DP Contributed 62% of Core Profit

The Wharf (Holdings) Limited

2018 Interim Results

9 August 2018

Stock Code: 0004

Financial Highlights

1

Unadjusted

Comparison Group

HKD Million 1H18 1H17#

1H18 1H17

(Ex. WREIC)

% Chg

Group Revenue 7,823 17,063 7,823 7,517 +4%

Operating Profit 2,768 8,553 2,768 1,503 +84%

Core Profit* 2,527 7,438 2,527 2,792 -9%

Profit Attributable to Shareholders 2,860 8,441 2,860 3,541 -19%

Earnings Per Share (HKD)

- Attributable to Shareholders

- Core*

0.94

0.83

2.78

2.45

0.94

0.83

1.17

0.92

-20%

-10%

Dividend Per Share (HKD) 0.25 0.64 0.25 N/A N/A

Wharf REIC (WREIC) was Demerged in Nov 17.

Accordingly, 2017 Comparatives have been

Adjusted to Make Comparison Meaningful

Core Profit -9%:

• DP -24% (62% of Total) Partly due to Timing

Differences

• Logistics -21% (9% of Total)

• All Other Segments Improved

IP Revaluation Surplus $369M

Listed Investments^(Mkt Value $29.0B;

Unrealized Surplus $1.0B)

NAV $142.5B ($46.77/Share)

*Core Profit - Excl. IP Revaluation Surplus & Exceptional Items

^ Excl. the 25% interest in Greentown China Holdings Limited

# Reflects Actual 1H17 Results Without Restatement

2

Property-focused

Total Revenue

82% of

Operating Profit

83% of

Core Profit

72% of

Revenue

$7,823 M

+4%*

China IP

21%

China DP

50%

HK

Properties

1%

Others 28%

Properties 72%

*Excl. WREIC in 1H17

Operating Profit

$2,768 M

+84%*

China IP

32%

China DP

48%

HK

Properties

2%

Others 18%

Properties 82%

Core Profit

$2,527 M

-9%* China IP

20%

China DP

35%

HK

Properties

28%

Others 17%

Properties 83%

Focused Strategy

Selective & Disciplined Approach

Core Profit (Adjusted for Impact of Demerger)

Core Profit - Excl. IP Revaluation Surplus & Exceptional Items

# Reflects Actual 1H17 Results Without Restatement

3

Unadjusted Comparison Group

HKD Million 1H18 1H17#

1H18 1H17

(Ex. WREIC) % Chg % of 1H Total

HK Properties 716 5,202 716 874 -18% 28%

China DP 892 1,450 892 1,194 -25% 35%

China IP 490 431 490 431 +14% 20%

Others 429 355 429 293 +46% 17%

Total 2,527 7,438 2,527 2,792 -9% 100%

Segment Assets

4

Total Business Assets

Properties 90% of Total

Total Business Assets $184.2 B as of End-Jun 18

Total

Business Assets

$184.2 B

China IP

35%

China DP

34%

HK

Properties

21%

Others 10%

Properties 90%

China DP

China IP

Others

Financial Management

Agenda

Hong Kong Properties

Hong Kong Properties

China DP

China IP

Others

Financial Management

Agenda

Mount Nicholson

Mount Nicholson

Launch Date 1Q 2016

Product Type 19 Houses (6,000-10,000 s.f)

48 Apartments (4,200-4,500 s.f)

Accumulated Sales*

13 Houses 32 Apartments

$94,300 psf

(Average)

$87,200 psf

(Average)

Accumulated Total Proceeds $22.7B (Gross Basis)

Accumulated Attributable Profit Booked $4.7B*

*Up to Jun 30, 2018

7

Extreme-

luxury

Unique

Project

Most Valuable

in Asia

Mount Nicholson

1H18 Sales*

2 Houses 2 Apartments

$126,700 psf

(Average)

$128,400 psf

(Average)

Total Proceeds $3.3B#

(Gross Basis)

8

* Accumulated Sales up to Jun 30, 2018

Remarkable Luxury Residential Sales

House 2 Sold for $1.4B ($151,800 psf)

#1 House Sold in 1H18 will be Recognized in 2H18

3.0M s.f

Kowloon Tong Portfolio 15% Peak Portfolio 10%

KEWP* 57%

Others 18%

Total Attributable GFA

Landbank

Exclusive Portfolio

Peak Portfolio

• Mount Nicholson

• 1 & 11 Plantation Road

• 77 Peak Road

• Chelsea Court

• Strawberry Hill

Kowloon Tong Portfolio

• Residential Land Site on

Lung Cheung Road

Growth Potential

Kowloon East Waterfront

Portfolio (“KEWP”)

• Kowloon Godown

• Yau Tong Bay (15% JV)

