Associated International Hotels : JOINT ANNOUNCEMENT PROFIT WARNING

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this joint announcement.

(Incorporated in Hong Kong with limited liability)	(Incorporated in Hong Kong with limited liability)
(Stock Code: 266)	(Stock Code: 105)

JOINT ANNOUNCEMENT

PROFIT WARNING

This joint announcement is made by TTLL and AIHL pursuant to Rule 13.09 of the Listing Rules and the Inside Information Provisions.

The TTLL Board and the AIHL Board wish to inform the shareholders of TTLL and AIHL and potential investors that, based on a preliminary review of the management accounts of the TTLL Group and the AIHL Group respectively, it is expected that the TTLL Interim Results and the AIHL Interim Results will both record a loss before taxation as compared to a profit before taxation for the six months ended 30 September 2018, mainly attributable to the increase in net valuation losses in respect of their investment properties. Valuation losses on investment properties will only affect the accounting profit or loss but not the cash flow of both the TTLL Group and the AIHL Group. It is expected that there will only be a slight decrease in the results arising from the normal business operations of both the TTLL Group and the AIHL Group for the six months ended 30 September 2019.

Shareholders of each of TTLL and AIHL and potential investors are advised to exercise caution when dealing in the shares of the respective companies.

This joint announcement is made by Tian Teck Land Limited ("TTLL", together with its subsidiaries, the "TTLL Group") and Associated International Hotels Limited ("AIHL", together with its subsidiaries, the "AIHL Group") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules).

The board of directors of AIHL (the "AIHL Board") wishes to inform the shareholders of AIHL and potential investors that, based on a preliminary review of the management accounts of the AIHL Group, it is expected that the unaudited consolidated results of the AIHL Group for the six months ended 30 September 2019 (the "AIHL Interim Results") will record a loss before taxation of approximately HK$331 million as compared to a profit before taxation of approximately HK$234 million for the six months ended 30 September 2018, mainly attributable to the increase in net valuation losses of approximately HK$554 million in respect of its investment properties. Valuation losses on investment properties will only affect the accounting profit or loss but not the cash flow of the AIHL Group. It is expected that there will only be a slight decrease in the results arising from the normal business operations of the AIHL Group for the six months ended 30 September 2019.

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As AIHL is TTLL's 50.01% owned subsidiary, for similar reason, the board of directors of TTLL (the "TTLL Board") wishes to inform the shareholders of TTLL and potential investors that, based on a preliminary review of the management accounts of the TTLL Group, it is expected that the unaudited consolidated results of the TTLL Group for the six months ended 30 September 2019 (the "TTLL Interim Results") will record a loss before taxation of approximately HK$333 million as compared with a profit before taxation of approximately HK$235 million for the six months ended 30 September 2018, mainly attributable to the increase in net valuation losses of approximately HK$559 million in respect of its investment properties. Valuation losses on investment properties will only affect the accounting profit or loss but not the cash flow of the TTLL Group. It is expected that there will only be a slight decrease in the results arising from the normal business operations of the TTLL Group for the six months ended 30 September 2019.

As TTLL and AIHL are still in the process of finalising the TTLL Interim Results and the AIHL Interim Results respectively, the information contained in this joint announcement is only a preliminary estimate prepared by the management of the said companies which has not been reviewed by their respective audit committees or auditors. The unaudited consolidated results (which will have been reviewed by the audit committees and the auditors) of both TTLL and AIHL for the six months ended 30 September 2019 are expected to be published by the end of November 2019.

Shareholders of each of TTLL and AIHL and potential investors are advised to exercise caution when dealing in the shares of the respective companies.

By order of the Board	By order of the Board
Tian Teck Land Limited	Associated International Hotels Limited
Ng Sau Fong	Ng Sau Fong
Company Secretary	Company Secretary
Hong Kong, 21 October 2019

As at the date of this joint announcement, the TTLL Board comprises the following directors:

Mr Cheong Hooi Hong, Mr Cheong Kheng Lim, Mr Cheong Keng Hooi, Mr Cheong Sim Lam and Miss Cheong Chong Ling are executive directors, and Mr Chow Wan Hoi, Paul, Mr Wong Yiu Tak and Mr Tse Pang Yuen are independent non-executive directors.

As at the date of this joint announcement, the AIHL Board comprises the following directors:

Mr Cheong Hooi Hong, Mr Cheong Kheng Lim, Mr Cheong Keng Hooi, Mr Cheong Sim Lam and Miss Cheong Chong Ling are executive directors, and Mr Chow Wan Hoi, Paul, Mr Wong Yiu Tak and Mr Lee Chung are independent non-executive directors.

Note: The translation into Chinese language of this joint announcement is for reference only. In case of any inconsistency, the English version shall prevail.

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