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Agenda

A Snapshot of 2014 Key Achievements

Sustainable Growth

Land Bank

Business Review Property Development

Property Investment & Management

Hospitality Investment & Management

Diversified and Robust Capital Structure

Future Plans & Strategies

2014 Results Highlights

Appendix

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Disclaimer

This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward-looking terminology such as believe, expect, anticipate, estimate, plan, project, target, may, will or similar words that express an indication of actions or results of actions that may or are expected to occur in the future. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. These forward-looking statements are based on our own information and on information form other sources we believe to be reliable. Our actual results may be materially less favourable than those expressed or implied by these forward-looking statements which affect the market price of our shares.

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4

A Snapshot of 2014

Key Achievements

Achieved net profit attributable to shareholders of HK$1,944 million, riding on resilient growth in recurring rental income and operating profit, sustainable capital value gains from prime investment properties, as well as upward rental reversions of commercial and hospitality investment properties of the Group

Captured favourable windows to sell remaining residential units despite challenging operating environment in local residential property market

Residential development pipeline has expanded to six projects extending well beyond 2018 following acquisition of prime harbour-front residential site in Shau Kei Wan

Revenue base and presence of Lanson Place hospitality brand be strengthened further with full opening of Lanson Place Bukit Ceylon Serviced Residences in Kuala Lumpur in December 2014, and another 10-year management contract signed to manage 186 luxurious serviced apartment units in downtown Puxi, Shanghai

Robust capital structure on the back of U.S.$1,000,000,000 medium term note programme and low gearing level

5

2014 Sustainable Growth

To further grow and diversify our asset portfolio to create long-term value for our stakeholders

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0

5,000

10,000

15,000

20,000

25,000

2010 2011 2012 2013 2014

Shareholders’ Equity HK$’M

Balanced and Diversified Land Bank in Hong Kong

Development properties

Investment properties

Hospitality property

10 2

6

12

11

7

1

4

Se

Siu Sau, Tuen Mun

Kau To, Shatin (two plots)

1

2

3

4

5

6

7

Shui Hing Centre

Winner Godown Building

9

10

11

12

13

Shau Kei Wan 8

8

7

9

4

5

13 3

Seymour

The Pierre

The Warren

Landmark East

W Square

Attributable

Gross Floor Area / Saleable Area

Hong Kong

(’000 sq. ft.)

China

(’000 sq. ft.)

Others

(’000 sq. ft.)

Total

(’000 sq. ft.)

Valuation as at

31 December 2014

(HK$’ M)

Residential Development 514* 104* - 618 N/A

Investment Property #

Office/Retail 1,467 - 33 (London) 1,500 16,138

Industrial 684 - - 684 2,162

Hospitality 114 122 (Shanghai/ Beijing) 103 (Kuala Lumpur) 339 2,719

Subtotal 2,265 122 136 2,523 21,019

Total 2,779 226 136 3,141 N/A

Strategic land bank with focus on Hong Kong

* Includes (i) unsold units; (ii) pre-sold units (the revenue of which had not been recognised); and (iii) units under development # Excludes miscellaneous industrial properties and agricultural land

Land Bank (as at 31 December 2014)

8

Office/ Retail

60% Industrial

27%

Hospitality

13%

Investment Property

By Business Segment

Hong Kong

83%

China

17%

Residential Development

By Geographical Segment

Investment

Property

80%

Residential

Development

20%

Land Bank Overview (sq. ft.)

9

Business Review

10

Property Development

Property Development Portfolio

Available Gross

Floor Area (’000 sq. ft.)

Presold Gross

Floor Area (’000 sq. ft.)

Estimated completion

2015 2016 2017 2018

& Beyond

Group’s Interest

Completed Development

Hong Kong

Seymour* 3 N/A 30%

Providence Bay* 237 N/A 15%

Providence Peak* 159 N/A 15%

The Graces* 64 N/A 15%

The Warren* 10 N/A 100%

The Pierre*

2 N/A 100%

Projects Under Development

Hong Kong

Homantin Hillside*

128 4 50%

Kau To – STTL 567 318 N/A 35%

Kau To – STTL 565 142 N/A 35%

Shau Kei Wan 46 N/A 100%

Siu Sau, Tuen Mun 159 N/A 100%

Shanghai

Upper Riverside* 210 N/A 50%

Sales and Development Pipeline (as at 31 December 2014)

