The Wharf (Holdings) Limited

2016 Final Results

9 March 2017

1

Properties Growth Continues

Overview Backdrop

Group Core Profit +25% to $13.8B

Properties’ Share 92% (2015: 88%) due to 31% Growth

IP 6% Growth on Large Base to $8.8B

DP Nearly Tripled on Record Revenue (& Sales)

Wharf T&T Disposal Realized Proceeds of $9.5B

Net Cash Inflow On/Off Balance Sheet $31B (After Dividends but Before Financing Activities &

Acquisition of Wheelock House for $6.2B)

2

Overview Surging Core Profit from Properties

Core Profit from Properties: +31% to

$12.7B

HK Properties: +35% to $10.1B

China Properties: +16% to $2.6B,

Despite a Weaker RMB

Properties: 92% of Group Total

3

73%

19%

8%

$13.8 billion

(+25%)

Others

HK

Properties

China

Properties

Total Core Profit

Overview Solid IP Growth Despite Headwinds

High Occupancy

Favourable Rental Reversion

High Productivity Secures Pricing

Power

Keen Demand from the Trendiest &

Aspirational Brands

4

IP Core Profit (HKD billion)

5.9 6.5

7.6 8.3

8.8

2012 2013 2014 2015 2016

$8.8B (+6%)

Overview Record-High DP Sales & Revenue; Core Profit Tripled

HK & China DP

Core Profit: Nearly 3x to $4B

Record Revenue: $37B

Record Sales: $40B

5

15.2

18.9

23.3

27.4

30.7

2.6

0.1

0.1

0.0

6.4

2012 2013 2014 2015 2016

Total DP Revenue* (HKD billion)

$37.1B (+35%) China HK

* Incl. JVs & Associates on an Attributable Basis

Overview Financial Highlights

Core Profit +25%

IP Revaluation Surplus: $906M*

Fair Value of IP: $303B (2015:

$293B)

6

HKD Million 2016 2015 % Chg

Group Revenue 46,627 40,875 +14%

Operating Profit 17,065 14,853 +15%

Core Profit** 13,754 10,969 +25%

Profit Before IP Revaluation Surplus 20,534 9,793 +110%

Net IP Revaluation Surplus 906 6,231 -85%

Profit After IP Revaluation Surplus 21,440 16,024 +34%

Earnings Per Share (HK$)

- Attributable to Shareholders

- Core**

7.07

4.54

5.29

3.62

+34%

+25%

Dividend Per share (HK$) 2.15 1.90 +13%

**Exclude IP Revaluation Surplus and Exceptional Items

* Mainly Driven by HK Office Rental Reversion; Cap Rates Remained Unchanged

Agenda

Hong Kong Properties

China Properties

Other Businesses

Next

7

Financial Management

Strategic Reviews

Agenda

Hong Kong Properties

China Properties

Other Businesses

Financial Management

8

Strategic Reviews

Next

Challenging Outlook amid Macro Uncertainties

9

Sales & Tourist Arrivals –

Sequentially Stabilizing

Strong HKD; Cloudy Macro

Environment Obscure Outlook

252.9 249.6 245.6 219.7

241.6 243.6 229.6

216.9

2013 2014 2015 2016

HK Retail Sales (HKD billion) Title

1H 2H

494.5 493.2

475.2

436.6 (-8.1%)

HK IP

2016 1Q 2Q 3Q 4Q

Growth -12.5% -8.2% -7.5% -3.7%

Retail Sales Stabilizing

10

16.0 16.8 15.6

13.3

17.8 18.2

15.2

14.4

2013 2014 2015 2016

HC Retail Sales (HKD billion) Title

1H 2H

-9.9%

4.4

5.2 4.7

3.9

5.1

5.3

4.5

4.2

2013 2014 2015 2016

TS Retail Sales (HKD billion)

1H 2H

-11.3%

HK IP

2016 1Q 2Q 3Q 4Q

Growth -18.9% -9.6% -6.4% -3.8%

2016 1Q 2Q 3Q 4Q

Growth -20.0% -10.3% -6.3% -7.0%

Mixed Retail Outlook

Strong HKD; Currency / Interest Rate Movements

Global Economic & Political Uncertainties

Europe Terrorist Threats to Affect Tourist Flow

11

HK IP

Proactive Management Cushions Downside Risks

12

6%

23%

68%

3%

$9.1 billion

(+5%)

HC TS

PH

Others

HC $6,207M +4%

TS $2,137M +6%

PH $546M +3%

Retail Revenue by Segment

Stabilizing Retail Sales Enhances

Rental Visibility

Active AEI Creates Value

Widening Customer Base (Through

Promotions in SE Asia*)

HK – the 1st Travel Destination for

PRC Tourists

HK IP

*South Korea, India and Philippines, etc.

