have not received any written notice of (and the Company and the Company Subsidiaries do not
have any knowledge of) any proposed increase in the assessed valuation of any of the Company Properties or of any proposed public </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-48</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=289,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=652246,FOLIO='A-48',FILE='DISK127:[17ZBR1.17ZBR49201]LO49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lo49201_1_49"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>improvement
assessments that will result in the Taxes or assessments payable in the next tax period increasing, except in each case for any such Taxes or assessment that have not had and would not
reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;4.16(k)</U> of the Company Disclosure Letter, no purchase option has been exercised under any Company
Major Lease or Company Material Contract for which the purchase has not closed prior to the date of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;4.16(l)</U> of the Company Disclosure Letter, (i)&nbsp;there are no unexpired option to purchase
agreements, rights of first refusal or first offer or any other rights to purchase or otherwise acquire any Company Property or any portion thereof (other than a tenant's right to lease space), and
(ii)&nbsp;there are no other outstanding rights or agreements to enter into any contract for sale, ground lease or letter of intent to sell or ground lease any Company Property or any portion
thereof that is owned by any Company Subsidiary, which, in each case, is in favor of any Third Party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;With
respect to each Company Property, there is issued and outstanding a Company Title Insurance Policy, a copy of which, together with all exception documents
referenced therein other than such documents pertaining to utility easements, right of way easements, and other easements for the benefit or use of the public or that do not impose any monetary
obligations, has been made available to Parent. No written claim has been made against any Company Title Insurance Policy, which individually or in the aggregate, has had or would be reasonably
expected to have a Company Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;The
Company and the Company Subsidiaries have good and valid title to, or a valid and enforceable leasehold interest in, or other right to use, all personal property
owned, used or held for use by them as of the date of this Agreement (other than property owned by tenants and used or held in connection with the applicable tenancy), except as, individually or in
the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect. None of the Company's or any of the Company Subsidiaries' ownership of or leasehold interest
in any such personal property is subject to any Liens, except for Company Permitted Liens and Liens that have not had and would not reasonably be expected to have a Company Material Adverse Effect. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.17_taxes_."> </A>
<A NAME="toc_lo49201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.17</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Taxes</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company, Company&nbsp;LP and each Company Subsidiary has timely filed with the appropriate Governmental Authority all Tax Returns required to be filed, taking into
account any extensions of time within which to file such Tax Returns, and all such Tax Returns were complete and correct, subject in each case to such exceptions as, individually or in the aggregate
has not had and would not reasonably be expected to have a Company Material Adverse Effect. The Company, Company&nbsp;LP and each Company Subsidiary has duly paid (or there has been paid on their
behalf), or made </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=290,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=157860,FOLIO='A-49',FILE='DISK127:[17ZBR1.17ZBR49201]LO49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lo49201_1_50"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>adequate
provisions for, all material Taxes required to be paid by them, whether or not shown on any Tax Return. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Company (i)&nbsp;for all taxable years commencing with the Company's taxable year ended December&nbsp;31, 1994 through December&nbsp;31, 2016, has been subject
to taxation as a REIT and has satisfied all requirements to qualify as a REIT; (ii)&nbsp;has operated since January&nbsp;1, 2017 to the date hereof in a manner consistent with the requirements for
qualification and taxation as a REIT; (iii)&nbsp;intends to continue to operate in such a manner as to qualify as a REIT until the REIT Merger Effective Time; and (iv)&nbsp;has not taken or
omitted to take any action that could reasonably be expected to result in a challenge by the IRS or any other Governmental Authority to its status as a REIT, and, the knowledge of the Company, no such
challenge is pending or has been threatened in writing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;(i)
There are no audits, investigations by any Governmental Authority or other proceedings ongoing or, to the knowledge of the Company, threatened with regard to any
Taxes or Tax Returns of the Company or any Company Subsidiary; (ii)&nbsp;no deficiency for Taxes of the Company or any Company Subsidiary has been claimed, proposed or assessed in writing or, to the
knowledge of the Company, threatened, by any Governmental Authority, which deficiency has not yet been settled, except for such deficiencies which are being contested in good faith or with respect to
which the failure to pay, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect; (iii)&nbsp;none of the Company,
Company&nbsp;LP or any Company Subsidiary has waived any statute of limitations with respect to Taxes (other than in connection with any extension of time to file any Tax Return) or agreed to any
extension of time with respect to any Tax assessment or deficiency for any open tax year; and (iv)&nbsp;neither the Company nor any of the Company Subsidiaries has entered into any "closing
agreement" as described in Section&nbsp;7121 of the Code (or any corresponding or similar provision of state, local or foreign income Tax Law). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;None
of the Company, Company&nbsp;LP or any Company Subsidiary holds any asset, the disposition of which would be subject to (or to rules similar to)
Section&nbsp;1374 of the Code or the "prohibited transactions" Tax under Section&nbsp;857(b)(6) of the Code. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Company and the Company Subsidiaries have complied, in all material respects, with all applicable Laws, rules and regulations relating to the payment and withholding
of Taxes (including withholding of Taxes pursuant to Sections&nbsp;1441, 1442, 1445, 1446 and 3402 of the Code or similar provisions under any foreign Laws) and have duly and timely withheld and
have paid over to the appropriate Governmental Authorities all material amounts required to be so withheld and paid over on or prior to the due date thereof under all applicable Laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Company Tax Protection Agreements listed in <U>Section&nbsp;4.17(f)</U> of the Company Disclosure Letter are the only such agreements in
force at the date of this Agreement, and, as of the date of this Agreement, no person has raised in writing, or to </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=291,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=552654,FOLIO='A-50',FILE='DISK127:[17ZBR1.17ZBR49201]LO49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lo49201_1_51"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>the
knowledge of the Company, threatened to raise a material claim against the Company or any Company Subsidiary for any breach of any Company Tax Protection Agreements. As used herein,
"<U>Company Tax Protection Agreements</U>" means any written agreement to which Company, or any Company Subsidiary is a party: (i)&nbsp;pursuant to which any liability to
holders of limited partnership interests in a Company Subsidiary Partnership relating to Taxes may arise, whether or not as a result of the consummation of the transactions contemplated by this
Agreement; and/or (ii)&nbsp;that was entered into in connection with or related to the deferral of income Taxes of a holder of interests in a Company Subsidiary Partnership, and that requires the
Company, or any Company Subsidiaries (A)&nbsp;to maintain a minimum level of debt or continue a particular debt, (B)&nbsp;to retain or not dispose of assets for a period of time that has not since
expired, (C)&nbsp;to make or refrain from making Tax elections (other than an election pursuant to Section&nbsp;754 of the Code), and/or (D)&nbsp;only dispose of assets in a particular manner.
As used herein, "<U>Company Subsidiary Partnership</U>" means a Company Subsidiary that is a partnership for U.S. federal income tax purposes. All guaranty, indemnification,
contribution, or similar arrangements or deficit restoration obligations, or other agreements or arrangements entered into pursuant to any Company Tax Protection Agreement are set forth on
<U>Section&nbsp;4.17(f)</U> of the Company Disclosure Letter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;There
are no Tax Liens upon any property or assets of the Company or any Company Subsidiary except for Company Permitted Liens. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;None
of the Company, Company&nbsp;LP or any Company Subsidiary has requested, has received or is subject to any written ruling or has entered into any written
agreement with a Governmental Authority with respect to any Taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;There
are no Tax allocation or sharing agreements or similar arrangements with respect to, binding, or otherwise involving the Company or any Company Subsidiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;To
the knowledge of the Company, the Company does not have and will not have, as of the REIT Merger Effective Time, any current or accumulated "earnings and profits" for
U.S. federal income tax
purposes which would constitute "earnings and profits accumulated in any non-REIT year" (determined for purposes of Section&nbsp;857(a)(2)(B) of the Code). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;None
of the Company, Company&nbsp;LP or any Company Subsidiary (A)&nbsp;has been a member of an affiliated group filing a consolidated federal income Tax Return
(other than a group the common parent of which was the Company) or (B)&nbsp;has any liability for the Taxes of any Person (other than the Company or any Company Subsidiary) under Treasury Regulation
Section&nbsp;1.1502-6 (or any similar provision of state, local, or foreign Law), as a transferee or successor, by contract, or otherwise. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;None
of the Company, Company&nbsp;LP or any Company Subsidiary has participated in any "reportable transaction" (within the meaning of Treasury Regulation
Section&nbsp;1.6011-4(b)). </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=292,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=62211,FOLIO='A-51',FILE='DISK127:[17ZBR1.17ZBR49201]LO49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lo49201_1_52"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;Neither
the Company nor any of the Company Subsidiaries has constituted either a "distributing corporation" or a "controlled corporation" (within the meaning of
Section&nbsp;355(a)(1)(A) of the Code) in a distribution of stock qualifying for tax-free treatment under Section&nbsp;355 of the Code (A)&nbsp;in the two years prior to the date of this
Agreement or (B)&nbsp;in a distribution which could otherwise constitute part of a "plan" or "series of related transactions" (within the meaning of Section&nbsp;355(e) of the Code) in conjunction
with transactions contemplated by this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;Neither
the Company nor any of the Company Subsidiaries has been a party to a "conversion transaction" (within the meaning of Treasury Regulation
Section&nbsp;1.337(d)-7(f)(3)(iii)). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;None
of the Company or any of its Subsidiaries is, will be (regardless of whether the REIT Merger occurs) or would be, as a result of the transactions contemplated
herein, required to include amounts in income, or exclude items of deduction (in either case for Tax purposes), for any Tax period as a result of (i)&nbsp;a change in method of Tax accounting or
period; (ii)&nbsp;an installment sale or "open transaction" disposition; (iii)&nbsp;a prepaid amount received, accrued, or paid; (iv)&nbsp;deferred income or gain; (v)&nbsp;an election under
Section&nbsp;108(i) of the Code; (vi)&nbsp;Section&nbsp;481 of the Code, or, in the case of each of the foregoing, any corresponding or similar provision of state, local, or non-U.S. Law;
(vii)&nbsp;the recapture of any tax credit or other special tax benefit; or (viii)&nbsp;the use of any special accounting method (such as the long-term method for accounting for long-term
contracts). None of the Company or any of its Subsidiaries has pending a transaction under Section&nbsp;1031 or 1033 of the Code or other tax-deferral transactions for which deferral will not be
available as a result of the transactions contemplated herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;Company&nbsp;LP
is not an investment company for purposes of Section&nbsp;721(b) of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;To
the knowledge of the Company, the issuance by Parent&nbsp;LP of the REIT Common Merger Consideration and REIT Preferred Merger Consideration pursuant to this
Agreement will not cause any "Person" (as defined in the Parent Declaration of Trust) to "Beneficially Own" or "Constructively Own" "Equity Stock" of Parent (as the foregoing terms are each defined in
the Parent Declaration of Trust, and, for the sake of clarity, including any Parent Series&nbsp;A Preferred Shares issued as REIT Preferred Merger Consideration as "Equity Stock" (as defined in the
Parent Declaration of Trust)) in excess of the "Common Share Ownership Limit" (as defined in the Parent Declaration of Trust). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;4.17(r)</U> of the Company Disclosure Letter, no written power of attorney that has been granted by
Company or any of Company Subsidiary (other than to Company or a Company Subsidiary) currently is in force with respect to any matter relating to Taxes. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;4.1(c)</U> of the Company Disclosure Letter, no Company Subsidiary that is not a domestic corporation has
ever been treated as </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=293,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=500865,FOLIO='A-52',FILE='DISK127:[17ZBR1.17ZBR49201]LO49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lo49201_1_53"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>other
than a partnership or disregarded entity for U.S. federal income tax purposes, or has ever made an election on IRS Form&nbsp;8832 with respect to its classification for U.S. federal income tax
purposes. Without limitation of the foregoing, Company&nbsp;LP is and always has been taxable as a partnership (and not as an association or publicly traded partnership taxable as a corporation) for
U.S. federal income tax purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;All
of the liabilities of Company&nbsp;LP are "qualified liabilities" (within the meaning of Treasury Regulation Section&nbsp;1.707-5(a)(6)). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;Immediately
prior to the consummation of the transactions contemplated by this Agreement, the net operating losses of the Company for U.S. federal income tax purposes
will be at least $500&nbsp;million. The amount of the Company's liabilities that REIT Merger Sub is assuming from the Company and taking the assets subject to in the REIT Merger exceeds the
aggregate U.S. federal income tax basis (as determined immediately prior to the consummation of the transactions contemplated pursuant to this
Agreement) of the assets that will be transferred to REIT Merger Sub, as determined for U.S. federal income tax purposes, by not more than $200&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;For
the taxable year during which the REIT Merger occurs, Company&nbsp;LP, and each other Company Subsidiary that is classified as a partnership for U.S. federal
income tax purposes, has in effect an election under Section&nbsp;754 of the Code. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.18_insurance_."> </A>
<A NAME="toc_lo49201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.18</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Insurance</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The Company has made available to Parent copies of all material insurance policies maintained by the Company or the Company Subsidiaries and all material fidelity bonds or other
insurance service contracts in the Company's possession providing coverage for all material Company Properties (the "<U>Company Insurance Policies</U>"). Except for those matters
that have not had and would not reasonably be expected to have a Company Material Adverse Effect, there is no claim for coverage by the Company or any Company Subsidiary pending under any of the
Company Insurance Policies that has been denied or disputed by the insurer. Except for those matters that have not had and would not reasonably be expected to have a Company Material Adverse Effect,
all premiums payable under all Company Insurance Policies have been paid, and the Company and the Company Subsidiaries have otherwise complied in all material respects with the terms and conditions of
all the Company Insurance Policies. To the knowledge of the Company, such Company Insurance Policies are valid and enforceable in accordance with their terms and are in full force and effect. No
written notice of cancellation or termination has been received as of the date hereof by the Company or any Company Subsidiary with respect to any such policy which has not been replaced on
substantially similar terms prior to the date of such cancellation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.19_opinion_of_financial_advisor_."> </A>
<A NAME="toc_lo49201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.19</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Opinion of Financial Advisor</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The Company has received the opinion of Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated ("<U>BAML</U>"), the Company's financial advisor, to the effect
that, as of the date of such opinion and subject to the assumptions and limitations set forth therein, the Common Exchange Ratio is fair from a financial point of view to the holders of shares of
Company Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.20_takeover_statutes_."> </A>
<A NAME="toc_lo49201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.20</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Takeover Statutes</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Assuming the accuracy of the representations and warranties set forth in <U>Section&nbsp;5.24</U>, the Company Board has taken all action necessary to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-53</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=294,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=198316,FOLIO='A-53',FILE='DISK127:[17ZBR1.17ZBR49201]LO49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lo49201_1_54"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>render
inapplicable to the REIT Merger the restrictions on business combinations contained in Section&nbsp;3-602 of the MGCL. No other "business combination," "control share acquisition," "fair
price," "moratorium" or other takeover or anti-takeover statute or similar federal or state Law is applicable to this Agreement, the Mergers or the other transactions contemplated by this Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.21_vote_required_."> </A>
<A NAME="toc_lo49201_6"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.21</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Vote Required</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The affirmative vote of the holders of not less than a majority of all outstanding shares of Company Common Stock to approve the REIT Merger (the "<U>Company Stockholder
Approval</U>") is the only vote of the holders of any class or series of shares of capital stock of the Company required to consummate the transactions contemplated by this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.22_no_rights_plan_."> </A>
<A NAME="toc_lo49201_7"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.22</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Rights Plan</U>.
&nbsp;&nbsp;&nbsp;&nbsp;There is no stockholders rights plan, "poison pill" anti-takeover plan or other similar arrangement in effect, to which the Company is party or otherwise bound. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.23_brokers_."> </A>
<A NAME="toc_lo49201_8"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.23</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Brokers</U>.
&nbsp;&nbsp;&nbsp;&nbsp;No broker, finder or investment banker (other than BAML) is entitled to any brokerage, finder's or other fee or commission in connection with or upon consummation of the Mergers based
upon arrangements made by or on behalf of the Company or any Company Subsidiary. The Company has made available to Parent a true and complete copy of the Company's engagement letter with BAML,
together with any amendment, modification, supplement, renewal, extension or other document related thereto, with respect to the transactions contemplated by this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.24_investment_company_act_."> </A>
<A NAME="toc_lo49201_9"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.24</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Investment Company Act</U>.
&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, Company&nbsp;LP or any other Company Subsidiary is required to be registered as an investment company under the Investment Company Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.25_ownership_of_parent_common_shares_."> </A>
<A NAME="toc_lo49201_10"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.25</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Ownership of Parent Common Shares</U>.
&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, Company&nbsp;LP, any Company Subsidiary or, to the knowledge of the Company, their respective Affiliates or "associates" (as defined in Section&nbsp;3-601(c) of
the MGCL) is, nor at any time during the last three years has been, an "interested stockholder" of Parent as defined in Section&nbsp;3-601(j) of the MGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.26_affiliate_transactions_."> </A>
<A NAME="toc_lo49201_11"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.26</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Affiliate Transactions</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in the Company SEC Filings made through and including the date of this Agreement or as permitted by this Agreement, from January&nbsp;1, 2014 through the date of
this Agreement there have been no transactions, agreements, arrangements or understandings between the Company or any Company Subsidiary, on the one hand, and any Affiliates (other than Company
Subsidiaries) of the Company or other Persons, on the other hand, that would be required to be disclosed under Item&nbsp;404 of Regulation&nbsp;S-K promulgated by the SEC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo49201_section_4.27_transaction_expenses_."> </A>
<A NAME="toc_lo49201_12"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.27</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Transaction Expenses</U>.
&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.27</U> of the Company Disclosure Letter sets forth the Company's good faith estimate, as of the date of this Agreement, of the total Expenses to
be incurred by the Company, Company&nbsp;LP and the Company Subsidiaries prior to Closing in connection with the transactions contemplated by this Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-54</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=295,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=60365,FOLIO='A-54',FILE='DISK127:[17ZBR1.17ZBR49201]LO49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_lq49201_1_55"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_4.28_no_other___lq401997"> </A>
<A NAME="toc_lq49201_1"> </A>
<BR></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.28</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Other Representations or  Warranties</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except for the representations and warranties contained in <U>Article&nbsp;V</U>, the Company acknowledges that neither Parent nor any other Person
or entity on behalf of Parent has made, and the Company has not relied upon, any representation or warranty, whether express or implied, with respect to Parent or any of the Parent Subsidiaries or
their respective businesses, affairs, assets, liabilities, financial condition, results of operations, future operating or financial results, estimates, projections, forecasts, plans or prospects
(including the reasonableness of the assumptions underlying such estimates, projections, forecasts, plans or prospects) or with respect to the accuracy or completeness of any other information
provided or made available to the Company by or on behalf of Parent. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_article_v_representations_and___art04199"> </A>
<A NAME="toc_lq49201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE V    <BR>    <BR>    REPRESENTATIONS AND WARRANTIES    <BR>    <BR>    OF PARENT, PARENT&nbsp;LP, REIT MERGER SUB AND PARTNERSHIP MERGER SUB    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except (a)&nbsp;as set forth in the corresponding sections of disclosure letter that has been prepared by Parent and delivered by Parent to
the Company immediately prior to the execution and delivery of this Agreement (the "<U>Parent Disclosure Letter</U>"), it being agreed that disclosure of any item in any Section
of the Parent Disclosure Letter with respect to any Section or subsection of <U>Article&nbsp;V</U> of this Agreement shall be deemed disclosed with respect to any other Section
or subsection of <U>Article&nbsp;V</U> of this Agreement to the extent the relevance of such item is reasonably apparent from the face of such disclosure,
<U>provided</U>, <U>however</U>, that nothing in the Parent Disclosure Letter is intended to broaden the scope of any representation or warranty of Parent,
Parent&nbsp;LP, REIT Merger Sub or Partnership Merger Sub made herein, or (b)&nbsp;as disclosed in Parent SEC Filings publicly available or filed with, as applicable, the SEC on or after
January&nbsp;1, 2017 and prior to the date of this Agreement (excluding any disclosure set forth in any section of a Parent SEC Filing entitled "Risk Factors" or "Cautionary Note Regarding
Forward-Looking Statements" or similarly titled section in any other disclosures included in the Parent SEC Filings, in each case to the extent that such disclosure is cautionary, predictive or
forward-looking in nature), Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub hereby jointly and severally represent and warrant to the Company and Company&nbsp;LP that: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.1_organizati__lq402142"> </A>
<A NAME="toc_lq49201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Organization and Qualification; Subsidiaries</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Parent
is a real estate investment trust duly organized, validly existing and in good standing under the laws of the State of Maryland, and Parent&nbsp;LP is a
partnership duly organized, validly existing and in good standing under the laws of the State of Delaware and each has the requisite organizational power and authority to own, lease and, to the extent
applicable, operate its properties and to carry on its business as it is now being conducted. Each of Parent and Parent&nbsp;LP is duly qualified or licensed to do business, and is in good standing,
in each jurisdiction where the character of the properties owned, operated or leased by it or the nature of its business makes such qualification, licensing or good standing necessary, except for such
failures to be so </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-55</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=296,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=220806,FOLIO='A-55',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_56"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>qualified,
licensed or in good standing that, individually or in the aggregate, have not had and would not reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;REIT
Merger Sub is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Maryland and has the requisite
organizational power and authority to carry on its business as it is now being conducted. REIT Merger Sub was formed solely for the purpose of engaging in the transactions contemplated by this
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Partnership
Merger Sub is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware and has the requisite
organizational power and authority to carry on its business as it is now being conducted. Partnership Merger Sub was formed solely for the purpose of engaging in the transactions contemplated by this
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Each
Parent Subsidiary (other than REIT Merger Sub and Partnership Merger Sub) is duly organized, validly existing and in good standing under the Laws of the
jurisdiction of its incorporation or organization, as the case may be, and has the requisite organizational power and authority to own, lease and, to the extent applicable, operate its properties and
to carry on its business as it is now being conducted, except for such failures to be so organized, in good standing or have certain power and authority that, individually or in the aggregate, have
not had and would not reasonably be expected to have a Parent Material Adverse Effect. Each Parent Subsidiary is duly qualified or licensed to do business, and is in good standing, in each
jurisdiction where the character of the properties owned, operated or leased by it or the nature of its business makes such qualification, licensing or good standing necessary, except for such
failures to be so qualified, licensed or in good standing that, individually or in the aggregate, have not had and would not reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;None
of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any Parent Subsidiary directly or indirectly owns any interest in or of, or investment in,
whether equity or debt, any Person (other than equity interests in the Parent Subsidiaries and investments in short-term investment securities set forth on
<U>Section&nbsp;5.1(e)</U> of the Parent Disclosure Letter). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.2_organizational_documents_."> </A>
<A NAME="toc_lq49201_4"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Organizational Documents</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Parent has made available to the Company complete and correct copies of (i)&nbsp;the Parent Declaration of Trust and Parent Bylaws (ii)&nbsp;the Parent Partnership Certificate and
Parent Partnership Agreement, as in effect on the date hereof and (iii)&nbsp;the organizational documents of each of Parent's "significant subsidiaries" (as such term is defined in Rule&nbsp;1-02
of Regulation&nbsp;S-X), each as in effect on the date hereof. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.3_capital_structure_."> </A>
<A NAME="toc_lq49201_5"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Capital Structure</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;As
of the date of this Agreement, the authorized capital stock of Parent consists of 450,000,000 Parent Common Shares and 50,000,000 Parent Preferred Shares. At the
close of business on April&nbsp;21, 2017, (i)&nbsp;123,753,274 Parent Common Shares were issued and outstanding, (ii)&nbsp;no Parent Preferred Shares were issued and outstanding,
(iii)&nbsp;854,215 Parent Common Shares were reserved for issuance pursuant to </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-56</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=297,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=940075,FOLIO='A-56',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_57"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>awards
outstanding under the Parent Equity Plans and (iv)&nbsp;3,610,370 Parent Common Shares were available for grant under the Parent Equity Plans. All issued and outstanding shares of the
beneficial interests of Parent are, and all Parent Common Shares reserved for issuance as noted above, shall be, when issued in accordance with the respective terms thereof, duly authorized, validly
issued, fully paid and non-assessable and free of preemptive rights, and all Parent Common Shares and Parent Preferred Shares to be issued to Parent&nbsp;LP and provided by Parent&nbsp;LP as the
REIT Common Merger Consideration or the REIT Preferred Merger Consideration, when so issued in accordance with the terms of this Agreement, will be duly authorized, validly issued, fully paid,
non-assessable and free of preemptive rights. There are no outstanding bonds, debentures, notes or other indebtedness of Parent or any Parent Subsidiary having the right to vote (or convertible into,
or exchangeable for, securities having the right to vote) on any matter on which holders of Parent Common Shares or other equity holders of such Parent Subsidiary may vote. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Parent
is the sole general partner of Parent&nbsp;LP, and Parent owns, directly or indirectly, all of the general partner interests in Parent&nbsp;LP.
<U>Section&nbsp;5.3(b)</U> of the Parent Disclosure Letter sets forth, as of the date hereof, the name of, and the number and class of partnership interests held by, each
partner in Parent&nbsp;LP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;All
of the REIT Merger Sub membership interests are owned directly or indirectly by Parent&nbsp;LP. All of the REIT Merger Sub membership interests are duly authorized
and validly issued, and are not entitled to preemptive rights. There are no outstanding bonds, debentures, notes or other indebtedness of REIT Merger Sub having the right to vote (or convertible into,
or exchangeable for, securities having the right to vote) on any matter on which holder of REIT Merger Sub membership interests may vote. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;All
of the Partnership Merger Sub partnership interests are owned directly or indirectly by Parent&nbsp;LP. All of the Partnership Merger Sub partnership interests are
duly authorized and validly issued, and are not entitled to preemptive rights. There are no outstanding bonds, debentures, notes or other indebtedness of Partnership Merger Sub having the right to
vote (or convertible into, or exchangeable for, securities having the right to vote) on any matter on which holder of Partnership Merger Sub partnership interests may vote. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;All
of the outstanding shares of capital stock of each of the Parent Subsidiaries that is a corporation are duly authorized, validly issued, fully paid and
nonassessable. All equity interests in each of the Parent Subsidiaries that is a partnership or limited liability company are duly authorized and validly issued. All shares of capital stock of (or
other ownership interests in) each of the Parent Subsidiaries which may be issued upon exercise of outstanding options or exchange rights are duly authorized and, upon issuance will be validly issued,
fully paid and nonassessable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;5.3(f)</U> of the Parent Disclosure Letter, as of the date of this Agreement, there are no securities,
options, warrants, calls, rights, commitments, agreements, rights of first refusal, arrangements or undertakings of any </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-57</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=298,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=40579,FOLIO='A-57',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_58"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>kind
to which Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary is a party or by which any of them is bound, obligating Parent, Parent&nbsp;LP, REIT
Merger Sub, Partnership Merger Sub or any other Parent Subsidiary to issue, deliver or sell or create, or cause to be issued, delivered or sold or created, additional Parent Common Shares or REIT
Merger Sub or Partnership Merger Sub partnership interests or other equity interests or phantom stock or other contractual rights the value of which is determined in whole or in part by the value of
any equity interest of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any of the other Parent Subsidiaries or obligating Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership
Merger Sub or any other Parent Subsidiary to issue, grant, extend or enter into any such security, option, warrant, call, right, commitment, agreement, right of first refusal, arrangement or
undertaking. As of the date of this Agreement, except as expressly provided in the Parent Partnership Agreement, there are no
outstanding contractual obligations of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary to repurchase, redeem or otherwise acquire any Parent Common
Shares, or other equity interests of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary (other than in satisfaction of withholding Tax obligations
pursuant to certain awards outstanding under the Parent Equity Plan). None of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary is a party to or, to the
knowledge of Parent, bound by any agreements or understandings concerning the voting of any capital stock or other equity interests of Parent, REIT Merger Sub, Partnership Merger Sub or any of the
other Parent Subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;All
dividends or distributions on the Parent Common Shares and any dividends or distributions on any securities of any Parent Subsidiary which have been authorized or
declared prior to the date hereof have been paid in full (except to the extent such dividends have been publicly announced and are not yet due and payable). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.4_authority_."> </A>
<A NAME="toc_lq49201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Authority</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub has the requisite organizational power and authority to execute and deliver this Agreement,
to perform its obligations hereunder and, subject to receipt of the Parent Shareholder Approval, to consummate the transactions contemplated by this Agreement. The execution and delivery of this
Agreement by each of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub and the consummation by each of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub of the
transactions contemplated hereby have been duly and validly authorized by all necessary corporate action, and no other corporate or limited partnership proceedings on the part of Parent,
Parent&nbsp;LP, REIT Merger Sub or Partnership Merger Sub, as applicable, are necessary to authorize this Agreement or the Mergers or to consummate the transactions contemplated hereby, subject
(x)&nbsp;with respect to the REIT Merger, to receipt of the Parent Shareholder Approval and the filing and acceptance for record of the REIT Merger Articles of Merger with the Maryland SDAT and
(y)&nbsp;with respect to the Partnership Merger, to the filing and acceptance for record of the Partnership Merger Certificate of Merger with the Delaware Secretary. The Parent Board at a duly held
meeting has, by unanimous vote, (i)&nbsp;duly and validly authorized the execution and delivery of this Agreement and declared advisable </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-58</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=299,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=744359,FOLIO='A-58',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_59"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>the
consummation of the Mergers and the other transactions contemplated hereby, (ii)&nbsp;determined that the Mergers and the transactions contemplated by this Agreement are fair to and in the best
interest of Parent and its shareholders, (iii)&nbsp;directed that the Parent Share Issuance be submitted for consideration at the Parent Shareholder Meeting, and (iv)&nbsp;resolved to recommend
that the shareholders of the Parent
vote in favor of the Parent Share Issuance (the "<U>Parent Recommendation</U>") and to include such recommendation in the Joint Proxy Statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;This
Agreement has been duly executed and delivered by each of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub and, assuming due authorization,
execution and delivery by each of the Company and Company&nbsp;LP, constitutes a legally valid and binding obligation of each of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub,
enforceable against Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar Laws affecting creditors' rights generally and by general principles of equity (regardless of whether enforceability is considered in a
proceeding in equity or at law). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.5_no_conflic__lq402054"> </A>
<A NAME="toc_lq49201_7"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Conflict; Required Filings and Consents</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by each of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub does not, and the performance of this
Agreement and the consummation of the Mergers and the other transactions contemplated hereby by each of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub will not,
(i)&nbsp;conflict with or violate any provision of the Parent Declaration of Trust, Parent Bylaws, Parent Partnership Certificate, Parent Partnership Agreement or the organizational documents of
REIT Merger Sub or Partnership Merger Sub or any equivalent organizational or governing documents of any other Parent Subsidiary, (ii)&nbsp;assuming that all consents, approvals, authorizations and
permits described in <U>Section&nbsp;5.5(b)</U> have been obtained, all filings and notifications described in <U>Section&nbsp;5.5(b)</U> have been made
and any waiting periods thereunder have terminated or expired, conflict with or violate any Law applicable to Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent
Subsidiary or by which any property or asset of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary is bound, or (iii)&nbsp;to the extent not obtained
prior to the date hereof, require any consent or approval under, result in any breach of or any loss of any benefit or material increase in any cost or obligation of Parent or any Parent Subsidiary
under, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any right of termination, acceleration or cancellation (with or
without notice or the lapse of time or both) of, or give rise to any right of purchase, first offer or forced sale under or result in the creation of a Lien on any property or asset of Parent,
Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary pursuant to, any note, bond, debt instrument, indenture, contract, agreement, ground lease, license, permit or
other legally binding obligation to which Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary is a party, except, as to clauses&nbsp;(ii) and (iii),
respectively, for any such conflicts, violations, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-59</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=300,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=731265,FOLIO='A-59',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_60"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>breaches,
defaults or other occurrences which, individually or in the aggregate, have not had and would not reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by each of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub does not, and the performance of this
Agreement by each of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub will not, require any consent, approval, authorization or permit of, or filing with or notification to, any
Governmental Authority, except (i)&nbsp;the filing with the SEC of (A)&nbsp;the Joint Proxy Statement, the Form&nbsp;S-4, and the declaration of effectiveness of the Form&nbsp;S-4, and
(B)&nbsp;such reports under, and other compliance with, the Exchange Act (and the rules and regulations promulgated thereunder) and the Securities Act (and the rules and regulations promulgated
thereunder) as may be required in connection with this Agreement and the transactions contemplated hereby, (ii)&nbsp;as may be required under the rules and regulations of the NYSE, (iii)&nbsp;the
filing of the REIT Merger Articles of Merger and the acceptance thereof for record by the Maryland SDAT pursuant to the MGCL and the MD&nbsp;LLC Act, (iv)&nbsp;the filing of the Partnership Merger
Certificate of Merger and the acceptance thereof for record by the Delaware Secretary pursuant to the DRULPA, (v)&nbsp;such filings and approvals as may be required by any applicable state
securities or "blue sky" Laws, (vi)&nbsp;such filings as may be required in connection with state and local Transfer Taxes, and (vii)&nbsp;where failure to obtain such consents, approvals,
authorizations or permits, or to make such filings or notifications, individually or in the aggregate, has not had and would not reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.6_permits;_compliance_with_law_."> </A>
<A NAME="toc_lq49201_8"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Permits; Compliance with Law</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Parent,
Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub and each other Parent Subsidiary is in possession of all authorizations, licenses, permits,
certificates, approvals, variances, exemptions, orders, franchises, certifications and clearances of any Governmental Authority and accreditation and certification agencies, bodies or other
organizations, including building permits and certificates of occupancy, necessary for Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub and each other Parent Subsidiary to own, lease
and, to the extent applicable, operate its properties or to carry on its respective business substantially as it is being conducted as of the date hereof (the "<U>Parent
Permits</U>"), and all such Parent Permits are valid and in full force and effect, except where the failure to be in possession of, or the failure to be valid or in full force and effect
of, any of the Parent Permits, individually or in the aggregate, has not had and would not reasonably be expected to have a Parent Material Adverse Effect. All applications required to have been filed
for the renewal of Parent Permits have been duly filed on a timely basis with the appropriate Governmental Authority, and all other filings required to have been made with respect to such Parent
Permits have been duly made on a timely basis with the appropriate Governmental Authority, except in each case for failures to file which, individually or in the aggregate, have not had and would not
reasonably be expected to have a Parent Material Adverse Effect. None of Parent, Parent&nbsp;LP or any Parent Subsidiary has received as of the date hereof, any claim or notice nor has any knowledge
indicating that Parent or any Parent Subsidiary is currently not in compliance with the terms of any such Parent Permits, except where the failure to be in compliance with the terms of any such Parent
Permits, individually or in the aggregate, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=301,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=634309,FOLIO='A-60',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_61"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>have
not had and would not reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;None
of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary is or has been in conflict with, or in default or violation of
(i)&nbsp;any Law applicable to Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary or by which any property or asset of Parent, Parent&nbsp;LP, REIT
Merger Sub, Partnership Merger Sub or any other Parent Subsidiary is bound (except for Laws addressed in <U>Section&nbsp;5.10</U>,
<U>Section&nbsp;5.11</U>, <U>Section&nbsp;5.14</U>, <U>Section&nbsp;5.15</U> or
<U>Section&nbsp;5.17</U>, which are the subject of the representations made therein), or (ii)&nbsp;any Parent Permits (except for Parent Permits addressed in
<U>Section&nbsp;5.14</U>, which are the subject of the representations made therein), except in each case for any such conflicts, defaults or violations that, individually or
in the aggregate, have not had and would not reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.7_sec_filings;_financial_statements_."> </A>
<A NAME="toc_lq49201_9"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.7</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>SEC Filings; Financial Statements</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Parent
has filed with, or furnished (on a publicly available basis) to, the SEC all forms, reports, schedules, statements and documents required to be filed or furnished
by it under the Securities Act or the Exchange Act, as the case may be, including any amendments or supplements thereto, from and after January&nbsp;1, 2014 (collectively, the "<U>Parent
SEC Filings</U>"). Each Parent SEC Filing, as amended or supplemented, if applicable, (i)&nbsp;as of its date, or, if amended or supplemented, as of the date of the most recent amendment
or supplement thereto, complied in all material respects with the requirements of the Securities Act, the Exchange Act and the Sarbanes-Oxley Act, as the case may be, and the applicable rules and
regulations of the SEC thereunder, and (ii)&nbsp;did not, at the time it was filed (or became effective in the case of registration statements), or, if amended or supplemented, as of the date of the
most recent amendment or supplement thereto, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading. As of the date of this Agreement, neither REIT Merger Sub nor Partnership Merger Sub nor any other Parent
Subsidiary is separately subject to the periodic reporting requirements of the Exchange Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of the consolidated financial statements contained or incorporated by reference in the Parent SEC Filings (as amended, supplemented or restated, if applicable),
including the related notes and schedules, was prepared (except as indicated in the notes thereto) in accordance with GAAP applied on a consistent basis throughout the periods indicated, and each such
consolidated financial statement presented fairly, in all material respects, the consolidated financial position, results of operations, shareholders' equity and cash flows of Parent and its
consolidated subsidiaries as of the respective dates
thereof and for the respective periods indicated therein (subject, in the case of unaudited quarterly financial statements, to normal year-end adjustments). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Parent
is in compliance in all material respects with the provisions of the Sarbanes-Oxley Act and the provisions of the Exchange Act and Securities Act </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-61</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=302,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=511258,FOLIO='A-61',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_62"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>relating
thereto which under the terms of such provisions (including the dates by which such compliance is required) have become applicable to Parent. Each of the principal executive officer of Parent
and the principal financial officer of Parent has made all certifications required by Rule&nbsp;13a-14 or 15d-14 under the Exchange Act or Sections&nbsp;302 and 906 of the Sarbanes-Oxley Act and
the rules and regulations of the SEC promulgated thereunder with respect to the Parent SEC Filings. For purposes of the preceding sentence, "principal executive officer" and "principal financial
officer" shall have the meanings given to such terms in the Sarbanes-Oxley Act. The records, systems, controls, data and information of Parent and the Parent Subsidiaries that are used in the system
of internal accounting controls described in the following sentence are recorded, stored, maintained and operated under means that are under the exclusive ownership and direct control of Parent or the
Parent Subsidiaries or accountants, except for any non-exclusive ownership and non-direct control that would not reasonably be expected to have a materially adverse effect on the system of internal
accounting controls. Parent and the Parent Subsidiaries have devised and maintain a system of internal accounting controls sufficient to provide reasonable assurances regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including that: (i)&nbsp;transactions are executed only in accordance with management's
authorization; (ii)&nbsp;transactions are recorded as necessary to permit preparation of the financial statements of Parent and the Parent Subsidiaries and to maintain accountability for the assets
of Parent and the Parent Subsidiaries; (iii)&nbsp;access to such assets is permitted only in accordance with management's authorization; (iv)&nbsp;the reporting of such assets is compared with
existing assets at regular intervals; and (v)&nbsp;accounts, notes and other receivables and inventory are recorded accurately, and proper and adequate procedures are implemented to effect the
collection thereof on a current and timely basis. Parent's principal executive officer and its principal financial officer have disclosed to Parent's auditors and the audit committee of the Parent
Board (i)&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect Parent's
ability to record, process, summarize and report financial data, and (ii)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in Parent's
internal controls, and Parent has made available to the Company copies of any material written materials relating to the foregoing. Parent has established and maintains disclosure controls and
procedures (as such term is defined in Rule&nbsp;13a-15 promulgated under the Exchange Act) designed to ensure that material information relating to Parent required to be included in reports filed
under the Exchange Act, including its consolidated subsidiaries, is recorded, processed, summarized and made known to Parent's principal executive officer and its principal financial officer by others
within those entities, as appropriate to allow timely decisions regarding required disclosure and to make the certifications required pursuant to Sections&nbsp;302 and 906 of the Sarbanes-Oxley Act,
particularly during the periods in
which the periodic reports required under the Exchange Act are being prepared, and, to the knowledge of Parent, such disclosure controls and procedures are effective in timely alerting Parent's
principal executive officer and its principal financial officer to material information required to be included in Parent's periodic reports required under the Exchange Act. Parent has delivered or
made available to the Company complete and accurate copies of notices </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=303,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=555474,FOLIO='A-62',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_63"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>received
as of the date hereof by Parent from its independent auditor of any significant deficiencies or material weaknesses in Parent's internal control over financial reporting since
January&nbsp;1, 2014 and any other management letter or similar correspondence received as of the date hereof by Parent since January&nbsp;1, 2014 from any independent auditor of Parent or any of
the then-existing Parent Subsidiaries. Since the enactment of the Sarbanes-Oxley Act, none of Parent, Parent&nbsp;LP or any other Parent Subsidiary has made any prohibited loans to any director or
executive officer of Parent (as defined in Rule&nbsp;3b-7 promulgated under the Exchange Act). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;None
of Parent or any Parent Subsidiary has any liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise), except for liabilities or
obligations (i)&nbsp;reflected or reserved against on the consolidated balance sheet of Parent and Parent Subsidiaries included in Parent's Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2016 (including any notes thereto), (ii)&nbsp;expressly contemplated by or under this Agreement, including <U>Section&nbsp;6.2</U> hereof,
(iii)&nbsp;incurred in the ordinary course of business consistent with past practice since the most recent balance sheet set forth in the Parent SEC Filings made through and including the date of
this Agreement, (iv)&nbsp;described in any section of the Parent Disclosure Letter or (v)&nbsp;that, individually or in the aggregate, have not had and would not reasonably be expected to have a
Parent Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;To
the knowledge of Parent, none of the Parent SEC Filings is the subject of ongoing SEC review and Parent has not received as of the date hereof any comments from the
SEC with respect to any of the Parent SEC Filings which remain unresolved, nor has it received as of the date hereof any inquiry or information request from the SEC as to any matters affecting Parent
which has not been adequately addressed. Parent has made available to the Company true and complete copies of all written comment letters from the staff of the SEC received since January&nbsp;1,
2014 through the date of this Agreement relating to the Parent SEC Filings and all written responses of Parent thereto through the date of this Agreement. None of the Parent SEC Filings is the subject
of any confidential treatment request by Parent. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.8_disclosure_documents_."> </A>
<A NAME="toc_lq49201_10"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.8</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Disclosure Documents</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;None
of the information supplied or to be supplied by or on behalf of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary
for inclusion or incorporation by reference in (i)&nbsp;the Form&nbsp;S-4 will, at the time such document is filed with the SEC, at any time such document is amended or supplemented or at the time
such document is declared effective by the SEC, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, or (ii)&nbsp;the Joint Proxy Statement will, at the date it is first mailed to the stockholders of the Company and shareholders of Parent, respectively, at the time of the
Company Stockholder Meeting and the Parent Shareholder Meeting, at the time the Form&nbsp;S-4, is declared effective by the SEC or at the REIT Merger Effective Time, contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=304,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=485026,FOLIO='A-63',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_64"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>misleading.
All documents that Parent is responsible for filing with the SEC in connection with the transactions contemplated herein, to the extent relating to Parent or any Parent Subsidiary or other
information supplied by or on behalf of Parent or any Parent Subsidiary for inclusion therein, will comply as to form, in all material respects, with the provisions of the Securities Act or Exchange
Act, as applicable and the rules and regulations of the SEC thereunder and each such document required to be filed with any Governmental Authority (other than the SEC) will comply in all material
respects with the provisions of any applicable Law as to the information required to be contained therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
representations and warranties contained in this <U>Section&nbsp;5.8</U> shall not apply to statements or omissions included in the
Form&nbsp;S-4 or the Joint Proxy Statement to the extent based upon information supplied to Parent by or on behalf of the Company. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.9_absence_of_certain_changes_or_events_."> </A>
<A NAME="toc_lq49201_11"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.9</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Absence of Certain Changes or Events</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Since December&nbsp;31, 2016, except as contemplated by this Agreement or as set forth on <U>Section&nbsp;5.9</U> of the Parent Disclosure Letter: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;each
of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub and each other Parent Subsidiary has conducted its business in the ordinary course consistent
with past practice, and, prior to the date hereof there has not been: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;any
declaration, setting aside or payment of any dividend or other distribution with respect to any shares of capital stock or other equity interests of Parent or any
Parent Subsidiary, other than regular quarterly dividends consistent with past practice; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;any
repurchase, redemption or other acquisition by Parent or any Parent Subsidiary of any shares of capital stock or other equity interests of Parent or any Parent
Subsidiary or any securities or other equity interests convertible into or exercisable for any shares of capital stock or other equity interests of Parent or any Parent Subsidiary, other than
(A)&nbsp;the redemption or exchange of Parent Partnership Units pursuant to and in accordance with the provisions of the Parent Partnership Agreement, (B)&nbsp;the withholding of Parent Common
Shares to satisfy withholding Tax obligations with respect to any restricted shares and RSUs under the Parent Equity Plans, and (C)&nbsp;the acquisition by Parent in the ordinary course of business
consistent with past practice pursuant to the terms of the Parent Equity Plans upon termination of employment or service of an award holder; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;any
split, combination, subdivision or reclassification of any capital stock or other equity interests, or any issuance of any other securities or equity interests in
respect of, in lieu of or in substitution for share of capital stock or other equity interests, of Parent or any Parent Subsidiary; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;(A)
any amendment to the Parent Declaration of Trust, Parent Bylaws or other organizational documents of Parent; or (B)&nbsp;any </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-64</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=305,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=685421,FOLIO='A-64',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_65"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>amendment
to the articles or certificates of incorporation, bylaws or other organizational documents of any Parent Subsidiary; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;except
as required to comply with Law or any Parent Benefit Plan, (A)&nbsp;any grant of any severance, termination pay, retention, or change in control benefits to any
current or former director, employee or other individual service provider of Parent or any Parent Subsidiary, (B)&nbsp;any entry into any employment, change in control, deferred compensation or
other similar agreement, plan, arrangement or policy (or any material amendment to any such agreement, plan arrangement or policy) with any current or former director or employee of the Parent or any
Parent Subsidiary, (C)&nbsp;any increase in the compensation or benefits payable under any Parent Benefit Plan other than increases in the ordinary course of business consistent with past practice,
(D)&nbsp;recognition of any labor union; (E)&nbsp;any establishment, adoption, entry into, amendment, modification or termination of any collective bargaining agreement, (F)&nbsp;any
establishment, adoption, entry into, termination or amendment or modification in any material respect, of any material Parent Benefit Plan or (G)&nbsp;the taking of any action
to accelerate any material compensation or benefits, including vesting, funding and payment or the making of any material determinations, under any collective bargaining agreement, Parent Equity Plan
or Parent Benefit Plan; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;any
material change in Parent's method of accounting or accounting principles or policies, except for any such change required by reason of a change in GAAP or by
Regulation&nbsp;S-X under the Exchange Act, as approved by Parent's independent accountants; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;any
settlement or remediation of any material Claim against or affecting Parent or a Parent Subsidiary; and </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;there
has not been any Parent Material Adverse Effect or any effect, event, development or circumstance that, individually or in the aggregate with all other effects,
events, developments and changes, would reasonably be expected to result in a Parent Material Adverse Effect. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.10_certain_erisa_matters_."> </A>
<A NAME="toc_lq49201_12"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.10</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Certain ERISA Matters</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
Parent Benefit Plan has been established, administered and funded in all material respects in accordance with its terms and applicable Laws, other than as has not
had and would not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
Parent Benefit Plan that is intended to qualify under Section&nbsp;401(a) of the Code has either received a favorable determination letter from the IRS as to its
qualified status or may rely upon an opinion letter for a prototype plan, in each case, that has not been revoked, and, to the knowledge of Parent, no event has occurred that would adversely affect
the qualified status of any such Parent Benefit Plan. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-65</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=306,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=198028,FOLIO='A-65',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_66"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Neither
Parent nor any Parent Subsidiary has engaged in a non-exempt prohibited transaction (within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code) with respect to any
Parent Benefit Plan that could result in material liability to Parent and the Parent Subsidiaries. No suit, administrative
proceeding, action or other litigation has been brought, or to the knowledge of Parent, is threatened against or with respect to any such Parent Benefit Plan or the assets thereof (other than routine
benefits claims). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;5.10(c)</U> of the Parent Disclosure Letter, none of Parent, any Parent Subsidiaries or any of their ERISA
Affiliates maintains, contributes to, is required to contribute to, or participates in, or has ever during the past six (6)&nbsp;years maintained, contributed to, been required to contribute to, or
participated in, or otherwise has any obligation or liability (including contingent liability) in connection with: (i)&nbsp;an employee pension benefit plan subject to Title IV or Section&nbsp;302
of ERISA or Section&nbsp;412 or 4971 of the Code, (ii)&nbsp;a "multiple employer welfare arrangement" (as defined in Section&nbsp;3(40) of ERISA), a "multiple employer plan" (as defined in
Section&nbsp;413(c) of the Code) or a "multiemployer plan" (as defined in Section&nbsp;3(37) of ERISA), (iii)&nbsp;any plan or arrangement which provides post-employment medical or welfare
benefits, except as required by applicable Law or that provides for continued benefits during any post-termination severance period; or (iv)&nbsp;any plan established or maintained outside of the
United States or for the benefit of current or former directors, employees or other individual service providers of Parent or any Parent Subsidiaries residing outside the United States. None of
Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub, or any other Parent Subsidiary has incurred any Controlled Group Liability that has not been satisfied in full, nor do any
circumstances exist that could reasonably be expected to result in any Controlled Group Liability becoming a liability of Parent or any of its Affiliates at or after the REIT Merger Effective Time. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.11_labor_and_other_employment_matters_."> </A>
<A NAME="toc_lq49201_13"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.11</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Labor and Other Employment Matters</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Each of Parent and each Parent Subsidiary is in compliance in all material respects with all applicable Laws with respect to labor, employment, employee classification, fair employment
practices, unfair labor practices, terms and conditions of employment, workers' compensation, occupational safety and health, plant closings, wages and hours, immigration, leasing and supply of
temporary and contingent staff, and engagement of independent contractors, including proper classification of same. Except as set forth in <U>Section&nbsp;5.11</U> of the
Parent Disclosure Letter, none of Parent or any Parent Subsidiary is (or has been in the past five (5)&nbsp;years) a party to or bound by any collective bargaining agreement, or party to or bound by
any other agreement with a labor union that contains a neutrality or accretion clause, and no labor union has in the past five&nbsp;(5)&nbsp;years been certified to represent any employee of
Parent or any Parent Subsidiary, or has demanded or applied, or threatened to demand or apply, to represent or is attempting to organize so as to represent such employees, including any representation
or certification proceedings or petitions seeking a representation proceeding presently pending or threatened to be brought or filed, with the National Labor Relations Board or any other labor
relations tribunal or authority. There is no pending or, to the knowledge of Parent, threatened work stoppage, slowdown, lockout, material arbitration or material grievance, labor strike, picketing,
or other material labor disputes against Parent or any Parent Subsidiary, and no such activity has occurred in the past three (3)&nbsp;years. None of Parent or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-66</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=307,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=154587,FOLIO='A-66',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_67"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>any
Parent Subsidiary has any outstanding material liabilities under the WARN Act as a result of any action taken by Parent or a Parent Subsidiary. None of Parent or any Parent Subsidiary has any
outstanding material liability in connection with the termination of employment of its employees (including redundancy payments) or for failure to comply with any order for the reinstatement or
re-engagement of any employee and none of Parent or any Parent Subsidiary has any outstanding material liability for failure to provide information or to consult with employees under any employment
Laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.12_material_contracts_."> </A>
<A NAME="toc_lq49201_14"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.12</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Material Contracts</U>.
&nbsp;&nbsp;&nbsp;&nbsp;All Parent Material Contracts have been filed as exhibits to the Parent SEC Filings made through and including the date of this Agreement. Each Parent Material Contract is in full force
and effect and is valid, binding and enforceable against Parent and/or any Parent Subsidiary party thereto, and, to the knowledge of Parent, each other party thereto in accordance with its terms. None
of Parent or any Parent Subsidiary, nor, to the knowledge of Parent, any other party thereto, is in material breach or violation of, or default under, any Parent Material Contract, and no event has
occurred that with notice or lapse of time or both would constitute a violation, breach or default under any Parent Material Contract, except where in each case such breach, violation or default is
not reasonably likely to have, individually or in the aggregate, a Parent Material Adverse Effect. None of Parent or any Parent Subsidiary has received as of the date hereof any written notice of any
violation or default pursuant to the terms of any Parent Material Contract, except for violations or defaults that would not, individually or in the aggregate, reasonably be expected to have a Parent
Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.13_litigation_."> </A>
<A NAME="toc_lq49201_15"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.13</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Litigation</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except as, individually or in the aggregate, has not had and would not reasonably be expected to have a Parent Material Adverse Effect, as of the date of this Agreement, (a)&nbsp;there
is no Claim pending or, to the knowledge of Parent, threatened by or before any Governmental Authority, nor, to the knowledge of Parent, is there any investigation pending by any Governmental
Authority, in each case, against or affecting Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub, any other Parent Subsidiary or any of their respective properties at law or in equity,
and (b)&nbsp;none of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary, nor any of their respective properties, is subject to any outstanding judgment,
order, writ, injunction or decree of any Governmental Authority at law or in equity. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.14_environmental_matters_."> </A>
<A NAME="toc_lq49201_16"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.14</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Environmental Matters</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth on <U>Section&nbsp;5.14</U> of the Parent Disclosure Letter and as, individually or in the aggregate, has not had and would not reasonably be
expected to have a Parent Material Adverse Effect: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Parent,
Parent&nbsp;LP and each Parent Subsidiary and their respective corporate predecessors are and, except with respect to matters that have been fully and finally
resolved, have been in compliance with all applicable Environmental Laws, possess all Environmental Permits necessary to conduct their current operations and are in compliance with their respective
Environmental Permits. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;None
of Parent, Parent&nbsp;LP or any Parent Subsidiary has received as of the date hereof any written or, to the knowledge of Parent, oral notice, demand, letter or
claim alleging that Parent or any such Parent Subsidiary is in violation of, or liable under, any Environmental Law, that the Parent or any Parent Subsidiary is obligated to conduct investigations or
clean-up activities under any Environmental Law, or that any judicial, administrative or compliance order has been issued against Parent or any Parent </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-67</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=308,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=14188,FOLIO='A-67',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_68"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Subsidiary
which remains unresolved. There is no litigation, request for information or other proceeding pending, or, to the knowledge of Parent, threatened against Parent and any Parent Subsidiary
under any applicable Environmental Law. To the knowledge of Parent, there is no investigation pending or threatened against Parent, Parent&nbsp;LP or any Parent Subsidiary under any applicable
Environmental Law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;None
of Parent, Parent&nbsp;LP or any Parent Subsidiary has entered into or agreed to any consent decree or order or is subject to any judgment, decree or judicial,
administrative or compliance order relating to compliance with Environmental Laws, Environmental Permits or the investigation, sampling, monitoring, treatment, remediation, removal or cleanup of
Hazardous Materials which remains unresolved. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;None
of Parent, Parent&nbsp;LP or any Parent Subsidiary has assumed, by contract or operation of Law, any liability under any Environmental Law or relating to any
Hazardous Materials, or is an indemnitor in connection with any threatened or asserted claim by any third-party indemnitee for any liability under any Environmental Law or relating to any Hazardous
Materials. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;None
of Parent, Parent&nbsp;LP or any Parent Subsidiary has caused, and to the knowledge of Parent, no Third Party has caused any release of a Hazardous Material that
would be required to be investigated or remediated by Parent or any Parent Subsidiary under Environmental Law. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
<U>Section&nbsp;5.14</U> and <U>Sections&nbsp;5.5(b)</U>, <U>5.7-5.9</U>, and 5<U>.12</U>
contain the sole representations and warranties of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub with regard to Hazardous Materials, Environmental Laws or other environmental
matters. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.15_intellectual_property_."> </A>
<A NAME="toc_lq49201_17"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.15</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Intellectual Property</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except as, individually or in the aggregate, has not had and would not reasonably be expected to have a Parent Material Adverse Effect, (i)&nbsp;Parent, Parent&nbsp;LP, REIT Merger
Sub, Partnership Merger Sub and the other Parent Subsidiaries own, free and clear of any Liens (which, for the avoidance of doubt, shall not be deemed to include license agreements) or has a valid and
enforceable license, free and clear of any Liens, or otherwise possess valid and enforceable rights to use all Intellectual Property necessary to conduct the business of Parent, Parent&nbsp;LP, REIT
Merger Sub, Partnership Merger Sub and the other Parent Subsidiaries as it is currently conducted, (ii)&nbsp;the conduct of the business of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership
Merger Sub and the other Parent Subsidiaries as it is currently conducted does not infringe, misappropriate or otherwise violate the Intellectual Property rights of any Third Party, (iii)&nbsp;there
are no pending or, to the knowledge of Parent, threatened claims with respect to any of the Intellectual Property rights owned by Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or
any other Parent Subsidiary, (iv)&nbsp;none of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any Parent Subsidiary (nor any of their respective predecessors) has received any
written notice since January&nbsp;1, 2014 from any Third Party (A)&nbsp;asserting the infringement or other violation of any Intellectual Property by Parent or a Parent Subsidiary or
(B)&nbsp;pertaining to or challenging the validity, enforceability, or registrability of, any right, title or interest of Parent or the Parent Subsidiaries with respect to, any material Intellectual
Property, and (v)&nbsp;to the knowledge of Parent, no Third Party is currently infringing or misappropriating Intellectual Property owned by </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-68</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=309,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=129261,FOLIO='A-68',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lq49201_1_69"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Parent,
Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary. Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub and the other Parent Subsidiaries
have implemented commercially reasonable measures to maintain and protect each material item of Intellectual Property that they own, and to the knowledge of Parent, there has not been any disclosure
or compromise of any confidential or proprietary information of Parent or the Parent Subsidiaries (including any information of any other Person disclosed in confidence to Parent or the Parent
Subsidiaries) to any Third Party in a manner that has resulted or is likely to result in the loss of trade secrets or other proprietary rights in and to such information. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq49201_section_5.16_properties_."> </A>
<A NAME="toc_lq49201_18"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.16</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Properties</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.16(a)</U>
