#039;000 HK#039;000 HK#039;000 % Gross Revenue 350,325 350,325 Rental Income - HK 190,400 171,123 19,277 11.3% - Overseas 121,342 108,267 13,075 12.1% - Building mgt fee 22,712 21,745 967 4.4% Hotel Income - HK 656,275 1,619,957 (9

Slide 4: 2013 Final Results

Great Eagle Holdings Limited Financials 2013 Final Results 2013 2012 Change HK#039;000 HK#039;000 HK#039;000 % Net Operating Income Net Rental Income - HK 158,049 154,232 3,817 2.5% - Overseas 51,564 42,192 9,372 22.2% Hotel Income - HK 254,800 642,692 (387,892) -60.4% - Overseas 313,259 378,913 (65,654) -17

Slide 5: 2013 Final Results

Great Eagle Holdings Limited Financials 2013 Final Results 2013 2012 Change HK#039;000 HK#039;000 HK#039;000 % Net finance costs Finance cost (125,716) (107,638) (18,078) 16.8% Interest income 132,201 125,437 6,764 5.4% 6,485 17,799 (11,314) -63.6% Share of results of associates 11,087 39,061 (27,974) -71.6%

Slide 6: 2013 Final Results – Income from Champion breakdown

Great Eagle Holdings Limited Financials 2013 Final Results – Income from Champion breakdown Income from Champion REIT 2013 2012 Change HK#039;000 HK#039;000 HK#039;000 % Asset management income 231,289 199,896 31,393 15.7% (including HK$21.6m in acquisition fee) Dividend received * 716,904 686,510 30,394 4.4

Slide 7: Analysis on change on core income

Great Eagle Holdings Limited Financials Analysis on change on core income 2013 #039;000 Change in profit from core business after tax (122,201) Arise from: Increase in Income from Champion REIT 73,884 Dividend income from LHI 188,974 Increase in net rental income 13,189 Decrease in net interest income

Slide 8: Discount to NAV

Great Eagle Holdings Limited Discount to NAV Financials NAV based on statutory accounting principles (Dec 2013) NAV based on net assets of Champion REIT and LHI (Dec 2013) % of % of HK$m HK$/psf HK$/shr Total HK$m HK$/psf HK$/shr Total Investment properties 7,739 6,164 12.1 18% Investment properties

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 54,507 (13,289) 41,218 24.4% 32.2% 2,589 309 8.4 Ov

Slide 10: Valuation – Investment properties

Great Eagle Holdings Limited Valuation – Investment properties Financials As at the end of December 2013 Hong Kong investment properties Valuation Change from GFA (Sqft) HK$/psf end of June 2013 Great Eagle Centre Office 193,271 15,279 0.1% Retail 55,944 8,850 3.0% 3rd floor 20,959 7,601 0.5% Carpar

Slide 11: Development project

Great Eagle Holdings Limited Development project Development project Dalian Mixed-use Development Project Location: Donggang Area, Renmin Road East, ZhongShan District, Dalian, PRC Site: 28,600 sq.m. G.F.A.: Hotel 50,000 s.m. Res 236,000 s.m. Total 286,000 s.m. Status: Completion in two phases from

Slide 12: Langham Hotels International

Langham Hotels International Great Eagle 12 Holdings Limited

Slide 13: Hotel portfolio – 2013 Operational Statistics

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – 2013 Operational Statistics Occupancy Average Room Rate RevPar (local currency) (local currency) YTD-Dec 2013 YTD-Dec 2012 Change YTD-Dec 2013 YTD-Dec 2012 Change YTD-Dec 2013 YTD-Dec 2012 Change Owned by subsidiary LHI The

Slide 14: Hotel portfolio – 2013 Operational statistics

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – 2013 Operational statistics Room revenue growth F&B revenue growth YTD-Dec 2013 YTD-Dec 2013 The Langham, London 7% 4% The Langham, Boston 11% 11% The Langham, Melbourne 12% -3% The Langham Sydney n.a. n.a. The Langham, Auck

Slide 15: Hotel portfolio – Profit contribution

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – Profit contribution in Local Currency in HK$ 2013 2012 Change 2013 Contribution to Owned Hotels in mn in mn in mn hotel profits Hong Kong $254.8 $642.7 -60.4% $254.8 45% (The Langham, Hong Kong, Langham Place, Hong Kong and

Slide 16: Hotel portfolio – Currency impact

Great Eagle Holdings Limited Langham Hotels International Hotel portfolio – Currency impact 2013 2012 yoy change Variance in profit contribution (in HK$ mn) GBP 12.1350 12.3006 -1.3% (2.1) CAD 7.5321 7.7616 -3.0% (1.1) AUD 7.5008 8.0298 -6.6% (7.0) USD 7.7572 7.7575 0.0% (0.0) NZD 6.3589 6.2811 1.2%

