Record year from Building for Tomorrow

Record year from Building for Tomorrow The Wharf (Holdings) Limited 2012 Annual Results 26 March 2013

Highlights Core profit exceeded HK$11B, 37% over 2011. A record for Wharf. Attributable profit HK$47B, 55% over 2011. Another record. In addition, the surplus in market value of HK$9 per share over the acquisition cost of Greentown shares at year end amounted to HK$4.7B. The new lease for Ocean Terminal consolidated Harbour City s footprint and leadership on Canton Road. Investment property portfolio was HK$232B at end 2012 (HK$115B at end 2009). Combined attributable value of Harbour City and Times Square amounted to about HK$58 per Wharf share. Rental income from the Mainland exceeded HK$1B for the first time. 2

Highlights Timely investment in Greentown added synergy to Wharf s China development initiative and paid instant dividend. Attributable development land bank in the Mainland increased by 50% to 18M s.m. Attributable Mainland property sales (excluding Greentown) RMB15B, 50% above target. 2013 target RMB20B. Net debt to total equity ratio maintained at a healthy 21.7% despite these new long term investments. Full year dividend HK$1.65 (56% increase over 2011, 45% of core profit). Building for Hong Kong s tomorrow, the Group targets to allocate up to 1% of annual core profit to support charitable and community activities. 3

Record revenue and operating profit in 2012 Group Revenue $31B * +29% over 2011 New Record Group Operating Profit $14B +24% over 2011 New Record +94% in 5 years +91% in 5 years 31.0B 14.0B 24.0B 11.4B 15.9B 17.6B 19.4B 7.4B 8.6B 9.4B 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 *HKD for this presentation unless otherwise specified 4

New record of core profit and IP valuation Group Core Profit* $11B +37% over 2011 +130% in 5 years 4.8B 6.4B 7.1B 8.1B New Record 11.0B Investment property valuation (HK & China excl. hotels) $232B 2X in 3 years $76 per share $115B Jan 2010 $184B Dec 2011 New Record $232B Dec 2012 2008 2009 2010 2011 2012 HK Properties (excl. hotels) 60% 30% 30% 30% China Properties Others 10% China properties contribution increased to 30% due to first time contribution from Greentown (half year only) China IP 16% HK IP 84% HK IP + hotels equivalent to $66 per share *exclude IP valuation surplus and exceptional items 5

Financial highlights HKD million FY2012 FY2011 % Change Group Revenue 30,856 24,004 +29% Operating Profit 14,170 11,388 +24% Core Profit* 11,040 8,083 +37% Profit Before IP Revaluation Surplus 13,927 6,727 +107% IP Revaluation Surplus (net of Tax & NCI) 33,336 23,841 +40% Profit after IP Revaluation Surplus 47,263 30,568 +55% Earning Per Share - Attributable to Shareholders - Core* $15.60 $3.64 $10.22 $2.70 +53% +35% Dividend Per Share - First & Second Interim - Total $1.65 $1.65 $1.06 $1.06 +56% +56% *Exclude IP revaluation surplus and exceptional items 6

Prudent financial management Wharf (exclude below subsidiaries) Net Debt / (Cash) (HKD billion) 31.12.2012 31.12.2011 49.2 35.3 MTL 11.2 11.2 HCDL (4.6) (2.7) i-cable (0.2) (0.3) Group Total 55.6 43.5 Net Debt to Total Equity 21.7% 20.6% Gearing maintained at healthy level 21.7% 21.9% 22.9% 21.7% +$7.9B +$5.3B Ocean Terminal lease renewal for 21 years Investments in Greentown China 20.6% 19.2% Dec 2010 Jun 2011 Dec 2011 Jun 2012 Dec 2012 7

Diversified sources of income and funding Capital development & investment expenditures HKD 4.5B GT 5.3B China IP 5.9B 15.5B 2007 2008 2009 2010 2011 2012 2013 Others 2.0B HK IP 8.9B 8.9B 24.9B China DP 13.4B 36.8B 35.5B 29.1B provisional data China DP $13.4B self-finance by sales China IP mainly IFS under construction HK IP $8.9B due to OT lease renewal GT investments $5.3B Diversified & multiple sources Rental income from investment properties (HK & China) Logistic & hotels China property sales HK property sales (One Midtown) Cash Balance Undrawn bank facilities Debt financing $8.2B operating profit 2012 $1.6B operating profit 2012 RMB15.0B sales proceed 2012 $2.6B sales proceed 2012 $18.8B as of 31.12.2012 $17.8B as of 31.12.2012 $11.2B bond issued in 2012 8

