1

2013 Final Results Investor Presentation

version 2.1

2Gross RevenueGross Revenue

Gross Revenue increased 5.8% to $2,179 mil

Office demand in Central (Citibank Plaza) was weak in 2013, though

higher levels of activity in 2014

Demand for Langham Place Office remains solid

Average Rental Rates at Langham Place Mall increased 25.6%

At the REIT Level1

Langham Place OfficeB

Revenue -0.3% to $1,202 mil

Passing Rent down marginally

Occupancy stable

Acquired 4 Floors in Jul 13, now

complete control of property

Citibank PlazaA

Revenue +9.5% to $289 mil $1,200

$1,400

Gross Revenue (by Property)

LP Retail LP Office Citibank Plaza

Langham Place MallC

Revenue +9.5% to $289 mil

Higher Passing Rent

Almost fully occupied

Revenue +16.8% to $688 mil

Higher Passing and Turnover Rent

Mall remained fully occupied

55%

13%

32%

676 638

594 536

570 584 597 609 600 602

135134

135133 126 128 129 135 138 151

220 231230

249254

278 285304 320

368

$0

$200

$400

$600

$800

$1,000

$1,200

1H 09 2H 09 1H 10 2H 10 1H 11 2H 11 1H 12 2H 12 1H 13 2H 13

in H

K$

(m

illi

on

s)

LP Retail LP Office Citibank Plaza

3Net Property IncomeNet Property Income

Operating Expenses +9.7% to $431 mil

Building Mgt Expenses increased by $25.7mil,

higher wage costs across all properties in line with the market

Repairs and Maintenance increased by $8.3 mil,

from renovation of newly acquired Citibank Plaza floors

Leasing Commissions increased by $7.9mil,

larger amount of space rolling over at Langham Place

Net Property Income +4.9% to $1748 mil

At the REIT Level1

Langham Place OfficeB

NPI -1.1% to $990m

Expenses +$6.5m(3.2%) to $212m

Building Mgt Expenses up $11.1m

Repairs and Maintenance up $7.1m

Promotion Expenses down $5.5m

Citibank PlazaA

NPI +7.6% to $232 m

19.8%

80.2%

Langham Place MallC

NPI +7.6% to $232 m

Expenses +$8.7m(17.9%) to $57 m

Building Mgt Expenses up $3.6m

Rental Commissions up $3.3m

NPI +16.9% to $526 mil

Expenses +$23.0m(16.5%) to $162m

Building Mgt Expenses up $10.9m

Rental Commissions up $6.8 m

877833

780729

765 797830 836 858 889

155 171179

188186

192 181213 200

231

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

1H 09 2H 09 1H 10 2H 10 1H 11 2H 11 1H 12 2H 12 1H 13 2H 13

in H

K$

(m

illi

on

s)

Gross Revenue (with expenses)

Operating Expenses Net Property Income

4

$200

Cash Interest Expenses increased $108 mil, from

$143 mil to $251 mil

low coupon convertible bond was rolled over into a

10 year Medium Term Note

new $1.9bn bank loan to fund acquisition of 4

Citibank Plaza floors

In 2014, Interest Expenses expected to rise with the

refinancing of $7bn Citibank Plaza loan

Interest1

Cash Tax decreased $61 mil, from $175 mil to

$114 mil

CB interest costs from past 5 years became tax

deductable for Langham Place when the CB was

retired

Effective tax rate expected to return to ‘normal’

by 2H 2014.

Taxes 2

Interest and TaxesInterest and Taxes

20%

15

3 14

3

13

8

14

1

12

5

75

79

65

11

7

13

4

$0

$40

$80

$120

$160

1H 09 2H 09 1H 10 2H 10 1H 11 2H 11 1H 12 2H 12 1H 13 2H 13

in H

K$

(mill

ion

s)

Cash Interest Expenses

0.2

%

7.2

%

12

.0%

11

.7%

14

.2%

16

.7%

9.5

%

0%

4%

8%

12%

16%

2007 2008 2009 2010 2011 2012 2013

Effective Tax Rate

5DistributionsDistributions

+$17.5 m (1.4%) to $1,271 mil

NPI increased $82m

Tax decreased $61m

Cash Finance Costs increased $108m

Manager’s Fees in units down from 60% to 50%

-$20m impact

Distributable Income1 Distributions 2

Distribution Amount +1.3% to $1,201 mil

Payout ratio is 94.5% (2012: 94.6%)

