Presentation Results. 4th March 2016

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1 Presentation 4th March 2016

2 2015 Review Sound result in 2015 Continued strong performance from commercial portfolio Entry into Shanghai with prime mixed-use site Stable asset values 1

3 Highlights US$930m Underlying profit attributable to shareholders US$905m US$397m Non-trading items US$1,107m US$1,327m Profit attributable to shareholders US$2,012m US Underlying earnings per share US US Earnings per share US US$11.71 NAV per share US$12.19 US Final dividend per share US US Total dividend per share US

4 Commercial Property 3

5 Commercial Portfolio ( 000 sq. ft NFA) HKL s Share Office Retail Hotel Total Hong Kong 4, ,871 Macau Singapore 1, ,783 Jakarta Hanoi Bangkok Others TOTAL 6, ,212 4

6 Hong Kong 1. One Exchange Square 2. Two Exchange Square 3. Three Exchange Square 4. The Forum 5. Jardine House 6. Chater House 7. Alexandra House 9a Gloucester Tower 9. Edinburgh Tower a. The Landmark Mandarin Oriental 10. York House 11. Landmark Atrium 12. Prince s Building 5

7 Hong Kong Central Grade A Office Rental Index Index Source: Jones Lang LaSalle 6

8 Hong Kong Central Grade A Office Market m sq. ft New supply Net take up Vacancy Vacancy % '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Source: Jones Lang LaSalle Disclaimer: The above forecast shall be regarded solely as a general guide. No representation is made nor responsibility accepted by Jones Lang LaSalle for the accuracy of the whole or any part whatsoever. 7

9 Hong Kong Grade A Office Market m sq. ft New supply Net take up Vacancy Vacancy % '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Source: Jones Lang LaSalle Disclaimer: The above forecast shall be regarded solely as a general guide. No representation is made nor responsibility accepted by Jones Lang LaSalle for the accuracy of the whole or any part whatsoever. 8

10 Hongkong Land Central Portfolio: Office Average Net Rent (HK$ psf/month) Year-end Vacancy 5.0% 5.4% 3.4% Weighted Average Lease Expiry (years)

11 Hong Kong: Office Tenant Profile Property 5% Trading 2% Governments 1% Accounting 8% Others 14% Banks and other financial services 39% Legal 31% 10

12 Hong Kong: Expiration and Interim Rent Revisions Total lettable office area subject to expiration/rent revisions ( 000 sq. ft) 783 1,456 1,267 % of area subject to expiration/rent revisions 19% 35% 31% Average expiring net rent (HK$ psf/month)

13 Hongkong Land Central Portfolio: Retail Average Net Rent (HK$ psf/month) Year-end Vacancy 0% 0% 0% Weighted Average Lease Expiry (years) Note: Vacancy excludes areas under renovation. 12

14 Singapore One Raffles Link (100%-owned) One Raffles Quay (33%-owned) Marina Bay Financial Centre (33%-owned) 13

15 Singapore CBD Grade A Office Market m sq. ft New supply Net take up Vacancy Vacancy % '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 CBD Raffles Place, Shenton Way, Marina Bay & Marina Centre Source: Jones Lang LaSalle Disclaimer: The above forecast shall be regarded solely as a general guide. No representation is made nor responsibility accepted by Jones Lang LaSalle for the accuracy of the whole or any part whatsoever. 14

16 Singapore Commercial Portfolio ( 000 sq. ft NFA) Office Retail Total HKL s Share One Raffles Link One Raffles Quay 1, , Marina Bay Financial Centre 2, ,083 1,027 TOTAL 4, ,726 1,783 15

17 Singapore: Office Tenant Profile Natural resources 8% Accounting 3% Others 9% Legal 6% Banks and other financial services 74% 16

18 Singapore: Office Average Rents and Vacancies Average Gross Rent (S$ psf/month) Year-end Vacancy 1.7% 1.7% 3.0% Weighted Average Lease Expiry (years) Note: According to local market practice, the average office rent includes management charges. 17

19 Singapore: Expiration and Interim Rent Revisions HKL s Share: Total lettable office area subject to expiration/rent revisions ( 000 sq. ft) % of area subject to expiration/rent revisions 11% 14% 46% Average expiring rent (S$ psf/month) Note: According to local market practice, the average office rent includes management charges. 18

20 Jakarta Jakarta Land (50%-owned) WTC 3 Existing portfolio features 135,000 sq. m. Average gross rent: US$25.3 psm per month (2014: US$24.0 psm per month) Occupancy: 93% WTC 3: Basement concrete works have been substantially completed (Completion: 2018) 19

