The Wharf (Holdings) Limited

2017 Interim Results

9 Aug 2017

IP Demerger in Progress

1

1. Interim Results

2. Strategic Review

2

Overview

Backdrop

Underlying Profit Increased by 22% to $7,271M

Stable IP Performance (66% of Underlying Profit)

DP Core Profit More than Doubled (32% of Underlying Profit)

CME Exit to Complete in Oct 2017

DPS Increased by 10% to $0.64

3

Overview

Quality IP Demonstrated Resilience

IP Core Profit +3% to $4.8B

66% of Group Core Profit

DP Core Profit +161% to $2.3B

72%

26%

2%

Total Core Profit

$7.3 billion

(+22%)

Others

HK

Properties

China

Properties

3.2 3.8

4.2 4.6 4.8

1H13 1H14 1H15 1H16 1H17

IP Core Profit (HKD billion)

$4.8B (+3%)

4

Overview

Differentiating IP Driving Growth

Productive Retail Portfolio

Stable Office Sector

Positive Rental Reversion

4.8

5.6

6.1

6.4 6.7

0.5

0.8

1.1

1.2

1.2

1H13 1H14 1H15 1H16 1H17

Total IP Revenue (HKD billion)

$7.9B (+4%) HK China

5

Overview

Financial Highlights

Core profit +25%

IP Revaluation Surplus: $906M

Fair Value of IP: $303B (2015: $293B)

HKD Million 1H17 1H16 % Chg

Group Revenue 17,063 20,021 -15%

Operating Profit 8,553 8,075 +6%

Core Profit** 7,271 5,972 +22%

Profit Before IP Revaluation Surplus 7,270 6,200 +17%

Net IP Revaluation Surplus 1,171 525 +123%

Profit After IP Revaluation Surplus 8,441 6,725 +26%

Earnings Per Share (HK$)

- Attributable to Shareholders

- Core**

2.78

2.40

2.22

1.97

+25%

+22%

Dividend Per Share (HK$) $0.64 $0.58 +10%

Core Profit +22% to $7.3B

**Exclude IP Revaluation Surplus and Exceptional Items

6

Agenda

A

B

C

D

E

Hong Kong Properties

China Properties

Other Businesses

Financial Management

Next

7

Agenda

A

B

C

D

E

Hong Kong Properties

China Properties

Other Businesses

Financial Management

Next

8

B C D E A HK IP

Improving Retail Market

252.9 249.6 245.6 219.7 218.4

241.6 243.6 229.6

216.9

2013 2014 2015 2016 2017

HK Retail Sales (HKD billion) Title

1H 2H

494.5 493.2 475.2

436.6

218.4 (-0.6%)

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

YoY -12.5% -8.2% -7.5% -3.7% -1.3% +0.2%

Sales & Tourist Arrivals On the Mend

1H17 Total Tourist Arrivals +2.4%

(Mainlander +2.3%)

9

B C D E A HK IP

Retail Sales Revival On Track

16.0 16.8 15.6

13.3 13.7

17.8 18.2

15.2

14.4

2013 2014 2015 2016 2017

HC Retail Sales (HKD billion) Title

1H 2H

+2.8%

4.4

5.2 4.7

3.9 3.8

5.1

5.3

4.5

4.2

2013 2014 2015 2016 2017

TS Retail Sales (HKD billion)

1H 2H

-4.3%

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

YOY -18.9% -9.6% -6.4% -3.8% +1.4% +4.4%

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

YoY -20.0% -10.3% -6.3% -7.0% -4.8% -3.7%

10

B C D E A HK IP

Outlook – Stabilizing but Mixed

Global Economic & Political Uncertainties

Foreign Currency Movements & Monetary Policy Divergence

Europe Terrorist Attacks Divert Global Tourism Trend

11

B C D E A HK IP

Best-positioned to Build IP Performance

Stabilizing Retail Sales Strengthens

Rental Outlook

Continuous AEIs & Tenant Mix

Refinement

Positive Rental Reversion HC $3,258M +5%

TS $1,065M -2%

PH $287M +6%

Retail Revenue by Segment

6%

23%

69%

2%

$4.7 billion

(+3%)

HC TS

PH

Others

12

B C D E A HK IP

HC – AEIs Driving Value Creation

Sales Productivity Underpins Positive

Rental Growth

Constant Re-tenanting Further

Enhances Retail Experience

Attracting New Differentiating Retailers

2.4 2.8

3.0 3.1 3.3

2.5

2.9

2.9

3.1

2013 2014 2015 2016 2017

HC Retail Revenue (HKD billion)