Distribution Per Unit +0.6% to HK$0.2102

Based on unit price of $3.37, equivalent to

a yield of 6.24%

approximate free cashflow the actual amount paid out

+$143m

-$128m

$2,000

Distribution Amount Distributable Income

$0.30

Distribution per Unit

1,0

84

1,1

70

1,2

54

1,2

71

-57 -66 -68-70

1,0

67

1,1

11

1,1

86

1,2

01

-$400

$0

$400

$800

$1,200

$1,600

2010 2011 2012 2013

in H

K$

(m

illi

on

s)

Distribution Amount Distributable Income

Retention

Distribution Amount

0.2

16

2

0.2

24

1

0.2

08

9

0.2

10

2

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

2010 2011 2012 2013

Distribution per Unit

6

Capitalization Rates left unchanged in 2013: Citibank Plaza at 3.3%, Langham Place at 4.0%

Capitalization Rates 1

Property Valuation Property Valuation

7

Langham

Office,

$7,381m

Langham

Retail,

$16,228m

Property Valuation Property Valuation

26%12%

$26,656 per sq. ft. GFA

Implied Rent is $164.32 per sq. ft.

(Dec 2012: $145.75)$10,501 per sq. ft. GFA

Implied Rent is $35.00 per sq. ft.

(Dec 2012: $34.07)

Property Value as of Dec 2013

increased $3.2 billion to $61.5 billion

Citibank Plaza

increased 4.0%, from the addition of 4

acquired floors.

Langham Place Office Tower

increased 2.7% from slightly higher

rent rate assumptions

Assessed Valuation 1

Langham Place Mall

Langham Place Office

Citibank Plaza,

$37,900m

$23,312 per sq. ft. GFA

Implied Rent is $82.67 per sq. ft.

(Dec 2012 $83.35)

Total PortfolioValue

$61.5bn*

62%NAV per unit increased 1.8% to $7.94

per unit from 2012

At unit price @$3.37 the discount to

NAV is 58%

Net Asset Value per Unit 2

Langham Place Mall

increased 11.3% from higher rent rate

assumptions

Citibank Plaza

* Valuation by

Savills Valuation and Professional Services

8

2013 Total Borrowings increased from

HK$12.2bn to HK$14.7bn:

+$585 mil because of the redemption

premium of CBs that matured

+$1,900 mil from the acquisition of 4

floors at Citibank Plaza

Langham Place Mall is presently

unpledged

Total Borrowings1

Debt InformationDebt Information

14,899 14,879 14,87914,059

12,219

14,704

11.6x

7.0x

0x

4x

8x

12x

16x

0

5,000

10,000

15,000

20,000

2008 2009 2010 2011 2012 2013

HK

$ (

mill

ion

s)

Debt Levels Total Borrowings (L) Interest Coverage (R)

Interest cover remains comfortable at

7x

Debt to Equity ratio remains low at

32.4%

Debt to Assets (Gearing) ratio is also

low at 23.4%, well within REIT Code

maximum of 45%

Debt Ratios 2

Interest cover is calculated using NPI as the numerator. Where

annualization is required, 2x the relevant 1H 13 figure is used.

62.5%

54.4%

44.9%

36.3%

27.6%32.4%

36.0%32.2%

28.4%25.0%

20.4%23.4%

0%

20%

40%

60%

80%

100%

2008 2009 2010 2011 2012 2013

Leverage Ratios Debt / Equity Debt / Assets

2008 2009 2010 2011 2012 2013

9

$6,000

$8,000

Debt MaturityBank Loans MTN

Average interest rate at 1.99% (@Hibor = 0.38%)

Over 2013, average maturity increased from 1.07

to 3.11 years

HK$7 billion syndicated bank loan due in May

Total Blended Borrowings 1

Debt Information Debt Information

Refinancing in 2014 2

All Citibank Plaza loans due in 2014/15 to be

refinanced into new 3 and 5 year bank loans.