21 Phnom Penh EXCHANGE SQUARE (100%-owned) Mixed-use complex of 30,000 sq. m. Heart of Phnom Penh Completion: late

22 Beijing WF CENTRAL (90%-owned) Prestigious retail centre, which includes an exclusive luxury hotel 43,000 sq. m. lettable retail area Open: 1H

23 Residential Property 22

24 Mainland China Completed Projects, Beijing Project Project Type Maple Place Maple Place (90%) Central Park (40%) 22 units handed over in units available for future sale, mostly leased 72 units of serviced apartments Central Park 23

25 Mainland China Development Projects Summary HKL s Share Project Interest Year of Acquisition Site Area (ha) Developable Area (m sq. m.) Constructed (m sq. m.) Under Construction (m sq. m.) Yorkville South, Chongqing 100% Yorkville North, Chongqing 100% Bamboo Grove, Chongqing 50% New Bamboo Grove, Chongqing 50% Landmark Riverside, Chongqing 50% Central Avenue, Chongqing 50% WE City, Chengdu 50% Parkville, Shanghai 50% Shenyang Projects 50% TOTAL

26 Mainland China Parkville, Shanghai Yangjing, Pudong District (50%-owned) Site area: 87,180 sq. m. 227,000 sq. m. GFA Residential and commercial Completion:

27 Mainland China New Bamboo Grove, Chongqing Dazhulin Area (50%-owned) Adjacent to Bamboo Grove Chongqing Int l Exhibition Centre Chongqing Central Park Chongqing Airport Site area: 348,000 sq. m. Central Avenue Project 640,000 sq. m. GFA Yorkville North Primarily residential Completion: 2022 Bamboo Grove Jiangbeizui Yorkville South Central Downtown CBD Jiefangbei CBD Background image from Google Earth Landmark Riverside 26

28 Mainland China Revenue Recognised US$m Chongqing Chengdu Shenyang Beijing $621m $451m $505m Note: The above chart includes HKL s share of Joint Ventures & Associates. 27

29 Mainland China Contracted Sales US$m Chongqing Chengdu Shanghai Shenyang Beijing $802m $632m $635m Note: The above chart includes HKL s share of Joint Ventures & Associates. 28

30 Mainland China Contracted Sales At 31st December 2015, US$821m (2014: US$533m) in sold but unrecognised contracted sales Some 70% of contracted sales scheduled to be recognised in

31 Singapore Sol Acres Sixth Avenue LakeVille Ripple Bay Jurong West J Gateway Hallmark Residences Marina Bay Suites 30

32 Singapore Completed Project Marina Bay Suites (33%-owned) Final 18 units sold 31

33 Singapore Completions in 2015 Project Units GFA ( 000 sq. ft) Sold Sixth Avenue % Ripple Bay % Hallmark Residences % 32

34 Singapore Projects for Completion from 2016 Project Units GFA ( 000 sq. ft) Estimated Completion Date Pre-Sold J Gateway % LakeVille % Sol Acres (previously known as Choa Chu Kang Grove) 1,327 1, % Jurong West TOTAL 3,474 3,218 Not yet launched 33

35 Indonesia Nava Park, Greater Jakarta (49%-owned) JV with PT Bumi Serpong Damai Site area: 67 ha Southwest of central Jakarta 377 units launched for sale; 70% pre-sold Completion of Lancewood:

36 Indonesia Anandamaya Residences (40%-owned) JV with Astra International 509 luxury apartments; 90% pre-sold Completion:

37 Philippines Two Roxas Triangle (40%-owned) JV with Ayala Land 182 units; 91% pre-sold Completion:

38 Philippines Mandani Bay (40%-owned) JV with Taft Property Site area: 20 ha 1.2 million sq. m. GFA Residential and commercial 37

39 Financial Results 38

40 Consolidated Profit and Loss Account (US$m) ,876 Revenue 1,932 (809) Net operating costs (938) 1,067 Operating profit Share of results of joint ventures 141 (69) Net financing charges (74) (187) Tax (151) (4) Non-controlling interests (5) 930 Underlying profit Non-trading items 1,107 1,327 Profit attributable to shareholders 2,012 39

41 Revenue (US$m) Commercial revenue Residential revenue 959 1,876 Total 1,932 40

42 Underlying Profit by Business (US$m) Commercial property Residential property 354 (62) Corporate expenses (62) 1,289 1,234 (103) Net financing charges (107) (247) Tax (209) (9) Non-controlling interests (13) 930 Underlying profit

