Financial UpdateEd Lam Chief Financial Officer

Special Dividend

US$520m

47.6 HK cents / share

Consideration

$1.1b Redemption of Perpetual Securities

US$500m

(2)

US

2Ed Lam

Usage

May 2018

Strategic Divestment of Product Verticals

(2)

3

Group 2017 Turnover - Post Divestment

Ed Lam

SCS71%

Verticals12%

Onshore10%

LFL7%

Before

SCS – Supply Chain Solutions LFL - Logistics Onshore Wholesale Product Verticals

15,461

SCS81%

Onshore11%

After

LFL8%

13,534

Strategic Divestment of Product Verticals

US$M

(2)

4

Group 2017 COP - Post Divestment

Ed Lam

SCS53%

Verticals18%

Onshore12%

LFL17%

434

Before

LFL21%

SCS64%

Onshore15%

356

After

Strategic Divestment of Product Verticals

US$M

SCS – Supply Chain Solutions LFL - Logistics Onshore Wholesale Product Verticals

(2)

5

Capital Structure – 12/31/2017

Ed Lam

Before After

TotalEquity 2,914

1,894

Strategic Divestment

500PerpetualSecurities

520SpecialDividend

(1) Based on Continued Operations post divestment of Products Verticals(2) Use of proceeds: (i) Special dividend $520m; (ii) Perpetual Securities $500m before accrued distribution; and (iii) remaining $80m before transaction cost

34942980

777 777Debt

Cash

(1)US$M (2)

(2)

6

Capital Structure – Pro Forma 12/31/2017

Ed Lam

US$M

Cash

429Debt

777• Bond: 752(1)

• Bank Loan: 25

Total Equity

1,894• Perpetual

Securities: 656(1)

• Shareholders’Equity: 1,238

(1) Includes accrued interests and distribution of perpetual securities

7Ed Lam

Reduction in M&A and Bond & Perps ObligationUS$M

M&ATail Payment

87

68

43

Remaining Consideration Payable

18

2016 2017 2018 2018 beyond> >

(2) Full-year payments for bond interest & distribution of perpetual securities

69

(1)

(1) Cash settlement of consideration payable for prior years M&A

From 2016 to 2018 beyond

Bond &Perps

Payments114

84

74

(2)

40

From 2017 to 2018 beyond

$650m PerpetualSecurities

raisedin Nov 2016

97

(2)

8Ed Lam

DigitalizationUS$M

2017 2018 2019> >

DigitalizationTarget

Over 3 Years

US$150m

20+Total Spend 60+ 50+

Opex

Opex

Capex/Invest

Opex/Capex/Invest

Capex/Invest(1)

(1)

(1)

(1) Capex / Invest: Capital Expenditures and investments in tech platform companies

(2)

9Ed Lam

Three-Year Plan – Supply Chain Solutions & Products Segments

3YP ProgressSupply Chain Solutions

• Destocking impact continues

• Need 1-2 large customers conversion

• Digitalization Capex to Opex

• Continue cost reduction

Onshore Wholesale• Restructure underway• Productivity & efficiency

process initiated

3YP Financial Targets Announced in Mar 2017

2017 2018 2019> >

2019 Target

Low Single-digit CAGR

Supply Chain Solution / Products

Top Line Stabilize Growth

High Single-digit CAGRCOP • Continue Cost Reduction

• Stabilize Total Margin

Transformation I Sustainable Growth

(2)

10Ed Lam

Three-Year Plan – Logistics

3YP Progress

Logistics

• Continue growth momentum

• New business wins & services offering on track

• Operating leverage initiative on track

2017 2018 2019> >

2019 Target

Mid-teens CAGR growth

Logistics

Top Line• In-country Logistics:

Double-digit CAGR growth

~20%COP • Increased operating leverage

with enhanced COP margin %

Continue Growth Momentum

New business wins + New services offering

• GFM: Volume growth

3YP Financial Targets Announced in Mar 2017

3YP Progress

(2)

11Ed Lam

Three-Year Plan - Group

• 2017 has a strong start

• Destocking & New Business Take-up Impact Turnover

• COP Impact by Turnover

• COP Margin on track

• Digitalization strategy progress on track

(1) Low double digit total growth from 2016 to 2019 period; single digit CAGR

The Group 2017 2018 2019> >

Top Line

COP

Stabilize Growth

2019 TargetLow double-digit

by 2019(1)

Low double-digit CAGR

50+ bps by 2019

Stabilize Growth

COP Margin Stabilize Expansion

AdditionalCapex

$150M for Digitalization over 3 years

3YP Financial Targets Announced in Mar 2017

(2)

12Ed Lam

Summary

Solid Balance

Sheet

Reduced Ongoing

ObligationsDigitalization

Spend On Track

Productivity Continues

Onshore Wholesale

Restructure Underway

(2)

13Ed Lam

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