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Lai Sun Group Presentation 20210326V2 2021 Interim Results Presentation and Corporate Update March 2021 Lai Sun Group © All rights reserved Contents 1. Group Overview 2. Property Operations Update 3. 2021 Interim Results Highlights Appendices I. Summary of Properties in HK & London II. Summary of Properties in the PRC III. Hotel and Restaurants Operations IV. Media and Entertainment Operations V. Summary of Financials L AI S UN G ROUP 麗新集團 2 Lai Sun Group © All rights reserved 1. Group Overview L AI S UN G ROUP 麗新集團 Lai Sun Group © All rights reserved Introduction to the Lai Sun Group The Group was founded by Mr. Lim Por-Yen, the late Hong Kong industrialist who migrated from Guangdong in 1930’s and started Diversified into Hong Kong business as a garment manufacturer after the war in 1945 property development through Lai Sun Development Company Limited since the 1980’s Expanded into PRC property development, hotel, media and entertainment businesses since the 1980’s Owns a portfolio of quality commercial, retail and residential Actively involved in hospitality, developments in Hong media and entertainment Kong, London and the businesses Mainland China L AI S UN G ROUP 麗新集團 4 Lai Sun Group © All rights reserved Chairman of Lai Sun Group Dr. Lam Kin Ngok, Peter . Standing Committee Member of the 13th CPPCC National Committee . Doctorate of the Academy honoris causa awarded by The HK Academy for Performing Arts . Chairman of Hong Kong Chamber of Films Limited . Chairman of Hong Kong Trade Development Council . Honorary Chairman of Motion Picture Industry Association Limited . Extensive experience in property development & investment, hospitality and media & entertainment businesses L AI S UN G ROUP 麗新集團 5 Lai Sun Group © All rights reserved Group Structure as at 31 January 2021 Group Market Capitalisation#: The Lam Family HK$11.4 billion 45.04%* (42.37%**) Lai Sun Garment (International) Limited (“LSG”) Market Capitalisation# HK$2.4 bln Investment Holding HK Stock Code: 191 Total Assets ## : HK$83.8 bln 56.21%* (48.04%**) Lai Sun Development Company Limited (“LSD”) # HK$3.9 bln Property Development & investment in HK & Overseas Market Capitalisation Hotel Management & Hospitality ## HK Stock Code: 488 Total Assets : HK$80.4 bln 75.00* (38.38%**) 54.56% eSun Holdings Limited (“eSun”) Market Capitalisation#: HK$0.9 bln Lai Fung Holdings Limited (“LFH”) Market Capitalisation# HK$3.0 bln Media & Entertainment and Cinema Property Development & investment in the PRC Total Assets ## : HK$3.9 bln Operations in HK and the PRC HK Stock Code: 1125 Total Assets ## : HK$35.1 bln HK Stock Code: 571 69.69%* (51.09%**) Total Assets ## : Market Capitalisation#: HK$1.8 bln Media Asia Group Holdings Limited Media and Entertainment ## Total Assets : HK$1.0 bln HK Stock Code: 8075 *Shareholding as at 31 January 2021 includes interests held by certain directors at LSD and eSun levels. LSG’s corporate interest in LSD is 56.13% and LSD’s corporate interest in eSun is 74.62% **Shareholding as at 31 Jul 2012 includes interests held by certain directors at LSD and eSun levels # As at 31 January 2021 ## As at 31 January 2021 L AI S UN G ROUP 麗新集團 6 Lai Sun Group © All rights reserved 2. Property Operations Update L AI S UN G ROUP 麗新集團 Lai Sun Group © All rights reserved Strategy Update Consolidation continued with greater business coherence . Further accretion of interest within 2% “creeper Strengthen Group consolidated provision” balance sheet Deferred tax written back in FY2012 . Addition of new rental properties in the pipeline to strengthen NAV further Closed a number of fund raising/refinancing transactions Raise financing . Continue to optimise funding structure Raised a total of HK$15.4bn up to Jul 2014 LFH – conditional waiver approved; could JV with other Lai Sun group companies Successful tender/auction . HK – actively participating in a number of tender processes - HK: Alto Residences, Hong Kong Ocean Park Marriott Hotel, 93 Pau Chung Street, Monti, Novi, Tai Kei Leng project in Yuen Long, Hang On street project in Kwun Tong . London – planning consent being granted by the City Build pipeline and Wong Chuk Hang Station Package Five residential project of London’s Planning and Transportation Committee - London: 107 Leadenhall, 100 Leadenhall and 106 Leadenhall . PRC – continually reviewing opportunities in Shanghai, Guangzhou, Zhongshan and Hengqin - PRC: Hengqin Novotown Phase I (80/20 between LFH and LSD), Shanghai Wuli Bridge project and Hengqin Novotown Phase II (100% LFH) Growing rental income Guangzhou Lai Fung Tower added to the rental portfolio in 2017 Rental-focused Bought out minorities in SHHK Plaza, GZMF Plaza, Northgate Plaza and SHMF Plaza . Attributable rental GFA to be added in coming years company Hong Kong Ocean Park Marriott Hotel