$3.3B (+5%)

1H 2H

13

B C D E A HK IP

TS – Redefining Retail Experience

Passing Rent p.s.f +1%, Revenue Drop

Due to 4% Lettable Area Reduction*

Tenant Refinement Brings Excitement &

Freshness

Opening of LEGO Certified Store &

Facesss Captivate Crowds 0.7

0.9 1.0

1.1 1.1

0.8

1.0

1.0

1.0

2013 2014 2015 2016 2017

TS Retail Revenue (HKD billion)

$1.1B (-2%)

1H 2H

* For Shop Amalgamation Housing 2 Anchors (LEGO & Facesss) and Ongoing Tenant Mix Reshuffling

14

B C D E A HK IP

TS – New Excitements

LEGO Certified Store – 9/F

Lettable Area: 3,385 s.f

Opened on 8 Jul 2017

Facesss – 4/F

Lettable Area: 6,459 s.f

Opened on 21 Jul 2017

15

B C D E A HK IP

HC & TS – Attracting the Most Aspiring Brands

HC

(Selected Brands)

TS

(Selected Brands)

Expansion

HK/ Kowloon

Debut

Other

Commitments

16

B C D E A HK IP

Creative Promotion & Cultural Enrichment Initiatives

TS HC

17

B C D E A HK IP

Office - Stable

High Occupancy (96%-98%)

Positive Rental Reversion

1.2 1.4

1.5 1.6 1.7

1.3

1.5

1.6

1.8

2013 2014 2015 2016 2017

HK Office Revenue (HKD billion)

$1.7B (+4%)

1H 2H

18

B C D E A HK DP

50%-Owned Mount Nicholson

Symbol of Luxury & Scarcity

1H 2017: 2 Houses & 6 Apartments

Sold for >$3.1B (Gross basis)

Accumulated Sales:

9 Houses & 22 Apartments

$13.7B (Gross basis)

1 House Sold in FY16 Recognized in 1H17

1 House Sold in Jul 2017 for $645M

* “Global Luxury Real Estate Market Report: Luxury Defined 2017”, Christie’s International Real Estate

House 1 & 7 Ranked

among Top 3 of 2017 Top

Luxury Residential Sales *

House 1

House 7

19

Agenda

A

B

C

D

E

Hong Kong Properties

China Properties

Other Businesses

Financial Management

Next

20

B C D A China IP E

China IP – Long-term Value Creation

Solid Sales & Rental Performance

New Leading IPs Poised for Growth

Solid Foundation to Build Future

Success

0.5

0.8

1.1 1.2 1.2

0.8

1.2

1.2 1.2

2013 2014 2015 2016 2017

China IP Revenue (HKD billion)

$1.2B (+4%) 1H 2H

21

B C D A China IP E

Mixed-use CDIFS – City Within A City

Award-winning Trendsetting Landmark in China West

8-Level Retail/ Lifestyle Podium Premium Offices Luxurious IFS Residences Niccolo Chengdu

Among the Top in Retail Sales &

Footfall in Western China

Retail Sales

RMB2.4B (+30%)

Foot Traffic

+22%

Attracted a Large Concentration of

Movers & Shakers

Among the Most Exclusive

Serviced Residences in CD

Preferred Residence

with Superb Service

City’s Market Leader in Room Yield

in <2 Years

Figures are for 1H17 22

B C D A China IP E

CDIFS Mall – Stands Out from the Crowd

Promising Performance Continued

Unmatched Sales Productivity

Double-digit Rental Reversion

1H17 CDIFS Mall

Net Revenue (Net of Tax) RMB367M (+18%)

Foot Traffic Growth +22%

Turnover Rent Portion 24%

Occupancy Cost* 14%

* Occupancy Cost = Retail Rent/Retail Sales

CDIFS Retail Sales Growth

1H17 RMB2.4B +30%

2017 Expect Double-digit Growth

23

B C D A China IP E

CDIFS Office – Selective Tenant Profile

Top-notch Workplace – 46% Committed

Over 125,000 s.m Leased in 3.5 Years – Encouraging

Rental Rates Achieved among the Highest in CD

24

B C D E A China DP

DP Sales On Track

Sales Achieved:

GFA Sold 0.5M s.m (-40%)

ASP RMB22,500 p.s.m (+21%)