of the Parent Disclosure Letter sets forth a list of the common name and address of each hotel and other parcel of
real property owned or leased, including ground leased by Parent or any Parent Subsidiary as lessee or sublessee, as of the date of this Agreement (all such real property interests, together with all
buildings, structures and other improvements and fixtures located on or under such real property and all easements, rights and other appurtenances to such real property, are
individually referred to herein as a "<U>Parent Property</U>"). As of the date hereof, each of the Parent Properties is owned or leased by Parent or the Parent Subsidiary
indicated on <U>Section&nbsp;5.16(a)</U> of the Parent Disclosure Letter. Except as set forth in <U>Section&nbsp;5.16(a)</U> of the Parent Disclosure
Letter, there are no real properties that the Parent, or any Parent Subsidiary is obligated to buy, lease or sublease at some future date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Parent
or a Parent Subsidiary owns good and valid fee simple title or leasehold title (as applicable) to each Parent Property, in each case, free and clear of Liens,
except for Parent Permitted Liens, none of which Parent Permitted Liens have had and could not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect. For
the purposes of this Agreement, "<U>Parent Permitted Liens</U>" shall mean any (i)&nbsp;Liens relating to any Indebtedness set forth on
<U>Section&nbsp;5.16(b)</U> of the Parent Disclosure Letter, (ii)&nbsp;statutory or other Liens for Taxes or assessments which are not yet due and delinquent or the validity
of which is being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained in accordance with GAAP, (iii)&nbsp;Parent Leases or ground leases or air
rights affecting any Parent Property that are set forth in <U>Section&nbsp;5.16(b)</U> of the Parent Disclosure Letter, (iv)&nbsp;Liens imposed or promulgated by Law or any
Governmental Authority, including zoning regulations, permits and licenses, (v)&nbsp;Liens that are disclosed on existing title policies and, with respect to leasehold interests, Liens on the
underlying fee or leasehold interest of the applicable ground lessor, lessor or sublessor, (vi)&nbsp;any cashiers', landlords', workers', mechanics', carriers', workmen's, repairmen's and
materialmen's liens and other similar Liens imposed by Law and incurred in the ordinary course of business consistent with past practice that are related to obligations not yet due and payable or the
validity of which is being contested in good faith by appropriate proceedings, and (vii)&nbsp;any other Liens, limitations, restrictions or title defects that do not materially impair the value of
the applicable Parent Property or the continued use and operation of the Parent Property as currently used and operated. <U>Section&nbsp;5.16(b)</U> of the Parent Disclosure
Letter describes the material Parent Permitted Liens which are being contested in good faith by appropriate proceedings. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-69</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=15,SEQ=310,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=980991,FOLIO='A-69',FILE='DISK127:[17ZBR1.17ZBR49201]LQ49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ls49201_1_70"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Parent Properties are, to the knowledge of Parent, (x)&nbsp;supplied with utilities and other services as necessary to permit their continued operation as they are
now being operated, (y)&nbsp;in working order sufficient for their normal operation in the manner currently being operated and without any material structural defects other than as may be disclosed
in any physical condition reports that have been made available to the Company, and (z)&nbsp;adequate and suitable for the purposes for which they are presently being used. Since January&nbsp;1,
2014, to the knowledge of Parent, none of Parent, Parent&nbsp;LP or any Parent Subsidiary has received (i)&nbsp;written notice that any certificate, permit or license from any Governmental
Authority having jurisdiction over any of the Parent Properties or any agreement, easement or other right of an unlimited duration that is necessary to permit the lawful use and operation of the
buildings and improvements on any of the Parent Properties or that is necessary to permit the lawful use and operation of all utilities, parking areas, retention ponds, driveways, roads and other
means of egress and ingress to and from any of the Parent Properties is not in full force and effect as of the date of this Agreement, except for such failures to be in full force and effect that,
individually or in the aggregate, would not reasonably be expected to have a Parent Material Adverse Effect, or of any pending written threat of modification or cancellation of any of same, that would
reasonably be expected to have a Parent Material Adverse Effect, or (ii)&nbsp;written notice of any uncured violation of any Laws affecting any of the Parent Properties which, individually or in the
aggregate, would reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;To
the knowledge of Parent, each of the Parent Properties has sufficient access to and from publicly dedicated streets for its current use and operation, without any
constraints that interfere with the normal use, occupancy and operation thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;There
are no pending or, to the knowledge of Parent, threatened condemnation, expropriation, eminent domain or rezoning proceedings affecting all or any portion of any
of the Parent Properties. Except as set forth on <U>Section&nbsp;5.16(e)</U> of the Parent Disclosure Letter, Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub
and the other Parent Subsidiaries have all material certificates, variances, permits, licenses or rights required by applicable Law for use and occupancy as are necessary to conduct the business of
Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub and the other Parent Subsidiaries thereon as presently conducted or currently intended by Parent, Parent&nbsp;LP, REIT Merger Sub,
Partnership Merger Sub and the other Parent Subsidiaries to be conducted, except for those that, individually or in the aggregate, would not reasonably be expected to have a Parent Material Adverse
Effect, and to the knowledge of Parent, none of Parent, Parent&nbsp;LP or any Parent Subsidiary has received notice of any outstanding threat of modification, suspension or cancellation of any such
material certificate, variance, license or right that would reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;True
and complete in all material respects copies of all ground leases affecting the interest of Parent or any Parent Subsidiary in the Parent Properties and all leases
and subleases to which Parent or the other Parent Subsidiaries are parties that are required to be filed as exhibits to the Parent SEC Filings pursuant to Item </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-70</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=311,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=19814,FOLIO='A-70',FILE='DISK127:[17ZBR1.17ZBR49201]LS49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ls49201_1_71"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>601(b)(10)
of Regulation&nbsp;S-K promulgated by the SEC (the "<U>Material Parent Leases</U>") in effect as of the date hereof, have been made available to the Company. To the
knowledge of Parent, as of the date hereof, each Material Parent Lease is in full force and effect and none of Parent, Parent&nbsp;LP or any Parent Subsidiary has received written notice that it is
in default under any Material Parent Lease as of the date of this Agreement, except for violations or defaults that have been cured or are disclosed in the rent rolls or that would not be material. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.16(g)</U>
of Parent Disclosure Letter sets forth a list of each management agreement pursuant to which any Third Party manages
or operates any of Parent Properties on behalf of Parent or any Parent Subsidiary, together with each amendment, guaranty or other agreement or document binding on Parent or applicable Parent
Subsidiary and relating thereto, and identifies each Parent Property that is subject to such agreement, Parent or each Parent Subsidiary that is a party to such agreement, the date of such agreement
and each amendment relating thereto. Parent has made available to the
Company correct and complete (in all material respects) copies of all each agreement listed in <U>Section&nbsp;5.16(g)</U> of Parent Disclosure Letter which are in effect as of
the date hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.16(h)</U>
of Parent Disclosure Letter sets forth a list of each franchise, license or other similar agreement providing the
right to utilize a brand name or other rights of a hotel chain or system at any of Parent Properties or by Parent or any Parent Subsidiary, together with each amendment, guaranty or other agreement or
document binding on Parent or applicable Parent Subsidiary and relating thereto, and identifies each Parent Property that is subject to such agreement, Parent or each Parent Subsidiary that is a party
to such agreement, the date of such agreement and each amendment relating thereto. Parent has made available to the Company correct and complete (in all material respects) copies of all each agreement
listed in <U>Section&nbsp;5.16(h)</U> of Parent Disclosure Letter which are in effect as of the date hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;To
the knowledge of Parent, except as set forth on <U>Section&nbsp;5.16(i)</U> of the Parent Disclosure Letter, there are no Tax abatements or
exemptions specifically affecting Parent Properties, and Parent and the Parent Subsidiaries have not received any written notice of (and Parent and the Parent Subsidiaries do not have any knowledge
of) any proposed increase in the assessed valuation of any of the Parent Properties or of any proposed public improvement assessments that will result in the Taxes or assessments payable in the next
tax period increasing, except in each case for any such Taxes or assessment that have not had and would not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse
Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;No
purchase option has been exercised under any Parent Lease for which the purchase has not closed prior to the date of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;No
written claim has been made against any Parent Title Insurance Policy, which individually or in the aggregate, has had or would be reasonably expected to have a
Parent Material Adverse Effect. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-71</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=312,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1014612,FOLIO='A-71',FILE='DISK127:[17ZBR1.17ZBR49201]LS49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ls49201_1_72"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Parent,
Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub and the other Parent Subsidiaries have good and valid title to, or a valid and enforceable leasehold
interest in, or other right to use, all personal property owned, used or held for use by them as of the date of this Agreement (other than property owned by tenants and used or held in connection with
the applicable tenancy), except as, individually or in the aggregate, has not had and would not reasonably be expected to have a Parent Material Adverse Effect. None of Parent's or any other Parent
Subsidiaries' ownership of or leasehold interest in any such personal property is subject to any Liens, except for Parent Permitted Liens and
Liens that have not had and would not reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.17_taxes_."> </A>
<A NAME="toc_ls49201_1"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.17</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Taxes</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Parent,
Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub and each other Parent Subsidiary has timely filed with the appropriate Governmental Authority all Tax
Returns required to be filed, taking into account any extensions of time within which to file such Tax Returns, and all such Tax Returns were complete and correct, subject in each case to such
exceptions as, individually or in the aggregate, has not had and would not reasonably be expected to have a Parent Material Adverse Effect. Parent and each Parent Subsidiary has duly paid (or there
has been paid on their behalf), or made adequate provisions for, all material Taxes required to be paid by them, whether or not shown on any Tax Return. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Parent
(i)&nbsp;for all taxable years commencing with Parent's taxable year ended December&nbsp;31, 2011 through December&nbsp;31, 2016, has been subject to
taxation as a REIT and has satisfied all requirements to qualify as a REIT; (ii)&nbsp;has operated since January&nbsp;1, 2017 to the date hereof in a manner consistent with the requirements for
qualification and taxation as a REIT; (iii)&nbsp;intends to continue to operate in such a manner as to qualify as a REIT for its taxable year ending December&nbsp;31, 2017; and (iv)&nbsp;has not
taken or omitted to take any action that could reasonably be expected to result in a challenge by the IRS or any other Governmental Authority to its status as a REIT, and, the knowledge of Parent, no
such challenge is pending or has been threatened in writing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;5.17(c)</U> of the Parent Disclosure Letter: (i)&nbsp;there are no audits, investigations by any
Governmental Authority or other proceedings ongoing or, to the knowledge of Parent, threatened with regard to any Taxes or Tax Returns of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger
Sub or any other Parent Subsidiary; (ii)&nbsp;no deficiency for Taxes of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary has been claimed, proposed
or assessed in writing or, to the knowledge of Parent, threatened, by any Governmental Authority, which deficiency has not yet been settled, except for such deficiencies which are being contested in
good faith or with respect to which the failure to pay, individually or in the aggregate, has not had and would not reasonably be expected to have a Parent Material Adverse Effect; (iii)&nbsp;none
of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary has waived any statute of limitations with respect to Taxes (other than in connection with any
extension of time to file any Tax Return), or agreed to any extensions of time with respect to any Tax assessment or </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-72</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=313,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=946317,FOLIO='A-72',FILE='DISK127:[17ZBR1.17ZBR49201]LS49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ls49201_1_73"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>deficiency
for any open tax year; and (iv)&nbsp;none of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any of the other Parent Subsidiaries has entered into any "closing
agreement" as described in Section&nbsp;7121 of the Code (or any corresponding or similar provision of state, local or foreign income Tax Law). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Except
as may be acquired pursuant to the Mergers, none of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary holds any
asset the disposition of which would be subject to (or to rules similar to) Section&nbsp;1374 of the Code or the "prohibited transactions" Tax under Section&nbsp;857(b)(6) of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Parent,
Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub and the other Parent Subsidiaries have complied, in all material respects, with all applicable Laws,
rules and regulations relating to the payment and withholding of Taxes (including withholding of Taxes pursuant to Sections&nbsp;1441, 1442, 1445, 1446 and 3402 of the Code or similar provisions
under any foreign Laws) and have duly and timely withheld and have paid over to the appropriate Governmental Authorities all material amounts required to be so withheld and paid over on or prior to
the due date thereof under all applicable Laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;There
are no Parent Tax Protection Agreements (as hereinafter defined) in force at the date of this Agreement, and, as of the date of this Agreement, no person has
raised in writing, or to the knowledge of Parent threatened to raise, a material claim against Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary for any
breach of any Parent Tax Protection Agreements. As used herein, "<U>Parent Tax Protection Agreements</U>" means any written agreement to which Parent, Parent&nbsp;LP, REIT
Merger Sub, Partnership Merger Sub or any other Parent Subsidiary is a party: (i)&nbsp;pursuant to which any liability to holders of limited partnership interests in a Parent Subsidiary Partnership
relating to Taxes may arise, whether or not as a result of the consummation of the transactions contemplated by this Agreement; and/or (ii)&nbsp;that was entered into in connection with or related
to the deferral of income Taxes of a holder of limited partnership interests in a Parent Subsidiary Partnership, and that requires the Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub
or the other Parent Subsidiaries (A)&nbsp;to maintain a minimum level of debt or continue a particular debt, (B)&nbsp;to retain or not dispose of assets for a period of time that has not since
expired, (C)&nbsp;to make or refrain from making Tax elections, and/or (D)&nbsp;only dispose of assets in a particular manner. As used herein, "<U>Parent Subsidiary
Partnership</U>" means a Parent Subsidiary that is a partnership for U.S. federal income tax purposes. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;There
are no Tax Liens upon any property or assets of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary except for Parent
Permitted Liens. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;None
of Parent, Parent&nbsp;LP or any Parent Subsidiary has requested, has received or is subject to any written ruling or has entered into any written agreement with
a Governmental Authority with respect to Taxes. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-73</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=314,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=583902,FOLIO='A-73',FILE='DISK127:[17ZBR1.17ZBR49201]LS49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ls49201_1_74"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;There
are no Tax allocation or sharing agreements or similar agreements with respect to, binding, or otherwise involving the Parent or any Parent Subsidiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;To
the knowledge of Parent, Parent does not have and will not have, as of the REIT Merger Effective Time, any current or accumulated "earnings and profits" for U.S.
federal income tax purposes which would constitute "earnings and profits accumulated in any non-REIT year" (determined for purposes of Section&nbsp;857(a)(2)(B) of the Code). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;None
of Parent, Parent&nbsp;LP or any Parent Subsidiary (A)&nbsp;has been a member of an affiliated group filing a consolidated federal income Tax Return (other than
a group the common parent of which was Parent) or (B)&nbsp;has any liability for the Taxes of any Person (other than the Parent or any Parent Subsidiary) under Treasury Regulation
Section&nbsp;1.1502-6 (or any similar provision of state, local, or foreign law) as a transferee or successor, by contract, or otherwise. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;None
of Parent, Parent&nbsp;LP or any Parent Subsidiary has participated in any "reportable transaction" (within the meaning of Treasury Regulation
Section&nbsp;1.6011-4(b)). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;Neither
Parent nor any of the Parent Subsidiaries has constituted either a "distributing corporation" or a "controlled corporation" (within the meaning of
Section&nbsp;355(a)(1)(A) of the Code) in a distribution of stock qualifying for tax-free treatment under Section&nbsp;355 of the Code (A)&nbsp;in the two years prior to the date of this
Agreement or (B)&nbsp;in a distribution which could otherwise constitute part of a "plan" or "series of related transactions" (within the meaning of Section&nbsp;355(e) of the Code) in conjunction
with transactions contemplated by this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;Except
as set forth in <U>Section&nbsp;5.17(n)</U> of the Parent Disclosure Letter, no Parent Subsidiary that is not a domestic corporation has
ever been treated as other than a partnership or disregarded entity for U.S. federal income tax purposes, or has ever made an election on IRS Form&nbsp;8832 with respect to its classification for
U.S. federal income tax purposes. Without limitation of the foregoing, Parent&nbsp;LP is and always has been taxable as a partnership (and not as an association or publicly traded partnership
taxable as a corporation) for U.S. federal income tax purposes. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.18_insurance_."> </A>
<A NAME="toc_ls49201_2"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.18</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Insurance</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except for those matters that have not had and would not reasonably be expected to have a Parent Material Adverse Effect, there is no claim for coverage by Parent, Parent&nbsp;LP, REIT
Merger Sub, Partnership Merger Sub or any other Parent Subsidiary pending under the material insurance policies and the material fidelity bonds or other insurance service contracts in Parent's
possession providing coverage for all material Parent Properties (the "<U>Parent Insurance Policies</U>") that has been denied or disputed by the insurer. Except for those
matters that have not had and would not reasonably be expected to have a Parent Material Adverse Effect, all premiums payable under all Parent Insurance Policies have been paid, and Parent,
Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub and the other Parent Subsidiaries have otherwise complied in all material respects with the terms and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-74</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=315,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=120039,FOLIO='A-74',FILE='DISK127:[17ZBR1.17ZBR49201]LS49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ls49201_1_75"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>conditions
of all the Parent Insurance Policies. To the knowledge of Parent, such Parent Insurance Policies are valid and enforceable in accordance with their terms and are in full force and effect
and no written notice of cancellation or termination has been received as of the date hereof by the Parent or any Parent Subsidiary with respect to any such policy which has not been replaced on
substantially similar terms prior to the date of such cancellation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.19_opinion_of_financial_advisor_."> </A>
<A NAME="toc_ls49201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.19</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Opinion of Financial Advisor</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Parent Board has received the opinion of Barclays Capital&nbsp;Inc. ("<U>Barclays</U>"), Parent's financial advisor, to the effect that, as of the date of such
opinion and based on and subject to the assumptions and limitations set forth therein, the Common Exchange Ratio is fair from a financial point of view to Parent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.20_vote_required_."> </A>
<A NAME="toc_ls49201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.20</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Vote Required</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
only vote of the holders of any class or series of shares of capital stock of Parent required in connection with the execution, delivery and performance of this
Agreement and the Mergers, is the affirmative vote of a majority of the votes cast on the Parent Share Issuance at the Parent Shareholder Meeting (the "<U>Parent Shareholder
Approval</U>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
only vote of the holders of any class or series of membership interests of REIT Merger Sub necessary to adopt this Agreement and the REIT Merger is the affirmative
vote of Parent&nbsp;LP in its capacity as the sole member of REIT Merger Sub, which adoption shall be provided by the written consent of Parent&nbsp;LP at or immediately following the execution of
this Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.21_brokers_."> </A>
<A NAME="toc_ls49201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.21</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Brokers</U>.
&nbsp;&nbsp;&nbsp;&nbsp;No broker, finder or investment banker (other than Barclays) is entitled to any brokerage, finder's or other fee or commission in connection with or upon consummation of the Mergers
based upon arrangements made by or on behalf of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub or any other Parent Subsidiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.22_investment_company_act_."> </A>
<A NAME="toc_ls49201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.22</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Investment Company Act</U>.
&nbsp;&nbsp;&nbsp;&nbsp;None of Parent, Parent&nbsp;LP or any other Parent Subsidiary is required to be registered as an investment company under the Investment Company Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.23_ownership_of_reit__sec03422"> </A>
<A NAME="toc_ls49201_7"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.23</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Ownership of REIT Merger Sub and Partnership Merger Sub; No Prior  Activities</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;REIT
Merger Sub was formed solely for the purpose of engaging in the transactions contemplated by this Agreement. All of the interests of REIT Merger Sub are owned
directly or indirectly by Parent&nbsp;LP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Except
for the obligations or liabilities incurred in connection with its organization and the transactions contemplated by this Agreement, REIT Merger Sub has not, and
will not have prior to the REIT Merger Effective Time, incurred, directly or indirectly, through any Subsidiary or Affiliate, any obligations or liabilities or engaged in any business activities of
any type or kind whatsoever or entered into any agreements or arrangements with any Person. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-75</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=316,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=398973,FOLIO='A-75',FILE='DISK127:[17ZBR1.17ZBR49201]LS49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ls49201_1_76"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Partnership
Merger Sub was formed solely for the purpose of engaging in the transactions contemplated by this Agreement. All of the interests of Partnership Merger Sub
are owned directly or indirectly by Parent&nbsp;LP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Except
for the obligations or liabilities incurred in connection with its organization and the transactions contemplated by this Agreement, Partnership Merger Sub has
not, and will not have prior to the Partnership Merger Effective Time, incurred, directly or indirectly, through any Subsidiary or Affiliate, any obligations or liabilities or engaged in any business
activities of any type or kind whatsoever or entered into any agreements or arrangements with any Person. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.24_ownership_of_company_common_stock_."> </A>
<A NAME="toc_ls49201_8"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.24</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Ownership of Company Common Stock</U>.
&nbsp;&nbsp;&nbsp;&nbsp;None of Parent, Parent&nbsp;LP, any Parent Subsidiary or, to the knowledge of Parent, any of their Affiliates or "associates" (as defined in Section&nbsp;3-601(c) of the MGCL) is,
nor at any time during the last three years has been, an "interested stockholder" of the Company as defined in Section&nbsp;3-601(j) of the MGCL. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.25_takeover_statutes_."> </A>
<A NAME="toc_ls49201_9"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.25</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Takeover Statutes</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The Parent Board has taken all action necessary to render the Maryland Control Share Acquisition Act inapplicable to the issuance of any Parent Common Shares attendant to the Mergers.
The issuance of Parent Common Shares as REIT Common Merger Consideration, or to Minority Limited Partners in lieu of New Parent&nbsp;LP Common Units in the Partnership Merger, shall not result in a
"control share acquisition" as defined in Section&nbsp;3-701(d) of the MGCL. No shareholder of Parent is an "interested stockholder" (as defined in Section&nbsp;3-601(j) of the MGCL) and the
Parent Board has taken all action necessary to render inapplicable to the Merger (including the issuance of the Parent Common Shares) the restrictions on business combinations contained in
Section&nbsp;3-602 of the MGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.26_no_rights_plan_."> </A>
<A NAME="toc_ls49201_10"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.26</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Rights Plan</U>.
&nbsp;&nbsp;&nbsp;&nbsp;There is no shareholder rights plan, "poison pill" anti-takeover plan or other similar arrangement in effect, to which the Parent is party or otherwise bound. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.27_affiliate_transactions_."> </A>
<A NAME="toc_ls49201_11"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.27</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Affiliate Transactions</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in the Parent SEC Filings made through and including the date of this Agreement or as permitted by this Agreement and as set forth in the Parent Disclosure Letter,
from January&nbsp;1, 2014 through the date of this Agreement there have been no transactions, agreements, arrangements or understandings between Parent or any Parent Subsidiary, on the one hand, and
any Affiliates (other than Parent Subsidiaries) of Parent or other Persons, on the other hand, that would be required to be disclosed under Item&nbsp;404 of Regulation&nbsp;S-K promulgated by the
SEC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_5.28_no_other___ls402000"> </A>
<A NAME="toc_ls49201_12"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.28</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Other Representations or Warranties</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except for the representations and warranties contained in <U>Article&nbsp;IV</U>, each of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub
acknowledges that neither the Company nor any other Person or entity on behalf of the Company has made, and none of Parent, REIT Merger Sub and Partnership Merger Sub has relied upon, any
representation or warranty, whether express or implied, with respect to the Company or any of the Company Subsidiaries or their respective businesses, affairs, assets, liabilities, financial
condition, results of operations, future operating or financial results, estimates, projections, forecasts, plans or prospects (including the reasonableness of the assumptions underlying such
estimates, projections, forecasts, plans or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-76</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=317,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1039401,FOLIO='A-76',FILE='DISK127:[17ZBR1.17ZBR49201]LS49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ls49201_1_77"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>prospects)
or with respect to the accuracy or completeness of any other information provided or made available to Parent, REIT Merger Sub or Partnership Merger Sub by or on behalf of the Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_article_vi"> </A>
<A NAME="toc_ls49201_13"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE VI    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_covenants_and_agreements"> </A>
<A NAME="toc_ls49201_14"> </A></FONT> <FONT SIZE=2><B>  COVENANTS AND AGREEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls49201_section_6.1_conduct_of_business_by_the_company_."> </A>
<A NAME="toc_ls49201_15"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Conduct of Business by the Company</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company and Company&nbsp;LP covenant and agree that, between the date of this Agreement and the earlier to occur of the REIT Merger Effective Time and the date, if
any, on which this Agreement is terminated pursuant to <U>Section&nbsp;8.1</U> (the "<U>Interim Period</U>"), except to the extent required by Law, as
may be agreed in writing by Parent (which consent shall not be unreasonably withheld, delayed or conditioned), as may be expressly required or permitted pursuant to this Agreement, or as set forth in
<U>Section&nbsp;6.1(a)</U> of the Company Disclosure Letter, the Company and Company&nbsp;LP shall, and shall cause each of the Company Subsidiaries, to (i)&nbsp;conduct
their businesses and operations in the ordinary course and in a manner consistent with past practice in all material respects, and (ii)&nbsp;use commercially reasonable efforts to:
(A)&nbsp;maintain the material assets and properties of the Company and Company Subsidiaries in their current condition (normal wear and tear and damage caused by casualty or by any reason outside
of the Company's or the Company Subsidiaries' control excepted), (B)&nbsp;preserve intact in all material respects their current business organization, goodwill, ongoing businesses and relationships
with Third Parties, (C)&nbsp;keep available the services of its present officers and key employees and consultants and (D)&nbsp;maintain, in all material respects, satisfactory relationships with
significant customers, franchisors, managers and suppliers and with other Persons with whom they have significant business relations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Without
limiting the foregoing, the Company and Company&nbsp;LP covenant and agree that, during the Interim Period, except to the extent required by Law, as may be
agreed in writing by Parent (which consent shall not be unreasonably withheld, delayed or conditioned, except with respect to clauses&nbsp;(ii), (iii), (iv), (xxiv)&nbsp;or (xxxi)&nbsp;below, as
to which Parent may grant or withhold its consent in its sole discretion), as may be expressly required or permitted pursuant to this Agreement, or as set forth in
<U>Section&nbsp;6.1(b)</U> of the Company Disclosure Letter, the Company and Company&nbsp;LP shall not, and shall not cause or permit any Company Subsidiary to, do any of the
following: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;amend
or propose to amend the Company Charter, Company Bylaws, Company Partnership Certificate or Company Partnership Agreement (or such equivalent organizational or
governing documents of any other Company Subsidiary); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;split,
combine, reclassify or subdivide any shares of stock or other voting securities or equity interests of the Company or any Company Subsidiary or, except as
contemplated by <U>Section&nbsp;6.1(b)(iv)</U>, issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution for its capital stock,
other voting securities or equity interests; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-77</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=318,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=358574,FOLIO='A-77',FILE='DISK127:[17ZBR1.17ZBR49201]LS49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_lu49201_1_78"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;declare,
set aside or pay any dividend on or make any other distributions (whether in cash, stock, property or otherwise) with respect to shares of capital stock of
the Company or any Company Subsidiary or other equity securities or ownership interests in the Company or any Company Subsidiary, except for (A)&nbsp;the declaration and payment by the Company of
regular quarterly dividends with respect to shares of Company Common Stock at a rate not to exceed $0.06 per share of Company Common Stock (each a "<U>Company Common Quarterly
Dividend</U>"), (B)&nbsp;the declaration and payment by the Company of regular quarterly dividends with respect to shares of Company Series&nbsp;A Preferred Stock shall be made in
accordance with the terms of such Company Series&nbsp;A Preferred Stock as set forth in the Company Charter, (C)&nbsp;the declaration and payment of regular distributions that are required to be
made in respect of Company Partnership Units, (D)&nbsp;the declaration and payment of dividends or distributions by any directly or indirectly wholly owned Company Subsidiary to its parent entity,
(E)&nbsp;the declaration and payment of dividends or distributions by any Company Subsidiary that is not wholly owned, directly or indirectly, by the Company, in accordance with the requirements of
the organizational documents of such Company Subsidiary, and (F)&nbsp;the payment of accrued dividend equivalent rights upon the vesting of Company RSUs. Notwithstanding the foregoing, the Company
and any Company Subsidiary shall be permitted to make distributions, including under Sections&nbsp;858 or 860 of the Code, reasonably necessary for Parent to maintain its status as a REIT under the
Code and avoid or reduce the imposition of any corporate level tax or excise Tax under the Code; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;redeem,
repurchase or otherwise acquire, or offer to redeem, repurchase or otherwise acquire, directly or indirectly, any shares of its capital stock or other equity
interests of the Company or a Company Subsidiary or any securities of the Company or any Company Subsidiary convertible into or exchangeable or exercisable for capital stock or voting securities of,
or equity interests in, the Company or any Company Subsidiary, or any warrants, calls, options or other rights to acquire any such capital stock, securities or interests, other than (A)&nbsp;the
redemption or exchange of Company Partnership Units pursuant to and in accordance with the provisions of the Company Partnership Agreement, (B)&nbsp;the withholding of shares of Company Common Stock
to satisfy withholding Tax obligations with respect to shares of Company Restricted Stock and Company RSUs, and (C)&nbsp;the acquisition by the Company in the ordinary course of business consistent
with past practice in connection with the forfeiture of shares of Company Restricted Stock and Company RSUs pursuant to the terms of the Company Equity Plans upon termination of employment or service
of an award holder; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;except
for transactions among the Company and one or more wholly-owned Company Subsidiaries or among one or more wholly-owned Company Subsidiaries, or as otherwise
contemplated in <U>Section&nbsp;6.1(b)(iii)</U>, <U>(iv)</U>, or <U>(vi)</U>, issue, deliver, sell, pledge, dispose, encumber or
grant any shares of the Company's or any of the Company Subsidiaries' capital stock or other voting securities or equity interests, or any options, calls, warrants, convertible securities </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-78</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=319,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=152163,FOLIO='A-78',FILE='DISK127:[17ZBR1.17ZBR49201]LU49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lu49201_1_79"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>or
other rights of any kind to acquire any shares of the Company's or any of the Company Subsidiaries' capital stock, voting securities or other equity interests or any other rights issued by the
Company or any Company Subsidiary that are linked in any way to the price of Company Common Stock or any other shares of capital stock or other voting securities or equity interests of the Company or
any Company Subsidiary, the value of the Company, any Company Subsidiary or any part of the Company or any Company Subsidiary or any dividends or other distributions declared or paid on any shares of
capital stock or other voting securities or equity interests of the Company or any Company Subsidiary; <U>provided</U>, <U>however</U>, that the Company may
issue shares of Company Common Stock upon the vesting of any Company Restricted Stock or any Company RSU; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;except
as may be specifically required under a Company Employment Agreement executed prior to the date of this Agreement or a Company Benefit Plan and which, in each
case, is described on <U>Section&nbsp;6.1(b)(vi)</U> of the Company Disclosure Letter, grant, confer, award, or modify the terms of any options, convertible securities,
restricted stock, phantom shares, equity-based compensation or other rights to acquire, or denominated in, any of the Company's or any of the Company Subsidiaries' capital stock or other voting
securities or equity interests, other than as explicitly required by the terms of the shares of Company Restricted Stock and Company RSUs outstanding on the date of this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;acquire
or agree to acquire (including by merger, consolidation or acquisition of stock or assets) any real property, corporation, partnership, limited liability
company, other business organization or any division or material amount of assets thereof or any equity interest in or business of any firm, corporation, partnership, company, limited liability
company, trust, joint venture, association or other entity or division thereof, except (A)&nbsp;the consummation of acquisitions pursuant to existing agreements to which the Company or any Company
Subsidiary is a party and which are set forth on <U>Section&nbsp;6.1(b)(vii)</U> of the Company Disclosure Letter; or (B)&nbsp;other acquisitions described on
<U>Section&nbsp;6.1(b)(vii)</U> of the Company Disclosure Letter; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;sell,
pledge, lease, sell and leaseback, transfer, otherwise dispose of or encumber or subject to any Lien other than a Company Permitted Lien and other than ordinary
course leasing activities that do not otherwise require Parent's consent pursuant to this <U>Section&nbsp;6.1(b)</U>, (A)&nbsp;any real property or any interests therein, and
(B)&nbsp;any other property and assets in excess of $2,500,000 in the aggregate, except in each case as described on <U>Section&nbsp;6.1(b)(viii)</U> of the Company
Disclosure Letter; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;incur,
create or assume any Indebtedness for borrowed money (other than by the Company or a wholly-owned Company Subsidiary to the Company or a wholly-owned Company
Subsidiary) or issue or amend the terms of any debt securities or assume, guarantee or endorse, or otherwise become responsible for the Indebtedness of any other Person (other than a wholly-owned </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-79</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=320,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=707538,FOLIO='A-79',FILE='DISK127:[17ZBR1.17ZBR49201]LU49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lu49201_1_80"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Company
Subsidiary), except Indebtedness incurred in connection with a refinancing permitted by <U>Section&nbsp;6.1(b)(xvi)</U>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;make
any loans, advances or capital contributions to, or investments in, any other Person (including to any of its officers, directors, employees, Affiliates, agents or
consultants), or make any change in its existing borrowing or lending arrangements for or on behalf of any of such Persons, other than (A)&nbsp;by the Company or a wholly-owned Company Subsidiary to
the Company or a wholly-owned Company Subsidiary, (B)&nbsp;loans or advances required to be made under any of the Company Major Leases or ground leases affecting the Company Properties, as described
on <U>Section&nbsp;6.1(b)(x)</U> of the Company Disclosure Letter and (C)&nbsp;loans issued pursuant to the terms of a tax-qualified Company Benefit Plan; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;renew,
modify or amend, terminate (other than through expiration in accordance with its terms), or waive, release, compromise or assign any rights or claims under, any
Company Material Contract or Company Major Lease or enter into any new contract that, if entered into prior to the date of this
Agreement, would have been required to be listed in <U>Section&nbsp;4.12</U> or <U>Section&nbsp;4.16(f)</U> of the Company Disclosure Letter as a
Company Material Contract or Company Major Lease; other than (A)&nbsp;any termination or renewal in accordance with the terms of such existing Company Material Contract or Company Major Lease that
occur automatically without any action by Company or any Company Subsidiary, (B)&nbsp;the entry into any modification or amendment of, or waiver or consent under, any mortgage, deed of trust, deed
to secure debt, similar agreement, or related agreement to which Company or any Company Subsidiary is a party as required or necessitated by this Agreement or the transactions contemplated hereby or
(C)&nbsp;as necessary to comply with the terms of this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;enter
into or amend any contract if such contract or amendment of a contract would reasonably be expected to prevent or materially impede, interfere with, hinder or
delay the consummation of the Mergers; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;(A)
enter into or modify any collective bargaining agreement or other labor union contract applicable to the employees of the Company or any Company Subsidiary or
(B)&nbsp;to the extent the Company or any Company Subsidiary has the right pursuant to a Company Management Agreement to consent to the entry into or modification of a collective bargaining
agreement or other labor union contract applicable to the employees of the relevant Company Property Manager, consent to any such entry into or modification of a collective bargaining agreement or
other labor union contract applicable to the employees of such Company Property Manager; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;establish,
adopt, enter into, amend, or terminate any Company Benefit Plan that is a pension plan or post-retirement benefit plan or </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-80</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=321,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=854322,FOLIO='A-80',FILE='DISK127:[17ZBR1.17ZBR49201]LU49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lu49201_1_81"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>arrangement
or otherwise take any action that subjects the Company or any Company Subsidiary to material liability for pension or post-retirement benefits; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;waive,
release, assign any material rights or claims or make any payment, direct or indirect, of any other liability of the Company or any Company Subsidiary, in an
amount in excess of $1,000,000, before the same comes due in accordance with its terms, other than in the ordinary course of business and consistent with past practice; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;repay
or refinance any material Indebtedness (other than required payments of principal and interest when due and Indebtedness described in
<U>Section&nbsp;6.1(b)(xvi)</U> of the Company Disclosure Letter); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;except
(A)&nbsp;pursuant to the Company's budget previously provided to Parent, (B)&nbsp;capital expenditures necessary to repair any casualty losses in an amount
up to $1,000,000 or to the extent such losses are covered by existing insurance, and (C)&nbsp;capital expenditures in the ordinary course of business consistent with past practice necessary to
repair or prevent damage to any Company Property in the event of an emergency situation, after prior notice to Parent (provided, that if the nature of such emergency renders prior notice to Parent
impracticable, the Company shall provide notice to Parent as promptly as reasonably practicable after making such capital expenditure), make or commit to make any capital expenditures in excess of
$1,000,000 individually or $5,000,000 in the aggregate with respect to any Company Property; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;settle
or compromise (A)&nbsp;any legal action, investigation, suit or arbitration proceeding, in each case made or pending against the Company or any of the
Company Subsidiaries other than settlements where the amount paid (after the application of any insurance proceeds actually received or appropriate credits are applied from self-insurance reserves, if
any) in settlement or compromise does not exceed the thresholds set forth on <U>Section&nbsp;6.1(b)(xviii)</U> of the Company Disclosure Letter and that (x)&nbsp;do not
require any material actions or impose any material restrictions on the business or operations of the Company and the Company Subsidiaries, and (y)&nbsp;do not provide for any admission of liability
by the Company or any Company Subsidiaries and (B)&nbsp;any legal action, suit or proceeding involving any present, former or purported holder or group of holders of the Company Common Stock other
than in accordance with <U>Section&nbsp;6.7</U>, <U>provided</U>, <U>however</U>, that notwithstanding the foregoing, the written
consent of Parent shall be required in order for the Company or any Company Subsidiary to settle, compromise, dismiss, discharge or otherwise dispose of any legal action, investigation, suit or
arbitration proceeding arising from, based upon or challenging the validity of this Agreement or the consummation of the transactions contemplated hereby or seeking to prevent the consummation of the
transactions contemplated hereby; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;except
as required pursuant to Company Employment Agreements or Company Benefit Plans in effect as of the date hereof and set forth </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-81</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=322,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=381811,FOLIO='A-81',FILE='DISK127:[17ZBR1.17ZBR49201]LU49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lu49201_1_82"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>on
<U>Section&nbsp;4.10</U> of the Company Disclosure Letter, or as otherwise required by Law, (A)&nbsp;hire or terminate (other than for cause) any officer or director of
the Company or any Company Subsidiary or promote or appoint any Person to a position of officer or director of the Company or any Company Subsidiary (other than the appointment of any officer or
director to replace an officer or director who has departed the Company); (B)&nbsp;increase the compensation, perquisites or other benefits payable or to
become payable to any current or former directors, employees or other individual service providers of the Company or any Company Subsidiary (other than payment of normal year-end bonuses and annual
salary increases in the ordinary course consistent with past practice and any established performance criteria), (C)&nbsp;grant any severance or termination pay to, or enter into any severance
agreement with, any current or former director, employee or other individual service provider of the Company or any Company Subsidiary, (D)&nbsp;enter into any Company Employment Agreement or other
employment, change of control, severance or retention agreement with any current or former director, employee or other individual service provider of the Company or any Company Subsidiary,
(E)&nbsp;accelerate the vesting, funding or payment of the compensation payable or the benefits provided to or to become payable or provided to any current or former directors, employees or other
individual service providers of the Company or any Company Subsidiary, or (F)&nbsp;establish, adopt, enter into, materially amend or terminate any Company Benefit Plan, Company Employment Agreement,
plan, trust, fund, policy or arrangement with, or for the benefit of, any current or former directors, employees, other individual service providers or any of their beneficiaries (other than offer
letters to non-executive officers containing customary at-will employment terms); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;make
any material change to its methods of accounting, principles or practices in effect at December&nbsp;31, 2016, except as required by a change in GAAP (or any
interpretation thereof) or in applicable Law or fail to maintain all financial books and records in all material respects in accordance with GAAP (or any interpretation thereof); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)&nbsp;&nbsp;enter
into any new line of business; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)&nbsp;&nbsp;fail
to duly and timely file all material reports and other material documents required to be filed with all Governmental Authorities and other authorities (including
the NYSE), subject to extensions permitted by Law; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)&nbsp;&nbsp;enter
into, amend or modify any Company Tax Protection Agreement; make, change or rescind any election relating to Taxes; change a material method of Tax accounting;
file or amend any income Tax Return or any other material Tax Return; settle or compromise any material U.S. federal, state, local or foreign income Tax liability, audit, claim or assessment, enter
into any material closing agreement related to Taxes; except as set forth in <U>Section&nbsp;6.1(b)(xxiii)</U> of the Company Disclosure Letter, take any action outside the
ordinary course of business that would materially reduce or limit the usage by Parent or any Parent Subsidiary of any net operating losses (and carryovers </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-82</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=323,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=249122,FOLIO='A-82',FILE='DISK127:[17ZBR1.17ZBR49201]LU49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lu49201_1_83"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>thereof)
or other material tax attributes of the Company or any Company Subsidiary (for the sake of clarity, other than an "ownership change" pursuant to Section&nbsp;382 resulting from the
Mergers); take any action to recognize, trigger, or authorize any item described in <U>Section&nbsp;4.17(o)</U> or knowingly surrender any right to claim any material Tax
refund, except in each case as required by Law or necessary or appropriate to preserve the status of any Company Subsidiary as a disregarded entity or partnership for U.S. federal income tax purposes; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)&nbsp;&nbsp;merge
or consolidate or adopt a plan of merger, complete or partial liquidation or resolutions providing for or authorizing such merger, liquidation or a dissolution,
consolidation, recapitalization or bankruptcy reorganization, except (A)&nbsp;by a Company Subsidiary in connection with any acquisitions permitted pursuant to
<U>Section&nbsp;6.1(b)(v)</U> in a manner that would not reasonably be expected to be adverse to the Company or to prevent or impair the ability of the Company to consummate
the Mergers or (B)&nbsp;for the merger of one or more wholly-owned Company Subsidiaries with or into one or more other wholly-owned Company Subsidiaries or the dissolution and liquidation of Company
Subsidiaries in the ordinary course of business consistent with past practice, which, individually or in the aggregate, would not reasonably be expected to be material to the Company; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)&nbsp;&nbsp;permit
any material insurance policy to terminate or lapse without replacing such policy with comparable coverage (to the extent that comparable coverage is available)
or amend or cancel any material insurance policy; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)&nbsp;&nbsp;initiate
or consent to any material zoning reclassification of any real property or any other material change to any approved site plan, special use permit, planned
development approval or other land use entitlement affecting any Company Property; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;(xxvii)&nbsp;&nbsp;adopt
or approve any budget or operating plan under any JV Agreement for any period anticipated to relate to any time after the Closing Date to the extent such
budget or operating plan differs from the budget or operating plan for the prior fiscal year other than to account for inflation and uncontrollable expenses; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;(xxviii)&nbsp;&nbsp;form
any new joint ventures; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)&nbsp;&nbsp;amend
or modify the compensation terms or any other obligations of the Company contained in the engagement letter with the financial advisor referred to in
<U>Section&nbsp;4.19</U> in a manner materially adverse to the Company, any Company Subsidiary or Parent or enter into any agreement or engage other financial advisors in
connection with the transactions contemplated by this Agreement; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-83</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=324,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=954796,FOLIO='A-83',FILE='DISK127:[17ZBR1.17ZBR49201]LU49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lu49201_1_84"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)&nbsp;&nbsp;take,
or agree to commit to take, any action that would reasonably be expected to result in any of the conditions to the Mergers set forth in
<U>Article&nbsp;VII</U> not being satisfied by the Outside Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi)&nbsp;&nbsp;take
any action that could, or fail to take any action, the failure of which could, reasonably be expected to cause (A)&nbsp;the Company to fail to qualify as a
real estate investment trust under the Code or (B)&nbsp;Company&nbsp;LP to cease to be treated as a partnership or disregarded entity for U.S. federal income tax purposes; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;(xxxii)&nbsp;&nbsp;authorize,
or enter into any contract, agreement, commitment or arrangement to do any of the foregoing. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary set forth in this Agreement, nothing in this Agreement shall prohibit (i)&nbsp;the Company from taking any action, at any time
or from time to time, that in the reasonable judgment of the Company Board, upon advice of counsel to the Company, is reasonably necessary for the Company to avoid or to continue to avoid incurring
entity-level income or excise Taxes under the Code, maintain its qualification as a REIT under the Code for any period or portion thereof ending on or prior to the REIT Merger Effective Time,
including making dividend or distribution payments to stockholders of the Company in accordance with this Agreement or otherwise, or to qualify or preserve the status of any Company Subsidiary as a
partnership or disregarded entity for U.S. federal income tax purposes or as a Qualified REIT Subsidiary or Taxable REIT Subsidiary under the applicable provisions of Section&nbsp;856 of the Code,
as the case may be; (ii)&nbsp;the Company from taking any action, at any time or from time to time, as the Company determines to be necessary to (A)&nbsp;be in compliance at all times with all of
its obligations under any Company Tax Protection Agreement, and (B)&nbsp;avoid liability for any indemnification or other payment under any Company Tax Protection Agreement; and (iii)&nbsp;the
Company, its Affiliates and their respective Representatives from continuing to market its interest (or a portion of its interest) in The Knickerbocker hotel, the Morgans hotel or the Royalton hotel. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lu49201_section_6.2_conduct_of_business_by_parent."> </A>
<A NAME="toc_lu49201_1"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Conduct of Business by Parent.</U>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Parent
and Parent&nbsp;LP covenant and agree that, during the Interim Period, except to the extent required by Law, as may be agreed in writing by the Company (which
consent shall not be unreasonably withheld, delayed or conditioned), as may be expressly required or permitted pursuant to this Agreement, or as set forth in
<U>Section&nbsp;6.2(a)</U> of the Parent Disclosure Letter, Parent and Parent&nbsp;LP shall, and shall cause each of the Parent Subsidiaries to, (i)&nbsp;conduct their
business and operations in the
ordinary course and in a manner consistent with past practice in all material respects, and (ii)&nbsp;use their commercially reasonable efforts to: (A)&nbsp;maintain the material assets and
properties of Parent and Parent Subsidiaries in their current condition (normal wear and tear and damage caused by casualty or by any reason outside of Parent's or the Parent Subsidiaries' control
excepted), (B)&nbsp;preserve intact in all material respects its current business organization, goodwill, ongoing businesses and relationships with Third Parties (C)&nbsp;keep available the
services of its present officers and key employees and (D)&nbsp;maintain, in all material respects, satisfactory relationships with significant customers, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-84</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=325,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=744405,FOLIO='A-84',FILE='DISK127:[17ZBR1.17ZBR49201]LU49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lu49201_1_85"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>franchisors,
managers and suppliers and with other Persons with whom they have significant business relations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Without
limiting the foregoing, Parent and Parent&nbsp;LP covenant and agree that, during the Interim Period, except to the extent required by Law, as may be agreed in
writing by the Company (which consent shall not be unreasonably withheld, delayed or conditioned, except with respect to clauses&nbsp;(ii), (iii), (iv)&nbsp;or (x)&nbsp;below, as to which the
Company may grant or withhold its consent in its sole discretion)), as may be expressly required or permitted pursuant to this Agreement, or as set forth in
<U>Section&nbsp;6.2(b)</U> of the Parent Disclosure Letter, Parent and Parent&nbsp;LP shall not, and shall not cause or permit any of the Parent Subsidiaries to, do any of
the following: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;amend
or propose to amend the Parent Declaration of Trust, Parent Bylaws, Parent Partnership Certificate or Parent Partnership Agreement (or such equivalent
organizational or governing documents of any Parent Subsidiary material to Parent and the Parent Subsidiaries, considered as a whole, if such amendment would be adverse to Parent or the Company),
except to the extent as provided in <U>Section&nbsp;6.18</U>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;split,
combine, reclassify or subdivide any shares of stock or other voting securities or equity interests of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership
Merger Sub or any other Parent Subsidiary or, except as contemplated by <U>Section&nbsp;6.2(b)(iv)</U>, issue or authorize the issuance of any other securities in respect of,
in lieu of or in substitution for its capital stock, other voting securities or equity interests; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;declare,
set aside or pay any dividend on or make any other distributions (whether in cash, stock, property or otherwise) with respect to shares of capital stock of
Parent or other equity securities or ownership interests in Parent, except for (A)&nbsp;the declaration and payment by Parent of regular quarterly dividends at a rate not to exceed $0.33 per Parent
Common Share (each a "<U>Parent Common Quarterly
Dividend</U>"), (B)&nbsp;the declaration and payment of dividends or distributions made to Parent by any wholly owned Parent Subsidiary and (C)&nbsp;the declaration and payment of
dividends or distributions made by any Parent Subsidiary that is not wholly owned, directly or indirectly, by Parent, in accordance with the requirements of the organizational documents of such Parent
Subsidiary. Notwithstanding the foregoing, Parent and any Parent Subsidiary shall be permitted to make distributions, including under Sections&nbsp;858 or 860 of the Code, reasonably necessary for
Parent to maintain its status as a REIT under the Code and avoid or reduce the imposition of any corporate level tax or excise Tax under the Code; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;redeem,
repurchase or otherwise acquire, or offer to redeem, repurchase or otherwise acquire, directly or indirectly, any shares of its capital stock or other equity
interests of the Parent or a Parent Subsidiary or any securities of the Parent or any Parent Subsidiary convertible into or exchangeable or exercisable for capital stock or voting securities of, or
equity interests in, the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-85</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=326,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=820549,FOLIO='A-85',FILE='DISK127:[17ZBR1.17ZBR49201]LU49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lu49201_1_86"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Parent
or any Parent Subsidiary, or any warrants, calls, options or other rights to acquire any such capital stock, securities or interests, other than (A)&nbsp;the redemption or exchange of Parent
Partnership Units pursuant to and in accordance with the provisions of the Parent Partnership Agreement, (B)&nbsp;the withholding of Parent Common Shares to satisfy withholding Tax obligations with
respect to any restricted shares and RSUs under the Parent Equity Plans, and (C)&nbsp;the acquisition by Parent in the ordinary course of business consistent with past practice pursuant to the terms
of the Parent Equity Plans upon termination of employment or service of an award holder; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;except
for transactions among the Parent and one or more wholly-owned Parent Subsidiaries or among one or more wholly-owned Parent Subsidiaries, or as otherwise
contemplated in <U>Section&nbsp;6.2(b)(iii)</U> or <U>(iv)</U>, issue, deliver, sell, pledge, dispose, encumber or grant any shares of the Parent's or any
of the Parent Subsidiaries' capital stock or other voting securities or equity interests, or any options, calls, warrants, convertible securities or other rights of any kind to acquire any shares of
the Parent's or any of the Parent Subsidiaries' capital stock, voting securities or other equity interests or any other rights issued by the Parent or any Parent Subsidiary that are linked in any way
to the price of Parent Common Shares or any other shares of capital stock or other voting securities or equity interests of the Parent or any Parent Subsidiary, the value of the Parent, any Parent
Subsidiary or any part of the Parent or any Parent Subsidiary or any dividends or other distributions declared or paid on any shares of capital stock or other voting securities or equity interests of
the Parent or any Parent Subsidiary; <U>provided</U>, <U>however</U>, that the Parent may issue shares of Parent Common Shares pursuant to awards under the
Parent Equity Plans; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;except
as set forth on <U>Section&nbsp;6.2(b)(vi)</U>, incur, create or assume any Indebtedness for borrowed money (other than by Parent or a
wholly-owned Parent Subsidiary to the Parent or a wholly-owned
Parent Subsidiary) or issue or amend the terms of any debt securities or assume, guarantee or endorse, or otherwise become responsible for the Indebtedness of any other Person (other than a
wholly-owned Parent Subsidiary); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;acquire
or agree to acquire (including by merger, consolidation or acquisition of stock or assets), any real property, corporation, partnership, limited liability
company, other business organization or any division or material amount of assets thereof that would, or would reasonably be expected to, prevent or materially impair the ability of Parent, REIT
Merger Sub or Partnership Merger Sub to consummate the Mergers before the Outside Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;enter
into or amend any contract if such contract or amendment of a contract would reasonably be expected to prevent or materially impede, interfere with, hinder or
delay the consummation of the Mergers; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-86</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=327,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=548607,FOLIO='A-86',FILE='DISK127:[17ZBR1.17ZBR49201]LU49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_lw49201_1_87"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;fail
to duly and timely file all material reports and other material documents required to be filed with all Governmental Authorities and other authorities (including
the NYSE), subject to extensions permitted by Law; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;take
any action that could, or fail to take any action, the failure of which could, reasonably be expected to cause (A)&nbsp;Parent to fail to qualify as a real estate
investment trust under the Code or (B)&nbsp;Parent&nbsp;LP to cease to be treated as a partnership or disregarded entity for U.S. federal income tax purposes; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;take,
or agree to commit to take, any action that would reasonably be expected to result in any of the conditions to the Mergers set forth in
<U>Article&nbsp;VII</U> not being satisfied by the Outside Date; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;authorize,
or enter into any contract, agreement, commitment or arrangement to do any of the foregoing. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary set forth in this Agreement, nothing in this Agreement shall prohibit (i)&nbsp;Parent from taking any action, at any time or
from time to time, that in the reasonable judgment of the Parent Board, upon advice of counsel to Parent, is reasonably necessary for Parent to avoid or to continue to avoid incurring entity-level
income or excise Taxes under the Code maintain its qualification as a REIT under the Code for any period or portion thereof ending on or prior to the REIT Merger Effective Time, including making
dividend or distribution payments to shareholders of Parent in accordance with this Agreement or otherwise, or to qualify or preserve the status of any Parent Subsidiary as a partnership or
disregarded entity for U.S. federal income tax purposes or as a Qualified REIT Subsidiary or Taxable REIT Subsidiary under the applicable provisions of Section&nbsp;856 of the Code, as the case may
be; and (ii)&nbsp;Parent from taking any action, at any time or from time to time, as Parent determines to be necessary to (A)&nbsp;be in compliance at all times with all of its obligations under
any Parent Tax Protection Agreement, and (B)&nbsp;avoid liability for any indemnification or other payment under any Parent Tax Protection Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw49201_section_6.3_preparation_of_for__sec04297"> </A>
<A NAME="toc_lw49201_1"> </A>
<BR></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Preparation of Form&nbsp;S-4, Joint Proxy Statement and NYSE  Listing; Stockholder and
Shareholder Meetings</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;As
promptly as reasonably practicable following the date of this Agreement, (i)&nbsp;the Company and Parent shall jointly prepare and cause to be filed with the SEC
the Joint Proxy Statement, (ii)&nbsp;the Company and Parent shall prepare, and Parent shall cause to be filed with the SEC, the Form&nbsp;S-4, which will include the Joint Proxy Statement as a
prospectus, and (iii)&nbsp;Parent shall prepare and cause to be submitted to the NYSE the application and other agreements and documentation necessary for the listing of the Parent Common Shares
issuable in the REIT Merger on the NYSE. Each of the Company and Parent shall use its reasonable best efforts to (w)&nbsp;have the Form&nbsp;S-4 declared effective under the Securities Act as
promptly as practicable after such filing, (x)&nbsp;ensure that the Form&nbsp;S-4 complies in all material respects with the applicable provisions of the Exchange Act or Securities Act,
(y)&nbsp;mail or deliver the Joint Proxy Statement to its respective stockholders or shareholders (as applicable) as promptly as practicable after </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-87</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=328,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=73178,FOLIO='A-87',FILE='DISK127:[17ZBR1.17ZBR49201]LW49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lw49201_1_88"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>the
Form&nbsp;S-4 is declared effective and (z)&nbsp;keep the Form&nbsp;S-4 effective for so long as necessary to complete the Mergers and the other transaction contemplated hereby. Parent shall
use its reasonable best efforts to have the application for the listing of the Parent Common Shares issuable in the REIT Merger accepted by the NYSE as promptly as practicable following submission.
Between the date of this Agreement and the REIT Merger Effective Time, each party shall use its reasonable best efforts to maintain its NYSE listing. Each of the Company and Parent shall furnish all
information concerning itself, its Affiliates and the holders of its capital stock or other equity interests to the other and provide such other assistance as may be reasonably requested in connection
with the preparation, filing and
distribution of the Form&nbsp;S-4 and Joint Proxy Statement and the preparation and filing of the NYSE listing application. The Form&nbsp;S-4, Joint Proxy Statement and the NYSE listing
application shall include all information reasonably requested by such other party to be included therein. Each of the Company and Parent shall promptly notify the other upon the receipt of any
comments from the SEC or any request from the SEC for amendments or supplements to the Form&nbsp;S-4 or Joint Proxy Statement, and shall provide the other with copies of all correspondence between
it and its Representatives, on one hand, and the SEC, on the other hand. Each of the Company and Parent shall use its reasonable best efforts to respond as promptly as practicable to any comments from
the SEC with respect to the Joint Proxy Statement, and Parent shall use its reasonable best efforts to respond as promptly as practicable to any comment from the SEC with respect to the
Form&nbsp;S-4. Notwithstanding the foregoing, prior to filing the Form&nbsp;S-4 (or any amendment or supplement thereto) or mailing the Joint Proxy Statement (or any amendment or supplement
thereto) or responding to any comments of the SEC with respect thereto, each of the Company and Parent (i)&nbsp;shall provide the other an opportunity to review and comment on such document or
response (including the proposed final version of such document or response) and (ii)&nbsp;shall include in such document or response all comments reasonably proposed by the other. Parent shall
advise the Company, promptly after it receives notice thereof, of the time of effectiveness of the Form&nbsp;S-4 the issuance of any stop order relating thereto or the suspension of the
qualification of the Parent Common Shares issuable to Parent&nbsp;LP in connection with the REIT Merger for offering or sale in any jurisdiction, and Parent shall use its reasonable best efforts to
have any such stop order or suspension lifted, reversed or otherwise terminated. Parent shall also take any other action (other than qualifying to do business in any jurisdiction in which it is not
now so qualified) required to be taken under the Securities Act, the Exchange Act, any applicable foreign or state securities or "blue sky" Laws and the rules and regulations thereunder in connection
with the issuance of Parent Common Shares in the REIT Merger, and the Company shall furnish all information concerning the Company and the holders of its capital stock as may be reasonably requested
in connection with any such actions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If,
at any time prior to the REIT Merger Effective Time, in the case of the Form&nbsp;S-4, or receipt of the Company Stockholder Approval and Parent Shareholder
Approval, in the case of the Joint Proxy Statement, any information relating to the Company or Parent, or any of their respective Affiliates, should be discovered by the Company or Parent which, in
the reasonable judgment of the Company or Parent, should be set forth in an amendment of, or a supplement to, any of the Form&nbsp;S-4 or the Joint Proxy Statement, so that any of such documents
would not include any </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-88</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=329,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=678439,FOLIO='A-88',FILE='DISK127:[17ZBR1.17ZBR49201]LW49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lw49201_1_89"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>misstatement
of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the party which
discovers such information shall promptly notify the other parties hereto, and the Company and Parent shall cooperate in the prompt filing with the SEC of any necessary amendment of, or supplement to,
the Joint Proxy Statement or the Form&nbsp;S-4 and, to the extent required by Law, in disseminating the information contained in such amendment or supplement to stockholders or shareholders of the
Company and Parent, as applicable. Nothing in this <U>Section&nbsp;6.3(b)</U> shall limit the obligations of any party under <U>Section&nbsp;6.3(a)</U>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;As
promptly as reasonably practicable following the date of this Agreement, but in any event prior to the date of the Company's 2017 annual meeting of stockholders to
elect directors of the Company, the Company shall, in accordance with applicable Law and the Company Charter and Company Bylaws, establish a record date for, duly call, give notice of, convene and
hold the Company Stockholder Meeting. The Company shall use its reasonable best efforts to cause the Joint Proxy Statement to be mailed to the stockholders of the Company and to hold the Company
Stockholder Meeting as soon as reasonably practicable after the Form&nbsp;S-4 is declared effective under the Securities Act. The Company shall, through the Company Board, recommend to its
stockholders that they give the Company Stockholder Approval, include such recommendation in the Joint Proxy Statement and solicit and use its reasonable best efforts to obtain the Company Stockholder
Approval, except to the extent that the Company Board shall have made an Adverse Recommendation Change as permitted by <U>Section&nbsp;6.5(d)</U>. Notwithstanding the foregoing
provisions of this <U>Section&nbsp;6.3(c)</U>, if, on a date for which the Company Stockholder Meeting is scheduled, the Company has not received proxies representing a
sufficient number of shares of Company Common Stock to obtain the Company Stockholder Approval, whether or not a quorum is present, the Company shall have the right to make one or more successive
postponements or adjournments of the Company Stockholder Meeting to the extent permitted by Law; <U>provided</U>, that the Company Stockholder Meeting is not postponed or
adjourned to a date that is more than thirty (30)&nbsp;days after the date for which the Company Stockholder Meeting was originally scheduled (excluding any postponement or adjournments required by
applicable Law); <U>provided</U> further, the Company Stockholder Meeting may not be postponed or adjourned on the date the Company Stockholder Meeting is scheduled if the
Company shall have received proxies in respect of an aggregate number of Company Common Stock, which have not been withdrawn, such that Company Stockholder Approval will be obtained at such meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;As
promptly as reasonably practicable following the date of this Agreement, Parent shall, in accordance with applicable Law and the Parent Declaration of Trust and
Parent Bylaws, establish a record date for, duly call, give notice of, convene and hold the Parent Shareholder Meeting. Parent shall use its reasonable best efforts to cause the Joint Proxy Statement
to be mailed to the shareholders of Parent and to hold the Parent Shareholder Meeting as soon as reasonably practicable after the Form&nbsp;S-4 is declared effective under the Securities Act. Parent
shall, through the Parent Board, recommend to its shareholders that they give the Parent Shareholder Approval, include such recommendation in the Joint Proxy Statement and solicit and use its
reasonable best </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-89</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=330,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=407701,FOLIO='A-89',FILE='DISK127:[17ZBR1.17ZBR49201]LW49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lw49201_1_90"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>


