IP Earnings Anchored 14% Growth in Group Core Profit

IP Earnings Anchored 14% Growth in Group Core Profit

The Wharf (Holdings) Limited 2016 Interim Results 10 Aug 2016 1

Backdrop Leading Landlord with a Valuable & Resilient IP Profile Superior Assets & Proven Management Driving IP Performance Strong China/HK DP Recognition Lifted 1H16 Core Profit Improving Sequential Performance (2Q16 vs 1Q16) 2

Consistent Core IP Operations Total Assets IP Portfolio with Proven Track Record 13% DP Total Assets $440B as of End-Jun 2016 IP 72% $440 billion 15% Others IP Portfolio Increased by 3% to $319B, 72% of Total Incl. JV & Associates 3

IP Navigating Through Tough Times IP Core Profit (HKD billion) $4.6B (+11%) 2.9 3.2 3.8 4.2 4.6 Uniquely Positioned to Withstand Market Weakness 1H12 1H13 1H14 1H15 1H16 IP Core Profit +11% to $4.6B Core Profit China IP 78% of Group Core Profit HKIP $6.0 billion 8% 15% DP 70% 7% Others 4

IP Stability Driven by Strong Execution Total IP Revenue (HKD billion) $7.6B (+7%) HK China 1H16 Total IP (Excl. Hotel) Revenue 1.2 +7% to $7.6B 1.1 0.8 Proven Management Capabilities Driving Growth Well Prepared To Balance Risks & Opportunities 0.5 4.4 0.5 4.8 5.6 6.1 6.4 1H12 1H13 1H14 1H15 1H16 5

Financial Highlights HKD Million 1H16 1H15 % Chg Group Revenue 20,021 17,906 +12% Operating Profit 8,075 7,475 +8% Core Profit** 5,972 5,258 +14% Profit Before IP Revaluation Surplus 6,200 3,793 +63% Core Profit +14% to $6.0B Net IP Revaluation Surplus 525 3,165-83% Profit after IP Revaluation Surplus 6,725 6,958-3% Earnings Per Share (HK$) - Attributable to Shareholders 2.22 $2.30-3% - Core** 1.97 $1.73 +14% Dividend Per share (HK$) $0.58 $0.55 +5.5% **Exclude IP revaluation surplus and exceptional items 6

Agenda Hong Kong IP China IP & DP Others Next 7

HK Retail Challenging HK Retail Sales (HKD billion) Title 494.5 493.2 475.2 1H 2H 2Q Sales & Tourist Arrivals Decline Stabilizing 241.6 243.6 229.6 Strong HKD; Weak Macro Environment to Impact Outlook 219.7 (-10.5%) Still Too Early to See Light At the End of the Tunnel 252.9 249.6 245.6 219.7 2Q: -8.3% 1Q: -12.5% 2013 2014 2015 2016 8

Stabilizing Retail Sales Decline 2Q16 Decline Significantly Narrowed HC Retail Sales (HKD billion) Title TS Retail Sales (HKD billion) 1H 2H 17.8 18.2 15.2 5.1 5.3 4.5-14.7% -15.7% 16.0 16.8 15.6 13.3 2Q: -9.6% 1Q: -18.9% 4.4 5.2 4.7 3.9 2Q: -10.3% 1Q: -20.0% 2013 2014 2015 2016 2013 2014 2015 2016 9

Mixed Retail Outlook Marco Environment; Foreign Currency Movements Brexit Impact: Europe Currency & Political Uncertainty Europe Terrorist Threats to Affect Tourism Trend Lower Base Effect Started to Kick in; Diverse Tourist Trend Mixed Impacts from Global Price Harmonization (Pricing vs Patronage) Tenants Flexible Strategy Responding to Market Changes 10

Confirmed Resilience Against Headwinds Retail Revenue By Segment Ongoing AEIs & Refining Tenant Mix Powerful Promotions & Proactive 68% $4.6 billion (+5%) 2% 6% Others PH Expansion of Customers Base HC 24% TS Stable Occupancy Cost & Solid Rental Reversion Sustained Foot Traffic with Mild Growth HC $3,108M +4% TS $1,087M +10% PH $270M +3% 11