* These properties are stated on a saleable area basis

A sustainable and scalable residential project pipeline

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Approximately 98% of the residential

units have been sold

Seymour, 9 Seymour Road, Mid-Levels

Completed Development

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Providence Bay, Providence Peak, The Graces,

Pak Shek Kok, Tai Po

Providence Bay: approximately 64% of the

residential units have been sold

Providence Peak: approximately 81% of the

residential units have been sold

The Graces: approximately 83% of the residential

units have been sold

Of which, around 4%, 1% and 35% of the residential units

of Providence Bay, Providence Peak and The Graces were

sold, respectively, in 2014

Completed Development – Cont’d

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The Warren, 9 Warren Street, Causeway Bay

Approximately 83% of the residential units have been sold

Nearly all of the sold units were handed over to purchasers by December 2014


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The Pierre, 1 Coronation Terrace, Mid-Levels West

Over 97% of the residential units were pre-sold in September 2012

Occupation permit obtained in May 2014

Revenue and related profit from the pre-sale recognised in 1H 2014

Around 92% of the residential units were handed over to purchasers by December 2014


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Homantin Hillside, 8 Wai Yin Path,

Hung Hom

Saleable area of approximately

128,000 sq. ft. for 173 residential

units

In close proximity to upcoming

Ho Man Tin MTR station of

Kwun Tong Line Extension as

well as Shatin to Central Link

Initial pre-sale launched in

November 2014 with 4% of the

residential units being sold

Superstructure work underway

Project scheduled for completion

in 2016

Project Under Development in Hong Kong

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Project Under Development in Hong Kong – Cont’d

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Kau To, Shatin

Two sites (STTL 567 & 565) acquired in

August 2012 and January 2013

Combined gross floor area of

approximately 460,000 sq. ft.

Earmarked for low-density luxury

apartments and houses

Foundation work underway

Projects scheduled for completion in 2017


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Shau Kei Wan

Prime harbour-front residential

site acquired in April 2014

Gross floor area of


Design and planning work

completed

Project scheduled for

completion in 2018


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Siu Sau, Tuen Mun

Gross floor area of approximately

159,000 sq. ft.

Earmarked for low-density

residential development

Green area site formation work

underway

Project scheduled for completion by

2019

Upper Riverside, Lujiazui, Shanghai

Located along the Huangpu River at

Lujiazui, Pudong

Saleable area of approximately 210,000

sq. ft. for 97 apartment units

Interior fitting out works underway

Project scheduled for completion in 2015

Project Under Development in Shanghai

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• As at 31 December 2014, the Group’s portfolio of investment properties, comprising 1.5 million

square feet of Grade-A office buildings and 0.7 million square feet of industrial buildings, had an

aggregate fair market valuation of HK$17,560 million

• Recorded both increasing spot rents and positive rental reversions

Gross floor area

(’000 sq. ft.)

Occupancy as at

31 Dec 2014

Leases renewed

in 2014

Average rental

reversion upon lease

renewal

Leases expiring/rent

review in 2015

Grade-A Offices

Landmark East (AIA Kowloon Tower/ AXA Tower)

1,338

96%

22%

32%

24%

W Square 129 84% 34% 13% 32%

Industrial Properties

Winner Godown Building

497

100% 19% 25% 42%

Shui Hing Centre

187

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Investment Portfolio in Hong Kong

Commercial Property at Savile Row/Vigo Street, West End

Net internal area of Grade-A office and retail space of


Achieved full occupancy

Commercial Property at Brook Street, West End

Net internal area of Grade-A office and retail space of


Achieved an occupancy of approximately 74%

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Investment Portfolio in London

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*Target soft-opening in second quarter of 2015 **Target soft-opening in first quarter of 2016

Strong brand recognition in Asian gateway cities by customers and property owners