Positive response from banks: Interest spread for

new banks loans at around Hibor + 120-140bp

Overall average floating interest spread will edge up

marginally

$6,000

$8,000

Post Refinancing Bank Loans MTN Pending

70

00

50

0

22

00

19

00

31

04

$0

$2,000

$4,000

$6,000

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

HK

$ m

illi

on

s

$11.6 bn with interest rate of Hibor + 1.14%.

$300mil undrawn revolving facility

$3.1bn with fixed

coupon of 3.75%

79%

Secured / Floating

21%

Unsecured / Fixed

22

00

19

00

31

04

$0

$2,000

$4,000

$6,000

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

HK

$ m

illi

on

s

10

CITIBANK PLAZACITIBANK PLAZA

11

1.2

1.4

1.6

NE

T F

LOO

R A

RE

A (

mil

lio

n s

q f

t)

HONG KONG CENTRAL GRADE A OFFICE SUPPLY (1986 - 2016)

Central Grade ‘A’ Office Supply Central Grade ‘A’ Office Supply

Historical average supply about 500,000 sq. ft. p.a.

Virtually 0 Grade A supply in Central; no new land supply

In longer term, 2 possible sites: 300,000(net) sq. ft. where

GPO is and 180,000(net) sq. ft. opposite Government HQ

Virtually No Supply1

40,000 sq. ft. from the Forum in 2014 - already

pre-leased to Standard Chartered

95,000 sq. ft. from Shanghai Commercial Bank

redevelopment in 2015 – owner occupied

Buildings in the Pipe Line 2

0.0

0.2

0.4

0.6

0.8

1.0

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

NE

T F

LOO

R A

RE

A (

mil

lio

n s

q f

t)

ICC in W Kowloon

Shanghai C

omm

Bank B

ldg

The F

orum

20 year Average

430,000 sq. ft.

12

Overall outlook for G3 is positive this year

Winding down of US liquidity boosting measures

may dampen positive sentiment

Citibank Plaza remains priced competitively with

face rents at $80-85 per sq. ft.

Passing rent has been maintained at between $84-

$86 since June 2010.

Rents Rates1

Citibank Plaza Citibank Plaza

Occupancy in terms of absolute floor area was

maintained in 2013 under challenging environment.

Occupancy based on pre-acquisition* total floor area is

89.2%, vs 89.1% a year ago.

Occupancy based on post-acquisition* total floor area is

85.3%.

Occupancy 2

* acquisition of 4 vacant floors in July

120%

Occupancy at Citibank Plaza Total Using Pre-acquisition Floor Area

$120

Passing Office Rents at Citibank Plaza

97

.9%

94

.9%

87

.2%

83

.5%

81

.5%

88

.6%

90

.4%

88

.7%

89

.1%

88

.4%

85

.3%

89.2%

0%

20%

40%

60%

80%

100%

De

c 08

Jun

09

De

c 09

Jun

10

De

c 10

Jun

11

De

c 11

Jun

12

De

c 12

Jun

13

De

c 13

Total Using Pre-acquisition Floor Area

87

.46

90

.49

90

.07

84

.81

84

.67

84

.33

85

.15

86

.10

85

.12

85

.26

84

.60

$0

$20

$40

$60

$80

$100

De

c-08

Jun

-09

De

c-09

Jun

-10

De

c-10

Jun

-11

De

c-11

Jun

-12

De

c-12

Jun

-13

De

c-13

Effe

ctiv

e R

en

t p

er

sq.

ft.