Slide 17: Managed hotel owned by third parties

Great Eagle Holdings Limited Langham Hotels International Managed hotel owned by third parties 17

Slide 18: Eaton Luxe, Nanqiao, Shanghai; Langham Place, Beijing Capital Airport

Great Eagle Holdings Limited Langham Hotels International Eaton Luxe, Nanqiao, Shanghai With 204 rooms Opened in April 2010 Langham Place, Beijing Capital Airport With 372 rooms Opened in August 2010 18

Slide 19: Eaton Smart New Delhi International Airport; 88 Xintiandi

Great Eagle Holdings Limited Langham Hotels International Eaton Smart New Delhi International Airport With 93 rooms Opened in June 2011 88 Xintiandi, Shanghai With 53 rooms Opened in September 2011 19

Slide 20: The Langham, Shenzhen; Eaton Luxe, Xinqiao

Great Eagle Holdings Limited Langham Hotels International The Langham, Shenzhen Guangzhou, China With 352 rooms Opened in October 2012 Eaton Luxe, Xinqiao, Shanghai With 214 rooms Opened in November 2012 20

Slide 21: Langham Place, Guangzhou

Great Eagle Holdings Limited Langham Hotels International Langham Place, Guangzhou Guangzhou, China With 500 rooms Opened in 2013 21

Slide 22: Hotel pipeline

Great Eagle Holdings Limited Langham Hotels International Hotel pipeline 2014 Rooms Status Langham Place, Ningbo 143 Agreement Langham Place, Xiamen 327 Agreement Eaton Luxe, Qingdao 538 Agreement Langham Place, Haining 266 Agreement 2015 Rooms Status Langham Place, Datong 327 Agreement Langham Plac

Slide 23: Investment properties

Investment properties Great Eagle 23 Holdings Limited

Slide 24: 2013 Final Results - Rental income breakdown

Great Eagle Holdings Limited Investment properties 2013 Final Results - Rental income breakdown Gross rental income Growth Net rental income Growth 2013 2012 (%) 2013 2012 (%) (in HK$ mn) Hong Kong Investment Properties Great Eagle Centre 143.0 127.7 11.9 128.2 123.8 3.6 Eaton House 45.1 40.9 10.4 2

Slide 25: Great Eagle Centre

Great Eagle Holdings Limited Investment properties Great Eagle Centre On the back of sustaining demand from Mainland Chinese companies and to a lesser extent, relocation demand from Central tenants, asking rents for the office portion remained stable at between HK$60 to HK$73 per sq. ft. on lettable

Slide 26: Eaton Serviced Apartments

Great Eagle Holdings Limited Investment properties Eaton Serviced Apartments The plan to convert part of the rooms at the serviced apartments on Wanchai Gap Road to operate under guesthouse rooms, which can be rented on a nightly basis rather than monthly basis for serviced apartments, helped to lif

Slide 27: US Investment properties

Great Eagle Holdings Limited Investment properties US Investment properties As recovery in the office leasing market in California progresses, spot rents at 353 Sacramento, 123 Mission Street and 500 Ygnacio have all rose to levels above their average passing rents. Although spot rents at 2700 Ygnac

Slide 28: Investment in the 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’s properties:

Slide 29: Reconciliation to core earnings from reported

Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported 2013 2012 HK$ 000 HK$ 000 Profit for the period before consolidating results of CREIT and LHI 1,011,046 1,320,970 i) Fair value changes on investment properties (288,720) (435,021) - Ignored in co

Slide 30: 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 2013 2013 2012 HK#039;000 HK#039;000 HK#039;000 Gross Revenue 350,325 350,325 Rental Income - HK 190,400 190,400 - 171,123 - Overseas 121,342 121,342 - 108,267

Slide 31: 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 2013 2013 2012 HK#039;000 HK#039;000 HK#039;000 Net Operating Income Net Rental Income - HK 158,049 158,049 - 154,232 - Overseas 51,564 51,564 - 42,192 - Hotel

Slide 32: 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 2013 2013 2012 0 HK#039;000 HK#039;000 HK#039;000 Operating profit before Dep. and Amortisation 3,250,530 2,249,260 2,302,030 Depreciation and amortisation (40

Slide 33: 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 2013 2013 2012 HK#039;000 HK#039;000 HK#039;000 Net finance costs Finance cost (545,171) (125,716) - (107,638) - Exclude interest expense relating to CREIT and

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