Business Review Investment Properties 9

Dominant position in HK retail market $42B new retail sales record in 2012 New Record New retail sales record on psf basis in 2012 $1,717 psf per month $2,584 psf per month New Record $571 psf per month 9.5% of HK retail sales 2.3% of HK GDP 2012 175M total annual foot traffic Retail sales growth continued to outperform HK retail market in 2012 on psf basis 14.8% 14.7% 13.2% 9.8% 10

Strong results continued from core flagships Harbour City Unrivaled 6.9% market share HKD million FY2012 Occupancy FY2012 Revenue % Change Retail 100% 4,223 +18% Office 97% 1,710 +6% Hotels & club - 1,265 +10% Serviced apt. 85% 310 +3% Total: 7,508 +13% retail sales $31B new record $133B valuation* incl. hotels 8.4M sq. ft. GFA Office 51% Hotels & club 16% S.A. 8% Retail 25% GFA breakdown Times Square World s successful vertical mall, $600 psf retail rental on 8th floor HKD million Retail 100% Retail 1,352 +7% Office 2.2M s.f. 98% 556 +17% *Valuation as at 31.12.2012 FY2012 Occupancy FY2012 Revenue % Change Total: 1,908 +10% Office 4.4M s.f. new G/F shops & L12 cinema open 2H2013 retail sales $9B in 2012 valuation as at $44B2012 year end 2.0M sq. ft. GFA Office 50% Retail 50% GFA breakdown 11

World class malls #1 comparing to top 10 retail sales malls in North America (2012 retail sales estimates, source: KPMG via retail insider) 30.8B #3 #2 Ala Moana Retail sales 2012 (HKD) 9.3B 8.9B 3.7B 8.0B 8.4B 10.2B 2.7B 5.6B 5.6B 4.5B 3.9B 2,584 1,717 Retail sales psf per month 2012 1,027 956 858 845 812 780 686 683 676 663 (HKD) Harbour City Times Square Pacific Centre Ceasar s Palace Toronto Eaton Yorkdale Ala Moana Oakridge Chinook Centre Mall at Short Hills Mall at Millenia Rideau Centre H Vancouver Las Vegas Toronto Toronto Honolulu Vancouver Calgary Short Hills Orlando Ottawa source: retail insider, assuming 50% efficiency for all malls 12

Sustainable growth delivered in last 10 years 42,000 32,750 23,500 HC & TS Retail Sales 14,250 5,000 2003 2004 2005 2006 2007 2008 (HKD) 2009 2010 2011 2012 5X retail sales in 10 years 20%CAGR retail sales 10-year growth* Outperform 11% HK CAGR in last 10 years 3.5X retail revenue in 10 years 15%CAGR retail revenue 10-year growth* 6,000 4,625 3,250 1,875 HC & TS Retail Revenue 500 2003 2004 2005 2006 2007 (HKD) 2008 2009 2010 2011 2012 office occupancy 93% avg. in 10 years 7%CAGR 3,000 2,375 1,750 office revenue 1,125 10-year growth* 500 HC & TS Office Revenue *CAGR from 2003-2012 10 years period 2003 2004 2005 2006 2007 2008 2009 (HKD) 2010 2011 2012 13

Solid performance from China IP Turnover $1.0B Operating Profit $0.6B +26% over 2011 +29% over 2011 Proven ability to replicate Harbour City & Times Square s success into China Shanghai Wheelock Square 15% 11% 8% 4% 0% 2010 2011 2012 13% gross yield on cost in 2 years 92% occupancy* RMB430 psm monthly avg. spot rent 2012 Dalian Times Square 65% 51% 59% gross yield on cost in 4 years Chengdu Times Outlets 35% 28% 30% gross yield on cost in 3 years 38% 24% 10% 2008 2009 2010 2011 2012 Chanel, BV, Tod s, Versace & Sportmax opened in 2012 to drive future growth 20% 13% 5% 2009 2010 2011 2012 2.3M visitors visit The most visited outlet mall in Chengdu *Valuation and occupancy as at 31.12.2012 14