(Le

tta

ble

)

13

40%

50%

Citibank Plaza Expiries (Dec 2013)Vacant Leases Expiring Rent ReviewRetail

3%

Vacant15%

Citibank Plaza Citibank Plaza

Of the 37.8% of floor area expiring in 2014,

renewals have been secured for 17.5%

- including ICBC for 6 years

New tenants for 2014 have been secured for

3.9% of floor area but have yet to move in

Citibank rent review completed

BoAML will be vacating in 4Q

Lease Maturities 2 Tenant Mix 1

Banking decreased* by 3% after departure of HSBC

last year

Space occupied by Legal and Others increased* to

offset the reduction in Banking

New tenants moving in soon include: Compass Offices,

Kontiki Capital, Donglin, EMFI, Hammer Capital

14.7%

37.8%

10.5%

27.4%

6.7%

6.7%

1.8%

0%

10%

20%

30%

40%

Vacant 2014 2015 2016 2017

Pe

rce

nta

ge

of

Flo

or

Are

a

Banking46%

Inst.Funds

8%

Hedge Funds4%

Securities3%

Legal5%

Others15%

3%

Tenant Profile

Dec 2013

* change in % ignore the dilution effect of 4 vacant floors added

ICBC

(12%)

BoAML

(14%)

14

LANGHAM PLACE LANGHAM PLACE

15

5.0

6.0

7.0

8.0

NE

T F

LOO

R A

RE

A (

mill

ion

sq

ft)

HONG KONG SAR GRADE A OFFICE SUPPLY (1986 - 2016)

Central + ICC Rest of HKSAR

HKSARHKSAR--wide Grade ‘A’ Office Supply wide Grade ‘A’ Office Supply

2014 SupplyA

850k sq. ft. - 3 projects in Kowloon E

350k sq. ft. - 2 projects in Island S

180k sq. ft. - project in Kowloon W

2016 SupplyC

350k sq. ft. - 2 projects in Shatin

240k sq. ft. - project in Kowloon E

240k sq. ft. - project in Island E

600k sq. ft. - Somerset House in Island E

180k sq. ft. - Sunning Plaza in CWB

Undergoing DemolitionD

2015 SupplyB

2.5m sq. ft. - 5 projects in Kowloon E

250k sq. ft - Octagon in Tsuen Wan

120k sq. ft. - Observatory Rd in TST

0.0

1.0

2.0

3.0

4.0

5.0

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

NE

T F

LOO

R A

RE

A (

mill

ion

sq

ft)

Last 20 years Annual Supply

2,200,000 sq. ft.

180k sq. ft. - Sunning Plaza in CWB

240k sq. ft. - Asia House in CWB

16

Face rents improved to $38-45 per sq. ft.

Passing rent improved by $4.50 to $32.86 per sq. ft.

Rent Rates 1

LanghamLangham Place Office TowerPlace Office Tower

High occupancy levels were maintained even with

over 50% of the building expiring in 2013

Resilience of the non-financial sectors still

underpinning demand

Occupancy2

98

.3%

97

.9%

98

.5%

98

.3%

99

.4%

99

.6%

96

.8%

98

.0%

99

.2%

98

.8%

99

.0%

100%

120%

Occupancy at Langham Office

30

.42

32

.86

$30

$35

$40

Effe

ctiv

e R

en

t p

er

sq.

ft.

(GFA

)

Passing Office Rents at Langham Place

98

.3%

97

.9%

98

.5%

98

.3%

99

.4%

99

.6%

96

.8%

98

.0%

99

.2%

98

.8%

99

.0%

0%

20%

40%

60%

80%

De

c 08

Jun

09

De

c 09

Jun

10

De

c 10

Jun

11

De

c 11

Jun

12

De

c 12

Jun

13

De

c 13

26

.79

26

.77

26

.82

26

.98

26

.40

26

.93

27

.43

28

.09

28

.36

30

.42

32

.86

$0

$5

$10

$15

$20

$25

De

c-08

Jun

-09

De

c-09

Jun

-10

De

c-10

Jun

-11

De

c-11

Jun

-12

De

c-12

Jun

-13

De

c-13

Effe

ctiv

e R

en

t p

er

sq.

ft.

