DP Contributed 62% of Core Profit

DP Contributed 62% of Core Profit The Wharf (Holdings) Limited 2018 Interim Results 9 August 2018 Stock Code: 0004

Financial Highlights Unadjusted Comparison HKD Million 1H18 1H17 # 1H18 Group 1H17 (Ex. WREIC) % Chg Wharf REIC (WREIC) was Demerged in Nov 17. Accordingly, 2017 Comparatives have been Adjusted to Make Comparison Meaningful 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 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) *Core Profit - Excl. IP Revaluation Surplus & Exceptional Items ^ Excl. the 25% interest in Greentown China Holdings Limited # Reflects Actual 1H17 Results Without Restatement NAV $142.5B ($46.77/Share) 1

Property-focused 72% of 82% of 83% of Focused Strategy Revenue Operating Profit Core Profit Selective & Disciplined Approach Total Revenue Operating Profit Core Profit China DP 50% Properties 72% HK Properties 1% China DP 48% Properties 82% HK Properties 2% China DP 35% Properties 83% HK Properties 28% $7,823 M China IP $2,768 M China IP $2,527 M +4%* 21% +84%* 32% -9%* China IP 20% Others 28% Others 18% Others 17% *Excl. WREIC in 1H17 2

Core Profit (Adjusted for Impact of Demerger) Unadjusted Comparison HKD Million 1H18 1H17 # 1H18 1H17 (Ex. WREIC) Group % 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% Core Profit - Excl. IP Revaluation Surplus & Exceptional Items # Reflects Actual 1H17 Results Without Restatement 3

Segment Assets Total Business Assets Properties 90% of Total Properties 90% HK Properties 21% Total Business Assets $184.2 B as of End-Jun 18 Total China DP 34% Business Assets $184.2 B China IP 35% Others 10% 4

Agenda Hong Kong Properties China DP China IP Others Financial Management

Agenda Hong Kong Properties China DP China IP Others Financial Management

Mount Nicholson Extreme- Unique Most Valuable Mount Nicholson luxury Project in Asia 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

Mount Nicholson Remarkable Luxury Residential Sales House 2 Sold for $1.4B ($151,800 psf) 1H18 Sales* 2 Houses 2 Apartments $126,700 psf (Average) $128,400 psf (Average) Total Proceeds $3.3B # (Gross Basis) * Accumulated Sales up to Jun 30, 2018 # 1 House Sold in 1H18 will be Recognized in 2H18 8

Landbank Exclusive Portfolio Growth Potential Total Attributable GFA Peak Portfolio Kowloon East Waterfront Mount Nicholson 1 & 11 Plantation Road Portfolio ( KEWP ) Kowloon Godown Peak Portfolio 10% Kowloon Tong Portfolio 15% 77 Peak Road Yau Tong Bay (15% JV) Chelsea Court Peninsula East Strawberry Hill Kowloon Tong Portfolio 3.0M s.f Others 18% Residential Land Site on Lung Cheung Road KEWP* 57% * Kowloon Godown: GFA of Existing Building as of Jun 30, 2018 9

Agenda Hong Kong Properties China DP China IP Others Financial Management 10

Administrative Measures are Distorting the Market Policy- Sellable Sales Target 1H18 Contracted Sales* Driven Market 1.0M s.m* RMB22B * Sales RMB7.2B -36% GFA 0.3M s.m -40% ASP is Controlled through Presale Consent ASP RMB23,500 psm +5% Underlying Demand Remains Robust Eastern China 1H18 Accumulated Sell-through Rate 96% 59% Contracted Choice between (a) Selling at Sub-market ASP or Sales* Western China 31% (b) Waiting for Consent to Sell at Market ASP RMB7.2B * Incl. JVs & Associates on an Attributable Basis; 2017 Comparatives Excl. Contribution from HCDL Southern & Others10% 11

Improved Margin Operating Margin Group Core Profit Lower 1H18 Operating Matrix* +13.4 ppts 35% Completion Revenue $5,792M -15% Operating Profit $1,838M +45% Operating Margin 31.7% +13.4 ppts Consecutive Improvement in Margin Net Order Book RMB21.3B or 0.9M s.m Completed GFA 96,600 s.m -66% Recognized GFA 182,300 s.m -58% 2018 Target Completion 0.8M s.m * Incl. JVs & Associates on an Attributable Basis; 2017 Comparatives Excl. Contribution from HCDL 12

Landbank Sound Financial Six Landbank 1H18 Land Acquisition* Position Focus Cities 3.8M s.m High Barrier in Tier-1 Cities Progress in Hangzhou & Suzhou in 1H18 Suzhou 49% 677,300 s.m Hangzhou 31% Tight Credit Environment may Change the Landscape in 2H18 Guangzhou 4% Foshan 17% *Detailed China DP Land Acquisition Breakdown See Appendix 13

Agenda Hong Kong Properties China DP China IP Others Financial Management 14

China IP Commercial Properties Completion Schedule ( 000 s.m) 3.5x 3,146 Changsha IFS 214 186 892 214 186 604 687 362 873 1,001 251 251 251 251 427 541 541 541 752 752 752 752 530 530 530 602 602 602 602 2013 2014 2015 2016 2017 2018 2019+ Wuxi IFS Chongqing IFS* Chengdu IFS Other China Commercial Prop. Total Development Area, Incl. Basement Area & Carpark *Gross Basis & Net of Recognized Sales 15

