Eagle Asset Management. REIT manager. Analyst Presentation. Acquisition of 3 Floors of Citibank Tower 4Q 2006 Version 1.0. Eagle Asset Management

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1 REIT manager Analyst Presentation Acquisition of 3 Floors of Citibank Tower 4Q 2006 Version 1.0 1

2 Important Notice This document may contain information which is proprietary, confidential and/or legally privileged and has been prepared by (CP) Limited, in its capacity as the manager (the Manager ) of Champion Real Estate Investment Trust (the Trust ) solely for use at presentations to analysts, investors and/or the intended receipients. The information contained in this document has not been independently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. It is not the intention to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of the Trust s financial or trading position or prospects. The information and opinions in this document are provided as at the date of this presentation and are subject to change without notice. None of the Manager, the Trust, nor any of their respective affiliates, advisors or representatives shall be held liable for any damages, losses or expenses of any kind, whether direct, indirect, special, consequential or incidental, arising out of or in connection with the document. In this regard, all warranties or representations of any kind, whether expressed or implied by law, equity or statutes, are excluded to the extent permissible under the applicable law. All liabilities whatsoever arising from or incidental to the document are hereby expressly disclaimed. This document does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase units ( Units ) of the Trust. The value of Units and the income from them, if any, may fall as well as rise from time to time. Units are not obligations of, deposits in, or guaranteed by the Manager, the Trust, nor any of their respective affiliates, advisors or representatives. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units. It is intended that holders of Units may only deal in their Units through trading on the Stock Exchange of Hong Kong. Listing status does not guarantee a liquid market for the Units. All copyright, patent, intellectual and other property rights in information contained herein is owned by the Manager or other third parties. No rights of any kind are licensed or assigned or shall otherwise pass to persons accessing such information. Under no circumstances should information contained herein or any part of it be copied, reproduced or redistributed without the expressed written permission of the Manager. 2

3 Details of Acquisition Basic Details Floors 34, 36,& 37 of Citibank Tower and 3 parking spaces previously owned by Kerry Properties 66,752 sq ft on a Gross Floor Area (GFA) basis 52,655 sq ft on a Gross Rentable Area (GRA) basis Completion Date on in early January 2007 Valuation Details Purchase Price of HK$994.6 million ($14,900 psf GFA) Appraised Value of HK$1,107.0 million ($16,584 psf GFA) Deal Specifics Rent to be Stabilized at $62 million per year for five years - equivalent to gross property yield of 6.2% - funded via a $95 million Stabilization Account provided by Kerry Properties. Kerry to pay for Stamp Duty Funding via HK$765 million Convertible Bond Issue and issue of million units at $5.10 to Kerry 3

4 Convertible Bond Issue (1) Basic Details Duration of slightly less than 4.5 years Timed to Mature in Parallel with Existing Term Loan for refinancing purposes. Face Value of of HK$765 million Secured on Three Floors Borrowing Costs Lower than for Conventional Bank Financing Yield to Maturity is approximately 4.15%, assuming Full Redemption Borrowing Cost is 2% up to the point of conversion, assuming Ful Conversion Using Credit Spread of 63 bp (as per IPO), interest for a 5 year term loan would be almost 5.00% 1 Conversion Price Higher than Prevailing Unit Price. Initial Conversion Premium set at 18% - Conversion Price of $4.605 Actual Price at Conversion to be higher, because coupon is 2.15%less than YTM, Price at Conversion will rise over time to Account for Implied Interest Loss Net Share Settlement Feature - Conversion satisfied partially via Cash instead of units possible up to the value of initial loan principle at the discretion of Champion 1. 5 year Hibor swap rate of 4.2 %from Bloomberg as of Dec

5 Convertible Bond Issue (2) Year of Conversion Lowest Price at Conversion 1 $4.70 Conversion via Issuer Call $7.00 $ $ $4.90 Conversion 30% $ $ $5.09 $5.50 Issuer Call Conversion Redemption al Unit Price 18% Redemption Initial Unit Price (also Redemption) 31.4% $5.00 $4.50 $4.00 $3.50 Dec-2006 Jun-2007 Dec-2007 Jun-2008 Dec-2008 Jun-2009 Dec-2009 Jun-2010 Dec The actual figures will deviate marginally from those depicted here as for simplicity, a 4.5 year duration is assumed while the actual duration is slightly shorter. 5

