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1Q 2020

Langham Hospitality InvestmentsAnd

Langham Hospitality Investments Limited

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A quality hotel portfolio located in Hong Kong’s CBDs

• International trade / finance hub and popular shopping / tourist destination

• More tourism and infrastructure projects are under development

• Internationally recognised• Increasing global presence of Langham branded hotels• Active manager with an “owner-manager” mentality

• Prime locations on the Kowloon peninsula • Major infrastructure and commercial centres under development• Restricted new supply in core business districts

• Our objective is to provide stable distributions with the potential for sustainable long term growth of such distributions and enhancement in the value of the hotel portfolio

• Accomplished through the lease structure, active asset management and ROFR from Great Eagle

Hong Kong is a leading business and tourism

destination

Actively Managed

Brands

Strategic Locations

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Our Hotels are Strategically Located on the Kowloon Peninsula in Hong Kong

Eaton

The Langham

Cordis

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Guangzhou-Shenzhen-Hong Kong Express Rail Link

Nam Cheong

Olympic

Prince Edward

Hung HomKowloon

Austin

International CommerceCentre & West Kowloon

Cultural District

Canton RoadShopping Belt &Tsim Sha Tsui office district

To Hong Kong Island

To Hong Kong Airport

Jordan

Mong Kok East

Nathan Road Shopping & Tourist belt

Mong Kok

Yau Ma Tei

Tsim Sha Tsui

Metro lines MTR station West Kowloon Terminus

Prime Shopping DestinationsKowloon Peninsula, Hong Kong

• Close proximity of key tourist and shopping belts, existing and expanding commercial districts

• Easily accessible via major roads, MTR stations, the Hong Kong International Airport and rail to mainland China

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5

6

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Three high quality Langham branded hotels with a combined 1,632 rooms strategically located on the Kowloon peninsula, Hong Kong

High Quality Portfolio

High Quality Langham Branded Hotels Selected Awards

CordisLocation : Mong Kok, KowloonYear of commencement : 2004HKTB rating : High Tariff A HotelGFA (‘000 sq.ft.) : 580Number of rooms : 669Facilities : 4 restaurants, 1 ballroom,

3 meeting rooms, Chuan Spa, fitness centre

EatonLocation : Yau Ma Tei, KowloonYear of commencement : 1990HKTB rating : High Tariff B HotelGFA (‘000 sq.ft.) : 339Number of rooms : 465Facilities : Co-work space, theatre,

food hall, restaurants,wellness centre

The LanghamLocation : Tsim Sha Tsui, KowloonYear of commencement : 1994HKTB rating : High Tariff A HotelGFA (‘000 sq.ft.) : 375Number of rooms : 498Facilities : 5 restaurants, 1 ballroom,

4 meeting rooms, Jacuzzi,health club, fitness centre

Forbes 5-Star Award

• Michelin award for T’ang Court

• Best City Hotel – Hong Kong Award byTTG Travel Awards

• “Top 25 Hotels in China” by TripAdvisorTravellers’ Choice

• Michelin award for Ming Court

• Condé Nast Gold List

• Spa Traveller Awards

• Michelin award for Yat Tung Heen

Best Eco Hotel in Hong Kong by HotelClub Hotel Awards (Hong Kong)

• Capital Entrepreneur Green Enterprise Awards by Capital Entrepreneur

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… and have a Balanced Mix of Room and Non-room Revenue

Range of award-winning facilities and services• Food and beverage• Banquet services• Meeting and conference facilities• Spa facilities

Relatively stable as compared with room revenue Strong demand from non-hotel customers Well positioned to benefit from Hong Kong’s growing MICE market

Michelin star-rated restaurants

T’ang Court (Three-star Michelin),The Langham

Ming Court (One-star Michelin), Cordis Hotel

Award-winning Restaurants and Quality Conference spaces

The majority of the Hotels’ food and beverage revenue was derived from customers who were not staying at the Hotels

