#039;000 HK#039;000 HK#039;000 % Gross Revenue 350,325 350,325 Rental Income - HK 212,166 207,121 5,045 2.4% - U.S. - 184,731 (184,731) n.a. - Building mgt fee 24,264 25,108 (844) -3.4% Hotel Income - Overseas 3,475,161 3,193,300 2

Slide 4: 2015 Final Results

Great Eagle Holdings Limited Financials 2015 Final Results 2015 2014 Change HK#039;000 HK#039;000 HK#039;000 % Net Operating Income Net Rental Income - HK 174,474 169,536 4,938 2.9% - U.S. - 93,301 (93,301) n.a. Hotel Income - Overseas 506,300 380,705 125,595 33.0% - Others 87,146 133,965 (46,819) -34.9% Inc

Slide 5: 2015 Final Results

Great Eagle Holdings Limited Financials 2015 Final Results 2015 2014 Change HK#039;000 HK#039;000 HK#039;000 % Net finance costs Finance cost (174,826) (166,307) (8,519) 5.1% Interest income 149,417 291,288 (141,871) -48.7% (25,409) 124,981 (150,390) -120.3% Share of results of associates (3,442) 9,513 (12,9

Slide 6: 2015 Final Results – Income from Champion breakdown

Great Eagle Holdings Limited Financials 2015 Final Results – Income from Champion breakdown 2015 2014 Change HK#039;000 HK#039;000 HK#039;000 % Asset management income 214,035 216,045 (2,010) -0.9% Dividend received 714,678 717,192 (2,514) -0.3% Agency commission income & 78,837 94,140 (15,303) -16.3% Proper

Slide 7: Analysis on change on core income

Great Eagle Holdings Limited Financials Analysis on change on core income 2015 #039;000 Change in profit from core business after tax (139,083) Arise from: Decrease in interest income (141,871) Decrease in net rental income (88,363) Decrease in distribution from LHI (30,316) Increase in administration

Slide 8: Discount to NAV

Great Eagle Holdings Limited Discount to NAV Financials NAV based on statutory accounting principles (Dec 2015) NAV based on net assets of Champion REIT and LHI (Dec 2015) % of % of HK$m HK$/shr Total HK$m HK$/shr Total Investment properties 5,834 8.8 11% Investment properties 5,834 8.8 10% Appraise

Slide 9: Financial position

Great Eagle Holdings Limited Financials Financial position (A) Base on statutory financial positions Book Carrying Net Cash Loan to Net interest Interest (HK$ Million) Value (Debt) Net Equity Value Gearing EBITDA expense Cover Hong Kong/ PRC Assets 60,711 (17,672) 43,039 29.1% 41.1% 2,663 435 6.1 Ov

Slide 10: Valuation – Investment properties

Great Eagle Holdings Limited Valuation – Investment properties Financials As at the end of December 2015 Hong Kong investment properties Valuation Change from GFA (Sqft) HK$/psf end of June 2015 Great Eagle Centre Office 193,271 18,358 12.0% Retail 55,944 9,367 0.2% 3rd floor 20,959 9,065 12.4% Carp

Slide 11: Development projects

Great Eagle Holdings Limited Development project Development projects Dalian Mixed-use Development Project  Sales velocity had picked up and by the end of December 2015, over 200 units had been sold at approximately RMB18,000 per square metre, with total sales proceeds approaching RMB500 million. H

Slide 12: Langham Hotels International

Langham Hotels International Great Eagle 12 Holdings Limited

Slide 13: Hotel portfolio – 2015 Operational Statistics

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – 2015 Operational Statistics Occupancy Average Room Rate RevPar YTD-Dec 2015 YTD-Dec 2014 Change YTD-Dec 2015 YTD-Dec 2014 Change YTD-Dec 2015 YTD-Dec 2014 Change Owned by subsidiary LHI Hong Kong The Langham, Hong Kong 84.7%

Slide 14: Hotel portfolio – 2015 Room and F&B revenue growth

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – 2015 Room and F&B revenue growth (in LC) Room revenue growth F&B revenue growth YTD- Dec 2015 YTD- Dec 2015 The Langham, London 3% 8% The Langham, Boston 9% 10% The Langham. Chicago 26% 17% The Langham Place, Fifth Avenue 2%

Slide 15: Hotel portfolio – Profit contribution

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – Profit contribution in Local Currency in HK$ 2015 2014 Change 2015 Contribution to Owned Hotels in mn in mn in mn hotel profits China Shanghai (Langham Xintiandi from 11 Dec to 31 Dec, 2014) RMB 81.9 RMB 0.7 n.m. $101.1 20%