Restrictive Policies Depict a

Challenging Outlook

2017 Sellable Resources 1.6M s.m

10.9 8.9

10.3

16.3

11.9

10.0 12.6

15.7

15.1

2013 2014 2015 2016 2017

Contracted Sales (RMB billion)

RMB11.9B (-27%) 1H 2H

• 53 Projects in 14 Cities on Sale in 1H17

• 1H17 Accumulated Sell-through Rate 95%

• 2017 Sales Target: RMB24B

25

B C D E A China DP

Improving Profitability

Lower Completion & Recognition

Enhancing Operating Margin

Net Order Book RMB30B or 1.1M s.m

FY Target Completion 1M s.m

1H17 Operating Matrix*

Revenue $9,095M -30%

Operating Profit $2,355M +1%

Operating Margin 25.9% +8.1 ppts

Completed GFA 409,000 s.m -63%

Recognized GFA 564,000 s.m -35%

* Incl. JVs & Associates on an Attributable Basis

26

B C D E A China DP

Disciplined Landbanking

Remains Selective and Opportunistic

Focus on Tier 1 Cities & Top Tier 2

Cities

DP Land Bank 3.4M s.m

(Average Cost: RMB5,600 p.s.m)

Date City Attributable

GFA (s.m)

Attributable

Consideration

(RMB)

Ownership

Feb17 Hangzhou 32,000 0.46B 23%

Total 32,000 0.46B

27

Agenda

A

B

C

D

E

Hong Kong Properties

China Properties

Other Businesses

Financial Management

Next

28

C E Other Businesses B A D

MTL

Revenue $1,361M (+10%)

Operating Profit $349M (+20%)

Sold Remaining 50% Stake in Taicang

in Jun 2017; The Remaining Disposal

Gain Booked in 1H17

Throughput (million TEUs)

HK 2.7 +17%

DCB 0.6 -11%

TC 1.2 +11%

Total 4.5 +11%

Market Throughput

South China +7%

Kwai Tsing +11%

29

C E Other Businesses B A D

Wharf Hotels

Revenue $774M (+5%); Operating Profit $155M (+49%)

Improving Operating Environment

Niccolo Chengdu at CDIFS was Named One of China’s Best Business Hotels by

Condé Nast Traveler in Jun 2017

Niccolo Chongqing, a 252-Room Hotel at CQIFS to Open in 3Q17

The Murray, Hong Kong, a Niccolo Hotel to Open in 4Q17

30

Agenda

A

B

C

D

E

Hong Kong Properties

China Properties

Other Businesses

Financial Management

Next

31

Financial Management B C D E A

Prudent Financial Management

Net Gearing Ratio Remained Low at

6.4%

Group Net Debt $21.4B

Floating Rate Debt: 66% of Total

18.8%

15.8%

19.2%

20.6%

21.7%

20.4%

18.9%

14.9%

7.3% 6.4%

2008 2009 2010 2011 2012 2013 2014 2015 2016 1H17

Net Debt to Total Equity

Net Debt /

(Cash)

(HKD B)

Wharf

(Excl.

Subs.)

MTL HCDL i-CABLE Group

Total

Net Debt

to Total

Equity

30 Jun 2017 14.2 6.9 (0.4) 0.7 21.4 6.4%

30 Jun 2016 40.4 8.9 (1.5) 0.4 48.2 15.2%

32

Financial Management B C D E A

Prudent Financial Management

3.2%

3.2%

2.8%

3.2%

3.3%

2013 2014 2015 2016 1H17

Average Interest Cost

9.9

11.4

16.2

5.5

2.8 5.4

Jul17-Jun18 Jul18-Jun19 Jul19-Jun20 Jul20-Jun21 Jul21-Jun22 Jul22 & After

Debt Maturity (HKD billion)

1H17 Increase on

Debt Mix Change

33

Financial Management B C D E A

Overview of Application of Funds

HKD

1H17

(Actual)

FY17

(Projected)

China DP $5.7B $13.4B

China IP $2.1B $5.4B

HKIP $0.6B $1.9B

Others $1.0B $2.8B

Total $9.4B $23.5B

* China DP $13.4B Self-financed by Sales; China IP Mainly IFSs Under Construction

32.8

31.5

23.4

26.9

23.5

2013 2014 2015 2016 2017

Major Capital and Development Expenditure

(HKD billion)