Future recurrent rental income will multiply 49.7M square feet Commercial properties in HK & China by 2016* HK investment 3.5X properties area 5 IFS in Chengdu, Wuxi, Chongqing, Suzhou & Changsha will complete from 2013 to 2016 50 38 25 13 0 2012 (M sq. ft.) 2013 2014 2015 CS IFS SZ IFS CQ IFS** WX IFS CD IFS China IP HK IP 2016 CQ IFS 2015 a retail mall per year HK Retail HK retail 3.6M sq. ft. Changsha IFS Chengdu IFS 2014 2016 Chongqing IFS ** 2015 Chengdu IFS Completed China retail 2014 China Retail completed before 2012 HK Retail 3.6M sq. ft. HK retail 11.0M square feet Retail area by 2016 in HK & China 3X retail area in Hong Kong *Including carpark area **Attributable area 15

Why Chengdu? 16 Booming financial services industry Financial Centre Southwest China 186 banks, insurance & securities co. in 2012* *Source: Chengdu Daily Fastest GDP growth avg. GDP growth 13% in past 5 years 15 sub-provincial admin. status cities avg.* 10.5% Chengdu 13.0% 2012 GDP growth designated by State Council in 2003 setup its Chengdu branch office in 1996 China 7.8% *Including Chengdu, Shenzhen, Guangzhou, Hangzhou, Nanjing, Shenyang, Jinan, Ningbo, Qingdao, Wuhan, Xiamen, Xian, Dalian, Changchun & Harbin 233 Fortune 500 co. in Chengdu in 2012 Fast growing retail market RMB 332B in 2012 largest 8th in China +19% avg. retail sales growth in 5 years Large market size Chengdu population 14M 4th largest in China Sichuan 110M = population* population in 290M Western China *Including Chongqing city retail sales 86% of Japan = 1st Apple Store outside BJ & SH = 2X HK 92% of USA

Chengdu IFS - First IFS to complete Critical Mass IFS Largest commercial properties in prime city center location 600,262* Total development area incl. basement carparks 740,000 square metres = close to 780,000 s.m. Chinese Estates 300,000 Swire Daci Temple 255,000 Yanlord Landmark 210,000 Raffles City 198,000 Phase 1 Phase 1 Retail mall 205,000 s.m. Office 123,700 s.m. Basement carparks 1,700 Phase 1 Tishmen 128,000 290M population 6 provinces + 3 autonomous regions Sufficient critical mass servicing Western China (s.m.) *Plot ratio GFA of 536,000 s.m. plus basement retail area 2H2013 phase one completion Source: Company information 1Q2014 mall opening 80% retail area leased at 2012 year end 2H2014 full completion 80% leased 17

Other IFSs progressing as planned Chongqing IFS Retail size of Times Square GFA: 234,000 s.m.* Usage: Retail, Grade A offices & hotel Retail area: 102,000 s.m. Landmark: 300m tower Location: Jianbei new CBD Ownership: 50:50 JV with COLI Completion: 2015 Wuxi IFS City centre landmark GFA: 271,000 s.m. Usage: Grade A offices & hotel Retail area: Nil Landmark: 340m tower Location: Taihu Plaza CBD Ownership: wholly-owned Completion: 2014 GFA: Usage: Suzhou IFS Tallest tower in Suzhou Retail area: Landmark: Location: Ownership: Completion: 278,000 s.m.* Grade A offices, apartments & hotel Nil 450m tower Suzhou new CBD 80:20 JV with Genway 2016 *GFA represents plot ratio & attributable GFA only GFA: Usage: Changsha IFS Another Harbour City Retail area: Landmark: Location: Ownership: Completion: 725,000 s.m. (another Harbour City) Retail, Grade A offices & hotel 229,000 s.m. 452m tower Prime city centre wholly-owned 2016 18

Business Review China Development Properties 19

China development properties bear fruit in 2012 Turnover New Record $9.6B +51% Operating Profit $3.6B 758,000 s.m. Area completed & recognized over 2011 +57% over 2011 +39% over 2011 Contracted sales RMB15.0B +50% sales target +18% over 2011 Mid Aug RMB 10.0B sales target achieved New Record Early Nov RMB 12.7B exceeded 2011 sales results Net Order Book as of 31.12.2012 RMB15.7B 1,448,000 s.m. +16% over 2011 +60% over 2011 GFA sold +53% over 2011 0.13M sm 0.44M sm 0.54M sm 0.85M sm +86% 1.30M sm 2008 2009 2010 2011 2012 20