Hong Kong

Beijing

Singapore

Kuala Lumpur

Shanghai

Lanson Place Properties – Management

Lanson Place Properties – Investment & Management

Lanson Place Jin Qiao Serviced Residences

• No. of units/rooms: 102 • Location: Shanghai

Aroma Garden Serviced Suites by Lanson Place*


Kondominium No. 8

• No. of units/rooms: 132 • Location: Kuala Lumpur

Ambassador Row Hotel Suites by Lanson Place

• No. of units/rooms: 221 • Location: Kuala Lumpur

Lanson Place Winsland Serviced Residences

• No. of units/rooms: 67 • Location: Singapore

Lanson Place Central Park Serviced Residences

• Group’s interest: 30% • No. of units/rooms: 105 • Location: Beijing

Lanson Place Jinlin Tiandi Serviced Residences

• Group’s interest: 23.4% • No. of units/rooms: 106 • Location: Shanghai

Lanson Place Hotel

• Group’s interest: 100% • No. of units/rooms: 194 • Location: Hong Kong

Lanson Place Bukit Ceylon Serviced Residences

• Group’s interest: 50% • No. of units/rooms: 150 • Location: Kuala Lumpur

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Hospitality Portfolio


Parkside Serviced Suites by Lanson Place**

Lanson Place Lifestyle Services

• The Warren • Homantin Hillside

(coming)

• The Pierre • Upper Riverside (coming) • Le Nouvel Ardmore

Lanson Place Bukit Ceylon Serviced Residences had full opening in December 2014

Second property in the Group’s portfolio to qualify as one of the “Small Luxury Hotels of the World”

The first “Small Luxury Hotel” in Kuala Lumpur’s central business district

Lanson Place Hotel in Hong Kong and Lanson Place Jinlin Tiandi Serviced Residences in Shanghai recorded gradual rise in both occupancy and average rental rates upon completion of refurbishment

Lanson Place Central Park Serviced Residences in Beijing continued to achieve an occupancy of over 90% with steady growth in average rental rate

Awards and recognition

Lanson Place Hotel: “2014 Certificate of Excellence” by TripAdvisor, “Expedia Insiders’ Select 2014” by Expedia.com and 5-Stars award at the 2014-2015 International Hotel Awards in the category of Hotel Renovation/Refurbishment for Hong Kong in the Asia Pacific region

Lanson Place Central Park Serviced Residences and Lanson Place

Hospitality Management Limited: “The Best Serviced Apartments of China” and “The Best Serviced Apartment Operator of China” respectively at the 9th China Hotel Starlight Awards

Lanson Place Jinlin Tiandi Serviced Residences: “Best Park View” and “Best

Location” by City Weekend – Best Homes of China 2014 26

Hospitality Investment and Management

November 2012

First drawdown of S$170 million

unrated 10-year fixed rate bond

at a coupon rate of 4.25%

January 2013

Second drawdown of

HK$480 million unrated 10-year fixed rate bond


May 2013

Third drawdown of



August 2014

Fourth drawdown of



October 2014

Fifth drawdown of



November 2014

Sixth drawdown of



• Reflection of strong market recognition and confidence in our financial position

• As of 31 December 2014, the Group maintained a healthy gearing at 10%. Total cash on hand and unutilized revolving loan facilities were HK$3,803 million

• Solid financial capability for future investments and acquisition opportunities

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Diversified and Robust Capital Structure

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Capture the right windows to launch/relaunch new projects and remaining units of completed projects, including Homantin Hillside in Hong Kong and Upper Riverside in Shanghai

Leverage government’s initiative to expedite and increase land supply to proactively replenish land bank and enhance development pipeline


Maximise rental reversions on renewal or upon rent review and enhance tenant profile by further capturing quality tenants

Continue to explore and acquire yield-enhancing investment opportunities in Hong Kong and key gateway cities to grow asset portfolio and recurring earnings


Further build the brand in both existing and new markets in the region through long-term third party management contracts

Foster customer-oriented lifestyle driven services

Continue to build presence of Lanson Place in Asia and beyond

Continue to launch our Lanson Place Lifestyle Services in our property development projects

In near term In mid-to-long term

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2014 Results Highlights

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Financial Results Summary

(HK$’M) 2014 2013

Continuing operations

Revenue 1,784 1,736 3%

Gross profit 926 819 13%

Change in fair value of investment properties and financial instruments

1,539 2,121 27%

Profit from operations 2,148 2,723 21%

Share of results of joint ventures/associates 2 169 99%

Profit attributable to equity holders of the company 1,944 2,661 27%

Basic earnings per share (HK$) 1.45 1.99 27%

Final dividend per share (HK cents) 9.3 9.3 ─

Total dividend per share (HK cents) 13.5 13.5 ─

Dividend payout 181 181 ─

For the year ended 31 December

For the year ended 31 December

(HK$’M) 2014 2013


Revenue 944 1,010 7%

Profit before taxation 170 290 41%


Revenue 669 564 19%

Fair value changes in investment properties and financial instruments

1,537 1,986 23%

Profit before taxation 1,930 2,331 17%

Profit before taxation excluding fair value changes in investment properties and financial instruments and a one-off disposal gain of investment in an associated company