• Peninsula East

* Kowloon Godown: GFA of Existing Building as of Jun 30, 2018

9

Hong Kong Properties

China DP

China IP

Others

Financial Management

Agenda

10

Administrative Measures are Distorting the Market

ASP is Controlled through Presale Consent

Underlying Demand Remains Robust

1H18 Accumulated Sell-through Rate 96%

Choice between (a) Selling at Sub-market ASP or

(b) Waiting for Consent to Sell at Market ASP

Sellable

1.0M s.m*

Sales Target

RMB22B *

Policy-

Driven Market

11

* Incl. JVs & Associates on an Attributable Basis; 2017 Comparatives Excl. Contribution from HCDL

1H18 Contracted Sales*

Sales RMB7.2B -36%

GFA 0.3M s.m -40%

ASP RMB23,500 psm +5%

Western

China 31%

Contracted

Sales*

RMB7.2B

Southern &

Others10%

Eastern China

59%

Improved Margin

Consecutive Improvement in Margin

Net Order Book RMB21.3B or 0.9M s.m

2018 Target Completion 0.8M s.m

Group Core Profit

35%

Lower

Completion

Operating Margin

+13.4 ppts

12

1H18 Operating Matrix*

* Incl. JVs & Associates on an Attributable Basis; 2017 Comparatives Excl. Contribution from HCDL

Revenue $5,792M -15%

Operating Profit $1,838M +45%

Operating Margin 31.7% +13.4 ppts

Completed GFA 96,600 s.m -66%

Recognized GFA 182,300 s.m -58%

Landbank

13

1H18 Land Acquisition*

677,300 s.m

Guangzhou 4%

Hangzhou 31% Suzhou 49%

Foshan 17%

*Detailed China DP Land Acquisition Breakdown See Appendix

Six

Focus Cities

Landbank

3.8M s.m Sound Financial

Position

High Barrier in Tier-1 Cities

Progress in Hangzhou & Suzhou in 1H18

Tight Credit Environment may Change the

Landscape in 2H18

Hong Kong Properties

China DP

China IP

Others

Financial Management

Agenda

14

China IP

15

530 530 530 602 602 602 602

362

604 687 752 752 752 752

186 186

427 541 541 541

214 214

251

251 251 251

873 1,001

2013 2014 2015 2016 2017 2018 2019+

Commercial Properties Completion Schedule (’000 s.m)

Changsha IFS

Wuxi IFS

Chongqing IFS*

Chengdu IFS

Other China Commercial Prop.

3,146

Total Development Area, Incl. Basement Area & Carpark

*Gross Basis & Net of Recognized Sales

892

3.5x

Momentum

0.8

1.1 1.2 1.2

1.6

1.2

1.2 1.2

1.4

2014 2015 2016 2017 2018

China IP Revenue (HKD billion)

$1.6B (+29%) 1H 2H

Domestic

Consumption

IFS

Series

Growth

Potential

China GDP +6.8% in 1H18 (78% Consumption)

Strong Retail Sales Driving Mall Performance

New Strategic Focus - IFS Series

Broaden Future Recurring Income Base

16

Growth Driver – CSIFS

Leased

97%

Retailtainment

Experience

Opened

May 2018

Changsha IFS Mall

GFA (s.m.) 246,100

Retail Area Leased 97%

Retail Opening Rate 84%

First Day Foot Traffic 150,000+

17

Retail - 370+ Retail Shops (70+ Hunan

Debuts, 30+ Duplex Flagships)

Average Monthly Sales* RMB 200M+(>2x of

CDIFS at full operation)

Office - Most Coveted Address for Leading

Corporates

Hotel (Niccolo Changsha) - Opening in 4Q18

*Average Monthly Sales in Jun & Jul 2018 (First 2 Full Months after Opening)

CSIFS Mall

18

Ground Zero – CDIFS

Retail - Growth Momentum Continued

Office - 73% Committed; Rental Rates among the

City’s Highest

Hotel (Niccolo Chengdu) - Market Leader in Yield

per Available Room

Sales Growth

+23%

Double-digit

Rental Reversion

Outperform

Market

0.7

1.6 1.8 2.4

2.9 1.5

1.7 2.0

2.6

2014 2015 2016 2017 2018

Retail Sales (RMB billion)

RMB2.9B (+23%)

1H 2H

Chengdu IFS Mall

Net Revenue (Net of Tax) RMB431M (+17%)