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 HC Value Creation Mitigates Retail Pressure HC Retail Revenue (HKD billion) $3.1B (+4%) 1H 2H Continued Tenant Mix Enhancement & OT Initiatives Freshening the Mall Intact Pricing Power 2.5 2.9 2.9 Diversification & Balanced Mix Countering Market Risk OT Extension Building by 2H17, with Diverse Dining Options 1.1 0.9 0.8 1.5 1.4 0.7 0.8 1.1 1.2 1.4 1.9 1.7 2.1 2.1 2.4 2.8 3.0 3.1 12

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TS AEI Driving Growth TS Retail Revenue (HKD billion) $1.1B (+10%) 1H 2H Renovation Completed by End-2015 Trade & Tenant Mix, F&B Choices Further 1.0 1.0 Enriched Post-AEI Value Creation Gradually Unlocked 0.8 0.7 0.7 0.6 0.5 0.5 0.4 0.4 0.3 0.4 0.4 0.5 0.5 0.6 0.7 0.7 0.9 1.0 1.1 13

HC & TS Tenant Mix Enhancement Continues HC (Selected Brands) TS (Selected Brands) Expansion HK Debut Kowloon Debut NA Other Commitments 14

HC & TS Creative & Culture-Oriented Promotions HC TS 15

Office Stable Performance HK Office Revenue (HKD billion) $1.6B (+8%) 1H 2H High Occupancy (97%-98%) Positive Rental Reversion 1.1 1.2 1.3 1.5 1.6 Positive Spot Rental Growth 1.1 1.2 1.2 1.4 1.5 1.6 2011 2012 2013 2014 2015 2016 16

Agenda Hong Kong IP China IP & DP Others Next 17

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 China IP Solid Performance China IP Revenue (HKD billion) $1.2B (+7%) 1H 2H Solid Growth Momentum (HKD) Despite Currency Translation Impacts 1.2 1.2 IFS Pipeline to Add Future Growth Impetus 0.5 0.3 0.2 0.2 0.3 0.1 0.2 0.2 0.3 0.3 0.2 0.3 0.5 0.8 0.5 0.5 0.8 1.1 1.2 In Jul 2010, Chongqing TS mall was closed for renovation and hence impacted the rental revenue during the period 18

CDIFS Mall Stand Above Competition 1H16 CDIFS Mall Net Revenue (Net of Tax) RMB312M (+9%) Foot Traffic Growth +14% Turnover Rent Portion 16% Strong Execution Driving Performance Occupancy Cost* 15% * Occupancy Cost = Retail Rent/Retail Sales Solid Retail Revenue & Sales Growth On Track to Meet Full-Year Target CDIFS Retail Sales Growth 1H16 RMB1.8B +13% 2016 Expect Double Digit Growth 19

CDIFS Large-Scale & Powerful Marketing Events 20

CDIFS Office Leasing Progressing on Track Finest Premium Office Raises the Bar for Future Offices 36% Committed or ~100,000 s.m Leased Commanding the Highest Rental Rates in CD 21

Award - Winning CDIFS Other Key Awards in 1H16 (Total 16 Awards) The Most Valuable Commercial Real Estate Developers of China (China Commercial Real Estate Association) Best Operated Commercial Real Estate Project (China Commercial Real Estate Golden Coordinate Awards) The 2016 VIVA Best-of-the- Best Design and Development Award (by ICSC) Quality Building Award 2016 The Most Distinctive Experiential Mall (Chengdu Retailers Business Association) 2015-2016 Real Estate Design China Award Top 10 Golden Commercial Projects (China Real Estate Architects) Niccolo Chengdu - Best Business Hotel in Southwest China (9 th TTG China Travel Award) Top 10 Retail Enterprises of the Year (Chengdu Retailers Business Association) 22

5 IFSs Long-term Growth Engine Attributable Area of 5 IFSs 30% CDIFS Progressing at Full-Speed Significant Earnings & Value Drivers Attributable Area 2.0M s.m 15% SZIFS Retail-Led IFSs to Tap the Experience- Driven Consumption Markets CSIFS 36% 10% 9% WXIFS CQIFS (50%)* Exclude Carpark *Net of Recognized Sales 23