(GFA

)

17

Others4%

Vacant1%

Merchandizing &Trading decreased by 2% to 41%

Lifestyle increased by 3% to 27%

Newest Tenants include Compass Office and Perfect

Shape, as well as a 2 floor expansion by Neo Derm

Tenant Mix 1

LanghamLangham Place Office TowerPlace Office Tower

Lease Maturities2

Of the 33% of floor area expiring in 2014, renewals have

been secured for 8%. New tenants for 2014 have been

secured for 11% of floor area

There should continue to be positive rental reversion as

market rents are significantly above expiring rents

60%

80%Langham Place Office Expiries (Dec 2013)

Vacant Leases Expiring Rent Review

Merchandizing& Trading

41%

Professional & Sales Services

16%

Insurance10%

Lifestyle27% Tenant

ProfileDec 2013

1.0%

32.9%

13.6%

44.7%

0.4%

2.5%

0%

20%

40%

60%

Vacant 2014 2015 2016 2017

Pe

rce

nta

ge o

f Fl

oo

r A

rea

18the Langham Place Mall 2013 Scrap Book

19LanghamLangham Place MallPlace Mall

Increasing number of middle-class short-haul

shoppers from Southern China looking for cosmetics

and mid-priced fashion and accessories.

11.8% growth in Tenant Sales - less affected by

slowdown in the HK luxury sector.

Tenant Sales2

Health and Beauty increased from 6% to 10% after the

change from Seibu to Beauty Avenue, with a

corresponding reduction in Fashion. There are now

over 80 cosmetic brands at the Mall.

Other recent additions to the mall include Coach, V.

Westwood, CK Jeans, CK Watch, Cath Kidston and

Accessorize

Tenant Mix 1

Vacant0% $

1,0

53

$1,000

$1,200

Tenant Sales

Tenant Profile

Dec 2013

sales figures excluding Cinema

Fashion & Accessories

44%

Health & Beauty

10%

Entertainment16%

Food & Beverages

20%

Others10%

$5

90

$6

01

$6

99

$8

59

$9

56

$1

,05

3

$0

$200

$400

$600

$800

2008 2009 2010 2011 2012 2013

Mo

nth

ly A

vera

ge

(p

er

sq. f

t.)

20

14

4.2

6

$140

$160

Passing Retail Rents at Langham Place(exclusive of turnover rent)

LanghamLangham Place MallPlace Mall

Lease rollovers on 1/3 of the floor pushed

passing (base) rents up 25.6% from $114.89 to

$144.26 per sq. ft.

Passing Rent1

Growth in turnover rents slowed due to strong spike in base

rents and one month closure of Seibu/Beauty Avenue.

They increased 4.2%, from $23.66 a year ago to $25.87 per sq. ft.

Turnover Rent2

Composite Market Rent can be approximated as $144.26 + $25.87 = $170.13 per sq. ft.

$2

8.5

4

$30

$35

Turnover Rent

87

.93

87

.28

88

.61

89

.13

97

.48

98

.48

10

0.7

7

10

2.6

5

11

4.8

9

11

8.7

1

14

4.2

6

$0

$20

$40

$60

$80

$100

$120

De

c-08

Jun

-09

De

c-09

Jun

-10

De

c-10

Jun

-11

De

c-11

Jun

-12

De

c-12

Jun

-13

De

c-13

Effe

ctiv

e R

en

t p

er

sq.

ft.

(Le

tta

ble

)

$17.01 psf $23.66 psf $25.87 psf

$1

1.8

2

$2

2.1

9

$2

0.6

4

$2

6.6

4

$2

3.2

0

$2

8.5

4

$0

$5

$10

$15

$20

$25

1H 11 2H 11 1H 12 2H 12 1H 13 2H 13M

on

thly

Av

era

ge (p

er

sq.

ft)

21LanghamLangham Place MallPlace Mall

Full occupancy easily maintained

With heavy foot traffic and proven track record,

there are ample retailers competing for limited

spaces at the mall

Occupancy2

A further 36% of the space in the Mall will be

rolling over in 2014

This includes the cinema (14% by area) which

will be fetching a much higher rent.

Lease Maturities1

97

.7%

99

.7%

10

0.0

%

10

0.0

%

99

.2%

99

.9%

10

0.0

%

99

.9%

99

.9%

99

.9%

99

.9%

100%

120%

Occupancy at Langham Place Mall

0.7%40%

50%Langham Place Mall Expiries (Dec 2013)

Vacant Leases Expiring Rent Review

97

.7%

99

.7%

10

0.0

%

10

0.0

%

99

.2%

99

.9%

10

0.0

%

99

.9%

99

.9%

99

.9%

99

.9%

0%

20%

40%

60%

80%

De

c 08

Jun

09

De

c 09

Jun

10

De

c 10

Jun

11

De

c 11

Jun

12

De

c 12

Jun

13

De

c 13

0.0%

36.1%

24.0% 21.8%

6.5%

0.7%

4.7%

0%

10%

20%

30%

40%

Vacant 2014 2015 2016 2017

Pe

rce

nta

ge

of

Flo

or

Are

a

22ConclusionConclusion

There remains a large amount of space to be let and rental rates will be under pressure this year.