Proven sales capability during challenging time projects 30 on sale 12 Mid price-point projects were cities 7 new projects launched 2012 All key regions delivered robust sales growth 1. Suzhou Times City RMB 2.2B key sales contributors 6.9B 2. Chengdu Tianfu TS RMB 1.5B 46% Eastern China 5.7B +21% 3. Tianjin Peaceland Cove RMB 1.1B Western China Southern China (RMB billion) 2.0B 1.4B 4.9B 4.1B +41% +21% 2012 2011 4. Chengdu Crystal Park RMB 1.0B 5. Wuxi Times City RMB 1.0B Top 5 sales projects contributed 46% of total contracted sales in 2012 21

Robust growth will continue in 2013 2013 Sales Target RMB20.0B +33% over 2012 Jan & Feb 2013 Contracted Sales RMB3.5B +175% YoY growth Jan 2013 sales at RMB 2.3B already more than Q1 2012 & Q1 2011 20.0B 2.0B Feb 2013 2.0B RMB1.2B 2.3B 4.6B 8.8B 12.7B 15.0B Jan 2013 RMB2.3B 1.2B 2009 2010 2011 2012 2013 (RMB) Q1 2011 Q1 2012 Jan 2013 Feb 2013 (RMB) 22

China strategy is progressing smoothly Land bank in China 12.3M square metres Others China land bank 50% if included Greentown Eastern 18.0M China square metres 3% Northern China 34% 16% Western China 21% Suzhou 52% 7% Chengdu Eastern China Central China 4% Southern China Upcoming IFS 17% Completed IP 3% DP for sale 80% New land acquisitions of RMB6.1B in 2012 & March 2013 Changzhou 26% Chengdu 24% Beijing 6% Dalian 15% Shanghai 29% 938,000 square metres attributable land bank in 5 key cities Investments in Greentown China create strategic opportunities and synergy to co-source low cost land bank in China. $4.7B surplus in market value of GT investment at 2012 year end 23

Business Review Marco Polo Hotels, Modern Terminals and Communications, Media & Entertainment 24

Marco Polo Hotels $1,391M revenue $391M operating profit +9% over 2011 +5% over 2011 13 10 owned or managed hotels in Asia Pacific hotels under development Chengdu Wuxi Chongqing Suzhou Changsha Manila Bangkok Changzhou Guiyang Tianjin Modern Terminals $2,969M revenue, -13%* $1,142M operating profit, -26% 2012 Throughput TEU Hong Kong 4.8M Taicang Int l Gateway 1.5M Da Chan Bay Terminal One 0.6M *-6.3% if excluded impact of one-off income recovery in 2011 25

i-cable Competitive pressure remained high while operating environment remained challenging $2,127M revenue, +1% $278M net loss higher programming cost $188M healthy net cash position Wharf T&T Record turnover & profit again in 2012 $1,826M revenue, +4% $250M operating profit, +9% Stable net cash inflow maintained 26

Appendix 27

China new land acquisitions in 2012 & 2013 Site Usage Equity Interest Attributable GFA (s.m.) Accommodation Value (RMB psm) Beijing Chaoyang District Residential 33% 60,000 13,000 Shanghai Pudong District Residential 50% 36,100 11,500 Shanghai South Railway Station Commercial 27% 133,000 11,000 Changzhou Xinbei District Residential 100% 245,000 1,200 Chengdu Shuangliu District Residential 100% 222,000 1,700 Dalian Zhongshan District Residential 60% 144,000 8,500 2012 Acquisitions Attributable GFA: 840,100 Shanghai Pudong District (March 2013) Residential 100% 97,900 13,300 2012 & March 2013 Acquisition Attributable GFA: 938,000 28