6 Rationale of Acquisition Growth of Assets Will increase Gross Rentable Area by 4.5% - from 1,160,227 to 1,212,882 sq ft Unity of Title Ownership of Citibank Plaza will increase from 91.5% to 95.7% (G.R.A.) Rent Generating Floors (not including basement) will Increase from 71 to 74 Champion REIT will effectively be the Sole-Landlord in Citibank Plaza as the remaining floors are Owner-Occupied by the HKSAR government Distribution Yield Accretion Funding Via Debt is currently Cheaper than funding via equity - WACC to be Lowered by Increased Gearing (28.4% => 30.2%) New Borrowing Costs are Lower than existing borrowing costs - WACC to be Lowered after Blending borrowing costs Yield of 3 floors higher than existing portfolio as it is stabilized at a Gross Yield of 6.2%, significantly above current passing rental rates NAV Accretion Purchase price is at a 10% Discount to Appraised Valuation NAV per share to be enhanced by approximately 1 cent 1 1. using interim 2006 NAV per share of $5.97 as base 6

7 FAQ Why are units being issued to Kerry at $5.10? $5.10 is at a premium to the then market price of $3.90 $5.10 is at a discount to the last reported NAV per share of $5.97. Champion REIT consists of Floors of Citibank Plaza The Acquired Assets consists of Floors of Citibank Plaza Kerry accepts $5.10 per unit as representing Equitable ValuationLevel for the REIT based on valuations from appraisals and the transaction itself The three floors only generate income in 2007 so will there be aonce-off DPU dilution as the new units issued to Kerry are entitled to FY 2006 distributions? The Vendor Guarantee on 2006 DPU is on a Per Unit Basis This is Not An Issue for minority unit-holders Won t there be additional DPU Dilution from CB conversions? Conversion in Cash instead of units gives Flexibility to Minimize Dilution Depends on Financing Alternatives at the Time of Conversion 7

8 Property Value Growth Valuation History of 91.5% Stake Valuation as of Feb 28th in conjunction with IPO, Appraised Value at HK$22,670 million ($15,189 psf GFA) Valuation as of June 30th in conjunction with Interim Results, Appraised Value as of at HK$22,700 million ($15,209 psf GFA) ZOOM Acquisition Revaluation Surplus Revaluation as of Oct 31st in conjunction with issue of new units, Appraised Value of HK$23,400 million ($15,678 psf GFA) Impact of Revaluation and Acquisition Revaluation of 91.5% stake: $22.70 bn => $23.40 bn, i.e. + $700 million Acquired Property at Cost: $23.40 bn => $24.39 bn, i.e. + $995 million Revaluation of Acquisition : $24.39 bn => $24.51 bn, i.e. + $112 million Acquisition (cost) Oct 31st Valuation June 30th Valuation 8

9 Pro-Forma Expiry Schedule Vacancy at 3.4%, Passing Rent $36.40 psf (including retail) 3 years Rental Review generally applicable - Not Included in this table Tenants from the 3 Acquired Floors Included in the table but technically not part of the REIT untiljan 2007 Rental Stabilization Not Factored in the Table Consolidated from October 31 st Valuation Reports Year Gross Rentable Area (sf) % of total by Area Monthly Rental (HK$) % of total by Rental No. of Tenants Monthly 30, % $400, % * 36, % $1,445, % , % $8,964, % , % $8,615, % , % $2,649, % ** 310, % $8,237, % , % $8,510, % , % $1,062, % , % $2,746, % 3 Total 1,171, % $42,631, % 126 * For the period from November to December 2006 ** Assumes early Termination of Citigroup Lease in

10 The End Contact REIT Manager via EagleAssetManagement.com.hk Website 10

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