<P style="font-family:times;"><FONT SIZE=2>efforts
to obtain the Parent Shareholder Approval. Notwithstanding the foregoing provisions of this <U>Section&nbsp;6.3(d)</U>, if, on a date for which the Parent Shareholder
Meeting is scheduled, Parent has not received proxies representing a sufficient number of Parent Common Shares to obtain the Parent
Shareholder Approval, whether or not a quorum is present, Parent shall have the right to make one or more successive postponements or adjournments of the Parent Shareholder Meeting to the extent
permitted by Law; <U>provided</U>, that the Parent Shareholder Meeting is not postponed or adjourned to a date that is more than thirty (30)&nbsp;days after the date for which
the Parent Shareholder Meeting was originally scheduled (excluding any postponement or adjournments required by applicable Law); <U>provided</U> further, the Parent Shareholder
Meeting may not be postponed or adjourned on the date the Parent Shareholder Meeting is scheduled if Parent shall have received proxies in respect of an aggregate number of Parent Common Shares, which
have not been withdrawn, such that Parent Shareholder Approval will be obtained at such meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Each
of the Company and Parent will use its reasonable best efforts to hold the Company Stockholder Meeting and the Parent Shareholder Meeting on the same date and as
soon as reasonably practicable after the date of this Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw49201_section_6.4_access_to_information;_confidentiality_."> </A>
<A NAME="toc_lw49201_2"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Access to Information; Confidentiality</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;During
the Interim Period, to the extent permitted by applicable Law and contracts, each of the Company and Parent shall, and shall cause each of the Parent Subsidiaries
and the Company Subsidiaries, respectively, to, afford to the other party and to the Representatives of such other party reasonable access during normal business hours and upon reasonable advance
notice to all of their respective properties, offices, books, contracts, commitments, personnel, and records and, during such period, each of the Company and Parent shall, and shall cause each of the
Company Subsidiaries and the Parent Subsidiaries, respectively, to, furnish reasonably promptly to the other party (i)&nbsp;a copy of each report, schedule, registration statement and other document
filed by it during such period pursuant to the requirements of federal or state securities Laws, and (ii)&nbsp;all other information (financial or otherwise) concerning its business and properties
and personnel as such other party may reasonably request, subject to any privacy protections with respect to information concerning personnel as may be required by applicable Law. Subject to the terms
of the Company Major Leases, Parent, at its own expense, shall have the right to such reasonable access during normal business hours and upon reasonable advance notice in order to prepare or cause to
be prepared surveys, inspections, engineering studies, environmental assessments and other tests, examination or studies with respect to any Company Property that Parent deems to be reasonably
necessary, so long as such access does not unduly interfere with the Company's ordinary conduct of business; <U>provided</U>, that (x)&nbsp;neither Parent nor any of its
Representatives shall be entitled to conduct intrusive soil testing or similar assessments at any Company Property without the Company's prior written consent and (y)&nbsp;Parent shall indemnify the
Company for any losses, costs or damages caused by such access. Subject to the terms of any applicable leases, the Company, at its own expense, shall have the right to such reasonable access during
normal business hours and upon reasonable advance notice in order to prepare or cause to be prepared surveys, inspections, engineering studies, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-90</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=331,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=896542,FOLIO='A-90',FILE='DISK127:[17ZBR1.17ZBR49201]LW49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lw49201_1_91"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>environmental
assessments and other tests, examination or studies with respect to any Parent Property that Company deems to be reasonably necessary, so long as such access does not unduly interfere
with Parent's ordinary conduct of business; <U>provided</U>, that (x)&nbsp;neither the Company nor any of its Representatives shall be entitled to conduct intrusive soil
testing or similar assessments at any Parent Property without Parent's prior written consent and (y)&nbsp;the Company shall indemnify Parent for any losses, costs or damages caused by such access.
Notwithstanding the foregoing, neither the Company nor Parent shall be required by this <U>Section&nbsp;6.4</U> to provide the other party or the Representatives of such other
party with access to or to disclose information (x)&nbsp;that is subject to the terms of a confidentiality agreement with a Third Party entered into prior to the date of this Agreement or entered
into after the date of this Agreement in the ordinary course of business consistent with past practice (<U>provided</U>, <U>however</U>, that the
withholding party shall use its reasonable best efforts to obtain the required consent of such Third Party to such access or disclosure), (y)&nbsp;the disclosure of which would violate any Law
(including without limitation employee privacy Laws) or fiduciary duty (<U>provided</U>, <U>however</U>, that the withholding party shall use its reasonable
best efforts to make appropriate substitute arrangements to permit reasonable disclosure not in violation of any Law or fiduciary duty) or (z)&nbsp;that is subject to any attorney-client privilege
(<U>provided</U>, <U>however</U>, that the withholding party shall use its reasonable best efforts to allow for such access or disclosure to the maximum
extent that does not result in a loss of attorney-client privilege). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Company shall cooperate and participate, as reasonably requested by Parent from time to time and to the extent consistent with applicable Law, in Parent's efforts to
oversee the integration of the parties' operations in connection with, and taking effect upon consummation of, the Mergers, including providing such reports on operational matters and participating on
such teams and committees as Parent may reasonably request (including customer billing and other data files for the purpose of system integration and testing as well as compensation and payroll data
files for the purpose of payroll system integration and testing with respect to employees of the Company and the Company Subsidiaries), and including providing reasonable notice to, and consulting
with, Parent in connection with the Company's review and approval of any budgets or operating plans pursuant to any JV Agreements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Each
of the Company and Parent will hold, and will cause its Representatives and Affiliates to hold, any nonpublic information, including any information exchanged
pursuant to this <U>Section&nbsp;6.4</U>, in confidence to the extent required by and in accordance with, and will otherwise comply with, the terms of the Confidentiality
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Each
of the Company and Parent agree to give prompt written notice to the other upon becoming aware of the occurrence or impending occurrence of any event or
circumstance relating to it or any of the Company Subsidiaries or the Parent Subsidiaries, respectively, which (i)&nbsp;would reasonably be expected to have, individually or in the aggregate, a
Company Material Adverse Effect or a Parent
Material Adverse Effect, as the case may be, (ii)&nbsp;would reasonably be expected to make any of the conditions in <U>Article&nbsp;VII</U> to not be satisfied or
(iii)&nbsp;is an action, suit, proceeding, inquiry </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-91</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=332,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1033576,FOLIO='A-91',FILE='DISK127:[17ZBR1.17ZBR49201]LW49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lw49201_1_92"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>or
investigation pending or, to the knowledge of the Company or Parent, as applicable, threatened which questions or challenges the validity of this Agreement or that could otherwise adversely impact
the ability of the parties hereto to consummate the Mergers; <U>provided</U>, <U>however</U>, that no such notification shall affect the representations and
warranties of any party or relieve any party of any breach of any such representation or warranty or affect the remedies available to the party receiving notice hereunder. The failure to deliver any
such notice, in and of itself, shall not result in the failure of, or otherwise affect, any of the conditions set forth in <U>Article&nbsp;VII</U>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw49201_section_6.5_no_solicitation;_acquisition_proposals_."> </A>
<A NAME="toc_lw49201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Solicitation; Acquisition Proposals</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Subject
to the other provisions of this <U>Section&nbsp;6.5</U>, during the Interim Period, neither the Company nor Parent shall, and each of the
Company and Parent shall cause each of their respective Subsidiaries, and its and their officers and directors, managers or equivalent not to, and shall use its reasonable best efforts to cause any
other Representatives of itself or its Subsidiaries not to, directly or indirectly, (i)&nbsp;solicit, initiate, knowingly encourage or knowingly facilitate any inquiry, discussion, offer or request
that constitutes, or could reasonably be expected to lead to, an Acquisition Proposal (provided that for purposes of this <U>Section&nbsp;6.5(a)</U>, the references in the
definition of "<U>Acquisition Proposal</U>" to "twenty percent (20%)" shall be deemed to be "five percent (5%)" (an "<U>Inquiry</U>")), (ii)&nbsp;engage
in any discussions or negotiations regarding, or furnish to any Third Party any nonpublic information in connection with, or otherwise cooperate in any way with, or knowingly facilitate in any way any
effort by, any Third Party in connection with, any Acquisition Proposal or Inquiry, (iii)&nbsp;approve or recommend an Acquisition Proposal, (iv)&nbsp;enter into any letter of intent, memorandum
of understanding, agreement in principle, acquisition agreement, merger agreement, share purchase agreement, asset purchase agreement, share exchange agreement, option agreement or other similar
definitive agreement (other than an Acceptable Confidentiality Agreement entered into in accordance with this <U>Section&nbsp;6.5</U>) providing for or relating to an
Acquisition Proposal (an "<U>Alternative Acquisition Agreement</U>"), or (v)&nbsp;propose or agree to do any of the foregoing. For the avoidance of doubt, the Company shall
not, and shall cause each of the Company Subsidiaries, and its and their officers and directors, managers or equivalent not to, and shall use its reasonable best efforts to cause any other
Representatives of the Company or the Company Subsidiaries not to, directly or indirectly, engage in any activity of the foregoing clauses&nbsp;(i)-(v) with respect to any Acquisition Proposal or
any Inquiry that was made by any Third Party prior to the date of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in <U>Section&nbsp;6.5(a)</U>, at any time prior to obtaining the requisite Company Stockholder Approval
or the Parent Shareholder Approval, as applicable, the Company or Parent, as applicable, may, in response to an unsolicited </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2> written
Acquisition Proposal by a Third Party received after the date of this Agreement (that did not result from a breach of this <U>Section&nbsp;6.5</U>) (i)&nbsp;furnish nonpublic
information to such Third Party (and such Third Party's Representatives) making an Acquisition Proposal (<U>provided</U>, <U>however</U>, that
(A)&nbsp;prior to so furnishing such information, the applicable party receives from the Third Party an executed Acceptable Confidentiality Agreement, and (B)&nbsp;any nonpublic information </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-92</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=333,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=77389,FOLIO='A-92',FILE='DISK127:[17ZBR1.17ZBR49201]LW49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lw49201_1_93"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>concerning
such party and its Subsidiaries that is provided to such Third Party shall, to the extent not previously provided to the other party, be provided to such other party prior to or
simultaneously with providing it to such Third Party), and (ii)&nbsp;engage in discussions or negotiations with such Third Party (and such Third Party's Representatives) with respect to the
Acquisition Proposal if, in the case of each of clauses&nbsp;(i) and (ii): (x)&nbsp;the Company Board or the Parent Board, as the case may be, determines in good faith, after consultation with its
financial and legal advisors, that such Acquisition Proposal constitutes, or could reasonably be expected to lead to, a Superior Proposal, and (y)&nbsp;the Company Board or the Parent Board, as the
case may be, determines in good faith, after consultation with legal counsel, that failure to take such action would be reasonably likely to be inconsistent with the duties of its directors or
trustees under applicable Law; <U>provided</U>, <U>however</U>, that in each of the foregoing clauses&nbsp;(i) and (ii), such Acquisition Proposal was not
solicited in violation of this <U>Section&nbsp;6.5</U>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Company and Parent shall notify the other party promptly (but in no event later than one (1)&nbsp;Business Day) after receipt of any Acquisition Proposal or any
request for nonpublic information relating to such party or any of its Subsidiaries by any Third Party, or any Inquiry from any Person seeking to have discussions or negotiations with such party
relating to a possible Acquisition Proposal. Such notice shall be made orally and confirmed in writing, and shall indicate the identity of the Third Party making the Acquisition Proposal or Inquiry
and the material terms and conditions of any Inquiries, proposals or offers (including a copy thereof if in writing and any related documentation or correspondence). The Company and Parent shall also
promptly, and in any event within one (1)&nbsp;Business Day, notify the other, orally and in writing, if it enters into discussions or negotiations concerning any Acquisition Proposal or provides
nonpublic information or data to any person in accordance with <U>Section&nbsp;6.5(b)</U> and keep the other party informed of the status and terms of any such proposals,
offers, discussions or negotiations on a current basis, including by providing a copy of all material documentation or correspondence relating thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Except
as permitted by this <U>Section&nbsp;6.5(d)</U>, neither the Company Board nor Parent Board nor any committee thereof, shall
(i)&nbsp;withhold, withdraw, qualify or modify (or publicly propose to withhold, withdraw, qualify or modify), in a manner adverse to the Company, on the one hand, or Parent on the other hand, the
Company Recommendation or the Parent Recommendation, as the case may be,
(ii)&nbsp;approve, adopt or recommend (or publicly propose to approve, adopt or recommend) any Acquisition Proposal, (iii)&nbsp;fail to include the Company Recommendation or the Parent
Recommendation, as the case may be, in the Joint Proxy Statement or any Schedule&nbsp;14D-9, as applicable, (iv)&nbsp;fail to publicly recommend against any Acquisition Proposal within
ten&nbsp;(10)&nbsp;Business Days of the request of the other party, and reaffirm the Company Recommendation or the Parent Recommendation, as applicable, within ten (10)&nbsp;Business Days of the
request of the other party (any of the actions described in clauses&nbsp;(i), (ii), (iii)&nbsp;and (iv)&nbsp;of this <U>Section&nbsp;6.5(d)</U>, an "<U>Adverse
Recommendation Change</U>"), or (v)&nbsp;approve, adopt, declare advisable or recommend (or agree to, resolve or propose to approve, adopt, declare advisable or recommend), or cause or
permit the Company or Parent, as applicable, to enter into any Alternative Acquisition Agreement (other than an Acceptable Confidentiality Agreement entered into in accordance with this
<U>Section&nbsp;6.5</U>). </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-93</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=334,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=305925,FOLIO='A-93',FILE='DISK127:[17ZBR1.17ZBR49201]LW49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lw49201_1_94"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Notwithstanding
anything to the contrary set forth in this Agreement, at any time prior to obtaining the Company Stockholder Approval, the Company Board shall be permitted to, and at any time prior to
obtaining the Parent Shareholder Approval, the Parent Board shall be permitted to, (x)&nbsp;terminate this Agreement to enter into a definitive agreement, including an Alternative Acquisition
Agreement, with respect to a Superior Proposal, subject to compliance with <U>Section&nbsp;6.5(e)</U> and <U>Section&nbsp;8.3</U>, if such board
(A)&nbsp;has received an Acquisition Proposal that, in the good faith determination of such board, after consultation with its financial and legal advisors, constitutes, a Superior Proposal, after
having complied with, and giving effect to all of the adjustments which may be offered by the other party pursuant to, <U>Section&nbsp;6.5(e)</U>, and (B)&nbsp;determines in
good faith, after consultation with its financial and legal advisors, that failure to take such action would be inconsistent with the directors' duties under applicable Law, or (y)&nbsp;effect an
Adverse Recommendation Change if, after the date of this Agreement the Company or Parent, as applicable, receives an unsolicited </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2> written
Acquisition Proposal by a Third Party that did not result from a breach of this <U>Section&nbsp;6.5</U> and that such board determines in good faith, after consultation with
its financial and legal advisors, that such Acquisition Proposal constitutes, or could reasonably be expected to lead to, a Superior Proposal, and such board determines in good faith, after
consultation with its financial and legal advisors, that failure to take such action would be inconsistent with the directors' duties under applicable Law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Except
in connection with an Acquisition Proposal, neither the Company Board nor the Parent Board shall be entitled to terminate this Agreement or effect an Adverse
Recommendation Change as permitted under <U>Section&nbsp;6.5(d)</U> unless (i)&nbsp;the Company or Parent, as the case may be, has provided a written notice (a
"<U>Notice of Superior Proposal</U>") to the other party that it intends to take such action and describing the material terms and conditions of, attaching a complete copy of,
the Superior Proposal that is the basis of such action, and identifying the Third Party making such Superior Proposal (ii)&nbsp;during the five (5)&nbsp;Business Day period following the Company's
or Parent's receipt of the Notice of Superior Proposal, as the case may be, the other party shall, and shall cause its Representatives to, negotiate with the receiving party in good faith (to the
extent the receiving party desires to negotiate) to make such adjustments in the terms and conditions of this Agreement so that such Superior Proposal ceases to constitute a Superior Proposal, and
(iii)&nbsp;following the end of the five (5)&nbsp;Business Day
period, the Company Board or the Parent Board, as the case may be, shall have determined in good faith, after consultation with its financial and legal advisors, taking into account any changes to
this Agreement proposed in writing by receiving party in response to the Notice of Superior Proposal or otherwise, that the Superior Proposal giving rise to the Notice of Superior Proposal continues
to constitute a Superior Proposal. Any material amendment to the financial terms or any other material amendment of such Superior Proposal shall require a new Notice of Superior Proposal, and the
notifying party shall be required to comply again with the requirements of this <U>Section&nbsp;6.5(e)</U>; <U>provided</U>,
<U>however</U>, that references to the five (5)&nbsp;Business Day period above shall then be deemed to be references to a three&nbsp;(3)&nbsp;Business Day period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in this <U>Section&nbsp;6.5</U> or elsewhere in this Agreement shall prohibit either party or its Subsidiaries from taking and
disclosing to its </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-94</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=335,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=470099,FOLIO='A-94',FILE='DISK127:[17ZBR1.17ZBR49201]LW49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lw49201_1_95"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>respective
stockholders or shareholders (as applicable) a position contemplated by Rule&nbsp;14e-2(a) promulgated under the Exchange Act or from making a statement contemplated by
Item&nbsp;1012(a) of Regulation&nbsp;M-A or Rule&nbsp;14d-9 promulgated under the Exchange Act, or from issuing a "stop, look and listen" statement pending disclosure of its position thereunder;
<U>provided</U>, <U>however</U>, that compliance with such rules shall not in any way limit or modify the effect that any action taken pursuant to such
rules has under any other provision of this Agreement, and provided, further, that any such disclosure that addresses the approval, recommendation or declaration of advisability by the Company Board
or the Parent Board, as applicable, with respect to this Agreement or an Acquisition Proposal shall be deemed to be an Adverse Recommendation Change, unless the Company Board or the Parent Board, as
applicable, in connection with such communication publicly states that its recommendation with respect to this Agreement and the transactions contemplated hereby has not changed or refers to the prior
recommendation of such party, without disclosing any Adverse Recommendation Change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;Each
of the Company and Parent shall, and shall cause each of its respective Subsidiaries and its and their officers and directors, managers or equivalent, and shall use
its reasonable best efforts to cause any of their other Representatives, to immediately cease any existing discussions, negotiations or communications with any Person conducted heretofore with respect
to any Acquisition Proposal. The parties shall use all reasonable efforts to cause all Third Parties who have been furnished confidential information regarding either party in connection with the
solicitation of or discussions regarding an Acquisition Proposal within the six (6)&nbsp;months prior to the date of this Agreement to promptly return or destroy such information (to the extent that
the Company is entitled to have such information returned or destroyed). Moreover, neither the Company nor Parent shall release any Third Party from, or waive any provisions of, any confidentiality or
standstill agreement to which it or any of its Subsidiaries is a party with respect to any Acquisition Proposal. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;Notwithstanding
any Adverse Recommendation Change made by either the Company Board or the Parent Board, as applicable, unless such (i)&nbsp;Adverse Recommendation
Change is with respect to a Superior Proposal, (ii)&nbsp;the party making the Adverse Recommendation Change has otherwise complied with this <U>Section&nbsp;6.5</U>
(including the notice obligations of <U>Section&nbsp;6.5(e)</U>) and (iii)&nbsp;this Agreement is terminated pursuant to <U>Section&nbsp;8.1</U>,
(A)&nbsp;the Company shall cause the approval of the REIT Merger to be submitted to a vote of its stockholders at the Company Stockholder Meeting and (B)&nbsp;Parent shall cause the approval of
the Parent Share Issuance to be submitted to a vote of its shareholders at the Parent Shareholder Meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Without
the prior written consent of each of the Company and Parent (which shall not be unreasonably withheld, conditioned or delayed), approval of the REIT Merger (in
the case of the Company) or approval of the Parent Share Issuance (in the case of Parent) is the only matter, other than (i)&nbsp;any say-on-golden parachute vote that may be required pursuant to
Section&nbsp;14A(b)(2) of the Exchange Act and Rule&nbsp;14a-21(c) thereunder and (ii)&nbsp;a proposal to approve the adjournment of the Company Stockholder Meeting or the Parent Shareholder
Meeting, as applicable, if necessary, to </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-95</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=336,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=599127,FOLIO='A-95',FILE='DISK127:[17ZBR1.17ZBR49201]LW49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_lw49201_1_96"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>solicit
additional proxies, in the event that there are not sufficient votes at the time of the Company Stockholder Meeting or the Parent Shareholder Meeting, as applicable, to obtain the approval of
the Company's stockholders or Parent's shareholders, as applicable, which either the Company or Parent, as applicable, shall propose to be acted on by its respective stockholders or shareholders (as
applicable) at the Company Stockholder Meeting or the Parent Shareholder Meeting, as applicable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the termination of this Agreement, neither party shall submit to the vote of its respective stockholders or shareholders (as applicable) any Acquisition
Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, except as otherwise may be expressly qualified in context by reference to the applicable definition: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;"<U>Acquisition
Proposal</U>" shall mean any proposal or offer for (or expression by a Third Party that it is considering or may engage in),
whether in one transaction or a series of related transactions, (i)&nbsp;any merger, consolidation, share exchange, business combination or similar transaction involving the Company or any of the
Company Subsidiaries, (ii)&nbsp;any sale, lease, exchange, mortgage, pledge, license, transfer or other disposition, directly or indirectly, by merger, consolidation, sale of equity interests, share
exchange, joint venture, business combination or otherwise, of any assets of the Company or any
Company Subsidiary (including equity interests of any Subsidiary) representing twenty percent (20%) or more of the consolidated assets of the Company and the Company Subsidiaries, taken as a whole as
determined on a book-value basis, (iii)&nbsp;any issue, sale or other disposition of (including by way of merger, consolidation, joint venture, business combination, share exchange or any similar
transaction) securities (or options, rights or warrants to purchase, or securities convertible into, such securities) representing twenty percent (20%) or more of the voting power of the Company,
(iv)&nbsp;any tender offer or exchange offer in which any Person or "group" (as such term is defined in Rule&nbsp;13d-3 promulgated under the Exchange Act) shall seek to acquire beneficial
ownership (as such term is defined in Rule&nbsp;13d-3 promulgated under the Exchange Act), or the right to acquire beneficial ownership, of twenty percent (20%) or more of the outstanding shares of
any class of voting securities of the Company, (v)&nbsp;any recapitalization, restructuring, liquidation, dissolution or other similar type of transaction with respect to the Company in which a
Third Party shall acquire beneficial ownership of twenty percent (20%) or more of the outstanding shares of any class of voting securities of the Company or (vi)&nbsp;any transaction which is
similar in form, substance or purpose to any of the foregoing transactions; <U>provided</U>, <U>however</U>, that the term "<U>Acquisition
Proposal</U>" shall not include (x)&nbsp;the Mergers or the other transactions contemplated by this Agreement or (y)&nbsp;any proposal or offer relating to any existing purchase option,
right of first offer, right of first refusal or buy/sell provision contained in any agreement to which the Company or any Company Subsidiary is a party. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-96</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=337,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=24593,FOLIO='A-96',FILE='DISK127:[17ZBR1.17ZBR49201]LW49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ly49201_1_97"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;"<U>Superior
Proposal</U>" shall mean a </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2> written Acquisition Proposal (except that, for
purposes of this definition, the references in the definition of "<U>Acquisition Proposal</U>" to "twenty percent (20%)" shall be deemed to be "fifty percent (50%)") made by a
Third Party on terms that the Company Board determines in good faith, after consultation with the Company's financial and legal advisors, taking into account all financial, legal, regulatory and any
other aspects of the transaction described in such proposal, including the identity of the Person making such proposal, as well as any changes to the financial terms of this Agreement proposed by
Parent, REIT Merger Sub and Partnership Merger Sub in response to such proposal or otherwise, to be more favorable to the Company and the Company's stockholders (solely in their capacity as such) from
a financial point of view than the transactions contemplated by this Agreement. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, when either the term Acquisition Proposal or Superior Proposal is used with respect to Parent, references to "the Company" shall
be deemed to mean "Parent," references to the "Company Subsidiaries" shall be deemed to mean "Parent Subsidiaries," references to "Company Board" shall be deemed to mean "Parent Board," references to
"Parent" shall mean "the Company" and references to "REIT Merger Sub" and "Partnership Merger Sub" shall be disregarded. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ly49201_section_6.6_appropriate_action;_consents;_filings_."> </A>
<A NAME="toc_ly49201_1"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Appropriate Action; Consents; Filings</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Upon
the terms and subject to the conditions set forth in this Agreement (including <U>Section&nbsp;6.5</U>), each of the Company and Parent
shall (and shall cause the Company Subsidiaries and the Parent Subsidiaries, respectively, to) use its reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be
done, and to assist and cooperate with the other party in doing, all things necessary, proper or advisable under applicable Law or pursuant to any contract or agreement to consummate and make
effective, as promptly as practicable, the Mergers and the other transactions contemplated by this Agreement, including (i)&nbsp;the taking of all actions necessary to cause the conditions to
Closing set forth in <U>Article&nbsp;VII</U> to be satisfied, (ii)&nbsp;the obtaining of all necessary actions or nonactions, waivers, consents and approvals from
Governmental Authorities or other Persons necessary in connection with the consummation of the Mergers and the other transactions contemplated by this Agreement and the making of all necessary
registrations and filings (including filings with Governmental Authorities, if any) and the taking of all reasonable steps as may be necessary to obtain an approval or waiver from, or to avoid an
action or proceeding by, any Governmental Authority or other Persons necessary in connection with the consummation of the Mergers and the other transactions contemplated by this Agreement,
(iii)&nbsp;the defending of any lawsuits or other legal proceedings, whether judicial or administrative, challenging this Agreement or the consummation of the Mergers or the other transactions
contemplated by this Agreement, including seeking to have any stay or temporary restraining order entered by any court or other Governmental Authority vacated or reversed, the avoidance of each and
every impediment under any antitrust, merger control, competition or trade regulation Law that may be asserted by any Governmental Authority with respect to the Mergers so as to enable the Closing to
occur </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-97</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=338,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=413765,FOLIO='A-97',FILE='DISK127:[17ZBR1.17ZBR49201]LY49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ly49201_1_98"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>as
soon as reasonably possible, <U>provided</U>, <U>however</U>, that none of Parent, Parent&nbsp;LP or any Parent Subsidiary nor the Company nor any
Company Subsidiary shall be required to take any action that would be materially adverse to the business or financial condition of the Company and the Company Subsidiaries, taken as a whole, or Parent
and the Parent Subsidiaries, taken as a whole, and (iv)&nbsp;the execution and delivery of any additional instruments necessary to consummate the Mergers and the other transactions contemplated by
this Agreement and to fully carry out the purposes of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of the parties hereto will furnish to the other such necessary information and reasonable assistance as the other may reasonably request in connection with the
preparation of any required governmental filings or submissions and will use reasonable best efforts to cooperate in responding to any inquiry from a Governmental Authority, including immediately
informing the other party of such inquiry, consulting in advance before making any presentations or submissions to a Governmental
Authority, and supplying each other with copies of all material correspondence, filings or communications between either party and any Governmental Authority with respect to this Agreement. To the
extent practicable, and permitted by a Governmental Authority, each party hereto shall permit Representatives of the other party to participate in meetings (whether by telephone or in person) with
such Governmental Authority. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;In
connection with and without limiting the foregoing, and notwithstanding anything in the Confidentiality Agreement to the contrary, each of Parent and the Company
shall give (or shall cause the Parent Subsidiaries or the Company Subsidiaries, respectively, to give) any notices to Third Parties, and Parent shall use, and cause each of its Affiliates to use, its
reasonable best efforts, and the Company shall use its reasonable best efforts to cooperate with Parent in its efforts, to obtain any third-party consents not covered by
<U>Section&nbsp;6.6(a)</U> and <U>Section&nbsp;6.6(b)</U> that are necessary, proper or advisable to consummate the Mergers as may be determined by
Parent or the Company. Notwithstanding the foregoing, obtaining any approval or consent from any Third Party pursuant to this <U>Section&nbsp;6.6(c)</U> shall not be considered
a condition to the obligations of Parent, REIT Merger Sub and Partnership Merger Sub to consummate the Mergers. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ly49201_section_6.7_notification_of_ce__sec02568"> </A>
<A NAME="toc_ly49201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.7</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Notification of Certain Matters; Transaction Litigation</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company shall give prompt notice to Parent, and Parent shall give prompt notice to the Company, of any notice or other communication received by such party from any
Governmental Authority in connection with this Agreement, the Mergers or the other transactions contemplated by this Agreement, or from any Person alleging that the consent of such Person is or may be
required in connection with the Mergers or the other transactions contemplated by this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Company shall give prompt notice to Parent, and Parent shall give prompt notice to the Company, if (i)&nbsp;any representation or warranty made by it contained in
this Agreement becomes untrue or inaccurate such that the applicable closing conditions would reasonably expected to be incapable of being satisfied by the Outside Date or (ii)&nbsp;it fails to
comply with or satisfy in any material respect any covenant, condition or agreement to be complied with or satisfied by it under this Agreement; <U>provided</U>,
<U>however</U>, that no such notification shall affect the representations, warranties, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-98</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=339,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1037386,FOLIO='A-98',FILE='DISK127:[17ZBR1.17ZBR49201]LY49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ly49201_1_99"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>covenants
or agreements of the parties or the conditions to the obligations of the parties under this Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Company shall give prompt notice to Parent, and Parent shall give prompt notice to the Company, of any actions, suits, claims, investigations or proceedings
commenced or, to such party's knowledge, threatened against, relating to or involving such party or any of the Company Subsidiaries or the Parent Subsidiaries, respectively, which relate to this
Agreement, the Mergers or the other transactions contemplated by this Agreement. The Company shall give Parent the opportunity to reasonably participate in the defense and settlement of any
stockholder litigation against the Company and/or its directors relating to this Agreement and the transactions contemplated hereby, and no such settlement shall be agreed to without Parent's prior
written consent (which consent shall not be unreasonably withheld, conditioned or delayed), unless such settlement involves no admission of liability and no restrictions or other obligations binding
on Parent, the Company or any of their respective Subsidiaries other than the payment of money and the amount of such settlement shall be fully covered by insurance proceeds. Parent shall give the
Company the opportunity to reasonably participate in the defense and settlement of any shareholder litigation against Parent and/or its directors relating to this Agreement and the transactions
contemplated hereby, and no such settlement shall be agreed to without the Company's prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), unless such
settlement involves no admission of liability and no restrictions or other obligations binding on Parent, the Company or any of their respective Subsidiaries other than the payment of money and the
amount of such settlement shall be fully covered by insurance proceeds. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ly49201_section_6.8_public_announcements_."> </A>
<A NAME="toc_ly49201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.8</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Public Announcements</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The Company and Parent shall consult with each other before issuing any press release or otherwise making any public statements or filings with respect to this Agreement or any of the
transactions contemplated hereby, and none of the parties shall issue any such press release or make any such public statements or filings prior to obtaining the other parties' consent (which consent
shall not be unreasonably withheld, conditioned or delayed); <U>provided</U>, <U>however</U>, that a party may, without obtaining the other parties'
consent, issue such press release or make such public statements or filings as may be required by Law, Order or the applicable rules of any stock exchange or the applicable provisions of any listing
agreement of any party hereto. If for any reason it is not practicable to consult with the other party before making any public statement with respect to this Agreement or any of the transactions
contemplated hereby, then the party making such statement shall not make a statement that is inconsistent with any press release or public statements or filings, if any, to which the other party had
previously consented. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="ly49201_section_6.9_directors__and_off__sec02481"> </A>
<A NAME="toc_ly49201_4"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.9</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Directors' and Officers' Indemnification and Insurance</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Parent,
REIT Merger Sub and Partnership Merger Sub agree that all rights to exculpation and indemnification for acts or omissions occurring at or prior to the REIT
Merger Effective Time, whether asserted or claimed prior to, at or after the REIT Merger Effective Time (including any matters arising in connection with the transactions contemplated by this
Agreement), now existing in favor of Indemnitees as </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-99</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=340,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=388791,FOLIO='A-99',FILE='DISK127:[17ZBR1.17ZBR49201]LY49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ly49201_1_100"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>provided
in the Company Charter or Company Bylaws or each of the Company Subsidiaries' respective articles or certificates of incorporation or bylaws (or comparable organizational or governing
documents) or in any indemnification agreement of the Company or the Company Subsidiaries or other applicable contract as in effect on the date of this Agreement shall survive the Mergers and shall
continue in full force and effect in accordance with their terms. Parent and the Surviving Entity shall (and Parent shall cause the Surviving Entity to) (i)&nbsp;indemnify, defend and hold harmless,
and advance expenses to, Indemnitees with respect to all acts or omissions by them in their capacities as such at any time prior to the REIT Merger Effective Time, to the fullest extent required by:
(x)&nbsp;the Company Charter or Company Bylaws, or the articles or certificates of incorporation or bylaws (or comparable organizational or governing documents) of any of the Company Subsidiaries,
in each case, as in effect on the date of this Agreement, (y)&nbsp;any indemnification agreement of the Company or the Company Subsidiaries or other applicable contract as in effect on the date of
this Agreement, or (z)&nbsp;applicable Law, and (ii)&nbsp;not amend, repeal or otherwise modify any such provisions referenced in subsections&nbsp;(i)(x) and (i)(y) above in any manner that
would adversely affect the rights thereunder of any Indemnitees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Without
limiting the provisions of <U>Section&nbsp;6.9(a)</U>, during the period commencing as of the REIT Merger Effective Time and ending on
the sixth (6th) anniversary of the REIT Merger Effective Time, Parent and the Surviving Entity shall (and Parent shall cause the Surviving Entity to): (i)&nbsp;indemnify and hold harmless each
Indemnitee against and from any costs or expenses (including attorneys' fees), judgments, fines, losses, claims, damages, liabilities and amounts paid in settlement in connection with any claim,
action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, to the extent such claim, action, suit, proceeding or investigation arises out of or pertains to
(x)&nbsp;any action or omission or alleged action or omission in such Indemnitee's capacity as a director, officer, partner, member, trustee or employee of the Company or any of the Company
Subsidiaries, or (y)&nbsp;this Agreement and any of the transactions contemplated hereby, including the Mergers; and (ii)&nbsp;pay in advance of the final disposition of any such claim, action,
suit, proceeding or investigation the expenses (including attorneys' fees) of any Indemnitee upon receipt of an undertaking by or on behalf of such Indemnitee to repay such amount if it shall
ultimately be determined that such Indemnitee is not entitled to be indemnified. Notwithstanding anything to the contrary contained in this <U>Section&nbsp;6.9(b)</U> or
elsewhere in this Agreement, neither Parent nor the Surviving Entity shall (and Parent shall cause the Surviving Entity not to) settle or compromise or consent to the entry of any judgment or
otherwise seek termination with respect to any claim, action, suit, proceeding or investigation for which indemnification may be sought under this <U>Section&nbsp;6.9(b)</U>
unless such settlement, compromise, consent or termination includes an unconditional release of all Indemnitees from all liability arising out of such claim, action, suit, proceeding or investigation,
and does not include an admission of fault or wrongdoing by any Indemnitee. Notwithstanding anything to the contrary set forth in this Agreement, Parent or the Surviving Entity (i)&nbsp;shall not be
liable for any settlement effected without their prior written consent and (ii)&nbsp;shall not have any obligation hereunder to any Indemnitee to the extent that a court of competent jurisdiction
shall determine in a final and non-appealable order that such indemnification is prohibited by applicable Law, in which case </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-100</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=341,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=290455,FOLIO='A-100',FILE='DISK127:[17ZBR1.17ZBR49201]LY49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ly49201_1_101"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>the
Indemnitee shall promptly refund to Parent or the Surviving Entity the amount of all such expenses theretofore advanced pursuant hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Prior
to the REIT Merger Effective Time, the Company shall or, if the Company is unable to, Parent shall cause the Surviving Entity as of the REIT Merger Effective Time
to, obtain and fully pay the premium for the non-cancellable extension of the directors' and officers' liability coverage of the Company's existing directors' and officers' insurance policies and the
Company's existing fiduciary liability insurance policies (collectively, the "<U>D&amp;O Insurance</U>"), in each case, for a claims reporting or discovery period of at least six
(6)&nbsp;years from and after the REIT Merger Effective Time with respect to any claim related to any period of time at or prior to the REIT Merger Effective Time from an insurance carrier with the
same or better credit rating as the Company's current insurance carrier with respect to D&amp;O Insurance with terms, conditions, retentions and limits of liability that are no less favorable than the
coverage provided under the Company's existing policies and with policy limits no less than the limits on the Company's existing policies as long as the annual premium does not exceed 250% of the
annual premium under the Company's existing policies. If the Company or the Surviving Entity for any reason fails to obtain such "tail" insurance policies as of the REIT Merger Effective Time,
(i)&nbsp;the Surviving Entity shall continue to maintain in effect, for a period of at least six (6)&nbsp;years from and after the REIT Merger Effective Time, the D&amp;O Insurance in place as of the
date hereof with the Company's current insurance carrier or with an insurance carrier with the same or better credit rating as the Company's current insurance carrier with respect to D&amp;O Insurance
with terms, conditions, retentions and limits of liability that are no less favorable than the coverage provided under the Company's existing policies as of the date hereof, or (ii)&nbsp;Parent
shall provide, or shall cause the Surviving Entity to provide, for a period of not less than six (6)&nbsp;years after the REIT Merger Effective Time, the Indemnitees who are insured under the
Company's D&amp;O Insurance with comparable D&amp;O Insurance that provides coverage for events occurring at or prior to the REIT Merger Effective Time from an insurance carrier with the same or better credit
rating as the Company's current insurance carrier, that is no less favorable than the existing policy of the Company (which may be provided under Parent's D&amp;O Insurance policy) or, if substantially
equivalent insurance coverage is unavailable, the best available coverage; <U>provided</U>, <U>however</U>, that Parent and the Surviving Entity shall not
be required to pay an annual premium for the D&amp;O Insurance in excess of 250% of the annual premium currently paid by the Company for such insurance; and <U>provided</U>,
<U>further</U>, that if the annual premiums of such insurance coverage exceed such amount, Parent or the Surviving Entity shall be obligated to obtain a policy with the greatest
coverage available, with respect to matters occurring prior to the REIT Merger Effective Time, for a cost not exceeding such amount. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Indemnitees to whom this <U>Section&nbsp;6.9</U> applies shall be Third Party beneficiaries of this
<U>Section&nbsp;6.9</U>. The provisions of this <U>Section&nbsp;6.9</U> are intended to be for the benefit of each Indemnitee and his or her successors,
heirs, executors, trustees, fiduciaries, administrators or representatives. Parent shall pay all reasonable expenses, including attorney's fees, that may be incurred by any Indemnitee in successfully
enforcing the indemnity and other obligations provided in this <U>Section&nbsp;6.9</U>. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-101</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=342,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=712404,FOLIO='A-101',FILE='DISK127:[17ZBR1.17ZBR49201]LY49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ly49201_1_102"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
rights of each Indemnitee under this <U>Section&nbsp;6.9</U> shall be in addition to any rights such person or any employee of the Company or
any Company Subsidiary may have under the Company Charter, the Company Bylaws or the certificate of incorporation or bylaws (or equivalent organizational or governing documents) of any of the Company
Subsidiaries, or the Surviving Entity or any of its Subsidiaries, or under any applicable Law or under any agreement of any Indemnitee or any employee with the Company or any of the Company
Subsidiaries listed in <U>Section&nbsp;4.12(a)(iv)</U> of the Company Disclosure Letter (each, an "<U>Existing Indemnification Right</U>"). To the extent
of any conflict between an Existing Indemnification Right and the rights granted to Indemnitees pursuant to this <U>Section&nbsp;6.9</U>, the provision or provisions more
favorable to the Indemnitee shall control. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Any
Indemnitee wishing to claim indemnification under this <U>Section&nbsp;6.9</U>, upon learning of any such indemnifiable claim, shall promptly
notify the Surviving Entity thereof, but the failure to so notify shall not relieve Parent or the Surviving Entity of any liability it may have to such Indemnitee, except to the extent such failure
materially prejudices the Surviving Entity. In the event of any such threatened or actual indemnifiable claim (whether asserted or arising at or before or after the REIT Merger Effective Time),
(A)&nbsp;Parent or the Surviving Entity shall have the right to assume the defense thereof, with counsel reasonably acceptable to the Indemnitee (which acceptance shall not be unreasonably withheld,
delayed or conditioned), and Parent and the Surviving Entity shall not be liable to such Indemnitee for any legal expenses of other counsel or any other expenses subsequently incurred by such
Indemnitee in connection with the defense thereof, except that if Parent or the Surviving Entity elects not to assume such defense, or counsel for the Indemnitee advises that there are issues that
raise conflicts of interest between Parent or the Surviving Entity and the Indemnitee, the Indemnitee may retain counsel satisfactory to him or her, and Parent or the Surviving Entity shall pay all
documented fees and expenses of such counsel for the Indemnitee within twenty (20)&nbsp;Business Days after statements therefor are received; <U>provided</U>,
<U>however</U>, that Parent and the Surviving Entity shall be obligated pursuant to this paragraph&nbsp;(f) to pay for only one firm of counsel for all Indemnitees in
connection with an indemnifiable claim (selected by a majority of the applicable Indemnitees) in any jurisdiction except to the extent that any two or more Indemnitees have a conflict of interest in
such claim, and (B)&nbsp;the Company and, after the REIT Merger Effective Time, the Surviving Entity shall (and Parent shall cause the Surviving Entity to) promptly pay expenses in advance of the
final disposition of any such threatened or actual claim to each Indemnitee to the fullest extent permitted by applicable Law, subject to the receipt of an undertaking by such Indemnitee to repay such
expenses if it is ultimately determined that such Indemnitee is not entitled to be indemnified; <U>provided</U>, <U>however</U>, that neither the Company
nor the Surviving Entity shall be liable for any settlement effected without its prior written consent (which prior written consent shall not be unreasonably withheld, conditioned or delayed);
<U>provided</U>, <U>further</U>, that the Company and the Surviving Entity shall have no obligation hereunder to any Indemnitee when and if a court of
competent jurisdiction shall ultimately determine, and such determination shall have become final and non-appealable, that indemnification by them of such Indemnitee in the manner contemplated hereby
is prohibited by applicable Law. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-102</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=343,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=857220,FOLIO='A-102',FILE='DISK127:[17ZBR1.17ZBR49201]LY49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ly49201_1_103"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;Notwithstanding
anything contained in <U>Section&nbsp;9.1</U> or <U>Section&nbsp;9.7</U> to the contrary, this
<U>Section&nbsp;6.9</U> shall survive the consummation of the Mergers indefinitely and shall be binding, jointly and severally, on all successors and assigns of Parent, the
Surviving Entity and its Subsidiaries, and shall be enforceable by the Indemnitees and their successors, heirs or representatives. In the event that Parent or the Surviving Entity or any of its
successors or assigns consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger, or transfers or conveys all
or a majority of its properties and assets to any Person, then, and in each such case, proper provision shall be made so that the successors and assigns of Parent or the Surviving Entity, as
applicable, shall succeed to the obligations set forth in this <U>Section&nbsp;6.9</U>. The parties acknowledge and agree that Parent guarantees the payment and performance of
the Surviving Entity's obligations pursuant to this <U>Section&nbsp;6.9</U>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ly49201_section_6.10_employee_benefit_matters_."> </A>
<A NAME="toc_ly49201_5"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.10</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Employee Benefit Matters</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Parent
shall provide, or shall cause the Surviving Entity to provide, to employees of the Company and any of the Company Subsidiaries immediately prior to the REIT
Merger Effective Time ("<U>Company Employees</U>") whose employment with the Surviving Entity, Company Subsidiaries and its Affiliates is terminated in a severance-qualifying
manner during the one (1)-year period following the REIT Merger Effective Time, (i)&nbsp;cash severance benefits that are not less favorable than the cash severance benefits, if any, and
(ii)&nbsp;other severance benefits substantially comparable in the aggregate to the other severance benefits, if any, in each case, that would have been provided to such Company Employee pursuant to
the terms of the Company Benefit Plans maintained by the Company and the Company Subsidiaries as of the date hereof (or, for the avoidance of doubt, the terms as they shall be amended pursuant to
<U>Section&nbsp;6.10(c)</U>) upon such a severance-qualifying termination of employment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;For
purposes of eligibility to participate, vesting and with respect to vacation, other paid time off and severance only, determination of level of benefits under the
compensation and benefit plans, programs, agreements and arrangements of Parent, the Company, the Parent Subsidiaries, the Company Subsidiaries, the Surviving Entity and any of its Subsidiaries or any
respective Affiliate thereof providing benefits to any Company Employees after the Closing, and in which such Company Employees did not participate prior to the REIT Merger Effective Time (the
"<U>New Plans</U>") (but excluding any New Plan that is established after the Closing that does not recognize service prior to its adoption), each Company Employee shall be
credited with his or her years of service with the Company, the Company Subsidiaries and their respective Affiliates (and any additional service with any predecessor employer) before the Closing, to
the same extent as such Company Employee was entitled, before the Closing, to credit for such service under any similar Company Benefit Plan, except where such credit would result in a duplication of
benefits or retroactive application. In addition, and without limiting the generality of the foregoing: (i)&nbsp;each Company Employee shall be immediately eligible to participate, without any
waiting time, in any and all New Plans to the extent coverage under such New
Plan replaces coverage under a comparable Company Benefit Plan in which such Company Employee participated immediately </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-103</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=344,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=556132,FOLIO='A-103',FILE='DISK127:[17ZBR1.17ZBR49201]LY49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ly49201_1_104"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>before
such replacement; and (ii)&nbsp;for purposes of each New Plan providing medical, dental, pharmaceutical and/or vision benefits to any Company Employee, Parent shall cause all pre-existing
condition exclusions and actively-at-work requirements of such New Plan to be waived for such employee and his or her covered dependents except to the extent such pre-existing conditions and
actively-at-work requirements would apply under the analogous Company Benefit Plan, and Parent shall use commercially reasonable efforts to cause any eligible expenses incurred by such Company
Employee and his or her covered dependents under a Company Benefit Plan during the portion of the plan year prior to the REIT Merger Effective Time to be taken into account under such New Plan for
purposes of satisfying all deductible, co-insurance, co-payment and maximum out-of-pocket requirements applicable to such employee and his or her covered dependents for the applicable plan year as if
such amounts had been paid in accordance with such New Plan. For the avoidance of doubt and without limiting the generality of the foregoing, Parent may elect to continue the Company Benefit Plans or
to permit Company Employees to commence participation in New Plans, in Parent's discretion and at such times as are determined by Parent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Prior
to the Closing Date, the Company shall use its commercially reasonable efforts to enter into an amendment to the applicable Company Employee's Change in Control
and Severance Agreement in substantially the form attached hereto as <U>Exhibit&nbsp;C</U> with each Company Employee who is party to a Change in Control and Severance
Agreement with the Company and the Company&nbsp;LP as set forth in <U>Section&nbsp;6.10(c)</U> of the Company Disclosure Letter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Nothing
contained herein shall be construed as requiring, and the Company shall take no action that would have the effect of requiring, Parent or the Surviving Entity to
continue any specific employee benefit plans or to continue the employment of any specific person. The provisions of this <U>Section&nbsp;6.10</U> are solely for the benefit of
the parties to this Agreement, and no current or former director, officer, employee or other individual service provider or any other Person shall be a third-party beneficiary of this
<U>Section&nbsp;6.10</U>, and nothing herein shall amend, or be construed as an amendment to, any Company Benefit Plan, any Parent Benefit Plan, any New Plan or any other
compensation or benefit plan or arrangement for any purpose. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ly49201_section_6.11_certain_tax_matters_."> </A>
<A NAME="toc_ly49201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.11</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Certain Tax Matters</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
parties shall cooperate in the preparation, execution and filing of all returns, questionnaires, applications or other documents regarding any real property transfer
or gains, sales, use, transfer, value added, stock transfer or stamp taxes, any transfer, recording, registration and other fees and any similar taxes that become payable in connection with the
transactions contemplated herein (together with any related interests, penalties or additions to Tax, "<U>Transfer Taxes</U>"), and shall cooperate in attempting to minimize the
amount of Transfer Taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Parent
and Parent&nbsp;LP shall deliver to the Company and Polsinelli PC (or other counsel to the Company) a tax representation letter, signed by each of the officers
of Parent and of Parent&nbsp;LP principally responsible for legal, tax, and financial matters, in each case, in their capacities as officers of Parent and not in their individual </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-104</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=345,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=976886,FOLIO='A-104',FILE='DISK127:[17ZBR1.17ZBR49201]LY49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ly49201_1_105"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>capacities,
dated as of (i)&nbsp;the effective date of the Form&nbsp;S-4 (if requested by Parent in connection with the delivery of a tax opinion as an exhibit to the Form&nbsp;S-4), and
(ii)&nbsp;the Closing Date (such tax representation letter, the "<U>Parent Tax Letter</U>"). The Parent Tax Letter shall be in a form and substance reasonably acceptable to the
Company. The Parent Tax Letter shall include language explicitly permitting Hogan Lovells US&nbsp;LLP (or other counsel to the Company) to rely on the representations set forth therein for purposes
of delivering an opinion as to the REIT status of Parent (including the opinion described in <U>Section&nbsp;7.2(e)</U> hereof). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Company and Company&nbsp;LP shall deliver to Parent and Hogan Lovells US&nbsp;LLP (or other counsel to Parent) a tax representation letter, signed by each of the
officers of the Company and of Company&nbsp;LP principally responsible for legal, tax, and financial matters, in each case, in their capacities as officers of the Company and not in their individual
capacities, dated as of (i)&nbsp;the effective date of the Form&nbsp;S-4 (if requested by Parent in connection with the delivery of a tax opinion as an exhibit to the Form&nbsp;S-4), and
(ii)&nbsp;the Closing Date (such tax representation letter, the "<U>Company Tax Letter</U>"). The Company Tax Letter shall be in a form and substance reasonably acceptable to
Parent. The Company Tax Letter shall include language explicitly permitting Hogan Lovells US&nbsp;LLP (or other counsel to Parent) to rely on the representations set forth therein for purposes of
delivering an opinion as to the REIT status of Parent (including the opinion described in <U>Section&nbsp;7.3(e)</U> hereof). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;All
Tax Returns shall be prepared in a manner consistent with <U>Section&nbsp;2.5</U> of this Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ly49201_section_6.12_control_of_operations_."> </A>
<A NAME="toc_ly49201_7"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.12</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Control of Operations</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained in this Agreement shall be deemed to give Parent, directly or indirectly, the right to control or direct the operations of the Company prior to the REIT Merger
Effective Time. Prior to the REIT Merger Effective Time, the Company shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its and the
Company Subsidiaries' operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ly49201_section_6.13_dividends_."> </A>
<A NAME="toc_ly49201_8"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.13</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Dividends</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;In
the event that the Closing Date is to occur prior to the end of the then current dividend period of the Company or Parent, as the case may be, then each of the
Company and Parent shall declare a dividend to the respective holders of Company Common Stock and Parent Common Shares, the record date, and payment date (to the extent practicable), for which shall
be the close of business on the last Business Day prior to the Closing Date (the "<U>Closing Dividend Date</U>"), in each case, subject to funds being legally available therefor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
per share dividend amount payable by the Company with respect to the shares of Company Common Stock shall be an amount equal to the Company Common Quarterly
Dividend, multiplied by a fraction, the numerator of which is the number of days lapsed from the first day of the then current dividend period through and including the Closing Dividend Date, and the
denominator of which is the actual number of days in the calendar quarter in which such dividend is declared </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-105</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=346,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=408352,FOLIO='A-105',FILE='DISK127:[17ZBR1.17ZBR49201]LY49201A.;9',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ma49201_1_106"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
per share dividend amount payable by Parent with respect to the Parent Common Shares shall be an amount equal to the Parent Common Quarterly Dividend, multiplied by
a fraction, the numerator of which is the number of days lapsed from the first day of the then current dividend period through and including the Closing Dividend Date, and the denominator of which is
the actual number of days in the calendar quarter in which such dividend is declared. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Company&nbsp;LP or Parent&nbsp;LP, as the case may be, may make a distribution with respect to its partnership units in order to distribute funds sufficient for
the foregoing dividend. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, any dividend with respect to the shares of Company Series&nbsp;A Preferred Stock shall be made in accordance with the terms of such
Company Series&nbsp;A Preferred Stock as set forth in the Company Charter; <U>provided</U>, <U>however</U>, if the Closing Date shall occur following a
Dividend Period but prior to a Dividend Payment Date (in each case as defined in the Company Charter with regard to the Company Series&nbsp;A Preferred Stock) then the Company shall declare a
dividend to the respective holders of Company Series&nbsp;A Preferred Stock as of end of the prior Dividend Period and the payment date (to the extent practicable) shall be the close of business on
the last Business Day prior to the Closing Date (the "<U>Series&nbsp;A Closing Dividend Date</U>"), subject to funds being legally available therefor. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_6.14_financing_cooperation_."> </A>
<A NAME="toc_ma49201_1"> </A>
<BR></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.14</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Financing Cooperation</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company shall provide to Parent, and shall cause the respective officers and employees of the Company, and use its commercially reasonable efforts to cause the
Representatives of the Company to provide to Parent, at Parent's sole expense, all cooperation reasonably requested by Parent that is necessary or reasonably required in connection with any Third
Party debt financing transaction or underwritten public offering of Parent Common Shares for cash that Parent may pursue prior to the Closing Date, including the following: (i)&nbsp;furnishing
Parent as promptly as reasonably practicable upon request by Parent with all financial statements, financial data and other information regarding the Company and its Subsidiaries of the type that
would be required by Regulation&nbsp;S-X and Regulation&nbsp;S-K promulgated under the Securities Act for a public offering of securities of Parent (including for use in Parent's preparation of
pro forma financial statements); and (ii)&nbsp;requesting the Company's independent accountants to prepare and deliver "comfort letters," dated the date of each final offering document used in
connection with any securities offering by Parent (with appropriate bring-down comfort letters delivered on the closing date of any such offering), in compliance with professional standards (including
providing "negative assurance" comfort and Statement on Auditing Standards No.&nbsp;100 review of interim financial statements) and otherwise on terms reasonably acceptable to Parent, as the case
may be; <U>provided</U>, <U>however</U>, that none of the Company or any of its Subsidiaries shall be required to pay any fee or incur any liability in
connection with any such financing, and no personal liability shall be imposed on any officers, directors or other Representatives of the Company. Parent shall promptly, upon request by the Company,
reimburse the Company for all reasonable and documented out-of-pocket costs and expenses paid to Third Parties (including advisor's </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-106</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=347,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=533929,FOLIO='A-106',FILE='DISK127:[17ZBR1.17ZBR49201]MA49201A.;10',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ma49201_1_107"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>fees
and expenses) incurred by the Company or Company&nbsp;LP in connection with the cooperation provided or other action taken by Company or Company&nbsp;LP pursuant to this
<U>Section&nbsp;6.14</U> and indemnify and hold harmless the Company, its Subsidiaries and their respective officers, directors and other Representatives from and against any
and all liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties (collectively, "<U>Losses</U>") suffered or incurred by them in
connection with any such financing transaction or public offering, any information utilized in connection therewith or any action taken by the Company or any of its Subsidiaries pursuant to this
<U>Section&nbsp;6.14</U>; <U>provided</U>, <U>however</U>, that the foregoing indemnity shall not apply with respect to any Losses
resulting from a willful or intentional breach of any representation, warranty, covenant or agreement of the Company or any Company Subsidiaries under this Agreement. All nonpublic or otherwise
confidential information regarding the Company and Company Subsidiaries obtained by Parent, its Affiliates or their Representatives pursuant to this <U>Section&nbsp;6.14</U>
shall be kept confidential in accordance with the terms of the Confidentiality Agreement. Notwithstanding the foregoing, the effectiveness of any documentation executed by the Company or any of the
Company Subsidiaries pursuant to this Section shall be subject to the occurrence of the REIT Merger Effective Time, and none of the
Company, the Company Subsidiaries and any Persons who are directors of the Company or any Company Subsidiary shall be required to pass resolutions or consents to approve or authorize the execution of,
or execute or deliver, any certificate, document, instrument or agreement or agree to any change or modification of any existing certificate, document, instrument or agreement, in each case, with an
effective date prior to the REIT Merger Effective Time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Company&nbsp;LP
shall, if requested by Parent, as soon as reasonably practicable after the date of this Agreement, use its reasonable best efforts to commence a
consent solicitation with respect to any or all of Company&nbsp;LP's outstanding senior notes (the "<U>Notes</U>"), on such terms and conditions as may be specified by Parent
(i)&nbsp;to amend or waive certain provisions of the indenture governing each series of Notes with the consent of the holders of a majority in principal amount of the outstanding securities of such
series, to provide that no offer to repurchase the Notes will be required as a result of any "Change of Control" (as defined in the applicable indenture) occurring in connection with the transactions
contemplated by this Agreement (the "<U>Notes COC Consents</U>") and (ii)&nbsp;to amend certain terms of the indenture governing each series of Notes (the
"<U>Indenture Amendments</U>") as determined by Parent and in compliance with applicable law (including SEC rules and regulations) and the provisions of the indentures governing
the applicable series of Notes and as set forth in the consent solicitation documents sent to holders of such series of Notes to become effective substantially simultaneously with the Closing and no
earlier than the REIT Merger Effective Time, which amendments may include the elimination of all or substantially all of the restrictive covenants and certain other provisions contained in the
indenture governing such series of Notes that can be eliminated upon the favorable vote of the holders of a majority of the principal amount thereof (the "<U>Other Consents</U>"
and, together with the Notes COC Consents, the "<U>Consent Solicitations</U>"). Any documentation relating to any Consent Solicitation (including all amendments or supplements
thereto) (the "<U>Solicitation Documents</U>") and all material requested to be published or mailed to the holders of the Notes in connection with any Consent Solicitation shall
be subject to the prior review of (which review shall be made </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-107</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=348,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1030320,FOLIO='A-107',FILE='DISK127:[17ZBR1.17ZBR49201]MA49201A.;10',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ma49201_1_108"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>as
promptly as reasonably practicable), and comment by the Company and shall be reasonably acceptable to the Company; provided that, in any event, the parties hereby agree that promptly upon
expiration of any Consent Solicitation, assuming the requisite consents have been received with respect to such series of Notes, Company&nbsp;LP shall execute a supplemental indenture to the
indentures governing each series of Notes and shall use reasonable best efforts to cause the trustee under each such indenture and lenders to enter into such supplemental indenture prior to or
substantially simultaneously with the execution thereof by Company&nbsp;LP. Any Indenture Amendments contemplated by any Consent Solicitation (other than any Notes COC Consent) shall revert to the
form in effect prior to the effectiveness of any Indenture Amendments and be of no further effect if the Closing does not occur. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;If
at any time prior to the completion of any Consent Solicitation any information should be discovered by the Company, Company&nbsp;LP, Parent or Parent&nbsp;LP
that the Company, Company&nbsp;LP, Parent or Parent&nbsp;LP reasonably believes should be set forth in an amendment or supplement to the Solicitation Documents, so that the Solicitation Documents
shall not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading, the party that discovers such information shall promptly notify the other parties, and an appropriate amendment or supplement prepared by
Parent and reasonably acceptable to the Company describing such information shall be disseminated by or on behalf of Company&nbsp;LP to the holders of the applicable Notes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Parent
shall select and pay the fees and out-of-pocket expenses of any dealer manager, information agent, depositary, trustee or other agent retained in connection with
any Consent Solicitation (in each case reasonably acceptable to the Company), and pay all consent fees (or provide Company&nbsp;LP with the funds required therefor in advance of the required payment
thereof) payable in connection with any Consent Solicitation. At Parent's expense, the Company shall use its reasonable best efforts, and shall cause Company&nbsp;LP and the other Company
Subsidiaries to use their reasonable best efforts to, provide all cooperation reasonably requested by Parent that is necessary or reasonably required in connection with the Consent Solicitations,
including, without limitation, (i)&nbsp;executing supplemental indentures to the indentures governing each series of Notes, (ii)&nbsp;using reasonable best efforts to cause the trustee under each
such indenture to enter such supplemental indenture prior or substantially simultaneously with execution thereof by Company&nbsp;LP and (iii)&nbsp;providing the information necessary to distribute
the applicable Solicitation Documents to the holders of the applicable series of Notes. If requested by Parent in writing in connection with any COC Consent with respect to the Notes, the Company,
Company&nbsp;LP and the Company Subsidiaries shall use their reasonable best efforts, or shall use their reasonable best efforts to cause their counsel to, deliver legal opinions in customary form
and scope relating to the Company, Company&nbsp;LP, the Company Subsidiaries and/or the indentures governing the Notes required in connection with any Other Consent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in this <U>Section&nbsp;6.14</U>, neither the Company nor Company&nbsp;LP shall be required
to take any action </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-108</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=349,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=13106,FOLIO='A-108',FILE='DISK127:[17ZBR1.17ZBR49201]MA49201A.;10',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ma49201_1_109"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>in
connection with any Consent Solicitation that either believes, after consultation with counsel, could reasonably be expected to cause the Company or Company&nbsp;LP to violate (i)&nbsp;federal
or state securities laws or (ii)&nbsp;the provisions of the indentures governing the applicable series of Notes. It is expressly agreed by the parties hereto that the failure to obtain the consent
of the holders of the Notes in connection with any Consent Solicitation shall not be deemed to be a breach by the Company or Company&nbsp;LP under this Agreement or a failure of any condition
hereto. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_6.15_section_16_matters_."> </A>
<A NAME="toc_ma49201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.15</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Section&nbsp;16 Matters</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Assuming that the Company delivers to Parent, in a timely fashion prior to the REIT Merger Effective Time, all requisite information necessary for Parent and Parent&nbsp;LP to take the
actions contemplated by this <U>Section&nbsp;6.15</U>, the Company, Parent, REIT Merger Sub and Partnership Merger Sub each shall take all such steps as may be necessary or
appropriate to ensure that (a)&nbsp;any dispositions of Company Common Stock (including derivative securities related to such stock) resulting from the Mergers and the other transactions
contemplated by this Agreement by each individual who is subject to the reporting requirements of Section&nbsp;16(a) of the Exchange Act with respect to the Company immediately prior to the REIT
Merger Effective Time are exempt under Rule&nbsp;16b-3 promulgated under the Exchange Act, and (b)&nbsp;any acquisitions of Parent Common Shares (including derivative securities related to such
stock) resulting from the Mergers and the other transactions contemplated by this Agreement by each individual who may become subject to the reporting requirements of Section&nbsp;16(a) of the
Exchange Act with respect to Parent are exempt under Rule&nbsp;16b-3 promulgated under the Exchange Act. Upon request, the Company shall promptly furnish Parent with all requisite information for
Parent and Parent&nbsp;LP to take the actions contemplated by this <U>Section&nbsp;6.15</U>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_6.16_voting_of_securities_."> </A>
<A NAME="toc_ma49201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.16</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Voting of Securities</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Parent
shall vote all shares of Company Common Stock beneficially owned by it or any of the Parent Subsidiaries as of the record date for the Company Stockholder Meeting
in favor of the REIT Merger. The Company shall vote all Parent Common Shares beneficially owned by it or any of the Company Subsidiaries as of the record date for the Parent Shareholder Meeting in
favor of the Parent Share Issuance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;At
or immediately following the execution of this Agreement, Parent&nbsp;LP, as the sole member of REIT Merger Sub, shall execute and deliver a written consent
adopting this Agreement in accordance with the MD&nbsp;LLC Act. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_6.17_parent_series_a_preferred_shares_."> </A>
<A NAME="toc_ma49201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.17</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Parent Series&nbsp;A Preferred Shares</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Prior to the REIT Merger Effective Time, Parent shall designate a number of Parent Preferred Shares as Parent Series&nbsp;A Preferred Shares sufficient to enable Parent&nbsp;LP to
satisfy the REIT Preferred Merger Consideration, and shall adopt and file Articles Supplementary substantially in the form of <U>Exhibit&nbsp;D</U> attached hereto, setting
forth the terms of the Parent Series&nbsp;A Preferred Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_6.18_parent_lp_preferred_units_."> </A>
<A NAME="toc_ma49201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.18</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Parent&nbsp;LP Preferred Units</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Partnership Merger Effective Time, Parent&nbsp;LP shall adopt an amendment to the Parent Partnership Agreement substantially in the form of
<U>Exhibit&nbsp;E</U> attached hereto, authorizing and setting forth the terms of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-109</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=350,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=300029,FOLIO='A-109',FILE='DISK127:[17ZBR1.17ZBR49201]MA49201A.;10',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ma49201_1_110"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
Parent&nbsp;LP Preferred Units to be issued to Parent in exchange for its transfer of the Parent Series&nbsp;A Preferred Shares to Parent&nbsp;LP in advance of the Partnership Merger, as
described in <U>Section&nbsp;2.5</U> hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_6.19_governance_."> </A>
<A NAME="toc_ma49201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.19</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Governance</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Parent and the Parent Board, as applicable, shall take all actions necessary so that, as of the REIT Merger Effective Time, (a)&nbsp;the number of trustees that will comprise the full
board of trustees of Parent shall be increased by one (1)&nbsp;and (b)&nbsp;one (1)&nbsp;individual, who is as of the date hereof a member of the Company Board, designated by the Company and
approved by Parent shall be appointed to fill the vacancy created by such increase in size of the board of trustees of Parent ("<U>Company Designee</U>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_6.20_reit_ownership_waiver_."> </A>
<A NAME="toc_ma49201_7"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.20</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>REIT Ownership Waiver</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Closing, the Parent Board, in accordance with Section&nbsp;7.2.7 of the Parent Declaration of Trust and subject to the conditions set forth in this Section&nbsp;6.20,
shall reasonably cooperate to exempt from the ownership limitations set forth therein, any Person to the extent the receipt of the REIT Common Merger Consideration or REIT Preferred Merger
Consideration by such Person would result in such Person owning (constructively or beneficially) in excess of the amount permitted to be owned pursuant to such ownership limitations; provided that any
such Person delivers to the Parent Board such representations, warranties and covenants to ensure that the limited exemption provided to such Person satisfies the requirements of the Parent
Declaration of Trust, including the requirement that the exemption not result in the Parent failing to qualify as a REIT, as determined by the Parent Board in its sole discretion. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_article_vii"> </A>
<A NAME="toc_ma49201_8"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE VII    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_conditions"> </A>
<A NAME="toc_ma49201_9"> </A></FONT> <FONT SIZE=2><B>  CONDITIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_7.1_conditions__ma402123"> </A>
<A NAME="toc_ma49201_10"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Conditions to the Obligations of Each  Party</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The respective obligations of each party to effect the Mergers and to consummate the other transactions contemplated by this Agreement shall be subject to the satisfaction or (to the
extent permitted by Law) waiver by each of the parties, at or prior to the Partnership Merger Effective Time, of the following conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Shareholder Approvals</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Company Stockholder Approval and the Parent
Shareholder Approval shall have been obtained. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Restraints</U>.&nbsp;&nbsp;&nbsp;&nbsp;No Governmental Authority in the United States shall have
enacted, issued, promulgated, enforced or entered any Law or Order (whether temporary, preliminary or permanent) which is then in effect and has the effect of making either of the Mergers illegal or
otherwise preventing or prohibiting consummation of either of the Mergers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Form&nbsp;S-4</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Form&nbsp;S-4 shall have become effective under the
Securities Act, and no stop order suspending the effectiveness of the Form&nbsp;S-4 shall have been issued and no proceedings for that purpose shall have been initiated or be threatened by the SEC
that has not been withdrawn. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-110</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=351,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=249514,FOLIO='A-110',FILE='DISK127:[17ZBR1.17ZBR49201]MA49201A.;10',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ma49201_1_111"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Listing</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Parent Common Shares to be issued in the REIT Merger shall have
been authorized for listing on the NYSE, subject to official notice of issuance. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_7.2_conditions_to_the___sec04066"> </A>
<A NAME="toc_ma49201_11"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Conditions to the Obligations of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership  Merger Sub</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The respective obligations of Parent, Parent&nbsp;LP, REIT Merger Sub and Partnership Merger Sub to effect the Merger and to consummate the other transactions contemplated by this
Agreement are subject to the satisfaction or (to the extent permitted by Law) waiver by Parent, at or prior to the Partnership Merger Effective Time, of the following additional conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Representations and Warranties</U>.&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties set
forth in <U>Section&nbsp;4.1(a)</U> (Organization and Qualification; Subsidiaries), <U>Section&nbsp;4.3(a)</U> (Capital Structure),
<U>Section&nbsp;4.4</U> (Authority), <U>Section&nbsp;4.19</U> (Opinion of Financial Advisor), <U>Section&nbsp;4.21</U> (Vote
Required) and <U>Section&nbsp;4.23</U> (Brokers) shall be true and correct in all material respects as of the date of this Agreement and as of the Partnership Merger Effective
Time, as though made as of the Partnership Merger Effective Time and (ii)&nbsp;each of the other representations and warranties of the Company contained in this Agreement shall be true and correct
as of the date of this Agreement and as of the Partnership Merger Effective Time, as though made as of the Partnership Merger Effective Time, except (x)&nbsp;in each case, representations and
warranties that are made as of a specific date shall be true and correct only on and as of such date, and (y)&nbsp;in the case of clause&nbsp;(ii) where the failure of such representations or
warranties to be true and correct (without giving effect to any materiality or "Company Material Adverse Effect" qualifications set forth therein) does not have, and would not reasonably be expected
to have, individually or in the aggregate, a Company Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Agreements and Covenants</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have performed or complied in all
material respects with all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Officer's Certificate</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have delivered to Parent a
certificate, dated the date of the Closing and signed by its chief executive officer or another senior officer on behalf of the Company, certifying to the effect that the conditions set forth in
<U>Section&nbsp;7.2(a)</U> and <U>Section&nbsp;7.2(b)</U> have been satisfied. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Absence of Material Adverse Effect</U>.&nbsp;&nbsp;&nbsp;&nbsp;Since the date of this Agreement, there
shall not have been any event, change or occurrence that, individually or in the aggregate, has had or would reasonably be expected to have a Company Material Adverse Effect. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>REIT Opinion</U>.&nbsp;&nbsp;&nbsp;&nbsp;Parent shall have received (i)&nbsp;with respect to the
Company, a written opinion of Polsinelli PC (or other counsel to Company reasonably acceptable to Parent, which the parties agree shall the law firms set forth on
<U>Section&nbsp;7.2(e)</U> of the Company Disclosure Letter), dated as of the date which includes the REIT Merger Effective Time and in form and substance attached hereto as
<U>Exhibit&nbsp;F</U> (and in the case of such other counsel rendering such opinion, in the form of such other counsel's </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-111</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=352,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=932817,FOLIO='A-111',FILE='DISK127:[17ZBR1.17ZBR49201]MA49201A.;10',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ma49201_1_112"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>standard
REIT opinion) and reasonably satisfactory to Parent, to the effect that, for all taxable periods commencing with its taxable year ended December&nbsp;31, 2007, the Company has been
organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code and that its current organization and proposed method of operation will permit the
Company to continue to qualify for taxation as a REIT under the Code for its taxable year which ends on the REIT Merger Effective Time (which opinion will be subject to customary exceptions,
assumptions and qualifications and based on customary representations contained in the Company Tax Letter) and (ii)&nbsp;with respect to Parent, a written opinion of Hogan Lovells US&nbsp;LLP (or
other counsel to Parent reasonably acceptable to Parent, which the parties agree shall include the law firms set forth on <U>Section&nbsp;7.2(e)</U> of the Company Disclosure
Letter), dated as of the date which includes the REIT Merger Effective Time and in form and substance attached hereto as <U>Exhibit&nbsp;G</U> (and in the case of such other
counsel rendering such opinion, in the form of such other counsel's standard REIT opinion) and reasonably satisfactory to Parent, to the effect that its current organization and proposed method of
operation will permit Parent to continue to qualify for taxation as a REIT under the Code for its taxable year which includes the REIT Merger Effective Time and thereafter (which opinion will be
subject to customary exceptions, assumptions and qualifications and based on customary representations contained in the Parent Tax Letter and the Company Tax Letter, and solely for purposes of
rendering this opinion, counsel will be able to rely on the opinion referred to in Section&nbsp;7.2(e)(1) above). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_7.3_conditions_to_the___sec02738"> </A>
<A NAME="toc_ma49201_12"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Conditions to the Obligations of the Company and  Company&nbsp;LP</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Company and Company&nbsp;LP to effect the Merger and to consummate the other transactions contemplated by this Agreement are subject to the satisfaction or (to
the extent permitted by Law) waiver by the Company, at or prior to the Partnership Merger Effective Time, of the following additional conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Representations and Warranties</U>.&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties set
forth in <U>Section&nbsp;5.1(a)</U> (Organization and Qualification; Subsidiaries), <U>Section&nbsp;5.3(a)</U> (Capital Structure),
<U>Section&nbsp;5.4</U> (Authority) and <U>Section&nbsp;5.21</U> (Brokers) shall be true and correct in all material respects as of the date of this
Agreement and as of the Partnership Merger Effective Time, as though made as of the Partnership Merger Effective Time and (ii)&nbsp;each of the other representations and warranties of Parent,
Parent&nbsp;LP, Partnership Merger Sub and Partnership Merger Sub contained in this Agreement shall be true and correct as of the date of this Agreement and as of the Partnership Merger Effective
Time, as though made as of the Partnership Merger Effective Time, except (x)&nbsp;in each case, representations and warranties that are made as of a specific date shall be true and correct only on
and as of such date, and (y)&nbsp;in the case of clause&nbsp;(iii) where the failure of such representations or warranties to be true and correct (without giving effect to any materiality or
"Parent Material Adverse Effect" qualifications set forth therein) does not have, and would not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Agreements and Covenants</U>.&nbsp;&nbsp;&nbsp;&nbsp;Parent, Parent&nbsp;LP, REIT Merger Sub and
Partnership Merger Sub shall have performed or complied in all material respects </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-112</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=353,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1035401,FOLIO='A-112',FILE='DISK127:[17ZBR1.17ZBR49201]MA49201A.;10',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_ma49201_1_113"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>with
all agreements and covenants required by this Agreement to be performed or complied with by them on or prior to the Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Officer's Certificate</U>.&nbsp;&nbsp;&nbsp;&nbsp;Parent shall have delivered to the Company a
certificate, dated the date of the Closing and signed by its chief executive officer or another senior officer on behalf of Parent, certifying to the effect that the conditions set forth in
<U>Section&nbsp;7.3(a)</U> and <U>Section&nbsp;7.3(b)</U> have been satisfied. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Absence of Material Adverse Effect</U>.&nbsp;&nbsp;&nbsp;&nbsp;Since the date of this Agreement, there
shall not have been any event, change or occurrence that, individually or in the aggregate, has had or would reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>REIT Opinion</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have received a written opinion of Hogan
Lovells US&nbsp;LLP (or other counsel to Parent reasonably acceptable to the Company, which the parties agree shall include the law firms set forth on
<U>Section&nbsp;7.3(e)</U> of the Company Disclosure Letter), dated as of the date which includes the REIT Merger Effective Time and in form and substance attached hereto as
<U>Exhibit&nbsp;G</U> (and in the case of such other counsel rendering such opinion, in the form of such other counsel's standard REIT opinion) and reasonably satisfactory to
the Company, to the effect that, for all taxable periods commencing with its taxable year ended December&nbsp;31, 2011, Parent has been organized and operated in conformity with the requirements for
qualification and taxation as a REIT under the Code and that its current organization and proposed method of operation will permit Parent to continue to qualify for taxation as a REIT under the Code
for its taxable year which includes the REIT Merger Effective Time and thereafter (which opinion will be subject to customary exceptions, assumptions and qualifications and based on customary
representations contained in the Parent Tax Letter and the Company Tax Letter, and solely for purposes of rendering this opinion, counsel will be able to rely on the opinion referred to in
Section&nbsp;7.2(e)(1) above the Company Tax Letter). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Company Designee</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Company Designee shall have been appointed to the Parent
Board effective as of the REIT Merger Effective Time. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_article_viii"> </A>
<A NAME="toc_ma49201_13"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE VIII    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_termination,_amendment_and_waiver"> </A>
<A NAME="toc_ma49201_14"> </A></FONT> <FONT SIZE=2><B>  TERMINATION, AMENDMENT AND WAIVER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ma49201_section_8.1_termination_."> </A>
<A NAME="toc_ma49201_15"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Termination</U>.
&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated at any time prior to the Partnership Merger Effective Time, whether before or after receipt of the Company Stockholder Approval or the Parent Shareholder
Approval (except as otherwise expressly noted below), as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;by
mutual written agreement of each of Parent and the Company; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;by
either Parent or the Company, if: </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-113</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=354,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=822391,FOLIO='A-113',FILE='DISK127:[17ZBR1.17ZBR49201]MA49201A.;10',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_mc49201_1_114"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;the
Partnership Merger Effective Time shall not have occurred on or before December&nbsp;28, 2017 (the "<U>Outside Date</U>");
<U>provided</U>, <U>however</U>, that the right to terminate this Agreement pursuant to this <U>Section&nbsp;8.1(b)(i)</U> shall not
be available to any party if the failure of such party to perform any of its obligations under this Agreement has been a principal cause of, or resulted in, the failure of the Mergers to be
consummated on or before such date; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;any
Governmental Authority of competent jurisdiction shall have issued an Order or taken any other action permanently restraining, enjoining or otherwise prohibiting
the transactions contemplated by this Agreement, and such Order or other action shall have become final and non-appealable; <U>provided</U>, <U>however</U>,
that the right to terminate this Agreement under this <U>Section&nbsp;8.1(b)(ii)</U> shall not be available to a party if the issuance of such final, non-appealable Order was
primarily due to the failure of such party to perform any of its obligations under this Agreement; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
Company Stockholder Approval or the Parent Shareholder Approval shall not have been obtained at a duly held Company Stockholder Meeting or Parent Shareholder
Meeting, as applicable, or at any adjournment or postponement thereof at which this Agreement and the transactions contemplated hereby have been voted upon, <U>provided</U>,
<U>however</U>, that the right to terminate this
Agreement under this <U>Section&nbsp;8.1(b)(iii)</U> shall not be available to the Company if the failure to obtain such Company Stockholder Approval was primarily due to the
Company's failure to perform any of its obligations under this Agreement and shall not be available to Parent if the failure to obtain such Parent Shareholder Approval was primarily due to Parent's
failure to perform any of its obligations under this Agreement; or </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;by
the Company, if: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Parent,
REIT Merger Sub or Partnership Merger Sub shall have breached or failed to perform in any material respect any of its representations, warranties, covenants or
other agreements set forth in this Agreement, which breach or failure to perform (x)&nbsp;would, or would reasonably be expected to, result in a failure of a condition set forth in
<U>Section&nbsp;7.3(a)</U> or <U>Section&nbsp;7.3(b)</U> and (y)&nbsp;cannot be cured on or before the Outside Date or, if curable, is not cured by
Parent within sixty (60)&nbsp;days of receipt by Parent of written notice of such breach or failure; <U>provided</U> that the Company shall not have the right to terminate this
Agreement pursuant to this <U>Section&nbsp;8.1(c)(i)</U> if the Company or Company&nbsp;LP are then in breach of any of their respective representations, warranties,
covenants or agreements set forth in this Agreement such that the conditions set forth in either <U>Section&nbsp;7.2(a)</U> or
<U>Section&nbsp;7.2(b)</U> would not be satisfied; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
Company Board has determined to enter into an Alternative Acquisition Agreement with respect to a Superior Proposal to the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-114</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=355,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=314478,FOLIO='A-114',FILE='DISK127:[17ZBR1.17ZBR49201]MC49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_mc49201_1_115"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>extent
permitted by, and subject to the terms and conditions of, <U>Section&nbsp;6.5</U>, and the Company pays to Parent the Company Termination Fee and enters into the
Alternative Acquisition Agreement with respect to such Superior Proposal, provided, that the right to terminate under this <U>Section&nbsp;8.1(c)(ii)</U> shall not be available
after the receipt of the Company Stockholder Approval; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;(x)
the Parent Board shall have made an Adverse Recommendation Change, or (y)&nbsp;Parent enters into an Alternative Acquisition Agreement (other than an Acceptable
Confidentiality Agreement entered into in accordance with <U>Section&nbsp;6.5</U>); or </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;by
Parent, if: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;the
Company shall have breached or failed to perform in any material respect any of its representations, warranties, covenants or other agreements set forth in this
Agreement, which breach or failure to perform (x)&nbsp;would, or would reasonably be expected to, result in a failure of a condition set forth in <U>Section&nbsp;7.2(a)</U>
or <U>Section&nbsp;7.2(b)</U> and (y)&nbsp;cannot be cured on or before the Outside Date or, if curable, is not cured by the Company within sixty (60)&nbsp;days of receipt
by the Company of written notice of such breach or failure; <U>provided</U> that Parent shall not have the right to terminate this Agreement pursuant to this
<U>Section&nbsp;8.1(d)(i)</U> if Parent, REIT Merger Sub or Partnership Merger Sub are then in breach of any of their respective representations, warranties, covenants or
agreements set forth in this Agreement such that the conditions set forth in either <U>Section&nbsp;7.3(a)</U> or <U>Section&nbsp;7.3(b)</U> would not
be satisfied; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
Parent Board has determined to enter into an Alternative Acquisition Agreement with respect to a Superior Proposal to the extent permitted by, and subject to the
terms and conditions of, <U>Section&nbsp;6.5</U>, and Parent pays to the Company the Parent Termination Fee and enters into an Alternative Acquisition Agreement with respect to
such Superior Proposal, provided, that the right to terminate under this <U>Section&nbsp;8.1(d)(ii)</U> shall not be available after the receipt of the Parent Shareholder
Approval; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;(x)
the Company Board shall have made an Adverse Recommendation Change, or (y)&nbsp;the Company enters into an Alternative Acquisition Agreement (other than an
Acceptable Confidentiality Agreement entered into in accordance with <U>Section&nbsp;6.5</U>). </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="mc49201_section_8.2_effect_of_termination_."> </A>
<A NAME="toc_mc49201_1"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Effect of Termination</U>.
&nbsp;&nbsp;&nbsp;&nbsp;In the event that this Agreement is terminated and the Mergers and the other transactions contemplated by this Agreement are abandoned pursuant to
<U>Section&nbsp;8.1</U>, written notice thereof shall be given to the other party or parties, specifying the provisions hereof pursuant to which such termination is made and
describing the basis therefor in reasonable detail, and this Agreement shall forthwith become null and void and of no further force or effect whatsoever without liability on the part of any party
hereto (or any of the Company Subsidiaries, Parent Subsidiaries or any of the Company's or Parent's respective Representatives), and all rights and obligations of any party hereto shall </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-115</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=356,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=1039748,FOLIO='A-115',FILE='DISK127:[17ZBR1.17ZBR49201]MC49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_mc49201_1_116"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>cease;
<U>provided</U>, <U>however</U>, that, notwithstanding anything in the foregoing to the contrary (a)&nbsp;no such termination shall relieve any
party hereto of any liability or damages resulting from or arising out of any willful or intentional breach of this Agreement; and (b)&nbsp;the Confidentiality Agreement, this
<U>Section&nbsp;8.2</U>, <U>Section&nbsp;8.3</U>, <U>Section&nbsp;8.6</U>, <U>Article&nbsp;IX</U> and
the definitions of all defined terms appearing in such sections shall survive any termination of this Agreement pursuant to <U>Section&nbsp;8.1</U>. If this Agreement is
terminated as provided herein, all filings, applications and other submissions made pursuant to this Agreement, to the extent practicable, shall be withdrawn from the agency or other person to which
they were made. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="mc49201_section_8.3_termination_fees_and_expenses_."> </A>
<A NAME="toc_mc49201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Termination Fees and Expenses</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Company Termination Fees and Expenses</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Subject
to the provisions of this <U>Section&nbsp;8.3</U>, the Company shall pay, or cause to be paid, to Parent the Company Termination Fee
(subject to adjustment (if any) in accordance with <U>Section&nbsp;8.3(c)(i)</U>) if this Agreement is terminated: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;by
the Company pursuant to <U>Section&nbsp;8.1(c)(ii)</U>, in which case, payment of the Company Termination Fee shall be a condition to the
effectiveness of such termination; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;by
either the Company or Parent pursuant to <U>Section&nbsp;8.1(b)(i)</U> or <U>Section&nbsp;8.1(b)(iii)</U>, in either
case as a result of the failure to obtain the Company Stockholder Approval, and the Company (x)&nbsp;receives or has received an Acquisition Proposal, which proposal has been publicly announced and
has not been withdrawn either (I)&nbsp;at or prior to the time of the Company Stockholder Meeting (with respect to a termination under <U>Section&nbsp;8.1(b)(iii)</U>) or
(II)&nbsp;otherwise prior to the termination of this Agreement (including if there has been no Company Stockholder Meeting), and (y)&nbsp;within twelve (12)&nbsp;months after the termination of
this Agreement, consummates a transaction regarding, or executes an Alternative Acquisition Agreement which is later consummated with respect to, any Acquisition Proposal; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;by
Parent pursuant to <U>Section&nbsp;8.1(d)(i)</U>, and the Company (x)&nbsp;receives or has received an Acquisition Proposal, which proposal
has been publicly announced and has not been withdrawn prior to the termination of this Agreement, and (y)&nbsp;within twelve (12)&nbsp;months after the termination of this Agreement, consummates
a transaction regarding, or executes a definitive agreement which is later consummated with respect to, any Acquisition Proposal; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;(I)
by Parent pursuant to <U>Section&nbsp;8.1(d)(iii)</U> or (II)&nbsp;by either the Company or Parent pursuant to
<U>Section&nbsp;8.1(b)(iii)</U> as a results of the failure to obtain the Company Stockholder Approval following an Adverse Recommendation Change by the Company Board. </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-116</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=357,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=142315,FOLIO='A-116',FILE='DISK127:[17ZBR1.17ZBR49201]MC49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_mc49201_1_117"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>For
purposes of this <U>Section&nbsp;8.3(a)</U>, all references to "20% or more" in the definition of Acquisition Proposal shall be deemed to be references to "more than 50%." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Subject
to the provisions of this <U>Section&nbsp;8.3</U>, the Company shall pay, or cause to be paid, to Parent the Expense Amount if this
Agreement is terminated: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;by
either the Company or Parent pursuant to <U>Section&nbsp;8.1(b)(iii)</U> as a result of the failure to obtain the Company Stockholder
Approval; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;by
Parent pursuant to <U>Section&nbsp;8.1(d)(i)</U>. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Parent Termination Fees and Expenses</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Subject
to the provisions of this <U>Section&nbsp;8.3</U>, Parent shall pay, or cause to be paid, to the Company the Parent Termination Fee
(subject to adjustment (if any) in accordance with <U>Section&nbsp;8.3(c)(i)</U>) if this Agreement is terminated: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;by
Parent pursuant to <U>Section&nbsp;8.1(d)(ii)</U>, in which case, payment of the Parent Termination Fee shall be a condition to the
effectiveness of such termination; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;by
either the Company or Parent pursuant to <U>Section&nbsp;8.1(b)(i)</U> or <U>Section&nbsp;8.1(b)(iii)</U>, in either
case, as a result of the failure to obtain the Parent Shareholder Approval, and Parent (x)&nbsp;receives or has received an Acquisition Proposal, which proposal has been publicly announced and has
not been withdrawn either (I)&nbsp;at or prior to the time of the Parent Shareholder Meeting (with respect to a termination under <U>Section&nbsp;8.1(b)(iii)</U>) or
(II)&nbsp;otherwise prior to the termination of this Agreement (including if there has been no Parent Shareholder Meeting), and (y)&nbsp;within twelve (12)&nbsp;months after the termination of
this Agreement, consummates a transaction regarding, or executes an Alternative Acquisition Agreement which is later consummated with respect to, any Acquisition Proposal; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;by
the Company pursuant to <U>Section&nbsp;8.1(c)(i)</U>, and Parent (x)&nbsp;receives or has received an Acquisition Proposal, which proposal
has been publicly announced and has not been withdrawn prior to the termination of this Agreement, and (y)&nbsp;within twelve (12)&nbsp;months after the termination of this Agreement, consummates
a transaction regarding, or executes a definitive agreement which is later consummated with respect to, any Acquisition Proposal; or </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;(I)
by the Company pursuant to <U>Section&nbsp;8.1(c)(iii)</U> or (II)&nbsp;by either the Company or Parent pursuant to
<U>Section&nbsp;8.1(b)(iii)</U> as a result of </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-117</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=358,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=112949,FOLIO='A-117',FILE='DISK127:[17ZBR1.17ZBR49201]MC49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_mc49201_1_118"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>the
failure to obtain the Parent Shareholder Approval following an Adverse Recommendation Change by the Parent Board. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>For
purposes of this <U>Section&nbsp;8.3(b)</U>, all references to "20% or more" in the definition of Acquisition Proposal shall be deemed to be references to "more than 50%." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Subject
to the provisions of this <U>Section&nbsp;8.3</U>, Parent shall pay, or cause to be paid, to the Company the Expense Amount if this
Agreement is terminated: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;by
either the Company or Parent pursuant to <U>Section&nbsp;8.1(b)(iii)</U> as a result of the failure to obtain the Parent Shareholder Approval;
or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;by
the Company pursuant to <U>Section&nbsp;8.1(c)(i)</U>. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary set forth in this Agreement, the parties agree that: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;payment
by any party of any portion of the Expense Amount pursuant to <U>Section&nbsp;8.3(a)(ii)</U> or
<U>Section&nbsp;8.3(b)(ii)</U>, as applicable, shall not relieve such paying party of any subsequent obligation with respect to the Company Termination Fee or Parent
Termination Fee, as applicable, that may arise under <U>Sections&nbsp;8.3(a)(i)</U> or <U>8.3(b)(i)</U>, except that, to the extent any such obligation
does arise, it shall be
adjusted to an amount equal to the Company Termination Fee or Parent Termination Fee, as applicable, less all of the Expense Amount previously paid (if any) to such other party; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
party required to pay any Company Termination Fee, Parent Termination Fee or Expense Amount shall make such payment by wire transfer of same day funds to an account
designated by the party entitled to receive such Company Termination Fee, Parent Termination Fee or Expense Amount within two (2)&nbsp;Business Days of such termination (or in the case of
clauses&nbsp;(C) and (D)&nbsp;of <U>Sections&nbsp;8.3(a)(i)</U> and <U>8.3(b)(i)</U>, two (2)&nbsp;Business Days of the date of the consummation of
such transaction arising from any such Acquisition Proposal), but under no circumstances earlier than one (1)&nbsp;full Business Day after receipt of appropriate wire transfer instructions from the
party entitled to payment; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;under
no circumstances shall either the Company or Parent be required to pay the Company Termination Fee or Parent Termination Fee, as applicable, on more than one
occasion. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Each
of the parties hereto acknowledges that (i)&nbsp;the agreements contained in this <U>Section&nbsp;8.3</U> are an integral part of the
transactions contemplated by this Agreement, (ii)&nbsp;the Company Termination Fee or the Parent Termination Fee, as applicable, is not a penalty, but is liquidated damages, in a reasonable amount
that will </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-118</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=359,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=284177,FOLIO='A-118',FILE='DISK127:[17ZBR1.17ZBR49201]MC49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_mc49201_1_119"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>compensate
the Company or Parent, as the case may be, in the circumstances in which such fee is payable for the efforts and resources expended and opportunities foregone while negotiating this
Agreement and in reliance on this Agreement and on the expectation of the consummation of the transactions contemplated hereby, which amount would otherwise be impossible to calculate with precision,
(iii)&nbsp;without these agreements, the parties would not enter into this Agreement; accordingly, if the Company or Parent, as the case may be, fails to timely pay any amount due pursuant to this
<U>Section&nbsp;8.3</U> and, in order to obtain such payment, either the Company or Parent, as the case may be, commences a suit that results in a judgment against the other
party for the payment of any amount set forth in this <U>Section&nbsp;8.3</U>, such paying party shall pay the other party its costs and Expenses in connection with such suit,
together with interest on such amount at the annual rate of ten percent (10%) for the period from the date such payment was required to be made through the date such payment was actually received, or
such lesser rate as is the maximum permitted by applicable Law and (iv)&nbsp;if the Company Termination Fee or the Parent Termination Fee is payable, receipt of the Company Termination Fee or the
Parent Termination Fee, as applicable, shall be the sole and exclusive remedy of the Company and the Company Subsidiaries, or Parent and the Parent Subsidiaries, as applicable, other than for any
willful or intentional breach of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;If
the Company or Parent is required to pay a Company Termination Fee, Parent Termination Fee or Expense Amount, such Company Termination Fee, Parent Termination Fee or
Expense Amount shall be paid into escrow on the date such payment is required to be paid by such party pursuant to this Agreement by wire transfer of immediately available funds to an escrow account
designated in accordance with this <U>Section&nbsp;8.3(e)</U>. In the event that the Company or Parent is obligated to pay a Company Termination Fee, Parent Termination Fee or
Expense Amount, the amount payable to the other party in any tax year shall not exceed the lesser of (i)&nbsp;the Company Termination Fee, Parent Termination Fee or Expense Amount, and
(ii)&nbsp;the sum of (A)&nbsp;the maximum amount that can be paid to such other party without causing it to fail to meet the requirements of Sections&nbsp;856(c)(2) and (3)&nbsp;of the Code
for the relevant tax year, determined as if the payment of such amount did not constitute income described in Sections&nbsp;856(c)(2) or 856(c)(3) of the Code ("<U>Qualifying
Income</U>"), and such receiving party has income from unknown sources during such year in an amount equal to 1% of its gross income which is not Qualifying Income (in&nbsp;addition to
any known or anticipated income which is not Qualifying Income), in each case as determined by such party's independent accountants, plus (B)&nbsp;in the event such receiving party receives either
(x)&nbsp;a letter from the paying party's counsel indicating that the receiving party has received a ruling from the IRS as described in <U>Section&nbsp;8.3(f)</U> or
(y)&nbsp;an opinion from its outside counsel as described in <U>Section&nbsp;8.3(f)</U>, an amount equal to the excess of the Company Termination Fee, Parent Termination Fee
or Expense Amount less the amount payable under clause&nbsp;(A) above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;To
secure the Company or Parent's obligation to pay any amounts payable pursuant to <U>Section&nbsp;8.3(e)</U>, such paying party shall deposit
into escrow an amount in cash equal to the Company Termination Fee, Parent Termination Fee or Expense Amount with an escrow agent selected by the paying party and reasonably acceptable to the
receiving party on such terms (subject to this <U>Section&nbsp;8.3</U>) as shall be mutually agreed </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-119</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=360,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=79905,FOLIO='A-119',FILE='DISK127:[17ZBR1.17ZBR49201]MC49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_mc49201_1_120"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>upon
by the paying party, the receiving party and the escrow agent. The payment or deposit into escrow of the Company Termination Fee, Parent Termination Fee or Expense Amount pursuant to this
<U>Section&nbsp;8.3(f)</U> shall be made at the time the paying party is obligated to pay the receiving party such amount pursuant to
<U>Section&nbsp;8.3</U> by wire transfer. The escrow agreement shall provide that the Company Termination Fee, Parent Termination Fee or Expense Amount in escrow or any portion
thereof shall not be released to the receiving party unless the escrow agent receives any one or combination of the following: (i)&nbsp;a letter from the receiving party's independent accountants
indicating the maximum amount that can be paid by the escrow agent to the receiving party without causing such party to fail to meet the requirements of Sections&nbsp;856(c)(2) and (3)&nbsp;of the
Code determined as if the payment of such amount did not constitute Qualifying Income, and the receiving party has income from unknown sources during such year in an amount equal to 1% of its gross
income which is not Qualifying Income (in&nbsp;addition to any known or anticipated income which is not Qualifying Income), in which case the escrow agent shall release such amount to the receiving
party, or (ii)&nbsp;a letter from the receiving party's counsel indicating that (A)&nbsp;the receiving party received a ruling from the IRS holding that the receipt
by such party of the Company Termination Fee, Parent Termination Fee or Expense Amount would either constitute Qualifying Income or would be excluded from gross income within the meaning of
Sections&nbsp;856(c)(2) and (3)&nbsp;of the Code or (B)&nbsp;the receiving party's outside counsel has rendered a legal opinion to the effect that the receipt by such party of the Company
Termination Fee, Parent Termination Fee or Expense Amount should either constitute Qualifying Income should be excluded from gross income within the meaning of Sections&nbsp;856(c)(2) and
(3)&nbsp;of the Code, in which case the escrow agent shall release the remainder of the Company Termination Fee, Parent Termination Fee or Expense Amount to the receiving party. The paying party
agrees to amend this <U>Section&nbsp;8.3</U> at the reasonable request of the receiving party in order to (i)&nbsp;maximize the portion of the Company Termination Fee, Parent
Termination Fee or Expense Amount that may be distributed to the receiving party hereunder without causing the paying party to fail to meet the requirements of Sections&nbsp;856(c)(2) and
(3)&nbsp;of the Code, (ii)&nbsp;improve the receiving party's chances of securing a favorable ruling described in this <U>Section&nbsp;8.3</U> or (iii)&nbsp;assist the
receiving party in obtaining a favorable legal opinion from its outside counsel as described in this <U>Section&nbsp;8.3</U>. Any amount of the Company Termination Fee, Parent
Termination Fee or Expense Amount that remains unpaid as of the end of a taxable year shall be paid as soon as possible during the following taxable year, subject to the foregoing limitations of this
<U>Section&nbsp;8.3</U>, <U>provided</U>, <U>however</U>, that the obligation of the paying party to pay the unpaid portion of the
Company Termination Fee, Parent Termination Fee or Expense Amount shall terminate on the December&nbsp;31 following the date which is five (5)&nbsp;years from the date of this Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="mc49201_section_8.4_amendment_."> </A>
<A NAME="toc_mc49201_3"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Amendment</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable Law, this Agreement may be amended by mutual agreement of the parties hereto by action taken or authorized by the Parent Board and the Company Board
at any time before or after receipt of the Company Stockholder Approval and prior to the REIT Merger Effective Time; <U>provided</U>, <U>however</U>, that
after the Company Stockholder Approval has been obtained, there shall not be (a)&nbsp;any amendment of this Agreement that changes the amount or the form of the consideration to be delivered under
this Agreement to the holders of Company Common Stock, or which by </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-120</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=361,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=709437,FOLIO='A-120',FILE='DISK127:[17ZBR1.17ZBR49201]MC49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_mc49201_1_121"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>applicable
Law or in accordance with the rules of any stock exchange requires the further approval of the stockholders of the Company or shareholders of Parent without such further approval of such
stockholders or shareholders (as applicable), or (b)&nbsp;any amendment or change not permitted under applicable Law. This Agreement may not be amended except by an instrument in writing signed by
each of the parties hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="mc49201_section_8.5_waiver_."> </A>
<A NAME="toc_mc49201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Waiver</U>.
&nbsp;&nbsp;&nbsp;&nbsp;At any time prior to the REIT Merger Effective Time, subject to applicable Law, any party hereto may (a)&nbsp;extend the time for the performance of any obligation or other act of any
other party hereto, (b)&nbsp;waive any inaccuracy in the representations and warranties of the other party contained herein or in any document delivered pursuant hereto, and (c)&nbsp;subject to
the proviso of <U>Section&nbsp;8.4</U>, waive compliance with any agreement or condition contained herein. Any agreement on the part of a party hereto to any such extension or
waiver shall be valid only if set forth in an instrument in writing signed by the party or parties to be bound thereby. Notwithstanding the foregoing, no failure or delay by the Company,
Company&nbsp;LP, Parent, Parent&nbsp;LP, REIT Merger Sub or Partnership Merger Sub in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise of any other right hereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="mc49201_section_8.6_fees_and_expenses_."> </A>
<A NAME="toc_mc49201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Fees and Expenses</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Agreement, all Expenses incurred in connection with this Agreement and the transactions contemplated by this Agreement shall be paid by the party
incurring such expenses, whether or not the transactions contemplated by this Agreement are consummated; <U>provided</U>, <U>however</U>, that the Company
and Parent shall share equally all Expenses related to the printing and filing of the Form&nbsp;S-4 and the printing, filing and distribution of the Joint Proxy Statement, other than attorneys' and
accountants' fees. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="mc49201_article_ix_general_provisions"> </A>
<A NAME="toc_mc49201_6"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE IX<BR>  <BR>    GENERAL PROVISIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="mc49201_section_9.1_non-surviv__mc402273"> </A>
<A NAME="toc_mc49201_7"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.1</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Non-Survival of Representations and  Warranties</U>.
&nbsp;&nbsp;&nbsp;&nbsp;None of the representations or warranties in this Agreement or any certificate or other writing delivered pursuant to this Agreement, including any rights arising out of any breach of
such representations or warranties, shall survive the Partnership Merger Effective Time. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="mc49201_section_9.2_notices_."> </A>
<A NAME="toc_mc49201_8"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.2</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Notices</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Any notice, request, claim, demand and other communications hereunder shall be in writing, shall be deemed to have been given (i)&nbsp;upon confirmation of successful transmission if
sent by facsimile transmission or e-mail of a pdf attachment (provided that any notice received by facsimile or e-mail on any Business Day after 5:00&nbsp;p.m. (Eastern time) shall be deemed to have
been received at 9:00&nbsp;a.m. (Eastern time) on the next Business Day), or (ii)&nbsp;upon receipt by the receiving party if sent by reliable overnight delivery service (with proof of service),
hand delivery or certified or registered mail (return receipt requested and first-class postage prepaid), and shall be addressed as follows (or at such other address for a party as shall be specified
in a notice given in accordance with this <U>Section&nbsp;9.2</U>): </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-121</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=362,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=954093,FOLIO='A-121',FILE='DISK127:[17ZBR1.17ZBR49201]MC49201A.;17',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_me49201_1_122"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="35pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>if to Parent or Parent&nbsp;LP:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>RLJ Lodging Trust<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Phone:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(301)&nbsp;280-7777</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Fax:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(301)&nbsp;280-7787</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Ross H. Bierkan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>rbierkan@rljlodgingtrust.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
with a copy (which shall not constitute notice) to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Hogan Lovells US&nbsp;LLP<BR>
555 13th&nbsp;Street NW<BR>
Washington, DC 20004</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Phone:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(202)&nbsp;637-5600</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Fax:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(202)&nbsp;637-5910</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>David Bonser<BR>
Les Reese</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>david.bonser@hoganlovells.com<BR>
leslie.reese@hoganlovells.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
if to the Company or Company&nbsp;LP:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2> FelCor Lodging Trust Incorporated<BR>
125 E. John Carpenter Freeway<BR>
Suite&nbsp;1600<BR>
Irving, TX 75062</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Phone:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(972)&nbsp;444-4900</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Fax:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(972)&nbsp;444-4949</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Steven R. Goldman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>sgoldman@felcor.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
with a copy (which shall not constitute notice) to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Sidley Austin&nbsp;LLP<BR>
787 Seventh Avenue<BR>
New York, NY 10019</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Phone:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>(212)&nbsp;839-5300</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Fax:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(212)&nbsp;839-5399</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Michael Gordon; Gabriel Saltarelli</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>mgordon@sidley.com; gsaltarelli@sidley.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>and</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Polsinelli PC<BR>
2950 North Harwood Street<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-122</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=363,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=700336,FOLIO='A-122',FILE='DISK127:[17ZBR1.17ZBR49201]ME49201A.;20',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_me49201_1_123"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="35pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Suite&nbsp;2100<BR>
Dallas, TX 75201</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Phone:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(214)&nbsp;661-5505</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Fax:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(214)&nbsp;397-0033</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Robert W. Dockery</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>bdockery@polsinelli.com</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><A
NAME="me49201_section_9.3_interpretation;_certain_definitions_."> </A>
<A NAME="toc_me49201_1"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.3</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Interpretation; Certain Definitions</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto have participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises,
this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any
provision of this Agreement. When a reference is made in this Agreement to an Article, Section, Schedule or Exhibit, such reference shall be to an Article or Section of, or a Schedule or Exhibit to,
this Agreement, unless otherwise indicated. The table of contents and headings for this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation." The words "hereof," "herein" and
"hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. All terms defined in this Agreement
shall have the defined meanings when used in any certificate or other instrument made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any Law defined or referred to herein or in any
agreement or instrument that is referred to herein means such Law as from time to time amended, modified or supplemented, including (in the case of statutes) by succession of comparable successor
Laws. References to a person are also to its successors and permitted assigns. All references to "dollars" or "$" refer to currency of the United States of America. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="me49201_section_9.4_severability_."> </A>
<A NAME="toc_me49201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.4</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Severability</U>.
&nbsp;&nbsp;&nbsp;&nbsp;If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any present or future Law, or public policy, (a)&nbsp;such term or other
provision shall be fully separable, (b)&nbsp;this Agreement shall be construed and enforced as if such invalid, illegal or unenforceable provision had never comprised a part hereof, and
(c)&nbsp;all other conditions and provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable term or other provision or by
its severance herefrom so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in a mutually acceptable manner in order that transactions contemplated by this Agreement be consummated as originally contemplated to the fullest
extent possible. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="me49201_section_9.5_assignment;_delegation_."> </A>
<A NAME="toc_me49201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.5</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Assignment; Delegation</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Neither this Agreement nor any rights, interests or obligations hereunder shall be assigned or delegated, in whole or in part, by any of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-123</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=364,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=626914,FOLIO='A-123',FILE='DISK127:[17ZBR1.17ZBR49201]ME49201A.;20',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_me49201_1_124"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
parties hereto (whether by operation of Law or otherwise) without the prior written consent of the other parties hereto (except to the Surviving Entities). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="me49201_section_9.6_entire_agreement_."> </A>
<A NAME="toc_me49201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.6</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Entire Agreement</U>.
&nbsp;&nbsp;&nbsp;&nbsp;This Agreement (including the exhibits, schedules, annexes and appendices hereto) constitutes, together with the Confidentiality Agreement, the Company Disclosure Letter and the Parent
Disclosure Letter, the entire agreement between the parties with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings, both written and oral, among
the parties, or any of them, with respect to the subject matter hereof and thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="me49201_section_9.7_no_third-party_beneficiaries_."> </A>
<A NAME="toc_me49201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.7</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Third-Party Beneficiaries</U>.
&nbsp;&nbsp;&nbsp;&nbsp;Except for the provisions of <U>Section&nbsp;6.9</U>, this Agreement is not intended to and shall not confer any rights or remedies upon any person other than the
parties hereto and their respective successors and permitted assigns. The representations and warranties in this Agreement are the product of negotiations among the parties hereto and are for the sole
benefit of the parties hereto. Any inaccuracies in such representations and warranties are subject to waiver by the parties hereto in accordance with <U>Section&nbsp;8.5</U>
without notice or liability to any other person. The representations and warranties in this Agreement may represent an allocation among the parties hereto of risks associated with particular matters
regardless of the knowledge of any of the parties hereto. Accordingly, Persons other than the parties hereto may not rely upon the representations and warranties in this Agreement as characterizations
of actual facts or circumstances as of the date of this Agreement or as of any other date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="me49201_section_9.8_specific_performance_."> </A>
<A NAME="toc_me49201_6"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.8</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Specific Performance</U>.
&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto agree that irreparable damage, for which monetary damages (even if available) would not be an adequate remedy, would occur in the event that the parties hereto do not
perform the provisions of this Agreement (including failing to take such actions as are required of it hereunder to consummate the Mergers and the other transactions contemplated by this Agreement) in
accordance with its specified terms or otherwise breach such provisions. Accordingly, the parties acknowledge and agree that, prior to the termination of this Agreement pursuant to
<U>Section&nbsp;8.1</U>, the parties shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce
specifically the terms and provisions hereof, in addition to any other remedy to which they are entitled at Law or in equity. Each of the parties agrees that it will not oppose the granting of an
injunction, specific performance and other equitable relief on the basis that any other party has an adequate remedy at Law or that any award of specific performance is not an appropriate remedy for
any reason at Law or in equity. Any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement shall not be
required to provide any bond or other security in connection with any such order or injunction. In no event shall the exercise of any party's right to seek specific performance pursuant to this
<U>Section&nbsp;9.8</U> reduce, restrict or otherwise limit the right of a party to terminate this Agreement pursuant to <U>Section&nbsp;8.1</U>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="me49201_section_9.9_counterparts_."> </A>
<A NAME="toc_me49201_7"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.9</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Counterparts</U>.
&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original
but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-124</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=365,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=795692,FOLIO='A-124',FILE='DISK127:[17ZBR1.17ZBR49201]ME49201A.;20',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_me49201_1_125"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Agreement
by facsimile transmission or by e-mail of a pdf attachment shall be effective as delivery of a manually executed counterpart of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="me49201_section_9.10_governing_law_."> </A>
<A NAME="toc_me49201_8"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.10</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Governing Law</U>.
&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and all actions, proceedings or counterclaims (whether based on contract, tort or otherwise) directly or indirectly arising out of or relating to this Agreement or the
actions of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub, the Company or Company&nbsp;LP in the negotiation, administration, performance and enforcement thereof, shall be
governed by, and construed in accordance with, the laws of the State of Maryland, without giving effect to any choice or conflict of Laws provision or rule (whether of the State of Maryland or any
other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Maryland, except with respect to matters under the DRULPA relating to the Partnership
Merger, which shall be governed by the laws of the State of Delaware. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="me49201_section_9.11_consent_to_jurisdiction_."> </A>
<A NAME="toc_me49201_9"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.11</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Consent to Jurisdiction</U>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of the courts of the State of Maryland and to the jurisdiction of the United States
District Court for the District of Maryland, for the purpose of any action, proceeding or counterclaim (whether based on contract, tort or otherwise) directly or indirectly arising out of or relating
to this Agreement or the actions of the parties hereto in the negotiation, administration, performance and enforcement thereof, and each of the parties hereto hereby irrevocably agrees that all claims
in respect to such action or proceeding may be heard and determined exclusively in any state or federal court located in the State of Maryland. Each of the parties hereto further consents to the
assignment to the Business and Technology Case Management Program with regard to any proceeding in the courts of the State of Maryland. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of the parties hereto (i)&nbsp;irrevocably consents to the service of the summons and complaint and any other process in any other action or proceeding relating
to the transactions contemplated by this Agreement, on behalf of itself or its property, by personal delivery of copies of such process to such party and nothing in this
<U>Section&nbsp;9.11</U> shall affect the right of any party to serve legal process in any other manner permitted by Law, (ii)&nbsp;consents to submit itself to the personal
jurisdiction of any United States federal court located in the State of Maryland or any Maryland state court in the event any dispute arises out of this Agreement or the transactions contemplated by
this Agreement, (iii)&nbsp;agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (iv)&nbsp;agrees that it will
not bring any action relating to this Agreement or the transactions contemplated by this Agreement in any court other than any United States federal court located in the State of Maryland or any
Maryland state court. Each of Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub, the Company and Company&nbsp;LP agrees that a final judgment in any action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="me49201_section_9.12_waiver_of_jury_trial_."> </A>
<A NAME="toc_me49201_10"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.12</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>WAIVER OF JURY TRIAL</U>.
&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE OUT OF OR RELATING TO THIS AGREEMENT IS LIKELY TO INVOLVE </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-125</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=366,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=589001,FOLIO='A-125',FILE='DISK127:[17ZBR1.17ZBR49201]ME49201A.;20',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<A NAME="page_me49201_1_126"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. EACH OF THE PARTIES HERETO CERTIFIES AND ACKNOWLEDGES THAT
(A)&nbsp;NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, (B)&nbsp;EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C)&nbsp;EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D)&nbsp;EACH SUCH PARTY HAS BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <U>SECTION&nbsp;9.12</U>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>[</FONT><FONT
SIZE=2><I>Remainder of page intentionally left blank; signature page follows</I></FONT><FONT SIZE=2>.] </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-126</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=367,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=521337,FOLIO='A-126',FILE='DISK127:[17ZBR1.17ZBR49201]ME49201A.;20',USER='CHE106319',CD=';8-JUL-2017;00:25' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, Parent, Parent&nbsp;LP, REIT Merger Sub, Partnership Merger Sub, the Company, and Company&nbsp;LP have caused this Agreement to be
executed as of the date first written above by their respective officers thereunto duly authorized. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="47%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>RLJ LODGING TRUST,<BR>
a Maryland real estate investment trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/&nbsp;ROSS H. BIERKAN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Ross H. Bierkan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>President and CEO</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ LODGING TRUST,&nbsp;L.P.,<BR>
a Delaware limited partnership</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ LODGING TRUST,<BR>
its General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/&nbsp;ROSS H. BIERKAN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Ross H. Bierkan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>President and CEO</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=368,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=734095,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]MG49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:26' -->