Momentum Domestic IFS Growth China IP Revenue (HKD billion) Consumption Series Potential $1.6B (+29%) 1H 2H China GDP +6.8% in 1H18 (78% Consumption) 1.4 1.2 1.2 Strong Retail Sales Driving Mall Performance 1.2 New Strategic Focus - IFS Series Broaden Future Recurring Income Base 1.1 1.2 1.2 1.6 0.8 2014 2015 2016 2017 2018 16

Growth Driver CSIFS Opened Leased Retailtainment Changsha IFS Mall May 2018 97% Experience GFA (s.m.) 246,100 Retail Area Leased 97% Retail - 370+ Retail Shops (70+ Hunan Debuts, 30+ Duplex Flagships) Retail Opening Rate 84% First Day Foot Traffic 150,000+ 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) 17

CSIFS Mall 18

Ground Zero CDIFS Outperform Sales Growth Double-digit Chengdu IFS Mall Market +23% Rental Reversion Net Revenue (Net of Tax) RMB431M (+17%) Foot Traffic Growth +19% Turnover Rent Portion 28% Retail - Growth Momentum Continued Office - 73% Committed; Rental Rates among the City s Highest Hotel (Niccolo Chengdu) - Market Leader in Yield Occupancy Cost* 13% Retail Sales (RMB billion) RMB2.9B (+23%) 1H 2H 2.6 per Available Room 1.7 2.0 1.5 0.7 1.6 1.8 2.4 2.9 *Occupancy Cost = Retail Rental/ Retail Sales 2014 2015 2016 2017 2018 19

New CBD CQIFS New Ramping Luxury Chongqing IFS Mall Landmark Up Cluster GFA (s.m.) 109,300 # Retail Area Leased 96% Retail Opening Rate 91% Retail - Sales RMB355M Office - 40+% Committed Hotel (Niccolo Chongqing) - Iconic Sky Hotel # CQIFS is 50%-owned, 109,300 s.m is Total Retail Area 20

Agenda Hong Kong Properties China DP China IP Others Financial Management 21

Hotel Management Niccolo Hong Kong Mainland Philippines A) The Murray, Hong Kong B) Chengdu* C) Chongqing* D) Changsha (4Q18)* E) Suzhou (2019) I Marco Polo F) Hong Kong I) Beijing (Parkside) P) Manila (Ortigas) G) Gateway J) Changzhou, Jiangsu Q) Cebu B C D K J E H) Prince K) Wuhan* R) Davao L) Jinjiang, Fujian N A O F M L M) Xiamen G H P N) Foshan (LingnanTiandi) O) Shenzhen Q R * Owned by The Wharf (Holdings) Limited 22

Logistics Rebuild Competitiveness External Uncertainties Enhance Efficiency Trade Tension 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% Improve Margin Rebuilding Competitiveness Total 6.0 +1.8% *Total Throughput (Instead of Attributable) Market Throughput: Kwai Tsing: -4%; Shenzhen: +4% Hong Kong Air Cargo Terminals Ltd (HACTL) Total Throughput 0.8M Tonnes (-10%) 23

CME2 Opportunity Strategy Long-term New Economy Re-Invest Capital Released from CME1* in a Small Market CME2 (Larger Markets with Greater Potential) Strategic Initiative & Infrastructure Play Building Long-term Business for New Economy *CME1 was Hong Kong-based Business with Market Size Limit 24

Agenda Hong Kong Properties China IP China DP Others Financial Management 25

Prudent Financial Management 20.1% $29.3B 70% Gearing Group Net Debt Floating Rate Debt 19.7 9.2 8.5 1.2 2.8 3.5 Jul18-Jun19 Jul19-Jun20 Jul20-Jun21 Jul21-Jun22 Jul22-Jun23 Jul23 & After Debt Maturity (HKD billion) 26

Coming Attractions Mount Nicholson Niccolo Changsha (4Q18) Niccolo Suzhou (2019) 27

CSR OUR SUSTAINABILITY

CSR Report Wharf Holdings 4 th standalone Sustainability/CSR Report 2017 published in accordance with the core option of GRI Standards, and in alignment with HKEX ESG Reporting Guide Hang Seng Corporate Sustainability Index Series Member 2017-18 Recognitions Hong Kong Quality Assurance Agency s CSR Index Plus 5 Years Plus Caring Company Logo Project WeCan Partner 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. GRI Standards stand for Global Reporting Initiative Sustainability Reporting Standards

2017 Sustainability Performance Highlights Hang Seng Corporate Sustainability Index Series Member 2017-18 Recycled 2,460+ tonnes waste 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

Appendix 31

Summary of HK Properties 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 32

China Contracted Sales Breakdown by City 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% 33

China Key Projects on Sales in 1H18 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% 34

China DP 1H18 New Land Acquisitions 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% Jan-18 98,200 1.97B 50% Hangzhou Jan-18 51,000 2.11B 75% Jan-18 31,000 1.23B 75% Feb-18 29,900 0.93B 26% Feb-18 99,000 1.69B 80% Suzhou Feb-18 169,400 2.77B 100% Feb-18 56,800 1.54B 49% Total 677,300 14.0B 35

China DP Land Bank Breakdown by City in 1H18 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% 36

China Key Properties Completion 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 37

China New Projects for Sales in 2H18 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% 38

Overview of Application of Funds Major Capital & Development Expenditure 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 39

DP Contributed 62% of Core Profit Thank You 40

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. 41