50.1%

46.6%

3.2%

RoomFood and beverageOther hotel operations

Note:1. For the year ended 31 Dec 2019

Balanced Revenue Contribution(1)Wide Range of Non-room Revenue Sources

Conference spaces

Yat Tung Heen (One-star Michelin),Eaton Hotel

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4.8%

35.9%

8.2%8.5%7.3%

6.4%

28.9%

China Australia and NZ US Europe ex UK UK Rest of Asia Others

In 2019, our Customers are Diversified in Terms of both Geography and Customer Segment…

58.5%

8.5%

21.0%

7.5%4.4%

Retail Corporate Travel trade Group Other

Diversified Geographical Origin of Customers(1),(2)

Target Different Market Segments and Do Not Directly Compete with Each Other

Note:1. For the year ended 31 Dec 20192. Based on self-reported data collected at the time of guest registration and have not been subject to audit or review by an independent third party. Such

data excludes room revenue derived from airline crew and others from unidentified countries and other miscellaneous revenue and service charges

Diversified Customer Segments(1)

1,955

1,656

950

The Langham Cordis Hotel Eaton

(HK$)Average Room Rates(1)

59.9 55.4 61.5

9.6 10.9 3.9

24.718.3 20.6

4.96.2 12.8

0.9 9.2 1.1

The Langham Cordis Hotel Eaton

Retail Corporate Travel trade Group Others

49.828.8 30.0

6.5

9.2 8.6

8.8

8.8 7.7

5.2

9.1 7.1

5.38.0 5.5

20.330.4 36.4

3.9 5.6 4.6

The Langham Cordis Hotel Eaton

China Australia and NZ USEurope ex UK UK Rest of AsiaOthers

Geographical Origin of Customers(1),(2) Customer Segment Breakdown(1)

(%) (%)

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Our Hotels are Managed under the Internationally Recognised Langham Brands by the Hotel Manager, Langham Hotels International Limited

Our Unique Position

• Lifestyle setting

• Social hub

• Committed to nurturingcultural and communityin the neighbourhood

• Since 1865• Unique style• European heritage• Classic charm• Luxury bespoke service

• A purpose-driven company atthe intersection of culture, media, hospitality, wellness, and progressive social change

Description of the Hotel Manager

We believe strong brand recognition is one of the factors that has enabled the Hotels to command prices at the high end of their competitive market segments

• Langham Hotels International Limited is a wholly-owned subsidiary of Great Eagle

• A global hotel company with more than 30 properties located in major cities over four continents

• A modern and innovative hospitality approach to provide the highest level of hotel management

• An operating track record of over 20 years

• One of the largest luxury hotel operators in Hong Kong

• Local expertise and experience

• Increasing exposure to other worldwide gateway cities

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The Langham Brands have a Presence across Four Continents

The Langham, Hong KongLocation: Hong KongTotal rooms: 498

Hotels in Hong Kong and China

Cordis, Hong KongLocation: Hong KongTotal rooms: 668

Eaton, Hong KongLocation: Hong KongTotal rooms: 465

Langham Place HainingLocation: ChinaTotal rooms: 263

The Langham, Xintiandi, ShanghaiLocation: ChinaTotal rooms: 357

Cordis, Beijing Capital AirportLocation: ChinaTotal rooms: 372

Future pipeline(1)

Cordis, Hangzhou The Langham, AdelaideCordis, Shanghai East Bund The Langham, Bangkok

The Langham, ChicagoLocation: United SatesTotal rooms: 316

The Langham, ShenzhenLocation: ChinaTotal rooms: 352

• Currently manages a portfolio of 23 hotels comprising more than 9,000 rooms• Pipeline of hotels to be opened in coming years(1)