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="47%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>RANGERS SUB I,&nbsp;LLC,<BR>
a Maryland limited liability company</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ LODGING TRUST,&nbsp;L.P.,<BR>
its Sole Member</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ LODGING TRUST,<BR>
its General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/&nbsp;ROSS H. BIERKAN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Ross H. Bierkan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>President and CEO</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RANGERS SUB II,&nbsp;LP,<BR>
a Delaware limited partnership</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RANGERS GENERAL PARTNER,&nbsp;LLC,<BR>
its General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ LODGING TRUST,&nbsp;L.P.,<BR>
its Sole Member</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ LODGING TRUST,<BR>
its General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/&nbsp;ROSS H. BIERKAN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Ross H. Bierkan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>President and CEO</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=369,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=451743,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]MG49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:26' -->


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="47%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>FELCOR LODGING TRUST INCORPORATED,<BR>
a Maryland corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/&nbsp;STEVEN R. GOLDMAN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Steven R. Goldman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FELCOR LODGING LIMITED PARTNERSHIP,<BR>
a Delaware limited partnership</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FELCOR LODGING TRUST INCORPORATED,<BR>
its General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/&nbsp;STEVEN R. GOLDMAN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Steven R. Goldman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Executive Officer</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=370,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=731281,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]MG49201A.;11',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="mi49201_exhibits_and_schedules"> </A>
<A NAME="toc_mi49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBITS AND SCHEDULES*    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
registrant will furnish supplementally a copy of any omitted exhibit or schedule to the SEC upon request; <U>provided</U>,
<U>however</U>, that the company may request confidential treatment pursuant to Rule&nbsp;24b-2 of the Securities Exchange Act of 1934, as amended, for any exhibit or schedule
so furnished. </FONT></DD></DL>
<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=371,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=310627,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]MI49201A.;6',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_mm49201_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="mm49201_annex_b"> </A>
<A NAME="toc_mm49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Annex B    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="117pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g829355.jpg" ALT="GRAPHIC" WIDTH="261" HEIGHT="45">
 </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> 745 Seventh Avenue<BR>
New York, NY 10019<BR>
United States</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>April&nbsp;23,
2017 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Board
of Trustees<BR>
RLJ Lodging Trust<BR>
3 Bethesda Metro Center, Suite&nbsp;1000<BR>
Bethesda, MD 20814 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Members
of the Board of Trustees: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
understand that RLJ Lodging Trust, a Maryland real estate investment trust (the "Company"), RLJ Lodging Trust,&nbsp;L.P., a Delaware limited partnership ("Company&nbsp;LP"),
Rangers Sub I,&nbsp;LLC, a Maryland limited liability company and a wholly owned subsidiary of Company&nbsp;LP ("REIT Merger Sub"), and Rangers Sub II,&nbsp;LP, a Delaware limited partnership
and a wholly owned subsidiary of Company&nbsp;LP ("Partnership Merger Sub") intend to enter into a transaction (the "Proposed Transaction") with FelCor Lodging Trust Incorporated, a Maryland
corporation ("FelCor"), and FelCor Lodging Limited Partnership, a Delaware limited partnership ("FelCor&nbsp;LP") pursuant to which, among other things, (i)&nbsp;Partnership Merger Sub will merge
with and into FelCor&nbsp;LP, with FelCor&nbsp;LP being the surviving entity and a wholly owned subsidiary of Company&nbsp;LP, and (ii)&nbsp;FelCor will merge with and into REIT Merger Sub,
with REIT Merger Sub being the surviving entity (the "REIT Merger"). We further understand that, upon the effectiveness of the REIT Merger, among other things, each issued and outstanding share of
common stock, par value $0.01 per share, of FelCor ("FelCor Common Stock") (other than any shares to be canceled as detailed in the Agreement (as defined below)) will be converted into the right to
receive 0.362 (the "Exchange Ratio") common shares of beneficial interest, par value $0.01 per share, of the Company (the "Company Common Shares"). The terms and conditions of the Proposed Transaction
are set forth in more detail in the Agreement and Plan of Merger to be entered into by the Company, Company&nbsp;LP, REIT Merger Sub, Partnership Merger Sub, FelCor, and FelCor&nbsp;LP (the
"Agreement"). The summary of the Proposed Transaction set forth above is qualified in its entirety by the terms of the Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have been requested by the Board of Trustees of the Company to render our opinion with respect to the fairness, from a financial point of view, to the Company of the Exchange Ratio to
be paid by the Company in the Proposed Transaction. We have not been requested to opine as to, and our opinion does not in any manner address, the Company's underlying business decision to proceed
with or effect the Proposed Transaction or the likelihood of consummation of the Proposed Transaction. In addition, we express no opinion on, and our opinion does not in any manner address, the
fairness of the amount or the nature of any compensation to any officers, directors or employees of any parties to the Proposed Transaction, or any class of such persons, relative to the consideration
to be paid in the Proposed Transaction. Our opinion does not address the relative merits of the Proposed Transaction as compared to any other transaction or business strategy in which the Company
might engage. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at our opinion, we reviewed and analyzed: (1)&nbsp;a draft of the Agreement, dated as of April&nbsp;23, 2017 and the specific terms of the Proposed Transaction;
(2)&nbsp;publicly available information concerning FelCor and the Company that we believe to be relevant to our analysis, including Felcor's Annual Report on Form&nbsp;10-K for the fiscal year
ended December&nbsp;31, 2016, and the Company's Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2016; (3)&nbsp;financial and operating information with respect to
the business, operations and prospects of the Company furnished to us by the Company, including financial projections of the Company prepared by management of the Company (the "Company Projections");
(4)&nbsp;financial and operating information with respect to the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=372,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=150577,FOLIO='B-1',FILE='DISK127:[17ZBR1.17ZBR49201]MM49201A.;31',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_mm49201_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>business,
operations and prospects of FelCor furnished to us by FelCor, including financial projections of FelCor prepared by management of FelCor (the "FelCor Projections"); (5)&nbsp;financial and
operating information with respect to the business, operations and prospects of FelCor furnished to us by the Company, including financial projections of FelCor prepared by management of the Company
(the "Company's FelCor Projections"); (6)&nbsp;the pro forma impact of the Proposed Transaction on the future financial performance of the combined company, including cost savings, operating
synergies and certain dis-synergies expected by management of the Company to result from the combination of the businesses of the Company and FelCor (collectively, the "Expected Synergies"),
(7)&nbsp;a comparison of the historical and projected financial results and present financial condition of FelCor and the Company with each other and with those of other companies that we deemed
relevant; (8)&nbsp;a comparison of the financial terms of the Proposed Transaction with the financial terms of certain other transactions that we deemed relevant; and (9)&nbsp;published estimates
of independent research analysts with respect to the future financial performance, net asset value and price targets of FelCor and the Company. In addition, we have had discussions with the management
of the Company and FelCor concerning the Company's and FelCor's business, operations, assets, liabilities, financial condition and prospects and have undertaken such other studies, analyses and
investigations as we deemed appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at our opinion, we have assumed and relied upon the accuracy and completeness of the financial and other information used by us without any independent verification of such
information (and have not assumed responsibility or liability for any independent verification of such information) and have further relied upon the assurances of the management of the Company that
they are not aware of any facts or circumstances that would make such information inaccurate or misleading. With
respect to the Company Projections, upon the advice of the Company, we have assumed that such projections have been reasonably prepared on a basis reflecting the best currently available estimates and
judgments of the management of the Company as to the future financial performance of the Company and that the Company will perform substantially in accordance with such projections. With respect to
the Company's FelCor Projections, upon the advice of the Company, we have assumed that such projections have been reasonably prepared on a basis reflecting the best currently available estimates and
judgments of the management of the Company as to the future financial performance of FelCor and that FelCor would perform substantially in accordance with such projections. Furthermore, upon the
advice and direction of the Company, we have assumed with your consent that the amounts and timing of the Expected Synergies are reasonable and that the Expected Synergies will be realized in
accordance with such estimates. We assume no responsibility for and we express no view as to any such projections or estimates (including the Expected Synergies) or the assumptions on which they are
based. In arriving at our opinion, we have not conducted a physical inspection of the properties and facilities of FelCor or the Company and have not made or obtained any evaluations or appraisals of
the assets or liabilities of FelCor or the Company. Our opinion necessarily is based upon market, economic and other conditions as they exist on, and can be evaluated as of, the date of this letter.
We assume no responsibility for updating or revising our opinion based on events or circumstances that may occur after the date of this letter. In addition, we express no opinion as to the prices at
which (i)&nbsp;shares of FelCor Common Stock would trade following the announcement of the Proposed Transaction or (ii)&nbsp;the Company Common Shares would trade following the announcement or
consummation of the Proposed Transaction. Our opinion should not be viewed as providing any assurance that the market value of the Company Common Shares to be held by the shareholders of the Company
after the consummation of the Proposed Transaction will be in excess of the market value of the Company Common Shares owned by such shareholders at any time prior to the announcement or consummation
of the Proposed Transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have assumed that the executed Agreement will conform in all material respects to the last draft reviewed by us. In addition, we have assumed the accuracy of the representations and
warranties contained in the Agreement and all agreements related thereto. We have also assumed, upon the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=373,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=136731,FOLIO='B-2',FILE='DISK127:[17ZBR1.17ZBR49201]MM49201A.;31',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_mm49201_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>advice
and direction of the Company, that all material governmental, regulatory and third party approvals, consents and releases for the Proposed Transaction will be obtained within the constraints
contemplated by the Agreement and that the Proposed Transaction will be consummated in accordance with the terms of the Agreement without waiver, modification or amendment of any material term,
condition or agreement thereof. We do not express any opinion as to any tax or other consequences that might result from the Proposed Transaction, nor does our opinion address any legal, tax,
regulatory or accounting matters, as to which we understand that the Company has obtained such advice as it deemed necessary from qualified professionals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon and subject to the foregoing, we are of the opinion as of the date hereof and based on and subject to the assumptions and limitations set forth in the Agreement, the Exchange
Ratio to be paid by the Company in the Proposed Transaction is fair from a financial point of view to the Company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as financial advisor to the Company in connection with the Proposed Transaction and will receive a fee for our services, a portion of which is payable upon rendering this
opinion and a substantial portion of which is contingent upon the consummation of the Proposed Transaction. In addition, the Company has agreed to reimburse our expenses and indemnify us for certain
liabilities that may arise out of our engagement. We have performed various investment banking services for the Company in the past, and expect to perform such services in the future, and have
received, and expect to receive, customary fees for such services. Specifically, in the past two years, we have performed the following investment banking and financial services: (i)&nbsp;in May
2014, as lead underwriter for the Company's public offering of the Company Common Shares and (ii)&nbsp;we are currently a lender in the Company's revolving credit facility. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays
Capital&nbsp;Inc., its subsidiaries and its affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other
financial and non-financial services. In the ordinary course of our business, we and our affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any
derivatives thereof) and financial instruments (including loans and other obligations) of the Company and FelCor for our own account and for the accounts of our customers and, accordingly, may at any
time hold long or short positions and investments in such securities and financial instruments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion, the issuance of which has been approved by our Fairness Opinion Committee, is for the use and benefit of the Board of Trustees of the Company and is rendered to the Board
of Trustees in connection with its consideration of the Proposed Transaction. This opinion is not intended to be and does not constitute a recommendation to any shareholder of the Company as to how
such shareholder should vote with respect to the Proposed Transaction. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/ Barclays Capital&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>BARCLAYS CAPITAL&nbsp;INC.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=374,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=306537,FOLIO='B-3',FILE='DISK127:[17ZBR1.17ZBR49201]MM49201A.;31',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ms49201_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ms49201_annex_c"> </A>
<A NAME="toc_ms49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Annex&nbsp;C    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ms49201_[bank_of_america_merrill_lynch_letterhead]"> </A>
<A NAME="toc_ms49201_2"> </A></FONT> <FONT SIZE=2>[BANK OF AMERICA MERRILL LYNCH LETTERHEAD]    <BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>April&nbsp;23,
2017 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
Board of Directors<BR>
FelCor Lodging Trust Incorporated<BR>
125 East John Carpenter Freeway<BR>
Suite&nbsp;1600<BR>
Irving, Texas 75062 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Members
of the Board of Directors: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>We
understand that FelCor Lodging Trust Incorporated, a Maryland corporation ("FelCor"), proposes to enter into an Agreement and Plan of Merger, dated as of April&nbsp;23, 2017 (the "Agreement"),
among FelCor, RLJ Lodging Trust, a Maryland real estate investment trust ("RLJ"), RLJ Lodging Trust,&nbsp;L.P., a Delaware limited partnership ("RLJ&nbsp;LP"), Rangers Sub I,&nbsp;LLC, a
Maryland limited liability company and a wholly owned subsidiary of RLJ&nbsp;LP ("Merger Sub"), Rangers Sub&nbsp;II,&nbsp;LP, a Delaware limited partnership and an indirect wholly owned
subsidiary of RLJ&nbsp;LP ("Partnership Merger Sub"), and FelCor Lodging Limited Partnership, a Delaware limited partnership ("FelCor&nbsp;LP") pursuant to which, among other things, FelCor will
merge with and into Merger Sub (the "Merger") and each outstanding share of the common stock, par value $0.01 per share, of FelCor ("FelCor Common Stock") will be converted into the right to receive
0.362 of a common share of beneficial interest, par value $0.01 per share (an "RLJ Common Share"), of RLJ (the "Exchange Ratio"). The terms and conditions of the Merger are more fully set forth in the
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>We
also understand that (i)&nbsp;prior to the Merger, Partnership Merger Sub shall merge with and into FelCor&nbsp;LP, with FelCor&nbsp;LP continuing as the surviving entity and a wholly owned
subsidiary of RLJ&nbsp;LP, and (ii)&nbsp;in connection with the Merger, the outstanding shares of $1.95 Series&nbsp;A Cumulative Convertible Preferred Stock, par value $0.01 per share, of FelCor
will be converted into the right to receive an equivalent number of Series&nbsp;A cumulative convertible preferred shares, par value $0.01 per share, of RLJ (such transactions described in
clauses&nbsp;(i) and (ii)&nbsp;above and the other transactions contemplated by the Agreement (other than the Merger), collectively, the "Related Transactions"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>You
have requested our opinion as to the fairness, from a financial point of view, to the holders of FelCor Common Stock of the Exchange Ratio provided for in the Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
connection with this opinion, we have, among other things: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewed
certain publicly available business and financial information relating to FelCor and RLJ;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewed
certain internal financial and operating information with respect to the business, operations and prospects of FelCor furnished to or discussed with us by
the management of FelCor, including certain financial forecasts relating to FelCor prepared by the management of FelCor (such forecasts, the "FelCor Forecasts");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewed
certain internal financial and operating information with respect to the business, operations and prospects of RLJ furnished to or discussed with us by the
management of RLJ, including certain financial forecasts relating to RLJ prepared by the management of RLJ as extrapolated by FelCor and approved for our use by FelCor (such forecasts, the "RLJ
Forecasts");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewed
certain estimates approved by FelCor management as to the net asset values of the hospitality properties owned by FelCor and RLJ (such estimates, the "NAV
Estimates"); </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>C-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=375,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=846587,FOLIO='C-1',FILE='DISK127:[17ZBR1.17ZBR49201]MS49201A.;14',USER='VRIVERA',CD='12-JUL-2017;02:32' -->
<A NAME="page_ms49201_1_2"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewed
certain estimates as to the amount and timing of cost savings (collectively, the "Cost Savings") anticipated by the managements of FelCor and RLJ to result
from the Merger;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>discussed
the past and current business, operations, financial condition and prospects of FelCor with members of senior managements of FelCor and RLJ, and discussed
the past and current business, operations, financial condition and prospects of RLJ with members of senior managements of FelCor and RLJ;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewed
the potential pro forma financial impact of the Merger on the future financial performance of RLJ, including the potential effect on RLJ's estimated funds
from operations;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewed
the trading histories for FelCor Common Stock and RLJ Common Shares and a comparison of such trading histories with each other and with the trading
histories of other companies we deemed relevant;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>compared
certain financial and stock market information of FelCor and RLJ with similar information of other companies we deemed relevant;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>compared
certain financial terms of the Merger to financial terms, to the extent publicly available, of other transactions we deemed relevant;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewed
the relative financial contributions of FelCor and RLJ to the future financial performance of the combined company on a pro forma basis;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>considered
the results of our efforts on behalf and at the direction of FelCor to solicit indications of interest from, and to respond to inquiries of, third
parties with respect to a possible transaction involving FelCor;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewed
a draft, dated April&nbsp;22, 2017, of the Agreement (the "Draft Agreement"); and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(14)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>performed
such other analyses and studies and considered such other information and factors as we deemed appropriate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>In
arriving at our opinion, we have assumed and relied upon, without independent verification, the accuracy and completeness of the financial and other information and data publicly available or
provided to or otherwise reviewed by or discussed with us and have relied upon the assurances of the
managements of FelCor and RLJ that they are not aware of any facts or circumstances that would make such information or data inaccurate or misleading in any material respect. With respect to the
FelCor Forecasts and the NAV Estimates, we have been advised by FelCor, and have assumed, that they have been reasonably prepared on bases reflecting the best currently available estimates and good
faith judgments of the management of FelCor as to the future financial performance of FelCor and the values of the hospitality properties owned by FelCor and RLJ, respectively. We have further assumed
that the proposed dispositions of certain hospitality properties of FelCor reflected in the FelCor Forecasts will be consummated in the manner and at the values projected by FelCor. With respect to
the RLJ Forecasts prepared by the management of RLJ and Cost Savings, we have been advised by RLJ, and have assumed, with the consent of FelCor, that they have been reasonably prepared on bases
reflecting the best currently available estimates and good faith judgments of the management of RLJ as to the future financial performance of RLJ and other matters covered thereby. As you are aware,
we have not been provided with, and we did not have access to, financial forecasts relating to RLJ prepared by the management of RLJ for 2021. With respect to the RLJ Forecasts for such time period,
we have been advised by FelCor and have assumed at the direction of FelCor, that based upon management of FelCor's review and assessment of the future financial results reflected in the RLJ Forecasts,
the RLJ Forecasts are a reasonable basis upon which to evaluate the future financial performance of RLJ. We have not made or been provided with any independent evaluation or appraisal of the assets or
liabilities (contingent or otherwise) of FelCor or RLJ, nor have we made any physical inspection of the properties or assets of FelCor or RLJ. We have not evaluated the solvency or fair </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>C-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=376,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=758456,FOLIO='C-2',FILE='DISK127:[17ZBR1.17ZBR49201]MS49201A.;14',USER='VRIVERA',CD='12-JUL-2017;02:32' -->
<A NAME="page_ms49201_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>value
of FelCor or RLJ under any state, federal or other laws relating to bankruptcy, insolvency or similar matters. We have assumed, at the direction of FelCor, that the Merger will be consummated in
accordance with its terms, without waiver, modification or amendment of any material term, condition or agreement and that, in the course of obtaining the necessary governmental, regulatory and other
approvals, consents, releases and waivers for the Merger, no delay, limitation, restriction or condition, including any divestiture requirements or amendments or modifications, will be imposed that
would have an adverse effect on FelCor, RLJ or the contemplated benefits of the Merger. We also have assumed, at the direction of FelCor, that the final executed Agreement will not differ in any
material respect from the Draft Agreement reviewed by us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>We
express no view or opinion as to the Related Transactions or any terms or other aspects of the Merger (other than the Exchange Ratio to the extent expressly specified herein), including, without
limitation, the form or structure of the Merger, the form or structure, or financial or other terms, of any Related Transactions, aspects or implications of any voting or support agreements or any
governance or other arrangements, agreements or understandings entered into in connection with or related to the Merger, the Related Transactions or otherwise. Our opinion is limited to the fairness,
from a financial point of view, of the Exchange Ratio to holders of FelCor Common Stock and no opinion or view is expressed with respect to any consideration received in connection with the Merger by
the holders of any class of securities, creditors or other constituencies of any party. In addition, no opinion or view is expressed with respect to the fairness (financial or otherwise) of the
amount, nature or any other aspect of any compensation to any of the officers, directors or employees of any party to the Merger, or class of such persons, relative to the Exchange Ratio. Furthermore,
no opinion or view is expressed as to the relative merits of the Merger in comparison to other strategies or transactions
that might be available to FelCor or in which FelCor might engage (including with respect to proposals received from Ashford Hospitality Trust relating to a possible acquisition of FelCor) or as to
the underlying business decision of FelCor to proceed with or effect the Merger. We are not expressing any opinion as to what the value of RLJ Common Shares actually will be when issued or the prices
at which FelCor Common Stock or RLJ Common Shares will trade at any time, including following announcement or consummation of the Merger. In addition, we express no opinion or recommendation as to how
any stockholder should vote or act in connection with the Merger or any related matter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>We
have acted as financial advisor to FelCor in connection with the Merger and will receive a fee for our services, a portion of which is payable upon the rendering of this opinion and a significant
portion of which is contingent upon consummation of the Merger. In addition, FelCor has agreed to reimburse our expenses and indemnify us against certain liabilities arising out of our engagement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>We
and our affiliates comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and
principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and financial advisory services and other commercial services and
products to a wide range of companies, governments and individuals. In the ordinary course of our businesses, we and our affiliates may invest on a principal basis or on behalf of customers or manage
funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions in equity, debt or other securities or financial instruments (including
derivatives, bank loans or other obligations) of FelCor, RLJ and certain of their respective affiliates. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>We
and our affiliates in the past have provided, currently are providing, and in the future may provide, investment banking, commercial banking and other financial services to FelCor and have received
or in the future may receive compensation for the rendering of these services, including (i)&nbsp;having acted as a joint book runner and co-lead arranger for, and as a lender under, certain loans
and/or revolvers for FelCor, (ii)&nbsp;having acted as joint book runner to FelCor in a debt capital market transaction and in an equity follow on offering, (ii)&nbsp;having acted as joint dealer
manager in a debt tender offer, and having provided or providing certain treasury and trade management products and services. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>C-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=377,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=228152,FOLIO='C-3',FILE='DISK127:[17ZBR1.17ZBR49201]MS49201A.;14',USER='VRIVERA',CD='12-JUL-2017;02:32' -->
<A NAME="page_ms49201_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
addition, we and our affiliates in the past have provided, currently are providing, and in the future may provide, investment banking, commercial banking and other financial services to RLJ and
have received or in the future may receive compensation for the rendering of these services, including having acted as a joint book runner and co-lead arranger for, and as a lender under, certain
loans and/or revolvers for RLJ. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>It
is understood that this letter is for the benefit and use of the Board of Directors of FelCor (in its capacity as such) in connection with and for purposes of its evaluation of the Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Our
opinion is necessarily based on financial, economic, monetary, market and other conditions and circumstances as in effect on, and the information made available to us as of, the date hereof. It
should be understood that subsequent developments may affect this opinion, and we do not have any obligation to update, revise, or reaffirm this opinion. The issuance of this opinion was approved by a
fairness opinion review committee of Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Based
upon and subject to the foregoing, including the various assumptions and limitations set forth herein, we are of the opinion on the date hereof that the Exchange Ratio provided for in the Merger
is fair, from a financial point of view, to the holders of FelCor Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Very
truly yours, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>/s/
Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>MERRILL
LYNCH, PIERCE, FENNER&nbsp;&amp; SMITH<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATED </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>C-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=378,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=135073,FOLIO='C-4',FILE='DISK127:[17ZBR1.17ZBR49201]MS49201A.;14',USER='VRIVERA',CD='12-JUL-2017;02:32' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="na49201_annex_d"> </A>
<A NAME="toc_na49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Annex&nbsp;D    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="na49201_form_of_voting_agreement"> </A>
<A NAME="toc_na49201_2"> </A></FONT> <FONT SIZE=2><B>  FORM OF VOTING AGREEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS VOTING AGREEMENT, dated as of [</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>], 2017 (this
"<U>Agreement</U>"), is made by and among RLJ Lodging Trust, a Maryland real estate investment trust ("<U>Parent</U>"), RLJ Lodging Trust,&nbsp;L.P., a
Delaware limited partnership ("<U>Parent&nbsp;LP</U>" and, together with Parent, the "<U>Parent Parties</U>")
and&nbsp;[</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>] (the "<U>Stockholder</U>) of FelCor Lodging Trust Incorporated, a
Maryland corporation (the "<U>Company</U>"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT FACE="times" SIZE=2><A
NAME="na49201_w_i_t_n_e_s_s_e_t_h_"> </A>
<A NAME="toc_na49201_3"> </A>
<BR></FONT><FONT SIZE=2><B>  W I T N E S S E T H:    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, concurrently with the execution of this Agreement, the Parent Parties, the Company, FelCor Lodging Limited Partnership, a Delaware
limited partnership ("<U>Company&nbsp;LP</U>"), Rangers Sub&nbsp;I,&nbsp;LLC, a Maryland limited liability company and a wholly owned subsidiary of Parent&nbsp;LP
("<U>REIT Merger Sub</U>"), and Rangers Sub II,&nbsp;LP, a Delaware limited partnership and an indirect wholly owned subsidiary of Parent&nbsp;LP ("<U>Partnership
Merger Sub</U>") have entered into an Agreement and Plan of Merger (the "<U>Merger Agreement</U>") which, among other things, provides for (i)&nbsp;the merger of the
Company with and into REIT Merger Sub with REIT Merger Sub being the surviving entity (the "<U>REIT Merger</U>") immediately after (ii)&nbsp;the merger of Partnership Merger
Sub with and into Company&nbsp;LP, with Company&nbsp;LP continuing as the surviving entity and a wholly owned subsidiary of Parent&nbsp;LP (the "<U>Partnership Merger</U>"
and, together with the Parent Merger, the "<U>Mergers</U>"); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
as a condition and an inducement to the Parent Parties' willingness to enter into the Merger Agreement, the Parent Parties have required that the Stockholder agrees, and the
Stockholder has agreed to, enter into this Agreement with respect to (i)&nbsp;all common stock, par value $0.01 per share, of the Company (the "<U>Company Common Stock</U>")
and (ii)&nbsp;all limited partnership interests in Company&nbsp;LP designated as a "Partnership Unit" (the "<U>Company Partnership Units</U>") under the Company Partnership
Agreement (as defined in the Merger Agreement), in each case that the Stockholder owns, if any, beneficially (as defined in Rule&nbsp;13d-3 under the Exchange Act) or of record; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Stockholder is the beneficial or record owner, and has either sole or shared voting power over, such number of shares of the Company Common Stock and the Company Partnership
Units (the "<U>Company Units</U>"), if any, as is indicated opposite the Stockholder's name on <U>Schedule&nbsp;A</U> attached hereto; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Parent desires that the Stockholder agree, and the Stockholder is willing to agree, subject to the limitations herein, not to Transfer (as defined below) any of its Subject
Securities (as defined below), and to vote its Subject Securities in a manner so as to facilitate consummation of the Mergers. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth below and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, do hereby agree as follows: </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=379,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=263477,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]NA49201A.;12',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_nc49201_1_2"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Definitions</U>.&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used but not otherwise
defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement. When used in this Agreement, the following terms in all of their tenses, cases and correlative forms
shall have the meanings assigned to them in this <U>Section&nbsp;1</U> or elsewhere in this Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Expiration
Time</U>" shall mean the earliest to occur of (i)&nbsp;the approval of the Merger Agreement at the Company Stockholder Meeting, (ii)&nbsp;such
date and time as the Merger Agreement shall be terminated pursuant to Article&nbsp;VIII thereof or (iii)&nbsp;the termination of this Agreement by mutual written consent of the parties hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Permitted
Transfer</U>" shall mean, in each case, with respect to the Stockholder, so long as (i)&nbsp;such Transfer is in accordance with applicable Law and
(ii)&nbsp;the Stockholder is and at all times has been in compliance with this Agreement, any Transfer of Subject Securities by the Stockholder (x)&nbsp;to an Affiliate of the Stockholder or
(y)&nbsp;to any member of the Stockholder's immediate family, or to a trust for the benefit of the Stockholder or any member of the Stockholder's immediate family, so long as such Affiliate or other
permitted transferee (if applicable), in connection with such Transfer, executes a joinder to this Agreement pursuant to which such Affiliate or other permitted transferee (if applicable)
agrees to become a party to this Agreement and be subject to the restrictions applicable to the Stockholder and otherwise become a party for all purposes of this Agreement;
<U>provided</U>, that no such Transfer shall relieve the transferring Stockholder from [his][her] obligations under this
Agreement, other than with respect to the Company Common Stock or the Company Units transferred in accordance with the foregoing provision. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Subject
Securities</U>" shall mean, collectively, the Company Common Stock, the New Company Stock, the Company Units, and the New Company Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Transfer</U>"
shall mean (i)&nbsp;any direct or indirect offer, sale, assignment, encumbrance, pledge, hypothecation, disposition, loan or other transfer (by
operation of Law or otherwise), either voluntary or involuntary, or entry into any contract, option or other arrangement or understanding with respect to any offer, sale, assignment, encumbrance,
pledge, hypothecation, disposition, loan or other transfer (by operation of Law or otherwise), of any Subject Securities (or any security convertible or exchangeable into Subject Securities) or
interest in any Subject Securities, including, without limitation, a redemption of the Company Partnership Units for cash pursuant to the terms of the Company Partnership Agreement, but excluding, for
the avoidance of doubt, entry into this Agreement, or (ii)&nbsp;entering into any swap or any other agreement, transaction or series of transactions that hedges or transfers, in whole or in part,
directly or indirectly, the economic consequence of ownership of such capital stock or interest in capital stock, whether any such swap, agreement, transaction or series of transactions is to be
settled by delivery of securities, in cash or otherwise. For purposes of this Agreement, "capital stock" shall include interests in a limited partnership. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=380,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=470321,FOLIO='D-2',FILE='DISK127:[17ZBR1.17ZBR49201]NC49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_nc49201_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Agreement to Retain the Company Common Stock and the Company Units</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Transfer and Encumbrance of Subject Securities</U>.&nbsp;&nbsp;&nbsp;&nbsp;Other than a Permitted
Transfer, hereafter until the Expiration Time, the Stockholder agrees, with respect to any Subject Securities beneficially owned by the Stockholder, not to (i)&nbsp;Transfer any such Subject
Securities, or (ii)&nbsp;deposit any such Subject Securities into a voting trust or enter into a voting agreement or arrangement with respect to such Subject Securities or grant any proxy (except as
otherwise provided herein) or power of attorney with respect thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Additional Purchases</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder agrees that any Company Common Stock and
other capital shares of the Company that the Stockholder purchases or otherwise acquires or with respect to which
the Stockholder otherwise acquires sole or shared voting power after the execution of this Agreement and prior to the Expiration Time (the "<U>New Company Stock</U>") and any
Company Partnership Units or other partnership interests of Company&nbsp;LP that the Stockholder purchases or otherwise acquires or with respect to which the Stockholder otherwise acquires sole or
shared voting power after the execution of this Agreement and prior to the Expiration Time (the "<U>New Company Units</U>") shall, in each case, be subject to the terms and
conditions of this Agreement to the same extent as if they constituted the Company Common Stock or the Company Units, as applicable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Unpermitted Transfers</U>.&nbsp;&nbsp;&nbsp;&nbsp;Any Transfer or attempted Transfer of any Subject
Securities in violation of this <U>Section&nbsp;2</U> shall, to the fullest extent permitted by Law, be null and void </FONT><FONT SIZE=2><I>ab initio</I></FONT><FONT SIZE=2>.
Notwithstanding the foregoing or any other provision in this Agreement to the contrary, to the extent any of the Company Common Stock or the Company Units held by the Stockholder subject to any Lien
(as set forth on <U>Schedule&nbsp;A</U> hereto) become subject to foreclosure, forfeiture or other similar proceedings, thereby causing the Stockholder to be unable to comply
with [his][her] obligations under this Agreement with respect to such securities, the Stockholder shall not be deemed to be in breach of this Agreement
with respect to the Stockholder's obligations with respect to such Company Common Stock or Company Units. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Agreement to Vote and Approve</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Company Common Stock</U>.&nbsp;&nbsp;&nbsp;&nbsp;Hereafter until the Expiration Time, at every meeting of
the stockholders of the Company called with respect to any of the following matters, and at every adjournment or postponement thereof, and on every action or approval by written consent of the
stockholders of the Company with respect to any of the following matters, the Stockholder shall, or shall cause the holder of record on any applicable record date to (including via proxy), vote 100%
of the Company Common Stock and any New Company Stock owned by the Stockholder: (i)&nbsp;in favor of the Parent Merger, and (ii)&nbsp;against (a)&nbsp;any Acquisition Proposal for the Company,
(b)&nbsp;any action or agreement that would reasonably be expected to result in any condition to the consummation of the Mergers set forth in Article&nbsp;VII of the Merger Agreement not being
fulfilled, and (c)&nbsp;any action which could reasonably be expected to impede, interfere with, materially delay, materially postpone or materially adversely affect consummation of the transactions
contemplated by the Merger Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Company Units</U>.&nbsp;&nbsp;&nbsp;&nbsp;Hereafter until the Expiration Time, on every action or approval
by written consent of the partners of Company&nbsp;LP with respect to any of the following </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=381,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=48397,FOLIO='D-3',FILE='DISK127:[17ZBR1.17ZBR49201]NC49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_nc49201_1_4"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>matters,
whether contemplated now or at any time prior to the Expiration Time, and at every meeting of the partners of Company&nbsp;LP called with respect to any of the following matters, and at
every adjournment or postponement thereof, the Stockholder shall, or shall cause the holder of record on any applicable record date to (including via proxy), vote the Company Units and any New Company
Units: (i)&nbsp;in favor of the Partnership Merger; (ii)&nbsp;in favor of any amendment to the Company Partnership Agreement proposed to facilitate the Partnership Merger or the other transactions
contemplated by the Merger Agreement; and (iii)&nbsp;against (a)&nbsp;any action or agreement that would reasonably be expected to result in any condition to the consummation of the Mergers set
forth in Article&nbsp;VII of the Merger Agreement not being fulfilled, and (b)&nbsp;any action which could reasonably be expected to impede, interfere with, materially delay, materially postpone
or materially adversely affect consummation of the transactions contemplated by the Merger Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Irrevocable Proxy</U>.&nbsp;&nbsp;&nbsp;&nbsp;By execution of this Agreement, the Stockholder does hereby
appoint and constitute Parent, and any one or more other individuals designated by Parent, and each of them individually, until the Expiration Time (at which time this proxy shall automatically be
revoked), with full power of substitution and resubstitution, as the Stockholder's true and lawful attorneys-in-fact and irrevocable proxies, to the fullest extent of the Stockholder's rights with
respect to the Subject Securities beneficially owned by the Stockholder, to vote such Subject Securities solely with respect to the matters set forth in <U>Section&nbsp;3</U>
hereof; <U>provided</U>, <U>however</U>, that the foregoing shall only be effective if the Stockholder fails to be counted as present, to consent or to vote
the Stockholder's Subject Securities, as applicable, in accordance with <U>Section&nbsp;3</U>. The Stockholder intends this proxy to be irrevocable and coupled with an interest
hereafter until the Expiration Time (at which time this proxy shall automatically be revoked) for all purposes and hereby revokes any proxy previously granted by the Stockholder with respect to its
Subject Securities. The Stockholder hereby ratifies and confirms all actions that the proxies appointed hereunder may lawfully do or cause to be done in accordance with this Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Representations and Warranties of the Stockholder</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder hereby
represents and warrants to the Parent Parties as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Due Authority</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder has the legal capacity and full power and
authority to make, enter into and carry out the terms of this Agreement and to grant the irrevocable proxy as set forth in <U>Section&nbsp;4</U> hereof. This Agreement has been
duly and validly executed and delivered by the Stockholder and constitutes a valid and binding agreement of the Stockholder enforceable against
[him][her] in accordance with its terms, except to the extent enforceability may be limited by the effect of applicable bankruptcy, reorganization,
insolvency, moratorium or other Laws affecting the enforcement of creditors' rights generally and the effect of general principles of equity, regardless of whether such enforceability is considered in
a proceeding at Law or in equity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Ownership of the Company Common Stock and the Company Units</U>.&nbsp;&nbsp;&nbsp;&nbsp;As of the date
hereof, the Stockholder (i)&nbsp;is the beneficial or record owner of the Company Common Stock and the Company Partnership Units indicated on <U>Schedule&nbsp;A</U> hereto
opposite the Stockholder's name, free and clear of any and all Liens, other than those created by this </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=382,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=67698,FOLIO='D-4',FILE='DISK127:[17ZBR1.17ZBR49201]NC49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_nc49201_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Agreement,
as disclosed on <U>Schedule&nbsp;A</U> or as would not prevent the Stockholder from performing [his][her] obligations
under this Agreement, and (ii)&nbsp;has either sole or shared voting power over all of the Company Common Stock and the Company Units beneficially owned by the Stockholder. As of the date hereof,
the Stockholder does not own, beneficially or of record, any capital stock or other securities of the Company or Company&nbsp;LP other than the Company Common Stock and the Company Partnership Units
set forth on <U>Schedule&nbsp;A</U> opposite the Stockholder's name. As of the date hereof, the Stockholder does not own, beneficially or of record, any rights to purchase or
acquire any shares of capital stock of the Company or Company&nbsp;LP except as set forth on <U>Schedule&nbsp;A</U> opposite the Stockholder's name. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Conflict; Consents</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by the Stockholder do not, and the performance by the Stockholder of the obligations under this Agreement and the compliance
by the Stockholder with any provisions hereof do not and will not: (i)&nbsp;conflict with or violate in any material respect any Laws applicable to the Stockholder, or (ii)&nbsp;result in any
material breach of or constitute a material default (or an event that with notice or lapse of time or both would become a material default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, or result in the creation of a Lien on any of the Company Common Stock or the Company Units beneficially owned by the Stockholder pursuant to, any note,
bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which the Stockholder is a party or by which the Stockholder is bound. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;No
consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Authority or any other Person, is required by or with
respect to the Stockholder in connection with the execution and delivery of this Agreement or the consummation by the Stockholder of the transactions contemplated hereby. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Absence of Litigation</U>.&nbsp;&nbsp;&nbsp;&nbsp;There is no Action pending against, or, to the knowledge
of the Stockholder, threatened against or affecting, the Stockholder or any of its Affiliates or any of their respective properties or assets (including the Company Common Stock and the Company Units
beneficially owned by the Stockholder) at Law or in equity that could reasonably be expected to impair or adversely affect the ability of the Stockholder to perform the Stockholder's obligations
hereunder or to consummate the transactions contemplated hereby on a timely basis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Ownership of Parent Common Shares and Interests in Parent&nbsp;LP</U>.&nbsp;&nbsp;&nbsp;&nbsp;As of the
date hereof, the Stockholder does not own, beneficially or of record, any Parent Common Shares or any partnership interests in Parent&nbsp;LP. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Termination</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall terminate and shall have no further force or
effect immediately following the Expiration Time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Notice of Certain Events</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder shall notify Parent promptly of
(a)&nbsp;any fact, event or circumstance that would cause, or reasonably be expected to cause or constitute, a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=383,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=21032,FOLIO='D-5',FILE='DISK127:[17ZBR1.17ZBR49201]NC49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_nc49201_1_6"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>breach
in any material respect of the representations and warranties of the Stockholder under this Agreement and (b)&nbsp;the receipt by the Stockholder of any notice or other communication from any
Person alleging that the consent of such Person is or may be required in connection with this Agreement; <U>provided</U>, <U>however</U>, that the delivery
of any notice pursuant to this <U>Section&nbsp;7</U> shall not limit or otherwise affect the remedies available to any party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Miscellaneous</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Notices</U>.&nbsp;&nbsp;&nbsp;&nbsp;Any notice, request, claim, demand and other communications hereunder
shall be in writing, shall be deemed to have been given (i)&nbsp;upon confirmation of successful transmission if sent by facsimile transmission or e-mail of a pdf attachment (provided that any
notice received by facsimile or e-mail on any Business Day after 5:00&nbsp;p.m. (Eastern time) shall be deemed to have been received at 9:00&nbsp;a.m. (Eastern time) on the next Business Day), or
(ii)&nbsp;upon receipt by the receiving party if sent by reliable overnight delivery service (with proof of service), hand delivery or certified or registered mail (return receipt requested and
first-class postage prepaid), and shall be addressed as follows (or at such other address for a party as shall be specified in a notice given in accordance with this
<U>Section&nbsp;8.1</U>): </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 </UL>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="86pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>if to the Parent Parties:</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> RLJ Lodging Trust<BR>
3 Bethesda Metro Center<BR>
Suite&nbsp;1000<BR>
Bethesda, MD 20814</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Phone:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(301)&nbsp;280-7777</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fax:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(301)&nbsp;280-7787</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Ross H. Bierkan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Email:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>rbierkan@rljlodgingtrust.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
with a copy (which shall not constitute notice) to:</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Hogan Lovells US&nbsp;LLP<BR>
555 13th&nbsp;Street NW<BR>
Washington, DC 20004</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Phone:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(202)&nbsp;637-5600</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fax:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(202)&nbsp;637-5910</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>David Bonser<BR>
Les Reese</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Email:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>david.bonser@hoganlovells.com<BR>
leslie.reese@hoganlovells.com</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=384,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=46585,FOLIO='D-6',FILE='DISK127:[17ZBR1.17ZBR49201]NC49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_nc49201_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="86pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
if to the Stockholder:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
To the address for notice set forth on the last page hereof.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;"><FONT SIZE=2>Or
to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective upon receipt. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Severability</U>.&nbsp;&nbsp;&nbsp;&nbsp;If any term or other provision of this Agreement is determined to
be invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to
the fullest extent permitted by applicable law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Binding Effect and Assignment</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and all of the provisions hereof
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. The Company and Company&nbsp;LP shall be express third party beneficiaries
of the agreements of the Stockholder contained in this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Amendments and Modification</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be modified, amended,
altered or supplemented except upon the execution and delivery of a written agreement executed by the parties hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Entire Agreement</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement (including the exhibits, schedules, annexes
and appendices hereto) constitutes the entire agreement between the parties with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings, both written
and oral, among the parties, or any of them, with respect to the subject matter hereof and thereof. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=385,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=937036,FOLIO='D-7',FILE='DISK127:[17ZBR1.17ZBR49201]NC49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_nc49201_1_8"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Specific Performance</U>.&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto agree that irreparable damage, for
which monetary damages (even if available) would not be an adequate remedy, would occur in the event that the parties hereto do not perform the provisions of this Agreement in accordance with its
specified terms or otherwise breach such provisions. Accordingly, the parties acknowledge and agree that the parties shall be entitled to an injunction, specific performance and other equitable relief
to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, in addition to any other remedy to which they are entitled at Law or in equity. Each of the parties
agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that any other party has an adequate remedy at Law or that any award of
specific performance is not an appropriate remedy for any reason at Law or in equity. Any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement shall not be required to provide any bond or other security in connection with any such order or injunction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Counterparts</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, and
by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission or by e-mail of a pdf attachment shall be effective as delivery of a manually executed counterpart
of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Governing Law</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and all actions, proceedings or counterclaims
(whether based on contract, tort or otherwise) directly or indirectly arising out of or relating to this Agreement or the actions of Parent, Parent&nbsp;LP, or the Stockholder in the negotiation,
administration, performance and enforcement thereof, shall be governed by, and construed in accordance with, the laws of the State of Maryland, without giving effect to any choice or conflict of Laws
provision or rule (whether of the State of Maryland or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Maryland. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Consent to Jurisdiction</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of the courts of the State of Maryland and to the jurisdiction of the United States
District Court for the District of Maryland, for the purpose of any action, proceeding or counterclaim (whether based on contract, tort or otherwise) directly or indirectly arising out of or relating
to this Agreement or the actions of the parties hereto in the negotiation, administration, performance and enforcement thereof, and each of the parties hereto hereby irrevocably agrees that all claims
in respect to such action or proceeding may be heard and determined exclusively in any state or federal court located in the State of Maryland. Each of the parties hereto further consents to the
assignment to the Business and Technology Case Management Program with regard to any proceeding in the courts of the State of Maryland. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of the parties hereto (i)&nbsp;irrevocably consents to the service of the summons and complaint and any other process in any other action or proceeding relating
to the transactions contemplated by this Agreement, on behalf of itself or its property, by personal delivery of copies of such process to such party and nothing in this
<U>Section&nbsp;8.9</U> shall affect the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=386,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=458753,FOLIO='D-8',FILE='DISK127:[17ZBR1.17ZBR49201]NC49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_nc49201_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>right
of any party to serve legal process in any other manner permitted by Law, (ii)&nbsp;consents to submit itself to the personal jurisdiction of any United States federal court located in the
State of Maryland or any Maryland state court in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement, (iii)&nbsp;agrees that it will not attempt to
deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (iv)&nbsp;agrees that it will not bring any action relating to this Agreement or the
transactions contemplated by this Agreement in any court other than any United States federal court located in the State of Maryland or any Maryland state court. Each of Parent, Parent&nbsp;LP, and
the Stockholder agrees that a final judgment in any action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>WAIVER OF JURY TRIAL</U>.&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT
ANY CONTROVERSY WHICH MAY ARISE OUT OF OR RELATING TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT
THEREOF. EACH OF THE PARTIES HERETO CERTIFIES AND ACKNOWLEDGES THAT (A)&nbsp;NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B)&nbsp;EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C)&nbsp;EACH SUCH PARTY MAKES
THIS WAIVER VOLUNTARILY, AND (D)&nbsp;EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
<U>SECTION&nbsp;8.10</U>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Agreement Until Executed</U>.&nbsp;&nbsp;&nbsp;&nbsp;Irrespective of negotiations among the parties or
the exchanging of drafts of this Agreement, this Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding between the parties hereto unless and until
(i)&nbsp;the Merger Agreement is executed and delivered by all parties thereto, and (ii)&nbsp;this Agreement is executed and delivered by all parties hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Legal Representation</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement was negotiated by the parties with the
benefit of legal representation and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any party shall not apply to any construction
or interpretation thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Expenses</U>.&nbsp;&nbsp;&nbsp;&nbsp;All costs and expenses incurred in connection with this Agreement
shall be paid by the party incurring such cost or expense, whether or not the Mergers are consummated. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=387,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=58979,FOLIO='D-9',FILE='DISK127:[17ZBR1.17ZBR49201]NC49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_nc49201_1_10"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Action in Stockholder Capacity Only</U>.&nbsp;&nbsp;&nbsp;&nbsp;No Person executing this Agreement (or
designee or Representative of such Person) who has been, is or becomes during the term of this Agreement a director, trustee, officer or fiduciary of the Company shall be deemed to make any agreement
or understanding in this Agreement in such Person's capacity as a director, trustee, officer or fiduciary of the Company. The parties acknowledge and agree that this Agreement is entered into by the
Stockholder solely in [his][her] capacity as the beneficial owner or record holder of Company Common Stock or Company Units and nothing in this
Agreement shall restrict, limit or affect (or require the Stockholder to attempt to restrict, limit or affect) in any respect any actions taken by the Stockholder or
[his][her] designees or Representatives who are a director, trustee, officer or fiduciary of the Company in
[his][her] capacity as a director, trustee, officer or fiduciary of the Company. Neither the Stockholder nor any of
[his][her] designees or Representatives shall have any liability under this Agreement as a result of any action or inaction by the Stockholder or its
designees or Representatives acting in [his][her] capacity as an officer, trustee, director or fiduciary of the Company, it being understood that any
action taken (or failure to take action) by the Stockholder or its designees or Representatives in such capacity to approve an Adverse Recommendation Change shall have no effect on the obligations of
the Stockholder under this Agreement as the record holder or beneficial owner of Subject Securities if this Agreement has not been terminated in accordance with its terms. For the avoidance of doubt,
nothing in this <U>Section&nbsp;8.14</U> shall in any way modify, alter or amend any of the terms of the Merger Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Documentation and Information</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder consents to and authorizes the
publication and disclosure by Parent and the Company of the Stockholder's identity and holdings of the Company Common Stock and the Company Units, and the nature of the Stockholder's commitments,
arrangements and understandings under this Agreement, in any press release or any other disclosure document required in connection with the Mergers or any other transaction contemplated by the Merger
Agreement. As promptly as practicable, the Stockholder shall notify Parent of any required corrections with respect to any written information supplied by the Stockholder specifically for use in
any such disclosure document, if and to the extent the Stockholder becomes aware that any have become false or misleading in any material respect. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>[</FONT><FONT
SIZE=2><I>Remainder of page intentionally left blank; signature page follows</I></FONT><FONT SIZE=2>.] </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=388,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=924056,FOLIO='D-10',FILE='DISK127:[17ZBR1.17ZBR49201]NC49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="46%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="37%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>RLJ LODGING TRUST,<BR>
a Maryland real estate investment trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ LODGING TRUST,&nbsp;L.P.,<BR>
a Delaware limited partnership</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RLJ LODGING TRUST,<BR>
its General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[Signature Page to Voting Agreement]</I></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=389,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=434836,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]NE49201A.;6',USER='CHE106319',CD=';8-JUL-2017;00:26' -->


