#039;000 HK#039;000 HK#039;000 % Gross Revenue 350,325 350,325 Rental Income ‐ HK 82,785 73,935 8,850 12.0% ‐ Overseas 55,112 55,937 (825) ‐1.5% Hotel Income ‐ HK 763,083 677,277 85,806 12.7% ‐ Overseas 1,114,922 1,113,170

Slide 4: 2012 Interim Results

Great Eagle Holdings Limited Financials 2012 Interim Results 1H 2012 1H 2011 Change HK#039;000 HK#039;000 HK#039;000 % Net Operating Income Net Rental Income ‐ HK 74,279 66,724 7,555 11.3% ‐ Overseas 23,731 20,933 2,798 13.4% Hotel Income ‐ HK 281,957 243,219 38,738 15.9% ‐ Overseas 149,854 162,828 (12,974)

Slide 5: 2012 Interim Results

Great Eagle Holdings Limited Financials 2012 Interim Results 1H 2012 1H 2011 Change HK#039;000 HK#039;000 HK#039;000 % Net finance costs Finance cost (50,816) (49,961) (855) 1.7% Interest income 89,930 77,687 12,243 15.8% 39,114 27,726 11,388 41.1% Share of results of associates 11,597 7,178 4,419 61.6% Shar

Slide 6: 2012 Interim Results – Income from Champion breakdown

Great Eagle Holdings Limited Financials 2012 Interim Results – Income from Champion breakdown Income from Champion REIT 1H 2012 1H 2011 Change HK#039;000 HK#039;000 HK#039;000 % Dividend received 299,387 267,006 32,381 12.1% Asset management income 99,620 91,786 7,834 8.5% Agency commission income & 34,344 3

Slide 7: Analysis on change on core income

Great Eagle Holdings Limited Financials Analysis on change on core income 1H 2012 #039;000 Change in profit from core business after tax + HK$ mn 82,964 Arise from: Increase in Income from Champion REIT 39,714 Increase in hotel income 17,087 Decrease in net interest expenses 11,388 Increase in rental i

Slide 8: Discount to NAV

Great Eagle Holdings Limited Discount to NAV Financials Book NAV (June 2012) Based on valuation for the underlying properties of Champion REIT % of % of HK$m HK$/psf HK$/shr Total HK$m HK$/psf HK$/shr Total Investment properties 5,711 6,338 9.04 16% Investment properties 5,711 6,338 9.04 14% Apprais

Slide 9: Valuation – Investment properties

Great Eagle Holdings Limited Valuation – Investment properties Financials As at the end of June , 2012 Hong Kong investment properties Valuation Change from GFA (Sqft) HK$/psf end of Dec 2011 Great Eagle Centre Office 193,271 14,239 5.1% Retail 55,944 8,240 6.7% 3rd floor 20,959 6,775 11.8% Carparks

Slide 10: Langham Hotels International

Langham Hotels International Great Eagle 10 Holdings Limited

Slide 11: Hotel portfolio – 2012 Interim Results Operational Statistics

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – 2012 Interim Results Operational Statistics Occupancy Average Room Rate RevPar (local currency) (local currency) YTD-June 2012 YTD-June 2011 Change YTD-June 2012 YTD-June 2011 Change YTD-June 2012 YTD-June 2011 Change Owned

Slide 12: Hotel portfolio – 2012 Interim RevPAR performance

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – 2012 Interim RevPAR performance RevPAR (in HK$) YTD-June 2011 YTD-June 2012 RevPAR yoy Growth 3,000 30% 27.3% 25% 2,537 2,500 20% 2,310 16.2% 13.6% 2,000 15% 1,811 RevPAR Yoy growth 11.7% 1,595 1,679 1,652 1,587 10% 1,500 2.