Major Capital and Development Expenditure

34

Agenda

A

B

C

D

E

Hong Kong Properties

China Properties

Other Businesses

Financial Management

Next

35

Next B C D E A

Coming Attractions

Mount

Nicholson

3Q17

CQIFS

3Q17

The Murray

4Q17

OTE

4Q17

CSIFS

2018

36

Next B C D E A

Coming Attractions

Mount

Nicholson

3Q17

CQIFS

3Q17

The Murray

4Q17

OTE

4Q17

CSIFS

2018

37

Next B C D E A

50%-Owned Mount Nicholson

3rd

Phase (Tower C&D) Expected End-3Q17

38

Next B C D E A

Coming Attractions

Mount

Nicholson

3Q17

CQIFS

3Q17

The Murray

4Q17

OTE

4Q17

CSIFS

2018

39

Next B C D E A

Iconic Ocean Terminal Extension (“OTE”)

GFA ~100,000 s.f

No. of Floors 5

No. of Tenants 11 F&Bs

2 Retails

Expected Opening Date 4Q17

270-Degree Panorama of Victoria Harbour

40

Next B C D E A

Coming Attractions

Mount

Nicholson

3Q17

CQIFS

3Q17

The Murray

4Q17

OTE

4Q17

CSIFS

2018

41

Next B C D E A

The Murray – The Remaking of an Icon

Accommodation 298 Rooms & 38 Suites (25 Floors)

Restaurants & Bars

• Murray on The Rooftop

(Bar & Restaurant)

• The Tai Pan (Modern European)

• Murray Lane (Lobby Bar)

• The Garden Lounge

• Guo Fu Lou (國福樓)*

Meeting & Event

Spaces >20,000 s.f

Leisure Facilities Spa, Gymnasium &

Swimming Pool

Contemporary Urban Chic

Part of Government’s Conserving Central Initiative

* The Wan Chai Branch – One-starred Rating by Michelin Guide Since 2013.

42

Next B C D E A

Coming Attractions

Mount

Nicholson

3Q17

CQIFS

3Q17

The Murray

4Q17

OTE

4Q17

CSIFS

2018

43

Next B C D E A

CQIFS & CSIFS – Mixed-use Developments

50%-Owned CQIFS

60%

30% 10%

Total 4.1M s.f

(100% Level)

Retail

1.2M s.f

Office*

2.5M s.f

Hotel

0.4M s.f

CSIFS

53%

35%

12%

Total 7.9M s.f

Retail

2.7M s.f

Office

4.2M s.f

Hotel

1.0M s.f

Total Development Area, Excl. Carpark (Total 2,211 Carparks)

* Net of Recognized Sales

Total Development Area, Excl. Carpark (Total Over 2,700 Carparks)

44

Next B C D E A

CQ & CSIFS Mall – Encouraging Pre-leasing Status

To Mirror the Success of Harbour City

(HK) & CDIFS

Proven Management & Execution

Capabilities

Promising Pre-leasing Underlines

Retailers’ Trust

Mall CQIFS CSIFS

GFA (s.f) 1.2M* 2.7M

Scheduled for

Opening Sep 2017 1Q18

% of Area Leased/

Under Offer >90% >90%

* CQIFS is 50%-owned, 1.2M s.f is Total Retail Area

45

Next B C D E A

CQIFS Mall – New Lifestyle Destination

Diversified Tenant Mix (Selected Brands)

CQ Debut

Food & Beverage

Renowned Brands

Sportswear & Anchor

To Offer an Exceptional One-Stop

Lifestyle Experience

Over 150 Brands Incl. 80 Int’l Brands &

20 CQ Debuts

25%

22%

24%

21%

9%

1.2M s.f

(100% Level)

Mid to

High-end

Affordable Luxury

Top-end

Luxury

Entertainment &

Lifestyle

F&B

Entertainment/ Lifestyle

46

CSR

CORPORATE SOCIAL

RESPONSIBILITY

47

CSR

Key CSR Achievements

Published CSR Report 2016 in Accordance with GRI G4

Sustainability Reporting Guidelines, and in Alignment with

HKEx Environmental, Social and Governance Reporting Guide

Hong Kong Quality Assurance Agency’s CSR Index Plus

Hang Seng Corporate Sustainability Index Constituent Stock

5 Years Plus Caring Company Logo

Architectural Design Internship has Supported Over 20 Students

Since 2011

48

CSR

2016 CSR Performance Highlights

Total Assets HK$443.8 billion

Hang Seng Corporate Sustainability

Index Series Member 2016-2017

Reduced >17% GHG Emissions

Since 2014*

6,600+ Talent*

102,000+ Training Hours*

Supporting 43,000 Students*

1,100+ Volunteers*

Donations of HK$36 million

The Wharf’s CSR Report 2016 is prepared in accordance with the GRI G4 Sustainability Reporting Guidelines. *Reporting scope covers selected HK operations only.