Slide 16: Hotel portfolio – Currency impact

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – Currency impact Dec-15 Dec-14 yoy change Variance in profit contribution (in HK$ mn) GBP 11.8528 12.7777 -7.2% (9.3) CAD 6.0724 7.0251 -13.6% (9.9) AUD 5.8037 6.9981 -17.1% (12.9) USD 7.7527 7.7546 0.0% (0.0) NZD 5.4211 6.43

Slide 17: The Langham, Hong Kong

Great Eagle Holdings Limited Langham Hotels International 2014 2015 Change The Langham, Hong Kong Rooms Available 465 457 -8 RevPAR $2,040 $1,862 -8.7% Room Rate $2,295 $2,198 -4.2% Occupancy Rate 88.9% 84.7% -4.2 ppt  The Langham, Hong Kong managed to increase its share of arrivals from the Mainla

Slide 18: Cordis, Hong Kong

Great Eagle Holdings Limited Langham Hotels International Cordis, Hong Kong (Rebranded from 2014 2015 Change Langham Place in August 2015) Rooms Available 650 620 - 30 RevPAR $1,706 $1,555 -8.9%  Cordis, Hong Kong accommodated more Room Rate $1,871 $1,734 -7.3% arrivals from the Mainland China. Occ

Slide 19: Eaton, Hong Kong

Great Eagle Holdings Limited Langham Hotels International Eaton, Hong Kong 2014 2015 Change  The Eaton, Hong Kong witnessed a 34.7% drop in arrivals from the Rooms Available 465 465 - Mainland China market in 2015. RevPAR $1,166 $978 -16.1%  Even though Eaton’s lowered room Room Rate $1,213 $1,093

Slide 20: The Langham, London

Great Eagle Holdings Limited Langham Hotels International 2014 2015 Change The Langham, London Rooms Available 366 341 - 25  the completion of the hotel’s Sterling suite RevPAR £216 £238 10.2% and club lounge in July 2015, as well as major event held in city helped The Room Rate £266 £294 10.5% Lan

Slide 21: The Langham, Melbourne

Great Eagle Holdings Limited Langham Hotels International The Langham, Melbourne 2014 2015 Change  The Langham, Melbourne secured more high Rooms Available 388 388 - yielding retail and group travellers in 2015, RevPAR $246 $261 6.1% when there was an increase in demand for Room Rate $285 $301 5.6%

Slide 22: The Langham, Sydney

Great Eagle Holdings Limited Langham Hotels International 2014 2015 Change The Langham, Sydney Rooms Available 58 88 - 30 RevPAR $250 $262 4.8% Room Rate $303 $415 37.0% Occupancy Rate 82.3% 63.2% 19.1 ppt  The performance was impacted during the first quarter of 2015 as some of the hotel’s key fac

Slide 23: The Langham, Auckland

Great Eagle Holdings Limited Langham Hotels International The Langham, Auckland 2014 2015 Change  With major events being hosted in the Rooms Available 409 409 - city during 2015, The Langham, RevPAR $143 $159 11.2% Auckland managed to change its guest mix towards higher yielding retail Room Rate $

Slide 24: Langham Place Fifth Avenue, New York

Great Eagle Holdings Limited Langham Hotels International Langham Place Fifth Avenue, 2014 2015 Change New York Rooms Available 214 214 - RevPAR $400 $409 2.3% Room Rate $538 $549 2.0% Occupancy Rate 74.5% 74.5% 0.0 ppt  The hotel managed to stabilise its occupancy for the year, after witnessing a

Slide 25: The Langham, Chicago

Great Eagle Holdings Limited Langham Hotels International The Langham, Chicago 2014 2015 Change  Given a relatively low base for Rooms Available 315 316 +1 comparison in 2014, there was an RevPAR $196 $246 25.5% improvement across the board Room Rate $326 $352 8.0% from both retail and corporate tr

Slide 26: The Langham, Boston

Great Eagle Holdings Limited Langham Hotels International 2014 2015 Change The Langham, Boston Rooms Available 318 318 - RevPAR $210 $229 9.0%  With an increase in the number of conventions held in the city in 2015, this Room Rate $256 $273 7.0% had enabled The Langham, Boston to raise Occupancy Ra

Slide 27: The Langham, Huntington Hotel & Spa, Pasadena

Great Eagle Holdings Limited Langham Hotels International 2014 2015 Change The Langham, Huntington Hotel & Spa, Rooms Available 380 380 - Pasadena RevPAR $194 $194 0.0% Room Rate $251 $263 4.8%  While there was a drop in corporate group business for The Langham Huntington, Occupancy Rate 77.0% 73.7