Slide 13: Hotel portfolio – 2012 Interim Operational statistics

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – 2012 Interim Operational statistics Room revenue growth F&B revenue growth YTD-June 2012 YTD-June 2012 The Langham, Hong Kong 14.2% 10.7% Langham Place, Mongkok, HK 13.1% 6.7% Eaton Smart, Hong Kong 28.5% 8.6% The Langham, L

Slide 14: Hotel portfolio – Currency impact

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – Currency impact Jun-12 Jun-11 yoy change Variance in profit contribution (in HK$ mn) GBP 12.2527 12.5747 -2.6% (1.3) CAD 7.7145 7.9638 -3.1% (0.9) AUD 8.0035 8.0364 -0.4% (0.2) USD 7.7614 7.7837 -0.3% (0.0) NZD 6.2338 6.0518

Slide 15: Hotel portfolio – Profit contribution

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – Profit contribution in Local Currency in HK$ 1H 2012 1H 2011 Change 1H 2012 Contribution to Owned Hotels in mn in mn in mn hotel profits Hong Kong The Langham, Hong Kong $105.3 $93.0 13.2% $105.3 24% Langham Place, Mongkok,

Slide 16: The Langham, London

Great Eagle Holdings Limited Langham Hotels International 1H 2011 1H 2012 Change The Langham, London Rooms Available 377 378 +1  Performance of the London hotel was fairly RevPAR £202 £189 -6.6% stable in the first quarter of 2012 Room Rate £273 £264 -3.0%  But demand for rooms began trending Occu

Slide 17: The Langham, Melbourne

Great Eagle Holdings Limited Langham Hotels International 1H 2011 1H 2012 Change The Langham, Melbourne Rooms Available 381 376 -5  As demand from corporate travellers RevPAR $209 $207 -1.2% decelerated with the onset of the global $266 $262 -1.7% Room Rate financial crisis, the Hotel switched its

Slide 18: The Langham, Auckland

Great Eagle Holdings Limited Langham Hotels International 1H 2011 1H 2012 Change The Langham, Auckland Rooms Available 411 411 -  Demand from the corporate segment RevPAR $128 $129 0.8% was weak over the first half of 2012 Room Rate $185 $186 0.6%  The Hotel managed to keep up its Occupancy Rate 6

Slide 19: The Langham, Hong Kong

Great Eagle Holdings Limited Langham Hotels International 1H 2011 1H 2012 Change The Langham, Hong Kong Rooms Available 495 495 - RevPAR $1,595 $1,811 13.6% Room Rate $2,088 $2,221 6.4% Occupancy Rate 76.4% 81.6% 5.2 ppt  Langham Hong Kong enjoyed continued growth in individual leisure tourist arri

Slide 20: Langham Place Hotel Hong Kong

Great Eagle Holdings Limited Langham Hotels International Langham Place Hotel Hong Kong 1H 2011 1H 2012 Change Rooms Available 649 654 +5 RevPAR $1,421 $1,587 11.7% Room Rate $1,720 $1,850 7.6% Occupancy Rate 82.6% 85.8% 3.2 ppt  For the six months ended June 2012, the Hotel achieved a higher avera

Slide 21: Eaton Smart, Hong Kong

Great Eagle Holdings Limited Langham Hotels International Eaton Smart, Hong Kong 1H 2011 1H 2012 Change  In addition to increased demand Rooms Available 459 461 +2 for mid‐priced rooms, the Hotel’s successful marketing focus on RevPAR $829 $1,055 27.3% China and other Southeast Asian Room Rate $1,0

Slide 22: The Langham, Boston

Great Eagle Holdings Limited Langham Hotels International 1H 2011 1H 2012 Change The Langham, Boston Rooms Available 318 318 - RevPAR $149 $154 3.1%  After a slow start to the year, the market in Room Rate $225 $239 6.2% Boston picked up moderately in the second quarter because of several citywide

Slide 23: The Langham, Huntington Hotel & Spa, Pasadena

Great Eagle Holdings Limited Langham Hotels International 1H 2011 1H 2012 Change The Langham, Huntington Hotel & Spa, Rooms Available 380 380 - Pasadena RevPAR $134 $157 16.6% Room Rate $214 $210 -1.9%  The Langham in Pasadena benefitted from Occupancy Rate 62.7% 74.6% 11.9 ppt the steady recovery