For 2014, impact from BoAML’s departure will be limited to 4Q.

Focus will be on rebuilding occupancy with competitive pricing.

Citibank Plaza1

Office Rents are firm, there should be positive rental reversion as 33% of the building undergoes

rollover.

Langham Place2

At the operational level, the strong performance of Langham Place should be able to offset any

potential weakness at Citibank Plaza in 2014.

Distributions however will be affected by higher Interest costs from $7billion loan refinancing and a

higher effective tax rate at Langham Place.

the REIT3

rollover.

Retail Rental Income should continue to increase as full impact of 2H 2013 leases is felt and a further

36% of the leases in the Mall by floor area building will be rolled over.

23

the END the END

24

This presentation may contain information which is proprietary, confidential and/or legally privileged and has been prepared by Eagle AssetManagement (CP) Limited, in its capacity as the manager (the “REIT Manager”) of Champion Real Estate Investment Trust (the “Trust”). Thispresentation is being communicated for information purposes only and its intended recipients are professional investors in Hong Kong (asdefined by Part 1 of Schedule 1 to the Securities and Futures Ordinance(Cap.571)) and professional investors outside of Hong Kong to whomit is lawful to communicate the presentation. Any other persons should not rely or act upon this presentation or any of its contents.

The information contained in this document, including any obtained from external data sources, has not been verified. The information andopinions in this presentation are subject to change without notice and the REIT Manager is under no obligation to update or keep current theinformation contained in this presentation. No representation or warranty, express or implied is made as to, and no reliance should be placedon, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. It is not the intention to provide, andyou may not rely on this document as providing, a complete or comprehensive analysis of the Trust’s financial or operational position.Furthermore, this presentation should not be construed as legal, tax, investment, or other advice. None of the REIT Manager, the Trust, norany of their respective affiliates, advisors or representatives shall be held liable for any damages, losses or expenses of any kind, whetherdirect, indirect, special, consequential or incidental, arising out of or in connection with the presentation. In this regard, all warranties orrepresentations of any kind, whether expressed or implied by law, equity or statutes, are excluded to the extent permissible under theapplicable law. All liabilities whatsoever arising from or incidental to the document are hereby expressly disclaimed.

Important Notice

applicable law. All liabilities whatsoever arising from or incidental to the document are hereby expressly disclaimed.

Certain information and statements made in this presentation contain forward-looking statements. All forward-looking statements are based oncurrent expectation of future events and are subject to a number of factors that could cause actual results to differ materially from thosedescribed in the forward-looking statements. Caution should be taken with respect to such statements and you should not place unduereliance on any such forward-looking statements.

This document does not constitute a prospectus, notice, circular, brochure or advertisement offering to sell or inviting offers to acquire,purchase or subscription for any units (“Units”) or other securities of the Trust. The value of Units and the income from them, if any, may fall aswell as rise from time to time. Units are not obligations of, deposits in, or guaranteed by the REIT Manager, the Trust, nor any of theirrespective affiliates, advisors or representatives. An investment in Units or other securities of the Trust is subject to investment risks, includingthe possible loss of the principal amount invested. It is intended that holders of Units may only deal in their Units through trading on the StockExchange of Hong Kong and investors have no right to request the REIT Manager to redeem their Units. Listing status does not guarantee aliquid market for the Units.

All copyright, patent, intellectual and other property rights in information contained herein is owned by the REIT Manager or other third parties.No rights of any kind are licensed or assigned or shall otherwise pass to persons accessing such information. Without the expressed writtenpermission of the REIT Manager under no circumstances should information contained herein or any part of it be quoted, reproduced,redistributed or transmitted in any form, by any means, electronic or otherwise.