The Langham, SydneyLocation: AustraliaTotal rooms: 100

Hotels in Europe / America

The Langham, MelbourneLocation: AustraliaTotal rooms: 388

Cordis, AucklandLocation: New ZealandTotal rooms: 411

The Langham, LondonLocation: United KingdomTotal rooms: 380

ChelseaLocation: CanadaTotal rooms: 1,590

The Langham, PasadenaLocation: United SatesTotal rooms: 379

The Langham, BostonLocation: United StatesTotal rooms: 317

Hotels in Australia / NZ

Cordis, Shanghai The Langham, Chengdu The Langham, JakartaEaton,Seattle

Note:1. Source: Great Eagle Holdings Company filings

- Existing hotels - Pipeline hotels

Langham Place, GuangzhouLocation: ChinaTotal rooms: 500

The Langham, Fifth Avenue, New YorkLocation: United SatesTotal rooms: 234

Langham Place, Ningbo Culture PlazaLocation: ChinaTotal rooms: 143

Langham Place, XiamenLocation: ChinaTotal rooms: 327

Eaton Washington D.C.Location: United SatesTotal rooms: 209

Eaton, San FranciscoThe Langham, NanjingThe Langham, Changsha

The Langham, San FranciscoThe Langham, Tokyo Cordis, NingboCordis, Chongqing

The Langham, HaikouLocation: ChinaTotal rooms: 249

Cordis Hongqiao, ShanghaiLocation: ChinaTotal rooms: 396

The Langham, HefeiLocation: ChinaTotal rooms: 339

2019 Final Results

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Highlights of 2019 Final Results

• RevPAR for the Trust Group’s hotels dropped by 31.1%.• Room revenue dropped by 28.5%, F&B dropped by 1.8%.• Portfolio revenue dropped by 17.1% and GOP dropped by 32.4 %.

• Total rental income dropped by 21.4%.• Finance cost rose by 16.6% in on higher interest rates .• Profit excluding exceptional items* dropped by 45.9%.

•Distribution per share stapled unit was HK12.1 cents for 2019, down 37.9% year-on-year.

• .

• The hotel market is still affected by travel advisories in place due to the social unrest, the outbreak of the coronavirus is exacerbating the poor trading conditions. As a result, the Hotel Manager is continuing to deploy expense savings strategies to protest the hotel’s bottom line in 2020.

RevPAR dropped in 2019

Profit excluding exceptional items dropped by 45.9%

Outlook

Distribution per share stapled unit dropped by 37.9%

* Items including fair value of investment properties and derivative financial instrument

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2019 Final Results

Note:The Langham and Cordis are classified as Tariff A hotels, whereas the Eaton HK is classified as a Tariff B hotel.

Hotels operating performance for 2019

Average Daily Rooms Available Occupancy Average Room Rate RevPAR

2019 2018 2019 2018 2019 2018 2019 2018

The Langham, Hong Kong 497 498 75.3% 91.2% 1,955 2,336 1,472 2,130

Cordis, Hong Kong 667 666 73.1% 95.0% 1,656 1,806 1,210 1,715

Eaton HK 465 405 71.6% 87.0% 950 1,114 679 969

Y‐o‐y growth  in 2019 Occupancy Average Room Rate RevPAR Food and Beverages

(in % pts)

The Langham, Hong Kong ‐15.9 ‐16.3% ‐30.9% ‐10.7%

Cordis, Hong Kong ‐21.9 ‐8.3% ‐29.4% ‐8.5%

Eaton HK ‐15.4 ‐14.7% ‐29.9% +45.9%

Respective markets

High Tariff A Hotels ‐15.0 ‐8.0% ‐23.5%

High Tariff B Hotels ‐12.0 ‐15.7% ‐26.8%

All Hotels ‐12.0 ‐12.4% ‐23.9%

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2019 Second Half Results

Note:The Langham and Cordis are classified as Tariff A hotels, whereas the Eaton HK is classified as a Tariff B hotel.