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>STOCKHOLDER:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> [Name]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Stockholder's Address for Notice:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[Signature Page to Voting Agreement]</I></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=390,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=310942,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]NE49201A.;6',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ng49201_schedule_a"> </A>
<A NAME="toc_ng49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Schedule&nbsp;A    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="116pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="122pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Company Common Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Company Units </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Restricted Company<BR>
Common Stock (Unvested) </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>[Stockholder]</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=391,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=759356,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]NG49201A.;10',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ni49201_annex_e"> </A>
<A NAME="toc_ni49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Annex&nbsp;E    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ni49201_form_of_voting_agreement"> </A>
<A NAME="toc_ni49201_2"> </A></FONT> <FONT SIZE=2><B>  FORM OF VOTING AGREEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS VOTING AGREEMENT, dated as of [</FONT><FONT FACE="SYMBOL" SIZE=2>&middot;</FONT><FONT FACE="times" SIZE=2>], 2017 (this
"<U>Agreement</U>"), is made by and among FelCor Lodging Trust Incorporated, a Maryland corporation (the "<U>Company</U>"), FelCor Lodging Limited
Partnership, a Delaware limited partnership ("<U>Company&nbsp;LP</U>" and, together with Parent, the "<U>Company Parties</U>") and the undersigned
shareholder (the "<U>Shareholder</U>) of RLJ Lodging Trust, a Maryland real estate investment trust ("<U>Parent</U>"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT FACE="times" SIZE=2><A
NAME="ni49201_w_i_t_n_e_s_s_e_t_h_"> </A>
<A NAME="toc_ni49201_3"> </A>
<BR></FONT><FONT SIZE=2><B>  W I T N E S S E T H:    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, concurrently with the execution of this Agreement, the Company Parties, Parent, RLJ&nbsp;Lodging Trust,&nbsp;L.P., a Delaware
limited partnership ("<U>Parent&nbsp;LP</U>"), Rangers Sub I,&nbsp;LLC, a Maryland limited liability company and a wholly owned subsidiary of Parent&nbsp;LP
("<U>REIT Merger Sub</U>"), and Rangers Sub II,&nbsp;LP, a Delaware limited partnership and an indirect wholly owned subsidiary of Parent&nbsp;LP ("<U>Partnership
Merger Sub</U>") have entered into an Agreement and Plan of Merger (the "<U>Merger Agreement</U>") which, among other things, provides for (i)&nbsp;the merger of the
Company with and into REIT Merger Sub with REIT Merger Sub being the surviving entity (the "<U>REIT Merger</U>") immediately after (ii)&nbsp;the merger of Partnership Merger
Sub with and into Company&nbsp;LP, with Company&nbsp;LP continuing as the surviving entity and a wholly owned subsidiary of Parent&nbsp;LP (the "<U>Partnership Merger</U>"
and, together with the Parent Merger, the "<U>Mergers</U>"); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
as a condition and an inducement to the Company Parties' willingness to enter into the Merger Agreement, the Company Parties have required that the Shareholder agrees, and the
Shareholder has agreed to, enter into this Agreement with respect to (i)&nbsp;all common shares of beneficial interest, par value $0.01 per share, of Parent (the "<U>Parent Common
Shares</U>") and (ii)&nbsp;all limited partnership interests in Parent&nbsp;LP designated as a "Class&nbsp;A Unit" (the "<U>Parent Partnership Units</U>") under
the Parent Partnership Agreement, in each case that the Shareholder owns, if any, beneficially (as defined in Rule&nbsp;13d-3 under the Exchange Act) or of record; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Shareholder is the beneficial or record owner, and has either sole or shared voting power over, such number of Parent Common Shares and Parent Partnership Units (the
"<U>Parent Units</U>"), if any, as is indicated opposite the Shareholder's name on <U>Schedule&nbsp;A</U> attached hereto; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Company desires that the Shareholder agree, and the Shareholder is willing to agree, subject to the limitations herein, not to Transfer (as defined below) any of its Subject
Securities (as defined below), and to vote its Subject Securities in a manner so as to facilitate consummation of the Mergers. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth below and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, do hereby agree as follows: </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=392,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=619039,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]NI49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_ni49201_1_2"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Definitions</U>.&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used but not otherwise defined herein shall have
the respective meanings ascribed to such terms in the Merger Agreement. When used in this Agreement, the following terms in all of their tenses, cases and correlative forms shall have the meanings
assigned to them in this <U>Section&nbsp;1</U> or elsewhere in this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Expiration
Time</U>" shall mean the earliest to occur of (i)&nbsp;the approval of the Parent Share Issuance at the Parent Shareholder Meeting,
(ii)&nbsp;such date and time as the Merger Agreement shall be terminated pursuant to Article&nbsp;VIII thereof or (iii)&nbsp;the termination of this Agreement by mutual written consent of the
parties hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Permitted
Transfer</U>" shall mean, in each case, with respect to the Shareholder, so long as (i)&nbsp;such Transfer is in accordance with applicable Law and
(ii)&nbsp;the Shareholder is and at all times has been in compliance with this Agreement, any Transfer of Subject Securities by the Shareholder (x)&nbsp;to an Affiliate of the Shareholder or
(y)&nbsp;to any member of the Shareholder's immediate family, or to a trust for the benefit of the Shareholder or any member of the Shareholder's immediate family, so long as such Affiliate or other
permitted transferee (if applicable), in connection with such Transfer, executes a joinder to this Agreement pursuant to which such Affiliate or other permitted transferee (if applicable) agrees to
become a party to this Agreement and be subject to the restrictions applicable to the Shareholder and otherwise become a party for all purposes of this Agreement;
<U>provided</U>, that no such Transfer shall relieve the transferring Shareholder from [his][her] obligations under this
Agreement, other than with respect to the Parent Common Shares or the Parent Units transferred in accordance with the foregoing provision. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Subject
Securities</U>" shall mean, collectively, the Parent Common Shares, the New Parent Shares, the Parent Units, and the New Parent Units. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Transfer</U>"
shall mean (i)&nbsp;any direct or indirect offer, sale, assignment, encumbrance, pledge, hypothecation, disposition, loan or other transfer (by
operation of Law or otherwise), either voluntary or involuntary, or entry into any contract, option or other arrangement or understanding with respect to any offer, sale, assignment, encumbrance,
pledge, hypothecation, disposition, loan or other transfer (by operation of Law or otherwise), of any Subject Securities (or any security convertible or exchangeable into Subject Securities) or
interest in any Subject Securities, including, without limitation,
a redemption of the Parent Partnership Units for cash pursuant to the terms of the Parent Partnership Agreement, but excluding, for the avoidance of doubt, entry into this Agreement, or
(ii)&nbsp;entering into any swap or any other agreement, transaction or series of transactions that hedges or transfers, in whole or in part, directly or indirectly, the economic consequence of
ownership of such capital stock or interest in capital stock, whether any such swap, agreement, transaction or series of transactions is to be settled by delivery of securities, in cash or otherwise.
For purposes of this Agreement, "capital stock" shall include interests in a limited partnership. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=393,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=883984,FOLIO='E-2',FILE='DISK127:[17ZBR1.17ZBR49201]NI49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_ni49201_1_3"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Agreement to Retain the Parent Common Shares and the Parent Units</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Transfer and Encumbrance of Subject Securities</U>.&nbsp;&nbsp;&nbsp;&nbsp;Other than a Permitted
Transfer, hereafter until the Expiration Time, the Shareholder agrees, with respect to any Subject Securities beneficially owned by the Shareholder, not to (i)&nbsp;Transfer any such Subject
Securities, or (ii)&nbsp;deposit any such Subject Securities into a voting trust or enter into a voting agreement or arrangement with respect to such Subject Securities or grant any proxy (except as
otherwise provided herein) or power of attorney with respect thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Additional Purchases</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Shareholder agrees that any Parent Common Shares and
other capital shares of Parent that the Shareholder purchases or otherwise acquires or with respect to which the Shareholder otherwise acquires sole or shared voting power after the execution of this
Agreement and prior to the Expiration Time (the "<U>New Parent Shares</U>") and any Parent Partnership Units or other partnership interests of Parent&nbsp;LP that the
Shareholder purchases or otherwise acquires or with respect to which the Shareholder otherwise acquires sole or shared voting power after the execution of this Agreement and prior to the Expiration
Time (the "<U>New Parent Units</U>") shall, in each case, be subject to the terms and conditions of this Agreement to the same extent as if they constituted the Parent Common
Shares or the Parent Units, as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Unpermitted Transfers</U>.&nbsp;&nbsp;&nbsp;&nbsp;Any Transfer or attempted Transfer of any Subject
Securities in violation of this <U>Section&nbsp;2</U> shall, to the fullest extent permitted by Law, be null and void </FONT><FONT SIZE=2><I>ab initio</I></FONT><FONT SIZE=2>.
Notwithstanding the foregoing or any other provision in this Agreement to the contrary, to the extent any of the Parent Common Shares or the Parent Units held by the Shareholder subject to any Lien
(as set forth on <U>Schedule&nbsp;A</U> hereto) become subject to foreclosure, forfeiture or other similar proceedings, thereby causing the Shareholder to be unable to comply
with [his][her] obligations under this Agreement with respect to such securities, the Shareholder shall not be deemed to be in breach of this Agreement
with respect to the Shareholder's obligations with respect to such Parent Common Shares or Parent Units. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Agreement to Vote and Approve</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Parent Common Shares</U>.&nbsp;&nbsp;&nbsp;&nbsp;Hereafter until the Expiration Time, at every meeting of
the shareholders of Parent called with respect to any of the following matters, and at every adjournment or postponement thereof, and on every action or approval by written consent of the shareholders
of Parent with respect to any of the following matters, the Shareholder shall, or shall cause the holder of record on any applicable record date to (including via proxy), vote 100% of the Parent
Common Shares and any New Parent Shares owned by the Shareholder: (i)&nbsp;in favor of the Parent Share Issuance, and (ii)&nbsp;against (a)&nbsp;any Acquisition Proposal for Parent,
(b)&nbsp;any action or agreement that would reasonably be expected to result in any condition to the consummation of the Mergers set forth in Article&nbsp;VII of the Merger Agreement not being
fulfilled, and (c)&nbsp;any action which could reasonably be expected to impede, interfere with, materially delay, materially postpone or materially adversely affect consummation of the transactions
contemplated by the Merger Agreement. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=394,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=499275,FOLIO='E-3',FILE='DISK127:[17ZBR1.17ZBR49201]NI49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_ni49201_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Parent Units</U>.&nbsp;&nbsp;&nbsp;&nbsp;Hereafter until the Expiration Time, on every action or approval
by written consent of the partners of Parent&nbsp;LP with respect to any of the following matters, whether contemplated now or at any time prior to the Expiration Time, and at every meeting of the
partners of Parent&nbsp;LP called with respect to any of the following matters, and at every adjournment or postponement thereof, the Shareholder shall, or shall cause the holder of record on any
applicable record date to (including via proxy), vote the Parent Units and any New Parent Units: (i)&nbsp;in favor of the Partnership Merger; (ii)&nbsp;in favor of any amendment to the Parent
Partnership Agreement proposed to facilitate the Partnership Merger or the other transactions contemplated by the Merger Agreement; and (iii)&nbsp;against (a)&nbsp;any action or agreement that
would reasonably be expected to result in any condition to the consummation of the Mergers set forth in Article&nbsp;VII of the Merger Agreement not being fulfilled, and (b)&nbsp;any action which
could reasonably be expected to impede, interfere with, materially delay, materially postpone or materially adversely affect consummation of the transactions contemplated by the Merger Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Irrevocable Proxy</U>.&nbsp;&nbsp;&nbsp;&nbsp;By execution of this Agreement, the Shareholder does hereby
appoint and constitute the Company, and any one or more other individuals designated by the Company, and each of them individually, until the Expiration Time (at which time this proxy shall
automatically be revoked), with full power of substitution and resubstitution, as the Shareholder's true and lawful attorneys-in-fact and irrevocable proxies, to the fullest extent of the
Shareholder's rights with respect to the Subject Securities beneficially owned by the Shareholder, to vote such Subject Securities solely with respect to the matters set forth in
<U>Section&nbsp;3</U> hereof; <U>provided</U>, <U>however</U>, that the foregoing shall only be effective if the Shareholder fails
to be counted as present, to consent or to vote the Shareholder's Subject Securities, as applicable, in accordance with <U>Section&nbsp;3</U>. The Shareholder intends this
proxy to be irrevocable and coupled with an interest hereafter until the Expiration Time (at which time this proxy
shall automatically be revoked) for all purposes and hereby revokes any proxy previously granted by the Shareholder with respect to its Subject Securities. The Shareholder hereby ratifies and confirms
all actions that the proxies appointed hereunder may lawfully do or cause to be done in accordance with this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Representations and Warranties of the Shareholder</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Shareholder hereby
represents and warrants to the Company Parties as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Due Authority</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Shareholder has the legal capacity and full power and
authority to make, enter into and carry out the terms of this Agreement and to grant the irrevocable proxy as set forth in <U>Section&nbsp;4</U> hereof. This Agreement has been
duly and validly executed and delivered by the Shareholder and constitutes a valid and binding agreement of the Shareholder enforceable against
[him][her] in accordance with its terms, except to the extent enforceability may be limited by the effect of applicable bankruptcy, reorganization,
insolvency, moratorium or other Laws affecting the enforcement of creditors' rights generally and the effect of general principles of equity, regardless of whether such enforceability is considered in
a proceeding at Law or in equity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Ownership of the Company Common Stock and the Company Units</U>.&nbsp;&nbsp;&nbsp;&nbsp;As of the date
hereof, the Shareholder (i)&nbsp;is the beneficial or record owner of the Parent Common </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=395,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=361248,FOLIO='E-4',FILE='DISK127:[17ZBR1.17ZBR49201]NI49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_ni49201_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Shares
and the Parent Partnership Units indicated on <U>Schedule&nbsp;A</U> hereto opposite the Shareholder's name, free and clear of any and all Liens, other than those
created by this Agreement, as disclosed on <U>Schedule&nbsp;A</U> or as would not prevent the Shareholder from performing
[his][her] obligations under this Agreement, and (ii)&nbsp;has either sole or shared voting power over all of the Parent Common Shares and the Parent
Units beneficially owned by the Shareholder. As of the date hereof, the Shareholder does not own, beneficially or of record, any capital stock or other securities of Parent or Parent&nbsp;LP other
than the Parent Common Shares and the Parent Partnership Units set forth on <U>Schedule&nbsp;A</U> opposite the Shareholder's name. As of the date hereof, the Shareholder does
not own, beneficially or of record, any rights to purchase or acquire any capital shares of Parent or Parent&nbsp;LP except as set forth on <U>Schedule&nbsp;A</U> opposite
the Shareholder's name. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Conflict; Consents</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by the Shareholder do not, and the performance by the Shareholder of the obligations under this Agreement and the compliance
by the Shareholder with any provisions hereof do not and will not: (i)&nbsp;conflict with or violate in any material respect any Laws applicable to the Shareholder, or (ii)&nbsp;result in any
material breach of or constitute a material default (or an event that with notice or lapse of time or both would become a material default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, or result in the creation of a Lien on any of the Parent Common Shares or the Parent Units beneficially owned by the Shareholder pursuant to, any note,
bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which the Shareholder is a party or by which the Shareholder is bound. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;No
consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Authority or any other Person, is required by or with
respect to the Shareholder in connection with the execution and delivery of this Agreement or the consummation by the Shareholder of the transactions contemplated hereby. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Absence of Litigation</U>.&nbsp;&nbsp;&nbsp;&nbsp;There is no Action pending against, or, to the knowledge
of the Shareholder, threatened against or affecting, the Shareholder or any of its Affiliates or any of their respective properties or assets (including the Parent Common Shares and the Parent Units
beneficially owned by the Shareholder) at Law or in equity that could reasonably be expected to impair or adversely affect the ability of the Shareholder to perform the Shareholder's obligations
hereunder or to consummate the transactions contemplated hereby on a timely basis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Ownership of Company Common Stock and Interests in Company&nbsp;LP</U>.&nbsp;&nbsp;&nbsp;&nbsp;As of the
date hereof, the Shareholder does not own, beneficially or of record, any shares of Company Common Stock or any partnership interests in Company&nbsp;LP. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Termination</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall terminate and shall have no further force or
effect immediately following the Expiration Time. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=396,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=998579,FOLIO='E-5',FILE='DISK127:[17ZBR1.17ZBR49201]NI49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_ni49201_1_6"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Notice of Certain Events</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Shareholder shall notify the Company promptly of
(a)&nbsp;any fact, event or circumstance that would cause, or reasonably be expected to cause or constitute, a breach in any material respect of the representations and warranties of the Shareholder
under this Agreement and (b)&nbsp;the receipt by the Shareholder of any notice or other communication from any Person alleging that
the consent of such Person is or may be required in connection with this Agreement; <U>provided</U>, <U>however</U>, that the delivery of any notice
pursuant to this <U>Section&nbsp;7</U> shall not limit or otherwise affect the remedies available to any party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Miscellaneous</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Notices</U>.&nbsp;&nbsp;&nbsp;&nbsp;Any notice, request, claim, demand and other communications hereunder
shall be in writing, shall be deemed to have been given (i)&nbsp;upon confirmation of successful transmission if sent by facsimile transmission or e-mail of a pdf attachment (provided that any
notice received by facsimile or e-mail on any Business Day after 5:00&nbsp;p.m. (Eastern time) shall be deemed to have been received at 9:00&nbsp;a.m. (Eastern time) on the next Business Day), or
(ii)&nbsp;upon receipt by the receiving party if sent by reliable overnight delivery service (with proof of service), hand delivery or certified or registered mail (return receipt requested and
first-class postage prepaid), and shall be addressed as follows (or at such other address for a party as shall be specified in a notice given in accordance with this
<U>Section&nbsp;8.1</U>): </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 </UL>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>if to the Company Parties:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>FelCor Lodging Trust Incorporated<BR>
125 E. John Carpenter Freeway<BR>
Suite&nbsp;1600<BR>
Irving, TX 75062</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Phone:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(972)&nbsp;444-4900</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Fax:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(972)&nbsp;444-4949</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Steven R. Goldman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>sgoldman@felcor.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
with a copy (which shall not constitute notice) to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Sidley Austin&nbsp;LLP<BR>
787 Seventh Avenue<BR>
New York, NY 10019</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Phone:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(212)&nbsp;839-5300</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Fax:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(212)&nbsp;839-5399</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Attention:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Michael Gordon<BR>
Gabriel Saltarelli</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>mgordon@sidley.com<BR>
gsaltarelli@sidley.com</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=397,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=187126,FOLIO='E-6',FILE='DISK127:[17ZBR1.17ZBR49201]NI49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_ni49201_1_7"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to the Shareholder: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the address for notice set forth on the last page hereof. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Or
to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective upon receipt. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Severability</U>.&nbsp;&nbsp;&nbsp;&nbsp;If any term or other provision of this Agreement is determined to
be invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to
the fullest extent permitted by applicable law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Binding Effect and Assignment</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and all of the provisions hereof
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Parent and Parent&nbsp;LP shall be express third party beneficiaries of
the agreements of the Shareholder contained in this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Amendments and Modification</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be modified, amended,
altered or supplemented except upon the execution and delivery of a written agreement executed by the parties hereto. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Entire Agreement</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement (including the exhibits, schedules, annexes
and appendices hereto) constitutes the entire agreement between the parties with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings, both written
and oral, among the parties, or any of them, with respect to the subject matter hereof and thereof. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=398,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=533915,FOLIO='E-7',FILE='DISK127:[17ZBR1.17ZBR49201]NI49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_ni49201_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Specific Performance</U>.&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto agree that irreparable damage, for
which monetary damages (even if available) would not be an adequate remedy, would occur in the event that the parties hereto do not perform the provisions of this Agreement in accordance with its
specified terms or otherwise breach such provisions. Accordingly, the parties acknowledge and agree that the parties shall be entitled to an injunction, specific performance and other equitable relief
to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, in addition to any other remedy to which they are entitled at Law or in equity. Each of the parties
agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that any other party has an adequate remedy at Law or that any award of
specific performance is not an appropriate remedy for any reason at Law or in equity. Any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement shall not be required to provide any bond or other security in connection with any such order or injunction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Counterparts</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, and
by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission or by e-mail of a pdf attachment shall be effective as delivery of a manually executed counterpart
of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Governing Law</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and all actions, proceedings or counterclaims
(whether based on contract, tort or otherwise) directly or indirectly arising out of or relating to this Agreement or the actions of the Company, Company&nbsp;LP, or the Shareholder in the
negotiation, administration, performance and enforcement thereof, shall be governed by, and construed in accordance with, the laws of the State of Maryland, without giving effect to any choice or
conflict of Laws provision or rule (whether of the State of Maryland or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Maryland. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Consent to Jurisdiction</U>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of the courts of the State of Maryland and to the jurisdiction of the United States
District Court for the District of Maryland, for the purpose of any action, proceeding or counterclaim (whether based on contract, tort or otherwise) directly or indirectly arising out of or relating
to this Agreement or the actions of the parties hereto in the negotiation, administration, performance and enforcement thereof, and each of the parties hereto hereby irrevocably agrees that all claims
in respect to such action or proceeding may be heard and determined exclusively in any state or federal court located in the State of Maryland. Each of the parties hereto further consents to the
assignment to the Business and Technology Case Management Program with regard to any proceeding in the courts of the State of Maryland. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of the parties hereto (i)&nbsp;irrevocably consents to the service of the summons and complaint and any other process in any other action or proceeding relating
to the transactions contemplated by this Agreement, on behalf of itself or its property, by personal delivery of copies of such process to such party and nothing in this
<U>Section&nbsp;8.9</U> shall affect the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=399,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=606079,FOLIO='E-8',FILE='DISK127:[17ZBR1.17ZBR49201]NI49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_ni49201_1_9"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>right
of any party to serve legal process in any other manner permitted by Law, (ii)&nbsp;consents to submit itself to the personal jurisdiction of any United States federal court located in the
State of Maryland or
any Maryland state court in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement, (iii)&nbsp;agrees that it will not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court and (iv)&nbsp;agrees that it will not bring any action relating to this Agreement or the transactions contemplated by
this Agreement in any court other than any United States federal court located in the State of Maryland or any Maryland state court. Each of the Company, Company&nbsp;LP, and the Shareholder agrees
that a final judgment in any action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>WAIVER OF JURY TRIAL</U>.&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT
ANY CONTROVERSY WHICH MAY ARISE OUT OF OR RELATING TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT
THEREOF. EACH OF THE PARTIES HERETO CERTIFIES AND ACKNOWLEDGES THAT (A)&nbsp;NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B)&nbsp;EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C)&nbsp;EACH SUCH PARTY MAKES
THIS WAIVER VOLUNTARILY, AND (D)&nbsp;EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
<U>SECTION&nbsp;8.10</U>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>No Agreement Until Executed</U>.&nbsp;&nbsp;&nbsp;&nbsp;Irrespective of negotiations among the parties or
the exchanging of drafts of this Agreement, this Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding between the parties hereto unless and until
(i)&nbsp;the Merger Agreement is executed and delivered by all parties thereto, and (ii)&nbsp;this Agreement is executed and delivered by all parties hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Legal Representation</U>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement was negotiated by the parties with the
benefit of legal representation and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any party shall not apply to any construction
or interpretation thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Expenses</U>.&nbsp;&nbsp;&nbsp;&nbsp;All costs and expenses incurred in connection with this Agreement
shall be paid by the party incurring such cost or expense, whether or not the Mergers are consummated. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=400,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=186368,FOLIO='E-9',FILE='DISK127:[17ZBR1.17ZBR49201]NI49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_ni49201_1_10"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Action in Shareholder Capacity Only</U>.&nbsp;&nbsp;&nbsp;&nbsp;No Person executing this Agreement (or
designee or Representative of such Person) who has been, is or becomes during the term of this Agreement a director, trustee, officer or fiduciary of Parent shall be deemed to make any agreement or
understanding in this Agreement in such Person's capacity as a director, trustee, officer or fiduciary of Parent. The parties acknowledge and agree that this Agreement is entered into by the
Shareholder solely in [his][her] capacity as the beneficial owner or record holder of Parent Common Shares or Parent Units and nothing in this Agreement
shall restrict, limit or affect (or require the Shareholder to attempt to restrict, limit or affect) in any respect any actions taken by the Shareholder or its designees or Representatives who are a
director, trustee, officer or fiduciary of Parent in [his][her] capacity as a director, trustee, officer or fiduciary of Parent. Neither the Shareholder
nor any of [his][her] designees or Representatives shall have any liability under this Agreement as a result of any action or inaction by the
Shareholder or [his][her] designees or Representatives acting in [his][her] capacity as an officer,
trustee, director or fiduciary of Parent, it being understood that any action taken (or failure to take action) by the Shareholder or [his][her]
designees or Representatives in such capacity to approve an Adverse Recommendation Change shall have no effect on the obligations of the Shareholder under this Agreement as the record holder or
beneficial owner of Subject Securities if this Agreement has not been terminated in accordance with its terms. For the avoidance of doubt, nothing in this
<U>Section&nbsp;8.14</U> shall in any way modify, alter or amend any of the terms of the Merger Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Documentation and Information</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Shareholder consents to and authorizes the
publication and disclosure by Parent and the Company of the Shareholder's identity and holdings of the Parent Common Shares and the Parent Units, and the nature of the Shareholder's commitments,
arrangements and understandings under this Agreement, in any press release or any other disclosure document required in connection with the Mergers or any other transaction contemplated by the Merger
Agreement. As promptly as practicable, the Shareholder shall notify the Company of any required corrections with respect to any written information supplied by the Shareholder specifically for use in
any such disclosure document, if and to the extent the Shareholder becomes aware that any have become false or misleading in any material respect. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>[</FONT><FONT
SIZE=2><I>Remainder of page intentionally left blank; signature page follows</I></FONT><FONT SIZE=2>.] </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=401,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=916405,FOLIO='E-10',FILE='DISK127:[17ZBR1.17ZBR49201]NI49201A.;19',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="46%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="37%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>FELCOR LODGING TRUST INCORPORATED,<BR>
a Maryland corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2> FELCOR LODGING LIMITED PARTNERSHIP,<BR>
a Delaware limited partnership</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>FELCOR LODGING TRUST INCORPORATED,<BR>
its General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[Signature Page to Voting Agreement]</I></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=402,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=332958,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]NK49201A.;13',USER='CHE106319',CD=';8-JUL-2017;00:26' -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>SHAREHOLDER:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> [Name]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Shareholder's Address for Notice:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[Signature Page to Voting Agreement]</I></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=403,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=680533,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]NK49201A.;13',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="nm49201_schedule_a"> </A>
<A NAME="toc_nm49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Schedule&nbsp;A    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="110pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="125pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Parent Common Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Parent Units </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Restricted Parent Common<BR>
Shares (Unvested) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>[Shareholder]</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=404,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=869961,FOLIO='blank',FILE='DISK127:[17ZBR1.17ZBR49201]NM49201A.;8',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_oa49201_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="oa49201_part_ii._information_not_required_in_prospectus"> </A>
<A NAME="toc_oa49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II. INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="oa49201_item_20._indemnification_of_officers_and_directors"> </A>
<A NAME="toc_oa49201_2"> </A></FONT> <FONT SIZE=2><B>  ITEM 20.&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION OF OFFICERS AND DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Maryland REIT law permits a Maryland REIT to include in its declaration of trust a provision limiting the liability of its trustees and
officers to the trust and its shareholders for money damages except for liability resulting from (a)&nbsp;actual receipt of an improper benefit or profit in money, property or services or
(b)&nbsp;active or deliberate dishonesty established in a judgment or other final adjudication to be material to the cause of action. RLJ's declaration of trust contains a provision
that limits the liability of RLJ's trustees and officers to the maximum extent permitted by Maryland law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Maryland REIT law permits a Maryland REIT to indemnify and advance expenses to its trustees, officers, employees and agents to the same extent as permitted by the MGCL for directors
and officers of Maryland corporations. The MGCL permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and
reasonable expenses actually incurred by them in connection with any proceeding to which they may be a party by reason of their service in those or other capacities unless it is established that
(a)&nbsp;the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i)&nbsp;was committed in bad faith or (ii)&nbsp;was a result of active and
deliberate dishonesty, (b)&nbsp;the director or officer actually received an improper personal benefit in money, property or services or (c)&nbsp;in the case of any criminal proceeding, the
director or officer had reasonable cause to believe that the act or omission was unlawful. However, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right if the
corporation or if the director or officer was adjudged to be liable to the corporation nor may a director be indemnified in circumstances in which the director is found liable for an improper personal
benefit. In accordance with the MGCL and RLJ's bylaws, RLJ is required, as a condition to advancement of expenses, to obtain (a)&nbsp;a written affirmation by the trustee or officer of his good
faith belief that he has met the standard of conduct necessary for indemnification and (b)&nbsp;a written statement by or on his behalf to repay the amount paid or reimbursed by RLJ if it shall
ultimately be determined that the standard of conduct was not met. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLJ's
declaration of trust provides that RLJ (a)&nbsp;shall indemnify, to the maximum extent permitted by Maryland law in effect from time to time, any individual who is a present or
former trustee, and (b)&nbsp;may indemnify, to the maximum extent permitted by Maryland law in effect from time to time, any individual who is a present or former officer or any individual who, at
RLJ's request, serves or has served as an, officer, partner, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or any other enterprise from and against
any claim or liability to which such person may become subject or which such person may incur by reason of his status as a present or former officer, partner, employee or agent of RLJ. RLJ has the
power, with the approval of the RLJ&nbsp;Board, to provide such indemnification and advancement of expenses to a person who served a predecessor of RLJ in any of the capacities described in
(a)&nbsp;or (b)&nbsp;above and to any employee or agent of RLJ or a predecessor of RLJ. Maryland law requires RLJ to indemnify a trustee or officer who has been successful, on the merits or
otherwise, in the defense of any proceeding to which he is made a party by reason of his service in that capacity. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, RLJ has entered into indemnification agreements with each of RLJ's trustees and executive officers to provide for indemnification to the maximum extent permitted by Maryland
law.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="oa49201_item_21._exhibits_and_financial_statement_schedules"> </A>
<A NAME="toc_oa49201_3"> </A></FONT> <FONT SIZE=2><B>  ITEM 21.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS AND FINANCIAL STATEMENT SCHEDULES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A list of the exhibits included as part of this registration statement is set forth in the Exhibit Index that follows the signature page to this
registration statement and is incorporated herein by reference. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=405,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=355112,FOLIO='II-1',FILE='DISK127:[17ZBR1.17ZBR49201]OA49201A.;7',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_oa49201_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="oa49201_item_22._undertakings"> </A>
<A NAME="toc_oa49201_4"> </A></FONT> <FONT SIZE=2><B>  ITEM 22.&nbsp;&nbsp;&nbsp;&nbsp;UNDERTAKINGS    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
undersigned registrant hereby undertakes:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than a
20&nbsp;percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement;
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2>
offering thereof.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser: if the registrant is subject to Rule&nbsp;430C, each prospectus
filed pursuant to Rule&nbsp;424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule&nbsp;430B or other than prospectuses filed in
reliance on Rule&nbsp;430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; </FONT><FONT SIZE=2><I>provided,
however</I></FONT><FONT SIZE=2>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or
modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>That,
for the purpose of determining liability of the registrant under the Securities Act of&nbsp;1933 to any purchaser in the initial distribution of the
securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method
used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424; </FONT></DD></DL>
</DD></DL>
</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=406,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=349628,FOLIO='II-2',FILE='DISK127:[17ZBR1.17ZBR49201]OA49201A.;7',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<A NAME="page_oa49201_1_3"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities
provided by or on behalf of the undersigned registrant; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
<BR><BR></FONT></DD></DL>
</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual
report pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section&nbsp;15(d)
of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2> offering thereof.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
undersigned registrant hereby undertakes as follows: that prior to any public reoffering of the securities registered hereunder through use of a prospectus which
is a part of this registration statement, by any person or party who is deemed to be an underwriter within the meaning of Rule&nbsp;145(c), the issuer undertakes that such reoffering prospectus will
contain the information called for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters, in addition to the information called for by the other
items of the applicable form. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>The
registrant undertakes that every prospectus: (i)&nbsp;that is filed pursuant to the immediately preceding paragraph, or (ii)&nbsp;that purports to meet the requirements of
Section&nbsp;10(a)(3) of the Securities Act of 1933 and is used in connection with an offering of securities subject to Rule&nbsp;415, will be filed as a part of an amendment to the registration
statement and will not be used until such amendment is effective, and that, for purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><FONT SIZE=2><I>bona
fide</I></FONT><FONT SIZE=2> offering thereof.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes to respond to requests for information that is incorporated by reference into the prospectus pursuant to Items&nbsp;4, 10(b), 11, or 13 of
Form&nbsp;S-4, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in
documents filed subsequent to the effective date of the registration statement through the date of responding to the request. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired involved therein,
that was not the subject of and included in the registration statement when it became effective. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=407,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=306478,FOLIO='II-3',FILE='DISK127:[17ZBR1.17ZBR49201]OA49201A.;7',USER='CHE106319',CD=';8-JUL-2017;00:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_oc49201_1_4"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="oc49201_signatures"> </A>
<A NAME="toc_oc49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Bethesda, State of Maryland, on July&nbsp;17, 2017.

 </FONT>

</P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="46%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> RLJ LODGING TRUST</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ROSS H. BIERKAN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Ross H. Bierkan<BR></FONT> <FONT SIZE=2><I>President, Chief Executive Officer and Chief Investment Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in their respective capacities and on
July&nbsp;17, 2017.

</FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="43%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Signatures

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Title

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Robert L. Johnson</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>Executive Chairman and Trustee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;ROSS H. BIERKAN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Ross H. Bierkan</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>President, Chief Executive Officer, Chief Investment Officer and Trustee (principal executive officer)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Leslie D. Hale</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Chief Operating Officer and Chief Financial Officer (principal financial officer)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Christopher A. Gormsen</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Chief Accounting Officer (principal accounting officer)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Evan Bayh</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Trustee</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Arthur Collins</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Trustee</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Nathaniel A. Davis</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Trustee</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=408,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=154128,FOLIO='II-4',FILE='DISK127:[17ZBR1.17ZBR49201]OC49201A.;21',USER='JLAWRENA',CD='14-JUL-2017;17:42' -->
<A NAME="page_oc49201_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="43%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Signatures

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Title

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Robert M. La Forgia</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>Trustee</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Glenda G. McNeal</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Trustee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>*By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ROSS H. BIERKAN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Ross H. Bierkan<BR></FONT> <FONT SIZE=2><I>Attorney-in-fact</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=409,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=82550,FOLIO='II-5',FILE='DISK127:[17ZBR1.17ZBR49201]OC49201A.;21',USER='JLAWRENA',CD='14-JUL-2017;17:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_oe49201_1_6"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="oe49201_exhibit_index"> </A>
<A NAME="toc_oe49201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBIT INDEX    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="24pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Agreement and Plan of Merger by and among RLJ Lodging Trust, RLJ Lodging Trust,&nbsp;L.P., Rangers Sub I,&nbsp;LLC, Rangers Sub II,&nbsp;LLC, FelCor Lodging Trust Incorporated, and FelCor Lodging Limited Partnership,
dated April&nbsp;23, 2017 (attached as Annex&nbsp;A to the prospectus/proxy statement that forms&nbsp;a part of this registration statement)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Articles of Amendment and Restatement of Declaration of Trust of RLJ Lodging Trust (incorporated by reference to Exhibit&nbsp;3.1 to Amendment No.&nbsp;4 to the Registrant's Registration Statement on Form&nbsp;S-11 (File
No.&nbsp;333-172011) filed on May&nbsp;5, 2011)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Articles of Amendment to Articles of Amendment and Restatement of Declaration of Trust of RLJ Lodging Trust (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant's Current Report on Form&nbsp;8-K filed on
May&nbsp;7, 2015)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Articles of Amendment to Articles of Amendment and Restatement of Declaration of Trust of RLJ Lodging Trust (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant's Current Report on Form&nbsp;8-K filed on
May&nbsp;5, 2016)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Articles Supplementary to Articles of Amendment and Restatement of Declaration of Trust (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant's Current Report on Form&nbsp;8-K filed on February&nbsp;26,
2015)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Articles Supplementary to Articles of Amendment and Restatement of Declaration of Trust for Series&nbsp;A Preferred Shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Third Amended and Restated Bylaws of RLJ Lodging Trust (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant's Current Report on Form&nbsp;8-K filed on May&nbsp;5, 2016)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Specimen Common Share Certificate (incorporated by reference to Exhibit&nbsp;4.1 to the Registrant's Registration Statement on Form&nbsp;S-11/A (File. No.&nbsp;333-172011) filed on April&nbsp;29, 2011)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Specimen Series&nbsp;A Preferred Share Certificate</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Opinion of Hogan Lovells US&nbsp;LLP regarding the legality of the securities being registered.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Opinion of Hogan Lovells US&nbsp;LLP regarding tax matters.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Opinion of Polsinelli PC regarding tax matters.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Share Dividends</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>List of Subsidiaries of RLJ Lodging Trust (incorporated by reference to Exhibit&nbsp;21.1 to RLJ&nbsp;Lodging Trust's Annual Report on Form&nbsp;10-K filed on February&nbsp;23, 2017)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Hogan Lovells US&nbsp;LLP (included in Exhibit&nbsp;5.1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Hogan Lovells US&nbsp;LLP (included in Exhibit&nbsp;8.1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Polsinelli PC (included in Exhibit&nbsp;8.2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of PricewaterhouseCoopers&nbsp;LLP, independent registered public accounting firm (in&nbsp;respect of RLJ Lodging Trust)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of PricewaterhouseCoopers&nbsp;LLP, independent registered public accounting firm (in&nbsp;respect of FelCor Lodging Trust Incorporated)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR></FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=410,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=353320,FOLIO='II-6',FILE='DISK127:[17ZBR1.17ZBR49201]OE49201A.;10',USER='CHE109872',CD=';9-JUL-2017;21:35' -->
<A NAME="page_oe49201_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg49201a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="24pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 24.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Powers of Attorney</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Barclays Capital&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Proxy solicited by the Board of Trustees of RLJ Lodging Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Proxy solicited by the Board of Directors of FelCor Lodging Trust Incorporated</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Voting Agreement by and among RLJ Lodging Trust, RLJ Lodging Trust,&nbsp;L.P., and a stockholder of FelCor Lodging Trust Incorporated (attached as Annex&nbsp;D to the prospectus/proxy statement included in this
registration statement)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Voting Agreement by and among FelCor Lodging Trust Incorporated, FelCor Lodging Limited Partnership, and a shareholder of RLJ Lodging Trust (attached as Annex&nbsp;E to the prospectus/proxy statement included in
this registration statement)</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Filed
herewith.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Previously
filed.