grand opened on 19 Feb 2019 PRC : c.2.3 million sq.ft. Hengqin Novotown Phase I opened by phases by end of 2019 Redevelopment of Northgate Plaza I, Northgate Plaza II and Hui Gong Building L AI S UN G ROUP 麗新集團 8 Lai Sun Group © All rights reserved Strengthen Balance Sheet Net Asset Value (in HK$’million) LSD LSG 35,828 34,970 34,912 31,159 26,600 24,358 22,663 22,612 21,872 21,701 20,775 19,837 19,128 18,037 16,358 16,453 12,576 13,796 11,959* 11,035 9,027 6,739** 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jan 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jan 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Financial consolidation Steady rental income completed Deferred tax on property revaluation gains written back for LSG and LSD for the year ended 31 Jul 2012 growth strengthened Concentrate asset base NAV further Stake accretion at steep discount to book value creating gains to Further accretion of interests at a discount may or may not occur and subject to the “creeper provision” strengthen balance sheet under the Takeovers Code where applicable further *As reported. The restated amount reflecting the adoption of certain accounting policies in 2012 was HK$13,464 million ** As reported. The restated amount reflecting the adoption of certain accounting policies in 2012 was HK$7,590 million L AI S UN G ROUP 麗新集團 9 Lai Sun Group © All rights reserved Fund Raising Access to diversified financing alternatives with strong balance sheet Cumulative Fund Raising (in HK$’million) Oversubscription 2,200 3,000 6,550 9,280 11,400 13,649 13,729 13,939 14,568 15,377 (times) 809 LSG – CNY guaranteed notes**** 4.8 # # 1,940 1,940 LSD loan for TKO site 2.0 Total funds raised amounted 2,120 2,120 2,120 eSun – CNY guaranteed notes**** 1.7 Closed 809 809 to over HK$15.4 billion* 210 210 LSG – rights issue 80 210 across the Group 80 80 80 MAGHL – share placement 2,120 2,249 2,249 2,249 2,249 2,249 LFH – CNY senior notes** 3.6 3,550 3,550 3,550 3,550 3,550 3,550 3,550 Announced LFH – syndicated loan 1.5 3,550 Announced 2,730 2,730 2,730 2,730 2,730 2,730 2,730 LSD – US$ guaranteed notes*** 10.0 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 LSD – syndicated loan 2.8 2,200 LSG – club loan 800 800 800 800 800 800 800 800 800 Oct 2012 Nov 2012 Dec 2012 Jan 2013 Mar 2013 Apr2013 Jan 2014 Feb 2014 Jun 2014 July 2014 * Excluding proceeds of HK$5,809.1 million from over-subscription of rights issues, which was refunded to subscribers in Feb 2014 # Due to a smaller potion of land cost being refinanced ** CNY1,800 million (HK$2,249m equivalent) *** US$350 million (HK$2,730m equivalent) **** CNY650 million (HK$809m equivalent) L AI S UN G ROUP 麗新集團 10 Lai Sun Group © All rights reserved Fund Raising (cont’d) Continuous access to capital 29,374 LFH – syndicated loan (refinancing) Cumulative fund raising in the past three years (in HK$’million) 25,420 3,972 LSG – club loan (refinancing) 23,222 2,180 2,180 LFH – project loan for Guangzhou Haizhu Plaza Total funds raised amounted to over 19,622 LSD – project loan for Cheung Sha Wan Plaza (refinancing) * 3,600 3,600 3,600 HK$29.4 billion across the Group 18,615 LSD – project loan for Hang On Street project 18,175 1,007 1,007 1,007 1,007 – project loan Tai Kei Leng project 16,608 440 440 440 440 440 LFH – bridging loan for HQ Novotown Phase I 1,567 1,567 1,567 1,567 1,567 1,567 LFH – project loan for ZS Palm Spring – project loan for HQ Novotown Phase II LSD 4,360 4,360 4,360 4,360 4,360 4,360 4,360 12,248 – GBP77.6 mil for 100, 106 & 107 Leadenhall St.(refinancing) – HK$3.6 bln loan for HK Ocean Park Marriott Hotel (refinancing) 10,928 LFH – project loan for SH Northgate Plaza redevelopment 1,320 1,320 1,320 1,320 1,320 1,320 1,320 1,320 8,248 2,680 2,680 2,680 2,680 2,680 2,680 2,680 2,680 2,680 LFH – project loan for HQ Novotown Phase I (refinancing) 7,782 LSD – project loan for Monti (Sai Wan Ho project) 466 466 466 466 466 466 466 466 466 466 5,052 LFH – US$350 million guaranteed notes 4,152 2,730 2,730 2,730 2,730 2,730 2,730 2,730 2,730 2,730 2,730 2,730 3,932 LSD – project loan for CCB Tower (refinancing) 900 900 900 900 900 900 900 900 900 900 900 900 LFH – project loan for Shanghai Wuli Bridge project 220 220 220 220 220 220 220 220 220 220 220 220 220 812 812 812 812 812 812 812 812 812 812 812 812 812 812 LFH – project loans for Lionsgate Entertainment World® and National Geographic Ultimate Explorer 3,120 3,120 3,120 3,120 3,120 3,120 3,120 3,120 3,120 3,120 3,120 3,120 3,120 3,120 LSD – US$400 mil guaranteed notes Oct 2017 Nov 2017 Dec 2017 Jan 2018 Jun 2018 Oct 2018 Jan 2019 Sep 2019 Dec 2019 Jan 2020 Jul 2020 Oct 2020 Dec 2020 Mar 2021 * The exchange rates of GBP to HKD, USD to HKD and RMB to HKD adopted for the purposes of this chart are 9.8, 7.8 and 1.1 respectively.
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