China IP Pipeline Embracing the Future China IP Pipeline Pre-Leasing On Track CS Times Outlets 88% Under Offer/Discussion (186 Brands) CSIFS Over 80% Under Offer/ Discussion Solid Demand from Retailers Underlined Tenants Confidence in Wharf s Expertise Jan14 CDIFS Fully Let Sep16 Apr17 2H17 CQIFS Over 85% Under Offer/ Discussion 24

DP Gaining Pace; Record Sales Contracted Sales (RMB billion) RMB16.3B (+58%) 1H 2H Sales Exceeded Budget 68% of FY16 Target Met Benefiting from Favorable Operating Environment 15.7 10.0 12.6 6.4 7.5 16.3 6.3 7.5 10.9 8.9 10.3 2011 2012 2013 2014 2015 2016 1H 2016 Contracted Sales Sales RMB16.3B +58% GFA 836,000 s.m +34% ASP RMB18,600 s.m +15% 54 Projects in 14 Cities on Sale DP Landbank 5.0M s.m 2016 Sellable Resources 2.4M s.m 1H16 Accumulated Sell-through Rate 91% 25

DP Strong Profit Recognition Robust Results due to Increased GFA & Better-Margin Projects Recognition Improving Recognized Margin Net Order Book RMB29B or 1.4M s.m 1H16 Operating Matrix* Revenue $13,049M +33% Operating Profit $2,328M +54% Operating Margin 18% +2.5 ppts Completed GFA 1.1M s.m +134% Recognized GFA 872,000 s.m +44% * Incl. JVs & Associates on an Attributable Basis 26

DP Disciplined Landbanking Selective & Prudent Approach Focus on Tier 1 Cities, Selective Top Tier 2 Cities Date City Attributable GFA (s.m) Attributable Consideration (RMB) Ownership Feb16 Beijing 47,800 2.05B 40% Jun16 Hangzhou 18,200 0.28B 25% Total 66,000 2.33B 27

Agenda Hong Kong IP China IP & DP Others Next 28

HKDP Mount Nicholson Prestigious Peak Properties Sets a New Benchmark for Luxury Living 50%-Owned Mount Nicholson Launch Date 1Q 2016 3 Villas Sold for $2.2B (Attributable: $1.1B) YTD; $82,400 psf on Average Of which 2 Villas Sold in 1H16 were Recognized Product Type OP 19 Villas (6,000-10,000 s.f) 48 Apartments (4,200-4,500 s.f) Issued 29

MTL Revenue $1,234M (-11%) Operating Profit $290M (-11%) Market Throughput Decline (South China -4%; Kwai Tsing -9%) Throughput (million TEUs) HK 2.3 +4% DCB 0.7 +10% TC 1.0 +11% Total 4.0 +7% 30

Hotels Revenue $740M (+3%); Operating Profit $104M (-10%) Challenging Operating Environment in HK & Mainland China The New Niccolo Brand is Getting Off to a Great Start Niccolo Chengdu - Market Leader for Room Yield, Only One Year from Opening 31

CME Strategic Review Underway Wharf T&T Best Half-Year Results Ever EBITDA $415M (+10%), Margin 41% Operating Profit $214M (+24%) Free Cash Flow $237M (+7%) i-cable Revenue $710M (-7%) Operating Loss $133M Fantastic TV Chinese Channel Latest by May 2017 32

Prudent Financial Management 25.6% Net Debt to Total Equity 21.1% 18.8% 19.2% 20.6% 21.7% 20.4% 18.9% Net Gearing Ratio at a Low Level 15.8% 14.9% 15.2% Group Net Debt $48B 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H16 Floating Rate Debt: 82% of Total Net Debt / (Cash) (HKD B) Wharf (Excl. Subs.) MTL HCDL i-cable Group Total Net Debt to Total Equity 30 Jun 2016 40.4 8.9 (1.5) 0.4 48.2 15.2% 30 Jun 2015 51.9 10.9 (0.7) 0.2 62.3 19.6% 33

Prudent Financial Management Average Interest Cost 2.3% 2.8% 3.2% 3.2% 2.8% 2.9% 2011 2012 2013 2014 2015 1H16 Debt Maturity (HKD billion) 20.1 14.0 11.0 7.4 6.3 8.0 Jul16-Jun17 Jul17-Jun18 Jul18-Jun19 Jul19-Jun20 Jul20-Jun21 Jul21 & After 34