</FONT></DD>

</DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=411,EFW="2232639",CP="RLJ LODGING TRUST",DN="1",CHK=593695,FOLIO='II-7',FILE='DISK127:[17ZBR1.17ZBR49201]OE49201A.;10',USER='CHE109872',CD=';9-JUL-2017;21:35' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>a2232639zex-5_1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 5.1</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="70%" rowspan="7" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="98" height="98" src="g140922kfi001.jpg"></font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hogan Lovells US LLP</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia Square</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">555 Thirteenth Street, NW</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC 20004</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T +1 202 637 5600</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F +1 202 637 5910</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.hoganlovells.com</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;17, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board of Trustees</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RLJ Lodging Trust</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3 Bethesda Metro Center</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;1000</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bethesda, Maryland 20814</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are acting as counsel to RLJ Lodging Trust, a Maryland real estate investment trust (the &#147;<b>Company</b>&#148;), in connection with its registration statement on Form&nbsp;S-4, as amended (the &#147;<b>Registration Statement</b>&#148;), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &#147;<b><font style="font-weight:bold;">Securities </font>Act</b>&#148;), relating to the issuance of: (i)&nbsp;up to 50,937,376 common shares of beneficial interest, par value $0.01 per share, of the Company (the &#147;<b><font style="font-weight:bold;">Common </font>Shares</b>&#148;) and (ii)&nbsp;12,879,475 shares of Series&nbsp;A cumulative convertible preferred shares, par value $0.01 per share, of the Company (the &#147;<b>Preferred Shares</b>&#148;) in connection with the Agreement and Plan of Merger, dated April&nbsp;23, 2017, by and among the Company, RLJ Lodging Trust,&nbsp;L.P., Rangers Sub I,&nbsp;LLC, Rangers Sub II,&nbsp;LP, FelCor Lodging Trust Incorporated and FelCor Lodging Limited Partnership (the &#147;<b>Merger Agreement</b>&#148;).&nbsp; This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5)&nbsp;of Regulation S-K, 17 C.F.R. &#167; 229.601(b)(5), in connection with the Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinion hereinafter expressed.&nbsp; In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including telecopies).&nbsp; We also have assumed that the Shares will not be issued in violation of the ownership limit contained in the Company&#146;s Articles of Amendment and Restatement of Declaration of Trust, as amended.&nbsp; As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on.&nbsp; This opinion letter is given, and all statements herein are made, in the context of the foregoing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion letter is based as to matters of law solely on the applicable provisions of Title 8 of the Corporations and Associations Article&nbsp;of the Annotated Code of Maryland, as amended, and applicable provisions of the Maryland General Corporation Law, as amended.&nbsp; We express no opinion herein as to any other laws, statutes, ordinances, rules, or regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon, subject to and limited by the foregoing, we are of the opinion that:</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; following (i)&nbsp;effectiveness of the Registration Statement and (ii)&nbsp;issuance of the Common Shares pursuant to the terms of the Merger Agreement, the Common Shares will be validly issued, fully paid and nonassessable; and</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; following (i)&nbsp;effectiveness of the Registration Statement and (ii)&nbsp;issuance of the Preferred shares pursuant to the terms of the Merger Agreement, the Preferred Shares will be validly issued, fully paid and nonassessable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion letter has been prepared for use in connection with the Registration Statement.&nbsp; We assume no obligation to advise you of any changes in the foregoing subsequent to the effective date of the Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2232639",CP="RLJ LODGING TRUST",DN="2",CHK=705464,FOLIO='',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KF_ZBR49202.CHC",USER="TJASPER",CD='Jul 17 08:32 2017' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the filing of this opinion letter as Exhibit&nbsp;5.1 to the Registration Statement and to the reference to this firm under the caption &#147;Legal Matters&#148; in the prospectus constituting a part of the Registration Statement.&nbsp; In giving this consent, we do not thereby admit that we are an &#147;expert&#148; within the meaning of the Securities Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Hogan Lovells US LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOGAN LOVELLS US LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2232639",CP="RLJ LODGING TRUST",DN="2",CHK=545205,FOLIO='',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KF_ZBR49202.CHC",USER="TJASPER",CD='Jul 17 08:32 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>a2232639zex-8_1.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 8.1</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="70%" rowspan="7" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="98" height="98" src="g140922kii001.jpg"></font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hogan Lovells US LLP</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia Square</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">555 Thirteenth Street,   NW</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC 20004</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T +1 202 637 5600</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F +1 202 637 5910</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.hoganlovells.com</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;17, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RLJ Lodging Trust</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3 Bethesda Metro Center</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;1000</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bethesda, MD&#160; 20814</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This firm has acted as tax counsel to RLJ Lodging Trust, a Maryland real estate investment trust (the &#147;<b>Company</b>&#148;), in connection with the transactions contemplated by the Agreement and Plan of Merger, dated as of April&nbsp;23, 2017 (the &#147;<b>Merger Agreement</b>&#148;), by and among the Company, RLJ Lodging Trust, L.P., a Delaware limited partnership (&#147;<b>RLJ LP</b>&#148;), Rangers Sub I, LLC, a Maryland limited liability company and a wholly owned subsidiary of RLJ LP, Rangers Sub II, LP, a Delaware limited liability partnership and an indirect wholly owned subsidiary of RLJ LP, FelCor Lodging Trust Incorporated, a Maryland corporation (&#147;<b>FelCor</b>&#148;), and FelCor Lodging Limited Partnership, a Delaware limited partnership (&#147;<b>FelCor LP</b>&#148;) (such transactions, the &#147;<b>Mergers</b>&#148;). We are providing this opinion letter regarding the Company&#146;s qualification as a real estate investment trust (a &#147;<b>REIT</b>&#148;) for U.S. federal income tax purposes, to be filed as an exhibit to the registration statement on Form&nbsp;S-4 (File No.&nbsp;333-218439), as amended, of the Company, including the joint proxy statement/prospectus forming a part thereof filed with the Securities and Exchange Commission on June&nbsp;2, 2017 (the &#147;<b>Registration Statement</b>&#148;). Capitalized terms used herein, unless otherwise defined in the body of this letter or in <u>Appendix A</u> of this letter, shall have the meanings assigned to such terms in the Merger Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bases for Opinion</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion set forth in this letter is based on relevant current provisions of the Internal Revenue Code of 1986, as amended (the &#147;<b>Code</b>&#148;), the Treasury Regulations thereunder (including proposed and temporary Treasury Regulations), and interpretations of the foregoing as expressed in court decisions, applicable legislative history, and the administrative rulings and practices of the Internal Revenue Service (the &#147;<b>IRS</b>&#148;), including its practices and policies in issuing private letter rulings, which are not binding on the IRS except with respect to a taxpayer that receives such a ruling, all as of the date hereof.&#160; These provisions and interpretations are subject to change by the IRS, Congress and the courts (as applicable), which may or may not be retroactive in effect and which might result in material modifications of our opinion. Our opinion does not foreclose the possibility of a contrary determination by the IRS or a court of</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Hogan Lovells US LLP is a limited liability partnership registered in the District of Columbia.&#160; &#147;Hogan Lovells&#148; is an international legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in:&#160; Abu Dhabi Alicante Amsterdam Baltimore Beijing Berlin Brussels Caracas Colorado Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston London Los Angeles Madrid Miami Milan Moscow Munich New York Northern Virginia Paris Philadelphia Prague Rome San Francisco Shanghai Silicon Valley Singapore Tokyo Ulaanbaatar Warsaw Washington DC Associated offices: Budapest Jeddah Riyadh Zagreb.&#160; For more information see www.hoganlovells.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2232639",CP="RLJ LODGING TRUST",DN="3",CHK=770904,FOLIO='',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KI_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">competent jurisdiction, or of a contrary position taken by the IRS or the Treasury Department in regulations or rulings issued in the future.&#160; In this regard, an opinion of counsel with respect to an issue represents counsel&#146;s best professional judgment with respect to the outcome on the merits with respect to such issue, if such issue were to be litigated, but an opinion is not binding on the IRS or the courts, and is not a guarantee that the IRS will not assert a contrary position with respect to such issue or that a court will not sustain such a position asserted by the IRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In rendering the following opinion, we have examined such statutes, regulations, records, agreements, certificates and other documents as we have considered necessary or appropriate as a basis for the opinion, including, but not limited to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registration Statement;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Merger Agreement;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Declaration of Trust of the Company, dated as of January&nbsp;31, 2011, as amended through the date hereof (the &#147;<b>Declaration of Trust</b>&#148;);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>certain of the Leases; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such other documents as we deemed necessary or appropriate (the documents referred to in clauses (1)&nbsp;through (5), the &#147;<b>Reviewed Documents</b>&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion set forth in this letter is premised on, among other things, the written representations of the Company and RLJ LP contained in a letter to us dated as of the date hereof (the &#147;<b>Company Representation Letter</b>&#148;) and the written representations of FelCor contained in a letter to us dated as of the date hereof (the &#147;<b>FelCor Representation Letter</b>&#148; and, together with the Company Representation Letter, the &#147;<b>Representation Letters</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although we have discussed the Company Representation Letter with the signatories thereto, for purposes of rendering our opinion, we have not made an independent investigation or audit of the facts set forth in the Reviewed Documents and the Representation Letters. We consequently have relied upon the representations and statements of the Company, RLJ LP and FelCor, as described in the Reviewed Documents and the Representation Letters, and assumed that the information presented in such documents or otherwise furnished to us is accurate and complete in all material respects.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this regard, we have assumed with your consent the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that (A)&nbsp;all of the representations and statements set forth in the Reviewed Documents and the Representation Letters are true, correct, and complete as of the date hereof, (B)&nbsp;any representation or statement made in the Reviewed Documents and the Representation Letters as a belief or made &#147;to the knowledge of&#148; or similarly qualified is true, correct, and complete as of the date hereof, without such qualification, (C)&nbsp;each agreement described in the Reviewed Documents is valid and binding in accordance with its terms, and (D)&nbsp;each of the obligations of the Company, RLJ LP, FelCor and FelCor LP and their respective</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="14092-2-KI_PB_2_075221_3702"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2232639",CP="RLJ LODGING TRUST",DN="3",CHK=694312,FOLIO='2',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KI_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">subsidiaries, as described in the Reviewed Documents, has been or will be performed or satisfied in accordance with its terms;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the genuineness of all signatures, the proper execution of all documents, the authenticity of all documents submitted to us as originals, the conformity to originals of documents submitted to us as copies, and the authenticity of the originals from which any copies were made;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that any documents as to which we have reviewed only a form were or will be duly executed without material changes from the form reviewed by us;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Mergers will be consummated in accordance with the Merger Agreement (including satisfaction of all pre-closing covenants and conditions to the obligations of the parties without amendment, waiver or breach thereof);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>from and after the date of this letter, the Company and RLJ LP will comply with their representations contained in the Company Representation Letter that the Company will utilize all appropriate &#147;savings provisions&#148; (including the provisions of Sections 856(c)(6), 856(c)(7), and 856(g)&nbsp;of the Code, and the provision included in Section&nbsp;856(c)(4)&nbsp;of the Code (flush language) allowing for the disposal of assets within 30 days after the close of a calendar quarter, and all available deficiency dividend procedures) available to the Company under the Code in order to correct any violations of the applicable REIT qualification requirements of Sections 856 and 857 of the Code, to the full extent the remedies under such provisions are available; and</p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that FelCor qualified to be taxed as a REIT under the Code for all taxable periods commencing with its taxable year ended December 31, 1994 and ending with its taxable year which ends on the REIT Merger Effective Time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any material variation or difference in the facts from those set forth in the documents that we have reviewed and upon which we have relied (including, in particular, the Registration Statement, the Merger Agreement, and the Representation Letters) may adversely affect the conclusions stated herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Opinion</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon, and subject to the assumptions and qualifications set forth herein, including, without limitation, the discussion in the next paragraph below, we are of the opinion that the Company has been organized and has operated in conformity with the requirements for qualification and taxation as a REIT under the Code for each of its taxable years beginning with its taxable year ended December&nbsp;31, 2011 through and including its taxable year ended December&nbsp;31, 2016, and the Company&#146;s current organization and current and proposed method of operation (as described in the Registration Statement, the Merger Agreement and the Representation Letters) will enable it to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year which includes the REIT Merger Effective Time, and future taxable years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">* * * * *</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the assumptions set forth above, our opinion is subject to the exceptions, limitations and qualifications set forth below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="14092-2-KI_PB_3_075243_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=3,EFW="2232639",CP="RLJ LODGING TRUST",DN="3",CHK=958464,FOLIO='3',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KI_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s ability to qualify as a REIT depends in particular upon whether each of the Leases is respected as a lease for federal income tax purposes.&#160; If one or more Leases are not respected as leases for federal income tax purposes, the Company may fail to qualify as a REIT (including by reason of one or more of the Old REITs or the Subsidiary REITs failing to qualify as a REIT in one or more taxable years.&#160; The determination of whether the Leases are leases for federal income tax purposes is highly dependent on specific facts and circumstances.&#160; In addition, for the rents payable under a Lease to qualify as &#147;rents from real property&#148; under the Code, the rental provisions of the Leases and the other terms thereof must conform with normal business practice and not be used as a means to base the rent paid on the income or profits of the lessees.&#160; In delivering the opinion set forth above, we expressly rely upon, among other things, the Company&#146;s representations as to various factual matters with respect to the Leases, including representations as to the commercial reasonableness of the economic and other terms of the Leases at the times the Leases were originally entered into and subsequently renewed or extended (and taking into account for this purpose changes to the economic and other terms of the Leases pursuant to subsequent amendments), the intent and economic expectations of the parties to the Leases, the allocation of various economic risks between the parties to the Leases, taking into account all surrounding facts and circumstances, the conformity of the rental provisions and other terms of the Leases with normal business practice, the conduct of the parties to the Leases, and the conclusion that such terms are not being, and will not be, used as a means to base the rent paid on the income or profits of the Lessees.&#160; We express no opinion as to any of the economic terms of the Leases, the commercial reasonableness thereof, or whether the actual economic relationships created thereby are such that the Leases will be respected for federal income tax purposes or whether the rental and other terms of the Leases conform with normal business practice (and are not being used as a means to base the rent paid on the income or profits of the Lessees).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s qualification and taxation as a REIT under the Code will depend upon the ability of the Company to meet on an ongoing basis (through actual quarterly and annual operating results, distribution levels, diversity of share ownership and otherwise) the various qualification tests imposed under the Code, and upon the Company utilizing any and all appropriate &#147;savings provisions&#148; (including the provisions of Sections 856(c)(6), 856(c)(7), and 856(g)&nbsp;of the Code and the provision included in Section&nbsp;856(c)(4)&nbsp;of the Code (flush language) allowing for the disposal of assets within 30 days after the close of the calendar quarter, and all available deficiency dividend procedures) available to the Company under the Code to correct violations of specified REIT qualification requirements of Sections 856 and 857 of the Code.&#160; Our opinion set forth above does not foreclose the possibility that the Company may have to utilize one or more of these &#147;savings provisions&#148; in the future, which could require the Company to pay an excise or penalty tax (which could be significant in amount) in order to maintain its REIT qualification. We have not undertaken at this time to review the Company&#146;s compliance with these requirements on a continuing basis.&#160; Accordingly, no assurance can be given that the actual results of the</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="14092-2-KI_PB_4_075253_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=4,EFW="2232639",CP="RLJ LODGING TRUST",DN="3",CHK=594726,FOLIO='4',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KI_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company&#146;s operations, the sources of its income, the nature of its assets, the level of its distributions to shareholders and the diversity of its share ownership for any given taxable year will satisfy the requirements under the Code for qualification and taxation as a REIT.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This opinion letter addresses only the specific U.S. federal income tax matters set forth above.&#160; This opinion letter does not address any other U.S. federal, state, local or foreign legal or tax issues.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion letter has been prepared for your use in connection with the filing of the Registration Statement and speaks as of the date hereof. We assume no obligation by reason of this opinion letter or otherwise to advise you of any changes in our opinion subsequent to the date hereof. This opinion letter may not be distributed, quoted in whole or in part or otherwise reproduced in any document, or filed with any governmental agency without our express written consent.&#160; Except as provided in the next sentence, this opinion letter may not be relied on by any other person for any other purpose without our prior written consent.&#160; We hereby consent to the filing of this opinion letter as Exhibit&nbsp;8.1 to the Registration Statement and to the reference to Hogan Lovells US LLP under the caption &#147;Legal Matters&#148; in the Registration Statement.&#160; In giving this consent, however, we do not admit thereby that we are an &#147;expert&#148; within the meaning of the Securities Act of 1933, as amended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Hogan Lovells US LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOGAN LOVELLS US LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="14092-2-KI_PB_5_075312_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=5,EFW="2232639",CP="RLJ LODGING TRUST",DN="3",CHK=931242,FOLIO='5',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KI_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Appendix A</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Definitions</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Fund II REIT</u>&#148;</font></b> means each of RLJ Lodging II REIT, LLC and RLJ Lodging II REIT (PF #1), LLC, each a Delaware limited liability company that elected to be taxed as a REIT,.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Fund III REIT</u>&#148;</font></b> means each of RLJ Real Estate III REIT, LLC, and RLJ Real Estate III REIT (PF #1), LLC, each a Delaware limited liability company that elected to be taxed as a REIT.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Hotel</u>&#148;</font></b> means each hotel in which the Company has a direct or indirect interest.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Lease</u>&#148;</font></b> means any real estate lease of a Hotel pursuant to which either the Company, directly or through a Subsidiary REIT and/or one or more Partnership Subsidiaries, or one or more of the Old REITs leased or leases a Hotel or other Real Property to a Lessee, taking into actcount all subsequent amendments, renewals and/or extensions.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Lessee</u>&#148;</font></b> means any TRS Lessee or any other party that leases one or more Hotels or other leased Real Property pursuant to a Lease.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Old REITs</u>&#148;</font></b> means any of the Fund II REITs or the Fund III REITs.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Partnership Subsidiary</u>&#148;</font></b> means any of RLJ LP and each partnership, limited liability company, or other entity treated as a partnership for federal income tax purposes or disregarded as a separate entity for federal income tax purposes in which either the Company, an Old REIT, or a Subsidiary REIT owns (or owned) an interest, either directly or through one or more other partnerships, limited liability companies or other entities treated as a partnership for federal income tax purposes or disregarded as a separate entity for federal income tax purposes (whether or not the interest is (or was) a controlling interest in, or otherwise represents (or represented) the ability to control or direct the operation of, such entity).&#160; Notwithstanding the foregoing, the term &#147;Partnership Subsidiary&#148; shall not in any way be deemed to include a TRS or subsidiaries thereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Real Property</u>&#148;</font></b> means real property, including interests in real property and interests in mortgages on real property.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>RLJ LP</u>&#148;</font></b> means the RLJ Lodging Trust, L.P., a Delaware limited partnership.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Subsidiary REIT</u>&#148;</font></b> means means any of RLJ III &#151; MH Denver Airport,&nbsp;Inc. (f/k/a Lodgian Denver Inc.), RLJ III &#151; EM West Palm Beach,&nbsp;Inc. (f/k/a Servico Centre Associates,&nbsp;Inc.), RLJ III &#151; C Buckhead,&nbsp;Inc. (f/k/a Lodgian Buckhead,&nbsp;Inc.) and, from and after the effective date of its REIT election, any direct or indirect subsidiary of RLJ LP that has elected to be treated as a REIT under the Internal Revenue Code.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>TRS</u>&#148;</font></b> means a &#147;taxable REIT subsidiary,&#148; as described in Section&nbsp;856(l)&nbsp;of the Code.&#160; Any entity taxable as a corporation in which a TRS of a real estate investment trust owns (x)&nbsp;securities possessing more than 35% of the total voting power of the outstanding securities of such entity or (y)&nbsp;securities having a value of more than 35% of the total value of the</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>1<a name="14092-2-KI_PB_1_075341_829"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=6,EFW="2232639",CP="RLJ LODGING TRUST",DN="3",CHK=174257,FOLIO='A-1',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KI_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">outstanding securities of such entity shall also be treated as a TRS of such real estate investment trust whether or not a separate election is made with respect to such other entity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>TRS Lessee</u>&#148;</font></b> means any lessee of a Hotel that is a TRS.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>2<a name="14092-2-KI_PB_2_075351_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=7,EFW="2232639",CP="RLJ LODGING TRUST",DN="3",CHK=206391,FOLIO='A-2',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KI_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.2
<SEQUENCE>4
<FILENAME>a2232639zex-8_2.htm
<DESCRIPTION>EX-8.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 8.2</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[POLSINELLI LETTERHEAD]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July 17, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FelCor Lodging Trust Incorporated</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">125 E. John Carpenter Freeway, Suite&nbsp;1600</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Irving, Texas 75062</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as REIT tax counsel to FelCor Lodging Trust Incorporated, a Maryland corporation (the &#147;<b><u style="font-weight:bold;">Company</u></b>&#148;), in connection with the merger of the Company into Rangers Sub I, LLC, a Maryland limited liability company (<b>&#147;<u>REIT Merger Sub</u>&#148;</b>) and a wholly owned subsidiary of RLJ Lodging Trust, L.P., a Delaware limited partnership (<b>&#147;<u>Parent LP</u>&#148;</b>), pursuant to an Agreement and Plan of Merger, dated as of April&nbsp;23, 2017 (the <b>&#147;<u>Merger Agreement</u>&#148;</b>), by and among RLJ Lodging Trust, a Maryland real estate investment trust (&#147;<b><u style="font-weight:bold;">RLJ</u></b>&#148;), Parent LP, REIT Merger Sub, Rangers Sub II, LP, a Delaware limited partnership, the Company, and FelCor Lodging Limited Partnership, a Delaware limited partnership (the <b>&#147;<u>Operating Partnership</u>&#148;</b>). We are providing this opinion letter regarding the Company&#146;s qualification as a real estate investment trust (a &#147;<b><u style="font-weight:bold;">REIT</u></b>&#148;) for U.S. federal income tax purposes, to be filed as an exhibit to the registration statement on Form&nbsp;S-4 (File No.&nbsp;333-), as amended, of RLJ, including the joint proxy statement/prospectus forming a part thereof filed with the Securities and Exchange Commission on June&nbsp;2, 2017 (the &#147;<b><u style="font-weight:bold;">Registration Statement</u></b>&#148;). All terms not defined herein have the same meaning as used in the Merger Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bases for Opinion</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion set forth in this letter is based on relevant current provisions of the Internal Revenue Code of 1986, as amended (the &#147;<b><u style="font-weight:bold;">Code</u></b>&#148;)(1), Treasury Regulations thereunder (including proposed and temporary Treasury Regulations), and interpretations of the foregoing as expressed in court decisions, applicable legislative history, and the administrative rulings and practices of the Internal Revenue Service (the &#147;<b><u style="font-weight:bold;">IRS</u></b>&#148;), including its practices and policies in issuing private letter rulings, which are not binding on the IRS except with respect to a taxpayer that receives such a ruling, all as of the date hereof. These provisions and interpretations are subject to change by the IRS, Congress and the courts (as applicable), which may or may not be retroactive in effect and which might result in material modifications of our opinion. Our opinion does not foreclose the possibility of a contrary determination by the IRS or a court of competent jurisdiction, or of a contrary position taken by the IRS or the Treasury Department in regulations or rulings issued in the future. In this regard, an opinion of counsel with respect to an issue represents counsel&#146;s best professional judgment with respect to the outcome on the merits with respect to such issue, if such issue were to be litigated, but an opinion is not binding on the IRS</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; All &#147;Section&#148; references herein are to the Code unless otherwise indicated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2232639",CP="RLJ LODGING TRUST",DN="4",CHK=923588,FOLIO='',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KK_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or the courts, and is not a guarantee that the IRS will not assert a contrary position with respect to such issue or that a court will not sustain such a position asserted by the IRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In rendering our opinion, we have examined only the following, collectively referred to as the &#147;<b><u style="font-weight:bold;">Reviewed Documents</u></b>&#148;, which constitute all of the documents, agreements and instruments that we have deemed necessary or appropriate to deliver this opinion:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;the Registration Statement;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;the Company&#146;s Annual Report on Form&nbsp;10-K, dated February&nbsp;24, 2017, as amended by Amendment No.&nbsp;1 to the Company&#146;s Annual Report on Form&nbsp;10-K/A, dated April&nbsp;28, 2017;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;the Merger Agreement;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;certain organizational documents of the Company and certain of its subsidiaries listed in the Management Representation Letter (defined below);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&nbsp;the income and asset REIT Compliance calculations for the taxable years 2007 through 2016 and the short taxable year ending the date hereof, as attached to the Management Representation Letter;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&nbsp;the calculations of the annual distributions for the taxable years 2007 through 2016 and the short taxable year ending the date hereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&nbsp;the 2007 through 2015 Federal income tax returns of the Company and FelCor TRS Holdings, L.L.C. (<b>&#147;<u>TRS Holdings</u>&#148;</b>), and the 2012 through 2015 Federal income tax returns of Knickerbocker TRS, LLC (<b>&#147;<u>Knickerbocker TRS</u>&#148;</b>);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&nbsp;the organizational charts of the Company, as attached to the Management Representation Letter;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&nbsp;the list of properties owned by the Company, as attached to the Management Representation Letter;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&nbsp;the leases listed on the Management Representation Letter (the <b>&#147;<u>Leases</u>&#148;</b>);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11) (i)&nbsp;the Section&nbsp;482 Analysis of Adjustments to Intercompany Base Rent, dated February&nbsp;16, 2011, from Ernst&nbsp;&amp; Young LLP (<b>&#147;<u>E&amp;Y</u>&#148;</b>) to the Company; (ii)&nbsp;the Section&nbsp;482 Review of Intercompany Lease Rates, dated as of March&nbsp;13, 2012, from E&amp;Y to the Company;&#160; (iii)&nbsp;the Section&nbsp;482 Review of Intercompany Lease Rates, dated as of December&nbsp;7, 2012, from E&amp;Y to the Company; and (iv)&nbsp;the Lease Planning Memorandum, dated January&nbsp;22, 2015, from E&amp;Y to the Company (collectively, the <b>&#147;<u>E&amp;Y Studies</u>&#148;</b>), as attached to the Management Representation Letter;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="14092-2-KK_PB_2_080456_7466"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2232639",CP="RLJ LODGING TRUST",DN="4",CHK=371994,FOLIO='2',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KK_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12) the Prohibited Transaction Analyses as attached to the Management Representation Letter; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13) the Management Representation Letter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion set forth in this letter is premised on, among other things, the written representations of the Company, and, to the extent set forth in the Management Representation Letter, of the Operating Partnership, TRS Holdings, and Knickerbocker TRS, contained in a letter to us dated as of the date hereof (the &#147;<b><u style="font-weight:bold;">Management Representation Letter</u></b>&#148;). Although we have discussed the Management Representation Letter with the Company, for purposes of rendering our opinion, we have not made an independent investigation or audit of the facts set forth in the Reviewed Documents and the Management Representation Letter. We consequently have relied upon the representations and statements of the Company as described in the Reviewed Documents and the Management Representation Letter, and assumed that the information presented in such documents or otherwise furnished to us is accurate and complete in all material respects. We are not aware of any facts inconsistent with the statements in the Management Representation Letter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this regard, we have assumed with your consent the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that (A)&nbsp;all of the representations and statements as to factual matters set forth in the Reviewed Documents and the Management Representation Letter are true, correct, and complete as of the date hereof, (B)&nbsp;any representation or statement in the Reviewed Documents and the Management Representation Letter made as a belief or made &#147;to the knowledge of&#148; or similarly qualified is true, correct and complete as of the date hereof, without such qualification, (C)&nbsp;each agreement described in the Reviewed Documents is valid and binding in accordance with its terms, and (D)&nbsp;each of the obligations of the Company, and its subsidiaries, as described in the Reviewed Documents, has been or will be performed or satisfied in accordance with its terms, except that for taxable years beginning with the taxable year ending December&nbsp;31, 2010 the amounts of the rental payments due and paid under the Leases have been determined based on the E&amp;Y Studies;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the genuineness of all signatures, the proper execution of all documents, the authenticity of all documents submitted to us as originals, the conformity to originals of documents submitted to us as copies, and the authenticity of the originals from which any copies were made;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that any documents as to which we have reviewed only a form were or will be duly executed without material changes from the form reviewed by us; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that all Reviewed Documents have been duly authorized, executed, and delivered by all parties thereto, each of the Reviewed Documents is enforceable against the parties thereto in accordance with their respective terms, and all of the parties to the Reviewed Documents timely perform their obligations thereunder.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="14092-2-KK_PB_3_080507_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=3,EFW="2232639",CP="RLJ LODGING TRUST",DN="4",CHK=707598,FOLIO='3',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KK_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any material variation or difference in the facts from those set forth in the documents that we have reviewed and upon which we have relied (including, in particular, the Management Representation Letter) may adversely affect the conclusions stated herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Opinion</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon and subject to the assumptions and qualifications set forth herein, including, without limitation, the discussion set forth below, we are of the opinion that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for each of its taxable years beginning with its taxable year ended December&nbsp;31, 2007 through and including its taxable year ended December&nbsp;31, 2016, the Company has been organized and has operated in conformity with the requirements for qualification and taxation as a REIT under the Code and the Company&#146;s current organization and proposed method of operation will enable it to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending on the REIT Merger Effective Time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our opinion set forth above does not foreclose the possibility that the Company may have to utilize one or more &#147;savings provisions&#148; (including the provisions of Sections 856(c)(6), 856(c)(7), and 856(g)) through the REIT Merger Effective Time, which could require the Company to pay an excise or penalty tax (which could be significant in amount) in order to maintain its REIT qualification.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to qualify as a REIT, 75% of the Company&#146;s total assets must be comprised of &#147;real estate assets&#148; (as that term is used for purposes of Section&nbsp;856(c)) and limited other assets specified in the Code as of the close of each calendar quarter of each taxable year of the Company, and at least 75% of the Company&#146;s gross income for any taxable year for which it seeks to qualify as a REIT must be derived from certain specified &#147;real estate&#148; sources, including qualifying rents from real property. The Company&#146;s ability to comply with this requirement is entirely dependent on the Company acquiring and owning (for U.S. federal income tax purposes) on the relevant dates &#147;real estate assets&#148; with an aggregate value equal to, or in excess of, 75% of its &#147;total assets&#148; and owning throughout the relevant taxable year assets that will produce sufficient &#147;real estate&#148; gross income to satisfy the 75% gross income test. Accordingly, the accuracy of our opinion is entirely dependent on the Company&#146;s representations contained in the Management Representation Letter, regarding, among other things, its gross income and the value and composition of its assets during the taxable years beginning with its taxable year ended December&nbsp;31, 2007 and ending on the REIT Merger Effective Time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion rendered herein is in accordance with American Bar Association Formal Opinion No.&nbsp;346 (Revised), dated January&nbsp;29, 1982.&#160; The opinion rendered herein is issued in accordance with Section&nbsp;10.37 of Treasury Department Circular 230, 31 C.F.R. Part&nbsp;10 (&#147;<b><u style="font-weight:bold;">Circular 230</u></b>&#148;), which provide standards for providing written tax advice. Section&nbsp;10.37 of Circular 230 provide generally that a practitioner rendering written tax advice must have the appropriate level of knowledge, skill, thoroughness, and preparation necessary for the matter for</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="14092-2-KK_PB_4_080521_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=4,EFW="2232639",CP="RLJ LODGING TRUST",DN="4",CHK=1027362,FOLIO='4',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KK_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which he or she is engaged, and must (i)&nbsp;base the written advice on reasonable factual and legal assumptions (including assumptions as to future events), (ii)&nbsp;reasonably consider all relevant facts and circumstances that the practitioner knows or reasonably should know, (iii)&nbsp;use reasonable efforts to identify and ascertain the facts relevant to written advice on each federal tax matter, (iv)&nbsp;not rely upon representations, statements, findings, or agreements (including projections, financial forecasts, or appraisals) of the taxpayer or any other person if reliance on them would be unreasonable, (v)&nbsp;relate applicable law and authorities to facts, and (vi)&nbsp;not, in evaluating a federal tax matter, take into account the possibility that a tax return will not be audited or that a matter will not be raised on audit. We believe that we have complied with Circular 230 in rendering the advice contained in this letter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion letter addresses only the specific U.S. federal income tax matters set forth above and does not address any other federal, state, local or foreign legal or tax issues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion letter has been prepared solely for your use in connection with the filing of the Registration Statement and speaks as of the date hereof. Without limiting the foregoing, this opinion letter may not be relied upon for satisfaction of the conditions to the Mergers set forth in Section&nbsp;7.2(e)&nbsp;of the Merger Agreement.&nbsp;We assume no obligation by reason of this opinion letter or otherwise to advise you of any changes in our opinion or changes in law subsequent to the effective date of the Registration Statement.&nbsp;Except as provided in the next paragraph, this opinion letter may not be distributed, quoted in whole or in part or otherwise reproduced in any document, or filed with any governmental agency without our express written consent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the filing of this opinion letter as Exhibit&nbsp;8.2 to the Registration Statement and to the reference to Polsinelli PC under the caption &#147;Legal Matters&#148; in the prospectus constituting part of the Registration Statement.&#160; In giving this consent, however, we do not admit thereby that we are an &#147;expert&#148; within the meaning of the Securities Act of 1933, as amended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 256.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very   truly yours,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ </font>Polsinelli PC</p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Polsinelli   PC</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="14092-2-KK_PB_5_080547_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=5,EFW="2232639",CP="RLJ LODGING TRUST",DN="4",CHK=290599,FOLIO='5',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-KK_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:51 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>5
<FILENAME>a2232639zex-23_4.htm
<DESCRIPTION>EX-23.4
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 23.4</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the incorporation by reference in this Amendment No.1 to the Registration Statement on Form&nbsp;S-4 of our report&#160; dated February&nbsp;23, 2017 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in RLJ Lodging Trust&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016.&#160; We also consent to the reference to us under the heading &#147;Experts&#148; in such Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   PricewaterhouseCoopers LLP</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">McLean, VA</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July 17, 2017</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2232639",CP="RLJ LODGING TRUST",DN="5",CHK=981074,FOLIO='',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-LS_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:52 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>6
<FILENAME>a2232639zex-23_5.htm
<DESCRIPTION>EX-23.5
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;23.5</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the incorporation by reference in this Amendment No.1 to the Registration Statement on Form&nbsp;S-4<b>&nbsp;</b>of RLJ Lodging Trust of our report dated February&nbsp;24, 2017 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in FelCor Lodging Trust Incorporated&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016. We also consent to the reference to us under the heading &#147;Experts&#148; in such Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ PricewaterhouseCoopers LLP</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dallas, Texas</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July 17, 2017</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2232639",CP="RLJ LODGING TRUST",DN="6",CHK=882335,FOLIO='',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-LU_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 03:52 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>7
<FILENAME>a2232639zex-99_3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.3</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<div align="center">
<div id="container" style="width:100%;"><div id="ImgContainer" style="border:0;width:100%;height:auto;">
<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">Shareowner   Services P.O. Box 64945 St. Paul, MN 55164-0945 Vote by Internet, Telephone   or Mail 24 Hours a Day, 7 Days a Week Your phone or Internet vote authorizes   the named proxies to vote your shares in the same manner as if you marked,   signed and returned your proxy card. g, INTERNET/MOBILE &#150;   www.proxypush.com/rlj Use the Internet to vote your Proxy until 11:59 p.m.   (CT) on August 14, 2017. if PHONE &#150; 1-866-883-3382 Use a touch-tone telephone   to vote your Proxy until 11:59 p.m. (CT) on August 14, 2017. MAIL &#150; Mark,   sign and date your Proxy card and return it in the postage-paid envelope   provided. IB If you vote your proxy by Internet or by Telephone, you do NOT   need to mail back your Proxy card. The Board of Trustees Recommends a Vote   FOR Proposals 1 and 2. 1. To consider and vote on a proposal to approve the   issuance of common shares of beneficial interest, par value $0.01 per share,   of RLJ (&quot;RLJ Common Shares&quot;) and the issuance of Series A   cumulative convertible preferred shares, par value $0.01 per share of RLJ   (the &quot;RLJ Series A Preferred Shares&quot;), in each case, pursuant to   the Agreement and Plan of Merger (the &quot;Merger Agreement&quot;), dated   April 23, 2017, by and among RLJ, RLJ Lodging Trust, L.P., Rangers Sub I,   LLC, Rangers Sub II, LP, FelCor Lodging Trust Incorporated, and FelCor   Lodging Limited Partnership, as it may be amended from time to time, a copy   of which is attached as Annex A to the joint proxy statement/prospectus   accompanying this notice (the &quot;RLJ Share Issuance Proposal&quot;); and   2. To consider and vote on a proposal to adjourn the RLJ special meeting, if   necessary or appropriate, including to solicit additional proxies if there   are not sufficient votes to approve the RLJ Share Issuance Proposal (the   &quot;RLJ Adjournment Proposal&quot;). Abstain For Against Abstain For   Against THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED AS DIRECTED OR, IF NO   DIRECTION IS GIVEN, WILL BE VOTED AS THE BOARD RECOMMENDS. Address Change?   Mark box, sign, and indicate changes below: Date Signature(s) in Box Please   sign exactly as your name(s) appears on Proxy. If held in joint tenancy, all   persons should sign. Trustees, adminis-trators, etc., should include title   and authority. Corporations should provide full name of corporation and title   of authorized officer signing the Proxy. </font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="935" height="1209" src="g140922mqi001.jpg"></font></p>    </div></div>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2232639",CP="RLJ LODGING TRUST",DN="7",CHK=390665,FOLIO='',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-MQ_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 04:10 2017' -->

<br clear="all" style="page-break-before:always;">
<div>
<div align="center">
<div id="container" style="width:100%;"><div id="ImgContainer" style="border:0;width:100%;height:auto;">
<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">RLJ Lodging   Trust SPECIAL MEETING OF SHAREHOLDERS Tuesday, August 15, 2017 1:00 p.m.   Eastern Time RLJ Lodging Trust Headquarters 3 Bethesda Metro Center Suite   1000 Bethesda, MD 20814 RLJ Lodging Trust 3 Bethesda Metro Center Suite 1000   Bethesda, MD 20814 proxy This Proxy is solicited by the Board of Trustees for   use at the Special Meeting on August 15, 2017. The common shares you hold in   your account will be voted as you specify on the reverse side. If no choice   is specified, the Proxy will be voted &#147;FOR&#148; Proposals 1 and 2. By signing the   Proxy, you revoke all prior proxies and appoint Robert L. Johnson and Ross H.   Bierkan, and each of them with full power of substitution, to vote your   shares on the matters shown on the reverse side and any other matters which   may come before the Special Meeting and all adjournments. See reverse for   voting instructions. </font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="935" height="1209" src="g140922mqi002.jpg"></font></p>    </div></div>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2232639",CP="RLJ LODGING TRUST",DN="7",CHK=283330,FOLIO='',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-MQ_ZBR49202.CHC",USER="TJASPER",CD='Jul 15 04:10 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>8
<FILENAME>a2232639zex-99_4.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.4</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<div align="center">
<div id="container" style="width:100%;"><div id="ImgContainer" style="border:0;width:100%;height:auto;">
<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">VOTE BY   INTERNET - www.fcrvote.com/fch Visit the Internet voting website at   http://www.fcrvote.com/fch. Have this proxy card ready and follow the   instructions on your screen. You will incur only your usual Internet charges.   Available 24 hours a day, 7 days a week until 11:59 p.m. (EDT) on August 14,   2017. VOTE BY PHONE - 1-866-291-7335 This method of voting is available for   residents of the U.S. and Canada. On a touch tone telephone, call TOLL FREE   1-866-291-7335, 24 hours a day, 7 days a week. Have this proxy card ready,   then follow the prerecorded instructions. Your vote will be confirmed and   cast as you have directed. Available 24 hours a day, 7 days a week until   11:59 p.m. (EDT) on August 14, 2017. VOTE BY MAIL Simply sign and date your   proxy card and return it in the enclosed postage-paid envelope to First Coast   Results Inc., P.O. Box 3672, Ponte Vedra Beach, FL 32004-9911. If you are   voting by telephone or the Internet, please do not mail your proxy card. THE   PROXY STATEMENT, AS WELL AS OTHER PROXY MATERIALS DISTRIBUTED BY FELCOR   LODGING TRUST INCORPORATED ARE AVAILABLE FREE OF CHARGE ONLINE AT   WWW.FCRVOTE.COM/FCH TO VOTE, MARK BOX BELOW IN BLUE OR BLACK INK. KEEP THIS   PORTION FOR YOUR RECORDS FelCor Lodging Trust Incorporated DETACH AND RETURN   THIS PORTION ONLY PROXY The FelCor Board recommends that the FelCor common   stockholders vote &quot;FOR&quot; the REIT Merger Proposal, &quot;FOR&quot;   the FelCor Compensation Proposal and &quot;FOR&quot; the FelCor Adjournment   Proposal. Against Abstain For 1. To consider and vote on a proposal (the   &quot;REIT Merger Proposal&quot;) to approve the business combination   transaction in which FelCor Lodging Trust Incorporated (&quot;FelCor&quot;)   merges with and into Rangers Sub I, LLC (&quot;REIT Merger Sub&quot;) related   to that certain Agreement and Plan of Merger (the &quot;Merger   Agreement&quot;), dated as of April 23, 2017, among FelCor, FelCor Lodging   Limited Partnership, RLJ Lodging Trust, RLJ Lodging Trust, L.P., REIT Merger   Sub and Rangers Sub II, LP, as it may be amended from time to time, a copy of   which is attached as Annex A to the joint proxy statement/prospectus   accompanying this proxy card. 2. To consider and vote on a non-binding   advisory proposal to approve compensation arrangements for certain FelCor   executive officers in connection with the Merger Agreement, and the transactions   contemplated thereby (the &quot;FelCor Compensation Proposal&quot;). 3. To   consider and vote on a proposal to approve the adjournment of the FelCor   special meeting, if necessary or appropriate, for the purpose of soliciting   additional votes for the approval of the REIT Merger Proposal (the   &quot;FelCor Adjournment Proposal&quot;). Please sign exactly as your name(s)   appear(s) hereon. When signing as attorney, executor, administrator, or other   fiduciary, please give full title as such. Joint owners should each sign personally.   All holders must sign. If a corporation or partnership, please sign in full   corporate or partnership name by an authorized officer. Signature [PLEASE   SIGN WITHIN BOX] Date Signature (Joint Owners) Date Control Number </font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="935" height="1209" src="g140922msi001.jpg"></font></p>    </div></div>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2232639",CP="RLJ LODGING TRUST",DN="8",CHK=71450,FOLIO='',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-MS_ZBR49202.CHC",USER="TJASPER",CD='Jul 17 08:00 2017' -->

