Investment Track Record - Performance of APIL

Under the management of APS, APIL has achieved a solid track record of returns for its shareholders. Following is a list of selected realized investments:

	Property: Universal Trade Centre Location: Central Use: Commercial Purchase Date: 2005 May 31 Selling Date: 2007 July 10 Purchase Price: HK$3,500 / sq ft Selling Price: HK$6,180 / sq ft Return on Purchase Price (Gross): 76.6% Return on Equity Applied (Gross): 153.1%
	Property: Welcome Mansion Location: Causeway Bay Use: Residential Purchase Date: 2005 September 25 Selling Date: 2008 September 30 Purchase Price: HK$3,428 / sq ft Selling Price: HK$6,064 / sq ft Return on Purchase Price (Gross): 76.9% Return on Equity Applied (Gross): 153.8%
	Property: Hoi Kung Court Location: Causeway Bay Use: Residential Purchase Date: 2005 September 12 Selling Date: 2009 May 12 Purchase Price: HK$3,733 / sq ft Selling Price: HK$6,111 / sq ft Return on Purchase Price (Gross): 63.7% Return on Equity Applied (Gross): 127.4%
	Property: Pearl Oriental House Location: Central Use: Commercial Purchase Date: 2006 March 31 Selling Date: 2009 June 26 Purchase Price: HK$4,000 / sq ft Selling Price: HK$6,700 / sq ft Return on Purchase Price (Gross): 67.5% Return on Equity Applied (Gross): 133.0%
	Property: CentreStage Location: Central Use: Residential Purchase Date: 2006 December 30 Selling Date: 2009 July 20 Purchase Price: HK$6,815 / sq ft Selling Price: HK$9,759 / sq ft Return on Purchase Price (Gross): 43.2% Return on Equity Applied (Gross): 144.6%
	Property: Bank of America Tower Location: Admiralty Use: Commercial Purchase Date: 2006 December 30 Selling Date: 2010 March 31 Purchase Price: HK$8,738 / sq ft Selling Price: HK$16,000 / sq ft Return on Purchase Price (Gross): 83.1% Return on Equity Applied (Gross): 174.7%
	Property: 83 Wanchai Road Location: Wanchai Use: Commercial Purchase Date: 2005 August 31 Selling Date: 2010 October 28 Purchase Price: HK$2,420 / sq ft Selling Price: HK$5,400 / sq ft Return on Purchase Price (Gross): 123.2% Return on Equity Applied (Gross): 244.6%
	Property: The Merton Location: Western Use: Residential Purchase Date: 2006 December 30 Selling Date: 2011 June 17 Purchase Price: HK$6,241 / sq ft Selling Price: HK$10,330 / sq ft Return on Purchase Price (Gross): 65.5% Return on Equity Applied (Gross): 161.1%

Note:

Gross Return % = (Selling Price – Purchase Price) ÷ Purchase Price and does not reflect any borrowings used.
Gross Return on Equity Applied % = (Selling Price – Purchase Price) ÷ (Purchase Price – Initial Mortgage Loan).
The Gross Return % calculations in the above are not annualized.

Since its inception, APIL’s NAV per share has grown from HK$0.97 at June 2005 to HK $4.06 as at end of June 2020 (June 2020 figures based on unaudited management accounts and independent third-party property valuations)

Net Assets (Or Shareholders Funds) of APIL have grown from HK$ 30.3 Million at June 2005 to HK$ 255.6 Million as at end of June 2020

APIL (in HK$m)	Jun-05	Jun-06	Jun-07	Jun-08	Jun-09	Jun-10	Jun-11	Jun-12	Jun-13	Jun-14	Jun-15	Jun-16	Jun-17	Jun-18	Jun-19	Jun-20
Total Assets	37.1	67.2	100.7	204.4	161.3	170.8	416.1	442.6	492.3	543.3	625.8	551.3	528.9	613.2	614.5	353.7
Total Liabilities	6.8	24.8	39.8	74.7	57.9	34.3	153.1	161.1	171.8	176.8	190.1	148.1	217.9	228.5	234.7	98.1
Non Controlling Interest	0	0	0	0	0	0	39	43.2	43.6	55.7	68.8	62.1	66.9	77.8	78.3	0
Net Assets	30.3	42.4	60.9	129.7	103.4	136.5	224.0	238.3	276.9	310.8	366.9	341.1	244.1	306.9	301.5	255.6

Note:

Net Assets is equivalent to Shareholders Funds, equal to Total Assets ??Total Liabilities ??Non controlling interest
The year ended June 2005 start from 8 October 2004
June 30 Year End figures are based on Unaudited Accounts

Loan to Value Ratio (LTV) of the property portfolio remained below 50% for the financial years of 2005 to June 2020. The LTV as at end of June 2020 34.61%.

APIL (in HK$m)	Jun-05	Jun-06	Jun-07	Jun-08	Jun-09	Jun-10	Jun-11	Jun-12	Jun-13	Jun-14	Jun-15	Jun-16	Jun-17	Jun-18	Jun-19	Jun-20
Property Assets (LS)	12.8	57.9	98.4	199.8	143.3	150.9	371.3	401.3	448.5	504.3	593.3	504	450.3	613.2	614.5	257.6
Bank Loans	6.1	23.8	33.5	58.4	48.2	20.2	129.4	137.2	142.4	144	146.7	117.6	189.6	191	234.7	89.2
Loan to Value (RS)	47.80%	41.10%	34.00%	29.30%	33.60%	13.40%	34.80%	34.20%	31.70%	28.50%	24.70%	23.30%	42.10%	36.30%	35.43%	34.61%

Note:

Property Assets value are based on updated quarterly valuation from Colliers International; this figure is different to Total Assets value because Total Assets also include other assets
The year ended June 2005 start from 8 October 2004
June 30 Year End figures are based on Unaudited accounts

Following is a snapshot of APIL consolidated property portfolio sector, for the financial years ended 30 June 2019 and June 2020 (Unaudited Accounts)

APIL	Jun-19			Jun-20
Properties	Number	Value(HK$m)	% by Value	Number	Value(HK$m)	% by Value
Commercial	17	113.30	45.36%	17	116.85	45.36%
Industrial	0	0	0.00%	0	0	0.00%
Residential	15	143.62	54.64%	15	140.73	54.64%
Total	32	256.92	100%	32	257.58	100%

Note: This portfolio excludes Mansion 88.

APIL CONSOLIDATED PROPERTY PORTFOLIO 2019

APIL CONSOLIDATED PROPERTY PORTFOLIO 2020

Following is a table showing properties sold by APIL in financial year ended 30 June 2020.

Properties / Use (R/C)	Location	Purchase Date (y/m/d)	Selling Date (y/m/d)	Purchase Price (HK$)	Selling Price (HK$)	Gross Return (%)	Gross Return on Equity Applied (%)
88C Pok Fu Lam	Western	4-Nov-10	30-Nov-19	80 Million	270 Million	237.5%	514.60%
Total				80 Million	270 Million	237.5%	514.60%

Note:

Mortgage Loan for the above sold properties are HK$ 43,074,951.