http://www.wharfholdings.com/eng/Ebook2016/mobile/index.html 49

1. Interim Results

2. Strategic Review

50

CME

i-CABLE

All Major Regulatory Hurdles Cleared

Open Offer (Expected Completion: 14 Sep 2017)

Loan Capitalization (Expected Completion: Sep/ Oct 2017)

Distribution in Specie of All i-CABLE Shares to Wharf Shareholders (2 Stages)

Scheduled for Completion in Sep/ Oct 2017

These will Complete CME Exit

Note: New Investor: Forever Top (Asia) Limited

51

IP Demerger (Dividend Neutral)

Wharf REIC (Incl. 72% HCDL) Wharf

China IP

China DP

Other HK Properties

Logistics (MTL, HACTL)

Hotel Management

PN15 APPROVED; A1 UNDER PREPARATION

GFA 11M+s.f; Value $230B+

Annual Turnover $13B+

Unique Commercial HKIPs:

Harbour City

Times Square

Plaza Hollywood

Crawford House

Wheelock House

The Murray (Under Conversion)

52

Appendix

53

IP Portfolio

70%

26%

4%

Office S.A. &

Others

Retail

55%

34%

11%

Office S.A. &

Others

Retail

84%

16%

China

HK

86%

14%

China

HK

1H17 IP Revenue: $7,927M

By Business

1H17 IP Valuation: $305.9B

By Business

54

HKIP Performance

Harbour City Times Square Plaza Hollywood

1H17

(HKD million) Revenue % Chg Revenue % Chg Revenue % Chg

Retail 3,258 +5% 1,065 -2% 287 +6%

Office 1,235 +2% 350 +1% - -

Hotels & Club 616 +4% - - - -

Serviced Apt. 163 +4% - - - -

Total 5,272 +4% 1,415 -1% 287 +6%

Valuation* as of

30 Jun 2017 $172.7B $54.5B $9.6B

Retail Sales

Jan-Jun 2017 $13.7B (+2.8%) $3.8B (-4.3%) $1.2B (-1.4%)

1H17 Avg. Retail

Passing Rent

(HK$ psf per

Month)

$462 $302 $109

* Incl. Hotels at Valuation as of 30 Jun2017

55

Commercial Properties Pipeline

14.0 14.2 14.2 14.4 14.7 14.7 14.7

5.7 5.7 5.7 5.7 5.7 5.7 5.7

3.9

6.6 7.4 8.2 8.2 8.2 8.2

2.0 2.0

4.6 6.1 6.1 6.1

2.2 2.2

2.7

2.7 2.7 2.7 0.8

0.8 0.8 0.8

3.9 4.1

9.4 11.2

2013 2014 2015 2016 2017 2018 2019+

Commercial Properties Completion Schedule (Million s.f)

Changsha IFS

Suzhou IFS

Changsha Outlets

Wuxi IFS

Chongqing IFS*

Chengdu IFS

Other China Commercial Prop.

HK Commercial Prop.

53.5M s.f

Total Development Area, Incl. Basement Area & Carpark

*Gross Basis & Net of Recognized Sales

56

570,000 s.m*

Retail, Grade A Offices &

Hotel

Retail 114,000 s.m

300m Tower

Jiangbei New CBD

50:50 JV with COLI

2017

383,000 s.m

Grade A Offices, Apartments &

Hotel

No Retail

450m Tower

Suzhou New CBD

80:20 JV with Genway

2018

250,000 s.m

Grade A Offices

No Retail

339m Tower

Taihu Plaza CBD

Wholly-owned

2016

1,043,000 s.m

Retail, Grade A Offices &

Hotel

Retail 254,000 s.m

452m Tower

Prime City Center

Wholly-owned

2018

Wuxi IFS Chongqing IFS Suzhou IFS

Total Development Area, Incl. Basement Area & Carpark

* Gross area & Net of Recognized Sales

Changsha IFS

China Commercial Properties Pipeline

57

China’s Western

Development Strategy

Strong Presence of

International Brands

The World’s Largest

Municipality by Population &

Area

Transportation Hub – Biggest

Inland River Port

Chongqing

Population 30.5 million

1H17 GDP

+10.5%

(National Avg.:

+6.9%)