Overview of Application of Funds 35.5 Major Capital and Development Expenditure (HKD billion) 32.8 31.5 23.4 33.8 2012 2013 2014 2015 2016 HKD 1H16 (Actual) FY16 (Projected) China DP $7.9B $15.8B China IP $2.0B $6.2B HKIP $7.0B $8.2B Others $1.1B $3.6B Total $18.0B $33.8B * China DP $15.8B self-financed by sales; China IP mainly IFSs under construction 35

Agenda Hong Kong IP China IP & DP Others Next 36

Next Highlights CS Times Outlets (Sep 2016) CQIFS Mall & Niccolo (Apr 2017) OT 4-Storey Extension (2H17) CSIFS Mall (2H17) Hotel at Murray Building (4Q17) 37

Corporate Social Responsibility (CSR) 38

Key CSR Achievements The 2 nd CSR Report based on the international sustainability reporting guidelines (GRI G4) Will soon be available on www.wharfholdings.com Hang Seng Corporate Sustainability Index top 30 HKQAA s CSR Index Plus mark Project WeCan, the flagship Business-in-Community initiative, now in its 5 th year 35 corporate partners (incl. universities & consulates) Supporting 50 secondary schools and 42,000 students 39

Appendix 40

IP Portfolio 1H16 IP Revenue: $7,644M By Business 1H16 IP Valuation: $302.9B By Business Office 27% 3% S.A. & Others Office 35% 9% S.A. & Others 70% Retail 56% Retail China 16% China 15% 84% HK 85% HK 41

HKIP Performance Harbour City Times Square Plaza Hollywood 1H16 (HKD million) Revenue % Chg Revenue % Chg Revenue % Chg Retail 3,108 +4% 1,087 +10% 270 +3% Office 1,208 +6% 348 +6% - - Hotels & Club 594-5% - - - - Serviced Apt. 156 +7% - - - - Total 5,066 +3% 1,435 +9% 270 +3% Valuation* as of 30 Jun 2016 Retail Sales Jan-Jun 2016 $170.7B $54.5B $9.4B $13.3B (-14.7%) $3.9B (-15.7%) $1.2B (-8.4%) 1H16 Avg. Retail Passing Rent (HK$ psf per Month) * Incl. hotels at valuation as of 30 Jun 2016 $435 $300 $105 42

Commercial Properties Pipeline Commercial Properties Completion Schedule (Million s.f) 53.8M s.f Changsha IFS 9.4 11.2 Suzhou IFS 3.9 2.2 2.2 2.0 2.0 8.9 6.1 4.1 4.1 0.8 0.8 0.8 0.8 2.2 2.2 2.2 2.7 6.5 6.5 6.5 6.5 6.6 7.4 8.1 8.1 8.1 8.1 5.7 5.7 5.7 5.7 5.7 5.7 5.7 14.0 14.2 14.2 14.4 14.7 14.7 14.7 2013 2014 2015 2016 2017 2018 2019+ Changsha Outlets Wuxi IFS Chongqing IFS* Chengdu IFS Other China Commercial Prop. HK Commercial Prop. Total development area, incl. basement area & carpark *Gross basis & net of recognized sales 43

China Commercial Properties Pipeline Wuxi IFS Suzhou IFS Chongqing IFS Changsha IFS 250,000 s.m 383,000 s.m 606,000 s.m.* 1,043,000 s.m Grade A offices & hotel No Retail 339m tower Taihu Plaza CBD Wholly-owned 2019+ Total development area, incl. basement area & carpark * Gross area & net of recognized sales Grade A offices, apartments & hotel No Retail 450m tower Suzhou new CBD 80:20 JV with Genway 2018 Retail, Grade A offices & hotel Retail 114,000 s.m 300m tower Jiangbei new CBD 50:50 JV with COLI 2016 Retail, Grade A offices & hotel Retail 254,000 s.m 452m tower Prime city center Wholly-owned 2019 44

Chongqing City Profile China s Western Chongqing 1H16 Tertiary Industry +10.7% 50.6% of CQ GDP Development Strategy Strong Presence of Population 1H16 GDP 29.9 million +10.6% (National Avg.: +6.7%) Tertiary 51% 5% Primary International Brands 1H16Retail Sales +12.9% The World s Largest Municipality by Population & 1H16 Disposable Income per Capita RMB15,569 +8.8% 45% Secondary Area 45