Slide 28: Chelsea, Toronto

Great Eagle Holdings Limited Langham Hotels International Chelsea, Toronto (Rebranded from Eaton Chelsea in January 2015) 2014 2015 Change  The performance of the hotel had Rooms Available 1,590 1,590 - gradually improved over the second half of 2015, after the RevPAR $93 $96 3.2% completion of the

Slide 29: The Langham, Xintiandi

Great Eagle Holdings Limited Langham Hotels International The Langham, Xintiandi (wholly owned from 11 December 2014) 2014 2015 Change Rooms Available 356 357 +1  There was improved demand from both corporate group and retail RevPAR ¥1,156 ¥1,245 7.6% travellers in 2015. Room Rate ¥1,669 ¥1,758 5.3

Slide 30: Managed hotel owned by third parties

Great Eagle Holdings Limited Langham Hotels International Managed hotel owned by third parties 30

Slide 31: Managed hotels in China

Great Eagle Holdings Limited Langham Hotels International Langham Place, Haining Langham Place, Beijing Capital Airport Zhejiang, China With 372 rooms With 263 rooms Opened in August 2010 Opened in July 2015 The Langham, Shenzhen Guangzhou, China With 352 rooms Opened in October 2012 31

Slide 32: Managed hotels in China

Great Eagle Holdings Limited Langham Hotels International Langham Place, Langham Place, Xiamen Ningbo Culture Plaza Xiamen, China With 143 rooms With 327 rooms Opened in 2014 Opened in 2014 Langham Place, Guangzhou Guangzhou, China With 500 rooms Opened in 2013 32

Slide 33: Hotel pipeline

Great Eagle Holdings Limited Langham Hotels International Hotel pipeline 2016 Rooms Status The Langham Haikou 249 Agreement Cordis Qingdao 538 Agreement 2017 Rooms Status Langham Place, Changsha 300 Agreement Cordis Shanghai East Bund 155 Agreement The Langham Chongqing 144 Agreement The Langham Hef

Slide 34: Investment properties

Investment properties Great Eagle 34 Holdings Limited

Slide 35: 2015 Final Results - Rental income breakdown

Great Eagle Holdings Limited Investment properties 2015 Final Results - Rental income breakdown Gross rental income Growth Net rental income Growth 2015 2014 (%) 2015 2014 (%) (in HK$ mn) Hong Kong Investment Properties Great Eagle Centre 143.4 140.5 2.1 133.0 128.8 3.3 Eaton House 47.2 49.2 (4.1) 2

Slide 36: Great Eagle Centre

Great Eagle Holdings Limited Investment properties Great Eagle Centre  There was a pickup in office leasing activities at Great Eagle Centre that led to improved occupancy for the building in the second half of 2015, which rose to 98.2% as at the end of 2015 (end of December 2014: 98.9%), as compar

Slide 37: Eaton Serviced Apartments

Great Eagle Holdings Limited Investment properties Eaton Serviced Apartments • As improved rental income at the Blue Pool Road and Wanchai Gap Road properties was not enough to offset a decline in rental income at the Village Road property, the gross rental income from the three serviced apartments

Slide 38: U.S. Real Estate Fund

Great Eagle Holdings Limited U.S. Real Estate Fund US Real Estate Fund Followings are updates of the Fund’s projects: The site located at 1545 Pine Street, San Francisco was acquired for US$21 million in January 2015. Site preparation work has started with excavation slated for the first quarter of

Slide 39: Investment in Champion REIT & Langham Hospitality Investments

Great Eagle Holdings Limited Investment in Champion REIT Investment in the Champion REIT (2778.HK) & Langham Hospitality Investments (1270.HK) Note that our core profit is based on dividend from Champion REIT and LHI in respective of the same financial period. Outlook for Champion REIT: For Champion

Slide 40: 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 2015 2015 2014 HK#039;000 HK#039;000 HK#039;000 Gross Revenue 350,325 350,325 Rental Income - HK 212,166 212,166 - 207,121 - Income from U.S. Real Estate Fund

Slide 41: 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 2015 2015 2014 HK#039;000 HK#039;000 HK#039;000 Net Operating Income Net Rental Income - HK 174,474 174,474 - 169,536 - Overseas 108,531 - - 93,301 - Core prof

Slide 42: 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 2015 2015 2014 HK#039;000 HK#039;000 HK#039;000 Operating profit before Dep. and Amortisation 3,461,256 2,267,961 2,306,605 Depreciation and amortisation (606,

Slide 43: 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 2015 2015 2014 HK#039;000 HK#039;000 HK#039;000 Net finance costs Finance cost (686,545) (174,826) - (166,307) - Exclude interest expense of CREIT, LHI and US

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