TAILIEUCHUNG - ROYAL HOST REAL ESTATE INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR END DECEMBER 31, 2003 RESULTS

The first aspect, the tax exemption, has been highly controversially disputed, as it privileges the REIT company towards other company forms. The BMF considers the REIT necessary to preserve Germany’s competitiveness on international financial markets and to maintain jobs for highly skilled employees. Furthermore, the introduction of REITs is expected to have strong positive fiscal and economic impacts: 7 Germany has by far the largest real estate reservoir in Europe, which at this time remains, for the most part, not yet institutionally invested, but owner- occupied or held by private owners. 8 Channelling these assets to REITs would make bound resources more fungible,. | ROYAL HOST h o T E L s RESORT sREIT FOR IMMEDIATE RELEASE SYMBOL ROYAL HOST REAL ESTATE INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR END DECEMBER 31 2003 RESULTS Calgary Alberta March 24th 2004 - Royal Host a diversified hotel Real Estate Investment Trust REIT today announced financial results for the fourth quarter and year ended December 31 2003. Contrary to industry trends Royal Host announced a increase in revenue per available room RevPAR in the fourth quarter of 2003 compared to the same quarter of 2002. Royal Host also recorded a 12 improvement year over year in operating profit during the quarter. In the last quarter of 2003 cash available for distribution improved to per unit basic from per unit in the same quarter of 2002. During 2003 the hospitality industry experienced some of the most difficult conditions on record including the impact of the war in Iraq the outbreak of Sudden Acute Respiratory Syndrome SARS in Toronto and the impact of a strengthening Canadian dollar to name a few. This past year has been extremely challenging for the hospitality industry said Greg Royer CEO of Royal Host REIT. Our operating trends were negative for the first three quarters of 2003. However in the fourth quarter of 2003 we were able to turn things around and recorded a year over year improvement in both revenues and operating profit. Highlights for 2003 During 2003 Royal Host Outperformed the industry in RevPAR per Pannell Kerr Forster in each of the four quarters of the year Began a process of restructuring its operations and reducing costs and took steps towards exiting non-core businesses Maintained a record of uninterrupted cash distributions to unitholders albeit at a reduced rate Acquired the Calgary Best Western Village Park Inn Continued to benefit from the successful acquisition and integration of focused service hotels in Belleville Trenton and Calgary and Invested approximately 14 million in capital improvements to maintain the .

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