Changsha City Profile Hub City in Central China Changsha 1H16 Tertiary Industry +11.6% 46.5% of CS GDP Beneficiary of China s Rise of Central China Campaign Population 1H16 GDP 7.3 million +9.2% (National Avg.: +6.7%) Tertiary 46% 4% Primary Important Entertainment 1H16 Retail Sales +11.2% Center in China Presence 1H16 Disposable Income per Capita RMB22,423 +8.6% 50% Secondary of Hunan Satellite TV 46

China Contracted Sales Breakdown by City Region City No. of Projects on Sale in 1H16 Contracted Sales (%) GFA Sold (%) Eastern China Shanghai 5 21% 6% Suzhou 5 14% 9% Wuxi 4 9% 16% Changzhou 3 4% 10% Ningbo 3 3% 3% Hangzhou 8 21% 15% Eastern China Sub-Total: 28 72% 59% Western China Chengdu 7 6% 12% Chongqing 4 6% 10% Western China Sub-Total: 11 12% 22% Southern China Foshan & Guangzhou 7 4% 8% Others Beijing 3 4% 3% Tianjin, Dalian & Wuhan 5 8% 8% Southern & Others Sub-Total: 15 16% 19% 47

3 New Project Launched in 1H16 Projects City New Launch Attributable Proceeds (RMB M) Attributable GFA Sold (s.m) Average Price (RMB psm) Yalin Landscape (Public Housing) Beijing Feb 193 9,200 21,100 Longxi Hangzhou Apr 429 16,000 26,800 YalinDong (Public Housing) Beijing May 189 9,000 21,000 48

China Key Projects on Sales in 1H16 Projects Shanghai Pudong Huangpujiang City Attributable Proceeds (RMB M) Attributable GFA sold (s.m) Average Price (RMB psm) Ownership Shanghai 2,723 29,800 91,300 100% Suzhou Times City Suzhou 1,325 43,200 27,800 80% Qiantang Bright Moon Hangzhou 873 31,300 26,100 50% Scenery Bay Tianjin 868 33,000 25,500 50% Bi Xi Wuxi 783 75,700 10,100 100% Ambassador Villa Suzhou 613 11,200 54,100 100% The U World Chongqing 519 36,200 13,700 55% Palazzo Pitti (Lot C) Hangzhou 483 16,100 26,500 100% Wuxi Times City Wuxi 481 47,200 9,700 100% Zhoupu Shanghai 479 11,500 41,800 100% Greentown Zhijiang No.1 Hangzhou 435 22,200 19,400 50% Longxi Hangzhou 429 16,000 26,800 100% 49

China Land Bank Breakdown by City Region City GFA million (s.m) % Total Eastern China Shanghai 0.6 8% Suzhou 0.9 12% Wuxi 0.8 11% Changzhou 0.5 6% Ningbo 0.1 1% Hangzhou 0.7 10% Eastern China Sub-Total: 3.6 48% Western China Chengdu 1.7 22% Chongqing 0.7 10% Western China Sub-Total: 2.4 32% Southern China Foshan & Guangzhou 0.2 3% Others Tianjin 0.1 1% Changsha 0.8 11% Beijing, Dalian & Wuhan 0.4 5% Southern & Others Sub-Total: 1.5 20% Total: 7.5 100% 50

China Key Properties Completion Projects Attributable GFA (s.m) Key Completion in 1H16 Suzhou Times City 193,900 Ningbo Park Mansion 103,700 Changzhou Feng Huang Hu 102,000 Wuxi Bi Xi 87,600 Chongqing The Thorne 85,000 Hangzhou Royal Seal 82,000 Projected Key Completion in 2H16 Shanghai Zhoupu 91,300 Chongqing IFS 86,400 Hangzhou Greentown Zhijiang No.1 85,100 Chengdu Le Palais 77,200 Suzhou Bellagio 75,800 51

China New Projects for Sale in 2H16 Projects City Ownership Hangzhou Binjiang District Site Hangzhou 50% Jingan Garden Shanghai 55% The Pearl on the Crown Beijing 25% Crown Land Beijing 25% 52

IP Earnings Anchored 14% Growth in Group Core Profit Thank You 53

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. 54