Foot Traffic Growth +19%

Turnover Rent Portion 28%

Occupancy Cost* 13%

19

*Occupancy Cost = Retail Rental/ Retail Sales

New CBD – CQIFS

Ramping

Up

Luxury

Cluster

New

Landmark

Chongqing IFS Mall

GFA (s.m.) 109,300#

Retail Area Leased 96%

Retail Opening Rate 91%

20

# CQIFS is 50%-owned, 109,300 s.m is Total Retail Area

Retail - Sales RMB355M

Office - 40+% Committed

Hotel (Niccolo Chongqing) - Iconic Sky Hotel

Hong Kong Properties

China DP

China IP

Others

Financial Management

Agenda

21

Hotel Management

B

C

D

E

F

I

G

A

H

J

K

L

M

N

O

P

Q

R

Niccolo

Hong Kong Mainland Philippines

A) The Murray, Hong Kong B) Chengdu*

C) Chongqing*

D) Changsha (4Q18)*

E) Suzhou (2019)

Marco Polo

F) Hong Kong I) Beijing (Parkside) P) Manila (Ortigas)

G) Gateway J) Changzhou, Jiangsu Q) Cebu

H) Prince K) Wuhan* R) Davao

L) Jinjiang, Fujian

M) Xiamen

N) Foshan (LingnanTiandi)

O) Shenzhen

* Owned by The Wharf (Holdings) Limited 22

Logistics – Rebuild Competitiveness

Modern Terminals

Revenue $1,251M (-8%) Operating Profit $242M (-31%)

Throughput (million TEUs)

HK 2.6 -2%

DCB (65%-owned)

0.6* +7%

SCT (20%-owned) 2.8* +4%

Total 6.0 +1.8%

Hong Kong Air Cargo Terminals Ltd (HACTL)

Total Throughput 0.8M Tonnes (-10%)

23

*Total Throughput (Instead of Attributable)

Market Throughput: Kwai Tsing: -4%; Shenzhen: +4%

External

Uncertainties

Trade

Tension

Enhance Efficiency

Improve Margin

Rebuilding Competitiveness

CME2

24

New Economy

Re-Invest Capital

Released from CME1*

in a Small Market

CME2

(Larger Markets with

Greater Potential)

Strategic Initiative &

Infrastructure Play

Opportunity Strategy

Building Long-term

Business for

New Economy

Long-term

*CME1 was Hong Kong-based Business with Market Size Limit

Hong Kong Properties

China IP

China DP

Others

Financial Management

Agenda

25

Prudent Financial Management

Debt Maturity (HKD billion)

19.7

9.2 8.5

1.2 2.8

3.5

Jul18-Jun19 Jul19-Jun20 Jul20-Jun21 Jul21-Jun22 Jul22-Jun23 Jul23 & After

Group Net Debt Floating Rate Debt Gearing

20.1%

$29.3B

70%

26

Coming Attractions

27

Mount Nicholson Niccolo Changsha (4Q18)

Niccolo Suzhou (2019)

CSR

OUR SUSTAINABILITY

• Hang Seng Corporate Sustainability Index Series Member 2017-18

• Hong Kong Quality Assurance Agency’s CSR Index Plus

• 5 Years Plus Caring Company Logo

Recognitions

Project WeCan

Partner

• Wharf Holdings’ 4th standalone Sustainability/CSR Report 2017

published in accordance with the core option of GRI Standards, and in

alignment with HKEX ESG Reporting Guide

• Signature multi-faceted project, currently linking 53 schools and over

50,000 students with 45 corporate and community partners, will be

expanded to cover 76 schools by September 2018.

Report

GRI Standards stand for Global Reporting Initiative Sustainability Reporting Standards

CSR

2017 Sustainability Performance Highlights

Recycled 2,460+ tonnes waste

Hang Seng Corporate Sustainability

Index Series Member 2017-18

8,800 talent*

75,208 training hours*

223+ events and activities supported*

Donations totalling HK$30 million

The Wharf Holdings’ Sustainability Report 2017 is prepared in accordance with the core option of Global Reporting Initiative Sustainability Reporting Standards.

*Reporting scope covers HK and China operations as identified in the report. http://www.wharfholdings.com/download_eng/sr2017/wharf_SR_2017_eng.pdf

31

Appendix

Summary of HK Properties

32

Portfolio Usage Status Locations Attributable GFA (s.f.)

1. Peak Portfolio Residential Sales Mount Nicholson (50%-JV) 52,100

Lease Chelsea Court 43,100

Strawberry Hill 13,300

Redevelopment 1 Plantation Road 90,700

11 Plantation Road 46,300

77 Peak Road 42,200

Sub-total 287,700

2. Kowloon East Waterfront

Portfolio

Commercial Sales Peninsula East 42,600

Industrial Redevelopment Kowloon Godown#

1,032,200

Residential Development Yau Tong Bay (15%-JV) 608,200

Sub-total 1,683,000

3. Non-Core Commercial Lease Cable TV Tower Units 566,300

4. Kowloon Tong Portfolio Residential Development Kowloon Tong 436,400

Total 2,973,400

As of Jun 30, 2018 ; #

GFA of Existing Building

China Contracted Sales Breakdown by City

33

Region City Contracted Sales (%) GFA Sold (%)