<br clear="all" style="page-break-before:always;">
<div>
<div align="center">
<div id="container" style="width:100%;"><div id="ImgContainer" style="border:0;width:100%;height:auto;">
<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">Important   Notice Regarding the Availability of Proxy Materials for the Special Meeting   of Stockholders to be Held on August 15, 2017: The Proxy Statement is   available online at www.fcrvote.com/fch PROXY FELCOR LODGING TRUST   INCORPORATED PROXY FOR THE 2017 SPECIAL MEETING OF STOCKHOLDERS To be held   Monday, August 15, 2017 5:00 p.m., Central Time THIS PROXY IS SOLICITED BY   THE BOARD OF DIRECTORS The undersigned hereby appoint(s) Steven R. Goldman   and Jonathan H. Yellen or either of them, with full power of substitution in   each, proxies (and if the undersigned is a proxy, substitute proxies) to   represent and to vote all shares of stock Special Meeting of Stockholders   5:00 p.m., Central Time, on of FelCor Lodging Trust Incorporated that the   undersigned is/are entitled to vote at the to be held at 125 E. John   Carpenter Freeway, Suite 1600, Irving, Texas 75062, at August 15, 2017 and   any adjournment or postponement thereof, as specified on the reverse side,   hereby revoking any proxies previously executed by the undersigned for the   Special Meeting. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE   MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER(S). IF NO DIRECTION IS   MADE, THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE RECOMMEDATIONS MADE BY   OUR BOARD OF DIRECTORS AS INDICATED IN OUR PROXY STATEMENT. IF ANY OTHER   MATTERS PROPERLY COME BEFORE THE MEETING, THE PERSONS NAMED IN THIS PROXY   WILL VOTE IN THEIR DISCRETION. </font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="935" height="1209" src="g140922msi002.jpg"></font></p>    </div></div>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2232639",CP="RLJ LODGING TRUST",DN="8",CHK=12216,FOLIO='',FILE="DISK128:[17ZBR2.17ZBR49202]14092-2-MS_ZBR49202.CHC",USER="TJASPER",CD='Jul 17 08:00 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>g140922kfi001.jpg
<DESCRIPTION>G140922KFI001.JPG
<TEXT>
begin 644 g140922kfi001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !B &(# 2(  A$! Q$!_\0
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CBB@ ^PVO_/M#_P!^Q1]AM?\ GVA_[]BBB@">BBBOIC(__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>g140922kii001.jpg
<DESCRIPTION>G140922KII001.JPG
<TEXT>
begin 644 g140922kii001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !B &(# 2(  A$! Q$!_\0
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CBB@ ^PVO_/M#_P!^Q1]AM?\ GVA_[]BBB@">BBBOIC(__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g140922mqi001.jpg
<DESCRIPTION>G140922MQI001.JPG
<TEXT>
begin 644 g140922mqi001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" 2Y Z<# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH ***9+,D"!I&VJ650<=V( _4B@!]%%% !1110
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MN!QP<<C!IV U:***0!1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M/8U35KDIW29J4444AA1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MR?>HO#%_)J?B&[NY@@>73[<D)T^_*.*=A=_(ZB&WAMX%@@BCCA4;5C10% ]
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M@_K\+GH5%8_ABY\_2F1XI(IK>9X94DN'GPZGG#N22/3/TK8H **** "BBB@
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MKGP_JB001M)(V^V.U5&2<";/05N5D>+/^1/UK_KPG_\ 1;4 :]%%% !1110
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !61;?\ (X:E_P!>
M%K_Z,N*UZR+;_D<-2_Z\+7_T9<4 :]%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 5D>+/^1/UK_KPG_]%M6O61XL_P"1/UK_
M *\)_P#T6U &O1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 445@^*/$__  C)
MT]Y+3SK>ZN!!)+YFWR<]#C!SW[CI0!O45@^(O$_]A7NE6<-I]JN-1G\I$\S9
MM'&6Z'.,BMZCS **S#KUH/$8T3$GVPP?:,[?EVYQUSUK3H ***P] \1_VYJ&
MKVWV7R?[.N3!N\S=YG7G&!CITYH W**** "BL+4O$O\ 9_BO2]%^R^9]O5V\
M[S,>7M!/W<<]/45NT=+AY!67=Z*]QJ3WUOJ=[9RR0I"X@$15@A<K]]&Y^=NE
M+?:]::?K%AILXD^T7^[R=JY7Y1DY.>*TZ ,C^QKW_H8M4_[]VO\ \9H_L:]_
MZ&+5/^_=K_\ &:UZ* ,C^QKW_H8M4_[]VO\ \9H_L:]_Z&+5/^_=K_\ &:UZ
M* ,C^QKW_H8M4_[]VO\ \9H_L:]_Z&+5/^_=K_\ &:DLM>M+_6K_ $N$2?:;
M';YNY<+\PR,'/-:= &1_8U[_ -#%JG_?NU_^,T?V->_]#%JG_?NU_P#C-<]X
MD\>ZKX<FG:;PQ(]DDOEQW)NPHD]#C:2,UN^'=8U35A.=4T.32_+V^7OG$GF9
MSGH!C&!^="U5P>A)_8U[_P!#%JG_ '[M?_C-']C7O_0Q:I_W[M?_ (S3O$VM
M_P#".^'[K4_(^T?9P#Y>_9NRP'7!QU]*O65S]LL;>YV[/.C63;G.,C.,T 9_
M]C7O_0Q:I_W[M?\ XS1_8U[_ -#%JG_?NU_^,UKT4 9']C7O_0Q:I_W[M?\
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M_;FH:O;?9?)_LZY,&[S-WF=><8&.G3F@/Z_K[C<HHHH **** "BBB@ HHHH
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M.^K_ *[?Y _Z_'_,O4444@"BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M:6_MX$ENH6NT386&=B''SD9[8%=)IE\=2TZ&Z-M<6QD7)AN$*.A]"#7)>*=
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MXMTZ6U26074,K2-$;9K=WF5E^\"B!CQD'(XY%-G\6V23V,-K%<WKWRNT/V=
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M[BUBGMY)B;E5#-M*[2I5B!]XY!YZ=*+ =!1110 4444 %%%% !1110 4444
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M(/%$SC9+I%TUR(Q,\%NR.8HS]TN6*C<<'Y1D\4 =#17.7?C"*W\EHK9IXKR
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M%%];^O\ 7]?H'3^OZ_KS*NF^']0OK.\MKR[,.GRZA-(UNUL1(R^:6 #D\*V
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M@B2,,N<&2-\/ZAN",XXJ5^J_1?J#T_'\KG5-X4M88K4V=W=V<UMYG[^-E9Y
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MBQ:7(9M/U+"O'K4I@1.;9Y=N0,8X4#L3UKM-1U/0GL$.IW>G/:3KN3SY$*2
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M*X.<!3GKV(KT#4O$6EZ1L_M"[$ =/,!9&(V[E7)(''++^=9USXWT[^PKC4K
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHJO-?VEL^R>Z@B?&=KR!3C\: +%%4_[6
MT_\ Y_[7_O\ +_C2C5=/) %]:DGH!,O^- %NL[Q!8RZGX>U"R@V^;/;O&FXX
M&2,"M&B@:=G<X/5--UC7M2L9VT>2W@@CC1UFFB))$\3-P&/&U#CUQTZ5HZWH
MU_=3ZZ]O;[UN8+80@.H\QD9BPY/!QCKBNKHIWTL38Y%=(U&;75O6LWBC?4H[
MDAW3<J"VV'.&/(;CC/Y5U%VC2V<R(,LT; #WQ4U%)ZJQ5];G-3Z3>O\ #@:6
ML.;W^SUA\K<OWPH&,YQU]ZVYWG4Q016Y=9$8-*6&V,@<9&03D^E6J*<GS7OU
M$M+'GZ>$YIQ%''X=M-.,,$D=PR3 )>;E("@J2V-V&RW(P.M:F@:+?#7QJ=^+
MY/)M3;H+R:*1SE@>/+^4*-O4_,<\]*ZRBB^MP.5N;NZM?'-V;73I+W=I\0(C
MD164[Y,??(&/7G/L::VD:C%X(N-#%J99GL9,2+(NSS&)_=C)!XSU(Q74""(3
MM.(D$S*$,@4;BHR0,]<<G\ZDI=+#OK?^NAS;: 1K33QV40A_LO[,I 7A]WW<
M?3\*N^'X[NQTK3K"YM'3R;*,/+O4J'  *8!SGOGI[UKT4[_U]_\ F3;^ON_R
M./UO2I[SQ%>)"R+/-;V]Q:^8?E9X)22I]OF7\ZUXKK6+Z]ME^P/I]O&Q:X:9
MXW,@P<*FTGC.#DXZ=*UFBC>1)&16=,[6(Y7/7![4^DAO4QK&SFM/$6M7LZ!+
M:=8?+<L.=JG=QU&/>HO#%M(WA.-26C:Y\V5#C!42.S+^C"MN2-)HVCE17C<%
M65AD$'L13@ H    Z 4;JP'&6FCZH\.D6$FFI;+I>2UT)5(FPC+A #N^8G)W
M ?C5O3M%O+:R\*1M;A&L 1<@,OR9A93WY^8CIFNIHIWW P=9TF\U?7+$+--:
M6=FK3B>(QEFF/RJ,,&'"ENH[BL9-$U32)HQ#;S7]K8Z@;N$AXQ)(DD;!P!\H
M!#L3C &#Q7;T4EH&YP-E;ZCI_BJ;5+K3PTMT\YCLQ<1>:$*Q?.,L%XVX;G([
M9I/#L-]!#IVJV^G-<QAKV)H;>1 5WS;E(+$ K\N,CUS7;7NFV6I1K'?V=O=1
MJ<A9XE< ^N"*GCC2*-8XT5$4855& !Z 4T[)>0,X1-"U2'3;-Y--N!>*;D,U
MG<Q"2/S)2V"'^1E(Q[^U:NCZ?J5CJFG27=FA']G"WE>WV+'$X;=]W(XQQ\H/
M/H*ZBBB_]??_ )@]3)\164]]:6J6T>]H[V"5AD#"K("QY] *R_%7A_5=2BU"
M:QN;>0S6I@CMY+<EE'4A7\P %CC)(/05U5%("A;WDJ7T>GSQ[Y1;"5YT 5,Y
MQC;DD>HS[\G!K%\0KJMYJAMSI-U>:0L:DI!<11B=^<A]S!MHXX'7G.174T4
MM#B[K2]6-KJ^GV^F?N=7(<2^<@6VW1JC*PSDXV\;00:W-2T^>;5-$DA3=%:3
M.TK9 V@Q,H/OR1TK8HIW R);*XN?%EO<RQ_Z':VS>4VX8,KG!XZ\*.O^T:T+
M::6;S?.MW@V2%5W,IWJ.C#!. ?0\U/12 **** "BBB@ HHHH **** "BBB@
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M)[<;$],I5Z_TG5=3EO-2&F_99/\ 1MEHTJ%YO*EWDD@E02.!S]<4U;3^M/\
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MP!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MDWEO#<19!V2H'7(Z'!J4 * %  '  I:* "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M!2I_VN1BIU\0ZKH^D65I<_8A=06227$]U,0';T '.[ R>W- '<45REOXIO\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MTWKN4 X/N*[*B@#E-#\$);WJZMKUP=4U@C_6R#]W#[1KV'OUKJZ** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MS#"[B-6$;/ECG PH)[&H-*\4:3K5R]O8W>^X1=S1/&\;X]=K $BC<#6HHHH
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MY*\]/>I)/#M_=P16]Q!/'%#J$T[;# _F*^XJP#[E.,\A@#Z425F[?UJ'1/\
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MV:V<HR.0"V%5BP&<D#>O/K45[=:3<Q6J7=W:E)Y$DMP9POFLI#*5Y^;D#I6
M-/U2P\376I1Z;+<13M*BJDD8(W)#ACEAQF-@>_L:S?\ A#+R:QC%[#<,XTZ&
M!8X6MSL=0=R[I%8KR0=R?S I]$_0.YU^O:[%H5F)6ADN)7W>7#&0"Q"ECR2
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "L:[\3066H?9I;.]\OS%A-R(U\H.1D+RV3U'(!'O6S7,7_A2.[U
M)IA=VRW$EPMR'DMP\P1=OR!MP.W/H.,TNH="2Q\;V%W"\TMM?6D(MC=1O<1
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M&.UC663>$MK98548 Q@=>G4GO0!HT444@"BBB@ HHHH **** "BBB@ HHHH
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M%]XHT*XMI!)$\-UM8=\; ?U%9GBM)+R_O5^T20_95LQ$4"D_/-\Q^8'NJ_\
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MD4D2V5L(Y  Z")<,!TR,<XI]0\C%\.Q2P>(M>CFNVNG5H/WCJH;&SH=H S]
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M:+AF88 $;?W?:J4GB70=3TVW76(8R)@':"6 SI'\Q4%B%*@9!PQQFDOZ_KY
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MK:UWRF*-RMVOF;G ^98P"2F3C)(J-_'$]ONGN](>.P,LT$<R3AVDDCW\;,#
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M<[?:%=-/!&YQ?7]U(]SY*.T20.H61=^ .BKC."3VKI=8L)KW3TM[2018D0L
MY3* \J&7E3CN.:BTJ]GN=6UF&:3=';7")$, ;08E8CWY)ZUS<.L:M<23-:WN
MI372:@\2VWV &V,:RE<&41C'R]]_44ET7]=/Z^\&K7?]=31T[PU>6UW!)+Y
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M73R!U92IY,:X(SQP<\]*SG\2:K<O8"WL[:,O>B&0BZWQ2J8RPVN(^>G/ ((
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M # ^M;E%.XK!1112 *1E5QAE!'H12T4 1^1%_P \D_[Y%.5%3[BA<^@Q3J*
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M@"I%=72P*[N( X"9;.0>,D98D G^0KEM(GU9_$4-U<WZKYUQ+%+:O>.V$&[
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MNZ5+:R7,>I6;6\3^7)*)UVJWH3G -<FGA.]_LK4(9K..2633HH(<LIP0TA*
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M6\2/R<,/,5P5+;B#@OG(';\:-+O^NW_!'T_KS_X R3QC9K96\\5GJ%Q)-O\
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M<RD;=P!W#@[1VXR:Z&@G4****!A1110 4444 %%%% !1110 4444 %%%% "
M 9P ,]:6BB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **Y
MGQC>ZA80)<6^J0Z991HQDE\L22R2?P(JL"#G\ZUM!GO;K0K*;5(A%>R1!I4
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M5WXBU5;ID6TMBD<4:.#R55MQ^0')!_O8'3'>D!O4444 %%%% !1110 4444
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MK-<V_FM#@DG82WR@YQ^ Y-) 6CK&KSZC<0V5K!)#!>"!V(.53$3$_>'.'?\
M(?CJ:1?O?VKF956>&5X90O3<IQD>Q&#^-&GZ<;":^E,OF&[G$Q 7;M^15QU.
M?NY_&JVE:?>6]N9&D2&6>[>XGC*;_E;.$!!P"!MYYZ&G_7ST_P""']?G_P
MUZ***0!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M>#Q)HEU,L-OK&G2RMPJ1W2,Q^@!I]IX@TB_G$%GJMA<3'I'%<(['\ <UY7X
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MK5;C[/"^E-&K;&?+?:'.,*">QKIKOQ5H^F_$F/5+R\\NRN='3RI?*<[LOD<
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MD,Z.V/7 /2N$^*?_ "%M-_Z\+[_T56[X"TV[M](LKBYATI8I+./RWMK<I-R
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MVL&GX;36?[38S,Z2J,A01PNX#KC\ZQA;7,+6&@VZM]F\1VUG(S X";5'F?F
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MVBQ L#N&6R21D]*K2_\ 7?\ R)>Q:\9^*-1T/5=+LM/DTJ$7BR%YM19EC3:
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M2ZA;V$92UA6W6 1_+MR2"22!TS3X_!-TUQIYN]9:XATYB]MFW ESSMWR;CN
MSZ#-/2_]?U_6XM;'7454TNVN;/3H8+Z\-[<(#ON#&$W\_P!T=*MTAA1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% "4M
M%% !1110 4444 %%%% !1110 4444 %07%I#=-"TZ;S"XD0$G 8=#COU[U/1
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %(1D8/2EHH 15"*%4  =
M!2T44 %%%% $ M(1>M=[/W[((]Y).%SG '0<^G6IZ** "BBB@ HHHH ****
M"BBB@ HHHH *2EHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M<8S^1-/HZIC.%&M:U;0?:FOOM N1<JD1@4"#RY,!A@9.!DG/I5_2B5U37_\
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %8:W&L7VIZE'9W=A;P6DZPJLMF\K-
MF*-R21*HZN1T[5N5D:-_R%-?_P"O]?\ TF@H /LWB#_H)Z7_ ."Z3_X_1]F\
M0?\ 03TO_P %TG_Q^M>B@#(^S>(/^@GI?_@ND_\ C]'V;Q!_T$]+_P#!=)_\
M?K7HH R/LWB#_H)Z7_X+I/\ X_1]F\0?]!/2_P#P72?_ !^M>B@#(^S>(/\
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M/T?9O$'_ $$]+_\ !=)_\?K7HH R/LWB#_H)Z7_X+I/_ (_1]F\0?]!/2_\
MP72?_'ZUZ* ,-KC6+'4]-CO+NPN(+N=H66*S>)EQ%(X()E8=4 Z=ZW*R-9_Y
M"F@?]?[?^DT]:] !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !61HW_(4U_P#Z_P!?
M_2:"M>LC1O\ D*:__P!?Z_\ I-!0!KT444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110!D:S_R%- _Z_P!O_2:>M>LC6?\ D*:!_P!?[?\ I-/6O0 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M #PU3_P577_QN@#7HK(_X26R_P">&J?^"JZ_^-T?\)+9?\\-4_\ !5=?_&Z
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!115*_U:TTUHUN6E+R E4AA>5L#J=J D 9'/3F@"[15>VOK>\&ZWD\Q-BR!P
MIVE6Z$-T/3M4^1UH 6BD) !)Z"H[6YBO+6*XMW$D,JAT8=P>AH EHI*C2YBD
MGEA1\R18W@#[N>G/K[?3UH EHJ&*ZBFCD>-BPC9E?Y3D$=1CK3XI5FB21,[7
M4,-RE3@^QY'XT /HK/U'6[+2YHX;DSF61&=4AMI)CM7&2=BG &1U]:LV=W!?
MVD5S:R"2&5=R, 1D?0\B@">BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M0+A"2QZ*.>OM4DFK6$8N<W<!:U0O,BR M&!UR!R* +E%9@\0:>UM+*EQ'(T
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MCWYW<=^:M7,.KW5C*6DOX7-V7V)YR;QY*\;D!91NST!&1@BE:WX?Y"O?\?\
M,V],T>ZM=4M+B9+5([>P^R_NG)+'<IS@J,#Y?7O6[5/2WGDTZV:XC>-S$I82
MN#(#@9W8 &?7%7*;!!1112&%%%% !1110 4444 %%%% !1110 4444 %%%%
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 45G:'=37EA+)</O=;NYC!P!\J3NBCCT50/PK1H **** "BBB@ HHHH **
M** "BBB@ HHHH *R/"?_ ")^B_\ 7A!_Z+6M>LCPG_R)^B_]>$'_ *+6@#7H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@#(\-?\@N;_ *_[S_TIEK7K(\-?\@N;
M_K_O/_2F6M>@ HHHH **** "BBB@ HHHH **** "BBB@ KF/#VMV]CX;TNUN
M;75$G@M(HY%_LNY.UE0 C(CQU%=/10!D?\)+9?\ /#5/_!5=?_&Z/^$ELO\
MGAJG_@JNO_C=:]% %2QU.#4?,\A+I/+QGS[66'.<]-ZC/3MTJW110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
;"BBB@ HHHH **** "BBB@ HHHH **** /__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g140922mqi002.jpg
<DESCRIPTION>G140922MQI002.JPG
<TEXT>
begin 644 g140922mqi002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" 2Y Z<# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M"0.F<<5NTVK %%%%( HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBD)QS0 M%<I_PL72/._P!3J'V+
MS/+_ +0^S'[-NSC&_P"OM5B\\:06VM76F0:7JE[<6J*\AM8D90&&1U<'OZ4!
M8Z.BN5N?B'I<%G87$%MJ%Y]N=XXXK> -('3&Y2I(.>>V:NZ;XKAOK:[N+K3M
M3TN"U0.\FH6_D@CGIR<XQ^HH W:*YBS\?Z7=WD$+0:A;1W+!;>YN;8QPSD]
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M^,;&]M+^4PW=O/81F2XM)X]DRJ 3G&<'...:TM)U.'6-)M]0MUD6&X02*L@
M8#WP2* +M%<?!\2M/FM6N_[+UA+%6*O=&V#1K@X.2K$X_"K6J>.K'3;ZVM8;
M+4=1DNH!<1?8(1+E">OW@>WI0.QTU%<O<>.[:ST4:E=Z1K-NK7 ME@EM@DK,
M1D$*6Y';KUJ72O&UEJ6J)ITUCJ>G74BEHDO[?RO, Z[>3TH$='17*?\ "Q=(
M\[_4ZA]B\SR_[0^S'[-NSC&_Z^U=4#D9'2CS#R%HHHH **** "BBB@ HHHH
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M:1L;>IQR.?J*V-3&/ =T#U_LUO\ T71+X+T">2-Y-.C8HJKC>VU@HPNX9PV
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M]='QHBV,S&XM[?[/F,XD98^=I/4CVJMJ&GW4FH6.I"QU3["U@MN(H+"-Y(I
M?F#1RJ< _P!X#\<4O^!^3%_7Y'IRL'4,I!4C((Z&N=D\:V!\76OA^U_?W,A<
M3L"0("JDXZ<DX]>*L^$=/DTOPS:6LJSHR D1SNK.@))"DJ .,]!TZ52URTN)
MO'/AJXB@E>&$7/FR*A*IE !N/09]Z=O>L"U3(9_'8AN)YAIDSZ1;W/V6:_$J
MC:^0"0G4J"<9S4FJ^-'L;Z]BL]*FO;?3E#7LZ2JOE C.%!^\0.3TKG[C3-17
MPQJ7AE=/NFN;F^9HIQ&3"8FD#[R_08&>.OM5NZMKW27\3V:Z?=W)U1<VDD,1
M96)CV$,PX7!]<5/V;_UT_P"".RO\_P .YHWGCP))</INF37]E9Q)-=W"2JGE
MJR[AM4_>.WDCBNHM;F.\M8KF!MT4R!T;U!&17G.GZ5J/AK2-:TE]/N[J6^MD
M6WD@C+HS^2$8,PX7!'4XXKN]!L7TS0+"RE(,EO;I&Q'J% -4TM?Z]2>QH444
M4AA1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M!+<13R01/-%D1R,@+)GK@]1FI:* "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M?W-^+0RV5W:QQ><LBCRF4D_,I(//L#724EL@>["BBB@ HHHH **** "BBB@
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M-G=)XAA@@26.6-4@8R$\QYX7ISGMT/-7?!>O7VJ:;JMUK92![:]EC*97$"J
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M%Q-?,9V/^R>%_09_&NTIR5G82=]0HHHI#"BBB@ HHHH **** "BBB@ HHHH
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M)?\ "??]2MXI_P#!=_\ 94?\)]_U*WBG_P %W_V5 '6T5R7_  GW_4K>*?\
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MDYSU]>3BNIU*TFU#0+JU!19[BV:/YC\H9E(YQVR:P?\ A/O^I6\4_P#@N_\
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M =;17)?\)]_U*WBG_P %W_V5'_"??]2MXI_\%W_V5 '6T5R7_"??]2MXI_\
M!=_]E1_PGW_4K>*?_!=_]E0!UM%<E_PGW_4K>*?_  7?_94?\)]_U*WBG_P7
M?_94 =;17)?\)]_U*WBG_P %W_V5'_"??]2MXI_\%W_V5 '6T5R7_"??]2MX
MI_\ !=_]E1_PGW_4K>*?_!=_]E0!UM%<E_PGW_4K>*?_  7?_94?\)]_U*WB
MG_P7?_94 =;17)?\)]_U*WBG_P %W_V5'_"??]2MXI_\%W_V5 '6T5R7_"??
M]2MXI_\ !=_]E1_PGW_4K>*?_!=_]E0!UM%<E_PGW_4K>*?_  7?_94?\)]_
MU*WBG_P7?_94 =;17)?\)]_U*WBG_P %W_V5'_"??]2MXI_\%W_V5 '6T5R7
M_"??]2MXI_\ !=_]E1_PGW_4K>*?_!=_]E0!UM%<E_PGW_4K>*?_  7?_94?
M\)]_U*WBG_P7?_94 =;17)?\)]_U*WBG_P %W_V5'_"??]2MXI_\%W_V5 '6
MT5R7_"??]2MXI_\ !=_]E1_PGW_4K>*?_!=_]E0!UM%<E_PGW_4K>*?_  7?
M_94?\)]_U*WBG_P7?_94 =;17)?\)]_U*WBG_P %W_V5'_"??]2MXI_\%W_V
M5 '6T5R7_"??]2MXI_\ !=_]E1_PGW_4K>*?_!=_]E0!UM%<E_PGW_4K>*?_
M  7?_94?\)]_U*WBG_P7?_94 =;7FOQM_P"1?T[_ *^O_936[_PGW_4K>*?_
M  7?_95FZWKNF>([>.#5O!OBFXCB?>B_8F3!QC/RN*35QK0=>^&O%5]HD>DV
MNLV7]F21!&DEB87 3'W21PW'&>#5C5/ +?\ "O?^$<TF6(2;U<RSDJ';=EB<
M U,GCQ8T5$\*^*0J@ #^S^W_ 'U3O^$^_P"I6\4_^"[_ .RIO6XE=6-K0-+?
M3/#=EIMT8Y'@@6*39DJV!@XR!Q7(VO@?7_#%Y='PEJEHEG<MN-O>(2$^A .<
M?A[UJ?\ "??]2MXI_P#!=_\ 94?\)]_U*WBG_P %W_V5#=W<%HK#?"W@F70K
MZ\U?4+P7^L70.9"-J+GL/K@<XZ#I5'0OA]</KFI:MXKDM;VXNU9$CB+,B*PP
M>H'0<"M#_A/O^I6\4_\ @N_^RH_X3[_J5O%/_@N_^RH_X8"MX,\+ZIX+N+^*
MXO+271&+2QY=A)'CN1MQTZ\]JX3QE9V'B;XEVL&BW,=PM\(Q.\+!E!'#'(XX
M4 UZ#-XY2X@DAE\*>*&CD4JR_P!G]0>#_%63H^H:'H$[3:9X%\203$$>9]@9
MF /8%G)'X4+XDWT'T=NIZ%#"EO!'#$H6.-0J@=@.!4E8>B>)_P"VKQ[?^Q=9
ML=L9?S+VU\I#R!@')YYZ>QK<H%L%%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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MI$?[D<XV;O[WM26P,OT444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M[0D\;,#'83VXA8#(4M)PP/(R,<]N:30O$]Y?ZG#;7TEI#-(K&2S>"2":$CG
M+$B4>I4#UK3LO#<5K<)+-?7UYY<9CB2XD4K&IX.-J@DXXR<FFVWAB&"YM)9;
MZ]N4LR3;13NA6(D$=0H9N"1\Q-&EQ="6_P!5ET_7;&"81BQNDD7S"#N651N
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M 0#D ]3G%5T\*ZI=>#]4T26#R)OM;7$$QE7RY@9-X'RG<O3'(':N_HH>KO\
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M.VHK!\/75Z=0U73K^[-XUE)'LG:-49@Z!L$* ./I6]0 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 9M[X?L-0OEO9EN%N1'Y7F07
M4L)V9S@[&&>:B.D#2M,N4T.UA>XG;<WVJ9SYA/!+.=S'C_"HM1UR]35FTW2-
M/CO+B*(33-+/Y2(I)"C."23@UA:GK5[KESH"6<#Q6US<2+/']K:%_,C#;D)4
M=%*YZ\XQ[T6OH-Z:G3^']'CT'0[73XB"(4PS 8W,>6/YDTR[\-:7>W,L\]NY
M:8@RHL\BQRD<?.@8*WX@U0U_4=4M/$>AV]C%&UO<2.)-TVW?A&."-IZ 9!SR
M>..M9>G>)M0T^WOI[FRDN;"+4Y8GN7N?F13+M&U"#D#('4>U.]W<5K+^O/\
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M?AZWTV*[D22*8S/<,,M(7W>9D#'W@S#VJ3_A"[>35-6GN)2]M?P^4L(&/*W
M!R#[[5/X5T(N(3<-;B6,SJH<Q[AN"G@''7'!YJ"ZU;3[&>."\OK6WFE^Y'+,
MJL_T!/- ?U^IG:?H5[;W,<EYJ23I#&4C2*V$.<C&7.X[CCTP.3Q5W2M+73=#
MMM->3SEAA$1;;MWC&.F3BEO-:TW3KB."]O[6WFE^XDLJJS?0$T7VM:9IAQ?:
MA:VS8!Q+,JG!S@X)]C^1HW0+0R(/"=PD-K8SZGYNE6DBO%;^0 YV'**TF[D
M@=%&<"M72]*_LV;4)/.\S[9<FXQMQLRJC'7G[O7WIT&MZ9=7IL[?4+66Y"[O
M*256;'7. :?%JMA/>O9PWUK)=)]^%)E+K]5SD4]?Z_KR Q;KPI/?7<+75_%+
M!#<"XC9K4?:%PVX+YN[[O;[N<<9J"Z\'7L\=Y9QZLL6G7-R;KROLV9 Y<.1N
MW<KD>F?>MG6-931WL?-13'=7 @9V?:(QM9MQ_P"^?:K5MJ5E>6K7-K>6\UNN
M<RQRJR#'7D'%):?UZ?\  !^?];_\$QI?#NHQZKJ-YI^L+;"_92\;VHDV;4"Y
M4[ASQUZ>U,E\(NEA'8V=Y#]B6 0M#>6HN%XS\Z_,N&.>>H]JM:EXMTJPT*YU
M.&]M+J*'@"*X0AWQP@.>IJ2/Q%8P:5:W>J7MA:FX7*D7*M&W^ZQQN%%M+#N9
MB>"V@AN[>WU$BWNM/6R=9(=[Y5657W;A_>Z8_$58;PJS7%YF]'V:]L4M)H_*
M^;Y5*AE;/'WCQ@_6M:75]/@*"6^MD+[2H,JY;<<+CGG)!QZTL6JV$]Z]G#?6
MLETGWX4F4NOU7.10]=_Z_JXEI_7I_D8^G^&]0BU+3[S4=5CN/L$;Q11QVWE@
MJR@9)W'G@>WM3+?P@\=M:VTU^LMO:WKW4:^1@E6WY0G=SRYYQVZ5HZYXALO#
M\=N]]+&GGS+$H:15ZD MR>@SD^E0P^*K ZC>VMU<6MJ+>5(XGEN%'G[D#?*#
MCU[9HW#;^OD58/"=PD-K8SZGYNE6DBO%;^0 YV'**TF[D @=%&<"I9/"WF:%
M>Z;]KQ]JNVN?,\K[N9 ^W&>>F,YK5N=5T^SN(X+J^M8)I?\ 5QR3*K/] 3DT
M^^O(].L+B\GSY4$;2/M&3@#)Q1>VO]?UH%KZ%?3$OUEOC?R[XVN";8%54K'@
M<<=><\GFLR7PF9CJ:/?8AO+A;N(+%AX)5VX;=G##*CC I]KX@U&0V<UUHWEV
M=VRA)8;CSF3=]TNH48'J03BM+^W-+%RMO_:5EY[,4$7GKN+ X(QG.0:+6_(+
ME2PT6Y351J.J7ZWES'$88A'!Y2(I(+'&YB2<#G/;I3=0\-I?^(+/4S<%%A \
MV$)D3E23'DYXVDDUH7.JV%E<1P75]:P32_ZN.6959_H"<FBZU;3[&>.&\OK6
MWFE^Y'+,JL_T!/-'8.YEW/AV[%Y>RZ7J8LXKX[KA&MQ(=VT*60[AM) '4$<4
ML?A=;6^TZ6SN!';VEH;-X7CW^9&<'[V1@_+UP:T&U)8M2FMYC!'#% )FE:=0
MPR2#E.H''WNGY53OO%%C#I,E]I\]MJ"1RQQ,()U8 NX7DC/KFA?U^0?U^I7T
M[PQ<6#VL(U(&PM&!BB6W"R$#[JO)GY@/H,X&:C\:0/?VMI86B7 OI9E:":*(
ME81G#LS=%^1FZ]:TO$FLGP_H%SJ0MS<& +B(-MW98#K@^OI4%UXG@M_"/]NK
M$TB-"LB0@X9F/ 3IUR<=*&^KZ#2?3J,E\.2VUVESHEZEC)]G2V=9(/-1D3.W
MC<N",GG/X57/A*:TCL)-+U 17EH92TL\/F"7S3ER5!&#GD8/M6A8>(;2X\/6
M>K7TL%C%<QJ_[Z8!5)[;CC-6YM5L+>R6\FOK6.U?&V9YE"-GIAB<4W=/42\C
M(L?"CVJV_F7YF>+4'OF<Q ;RRL"O!X^]G/Z5IZK8W%]%&+6[%O)&V2'B\R.0
M8P5=<C(^A%5;WQ5I=E?:=;/=V[?;R?+<3+@#!(;KT)& ?6I(]?M$@FDU"YL[
M41R2*,W2,"J-@G/8\C([$XI!_7WW_P""9UGX-6U,#_:D#I?_ &YUB@V1D["F
MU4W':.<]3S2:CX/>]U6;4(KY(Y7N(YT26W\R,%8RF&7<-W7(Z8-;9U:P&G#4
M#>VXLB,^?YHV8_WNE+8ZK8:HI;3[VVN@H!;R95? /3..G0_E1_7]?<']?U]Y
MAQ^$9Q%?)-J2R?;+F&Y)%L%VM&5)  ;H0@ ]/4U<U'0)I]4;4-/NXK:XDB$,
MHFMA,KJ"2I W*01D\Y_"K]UK&G6-PEO=ZA:03R?<CEF56;Z G)IEUKNEV,HB
MNM1M(9"^S;),H.[ .,9ZX(/XBC^OT RKCPO=26JVR:E'-"T(CE2^M1."><NO
MS+M)S[CIQ5N;PW!+X;M](\^4"V6/RIS@NK)@JWH>0.*OWFJ6.G!#?7MM;"0X
M0S2JFX^V3S4&A:L-;TXW:Q",>=)& 'W9V.5SG ZXS0!F3^%KG4%NI-4U-9[F
M6TDM(GCMO+2)7^\=NXDDX'?M5\Z)G4-)NO/_ .0?$\>W9_K-RA<YSQT]ZLMK
M&FI?BQ;4+1;PG @,RB0_\!SFLO3_ !3]NU6&R^R;/,EN8]_FYQY+ 9QCOG\/
M>A>7]?U<'_7]?(M7FC2S^(+;4X;I8O+@>WDB:+=O5B#P<C:<CT-5$\**NB:1
MISW6Y=.F60MY?^M ##&,\9W>];-[J%GIL(EOKN"VB)P'FD"#/IDU')J^G0V2
M7DM_:I:/]V=IE$;?1LX-'3^O4#)T[PQ<6#VL(U(&PM&!BB6W"R$#[JO)GY@/
MH,X&:TKG2OM&NV.H^=M^RQRQ^7MSNW[><YXQM].]4;3Q.E]=21V\<#1)>BU$
MOVI0'!C#[EX^8\XVCZYK0DUK38M16PDU"U6\;I TJAS^&<T]?Z] ,Y?"^W2#
M8_:^M_\ ;=_E_P#3;S-N,_AG\<=JSY?!%R8)K>'58XX'NOM2YLPTF_S-X#ON
M^89]@>G-=0;VV'GYN(1]G_UWSC]UQGYO3CGGM5>37-+A($FI6:D^LR_W=WK_
M '>?IS27]?U\@_K^OO,K5?"DNI7.INM^L46HVJ02)Y&XJRYVL#N''/(Q^-/G
M\.WC727MOJ%O'?- L-P[V>^.0*200N\%2,GN:U+;6-.O;F6WM;ZVFGA&9(XY
M59E'N!4(\2Z*9&0:O8%E3S"!<)POKUZ4 0Z=X?\ [/NWG-Y+,7M$MR6&&RK,
MQ;/OOZ8XQ56W\+3#5;*]O;Z&=[(L8Y$M1'-)E2O[Q]QW<'L!DUK1:QIT^GF_
MBO[5K->LXE78/JV<"A=8TUK5+I=0M#;N2J2B9=C$ D@'.#P"?PHOU#<@U;3+
MJ_>-[:[BB"J5>&XM_/BD![E=RG(]<]ZH^'_"2:!=M-'=>8&M_)V>7M /F,Y(
MYX'SX"]L=:L7_BS2K+09=6CO+>XMD.T&*53O;^Z#GK[5:77])>2&,:I8^9.
MT2?:$RX/3:,\_A0#,JW\)2V%GIWV'4!%?6,;Q"=X-R2(QR0R;AW Z'M2W'A(
MSZ%?6K7S&_O)A<M=[,;95QM(7/ &T#&?QKI** N<S:>#8[36;*\2X/DVMFL
MAV_>D52HDSGKM9A^-3P^%_)TC1K'[7G^S)TFW^7_ *S:&&,9X^][UOT4[]0,
MW6=(.J+;20SFVN[27S8)MF\*V"""N1D$$C&168OA*675(-2O=1$]['<)*S+!
ML0HBN BKN./ODY)-=+126@&?9:5]CU;4K[SM_P!M:-MFW&S:NWKGG/X5EZMX
M3EU+4KJXCU!88KH0>9$8-QS$^X$-N&,\C&*Z2B@#&U#PW#J>HW5Q<RDPW-C]
MC>(+@@;B=P;/OZ4W3=#O;6\BFO-22X2!"L<<5L(=V>,N=QW''I@<GBMNBA:
M]3/&E+_;5S?O)N6>V2W,6WH%+'.<]]WIVK-T[PQ<6#VL(U(&PM&!BB6W"R$#
M[JO)GY@/H,X&:Z*BC8'J<W'X,MOM.JM/.TMO?HT:0A=OD!SE\'ON;G\*L:?H
M5[;W,<EYJ23I#&4C2*V$.<C&7.X[CCTP.3Q6Y11TL'F8<>@7%MH5A86NH!)+
M-0I9X=\<PQ@ATW#(^C5G6_@<V<OVRTO8(K\R.Y86@\C#A05$6[@?*#G=G.?6
MNMHHOK<"AIFG26-@\,UT\\LC,SRA=G)_NC^$#L.:RH?"DQU.SO+V^AG>SW>7
M(EJ(YI,J5_>/N.[@]@,FNDHH Y>P\(W.D);MI>J+#.ENMO,TEMO655)*G;N&
MTC<>Y^E);>#);.VM3;ZDIOK=IO\ 2)K8.LBR/N8,FX=\<@CI^%=311<#/T[3
M'M-.DMY[IYY92S/*%V<M_='\('8<U@VO@JZMDTZ,:K#Y6GRAXE6R"EQM*G>=
MW+88\\<\X-==10!@0^%_)TC1K'[7G^S)TFW^7_K-H88QGC[WO52]\'W<VGWV
MFV>L"VTZ[9W,1M@[H7.6 ;</E))XQGGK7544!_7]?>9>MZ+_ &SHXL?/\HJR
M.KE-ZDH00&7/(..1FL:;P7=74\TMQJL1,Z0JZQV>Q1Y<F]=HW<#J.<]<Y[5U
MM%'6X=+'/ZYIUO%<7FJ78FG@EL?L;VT,!D8@L3D8Y[XZ>^:E\(Z9/I?A^!+U
MF:]F_>W#-U+GL?H !^%;=%"T!Z_U\C N?#MV+R]ETO4Q9Q7QW7"-;B0[MH4L
MAW#:2 .H(XJM?^#!-%!#87HM88]/?3RKP^861L<@[A@@CWS7444#OU,B705E
MO-+G>;*V,,D)39_K RA>N>.GOUJE8^%KBR-M;C4@;"U/[J);<+(0!\JO)GY@
M/H,X&:Z2BAZB6BL4M&T[^R-'M+#S?-^SQB/?MV[L=\9.*NT44-W **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** .<DL7D\:7MR]LS1
MG3%B24QY!.]\J#ZXQQ658:9<6^A>$0EA()K9B94,94H3"^=W]W+8'/<UW%%'
M2W]=?\QWUO\ ULE^AYO91WLESX?:6SU%$MKC]_;+IYCAM]R,O!QN89/WLD8Y
M-3):2Q^$[>)M-N_.LM6$DJ"U8L4\\ME1CYQM(Z9KT*BG?_,7]?G_ )GGNIV%
MZFH:R)'U?R=1VM#':V22I*FP+L9F1C&001R0!G/K5JR\.*+?Q ;W3I[F:2*.
M%2Q DE40*"$<@#.<\C@D5W%%+I8=]3D/#GVW^W5R+FZM5M2AN;RP-O-$01B/
M.%WCKT';K4GCB&]A2TU'2X'FND\RU*H"3ME7 /T#!3^==710]1+0\T?0+N&/
M5=)CM)C9Z9:7#6F$)$KS(,!?4C]X/^!5O+I/V35O#K6EB8DCM)HYFCBP%RBX
M#$#U'?O76T4/5?UY_P"8?U^7^1YWX>MIM&%K<:MI=Y/$^G1PQ!+5I6B8,Q=2
MH!*YRO)&.*TM%T96\0B:XT46L*Z6B1Q2#S%B)D<E Q&,XQD=J[*BAZ_UZ_YA
M_7Y?Y&#X0MY[;P=8P7$4D4J1,ICD4JR\G P?;%86G:/*FB>#XWT]U:"Y\R=3
M"08_D?EACCG')[XKNZ*=];ATL<)?V]Y:7]])'83&%]667SDM6F:,>0H\Q$'W
MOFR,X..:;INDW.H:?XCMYDO4GFG2YMI[N 1EF"*5;@!<[EZ#D#K7>U6U#3X=
M3LWM;GS/*?&[RY&0]?52#2Z:?UM_D.^O]?UU,7P>[ZE;W&NSQF.74&78C=4C
M0;5'XG<?^!5GW$8L=1UU=1T:YU%K]P;<QVYD61-@41EP"$P0>N.N:Z^"".V@
MC@@14BC4*BJ.% X J2F[7T$M#AEM_P"S9M7BU+1+FZ>^5/(\F!KA=GEA1$7Q
M\N"#RV!SFIM$T:[M=447\#22Q:)% 9BNX%]S;E#=STKLZ*3U_KR:_4%I_7FG
M^APUCI%RF@^$8DM989H"?,/E$&$F%P2W''S$=>]4]%TN^7^Q[&X?6#/93*SH
MUK''#$5SN83;/F!] Q)W<]Z]%HIWUN%M+',^-;=IUT=_L$U]%#J"22Q11[SM
M"MR1['%8>K:;>:U+J5YI-G=VEJR6X:-H/*>X9)-S$1N.<+QR.>G->A44EH-N
MYYQ?Z;=ZC8:S<QC5[QVL1"INK-82[;L@+&(U9B!GGWQ6W=Q#3?%$M]>Z=/=V
MLUFD,!@MC-Y1!8LI502,Y'.,<5UE% OZ_+_(X'PQX;GCU2:6]LFA861%KYB9
M%N&FE8*#T#*I7@=*@T72[Y?['L;A]8,]E,K.C6L<<,17.YA-L^8'T#$G=SWK
MT6BFG9@];G/>,H'ETVTD2VEN/(OH)76*(R-L#@L0HY/'I67-I N?^$OG;3F:
M2XB MR\!W./(& N1GKZ=Z[6BIMHUW_X'^0T[-,\T_LW4;=+Z*[?6,7T,>R.V
MLTF64>4J['9D8H001R0!G/K7<F&[MO#8AMXUGNX[8*J7#9#L%QAB,9SZUI45
M3=[DI6L<#'9QI-:-X;TW5M,OS,AFB:.6.V"9'F!@W[LC&<;><]*K6\B2Z'XA
MTZ+2+N>ZO+ZY6.2.W+([%B%)<<+M/J1TXKT>J]G86^GQR):Q^6LDK3,-Q.78
MY8\^]+^OR_R*O;^O7_,X&[TO4K2XU2"\GU:7[:J;1:6<<R3CRPI5G9&V<@]2
M!SGUJU;6K:0-4MM5TB\U.6Z1!"PA,HE01*OEM(!A<,#DG YS7>44"6AP>N6E
M]'J$\D.EO+']@M8RGEM,J8E);'3>5'.._'%9UW:W]U>ZC(+?5;D7"6ACEGLO
M+W;)\L-JJ,8!_BYQD]*]-HIIV=P,#QQ;37?A*\AMH9)I6,>$C4LQQ(I/ ]JR
M'TN].L3:6;:7^S+=Y-0BDVG:S,ORQCW#L[8_W:[:BIL.YYW%INI6NF>&;ICJ
M-LEK8M#*+:U$LL3G;C,;*Q[$$@9'T)J./2-0LY[/45EUB*V\RX.Y+6.29"Y7
M#>2(_E#;6Z+D9YQDUZ115-ZW_K472QY_::=-93Z/>26FH30_VA/(QDMP9%5T
M(#%$4; 6YQCC/-/TK1I9/$EF]YI\C0QW6H2;I83M7<Z[#R,<C./7M7>T47U#
M^OS_ ,S@5L+FR2*<V4[6UIKD\QMDB.YHR&"LB?Q $YX_"M'PQ.MWXP\07$=I
M+;)(EM@2QE&?AOF*GD?CS71ZAIMKJD AO(MZJP=2&*LC#NK @@^X-)I^EVFE
MQNEI&5\QM\CN[.[GU9F))_$TEHOZ\O\ ('K_ %YW.(\2Q:A<MX@M8[2^B>=<
M1+:V>];H!!@O*P('.1@8/'')J>'23=V7BBXDTV0RW-N@@,MN0[XMQP 1G.[M
MZUW=%*VC0T[-,XNWCDTW5H;S4].N[J&;38(8S';-,8G7.]64 E<Y')XXYK3\
M#VTEKX:2.6TDLSY\[+!(NTHID8@8^F*Z&BJ;O<E*RM_6UCS744U":"6,V6H1
M/'J0G>UM[',3*)0?,\P@ER0,_*>_3 K1T.PNX_$EK-):7"1BXU!B[Q,  SJ5
M).._;UKN:*2T_K^NQ3U_KU_S.8\3/<Q:QI[Q07"PK'(#=VUH;B2-CMPH7!"@
MC/S$'I7/:):W.GSV=WJ&FZA-;6TMVC(UJ7D1W<,LFQ1SE<C*C S7I%%"T$]3
MSFUA:/4X918364,_B$211RQ&,E3 ?F ]SFI;BQE30]4T>32;J;5;JXE>*Y6W
M)C8LY*2>;C"[1CJ<C;7;7.F6MY>6UU<1EYK4EH27;"DC&=N<$^Y'%6Z/Z_+_
M "&WK?\ KK_F<)?O<V$GB6S>QOKB?485^SM# SK)^Y"'YAP,$'K45MH3_P!B
M^(YI-/D-Y+9I%"6A.]L6RC"\9^]D<=Q7H%%'1^>@)V:\O^!_D<DND_9-6\.M
M:V)B2*TF29HXL!<HN Q ]0>O>J.G:/*FB>#XWT]U:"Y\R=3"08_D?EACCG')
M[XKNZ*=];_UW)2LK' :II-_]OO+FW2[A@BU<7#&" .[*8%7>BL"'PWH#WQR*
MB31IKW4+:XE@U&[@EU2*21KRV6/<%C<%S&J+M&2HRPYP*]$HI+3\/PM_D-Z_
MUZ_YG"ZMI$[6GC"*WL9-LRQ- B1'$A$8SL&.3QVJM?QS[KZ73+344>Z*2"QN
M-.,MO=$*H!)V@Q'C!#,,8SBO0Z*%H!3MKYIKV:U:UN(VA1&,K)B)RPZ(W<C'
M/X5<HHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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MTR[\_P N=U,$?FR++"\3!/[P# $CW%5;3QKH5],8X+X']T9@[QLB,H&6(8@
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
+ %%%% !1110!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>g140922msi001.jpg
<DESCRIPTION>G140922MSI001.JPG
<TEXT>
begin 644 g140922msi001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" 2Y Z<# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **J)J=K)?-9K*#,HR1_3ZU;IM-;DQE&7PNX4444B@HHHH ;(XCC9VSM4$
MG R?RK)/BO1U<J]ZJ,.JNK*1^8K8KSOXB1*NL6S@ %X.??#'_&@#KQXETH@$
M7BD'H0I_PH/B?21UNQ_WPW^%7[55%I" H "+QCVJ7:/04 8Q\7Z*IP;Y0?\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MM %/5-,M]6L7M;I<HW0CJI[$5S>GC5/"+&WG@DOM,SE981EH_P#@/I[5V%%
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MU'AS7M9O]1LY;J.X%M>F4,DQMECCVYQY85_-)&,$,#US\N,4+5>O^2!O\/\
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MR0,D9JV+K4KK4M,MK^>:W>+42D4UR;<SX:WD.&$1*!N>,@<$<'O6M[_UT_X
MM+'0_P#")6:PNL4]U%*;U[Z.=67?%*V0=N5(Q@D8(/6IK;PY!;ZA9WK75Y/<
M6L4D0>:7<7\P@L6X]5& , = *YF;7=:DL(98;MVC@-P)9;40&601R%5E,<F
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MYYS70>&C)/H4VJ/ XGU)FNO*)VMM(Q&N>QV!1]:-DW_7E^H=?Z[:F\RJZE6
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ML-Z/^N_],ZR'3[.W*F"U@C*Q"$%(P,1CHO'\(].E-33+&)"D=G;(IB$)58E
M\L9PG3[HR>.G-<YK%O(?$\.F0I^XU1DN9R/X?)QN)_WOW2_@:R;72;B;R(8;
M"YAU3RITU2Z>%D6?=&P7YR,298J1@G:!VZ4F]+CZV.XM=+L+%(DL[*VMUB#"
M,11*@0-][&!QG S]*D%E;*T["VA#7'^N(0?O>,?-Z\<<UP-S#<:K;00KIM^$
MBL;:"3S;9TRPGCWJ,CG !.1QCD'%=3X@TR#_ (1>6RMH)(K=-F(K. /A0P./
M+XW+ZJ.2,@4WM_7<4=?Z\B]'HFEQ6(LH]-LDM P<0+ HCW Y!VXQG/.:?%I5
MA!=S74-C:QW,XQ+,D*AY/]YL9/XUPL5B6L[%=3T=Y=&AEG!@M[&51(2J^7)]
MG.609WC'0'!X%2WNA3W%KK%S9Z?+#=-);+$UQ&9)1"$B\Q0=V6X!# -SC&:
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M!S6IVLMWXQ@CANI;5OL3'?& 3]_IS5>[LI+76+:'6KRXN]/E(\MG(5!*.@<
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ML?\ D<M4_P"N$/\ 6MVH$LX8[V6Z5 )I5"NV3R!TJ>@ HHHH **** "BBB@
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M)&P'(Z-M!SU&*@MO UY]D@24(ZSVL$=PCW]Q$(F2-5(\N,A9 <=R/J:JRO\
MUY_\ G^OR_X)UL>O:?+J?V!)G-QN*C]TX1F')4/C:6'< Y&#6C7,Q:!?P>)O
MMMO]GMK<R,\IAN91]H!!PKPD% V2"9 <G'3FNBA:9K=#,D:3%?F1'+*&] Q
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MP:R%E;7-S.C^8_F.)5DP"NW P9/4Y'/'2A[>8EYFL/&&CF))?/G\MQN#&TF
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MV-G8V274]X7"^9/Y2IM&22=K'\A2S>'H9[D,UU=_904)LMZF$E,;3@C<,8'
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M/N;AM\TUM&[M@#+%02<"LS57U.SU.VDM]2:5KBY1$L!"@3RLC>Q."^0,G=N
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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MGLPAB"R;3L)P@&$PP +9ZG-=7H<!M_#,#^?<2RRVZRO)-,\C%B@)(+$X'L,
M>E,G\12V\=L)-$U(7%S*T4=MNM]YPI8MGS=N, _Q9]J8WBN-86!TV_%XDZV[
M6?[KS0S#<ISOV8('7=4O9KO_ %^H^J?8Y"6>[M=+T-YK^5;>ZL?/EGN]7FM@
M\Y"8_>!7YQDA. >>#5JZU*]M[[2Y;[4?-N&@@/V:&YEMI&8GYFCB90LP;NK
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M!3DX/!Z5/X,O)K_PE87%U(TDS(0[,23D,1R2 <\=QGUJ[JFI2:;")4T^ZO$
M)<P/$OE@=SYCK^F>E/TG41JVEV]\MO/;I.N]8YP X';(!(Y'/7O274'T+E%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MK5CJQD%G*[-& 662)XVP>C , 2IP<,.#CK3==U=-"TJ2^DBEE5&5=D:,Q.6
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M;>I !W$KC..#GM2MK?\ KHR=U;^NJ*T_A*[_ +)T5(W1[G3HVC:-+R:V63<
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MPRN\C6BR 1;V&&; &XY]"2,\XS5:#PC%:Q1);ZIJ46V)8)&1T5ID7.T,0G!
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH *:\:2H4D574]0PR*=10 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M:"2PU%8%(6, [E\],\^H-/2Y*O8ZG6M<CT2UMYI;:XG:XG2WCBAV;B[=!\S
M?K5-_%UO#9W\UQ8WT,NGA&N;9EC:1$;H_P KE2N,G@YX/%0>---N]6TK3Q:V
M=Q,T5[#/+##,L4H09W8;>H!^C?C3?#.DW-KJ>ISR6MU:V-TD86"]N!<3,X!#
M,7WN=N-H +'H>!277^NW_!'V_KN:]KKEK>ZK)8VHDE,<*3/,@!C4-]U<YZD<
M].E9P\;Z9]NUNU=+E'T:/S)RR##C&3LYR>W7'44G@?0WT#0I+::V%O*UU,^T
M,&RF\A.03_ %'MBN:O\ P=K%SXCN+F&+9;W6I_OR77Y[4I$2<9S]Z+'KSTI]
M;>7^0=/Z_K4Z;_A-M/\ ^$/3Q&8+P6K\+#Y8,S-OV!0N<9S[U<D\1V2#22HD
MD353BW9 "/N%\MSZ#MFN5L/#6O&RT&QV06D=C)/=3/.HF0R%V$:E%=2>&+9S
M@8%.T[PYK-J^C6D]NCP:7J,S+,C*JF!HWVD*6+  MMP<GC\:--1'8:-JT&N:
M3!J%JLB0S@E5D ##!(YP2.U7JY7P6-2TO1;'2;[1;V%H0P>X,D#1#DD?=D+=
M_P"[754,84444@"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M6XF5(PGGLT83:H+84   9)]SWH=M?Z[?\$6NGR_4U;?4H;J^FM80[&&-)&D
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MKD#H-SDG R<#.!FA;)>0Y.[T[G.W>LZE:Z]<VMD\3-<:E%;+]H#.L2FVWDJ
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MSWV@9J_++'"F^6147(7+' R3@#\2<4@ZCZ*** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH Y2SLI%U;^PVC)LK2?[<A(^4QDYC3\)-
MWT"#UK MM4ULZA.8;J$ZD'N?,M6OI9)"H#^6/L_E[(P"$PVX ^IS7H\LJ00O
M+(=J(I9CCH!UI()H[FWCGA;='(H=&QC((R*!WU/-9;FW>X=M+U>\GD:T@6:7
M[2[M&[7"!QN)RIY.5& /059U_4DTW5!;V-[?K=6EU;Q[9]1?B(LFXB+DR*0Q
M!>3H<_-P!7HM%-.UOZZDK2_]=#F?'\OD^&5D\Z*#9>6K>;,,HF)D^9N1P._(
M^HKF[K4[UVU:[LK^QOUD^RK-?V#-!$B!V#(6!DVD Y+@D@-VP*]*J"6[AAN8
M+>1\2SEA&N#\V!D_3BDMK?UT_P AMG"1:J$T95O]09K.2]*026VJ2>7M\O.U
M[IE5F&[."IR3@9."*JZ?J[7-AIW]NZO>65J(KD)-%<NK-,DQ55+8!D8(.%8'
M=SE2:],HIW_KY <-;1/!?R7\-W=AWUH0E#*RQE&5008_NY[Y(R/:NU@N(;F/
MS+>6.5,E=R,&&0<$9'H013R0 2>@JMIKVDMA%-8$-;39F1AGYMQW$\\\DYI+
M:W];?\ 5M;_UNSF?"46I_P!C3.;NS^P_:+O]S]E;S?\ 6R?\M/,QU_V/;WJ?
MP'K>EW7AC2+&WU*SEO([.,/;QSJTBX49RH.1BNIHIWW_ *[_ .8SD_&]Q9#3
M[JU-U:6M[<0;<31'S+F,9_=1MD?,3TQN(SG;R*K7.L:)J6J0:2+BQL9X[F&X
MNEDE1)3,-I5%&06<D $^G'7IU<&HVUQ<M;QLXF6,2E'C9"%)*@\@=U-6J2T!
MZGFLLJW6GVFFV,L;:S;W%\\\2L/,C!28;F'4 EDQGKD5<BU(W<T4GA=%O9(M
M,2WF%L\>8277 .XJNY0'.TD5WU%']?G_ )@]?Z\T_P!#BO!KW]MH=W#INEJI
MCU&==E]=B,XW'^)!)E@>#GWY-4SYKZE%I-I<6LACU.6>9D9S<QJPD+;HRHVJ
M-V ^2&&,"O0:*'J.^_\ 7?\ S.#\,O+?ZI800S6DEE9:=+:R2V<K;LYC"[P0
MIC?@G9R5YYK1\/:7:OI&LV.QEMAJ,PV+(P) (."0<G/?GGG/6NKHH>OW?K<7
M;^NECGO!<T,/@W0HGDC1Y+5!&A8 MA<G [X%5/&$:S7D2,6 .FWO*L5/2/N.
M:ZRBB?O7\[CB^5W,*QL9&\$6UM9331S?8T,4AE9F#[01EB<D9[9Z<=*YYM8?
M4A#J5]>7-CHUW<F*1A.\ C5$( + @IF3<"P(SA1FNZN($N;>2&0N$D4J2CLC
M8/HRD$?4&JUF;*R==*M L9MX5<0J#A4)(!S]0>^:;=VWW)BK12[''6.MS65S
M9SZCJ$RV,EO>1V[SN5\_$J^4?]IRF<=R,UL0ZB8OAQ:7MU/=;C8Q-)-&X\S)
M5<MN;..N2QZ#)KIJ*&]+?UU_S'UN>;V-])>-=V4%_<BS.H6JQM'J$DS>6X.[
M$Q^8@X/0D#G!J:VO-1C\5?9S=QQS1WHB2";4IFD:V!P/]'V$,".?,+9SU8=*
M]"HH6C_KR_R_$36G]>?^?X'.>,=4GT&UMM5A$TB1.T4D*$X?>,)QTSO"#/;)
MKG[^XN=/6YM[K5+M=7MH8AIL0N&!NFV#<2F<29?<#G.T>G6O0Z*2T&SSI)OL
M$E]#:7<Z3?:;YIH_M+L5/E%D)!)QZC\Z?++?:=:VXAO[Z1+FPMYKJ22=W9!Y
MB+)(N2=OR$_=QTSUKT*H;JV2\MW@E:54<8)BE:-OP92"/P-):?A^"8K?K^:_
MKYG/^$+F&>YUA;._FO;.*Y18)))VF 7RD)"NQ)(R3SDUC6;JUZ(+6^NQ>RZK
M=1R6Z2, (2S;FVC@ <$/U#<9[5VFGZ;;:7"T=JC@.V]VDD:1W;IEF8EB< #D
M]JM$;@0<X/'!Q3>Y5]+?UU.;\,WEWJ5_<-<R2XT^-;*0$D"2<'+OCH>-F#[F
ML'797T_6-8-I</')-<6S7'F7TD06 H<MN&XQKN &]5X]1V[JPT^VTRU%O:1E
M(]Q8[G9V9B<DEF)))/<FK-#U:$NIYF][JGV6.>TGCN)X[>]^QR03O<X7]UC$
MCH#)CG#8/;J:9)JERFDSNFK*+'[59J9+34IKMH]TF)/WS(N,C&5!./09%>GU
M7O+&WU"...ZCWK'*DRC<1AU(93QZ$"FGJOE^8/:WJ</;1+JNKV=O'?7DVEK>
M3"UN%NGWR)Y )"S9W,H8M\V>V,U7.J2&R(U75;NV,=GG3W2=D:>8/(IX'^M;
MY4^4YSGIS7I%%)@M&>?>;J#OJ=]<7M['=6M[9(L2SL(TWK#YB[,[2#N;@YQU
M&#S2Z%J&I3>)HDGNX1<&YF6YMVOI9)/*&[:/L_E[(P,+A\C/J<UZ!13OJ'2Q
MRWB:[AAU>WBU34)K#3C;NT<D5PT.^<$84LI&3C)"YYYX.*B\)F]O[YKG59[O
M[3#:6Y\II71 S(=Q:,':2>.HX/3%==126B!ZGGWBJWA_X2/4@T\L4]Q:V7EC
MSV&0+G#%5)QQ\O;C/^T<LU:XO--N+BRCO)O[-AOU622ZU&6'8A@#!6N,,Z@N
M?Z9 ->B44=+%-W_KRL8WA::YG\/0O=SQSN2X61'9PR;CM^9E4MQCYL<]>]<5
M9_:)=*E*7U["MGH$5Q"D-PZ*),RX8@$9^Z.#P>X->G44V];BB[*W];GF^J7$
MMG?:G);W+)-<26KW6^^DA"P&/YGR-QC7< -RKQZCM:TM[K4+O3X+C4)'M/\
M2GC-I?S.'5?**@RX0R8)//((XR>:[ZBEW$NAYO83ZI:Z%IUU9WM]=7UYH\\I
M6:9I0\JA"A"DD C<1P.>^:J32M>Z1<FXU!)+&*:TDE,.JSW!B<3+O9I"B;/E
MR2F?EP#@=:]3HIWUO_6]QW(K>X@N$)MYHY50["4<-@CL3ZU+4<-O' 9#&NTR
M.7<YZL>_Z"I*0@HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MTS^+#I,(_P!'9O[48\$*P&T*1VS( _X&NOJ&*SMX)YIH;>*.6<AI71 &D(&
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M[09[>UOS#("MPH7<WFH"%!*XW'VXK9U<K9:3IJO#KUE#-J2K-&][-/<,NQN
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MC"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BLSQ+J
M-SI'AK4M0LHH9;BUMWF59F(0[1DYP,G@'CC/3(SD0?:O$O\ T"=(_P#!I+_\
MCT ;5%8OVKQ+_P! G2/_  :2_P#R/1]J\2_] G2/_!I+_P#(] &U16+]J\2_
M] G2/_!I+_\ (]'VKQ+_ - G2/\ P:2__(] &U16+]J\2_\ 0)TC_P &DO\
M\CT?:O$O_0)TC_P:2_\ R/0!M45B_:O$O_0)TC_P:2__ "/1]J\2_P#0)TC_
M ,&DO_R/0!M45B_:O$O_ $"=(_\ !I+_ /(]'VKQ+_T"=(_\&DO_ ,CT ;5%
M8OVKQ+_T"=(_\&DO_P CT?:O$O\ T"=(_P#!I+_\CT ;5%8OVKQ+_P! G2/_
M  :2_P#R/1]J\2_] G2/_!I+_P#(] &U16+]J\2_] G2/_!I+_\ (]'VKQ+_
M - G2/\ P:2__(] &U16+]J\2_\ 0)TC_P &DO\ \CT?:O$O_0)TC_P:2_\
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M] G2/_!I+_\ (]'VKQ+_ - G2/\ P:2__(] &U16+]J\2_\ 0)TC_P &DO\
M\CT?:O$O_0)TC_P:2_\ R/0!M45B_:O$O_0)TC_P:2__ "/1]J\2_P#0)TC_
M ,&DO_R/0!M45B_:O$O_ $"=(_\ !I+_ /(]'VKQ+_T"=(_\&DO_ ,CT ;5%
M8OVKQ+_T"=(_\&DO_P CT?:O$O\ T"=(_P#!I+_\CT ;5%8OVKQ+_P! G2/_
M  :2_P#R/1]J\2_] G2/_!I+_P#(] &U16+]J\2_] G2/_!I+_\ (]'VKQ+_
M - G2/\ P:2__(] &U16+]J\2_\ 0)TC_P &DO\ \CT?:O$O_0)TC_P:2_\
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M\)7ME'+? "YM+]&,3$?Q!DY!]O<U8\,>"[C3+_4M9U>\CO-:U%=LCQIMCB7
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M->_[!UQ_Z+:MJL7QG_R)&O?]@ZX_]%M0!M4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 8OC/_ )$C7O\
ML'7'_HMJVJR/%=O<7GA/5K6RMWN+FYM)((XT95)9U*CEB!@9R>>@.,GBF?V[
M?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_
M;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_
MV[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\
M]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[
M?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_
M;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_
MV[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\
M]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[
M?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_
M;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_
MV[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\
M]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[
M?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_
M;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_
MV[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\
M]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[
M?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_
M;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_
MV[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\
M]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[
M?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_
M;3_X_0!M45B_V[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_
MV[?_ /0L:O\ ]_;3_P"/T?V[?_\ 0L:O_P!_;3_X_0!M45B_V[?_ /0L:O\
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M>;=PV.V[B_?L%S-OY4D!2=O ./>M/QK%82^)K8:C=:%;K]A?8VK6ZS*3O'W
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%9>LZ[!HC6QNA^[F9EW;N00I( '<D\ >] &I17+S^+IK?6(
M].GBTBUF9(V9+O5/*D)<GA%\L[R,>HY./>J]IXXDO+>>6&+1Y'11MMXM5+S
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MB$8VR_:D3=QSP>1SQ4EM>:A+9SR3Z9Y,Z?ZN'SU;S./[PX% &A16)_:FM_\
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MU-;_ .A?_P#)U/\ "K=U>:A%;0/;Z9Y\KKF6/[0J^6<=,GKSQQZ4;":N5Y=
M6995DFRDMY]J8;.VT+MZ^W7]*IR>%KFYM5MKS4Q+#!$8K;%OM9<C&YSN^=L<
M<!1R>*T;*^U.>Y5+O2/LT1!S)]I5\?@*BEU+64F=8]"\Q Q"O]L0;AV.,<4+
M0&DR.W\-):W^KW$-P1'J4:H(BG$)^?<1SSDN3CUSZU9O=*EFAM&M+I8+NT_U
M<CQ[T/R[2&7()!]B.0.:>;S4/[,$XTS-T3@VWGKP,]=W3IS4%OJ.KR7$:3Z)
MY,3-AI/M:-M'K@#F@9!%X70O,]W<F=[F&1)R$V;F8J=RX/RXV@ <G@<YJY=:
M7)>Z1#9W%R'E1HG>;R_OE'5ONYXSM]>]-O+_ %2&Z>.UT?[1",;9?M2)NXYX
M/(YXJ2VO-0ELYY)],\F=/]7#YZMYG']X<"BX+1W*=[H$]S/=K#?+%97QS=PF
M'<S?*%.Q]PVY  .0?;%03>%II?,M_MZ+8;YI8X1!\ZR2!@<ONP5!=B!M!Z<U
M8_M36_\ H7__ "=3_"K>H7FH6TJK9:9]K0KDM]H6/!],&CR'=B6^E?9;QYHI
ML)+ L<L>WAG48#CG@XX/K@>E9DOA-QIUM!:WRQ2Q6L=N[M#N67RR&1BNX'@@
M]^C'VK4L+S4+AI!>:9]D"C*GSUDW'TXZ54_M36_^A?\ _)U/\*+B6@2:5JTW
ME7$FI60U" L(Y4L6$>QL;E9#*2>0#D,.@_&-O#U[&7-KJS(UQ&([IY8?,9^O
MS)\PV-\Q'(8  <<5?N;S4(K."2#3/.G?_60^>J^7Q_>/!IEE?:G/<JEWI'V:
M(@YD^TJ^/P% %-/"R6]G'#:W'E/%+(T;[,XC?AHR,\C&.?4 ]JBA\,W_ -GA
M^TZM&;FUA$-K);VQC5 "I.]2[;\[ ",@8STZU<GU+6$GD2+0_-C5B%?[6@W#
M/!QCC-6/MFH_V;YW]E_Z5NQ]G^T+T]=W2@+#=$TM]*M98Y)HY&EE,A$,7E1(
M2!D(F3M'&>IY)/>M*L>#4M8>>-)=#\J-F 9_M:':,\G&.<5+>WVIP7+)::1]
MIB &)/M*IG\#0!IT5G6UYJ,MK/)/I?DS(,QQ?:%;S#Z9'3\:J_VIK?\ T+__
M ).I_A0!MT56>>Y6\@C6TW0."9)O, \LXX&WJ<T4 6:*** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HKR
MCXS:CJUMJ?A^UTC4KJR>Z:2,^3.\88DH!NVGMFJ'_"N/B5_T-_\ Y4[G_P")
MH6JN-Z:'LU%9\,RZ+H$#ZO=QI]F@03W$DGRE@ "=QZY/K6=HWCSPWK]Z;33-
M5AFN!P(RK(6_W=P&[IVS3MK9$IZ79T-%>:?%W5;_ $V\\.+87UU:B:Z99!!,
MR;QE.#@\]3UK4^)GC>?PGI]M;:7&)-5OF*0 KNVC@%L=SD@ 5-]+^=BK:V\K
M_G_D=O17BLOA;XIPP-K!UUVG5?,-HMVQ/3IY>WR\^U>@_#WQ)?>)O#:7.J6<
MMM=QML<M$467C(=<^OM56_ FYU-%<[K/C[PUH%W]EU+5H8K@'#1JK2,I_P!H
M*#CKWK8L-2L]5LUN]/N8KFW;I)$P8'UZ4NEQEJBN5;XF^$TLWNFUA!$DODG,
M,F[=W 7;D_4#%=/#,EQ"DT3;HY%#*WJ#TH#8?17FGB;5=0M_C5X?L8;ZZCLY
M85,ENDS"-SE^J@X/0?E7I="U5P>CMZ?B%%5M0U&STJT>ZU"YBMK=/O22L%4>
MG)K&T?Q_X:UZ\^R:;JT,MP3A8V5HRQ_V=P&[IVS0M0.BHJMJ&HVFE6;W>H7$
M5O;Q_>DD; %><>/O'^G:KX$NY_"^MN+F*:,$P,\,J@MSP<-CWZ4F[#2/4**P
MO"]^!X&TN^U"Y_Y<8Y)IYW_V02S,?YFJ]K\1?"UZ+K[/K$+_ &5&DE&UP=JC
M)*@CY@ /X<U4ERMKL2M4F=+17*ZYK>G:W\/[K4K'7);"RD7Y=1BBDW1X< D*
M,-U&/QIVE:[IN@^ [+4=0UJ6\LDC .H2Q2;I<M@$KRW7CFEM>X^QU%%<S=_$
M?PK8M;K<ZS K7"JZ *[$!@""V!\G!!^;%=#;W,-W;1W%O*DL$BATD1LJP/<&
MBP$M%<[#X_\ #%QJ_P#9D6LVS7>=H7G:3Z!\;2?8&KVA^)=+\213R:1=?:$@
MD\N0^6Z;6]/F H U**PO&>EZKK/AN:ST*]^Q7SLA2;S7CP P)^903R*\4U_3
M?'7AS6M-TN\\4W3SZBP2)HM0G*J2P7YB0#U/8&A:NP=+GT117GO@CPQXK\-Z
MG=7OB?7OM]D+=@$^US3;6R#NVNH'0'IS6P/B9X3-K!<?VQ'Y<\ABCS%("6&,
M_+MR!R.2,>].W85SJJ*R)O%6CV_B"#1);O;J5PH>.'RG.X$$_>QM'0]31J_B
MG2-"OK.SU*[\FXO6VVZ>6[;SD#JH(')'7%(9KT5EZYXETCPU;K-K%]%:H_W0
MV2S?11DG\!5;0O&WA_Q+*T6D:G%<3+D^659'P.I"L 2.>HH6NP;&[17E7BCX
MGQV'Q$L=/CU$1:1:OB_*PMN\P%@5/&2!\OW?UKT^SNX;^SAN[9]\$Z"2-L$;
ME(R#@\]*%JN8'H[$U%>8?$#5M0LOB9X5M;6_NH+:>1!+%%,RI)^\ ^90<'CU
MKN+[Q7HVF:U#I-[?+#>S1F5$9&P5&>2V-H^Z>I[4+6-_7\ >]C7HKG=.\?>&
M=6U/^S['5X);K.%3#*'/HK$ -^!-;-_J-II=H]UJ%S%;6Z?>DE8*H_$T=+AU
ML6:*YS1_B#X9UZ\%IINK127!.%C='C+'_9W 9Z=JV-2U2RT>T:ZU*ZAM8%.#
M)*P49]/K0] +=%<_HGCOPYXBN?L^EZK#-/VC96C9OH& )_"K6K^*-(T&[L[7
M5+P6\UZVV!3&S!SD#J 0.HZXH UJ*Y^T\=^';^WU">TU))H=.4O<NL;D(O/(
MX^8<'IFJT_Q+\)V]G;W4NLQ"*Y&8P(W+$9(R5"[@,@\D"@#J:*@LKZVU&TCN
MK*>.>WD&4DC;<I'UK$UGQ]X:T"[^RZEJT,5P#AHU5I&4_P"T%!QU[T>0;G14
M55L-2L]5LUN]/N8KFW;I)$P8'UZ5S[?$WPFEF]TVL((DE\DYADW;NX"[<GZ@