1H17Retail Sales +11.7%

1H17 Disposable

Income per Capita

RMB16,913

+8.6%

4%

45%

50%

Tertiary Primary

Secondary

1H17 Tertiary Industry +10.8%

50.4% of CQ GDP

Chongqing City Profile

58

Hub City in Central China

Beneficiary of China’s “Rise

of Central China” Campaign

Important Entertainment

Center in China – Presence of

Hunan Satellite TV

1H17 Tertiary Industry +10.2%

47.1% of CS GDP

Changsha

Population 7.6 million

1H17 GDP

+8.5%

(National Avg.:

+6.9%)

1H17 Retail Sales +10.6%

1H17 Disposable

Income per Capita

RMB24,214

+8.0%

3%

50%

47%

Tertiary

Primary

Secondary

Changsha City Profile

59

China Contracted Sales Breakdown by City

Region City No. of Projects

on Sale in 2016

Contracted

Sales (%)

GFA Sold

(%)

Eastern China Shanghai 2 12% 2%

Suzhou 5 11% 10%

Wuxi 4 15% 22%

Changzhou 3 1% 1%

Ningbo 3 7% 7%

Hangzhou 12 21% 21%

Eastern China Sub-Total: 29 67% 63%

Western China Chengdu 7 3% 4%

Chongqing 4 12% 16%

Western China Sub-Total: 11 15% 20%

Southern China Foshan & Guangzhou 6 6% 9%

Others Beijing 2 5% 2%

Tianjin, Dalian & Wuhan 5 7% 6%

Southern & Others Sub-Total: 13 18% 17%

60

2 Projects Launched in 1H17

Projects City New Launch

Attributable

Proceeds

(RMB’M)

Attributable

GFA Sold

(s.m)

Average Price

(RMB psm)

The Osmanthus Grace (Site 18) Hangzhou May 208 6,200 33,800

Longfor Mansion (Site 16) Hangzhou Jun 195 6,100 32,100

61

China Key Projects on Sales in 1H17

Projects City

Attributable

Proceeds

(RMB’M)

Attributable

GFA sold

(s.m)

Average Price

(RMB psm) Ownership

Shanghai Pudong

Huangpujiang Shanghai 1,372 11,800 116,100 100%

Wuxi Glory of Time Wuxi 896 50,300 17,800 100%

Greentown Zhijiang No.1 Hangzhou 709 29,500 22,600 50%

Bellagio Suzhou 699 34,900 20,000 100%

The Pearl on the Crown Beijing 579 7,300 79,200 25%

Wuxi Times City Wuxi 500 34,200 14,400 100%

The Berylville Ningbo 475 14,200 33,300 50%

Scenery Bay Tianjin 462 12,100 36,600 50%

International Community Chongqing 453 34,800 12,800 40%

The Throne Chongqing 445 23,100 17,800 50%

Evian Capital Foshan 419 26,000 14,900 50%

Suzhou Times City Suzhou 410 10,300 28,900 80%

62

China Land Bank Breakdown by City

Region City GFA million (s.m) % Total

Eastern China Shanghai 0.5 9%

Suzhou 0.6 11%

Wuxi 0.7 12%

Changzhou 0.1 1%

Ningbo 0.0 1%

Hangzhou 0.5 9%

Eastern China Sub-Total: 2.4 43%

Western China Chengdu 1.5 25%

Chongqing 0.6 10%

Western China Sub-Total: 2.1 35%

Southern China Foshan, Shenzhen & Guangzhou 0.2 3%

Others Tianjin 0.1 1%

Changsha 0.8 13%

Beijing, Dalian & Wuhan 0.3 5%

Southern & Others Sub-Total: 1.4 22%

Total: 5.9 100%

63

China Key Properties Completion

Projects Attributable GFA (s.m)

Key Completion in 1H17

Suzhou Times City 122,300

Wuxi River Pitti (Bi Xi) 87,700

Chongqing IFS 68,000

Chengdu Times City 56,600

Chengdu Times Town 42,100

Projected Key Completion in 2H17

Shanghai Pudong Huangpujiang 136,000

Suzhou Times City 124,400

Wuxi Times City 62,600

Hangzhou The Exquisite Palace (Longxi) 55,700

Dalian Garden Valley 54,000

Foshan Evian Kingbay 45,300

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China New Projects for Sales in 2H17

Projects City Ownership

Foshan Site (依雲曦岸) Foshan 40%

Longxi (Site 12) Hangzhou 100%

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Thank You

IP Demerger in Progress

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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.

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