China contracted sales breakdown by city Region City No. of projects on sale in 2012 Contracted Sales (%) GFA Sold (%) Eastern China Shanghai 2 7% 2% Suzhou 3 17% 17% Wuxi 3 12% 16% Changzhou 1 5% 9% Hangzhou 3 5% 3% Eastern China Sub-Total: 12 46% 47% Western China Chengdu 6 21% 19% Chongqing 3 11% 13% Western China Sub-Total: 9 32% 32% Southern China Foshan 4 11% 11% Guangzhou 1 2% 1% Southern China Sub-Total: 5 13% 12% Others Tianjin 2 9% 9% Dalian 1 0% 0% Wuhan 1 0% 0% Others Sub-Total: 4 9% 9% 29

New and key projects on sale in 2012 Projects City 2012 New Launch Attributable GFA sold (s.m.) Attributable Proceeds (RMB M) Average Price (RMB M) New projects launched for presales in 2012 Palazzo Pitti Hangzhou Dec 2012 7,400 250 33,700 Junting Hangzhou Dec 2012 14,500 90 6,200 The Sirius (ICC) Chengdu Apr 2012 14,500 156 10,700 Times Town Chengdu Dec 2012 10,400 62 6,000 Evian Riviera Foshan Mar 2012 34,300 394 11,500 Evian Buena Vista Foshan Apr 2012 29,000 220 7,500 Donghui City Guangzhou Nov 2012 17,700 233 13,200 Key projects on sale in 2012 Times City Tian Fu Times Square Suzhou Chengdu - - Peaceland Cove Tianjin - Crystal Park Chengdu - Times City Wuxi - Evian Town Foshan - Times Palace Changzhou - Xiyuan Shanghai - Int l Community Chongqing - - 197,700 2,189 11,100 82,800 1,484 17,900 90,900 1,144 12,400 96,400 1,049 8,800 123,000 981 7,900 50,860 842 16,300 112,600 770 6,700 15,900 705 44,500 85,300 662 7,600 30

1982 vs. 2012, 30 years journey 77.8X net book value growth in 30 years 4X 2012 core profit is 4x larger than 1982 market cap 2012 Net book value $249B $11B Group core profit 2012 1982 Net book value $3B $3B Market capitalisation 1982 31

Wharf share price 1982-2012 Joint Declaration 1982-1997 Transition to Sovereign 1997-2012 $60.60 Market Cap Dec 1982 $3.0B Market Cap Dec 2012 $183.6B $1.97 Market Cap Cumulative Changes +6,020% CAGR 1982-2012 14.7% Wharf Hang Seng Index December 1982 $1.97 783.82 December 2012 $60.60 22,656.92 Total Return 30.8x 28.9x 30 Year CAGR 12.1% 11.9% 32

1982 vs. 2012, 30 years financial growth December 1982 December 2012 Cumulative Change (%) 1982-2012 CAGR (%) Group Revenue $798M $30,856M +3,767% 12.9% Profit Before IP Revaluation Surplus & Extra-ordinary Items $382M $11,040M +2,790% 11.9% Shareholder s Equity $3.2B $248.5B +7,666% 15.6% December 1982 December 2012 Cumulative Change (%) 1982-2012 CAGR (%) Share Price $1.97 $60.60 +2,976% 12.1% EPS before IP Revaluation Surplus & Extra-ordinary Items $0.25 $3.64 +1,356% 9.3% P/E Ratio 10.3x 16.6x n/a n/a P/E Ratio Ranges 7x - 16.5x 9.8x - 16.7x n/a n/a 33

Credit Metrics Net Debt / Total Equity Interest Cover 22% 18.8% 17% 15.8% 19.2% 20.6% 21.7% 30 23 25.7x 19.5x 11% 15 9.8x 10.8x 10.3x 6% 8 0% 2008 2009 2010 2011 2012 0 2008 2009 2010 2011 2012 Net Debt / EBITDA Debt Maturity 4 3.1x 3.4x 3.6x 60 3 2.5x 2.2x 45 2 30 57.4B 1 15 0 2008 2009 2010 2011 2012 0 (HKD) 5.3B 11.7B <1 yr 2-5 yrs >5 yrs 34

Top 3 share price growth in 2012 vs. peers Outperformed HSI in 2012 #1 #3 103% 92% 73% 57% 50% 46% 42% 39% 29% 26% 19% Wheelock NWD Wharf Kerry Swire Prop Hysan HLD HLP CK Sino SHKP 35

End of Presentation The Wharf (Holdings) Limited [HKEx Stock Code: 0004.HK] Disclaimer 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. 36