393 315 25%


Revenue 147 141 4%

Fair value changes in investment properties and financial instruments

23 98 77%

Profit before taxation 59 135 56%

Profit before taxation excluding fair value changes in investment properties and financial instruments

35 29 21%

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Segment Results Overview

(HK$’M)

31 December

2014

31 December

2013

Total assets 27,528 26,705 3%

Net assets 22,680 20,895 9%

Equity attributable to equity holders of the company

22,679 20,894 9%

Investment properties 20,586 19,003 8%

Properties for sale 1,322 1,425 7%

Bank balances and cash 1,593 1,242 28%

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Balance Sheet Summary

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Balance Sheet Summary – Cont’d (HK$’M)

31 December 2014

31 December 2013

Total borrowings 3,879 4,687 17%

Net borrowings 2,286 3,445 34%

Gearing ratio (net borrowings to net assets)

10.1% 16.5%

Maturity profile of borrowings

Repayable:

Within one year 64 2% 1,740 37%

Between one and two years 459 12% 32 1%

Between two and five years 1,427 37% 1,236 26%

After five years 1,929 49% 1,679 36%

3,879 100% 4,687 100%

Financial Resources

Bank balances and cash 1,593 1,242

Unutilised revolving loan facilities 2,210 1,679

3,803 2,921

Appendix

A credible and integrated property player in Hong Kong with a balanced and growing development and investment portfolio 1

Strong track record in developing luxury and quality residential properties at premium values 2

Owns a diversified portfolio of high-quality Grade-A office and hospitality investment properties, enabling a sustainable and growing recurring income stream 3

Manages high-end serviced residences and boutique hotel with high occupancy across Hong Kong, China and South East Asia under the “Lanson Place” brand 4

Maintains a robust capital structure and healthy gearing with good access to capital markets 5

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Investment Thesis

Year ended 31 December

2014

HK$’M

2013

HK$’M

2012

(Restated)

HK$’M

2011

(Restated)

HK$’M

2010

(Restated)

HK$’M

RESULTS

Continuing operations revenue 1,783.5 1,736.2 891.7 1,191.0 1,416.0

Profit before taxation from continuing operations 2,033.1 2,746.2 4,612.1 2,847.4 2,515.2

Taxation (89.5) (91.4) (78.4) (81.8) (48.1)

Profit for the year from continuing operations 1,943.6 2,654.8 4,533.7 2,765.6 2,467.1

Profit/(Loss) for the year from discontinued operations - 6.4 260.1 (31.9) (23.3)

Profit for the year 1,943.6 2,661.2 4,793.8 2,733.7 2,443.8

Attributable to:

Equity holders of the Company

- From continuing operations 1,943.6 2,654.6 4,476.6 2,242.6 1,943.4

- From discontinued operations - 6.4 260.1 (31.9) (23.3)

1,943.6 2,661.0 4,736.7 2,210.7 1,920.1

Non-controlling interests

- From continuing operations - 0.2 57.1 523.0 523.7

1,943.6 2,661.2 4,793.8 2,733.7 2,443.8

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Five Years’ Financial Summary

As at 31 December

2014

HK$’M

2013

HK$’M

2012

(Restated)

HK$’M

2011

(Restated)

HK$’M

2010

(Restated)

HK$’M

ASSETS AND LIABILITIES

Total assets 27,527.8 26,705.1 23,578.1 20,212.5 17,631.2

Total liabilities (4,847.6) (5,809.9) (5,216.3) (4,849.8) (4,377.6)

Non-controlling interests (1.2) (1.5) (2.0) (2,435.0) (2,343.3)

Equity attributable to the equity holders of the Company 22,679.0 20,893.7 18,359.8 12,927.7 10,910.3

Five Years’ Financial Summary – Cont’d

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