Hotels operating performance for 2H 2019

Average Daily Rooms Available Occupancy Average Room Rate RevPAR

2H 2019 2H 2018 2H 2019 2H 2018 2H 2019 2H 2018 2H 2019 2H 2018

The Langham, Hong Kong 497 498 60.8% 91.8% 1,644 2,399 1,000 2,202

Cordis, Hong Kong 667 666 52.1% 94.7% 1,511 1,863 787 1,764

Eaton HK 465 434 56.8% 84.1% 780 1,196 443 1,006

Y‐o‐y growth  in 2H 2019 Occupancy Average Room Rate RevPAR F&B Revenue

(in % pts)

The Langham, Hong Kong ‐31.0 ‐31.5% ‐54.6% ‐22.1%

Cordis, Hong Kong ‐42.6 ‐18.9% ‐55.4% ‐20.6%

Eaton HK ‐27.3 ‐34.8% ‐56.0% +10.9%

Respective markets

High Tariff A Hotels ‐29.0 ‐15.0% ‐42.2%

High Tariff B Hotels ‐24.0 ‐31.6% ‐49.7%

All Hotels ‐24.0 ‐23.7% ‐43.3%

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2019 2018(HK$ mn) (HK$ mn) Change

Fixed Rental Income 225.0 225.0 -Variable Rental Income 325.4 481.2 -32.4%Rental Income from retail shops 1.7 0.4 +325.0%

Total Rental Income 552.1 706.6 -21.9%

Services Fees (Including hotel management fee) (68.2) (91.1) -25.1%

Total Rental Income for the Trust Group afterservices fees* 483.9 615.5 -21.4%

Property operating expenses (35.6) (28.5) +24.9%

Net Property Income 448.3 587.0 -23.6%

2019 Final Results

* In 2019, the Trust Group has applied International Financial Reporting Standard 15 (“IFRS 15”), which requires service fees tobe netted off from Total Rental Income. While the application of IFRS 15 has resulted in a change in the presentation of Total Rental Income, it does not impact the Group’s Net Property Income.

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2019 Final Results 2019 2018

(HK$ mn) (HK$ mn) Change

Net Property Income 448.3 587.0 -23.6%

Interest and other income 2.4 0.2 n.m

Change in fair value of investment properties (2,788.4) 594.2 - 569.3%Change in fair value of derivative financial

instruments (14.9) (10.2) +46.1%

Trust and other expenses (13.4) (12.0) +11.7%Finance cost (220.2) (188.8) +16.6%Profit before tax (2,586.2) 970.4 -366.5%

Income tax (48.5) (74.8) -35.2%

Profit attributable to holders of Share Stapled Units (2,634.7) 895.6 -394.2%

Profit excluding Fair Value change of Investment Properties and derivative financial instruments

168.6 311.6 -45.9%

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Adjustment to Distributable Income: 2019 2018(HK$ mn) (HK$ mn) Change

(Loss)/Profit attributable to holders of share stapled units for the period (2,634.7) 895.6 -394.2%

Hotel management fee and licence fee paid in share stapled units 54.7 72.1 -24.1%

Amortisation of debt upfront fee 26.1 18.0 +45.0%Deferred tax 30.0 33.2 -9.6%

Cash contribution to FF&E reserve (20.3) (24.4) -16.8%Change in fair value of investment properties 2,788.4 (594.2) +569.3%Change in fair value of derivative financial ins. 14.9 10.2 +46.1%

Distributable income to Share Stapled Unitholders 259.1 410.5 -36.9%Distribution per unit (HK$) 0.121 0.195 - 37.9%

2019 Final Results

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2019 2018(HK$ mn) (HK$ mn) Change

Interest expense on floating bank loan (202.0) (159.4) +26.7%

Amortisation of loan upfront fee (26.1) (18.0) +45.0%

Interest income/expense on interest rate swap 7.9 (11.4) - 169.3%Total Finance cost (220.2) (188.8) +16.6%

Cash Finance cost (194.1) (170.8) +13.6%

Cash Interest rate 2.71% 2.45%

2019 Finance cost

Loan with Floating vs. Fixed interest rate as at the end of 2019

HK$3,152 million Floating rate base on HIBOR+ all-in interest spread of 0.98% p.a.