Eastern China Shanghai 0% 0%

Suzhou 1% 1%

Wuxi 28% 37%

Ningbo 0% 0%

Hangzhou 37% 21%

Eastern China Sub-Total: 66% 59%

Western China Chengdu 1% 1%

Chongqing 23% 30%

Western China Sub-Total: 24% 31%

Southern China Foshan & Guangzhou 3% 5%

Others Beijing 2% 1%

Tianjin, Dalian & Wuhan 5% 4%

Southern & Others Sub-Total: 10% 10%

China Key Projects on Sales in 1H18

34

Projects City

Attributable

Proceeds

(RMB M)

Attributable GFA

sold (s.m)

Average Price

(RMB psm) Ownership

The Throne Chongqing 1,492 77,300 19,100 50%

Wuxi Glory of Time Wuxi 1,013 50,600 19,900 100%

Exquisite Palace Hangzhou 992 25,400 39,000 100%

River Pitti (Bi Xi) Wuxi 663 35,300 18,000 100%

Willow Breeze Hangzhou 577 7,100 77,500 50%

Wuxi Times City Wuxi 354 20,100 17,000 100%

Dalian Taoyuan Lane Dalian 341 11,700 24,000 60%

Longfor Mansion Hangzhou 327 9,200 31,500 23%

China DP – 1H18 New Land Acquisitions

35

City Date Attributable GFA (s.m) Attributable Consideration

(RMB) Ownership

Foshan Jan-18 112,800 0.81B 50%

Guangzhou

Jan-18 7,700 0.19B 10%

Jan-18 21,500 0.72B 18%

Hangzhou

Jan-18 98,200 1.97B 50%

Jan-18 51,000 2.11B 75%

Jan-18 31,000 1.23B 75%

Feb-18 29,900 0.93B 26%

Suzhou

Feb-18 99,000 1.69B 80%

Feb-18 169,400 2.77B 100%

Feb-18 56,800 1.54B 49%

Total 677,300 14.0B

China DP Land Bank Breakdown by City in 1H18

36

Region City GFA million (s.m) % Total

Eastern China Shanghai 0.1 3%

Suzhou 0.8 21%

Wuxi 0.4 10%

Ningbo 0.0 1%

Hangzhou 0.6 16%

Eastern China Sub-Total: 1.9 51%

Western China Chengdu 0.8 21%

Chongqing 0.4 10%

Western China Sub-Total: 1.2 31%

Southern China Foshan & Guangzhou 0.4 10%

Others Beijing 0.2 5%

Tianjin, Dalian & Wuhan 0.1 3%

Southern & Others Sub-Total: 0.7 18%

Total: 3.8 100%

China Key Properties Completion

37

Projects Attributable GFA (s.m)

Key Completion in 1H18

Foshan Unique Garden 34,300

Beijing The Pearl on the Crown 28,200

Chengdu ICC 26,000

Projected Key Completion in 2H18

Wuxi Times Glory 123,400

Suzhou Bellagio, G09 (碧堤半島) 82,500

Wuxi Times City 79,700

Suzhou Bellagio, G08 (碧堤雅苑) 75,800

Wuxi River Pitti (Bi Xi) 64,400

China New Projects for Sales in 2H18

38

Projects City Ownership

Beijing Xijucun Land Site Beijing 100%

Beijing Liangma K Land Site Beijing 40%

Suzhou Huangqiao 25 Land Site Suzhou 60%

Jingan Garden Shanghai 55%

Overview of Application of Funds

39

HKD 1H18

(Actual)

FY18

(Projected)

Hong Kong Properties 12.6B 13.5B

China IP 2.2B 2.6B

China DP 20.3B 31.1B

Others 0.1B 0.5B

Total 35.2B 47.7B

* China DP Self-financed by Sales; China IP Mainly IFS Under Construction

Major Capital & Development Expenditure

40

Thank You

DP Contributed 62% of Core Profit

41

End of Presentation

The Wharf (Holdings) Limited [HKEx Stock Code: 0004.HK]

Disclaimer

1) All information and data are provided for information purposes only. All opinions included herein constitute

Wharf’s judgment as of the date hereof and are subject to change without notice. The Group, its

subsidiaries and affiliates hereby disclaim (i) all express, implied, and statutory warranties of any kind to

user and/or any third party including warranties as to accuracy, timeliness, completeness, or fitness for any

particular purpose; and (ii) any liability whatsoever for any loss howsoever arising from or in reliance upon

the whole or any part of the information and data contained herein.

2) The full-year statutory financial information of preceding financial years quoted in this presentation are

derived from statutory annual financial statements for that relevant financial years, each of which had been

delivered to Registrar of Companies in accordance with the prevailing Companies Ordinance and were

reported on by the auditors with relevant auditors’ reports without qualification or modification.