M8H\@W.JHK,U/Q'I.CZ:FH:C?16]K(,H[YR_&>!U)QV JIH7CCP]XDG,&DZI%
M/,.?+*M&Q'L& )_"CR#S-ZBO*O%'Q/CL/B)8Z?'J(BTBU?%^5A;=Y@+ J>,D
M#Y?N_K7H=SXBTJST:/5KJ^BAL945TED)7<&&1@'G)';&:%K'F!JTN4TJ*Q-!
M\9:#XF=TT?4HKB1.3'AD?'KM8 XYZXJUK7B#2_#MH+K5[V*UB)PI?)+'T ')
M/T%#TW!:FC17D'Q*\;)?V^@7/A?6YA#)<.DIM9GC)^YPZ\'OT(KUX=!1TN'6
MPM%%% !117EMY_97]@7/]D_8O[2Q>_V@8-N_R]LO^NQS][9C=_C0-*[L>I45
MYY_9F@7?A/4A#_PC&H-$JOG3;*-!&>@+#>_/7!X[U)J#"P\507.GZ;(FGZ2\
M=KNMQ&D$(E_UH*[@?XXSPIQ@^].VMB4[H[^BO.9_[..AS>2P'B P.+\Q@%@W
M?SQUV[L;?PV\9KH8+F[TJ\UFZU:YMIV@LXI-T%NT2[1YIQM+N2?Q_"D]$/K8
MZ6BO+[.UOO(CTB:*[T^\EO(KZ.29D8F5E<NPVLPV^8N<$CAL8%/M;S1;[6IY
M_$D-G"S&<)'=[=RR@Q!A'GG=D'!7D\8HZV$W;^NYZ;17#ZGIEYJMCX?@N+>P
MN+U;21VCU*V\]&<(G!&X8;/?G'/%95I'HIUR$SWF@0B."W$<>JVJ/."&?*QD
MR+LP?EP <$#TIVUL#=CTVBN$N]$TO3[G5;JUTVS@:WO;1S)%;JK)&#&SG(&0
M."35;4;9/$NN/-IRZ7?0N\C0F[MQ<P2E8HP=N& Z\;LG&#P:72Y5CT2BO+;W
M_0M,U6]L#,]H--2UG@(Y0$2 ''8H_P I'8$^E=7XAT73-0U;0Y+W3K.XD>X,
M;-- KEE$,A"DD=,\X]:JPEJKG3T5YQ>0WZ>&T:6YM&LLWHBA2V99%_=SXR^\
M@]^BBM&VET^'Q8ID2":_>55 8[+N)=@ *X^_#W[ 9.<FE8.ESMJ*X>/1KF[U
MS4[RSL-.CFBO687^[_23A%^3&S[IZ<OT[5EWT.FW&E6T.CB W<B(NIATWDDE
M1_I"Y&6WXX8@D;L<9I+57]/Q%?4],HKSZ7P_IRZ3?VU]INFFZM[J+]U%9JD*
MJSJ \:'.W<.&YY*D=JGN+;3K/4KJ"\A@AT2.^59HRH6!1]F38''W0F?7C.*"
MDCNJ*\US):WU[J6G&1M/M;9O*A3)$EJS-NVCT5@67'88'!%;%S_9_P!BT+^W
M_(_LC[#\WVG'D>;A-F_/&<;L9[^^*%JOZ\_\OOT)>CM_73_,[*BO,)FNK,:G
MJ*F9H(=.\MHCDEK9I)]C8/.5 0^N,UMZ7-I^HZ->:4-0MTU&.>29(UD4RQ,K
M;E?9G/!P:'I<IJW]>1VE%9'AB)O[$@NYV5[J^5;F=U7 +,!P!Z 8 ]@*UZ;5
MG8E.ZN%%%%(84444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M,45->>PX:<MS+\%>!O#UY\-;62XT^VFGNK=I'N60>8K'/W6ZKCV]*J? 3_D
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M]U1@#\?6M^F0Q""".)22J*%!/7 &*?3>^A*O;4****0PHHHH **** "BBB@
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MW.GI8LA&&P"Y+[O4[SVJAXA\-:A+X?OI+J];4)[?3YH+.*"V*$EEQE@&;>^
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M';&, !MX[<>M;L/AV^LIYWTW5$M(KLJ]PAMA(P<*%+1L6 7(4?>5A[4*V_\
M7_# QEKXL>_UR:QM+2"2.&4129O%6X (!\SRB.4YZ[LGG J[JVOII%ZD5Q#^
MY:UFN!-OQS'@E,8[@DY]JJ:CX8N-4OXGO+^&6UAN$N(P;0">,J<A5E# !?\
M@.<$C/-6/$OAQ/$=O:1O<- ;>X64LJYWK@AD//1@2*71!U,J7QH;C0K>ZAM9
M8I9;;SYE60!K<^8J;#N0\Y+#D?PFJ4OB+7XII/DA)_MU;1$24-NC*9*$E!M'
M0Y&3R?3G7/@V+[/K$:714ZC,L@)CSY*AM^T#/(W%SV^][4Y_"DKZ@9OMRB#^
MT4U!8_(^8,%VLI;=@@\$<<<]>SZW_K=?I="=[/\ KH_U+VB:Q)J9O8;FV6WN
MK*?R9D27S$SM# JVU200PZ@5GW'BJXLM8M+2\L;>**[N#;Q8O5:<'!(9HPN
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M*XQ@X!^M:=9>GZ9=PWTE[J5_]JN&C$2I%&8H47.>$+,<GN23TXQ6I2 ****
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M6&%QTP.3QD\X%4O^$(N+C1]%T^ZFAV6=A-:7#(Q))= H*\<].^*3V_KS_P"
M"W\O^&_X)HW'C:SLK22XOK&_M4$+7$0EC3,\:XR5 8X/S X;:>>E5]7\9O:Z
M7J#6^FW<5_;0K,D-PL?S1LV!(,/C&0>"0P]*SG\#W,NC75G'I/ARRG:V,*W-
MM$0\K<?,2$&P<<CY^O7CG3UWPQ=ZI>7TT,L"K/IHM$WDYWARV3@?=]^OM3=K
MBUMY_P##?\$WIKXV^G"ZDM;DN0O[B- \F3CC"DCJ>3G ZYQS6-+XUM;9)A=6
M&H07,,T,+VS(C29E.$(VN5()!Z'M5S6K'4=3T%8('BM[LM&\B+,X1P""T?F
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MZ9Y-]'</%8H1E%5AR^Q=Q^;CY1CGDU:M]+UW2[!M+TV2Q-J-P@NI782P*Q)
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M\[S;+6#RMS(CX+9,FT 9 Y8$GIGBKA\76DBP"RMKR]FE5W:&!%WQ*C;7+[F
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M;H:+H%C-+ 3I\SO<%6;#*R2+\O'7YQUQWJOI/@E].MX[8:5X?0P0M$M^D/\
MI$ORE03\@V'D9.YL\\<TGL[#ZHTH/&D-U!:20:3J;O>H9;:';$'EC !+C,F
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MU+^Q=8T^VCTPP;K^U,6Y_,#8!R1T]Z[NBBGT2_K>X=;A1112 **** "BBB@
MHHHH **** "BBB@!&SM.T MC@$X%<U%KVNR:[)I1T?31-' EPS_VE(5VLQ7C
M]QU^4_XUTU8L.GW*^-KJ_:/%K)810K)N'+AW)&.O0BA;AT?]=4)%XPT:>[6V
MCN96D:<VP/V:79YH)!3?MVYX/>IKCQ+I=J\R27#&2&86[1QPN[F0J'"JJ@EC
MM.?E!_2N>30-2@T6 K:%[BUUJ6^\A9$#2QF1R,$G;DJP/)'H<5&=&OYIM1O+
MS1+EC/?K<0K;WR17$2^2J;E8,%SD$$%@,9Z]Q?U^'_!^X'O_ %Y_\ VQXOLY
MM6TRTM%EGCOUD(F6&3"%"!M/R\'.<YQMQSU%:]_=?8M/N+K9O\F)I-N<9P,X
MS^%<Q8V.N0WFD7FH1371A:Y1MSQ>;%&^W9O((5B N#MS^/6MN2<ZWX7FEMH9
M$:[M7\N.3:&R5( ."1^N*4K\KMN.-N97+6FWG]HZ7:7FSR_M$*2[,YV[@#C/
M?K6=?:QJ*ZZ=,TVPM;AEMEN'>XNVA !8K@!8WST]JB\/W=_;Z796-UH.H0M;
MVRHTC26Y0LJXP-LI/)'''UQ45QH+:KXH^W7<=[!;FP2,>3>O P?>Q*MY3C.
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M<(R>-O7'/H*B\/:YJFM/*\^FV5O;0SRV[NEZTC[D)4X4Q*""1ZCZ4MA8W/\
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M-HR&9"0><XY)QU-2MAO<@C\3W=REQ=V>E_:-/MYGAD*3$W.48JQ6$(<C(_O
MD=JT9=?TZ""_FEN-L>GD+<GRV_=DJ&Z8YX8=,US.IZ)>7K7)_L!8=9<L(M7L
MI4A0<_(SG?YAP N5VL#CTZ1ZSHNM?9/$=E:V#79U79)'<"6-$!$:*RL"0<_)
MD8!'/44U8;W-RV\86#WEY;W1^SFWO/L@;YF4DJI4L0,)DM@;CR1UJ_K&K?V2
MMF?)\W[3=1VWWMNW><;NASCTKE[C1]7FM==TH:9B+4[LNEWYL>Q$*H"S#.[/
MRG  /OCK6_XCT^XOHM,6UC\SR+^&:3Y@,(IY/-'\OR_2_P"I%W9_/];%G2-6
M_M1K\>3Y7V2Z>V^]NW[0#NZ#'7I1>ZM]CUC3;'R=_P!N,@W[L;-B[NF.<_A6
M;I(FT2XO$N[:3_B8ZK(82C*?E* ACSG'RGW]J=XA@O1K>BW]I83WL=H\WFI"
M\:L R;1]]E!Y]Z71?+\AZZ_/\RSJ^KWEGJ5C8Z?96]S-=K(V9[DPJH3;W".3
MG=Z5)I&KS7US>6=Y:I;7EF5$BQRF6,AAE2K%5)_$"LN]TVX\0ZOI5S=6&H6,
M%NLZR#[6(I 2$V_-#(3@X/?MSVK22"Q\-QQK;6T[F[N%C=_,,LC,> SL[;F
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M'9-S1[=V.,D*>F0/6DTC2;VU\$W6GS0[;J3[5MCW*<[W<KR#CD,*4M(W6_\
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M *[_ / )U_KY'9:IK-CHL$4VH3^5'+((D.QFW.<X  !Y.*IR>+]&CM8YWN9
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M]^=(561_JP&35RBB@ HHHH BFMX;@QF:&.0Q.)$WJ#L8=&&>AYZU+110 4A
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MNH9+3;':16CB<MQP7WD'O_"*S=9M)M4ENKG3=-NX8(K%+9D:V:-I'$J$*JD
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MMKI[*-I)H;>9'D4*"3\H/!X[XKE!#=66H"'2M/N[I5N9Y6L]1L %BW!B7CN
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M/$6GMI%TUUJC[K,I 60#RU5 TBY6/80>I'3C-176AW,FDZS'+82RRRZW;O\
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M+$VKDJLPN$V,0"2 V<< $_@:Y.RAO-*\)V.W36W_ -I2O,S63320(99")%C
MW$GY0" <!L\BJ%AIEY/X@2:>RO9(6UT7/F3VNS*?9B Y   &[CGD<9YH2OI_
M73_/\ V_KU_R_$[YM9TQ-.&H-J-F+$]+DSKY9[?>SBD?6]+BLFO)-2LTM5;8
MT[3J$#>A;.,UQT=G=6/B&74+BQNI+"#59Y-D<#.1OA0+*J $L,[AE0?O'WK-
ML;29[B/4+9=1LK"#4KT,MG;+++"S%=K>64?T8'"Y&[MS26OW7_+_ #!Z??\
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M?TC59FAT[5;&[E5=Q2WN$D8#UP">.:T* "BBB@ HHHH **** "BBB@ HHHH
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MBD#V^4#IQ6U7E]]IVF_\)+=6IM[=)9O$%N[QJH5WC,.<G')4MO\ 8G=[TE_
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M;6$$1Q_V3$VT$YZEB>]"Z_+]0?0L66EV&E?%<1:;96UG&VCEF2WB6,$^<.2
M!S7;5RF@^$]5L/$;:QK/B#^U9C:FV4?8D@VKN#?PG!Y'IWKJZ?V4OZW8/=O^
MMD%%%%( HHHH **** "BBB@ HHHH **** "BD/3BO-K V8T*Z\@M_P )F8;H
M.(]WVCS/F^^!_#C&W=QTV]J!I7/2JKWU[!IMC/>73[(($,DC8)PH&3P.:\SU
MG^RO[(N/^$;V;?[)N?[1\CIG8-OG?]-=V?O?-UJ;Q#I%I:Q7EG9V<0CN- EG
MDC6,'S959-KD=W&3\W6G;6W]=?\ (2UM_7;_ #/3%8.BL.A&13J\KNXK.YU"
M[674]'LK<PQ#2G>T:5Q'L S;%9%PP?/" G./84NJ:;!)9^)[N<>;>P7UJ([G
M!21#LA!9>Z$Y.<46_KYB6R/4ZK7>H6U@;<7,FPW$HAB^4G<YR0..G0]:\XU^
MVL-.U/4;(1"WTQ;O3I'BA&U06=@S8'K@9]:D;[*FL6[:*(SHG]K6IMQ;_P"I
M,FR3S/+QQC[N=O&<]\TO/S7Z?Y@^OI?\STNH+"^@U*RBN[5R\$HW(Q!&1]#7
MF5O/IU_K>@SVUMIT$MS<R17D*;I;C:T;_N[ASWX'RL#STX'->QBLQ9:/!//H
MUIIB6LBN+ZU\V!;H/\P<!T"R;<8W<]<4%-'KC,$4LQP ,FJ/]MV!T(ZP)\V'
MD^?YNQON8SG&,].V*X9(;"&6&/Q/>+>V(L!]@GN(FB#2;WW; Y)$@78%.2Q
MR.]7%MH[OX'K$T(F']D[D1DW<A,@X]00#3MHW_77_($KM+^NAV4&I6MS>36D
M4FZ>!$DD3:1M5\[>>G.#TJU7F<^G:3?2>([B""UFAMM(@>T:, I$0DI#)C@$
M8X(Z56N5:]O+AM9U33K.9[: V,EW:/+-M,2Y:W82+\^_=D*"<XZC H:U:)6R
M_KM_F>JU6OM0MM,MQ/>2>7&9$C#;2?F9@JCCU)%><W>FN\/BB]@02ZC#=0)]
MJ,),BQ^5%YI500PRI;(!!/3/2H+Z"QBT:ZDL]5L+BP,]F)(-(M'AA0^>I+ B
M1QOP>0"#TSVH2U2]/Q'T/5J*\XNH(9;K4]3\-[)++3_(O83;D&)YE+^<$QP2
MT9P<=SZUU?A5_MFFRZL58-J<IN%#=1'@+&/^^5!^I-'2_P#7];_<#T+TFLV4
M4ZPM-F0W M@ I/[PKNVYQCIS4MCJ%MJ4+RVDGF1I(\3':1AE8JPY]"#7!M!8
MR^&_#MWJD5LVS56:YDG52(W9I-V2>GSX'U JM;V,%OI,6IVT,:Z@?$+QBXQ\
M^UKEE*YZ[2#R.E"_6WY?YA+1?UY_Y'IU9VHZ]IVDS)%?7'E2.N]1L9LC>J=@
M?XG4?C7">%H/,U#3I)]6T^+65F+7D$5B_P!LD/(99G\P_)SPS*%^[C'%>@W>
MEV=]*DMU )'0;5))X&Y6_P#0D4_A1;:X%!/%NF2RND(U";9(T3/%IMRZ!E."
M-PC*\$'O6U7&^#=.N9;:YN$U>^BB&I71-LB0>6<3-D9,9?G_ 'OIBL,0-/KE
MW]OU;3[+5QJ!\H&Q>2],0<%!&PD!,97 .%VCYL]S0ELOZZ ]+_UW.[/B+3!9
MFZ^TYB$SP#$;%FD4D,JJ!N8Y4] <XXJ;3M7L]5$GV21R\1Q)'+$\4B9Z;D<!
MAGMD<UPVB2KI][::G>'9817>I122G[D+M-E68_PC"L,G@9]ZT-?U6SU:WFET
MN(SVJR6ZWFH6P!62'S/G0.O+ #).. "?>CL-Z7.VJ.>>*V@>:>18XHU+.[G
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110!2U32X=6B@CN&D407$=PNP@99&W '(/&15VBB@ HHHH **** "BBB@ HH
MHH JZC9'4+)[;[3/;K)PSP[=Q7N,L#C(XXY]"*GAB2"%(HE"1QJ%51T ' %/
MHH JV>GPV#W!@W!9Y3,R?PJQZX],GD^Y-6J** "BBB@ HHHH **** "BBB@
MHHHH *I1Z5#%K4^J*TGGSPI RDC:%4L1@8SGYCWJ[10 4444 %%%% !1110
M4444 %1W$*W-M+"Y(61"A(ZX(Q4E%#5] V*VG6,>F:;:V,#.T5M$L2%R"Q"C
M SCOQ5FBBFW=W8)6"BBBD!5O["'4K<6]QN,6]69 >'P<X/MD#(JU110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MK82E'*;&8%I>>QR43=U'."*?JT DU.33#>7DUE::C9&-FNY2\;N3O0R;MQP
MI&22-W':A+6WG;\O\R6[)ORO_7W'HU%>>Q7&N7UY>WJ7-M;/;ZB;<-<:K(B1
MH' "&#RRA++T).X[@01P*Z'Q%(\NLZ-ISW,UO:7;R^:T,IB:1E7*H'4@C/)X
M()VTNB'U:.AHKSNUFN=0\16>EMJ=\]A'=7D*O'<NC3(B1D!G4@G:Q8;LYXZ]
M:W_#6HR#PM=S7MQ,ZV<]S'YK'=)Y<<C 9)ZD #D]>]'2_P PMK;Y'2T5P6D7
MD\7BS15BFO5@U"TEEDCN[\SM)@*58IDJG7^' YQCBK^JHM[XX>SN=4O+6W73
M!,L4-TT(+"1@7RI'08]CWS0]/Q_"_P#D"U3?]:V_S.NHKR^VU'5+Z"[U"2\O
M7N+31(KJ"..5T223=+ARBD!LA1D$8.>G2K6O74ND:9G3-7O9C=Z3<7$K/<M(
M050%95)/R<G&%P.>G%-JW]>O^0+=+^NG^9Z-17G6KZA=:$BC2M4NKA+C3C<3
MRS3&;RCOC7SANR%X9S@?+\O3BK6I_:+"_GTW2=:=(YK)9F>\O&81OYJJN)6R
MR>8"P&.XR!1;^O3_ (8%M?\ KI_F=W44MS# \2331QO,VR-68 NV"<#U. 3^
M%<1'J*VZ2:1<C6HKM[J*/[.-0$G+H6PMP3O"X5B<D-P,8R!6=I]U<2Z]:6LT
MTDD=IKYCB62Y:X,:FU8[?,;D\D]<XZ9.*$KO^O+_ ##I?^NO^1Z0US"ERENT
MJ">12ZQD_,RC&2!Z#(_,5+7&^)8V@\8VM[;^<UU#I-W)$@E?:64Q[1L!P>O3
M'/&>@PW2YFM;_P .R6NIW5X=4B9[I99VE5P(]WF*I.$PV!\N!\V,4)77]>?^
M0/3^O3_,[2BN-\572S76H0PS7XELK(3,R7YM882=VUB5^9CP<Y!7@<<UD6%W
M)JJ7ESJ&MWL$D&CVMT@CN6B5'*,6D(!P>0,@Y'J.E+HWV_X/^0=4OZZ?YGI-
M%>:Q7MS>VVNW]_J]Y:WEG96]Q'"EPR)#(8 Q.S.&!;C:01[9-.>\U#[)XBU6
M2]O8KFUDA1$$[^7;AXHO,/EYVG&YCR#@C/K3MJUV#=)]STBBN UF2ZT>]FBT
M?4+VXBM[-=1DCDN7F.4D7C<Q)PZ;QMSCC@5!/K>HZJD-W8S,UAJNIF"'==/;
MKY*1D* ZJQ3>ZDY R>!FBUU_7>W]>@?U^%ST:JT6HV<S1+%=0.TQ81@2#+[3
MAL>N.^*RO#4=ZMK>VVH7-O*(YBD:07CW#PKM'R/(RJQ;))YYP1S7'Z/I4,MQ
MX9MQ/>)&\FH%RMU)O.&Q@/NW+T'0CGGN:0KGIU%>:6NH:OJ$UAI2R/-#YEZH
M:74);5Y?*FVHIE16<D+SCC/4DXKJM/O9[+P=/=:M?13-;I,SSV<OG;54MC#%
M1N=0,'(ZCD4/:X[:V.AJO<:A9VC,MS=00LL9E(DD"D(."W/89'/O7G-]JNHZ
M1>R-8RWD?G:/-<F.YOC=,&!7$FPDJF Q^Z<'GC %&O1II6HW4NGZI>2R_P!@
M32AWNFD=#O3#JQ.1GT!QQP!5*-VEZ_A?_(5]/Z\O\STWK2UY_>7MP=-UO5FU
M*ZCU&PO##;P+.PC !78ABSM;>#U()^;@C HN-6NH] OR][,EP/$"PKF4A@AF
M3Y!SG&TGCIBDE=I=_P#@?YA?3^O/_(] HKS;%T^C_;/[4U(7$^NFU+"[DPL7
MVDKM5<[1P,9QGMTJ6\EN[?6'TB#4+]+6/5[6-2;EVDV/"69"[$L02.YX[=J7
M]?E_F-Z-^5_PO_D>B45YP[75C!?W,6I:B[:?K45K;K)=R.HB9H]RL"?G^^>6
MR1Q@BI=%N-<O3:ZG)<VT#R7K1S>=JLA! <J81;^7L# #C!SD9R<FCI?^NG^8
M/2_]=_\ (]"J*WN(;N!)K>5)8G&5=#D,/8UY]H[70TWPS=2:CJ$TNISR6]SY
MEW(59"DA  SA2-HPPPWO6SX7WZ;\,XIK+S))DM'E0.[29< X R3QD=!Q0]$W
MV&E=V.L) !). .YJK;ZK87=F]W;7MM-:QYWS1RJR+CKE@<#%<1.=EEI8@U2]
MN_[5LIFNPUT[!P(BWF+@_N\-@?)@?-C%7[:SC'P=6+=/M;2?,),[[L^7N^]G
M(&>V<8XQCBB2<4WV_P"#_D*-I.*[_P!?J=;#>6]Q(T<,\4DBJKLBL"RJWW21
MU .#BIJ\S2P$;Z[-!=WT3V>CVTL+1W4@.\)(06.<O]&R/:I6OM;UBXOY%G@M
MVM+:%XI)=3DM5BW1!C*T:QLL@W$_?./EQ@=:;5FUV$M4GW_X'^9Z!>7MKIUL
MUS?7,-M F-TLT@11G@9)XJOI^O:3JTK1:;JEC>2(-S);W"2$#U(!/%8GC4SR
M>$+<^9#]H:ZM/G +)N\Y.<9!(S[BE\1W6NZ1X7O;B2\LYIMT:K)!;M;B)2X#
ML2SR= <YQQC.#1;\[?E_F/>QTD]S#:QB2XFCB0L%#2,%&2< 9/<D@57O-9TW
M3YXH+W4+2VFE.(XYIU1G^@)R:X35H-1M+-X+J>V%L;BR=+8:E)>2JWVA?GW2
M(K!2.V2,CC%;_ATVAL=;&I>3YXO)Q>^;C.S<=F[_ &?+VX[8HZ7_ *Z?Y@=1
MUI:X"VGM;Y-2,6HWUA8Z=9126"BXDBV1E"1(P)R_(QA\CCI5KPB]WK&M7E[J
M5S>"6&*U9;<3ND2,\ +Y0'!R3T(.*+!_7]?>=K17%^*6NXM4NKL74\MG:VJR
M/#9:AY$]J06)D\O[L@( X<X^4X!S67)?226.OZM!J]\;RTO5%I UPP496,JA
MCSM;<21@CC/&#0E?^O.P/0](I"<#)Z5Y[#<Z[?W5[?"XM;62WU P;I]4DC2-
M X 0P>64)9>A)R=P((X%:6C2?;)KG4;_ %:ZM[N/4)K98/M.V(JI(2/RS\I)
M&&R!N.>N*72_]=/\P_K\_P#(ZV">*Y@2:WE26*0;D=&#*P]01UI%N87N)($F
MC::, O&&!90<X)'49P?RKSF+4GO_  U$6NM2DN[728[B64ZBUM'&S!L,64[G
M8X.<[AP.,FM;P/=2WVKW=U</OFFTRPD=O5BCDFJY=_+_ (/^0/3^O3_,[6BO
M.)FO'AFO!JFHI-_PD)LUVW+!5A:0*5VYV]"<$C([8I+F^U*VOI]&M)YI+7^U
MA;AKB^D1@A@$@3S\,XRQX/7MD9J5JK_UT_S0/1M=O^#_ )'I%12W,,,L4<LJ
M))*2(U8X+8&3C\!7 7$^NQ2V>E/<6LD4][)'MCU:4,@6,,L+W C\S<3ENF2
M!GU?'9W+ZQH@U*\666"\N%B%MJ$LOEJ(MP1VPNY@>N1DC@YYH\P>AWL$\5S
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MJ,DR"[N(([?RXU1%24JIR%W$X&.3CVSS7*WMI<_V[="/4)M[^)( I=(R$_<
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MXI+N.-)2'27.1& ,?+QD UU?B#67T+4-/N;B79ILOF13@@85]NY&SU'W6'_
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MS!-.%4W)N99)54'( =F+ =>,XYZ=:=JU^WA[PS<74LLMW-!$=C.%#S.>%&%
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M@J7.48R'< 1@@9SSBG;5_P!;W%LCM)?"ND2QPH+9X1"AC0V\\D)V$Y*DHP+
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M""]DCS<VZND3[C\H;&X8Z'.T=:+[3[;4H4BO(_,1)4F4;B,.C!E/![$"K-%
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MSGA[P9;^'M3GOQJFK:A<S1"%GO[@2D*#D ':#UKHZ** "BBB@ HHHH ****
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MZ4UA=RRR1N LC':&D ()!XQ@XP< <$]*RI/ ^D'S5MHC9PR\F&U5(XP=C(6
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M;Q?;>6L[0W-O;"5E,LL099%"2,2I#<?ZL]?F'&5Y!J)O'=FB-OT[55F60Q&
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MT,\QC"^2&>9=C,K)AL=5YW$$=P*TK/PY%9R6[F]O9_LS9A6612(UV,@4 *.
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M>GS7]O!KQDN(/M%Q<,\$9)\N.(J N/D!R>N>,XYYKTBBDM/N'U//[WQ#KO\
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M?^$0T7_GR_\ (K_XUAZ]H6GV6JZ1#;V^R.XFV2C>QW#<H[GCJ>E=M7,^*?\
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M%N^"_P#H,_\ DK-_\10!V=%<9_PMWP7_ -!G_P E9O\ XBC_ (6[X+_Z#/\
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M_)6;_P"(H_X6[X+_ .@S_P"2LW_Q% '9T5QG_"W?!?\ T&?_ "5F_P#B*/\
MA;O@O_H,_P#DK-_\10!V=%<9_P +=\%_]!G_ ,E9O_B*/^%N^"_^@S_Y*S?_
M !% '9T5QG_"W?!?_09_\E9O_B*/^%N^"_\ H,_^2LW_ ,10!V=%<9_PMWP7
M_P!!G_R5F_\ B*/^%N^"_P#H,_\ DK-_\10!V=%<9_PMWP7_ -!G_P E9O\
MXBC_ (6[X+_Z#/\ Y*S?_$4 =G17&?\ "W?!?_09_P#)6;_XBC_A;O@O_H,_
M^2LW_P 10!V=<SXI_P"0YH'_ %\?^S)5+_A;O@O_ *#/_DK-_P#$5A:]\3/"
ME[JND36^J[X[>;?*?L\HVC<I[KST/2@#U"BN,_X6[X+_ .@S_P"2LW_Q%'_"
MW?!?_09_\E9O_B* .SHKC/\ A;O@O_H,_P#DK-_\11_PMWP7_P!!G_R5F_\
MB* .SHKC/^%N^"_^@S_Y*S?_ !%'_"W?!?\ T&?_ "5F_P#B* .SHKC/^%N^
M"_\ H,_^2LW_ ,11_P +=\%_]!G_ ,E9O_B* .SHKC/^%N^"_P#H,_\ DK-_
M\11_PMWP7_T&?_)6;_XB@#LZYGQ3_P AS0/^OC_V9*I?\+=\%_\ 09_\E9O_
M (BL+7OB9X4O=5TB:WU7?';S;Y3]GE&T;E/=>>AZ4 >H4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 9VLZ9IE_;&;5-,M
MK\6R,R+-;K*1QDA00>3@?D*YJRTSP_-:1W-WX6\/0P3.@BEB2.5&5LGJ(P0P
MQR,8Y^]78W,/VBVEAWO'YB%=\;;67(Z@]C7.GPE+,L[7M['*TK*7%O;>3Y@4
M$98;CF0@X+<=!Q2'I8S3-\.A \IT[1]J2"(C^S!NWD$A=NS)) ) QSQZBK%[
M:^";&+>_A_3W#0&>,II.4E 4MA7V;2V 3C.?:DT/PYJ$MX]]JDDL;B4&-)HX
MPVT1-&.(V8#[V>I)P>F<!6\ ![F"1[V%O)B6,2&T!F $)B*A]W"'.[;CKGDU
M3ZBCYB);^!3:"XDT72HADJROI@!5A%YI!!3/"<_IUXI^GVG@359HX['2-(G\
MP$HZZ:OEL1S@/LV[L#.W.<<XQ39_ ES=3L\NL8C=6+1):X4R-!Y)?EB<8P0,
M\<\G/&A:^$;>T\1'4T%F<G?DV2&<-L"<2GD+@= ,Y[XXINUQ=#.US2-!TJ:&
M*W\)Z)<-)#+*=\$<8&S: .(VSDN/H,]>E)IFD:#=ZG)I]YX3T."YB#F3R88Y
M4&!&1@F-2<B0=0,8[]:U-?TB75=1M(S"7M7MYX)GPI5-Q0C<I()!V$<9ZU+)
MH+VEQ:OH+6&G1PHZ-#]BW(P8J3@*Z8/R]>>M)>8V<K;MX:FAU&8^&_"KBSCD
M806[Q27!*MM"M'Y0V9/'4X)'6K-O9Z#>?8%M?!VB&6XA\Z6*2.%&3!VLJ?(0
M[*<YY4=.>:UI/#.H75J+"\U.W;31,)#'!;213$!]X'F"7CGN /PJ$>"Y8$D@
MM=386CR%Q'/&TS198MN1V?(DRS?.<]1QQ27G_7]?H#_K^OZW*&D6?AO5-6N;
M3_A'O"@\AI%\N)HI+D;&VY:+RAM!_P!X]11966@3VD=W<>$-#BMI7 1XXXI,
M##$AQL&UQMY7D<]:Z/3M,U&RDEBEO[:2Q=Y'5$M625=[%O\ 6>80<9/\(JG;
M>%9A-OO;])\%0=EOL,J@$9D.X[GP<;N/I0/N8EU;:-I^GM>WO@;2UB(1X_*M
MXW)1G53N_=C:X#9VC.<'!K271/#4UA?W-MX8T>7[+N\M1:Q8EP@<<[>,YQWJ
M>/PBQO8[JYNX)985CCCD6U"2/&KHV)&W'>?DP", 9/%:.B:''HEI<6T<ADAE
MF:158?<4@ )] !@>U-[,78Y%W\,;IEB\(Z2VTQ>43;1 2AT+L1\G\(4__6J2
M:QTJUFN6N/!WAM+.W@6Y:;*;MC%@,J80 ?E.?FP/4UI6O@2.UCL$%\[_ &..
M=/FC^^9,A2>?X02!]>U:TVA^:+C_ $C'G6T5O]SIL+'/7ONZ>U&@=#E;E_"
MBNY=-\.:%J,4"L0]M%"P<A0VT$*1GYL5J6>C^%;ZWN)X/#>D-%%&LBM]CC^<
M%-W]WCTK2O\ P]]MO)I_M.SS1C;Y><<*/7_9I]AH$>G?VFL,S>7?2&14*\19
M7! ]1G)_&I=[.P+?4Y#2IO#&HV4TW_"+^')9%6(HEB(K@%I&VJC-Y:[6SU&#
M@<U>>PT"Q27^U/".B0/;%&N3%!'*D<3;@) ?+!8 K@C QR>>^G!X5N6M@M_J
M,<DT4,<-O);VQB">6P96(+MN.0.X&,\<U*_AJ6^WG5KR*Y,Y07*QP&-)(TW%
M8PI9B!EB3DG/3@53MT$MM3/L=%T.YU"WMY_"&C0)<6S7"$V\9<88#:R[!@X9
M3U/.1VR=;_A#/#7_ $+VD?\ @%%_\34=AIUW::Y;*XDEMK:SDB6Y;:,[G4JF
M-Q8D*O)( -;U#M;3^M6"O=_UT,7_ (0SPU_T+VD?^ 47_P 31_PAGAK_ *%[
M2/\ P"B_^)K:HI#,7_A#/#7_ $+VD?\ @%%_\31_PAGAK_H7M(_\ HO_ (FM
MJB@#%_X0SPU_T+VD?^ 47_Q-'_"&>&O^A>TC_P  HO\ XFMJB@#%_P"$,\-?
M]"]I'_@%%_\ $T?\(9X:_P"A>TC_ , HO_B:VJ* ,7_A#/#7_0O:1_X!1?\
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MT+VD?^ 47_Q-'_"&>&O^A>TC_P  HO\ XFMJB@#%_P"$,\-?]"]I'_@%%_\
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M3Z-<FVUPQ2L55UGM8BB8.[[RLQ(QMQG)SD<"JS?$/3!%'(EIJ,@>/S,)""5
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M\Q?_ !RL?6?C'H.HZCIEQ#::FJ6DN]P\48)&5/'S_P"R:]EJCK=[+IVAWUY
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M6DN]P\48)&5/'S_[)KV6B@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M!N?"-K?6,UO?WE[=O,8]T\C(),(VY5&U0H'7/'.3FFP^"].MXKB..2Y"W N
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
# ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>g140922msi002.jpg
<DESCRIPTION>G140922MSI002.JPG
<TEXT>
begin 644 g140922msi002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" 2Y Z<# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BLSQ%KUMX9T2?5+U)G@@V[EA +'+ # ) [^M:$4@EB21<@.H89]Z 'T444
M%%%% !16?JVMV>BFS%XS!KRX6VA"KG<[=/H*T* "BBJ6L:O:Z%I4^HW[LEM
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ML;B0 26SU'IW%'6P=+G1T5SFI>.=,TOQ;9>'9H[E[V["E&C52BY) W$L#V[
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MF62\OM/N##:1[+2]O9;)[8XR'A?[CDXSWYQ7JDFAZ7*LZR:;9.MP%$P:!2)
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MY&.YKI9]'TZYL4LKC3[26TC "0/"K1J!TPI&!BK,44<$2Q0QI'&@PJ(,!1Z
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M\(\VJ'[3Y_V^^DO/]7M\O=CY>ISC'7CZ52U'P3%J>HZY<3W?[O5K-+4QB/\
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M0PHHHI %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !2'D'G'O
M2T4 4M-TQ-.64^=-<3SOOEGFV[W.,#.T #  & !5VBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BL3^U-;_ .A?_P#)U/\ "K5_>:C;N@L]+^U*5RS?:%3:?3GK0!HT5GZ?
M>:A<RLM[IGV1 N0WVA9,GTP*J?VIK?\ T+__ ).I_A0!MT5GSWFHQV4,D.E^
M;._^LA^T*OE_\"Z&H[._U2:Z2.ZT?[/"<[I?M2/MXXX')YXH U**R+C4=7CN
M)$@T3SHE;"R?:T7</7!'%3B\U#^S#.=,Q= X%MYZ\C/7=TZ<T :%%8\6I:R\
MR+)H7EH6 9_MB':.YQCFIKZ^U.WN-EGI/VJ+ /F?:53GTP: -*BL^UO-0EMI
MWN-,\B5%S%']H5O,..F1TYXY]:J?VIK?_0O_ /DZG^% &W16??WFH6[1BSTS
M[6&&6/GK'M/ISUI-/O=1N)V2]TO[)&%R'^T+)DY'&!^/Y4 :-%8K:GK08A=
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MGS/M"OSZ8%02:GK*R,$T'>H) ;[8@R/7&* -FBL^6\U!-/BFCTSS+EFP]O\
M:%&P<\[NA[?G4-KJ&K2W*)<:+Y$3'YI/M2-M'T YH UJ*RKO4-5ANG2VT;[1
M$/NR_:D3=QZ'I4L5YJ#Z?+-)IGEW*MA+?[0IWCCG=T'?\J -"BL:/4]9:10^
M@[%) +?;$.!ZXQ4]_>ZE;W 2STK[5'M!\S[0J<^F#0!I45GV-YJ$ZRF[TS[*
M5&4'GJ^\^G'3_P"O53^U-;_Z%_\ \G4_PH VZ*S[V\U""*!K73/M+NN9%^T*
MGEGCC)Z]^GI3;&^U.XN-EYI/V6+!/F?:5?GTP* -*BL:34]961@F@[U!(#?;
M$&1ZXQ5E[S4!IJ3KIFZZ+8:V^T*-HR>=W0]OSH T**R+?4=7DN(TGT3R8F;#
M2?:T;:/7 '-.N]0U6&Z=+;1OM$0^[+]J1-W'H>E &K16?!>:A)8S2S:9Y5PA
M^2#SU;?_ ,"Z"JG]J:W_ -"__P"3J?X4 ;=%9VH7NHV\ZI9:7]KC*Y+_ &A8
M\')XP?P_.EL+S4+AI!>:9]D"C*GSUDW'TXZ4 :%%8G]J:W_T+_\ Y.I_A5NZ
MO-0BMH'M],\^5US+']H5?+..F3UYXX]* -"BLRROM3GN52[TC[-$0<R?:5?'
MX"HI]2UA)Y$BT/S8U8A7^UH-PSP<8XS0!L45GF\U#^S!.-,S=$X-MYZ\#/7=
MTZ<U!;ZCJ\EQ&D^B>3$S8:3[6C;1ZX YH UZ*R[R_P!4ANGCM='^T0C&V7[4
MB;N.>#R.>*DMKS4);.>2?3/)G3_5P^>K>9Q_>' H T**Q/[4UO\ Z%__ ,G4
M_P *MZA>:A;2JMEIGVM"N2WVA8\'TP: -"BLZPO-1N'<7FE_95"Y5OM"ON/I
MQTJK_:FM_P#0O_\ DZG^% &W16?<WFH16<$D&F>=._\ K(?/5?+X_O'@U'9W
M^J3721W6C_9X3G=+]J1]O'' Y//% &I16//J6L)/(D6A^;&K$*_VM!N&>#C'
M&:L"\U#^S#.=,Q= X%MYZ\C/7=TZ<T :%%8\6I:R\R+)H7EH6 9_MB':.YQC
MFI;V^U."Y9+32/M,0 Q)]I5,_@: -.BL^UO-0EMIWN-,\B5%S%']H5O,..F1
MTYXY]:J?VIK?_0O_ /DZG^% &W16??WFH6[1BSTS[6&&6/GK'M/ISUI-/O=1
MN)V2]TO[)&%R'^T+)DY'&!^/Y4 :-%8K:GK08A= R >#]L3G]*M3WFH1V,,L
M.F>;<.?G@\]5V?\  NAH T**R[._U2:Z2.ZT?[/"<[I?M2/MXXX')YXIEQJ.
MKQW$B0:)YT2MA9/M:+N'K@CB@#7HK/2\U Z:\[:9MN@V%MOM"G<,CG=T'?\
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MS[6A7);[0L>#Z8- &A16?87FH7#2"\TS[(%&5/GK)N/IQTJI_:FM_P#0O_\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MC?\ 8_[.T3^TO/\ L?VT^=]GQYFW:<[<\9^M8'PS%I_PFUN?!XUS^RO*D_M
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MVZZ:L@7S&3YAM .5(/<UZ!H7A31?#,;IH^GQ6WF??8$L[>Q9B3C\:V**%HK
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MW5P@55"]N"1G!]<].*]>HHHZ6'UN%%%%( HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M_2GWVDPZMX9T.PT'1=>T:TAUA-RR1ND\*E26D!)8@9;[QXS0E?[_ -?\AO\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@"M?ZE9:7 )]1O+>TA+;
M1)/*L:D^F2>M5K'Q%HVIW M]/U?3[J8@GRX+E'; ZG .:L:AIMEJEOY.H6=O
M=Q [A'/$LB@^N".M>>^!8K'1/A]>Z[!IEL]]:FZ99%A42,%9L+N SC@?A2O:
M]^@[7M8],J&:[M[>6&*>>*.2=ML2.X!D.,X4'J<>E<)I>M^(;+4M!FU+5K34
MK773@6T5N(_LWR%LHP)+ =#FK/Q %PVM^%5L[F*VN&O75)I4WJA,9&=N1GV&
M>M4TT[?(E-/[KG<45YI/XUUK0="\10WD\6I7^E7$,$5W' %#^9CED!QN7/0>
MU:?P_P!>U[4;J[M-;M]2>*-%DAN[W319LQ)P5V@E3CC&.>M"5_Z^8-V.Q%[;
M&]-F+B$W2IYA@WC>%SC=MZXSWJ>O.=7@U.Y^*E['H]_'87']C(?/> 38 D/
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M'$$6IF=;R$("&9%Z D9 # ]#2Q>'_&>FZKJYTBXT*.QU&[:X\R<2O-&& '
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** ,?7O$!T"WEN9=*OKFUAB,LL]N8=J =>&D5
MB?H#35\1A#9B\TR^LS>7 MX1*86R2I;/R2-@84^_M4/CS_D1-;_Z])/Y52\6
MVL5Z/#,%PF^)]1C#*3PP\I^#[>U-+\Q_Y/\ !'6T5YGJ4$MC!KUCI86UT^#5
M+8R1QQ%HX861"_R*5.S/+ $<9]ZWO!EM;17U\^GZII]U:LB#R-,LVAMD;)^9
M3O=2Q[A3V&10M?Z\DQ/0ZZBBN6\07<&F^,-#O;Z9+>T6&YC:>4[45FV;06/
M)P<?2EU ZFBO,-*@M=8U#2EGB$UK-JNI,8Y%^5Q\W#*>H]C4RQQ6\!M+D!=
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MGXA,8P0#I:^>/0^8=F??[]):V_KI<'I?^NMCH:HZIJT.E11&5)999Y/*AAB
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M +$*,G&>_%6:QO&'_(FZS_UY3?\ H!J7L7!7DD6=1UF#3-.BO9DE:*22*,!
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M\6S9#)+N<*=A4;0?XCDC@>V3[5Y_XBL+F?Q)?>'[7S8TU;9J E7HC1J0W/\
MOI#^9J&WN'UFTM->FA:-[_6;5$5AR$C^7'_?6\_C32O;Y?G;\[_<*6B?]=+G
M:-XEL1+"B>;(9;YK %5P%E ).<XX^4\C-:]>51Z7I8OX]/\ L]K'*?$C>=#&
M%5O+*2&/<!SM(SC/&,^]==X4@BL=8\0V-I&L-I!=1^5!&-J1[HE)V@< $DG
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M#@#!=2._/'Y5DV&M:QK>IZ9:?;WL@\%T9V@AC)E:&98PPWJV >3CW_&DE?\
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MS1.50Q9&X)E3SM^Z3GG&:%Y _,Z.ST#3=/F@EM;;9);QO%$=[':KL&8<GG)
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MOJ6IR6;6S6L<#3+MAC88XPHW$#H7W$4^'Q;:320-]EO$LKB7R8;YE7R9')P
M/FWC)X!*@'UY%0GQO:!+J4V&H"WM[AK7SBB;9)@X0(OSYR21@D >I'-+?^OZ
M[_CY@M/Z_KM^!HVFA6UCJ9OK=Y4D:W6"101ME"_=9AC[P&1D8X/TQI,H92K
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M&VR8&.-K<=36NVH6:0S3-=VXB@;9*YD&V-O1CG@\C@^M"V7]>7_ ![O^O/\
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MO1I_B*[FO+&'4=-6T34(V>V9+CS#P-VUQM&UMO. 6'!YHU_KY_\ !%_7Y?\
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M&X*Q!Y]*L64^M/*POK#3X8]I(:&^>4ENPP8EX]\_A4MIK&FW]P\%GJ%I<3(
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MZ=9NL[26S1C#(H$:Y'S\C/RY''7-79H#?^.-*OUM9FMAIT^))(&78S-'@$,
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M=E#AER!@-R.#R<\5Z!4=Q*T,+/'#).PZ1QE0S?3<0/S-%^G]; <SJCSV.IV
MALVBM_LI3[5;Z>;B4-P!'P#L7 SDC!P.F*Q/!VG7]O=Z";FRO(O)&H"0S1;2
MFZ4%=V %&1TQP>U=WJ5_'I>F75].KM%;1-*X0 L0HR<9[\5-!,MQ;QS("%D4
M. >N",T)_P!?>%K+^NA)39!F-P.N#3J*EJZL!PPT^\_X4_#9?9)_M8MD4P>6
M?,!WCC;UJ&^T66YTSQ<DFGR2-=7\9C!A),J!8N1QR 0W3WKLK/58;Z_O[2)9
M!)8R+'(6 P2RAACGT/?%7:J^K??_ (#_ $!HX'Q1H=]>ZAKJ:?:RA);"T5?+
M0 2[)7+(I8;2=O&#ZC/%:&A01'67U0SZ_.T5H8F>]LD@0+D';M6)&=ACC (Z
MX/-==39(UEC:-P2K J0#C@TKM;!O_7I_D1VEU#?6D-U;-OAF021M@C*D9!P>
M14M4-#U"UU+3%DL8GB@B=[=4< 8\MBAZ$\97CVK0IL$>>I8W1\/0Z&-/NAJT
M=^LSW!MV$9Q-O,WFXV\KVSNYQBG2:1<#PGJ*K83?:7UPSJ!"=[#[2I#CC.-O
M.?2O0**$[?UZ?Y#O_7W_ .851UN[N+'1;NXL[=[BY2,^5$BDEGZ 8'O5ZBDU
M<2T.!_X1[7- M-$N5N+6]_LR4"2*VLG69TD^64EO,;=UW<*,D5#JZW<&C>(]
M,73-0FN;N^,T/E6SLC1L4^;>!MXP>,Y]J]$JEIVJ0ZF;L0K(OV6X:W?> ,LH
M!)&#TYIWU_KNOU_,36G]>9P7B5?[.\-^++74-/N9I[N1[B*=;=FC="HV$OC:
MI3&,$@\< YK2OFN-/O/$'_$OOISJ%C&+7R+=I%=EC8%2P!"G)'WL9[9K>'AW
M3;R[ENY[&XB=I2SQ-<,(I6'1S&KE&S@'+#/3.,5M4FKQY?ZV*V=SSF:RELK"
M-H+?45O9]-@BDMI=--U;7+*F KX&4(R0=S*._.*Z#1TN8/%]])>6LD)N[*V*
ME(V:(,@?>N\# ()'!(SVKIJ*IRNVR%&R2_KI_D%4M9C>70[^.-6=VMY%55&2
M25. !5VBHDKJQ:=G<Y6^L;9]$T/^U=&>_@MT7S5V,Y@/E$9,(!,G7:1@XSG%
M2:%(FD1WDLL<MIIES>1I80&!E\L,JJ!LQF,%\\$#&>V:Z:HI[:*Y$8F0.(W$
MB@GHPZ&JO=M]R4K)+L2U4U2__LS3)[L6UQ=&)=PAMXR\CGL !5NBDQHX:"+_
M (2*TU-[J&]75[ZQD@C22QN(HK9"O^K5W0 G/)/4GV JQ922ZQJ?A[;8WUO_
M &:CO<FXMWB5&,>P("P <Y)Y7(P.O(KL:*=[?UZ_Y@]?Z]/\C$M[>9?'%].8
MI!"UA BR%3M+!Y"0#TR,CCWJ+2+6:;Q7K6H74,B;#':6Q=2 8PH9BN>H+,>1
M_=]JVX97D\S?#)%M<J-Y7YQ_>&">/K@^U2T@;O\ UV*&N^=_85]]FLX[V;R6
MV6T@RLIQ]TCN#Z5PL\=]J&M6TZ0:A+$NE74!9M.:W1'*KA I7=SCN2.@'.:]
M)HI-7O\ UY?J-.UCB8M)N(U\)+;6LD#P6<L4CB,CR281PWI\P'![BJ-M;R&/
MPC8?V3>I=Z;<J+J0VS[(_P!VX9O,QA@QP<@GWP:]$HJW*[N2E:-O*P5C^*FN
M$T*1K6RCO'$D9*/#YVU=PRXCZL5'( YR*U9G:*%W2)Y6521&A 9CZ#) S]2!
M2J2R*2I4D9*G&1[<5(SS'5+*^U.Z\0RK:ZC<QW6GP)&\MBT7F%93E0NT'@'H
MW/7MBNEU'04U'Q1/!);.ME<Z.UN\BIA<[_E&>F0"2*ZNHYHEGA>)RX5U*DHY
M1L'T8$$'W!S1_P ']?\ ,.M_3\+?Y''^!6OM4O+S4M5C*W%HBZ8N>C&,_O''
M^\Q'_?-:OB>>XMYM-EBM=\2S,9+A+-KF2W^4X*(N2,]"0#@=N:LZ;-8:??MH
M-E \1M[=;CU4AF8?>))+$@DD^O6M:FW?^OZZA:U_Z]/P/--/T_4%^UW4]G?R
M01:Z+N2*6WVO-%Y0 =44 -AL-@ GY>YINI)YE_JE['8W-K;W.J:8R-/ T7FD
M2 %@& /YX/K7IM5+W2[74)K>2Z1Y#;.)(U\Q@NX="5!PQ&,C(..U"=FO*WX6
M_P A/6_S_7_,XJ\L[E=%US16TZZEU2^NI9()UMV,;[FS&YE VKL&!@D$;>!T
MJ#68KVTTGQ?IYTZ_N+G4&\RW,%L[I(IB12=P&T$%3P3GT!KT>BA.W]>G^176
M_P SC;739ED\6R-9R![A$$3&,YDQ;@?+QSSD<=\U"-*FA@\*"&RE0P6,L<NV
M(CR\P#Y6XXRPZ'O7<55&HVYU0Z<'/VH0^>5VG 3.T'/3KFD];KO^B8NS[?\
M .0T/16CM_!)FT]T>TM7\S="087,8^]QP<YZ]ZS4TC4+8Z==,FI6MK;7]\7-
MI;+)+%OD.R01LCY4C(RJDX;/3->EU1OM5AL+VPM95D+WTIAC*@8!"%^>>F%/
M3-4VW*XDK*QQZZ)D:4\$&J7$4FM?:I3>P(I'[IOGV(J[%SC[R@YZ]:34M.NH
M[W6)TL[@PKK-G= 1PLQ=%6/>R@#+8P<XSTKOZI:7JL.K0SRVZR*L,\ENV\ $
MLC;21@GC(I)V>G3]+?Y(;U6OI^?^;+:L'16&<$9&00?R-8WB^QN-0\-W$%K&
M9GWQNT(QF5%<,R<^J@C\:VZ*0(\[\36]QKL6I7>EZ=>I"NCS6SK):/$\TA*E
M$5& 9MH#<XQSP:[ZUB6&UB14" (HV@8Q@8K.O?$UA90WDC&63['/';S*B<J[
ME<=< _?4FM>G?2W]=_U"VO\ 7]=#DO&LL4&K>&99[>2>-+]F*1QF1N(7Y"CD
MXZ\<\<5FOI]U_:?]L_8;EM,.J?:C:^2WF;?(V>9Y6-V=_.W&[OC-=M<Z?;7E
MQ:SW$>^6TD,D+;B-C%2I/!YX)ZU9H3M_7I_D#U_KU_S.$N-.^W-J^H/::G;V
M<]S;S6YM[?$RR(O,WE,,D9P,%23CI44R:C<Z;-.]E)+##JEM<+.FGO!/<(K+
MO9HL;B1CK@9 X%>@44)VV\OPM_D#U/-5Q?V'BG3;2PNFOK[4'$,RVS; V%VL
MSXPFWK\Q!],FM*ZMY+/_ (2.TO=-NKV?4SFV>.W:1)5\I5",P&U,,#]X@<Y%
M='H<MA(VI?V?#)$5O76XWG[\N!N8<GCIZ?2M6E]E+R7Y($]6_-_F<+9:)<QI
MXA2]M7FFDTR"#S#&3YS"%@P4_P 7S>E5$T^^M+^UN[V76+>&728( UG9K<,K
MJ#O1U:)V7.1S@#CGM7HM11RN\LJ-!)&J$!78KB3C.1@D^W(%-N[;_KK_ )B2
MLDOZZ?Y'':+H0L];L56TO#;0Z.\2/=HI="9,["5^4''8=JK:=HUS!I?@V*&S
ME@D@242GRB#"6A;EN.,L1U[UW]%+I;^NO^8U_7W6/.O#FCNL6BV5\_B#[7I\
M@=H?LD2P1. 06\[RAN4Y/1RQSSWJ2/2+I/"-NJV,RW(U[SRHB(<+]J)W],XV
M=_3VKT&J4^JPV^KVFFNLAFNHY)$8 ;0$VYSSG^(=JI2UOYW_ %_05M/Z\_\
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MUYECLK2)XYE)RC"5HCL(  ^9P1MX[5JF(:9KNNC5-)N]1CU!H3;B.U\]945
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MQ+!X0:-OLMG=G4E8CY3;_>1<^TIQ]%%>AUGV>CQ6FI75^TT]Q<W "[Y2O[M
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M5I]2>::>XE01J92N(DSG8@ &!GDYR3QSP*T*71+^OZM8'O\ U_6YP_BLZ/\
M\)UI/_"0&V^Q?8;C(NL>5NWQXW9X^F>^.^*H6VG)J%SX=MM2A\^R:\O3!%<
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MS=/:O1J*&[C6EO+_ ('^1YSINHMI%[=/XBF\B\N=$M@!+PTTBB3>J_WF!89
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MO_A[^7C.['R]<UZI14K1W&]5;^NIYX\,L7B1?"'EM]DEO!J2M@[1;@[V3/\
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M9+75O)^Q_9BID\V$+DYQR=F <UMO\-+;[7=3VOB+Q'9"ZG>=XK6^$<>]CDX
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M^R_[5\R>;_0_M'D>;\F?O]L=?PKL]!T3^PK)[?\ M+4=0W.7\V_G\UQP!@'
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MC@G&Q6WH0<CD''3J.:K>#-.UC3/#FAQ1+:K!())[Y9PPE7>2ZA,<9!/.:O\
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M8YZ8Q[UH:EX8\27WA&RT]KG3I=2L+R.:*>1G"2I&<J7 7(;ID#\ZOV%IXLU
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M1LR,.#*V0<_-QC.,"FS^!K[_ (1N+1(-00Q7ETT^K7+9628,<LJ* 0,G Y/
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MOX)2!\X7]VZ%'Y)'8Y_"J&L^"+R3Q1H#:?'_ ,2N..**^PR@ 0G='QD$Y/'
MHCKH_3];_D@>FJ]?TM^I>C\0>(K_ %G6])T^/2A>6$5LT37"R!"7&7W;23ZX
MQ^.:J^$_$/C#7+VZ>]CT%+&QN9+6Y\E9A*60=4R2,9(ZX[UK:-H][:>/?$.I
M3P[;2\CMU@DWJ=Y52&X!R,>XIG@[1K[2H->6]@\HW>I3SP_.K;D;&T\$X^AY
MHZ7\OQT&TOR_+_,QXOB= WP^?59+[2%UL1,PL_. ^8,0!LW;NG/6N^@<R01N
MV,LH)Q]*\W@^'@'PN>SDT&Q_X2 PN QCB,N[>2/WGKC'.:](MU*6T2L,,J $
M?A5.VI/;YF3XFEU^"Q67PZ-,,D>YIA?^9C:!GY=G?ZURNF>+?%<O@F[\2W\6
MB"V%FT]LD*R[]X/\8)QC@]#Z5WM[&TUC<1QC+O&RJ/4D5QMMX<U./X.-H;VN
M-2-D\7D^8OWB3@;L[?UJ.C_KN/JOZ[%B[\?69BT1--U#2[JZOKJ&&>&.8.R*
MP^8A5;((/KFL?4?'&NKXDU6PM-0\)6,%E,(T&JS212."H.1AL$<^U:-_X(MX
MK?P])I6BV,-W:WD$EU)#%'&X10=Y+<9YQP,YK)N]#U2U\4ZW<MX#LM>@O+A9
M(9[BYMU*J$ P X)ZCVJG:[^?Z?\ !$KV7HOU_P" >A:3-/<Z3:S7<EK+/)&K
M.]HQ:%B1U0GDKZ5F>-M<N_#OA:YU&P2![F-HU19P2GS.%YP0>_K6CHK3-H]K
M]HTY--E" &T1U=8<<!05XQC'2LCX@:/=:]X.N]/L8//GE>/$>\+D!U)Y) Z
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M5V]M>-MCB2-3*#SG(+ #&TYYKCM2U'1;OX9Z]#HOB#4]:\MH6D?4'=FCRZ@
M%E7C@UDZO9W"S>(=)>/%EHUM=7<)Q@?OPI7VXR]-]?ZV5P6R?]>1Z/JOQ M-
M,U""RCTC6;^>:V6Z"V-L)2J,<#(W9'\J6X^(%A8:-:ZEJ6GZII\-Q="U"7<
MC="1G<P+<+QUY^E<+XBN=*MO&6GMK.NZEHT)T2$+-8.ZN[;C\I*JQQWZ=JO:
MA-H^L^'_  Y;Z=JEYK-E_;B0RS7Q9I&RK$J2RJ2,'TIVUT[_ *V)OI=]K_\
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MBKE1NRRX)R/E/I735X0MO<PV=JMFF5UVYN-,G('3_2-P/'^R7%2M78K1*_\
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MY;QKIP\9+X:$=RUZ4W&157RE^7=@G.<XQV[BLJ#XGV]WEK3PUXFN8@Y0306
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
*444 %%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>g485401.jpg
<DESCRIPTION>G485401.JPG
<TEXT>
begin 644 g485401.jpg
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MUVSG.,8S[14?+!6++%$<6FE$<[/QMRVT.;.?B*942'D:J0)$&VFN5/AYPY=
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M^)"457>-G.A5Q]$WQNA-R06U>E^Z^A;,HGGCGCI^!U>'CM $3%A263TFT V
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MB0[="PC\D$)2 Y,&NKN#@8V;,M0P$(3$L\KY=;VQ!;PN3F&?4[5,,A#^5W#
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%'BE?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>g210302.jpg
<DESCRIPTION>G210302.JPG
<TEXT>
begin 644 g210302.jpg
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M07&1_\0 & $!  ,!                  4&!P3_Q  D$0 " @(" @(# 0$
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M?3?7;7/MMKKMCWQGVVQC./\ .,9]90^9G->T4+HT?D;0[;:&*Z.")9O.#O\
M-ISJ&>' &5PP0P^PY--:RS;;[[;!S;PM2<Y<8)EE"88M]>U/)$:[1V75J+:0
M.&G9+V"JP7185ZII7U2MA>)[6)@C+J(K"6&0MPC:Z2/B79\L^1M11VW)*7(+
M%!F]TZ?K,MZI46'/V>[5?M0V_9K*@H]>K EUT2TVV'A3KJ90O+SX*9LN+9!K
M](!NX>;+ (]L,.,-#N>E"[PZC&!+P,[L(VC B?">0K&?T+82MH&(LN&(VNOO
M>$G!+KQZH-'-V;L@F%TP(=KS[]VFRVN:1:_\9[&/.LF=;6=!F.%AH)+% $)$
M."7]PV';<3G^$/"+]S)"^N?0'3D5ET'6$_-$+(WEC VWEP3BQ67['[9]KFQU
MVSH1KI+I*(#OD=MN8PVQ&M?/US['8_0HOXW2<BU4"U+7WUB?FR?A1>L 83 6
M*FA(^U!=7" 2,QY83I7BO%?]+R+7?+7(*&RTN[=I@IZ_C=EJ.FH5)6E_9<^J
MFK8MG=I.!HU-BN6T6V;(-$Y"HJBB7Y)1;-8_#KM?.J/1[QT&[]+IQM/J]=I%
M4=V0F4Y@8NQ.4R*6 D+T@(062#-B7!0,1>1]@PMYR]]8O5U>*SB1GX_<G7F5
M^W59S4J#3*59*_=ZD_I[Q58JS4TBUN)L _ !V/$B*CVU&<J-V"0_7&V06)&8
MYL1W#9[77::N';6=G"I7%O*U6QRIXYY=)7EOL"VJUM?C4:&>3$K5^X6K(-]M
M-88YB]-R)88-9)=.1T/I-&Y/6";AT&Q!5FO#%@+_ +A>I1$QC1J7& J3J5B\
M<QJZ=-398Q%:5."<U8E;ZP!!S29SKBL9L69P>7^ML.\V?!FVH.6]?ME/X>_Z
MFUZ7:ZES&WV! @$Z!3UZ-#D<]>MD_J"6,F+>5K!6XF\BR#7.I.N"\;B:N%%V
M>1]T7G];I?(NF%3V,AF/<K]<.5W:A5VDTU(G9MLZDO[8B4RLF[NP:J5->KH&
M"(9936#4^02,#74N0*/);A[RD7[H@-Z%Q6.6ZE;=%D/3612^I?U (VFVECIS
M=*#<5<I*V:%@MA)0Z2MPI8B56AL,FNV>MS7O')^MLGR2BVJ-A8:Q$$2_K#9+
M8JC;%(3+:71<S,JMQ3U^Q1*&$L!$ +?"S9860.0/ 7O/!+'JQF='%7]DIWGU
MYI=5L7'N^ <WZLAXTLH=PTXET4Y<],YO7_X1_'H"N1%O0HY2BMY%1+)2$,P&
M%(FTET^0NA,Z\GN/OO.Q*<)1:_=.,7GQYL=1OO .U=$K5CI<C3I_N2P>I1*D
MX6AV3:@0KP*V,ULT@P\LMGD@W5+F0U:,T9M[5_*'@]TN8="JU]$=OV;1\D3S
M!([1O6'SFKQ'36%37;UNBTHUB9IXUC/[X*2QGDP;JVD>8\R+3=(.T\\A.,5B
MJWJ[V'H"1+4>9W<?G-]L+'4X175KD2?7ED2=J3*%KK#\3;77XIV.F)%0NC'0
M@D^$: J:!C*)Y[Y=,%B05)Y,<BZGQ?J"J#0*PZ+^;WKI/,K(S%CQJ6[YWT/G
M""VIF2%GG39@$K=3*+*LAFP">MVW'P3/]+SI77NY=.YI5^1<]>J>  -FC+N_
M1^KU=M1@;U46-0?I1>;\\IUL#6WEV2P9MQ'+6TSUY)7@-% (X3AG]HL?#7:W
M^F;W2?GNCX3-Q&IPO0)TNN"=9=*<<W,1"O\ 8K$.%VP4S5>8)C.#,SXS!M-O
M%J/MI-M6E"\H>$],LX-1HU]&?N' KDVOS0HK4(AM@5?WQHX,IEN9(@ZI=! ,
M;8EF(JSMO#];W+CWD%UVFPQB9^+2KH_@GAMXR]"IU[N_ @+&^>>/W;*'47]^
M@3UBQM"')/-.I5NH NK15G5=9&D[*;/JG*JKT,J;.[!9/!&)ZD_DM3;+YNL.
M;\4KE8MB#@*7HE9Z+W7H]NK[VB[V5;1S-FR'E7/$%I7K++8&%@>QC&62TY2#
M5-"J CB";N'!6RX9[>@]#JG+ZV1;;F4R!1"3CCDE*JW9[23#L3G?&DDBRI)W
MC; D>(]Y"C?H_3"ATVG,G@AU^?JM5_E#Q%ES9CUX2U-,<]6L*\KDL!5#Z(!L
M>9;"$PE9T0J#ZF,^LT+XJPIAU)==5M0S9CX8QY]]L2XC8Q&^+5::_P#F#Y]K
M>D<2Z?%QKR.KW*4-=?7KFML0U&XK:#0F-/N"Z4D]:/*DP1L;F= 6ZPE(.TAU
ME5?[N!M=^KXJ8[5X<6^?Q'ZA4>B=%X1$UESXS=^K-7<W4--5&1D>PO+>MZUL
M5FRJ1=9(+V'3VET$-7-P=",2L@U$(&H3MH_)3B5AJMNN:Z[01HZ$Q6JKI_+(
MK/7G=6.<[@Z)X7E5?HUEJ6Z-_P"2"D5$$IM!F0\WV0YIAXYI8YPUZ=0$=H*I
MSFT*U5C HK?IAP3"24.,*AH&4"ES9S6,\6BP56M8%0PE[D&QR1:[Y(S%]:.2
M;1C)[Z/2_5SRBXG;4-KLE=M#=HNI2]"W?P0\_P"D:/(U%HFE@KSA56"*A#9K
M(G=203X6M:VH; %:CDR1D9C'FWTZ'-_(WD76QF1M ?.W@2J2.$LV6@=%2A9F
MW-:K9(0S+!4U0S*8-BD: ,H5LI<BHT3<5EJ)/O%'(QEX^O&<8VQ[;8QG&?\
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+O+IKK+N>CTQG_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>g795725.jpg
<DESCRIPTION>G795725.JPG
<TEXT>
begin 644 g795725.jpg
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MM;<6%R(X05-A<7)WD9+1=H'P&",S5*'_Q  : 0$  P$! 0
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MF#;Q_;A+)H)IOY+M[<D'SKWC^\X2C,CQY)B0X&.*90;I.%BE$A"&,!S"H)Q
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MT[G=/8RGZ;6=M8NFVZ]?;C<U*!)2DH\6:2#NPT>XR,=-P17KB98)SK1O,IL
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M'$M+N2N)>8=@4!=RK]XY-ZBJ/%A/^(;_  F_4/-W-I_Q#?X3?J'EP    P
M !V ' 'PF]55%55 55 50.P4#  ]@ P(U#K7^7O<;[T:_P"X7#..QXT[K7^7
MO<;[T:_[A<,X['DR8<.'#B(<.'#B(<.'#B(<.'#B(<.'#B(<.'#B(<.'#B(<
8.'#B(<.'#B(<.'#B(<.'#B(<.'#B)__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>g104524.jpg
<DESCRIPTION>G104524.JPG
<TEXT>
begin 644 g104524.jpg
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M87%VL='P&"(C.+87)7*!H1DI.4*"DJ7!\?_$ !L! 0 " @,
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)<_\ WT=,9__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>g829355.jpg
<DESCRIPTION>G829355.JPG
<TEXT>
begin 644 g829355.jpg
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M @,! 0    (# 00%!A$2!Q, %"$(%2(C%C$E,E$S0O_:  P# 0 "$0,1 #\
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M!@FJOWX:\!E3E>.7+Q]UZLAV7=C_ &U;3[4-9Y?L75M7>9?F--?6%CDJ6-_
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M3R16M-(8]R>#5Z$[KI=3!OP!X*S;OU=C1#**+(A]R&%%65!RL$B4/BXJ &5
M0'!"<E^)^,'B[RAD=JJ[@K;J>.Q-[2K,KRMN@;HQTH"+PO9U<VR2YJEC;),,
M;#5M7(&H1B)B=[6W7JK2%"W)-JYO1X95&(X,-UI(<LZS.Q&J^-45,4<BUMI#
M$<U2!KH<EP6N1YO;8OEU0^R]7'M5@S318D/:]T 17#98UV#A#"DL141#166M
MY73GB=\JU30P/5$^6)T(76&*[7]1WN?>_.<CGBBO%,O\IM \R(&O\ BSFI'Q
MK%(96K$B/D2),:FJ&O%Q,GOD7UJDP@9#7G\Q_L([1,>H X\+1F$VP61F1Y%G
MD4$E[?SWM&@WRIEY8&+8.EE7DCR1RQF,(Y71Q :C6M(Y'6],TZ*M/9W9?+YM
MZ%V+-3#MK5ZE!;/^HFQX^QC)X+I/>/8,=R4H#49A<+N_DWR65_)Z)6U[7-5J
M6V4Z.1V-%VUD,LU/7V&":Q2E*AY'V1ZBA1E*1L66K>*N;H;OVT!W%9A&P+ )
M>8ARR57VEJ.JR+$)]4C:^H&,DV26P"6=5B:U#":-CYJ$*0C1L8KEXZ[.YN^#
MM[T%FI-?[.R2\I,E955]VV-&P_)+:*:LM/J&Q)()]; D1"HI(DD)6-)YA*![
M"-:J)S$VF>PS&.W[NFF;<UH=86MK?7.1TS<2F3)$R9BV56-SCY&AJI4MQ94S
M'9]7&F$ *5(-*J)49\93GB2XK8XN?5\D@)W-8J ;4]Z)J+'TE.3CE?J,ERDH
M4=Q\_ F/XYYX1?CX7KSA=9U'8]OKXO%.RI86QARNE)N2%ZO=#F6(84U6+@5_
MQ60]3B2*& \UR,S[VC>O)&D^.;F=V"MKX[/3V=>+ 5U;3,5=Q;1"$VD"%Y32
M-Q=W"SV)Z@,I;54T3@6!--[EP??&$QMAZZE6=ABDZPLJV#86=+943YIJF0L.
M>2+$M 1Y18H9C31$E() E/'D,$Y_M.7J5.JF=B=(*@[0NW^ )OBA]=U5R7X1
M%=)R(LJ^E.5?Z^1[$BHO_I\43XXZMGU.\Q7KU,MDZE2635JW[E:M+B$VDA%A
MBE$PA!8D9 $$<B #VF>!B/Q\M.M7+N1UW Y')0B,A?P^-O71K+-5<;5NFFP\
M$K8QQBH&,( @VL+J,21S/,_/%;&V!C6J\'R;8F8R9,/%\0JCW5[+AP95G)C5
ML9S$D2!P(0RRY/LM>CWC -Y/!'.1J^*IU7/4'?9VV[RSJ#KC7N86=AEMG"LY
M]?7V.*9'2BEBJ(_UDX89MG !$=(%$0DEL=2H0H0&<-'>VY.JI>K;O@>%:>J-
M*4\A5R/;DKW[P(%\SQ,"QZ6"1.1XD8XGED-XVNJ(S6JBR(P+=C%5XT8X)^I+
M3*NV;NAU].RN%*Q_(->[%QN/EE6\[6GCUES]'$NX,HH?)OMEQZ_*20U/)JM5
M1N_4UW%.U/QS4SNK7,K<;:3E'KR+L(A3T@NRFDM:Q:Y#$&TU3?/T&2V!$":Y
MF1[A)0CR'YKR.I[_ ([7L=7H6<#4?A:VTW'U;3'4[&3>Q[*]>TFVJNMXXD(L
MJ6Y#9(P='!0IHBVOMC:&.Z:P6ZV+ET:_D8UCHF2;HN.4DO()U? <[P+9&KX*
M+)_#XBJU\Z4QCQP@JLF1[<893#K+ICU#.VS>F>U^M\1N\EKLHN4E-HH^5XQ+
MHHEY)AQBS#P:V<\TF.Z>D0!Y(HLIT4DD82MC>\5J"6ZDR%!M8$JOGQH\^NL(
MIX<N))&.1$FPI87QY$>0(C7B/&E1R/$4;VN841'-<BH[I23NCT]DO9QW-GB8
MH8];!K+RNV7J"X8I&HVC6V=/J(7O.:WW"X[91)&.6+%Y:6+%$0C%#/:T@?0]
M:P.UCE,5<;;JYP*S+.*:%A8U6P(]2!J#09F2&RMC(!HDRN;)&%RF3EE\N;OM
MWCYF V#&HQ]_5&W4TL_6;4<=]!&SV":+86UK6-NN+E))B)!%Q2H9+AM"H6Z.
MJ<;<[\>W#1V=6VN=CY3>4N4TL:NFSH@,.R2TBMB6L$=C"D"L*Z#(AF$2,3R<
MK"\B>P@RHUS')U[K'^Y? +'MJK>YJWF-JL,-@@\PLQN>U3Q9HPJ"=CL='D1#
MVJ7XC4$&-YH23/='$B-<7X#/VE:@R+OQ[FLU[H-PT['ZXH\E'.2DE,>>KNKN
M#'$S$<!B/(B#GTF%U8:Z5DKG-(.;*^DAG&J6LQHN36]8IM7L&2VC[E/$X!3*
M[YK-4FT[,^X 3CD2Y+P8TH%HL&!_K(TF9@N9GX0W;?,FAVGX30YQN3V+;GHN
MUHNHL6:%;6OK$ZQF;45K%9R41)H-)R<^Y:K2U+8X!'X;^QW]JW']65^Y,QR+
M\AX':0HT^!89O!F8W8R8\[E]<P5!."EV2=9 1)4"K' ?:2(KFF2&C.?&DUOZ
MM_:G6SSPX0-IY $)5&RSJL'8&!*:G'^;%2XNJN<]B\\)[L$#EXY\>%1>AD^K
M'L7(\B[EY.!R9!UQK5^(T L=J$<]L3\5R:I'?V]LD=J(/ZV:TU?5H=$5[(=>
MP(W,&4C.BR=M_91VCGT?KFU9K/!MCR,HPF@N;;-,@ABR*??V%K6@EV,D<F24
MHZ\ IACQ0UU>R(.O9';&<-) 2/4Z>KZK@->Q&?V,,U=//S+J5'&.KK54JFL;
M"1L66KB6O^N:Y(HE4&9& (@5$V5)>^>0=PW+8=0TIVLXQ6HQ%;)Y7.5KC;&1
MO)=-.R=2DAS!16FXIP@LO>2T@#&6Y-ZT?.)5^K#VB6 7%EV^P*)[7>*1K;7]
ML\[T^>7,=4%M8ZM:OPOD=CN53AJI\]9U _<!Z1.,99E4:^T)DE9K:FF /^-X
MA?#M;FH@SF.#]/)QF0TY+")%EC<;ZRLFR),>(8(B5[QADDC SKNK8GPY:0JP
M><SE$VA!%4>P?<@O]2!],8\)F)B9Y!S!F)B1.8F/@J]LGZE,?;?2#5=8R@5V
M= R%-)36MCP)"Y/MSM1D"43$2+*R3$H(26,B7(BMN6%I3YY>U$QIH4JO%50S
MPWJ]'1CQZJ( H'(]$<BC*,B+RB*O/*HJ+SU#,N>I55SG+\\_U5>.?GC_ '5?
MCE?G^G[]$*]6;5]KJO<J;'JZ*UN:S:CH,7'JRC@EG6F0;!LSAJJC"J:''\S6
M&29-?G%75$$3$4BSX*<, PQ1TSBZ9RD&Z<]U=?OJA1=%ZOM-C]P=M"FDGU^#
M%+B+(N.85#N8_P!-&F95=[3GK14:JP@;.CP_*[CZ,D*.I&V;!Y_#NP>*OE84
M++&.38) 3W8) RO18OI'Y[_<>%=8%,$UA=1[=2F,L;-HVP5-KSV*^H]L4LY:
MJ1:9'1) Q5O)I?V+^,+G&5FW6&,2"4!)%(P004(VD]K6/57(B<+Y<_T5.4Y1
M>5_MS^ZKU"F4VJ*CT\U_XE7A514:GVXY^>.%1>.%^[?GY7CJ761\CX0B<JQK
MG(GW\G(BN3[JB?JYX155$7X5?Z+Q<%UWDNY';K3&;%LFVU/J.GVC&PZ/"]ZS
MRFE_/3<<SFWB2O=]QP\*@2L>/*K@ <YP\B98%,P,-S5;KERO23#'' +)J4]Y
MYZPRPY:%=IC\1!-8 R4_@>?S,1^84L?0L7&^FJJ7-A-BQ*QG^4JJUV6K!1$_
M[D*Z6LD1F9F F!B9XB:WY;:-:AWN=PUJ/<J\_'#6\JB\K\<JG'SRGQ]_OT\[
MZ4$<H/3][;'& X#I6&29:,=SRYIKRRX*J*J\*96J3CG[.^/CI([,^W[;\C%.
MV[(Z2@-DD3NM4-7K)V.CE60_S=.SNWP9,'GD0 O:R>LDUS"W->K6MA24G!]T
M@ !.7Z%6AM60-(:7U;J&M*.1%UQ@N-8@DH+%&*;)I:N/$GV#!J,:L;/GLE3$
M:YC7(AT\OU<JL!\Q92K9Q^&K):MIMN6[$])YD1K#]4X*.9ZS#S-<P7$]UF/'
M(%\UC^FC#7JV;V>]9KM0NOBZ%.98!#!MR#0O*Z$7X.)J)4^)#F)582R9ZL7)
M2N1S6,<]RHUK$5[G+]D:S]3E7_9$5>DR]7W.RT[AJC)M/4KLDV<'/\DR+#J9
M*X=O];:,DWD\CG5Q94(4ID>"27+5KI8/#V?=1_DQ$<X5GUD.FP;,[@Q$"*IQ
M3([(IG*K6B'!IILIY'.3Y1!M$KE5/E$3GI7STOJ\=MWE:UE&17I68]G]VQ%3
ME'&_)\Z$Q[E5?NC[12HJ?\:-=\_/0OQ:X:& W_*&A=@:V+1/H>,DA_KJY5I(
M;$2,RIO\%M&)&9 IB)CGX?\ /R#R^X^(, JT^FR[G;0_;JG 6ZGOR&OH&W7(
MH(1?7CV.09#,"U<3,%$<?/V=T.U>^3*ZJLJ.Z6AV+B6L5LX!)M5387!P['+,
MPBH2.A;4(K.KL+(;^'UL6^M)$%DQ@BL@/DB&]A1O34VAVADH[/6^E*W(L/V1
M."V[RJMV+(B3LSS$=8QP5LH600%_![FNJ!R'>-/4BKEIA2BR'4PQF/-*2W8%
M=B-I@V75^> K#X7)QRX;E ;AH5J_P)D Y+(L[WT]E@(\5CSJ9_C[#AM,Q[",
M8Y%).S@EF'NYT,N'N*4G^*]6*&]7$5YL;>^P%;/D+RCW,?B*V!)2O7R5GFY_
MZN>2F,L4]^T[/TAHCK7["J;P+PYE7Q%QLI?8#[=3K LD2I\,EIL,();P8,AT
MD#G*>3\0^2M1R9Y<]XG;; XIKMC3%S8L<@;-*FS]OOP9&F##)?T0A25,D'5F
MI(6>R&P=Q[.H=,ZOS?:&2O:VIPS'YUP0*O4;["6)B"JZD#D:_B3<698=9&_2
MJ>_+8KD\4<J!G]+O661[<W!M#O#V,TLR>EQ?5F/2B,>@9V:Y3S+RZ?$1$5KH
M>.4<F+CD%.5&)+(L=G!("(G[_5:W189OE>N^TC7CBVMW.O*&[R^!7EY?+R"[
M,E=K_$3L1$_S?.8[))K"N]N/YT4AW^DGA'5#Z77>=CT 550;VQ'&ZMA"G96T
MN?;.K( #R7H241D&LIHT5#%)R\Y6#1QWIY/<]4:O0O7\11Q6E6IR6<I:]D]Q
M&!2ZXIK6Q@:[(@P4M4P8?>,I)AE/1M4U=8DAB1/[EL>7S_E&A&%U7);C@_&K
M.]BKC;**]<MLN*F5M>]PDMG[4("*UB,M3=0[L0@R0*F._:*?VJ]ZN2RJB.Z*
M# ]LU6SL4&HU<U^-V-M&S.O$)'NXD,'$E3J=7JYHR'AG9^A&N8UM2EMH5_3U
M5[6%]^MNJV#;5YT\>#0;***9$*BL<]JH2.<;N6N<U>?ARI\JJ=WD]H>V.W&-
M@.5[/V)&V=+S<MM2'M@%R&<M-+HH\:;!J"VF2R3S["/*@RIIX;W"@A"Z+( .
M*J*I%.UZ<.SP[,[3-;H^1[UO@$:3K2\8XCB%&?$GLCU+R^;6NYEXU(I9?/+V
M<F>UKU<QZ-ZO)==&3U75L_3NJR@T>V'M9%"S6%DO7T]Q+;$-6,6J3^(...]G
MF)F"$BX/!ERW@O(.^Z?DL6_ %E(#8Z&%MO4YM ?=[1JBU$REYSC\G5F27Q/K
MI3!") 8 *WUC;,9^X'6M6-W)*O4(I)?E%1K[7,K]6I_R7VZYKOW5'-X_?KQ^
M'^J%LC5NC<0TUK[6V,4-IAV)0,:BYK<65A=&:H0*3\;C8HZN@14G'0WUD<$Z
M=,@^X1A7"F >T3O.>K);).[M+^&U_DM%K3":YR(O^@DB';W*M547X7V[()..
M.?%Z+SPY%ZOCW:=F(MO]K.H-G:^J%=M;6.FL$%(KZ^,CI6=8?"Q2H--I7!&B
M.E7U,B'LL>)\FD-6?3JA/K(GT[-59K=35_'..V>@NU3R ^RNY[FA7IVC6+TM
MLJ A!R'3<]1^V94H3[L U]NJ+>3N^0W[S3FM'RK:&2PQ^FY6JUTMN9+'*?\
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MDR"C!'CB(8YS/:,00B8I"E*]ZM:P8QM<][W*B-8U7*J(G7%Q6O%4XSCU6%.
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M>R=K+7+^2-+;UJY;!(,-[DI3#)B$CP1!VF9*2F9*9FF'?OH2U[A>W+*,5QB
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M?9_;[FP8S"XJQ3I5J^#3"*A5H?[#7%=%:(=+7-$IZ5UE,B(?RDIXXGB/M/\
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>!MZC6O6VS)2PVV+5E3'.:QA$9$1<1SU 06(@/__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