HK$4,000 million Fixed rate at 2.63% (using interest rate swaps at 1.65% p.a.)

Total HK$7,152 million loan outstanding

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Balance sheet

Healthy financial position

The hotel properties were revalued at HK$17,500 million. Net Asset Value attributable to share stapled unit holders was HK$4.68 per unit.

As at 31 Dec 2019, the Trust Group’s gearing was 40.6%, compared with 34.2% as at the end of 2018.

Interest coverage of 2 times.

The loan drawn in 2016 was successfully refinanced in December 2019 at a lower all-in cost of 0.98% (previous loan was at 1.23%).

Maturing in four years in December 2023.

In addition, a revolving credit facility has been obtained and partially drawn to settle outstanding renovation costs for Eaton HK.

The Trust Group has effectively fixed the interest rate of HK$4,000 million of our bank loans.

Via entering into interest rate swap contracts at an average interest rate of 1.65%.

Implying 55.9% of our HK$7.152 billion loan was effectively fixed through these contracts.

Refinanced a loan with better terms

Timely treasury management

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Going forward, we have an i) Acquisition Growth Strategy,…..

The Great Eagle ROFR – Initial Focus in Asia LHI Strengths as an Acquirer Completed standalone hotel in Asia which GE proposes to sell(1)

Completed hotels in Asia which GE is offered opportunity to buy(1)

Uncompleted hotels upon completion in Asia(2)

Completed hotels to be branded under the Langham brands or other Eaton brands(1)

Owner-operator

Senior management’s track record in acquisition and development

Attractive initial core Hong Kong portfolio

Note:1. Which the Great Eagle Group owns an over 30% interest and that is being managed/proposed to be managed under the Langham Brands or Other Eaton Brands2. Any uncompleted, stand-alone hotel development project in Asia to be operated under the Langham Brands or Other Eaton Brands on completion and any completed hotel to be segregated from

the multi-purpose development of which it forms a part, and in which the Great Eagle Group owns an over 30% interest, provided that completion or segregation, as applicable, occurs prior to the expiry of the Great Eagle ROFR

3. To be opened from 2022 onwards.

Acquisition criteria: (a) Total return enhancing; (b) Initial focus on hotels in Asia; (c) Strong fundamentals, organic growth and asset enhancement potential

Great Eagle’s Remaining Global Portfolio(3)

Pipeline hotels: The Langham,  

Tokyo (3)

Two Hotels in San Francisco(3)

Eaton Seattle(3))

The Langham, London The Langham, MelbourneThe Langham, Boston The Langham, Sydney Cordis, Auckland

The Langham, Pasadena Chelsea Hotel, TorontoThe Langham, Xintiandi The Langham, New York The Langham, Chicago

Eaton Washington D.C.

Cordis, Hongqiao

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….as well as an ii) Active Asset Management Strategy to grow distributions for our share stapled unitholders

The Langham, Hong Kong

All the rooms at The Langham, Hong Kong have been refurbished by the end of 2015.

Renovations of T’ang Court and The Bostonian restaurant have been completed in 2016.

Renovation of the Spa, health club and swimming pool completed in 2017.

Rebranded to Cordis in August 2015.

Renovation of all the standard rooms, spa and health club have been completed in 2016.

Renovation of the suites completed in 2017.

Renovations of the Hotel entrance, lobby, Chinese restaurant, ballroom and meeting place have been completed in 2018.

After the transformational renovation programme, the hotel added a co-working space and food hall to specifically target millennial travellers.

Rooms have been refurbished to align with revamped image of the hotel in 2018.

Cordis, Hong Kong

Eaton HK

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Thank You