Slide 24: Delta Chelsea Hotel, Toronto

Great Eagle Holdings Limited Langham Hotels International 1H 2011 1H 2012 Change Delta Chelsea Hotel, Toronto Rooms Available 1,590 1,590 -  Room rates at the Hotel were RevPAR $88 $81 -7.8% under pressure on the lack of Room Rate $125 $120 -4.1% citywide conventions in the city Occupancy Rate 70.1

Slide 25: The Langham, Xintiandi (33.3% owned)

Great Eagle Holdings Limited Langham Hotels International The Langham, Xintiandi 1H 2011 1H 2012 Change Rooms Available 190 347 + 157 (33.3% owned) RevPAR ¥755 ¥835 10.6%  The Hotel became fully Room Rate ¥1,587 ¥1,597 0.7% operational with 358 rooms Occupancy Rate 47.6% 52.3% 4.7 ppt available fro

Slide 26: Managed hotel owned by third parties

Great Eagle Holdings Limited Langham Hotels International Managed hotel owned by third parties 26

Slide 27: Langham Yangtze Boutique Hotel Shanghai

Great Eagle Holdings Limited Langham Hotels International Langham Yangtze Boutique Hotel Shanghai With 96 rooms Opened in May 2009 27

Slide 28: Eaton Luxe, Nanqiao, Shanghai

Great Eagle Holdings Limited Langham Hotels International Eaton Luxe, Nanqiao, Shanghai With 204 rooms Opened in April 2010 28

Slide 29: Langham Place, Beijing Capital Airport

Great Eagle Holdings Limited Langham Hotels International Langham Place, Beijing Capital Airport With 376 guest rooms Opened in September 2010 29

Slide 30: Eaton Smart, New Delhi International Hotel

Great Eagle Holdings Limited Langham Hotels International Eaton Smart, New Delhi International Hotel, Indira Gandhi International Airport, New Delhi With 97 rooms Opened in June 2011 30

Slide 31: Shanghai Boutique Hotel - Xintiandi

Great Eagle Holdings Limited Langham Hotels International Shanghai Boutique Hotel - 88 Xintiandi Shanghai With 53 rooms 31

Slide 32: Owned Portfolio Expansion – Xintiandi, Shanghai

Great Eagle Holdings Limited Langham Hotels International Owned Portfolio Expansion Location: Xintiandi, Luwan District, Shanghai, PRC G.F.A. Approx. 52,000 sq.m. Rooms 357 rooms Status: The hotel soft‐ opened in October 2010 32

Slide 33: Owned Portfolio Expansion – Downtown Chicago

Great Eagle Holdings Limited Langham Hotels International Owned Portfolio Expansion Location: Downtown Chicago, second largest CBD in the U.S. G.F.A. Approx. 375,000 sq.ft. Rooms 330 rooms Status: Full scale construction has commenced in the first quarter of 2012, and is scheduled for completion in

Slide 34: Owned Portfolio Expansion – The Observatory, Sydney

Great Eagle Holdings Limited Langham Hotels International Owned Portfolio Expansion The property: The Observatory hotel in Sydney was named one of The Best Hotels in the World in Condé Nast Traveller's Gold List 2011 Location: Situated in the heart of Sydney CBD, close by The Rocks with easy access

Slide 35: Owned Portfolio Expansion – Sydney

Great Eagle Holdings Limited Langham Hotels International Owned Portfolio Expansion Extended our penetration to Sydney, the finance and media capital of Australia, and the leading tourism destination for international tourists Within walking distance of the CBD, the hotel opened in 1993 as one of th

Slide 36: Managed Hotel Projects

Great Eagle Holdings Limited Langham Hotels International Managed Hotel Projects In operations before 2009 Rooms The Langham, Hong Kong ‐ 100% owned 500 Langham Place, Mongkok, HK ‐ 100% owned 666 Eaton Hong Kong ‐ 100% owned 465 The Langham, London ‐ 100% owned 378 The Langham, Boston ‐ 100% owned