43 Commercial Property Underlying Profit (US$m) Greater China Hong Kong Mainland China & Macau 21 Southeast Asia & Others Singapore Others Total

44 Residential Property Underlying Profit (US$m) Greater China 69 - Hong Kong Mainland China & Macau 173 Southeast Asia & Others Singapore Others (1) 398 Total

45 Consolidated Cash Flow (US$m) Operating activities Investing activities (146) (426) Financing activities (449) 7 Others Decrease in net debt 316 (3,025) Net debt at beginning of year (2,657) (2,657) Net debt at end of year (2,341) 44

46 Operating Activities (US$m) ,067 Operating profit excluding non-trading items 994 (81) Net interest paid (78) (134) Tax paid (175) (429) Payments for residential sites (281) (454) Development expenditure on residential projects (407) 962 Proceeds from residential sales 1, Dividends received from joint ventures 117 (385) Others (353)

47 Investing Activities (US$m) (38) Major renovations capex (58) (216) Funding of joint ventures (256) 479 Advances and loan repayments from joint ventures 391 (137) Development expenditure (152) - Payment of deposit for a joint venture (71) 88 (146) 46

48 Consolidated Cash Flow (US$m) Operating activities Investing activities (146) Financing activities (421) - Dividends paid by the Company (445) (5) - Dividends paid to minority shareholders (4) (426) (449) 7 Others Decrease in net debt 316 (3,025) Net debt at beginning of year (2,657) (2,657) Net debt at end of year (2,341) 47

49 Consolidated Balance Sheet (US$m) Investment properties 23,697 - Subsidiaries 24,957 4,474 - Joint ventures 4,296 28,171 29,253 Properties held for sale 2,923 - Subsidiaries 2,714 1,372 - Joint ventures 1,771 4,295 4,485 (2,211) Others (2,677) 30,255 Gross assets (excluding cash) 31,061 Financed by: 27,598 - Total equity 28,720 2,657 - Net debt 2,341 30,255 31,061 48

50 Investment Property Basis of Valuation Capitalisation Rates H Hong Kong Office - Exchange Square 1 & % 4.00% 3.75% Hong Kong Retail - Landmark Atrium 4.50% 4.50% 4.50% Singapore Office - MBFC 3.75% 3.75% 3.75% Note: These capitalisation rates are provided on an indicative basis. 49

51 Investment Property Carrying Values (US$m) Greater China 22,336 - Hong Kong 23,671 1,650 - Mainland China & Macau 1,532 Southeast Asia & Others 3,628 - Singapore 3, Others ,171 Total 29,253 Note: The analysis includes share of Joint Ventures & Associates. 50

52 Properties Held for Sale Carrying Values (US$m) Greater China 23 - Hong Kong 18 2,435 - Mainland China & Macau 2,766 Southeast Asia & Others 1,696 - Singapore 1, Others 173 4,295 4,485 (941) Pre-sale proceeds (1,187) 3,354 Net investment 3,298 Note: The analysis includes share of Joint Ventures & Associates. 51

53 Gross Assets at 31st Dec 2015 By Activity By Location Commercial 90% Residential 10% Hong Kong 75% Mainland China and Macau 11% Southeast Asia 14% 52

54 Treasury Management Summary Net debt (US$m) 2,657 2,341 Gearing 10% 8% Average tenor of debt (years) Average interest cost 2.9% 3.3% Credit ratings - S & P - Moody s A A3 A A3 53

55 Maturity Profile of Committed Facilities/Bonds (US$m) US$m 3,000 Bank Facilities (Drawn & Undrawn) Bonds * $2,931m 2,500 2,000 1,500 1, $570m $666m $1,104m $882m $298m * Includes bonds and notes issued under MTN Programme which are at face value. 54

56 Liquidity at 31st Dec 2015 (US$bn) 2014 HK$ 1 S$ 2 US$ RMB Total 7.2 Committed lines Gross debt Available lines Cash Available liquidity Notes: (1) HK$ debt includes US$ debt swapped into HK$. (2) S$ debt includes HK$ debt swapped into S$. 55

57 Outlook Solid trading profits from operations are expected to continue in 2016 Anticipated higher contribution from mainland China Underlying earnings in 2016 are anticipated to be lower overall The Group continues to seek opportunities to develop premium commercial and residential projects in Greater China and Southeast Asia 56

58 Thank you

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