Slide 37: Managed Hotel Projects 2010–2012

Great Eagle Holdings Limited Langham Hotels International 2010 Rooms Status Eaton Luxe, Nanqiao Shanghai 204 Opened in Apr 2010 Langham Place, Beijing Capital Airport 372 Opened in Sep 2010 The Langham, Xintiandi, Shanghai ‐ 33.3% owned 357 Opened in Oct 2010 2011 Rooms Status Eaton Smart, New Delhi

Slide 38: Managed Hotel Projects 2013–2016

Great Eagle Holdings Limited Langham Hotels International 2013 Rooms Status Langham Place, EDZ, Guangzhou 313 Agreement Langham Place, Pazhou Convention City, Guangzhou 500 Agreement Langham Place, Ningbo 144 Agreement Langham Place, Xiamen 310 Agreement The Langham, Chicago ‐ 100% owned 320 Agreeme

Slide 39: Investment properties

Investment properties Great Eagle 39 Holdings Limited

Slide 40: 2012 Interim Results - Rental income breakdown

Great Eagle Holdings Limited Investment properties 2012 Interim Results - Rental income breakdown Gross rental income Growth Net rental income Growth 1H 2012 1H 2011 (%) 1H 2012 1H 2011 (%) (in HK$ mn) Hong Kong Investment Properties Great Eagle Centre 60.4 53.9 12.0 58.6 53.2 10.2 Eaton House 21.2

Slide 41: Great Eagle Centre

Great Eagle Holdings Limited Investment properties Great Eagle Centre  The office market in the Wanchai North district has displayed resilience in the first half of 2012.  Rents achieved at Great Eagle Centre continued to move above HK$60’s in many cases in the first half of 2012.  Average passin

Slide 42: Eaton Serviced Apartments

Great Eagle Holdings Limited Investment properties Eaton Serviced Apartments On a portfolio basis, achieved rental per occupied square foot for 2011 increased 4.1% year‐on‐year to HK$42.9 per square foot, and occupancy for our serviced apartments increased from 70.2% in the first half of 2011 to 75.

Slide 43: US Investment properties

Great Eagle Holdings Limited Investment properties US Investment properties The California commercial portfolio had a slight decline in gross rental income of 1.5% in the first half of 2012 as compared with the same period in 2011, net rental income, on the other hand, rose 13.4% on lower tenant exp

Slide 44: Investment in the Champion REIT (2778.HK)

Great Eagle Holdings Limited Investment in Champion REIT Investment in the Champion REIT (2778.HK) Note that subsequent to the reclassification of our investment in Champion REIT as an associate company from 23rd July 2010, our core profit will still be based on declared dividend from Champion REIT

Slide 45: Reconciliation to core earnings from reported

Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported 1H 2012 1H 2011 HK$ 000 HK$ 000 Net Profit 1,329,698 2,770,638 Adjustment items: Fair value changes on investment properties (228,556) (599,762) Ignored in core earnings calculation Fair value cha

Slide 46: Reconciliation to core earnings from reported

Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 1H 2012 1H 2012 1H 2011 HK#039;000 HK#039;000 HK#039;000 Gross Revenue 350,325 350,325 Rental Income ‐ HK 82,785 82,785 ‐ 73,935 ‐ Overseas 55,112 55,112 ‐ 55,

Slide 47: Reconciliation to core earnings from reported

Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 1H 2012 1H 2012 1H 2011 HK#039;000 HK#039;000 HK#039;000 Operating profit before Dep. and Amortisation 729,391 1,028,778 955,339 Depreciation and amortisation

Slide 48: Reconciliation to core earnings from reported

Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 1H 2012 1H 2012 1H 2011 HK#039;000 HK#039;000 HK#039;000 Net finance costs Finance cost (50,816) (50,816) ‐ (49,961) Interest income (Classified as 102,647 89,

Great Eagle Holdings — H1 2012 Earnings Presentation on 6ix

6ix — News, calls and decks from 54,000 public companies

News releases, calls, decks and charts for 54,000 public companies in one place, with 6ix AI and an email when your companies put out news. Free for investors.

Please enable JavaScript to use all features of 6ix.com.