HC – Relentless Value Creation

13

Diversification & Balanced Mix

Mitigating Market Risk

Solid Rental Reversion

OT Extension Building by 2H17

2.1 2.4

2.8 3.0 3.1

2.1

2.5

2.9 2.9

3.1

2012 2013 2014 2015 2016

HC Retail Revenue (HKD billion)

$6.2B (+4%)

1H 2H

HK IP

TS – Unfolding AEI Value

14

Solid Retailers’ Demand (99%

Occupancy)

F&B, Cosmetics & Luxury Clusters

Further Strengthened

0.7 0.7

0.9 1.0

1.1

0.7

0.8

1.0

1.0

1.0

2012 2013 2014 2015 2016

TS Retail Revenue (HKD billion)

$2.1B (+6%) 1H 2H

HK IP

HC & TS – Global Showcase for the Best Brands

15

HC

(Selected Brands)

TS

(Selected Brands)

Expansion

HK Debut

Kowloon Debut NA

Other

Commitments

HK IP

HC & TS – Effective Marketing Initiatives

16

HC TS

HK IP

Office - Steady

17

Occupancy Remained High (97%)

Positive Rental Reversion

1.2 1.2 1.4

1.5 1.6

1.2

1.3

1.5

1.6

1.8

2012 2013 2014 2015 2016

HK Office Revenue (HKD billion)

$3.4B (+9%)

1H 2H

HK IP

Mount Nicholson

18

Ultra-Luxury Residences on the Peak

6 Villas & 16 Apartments Sold for

$9.9B in 2016

Relevant Profits* Recognized in 2016

(3 Apartments & 1 Villa Sold for $1.7B in 2M17)

50%-Owned Mount Nicholson

Launch Date 1Q 2016

Product Type* 19 Villas

48 Apartments

OP Issued

*Villas: 7,000 – 10,000 s.f

Apartments: 4,200 – 4,500 s.f

HK DP

* 5 Villas & 16 Apartments. The Remaining 1 Villa Sold will be Recognized in 2017

Agenda

Hong Kong Properties

China Properties

Other Businesses

Financial Management

19

Strategic Reviews

Next

China IP Underpins Long-term Growth

RMB Devaluation

Encourages PRC Domestic

Consumption & Retail Sales

Location & Critical Mass Create a

Snowball Effect

Revenue +9% YoY in RMB (+2% in

HKD)

CAGR 2012-2016 +24% (in HKD)

20

0.5 0.5

0.8

1.1 1.2

0.5

0.8

1.2

1.2 1.2

2012 2013 2014 2015 2016

China IP Revenue (HKD billion)

$2.4B (+2%) 1H 2H

China IP

CDIFS Mall – Outshines Competition

Beat Expectation

Consistently Remarkable

Performance

Among the Top in Western China in

Both Retail Sales & Foot Traffic

Continued to Gain Popularity

21

2016 CDIFS Mall

Net Revenue (Net of Tax) RMB633M (+11%)

Foot Traffic Growth +19%

Turnover Rent Portion 17%

Occupancy Cost* 14%

* Occupancy Cost = Retail Rent/Retail Sales

CDIFS Retail Sales Growth

2016 RMB3.85B +17%

2017 Expect Double-digit Growth

China IP

CDIFS Office – Finest Premium

22

39.5% Committed or ~110,000 s.m Leased (in 3 Years)

Leasing Progress Comparable to SWS

Rental Rates Achieved among the Highest in CD

Selective Tenants

China IP

New IFS Malls – Progressing at Full Speed

New IPs to Further Strengthen

Recurrent Income Base

CSIFS & CQIFS – Pre-leasing Status

on Track

Replicating the Success of CDIFS &

Harbour City (HK)

Best-positioned to Tap the

Experience-oriented Consumption

Markets

23

Mall CQIFS CSIFS

GFA (s.f) 1.2M* 2.7M

Scheduled for

Opening Sep 2017 4Q17

% of Area Under

Offer/Discussion >90% >85%

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

China IP

Record-breaking Sales

2016 Sales Exceeded Target by 31%

GFA Sold 1.5M s.m (+6%); ASP

RMB19,900/s.m (+11%)

2017 Sales Target RMB24B (2016:

RMB24B)

2017 Sellable Resources 1.6M s.m

(2016: 2.4M s.m)

24

7.5

10.9 8.9

10.3

16.3

7.5

10.0 12.6

15.7

15.1

2012 2013 2014 2015 2016

Contracted Sales (RMB billion)

RMB31.4B (+21%) 1H 2H

• 56 Projects in 14 Cities on Sale in 2016

• 2016 Accumulated Sell-through Rate 93%

China DP

Stronger-than-expected Operating Results

Share of Group Core Profit Increased

to 14%

Improving Operating Margin

Net Order Book RMB27B or 1.2M

s.m

2017 Target Completion 1M s.m

25

2016 Operating Matrix*

Revenue $30,676M +12%

Operating Profit $5,133M +22%

Operating Margin 16.7% +1.4 ppts

Completed GFA 1.7M s.m +3%

Recognized GFA 1.7M s.m +7%

* Incl. JVs & Associates on an Attributable Basis

China DP

Disciplined Landbanking

Selective & Prudent Approach

Focus on 4 Tier 1 Cities, Selective

Top Tier 2 Cities

DP Land Bank 4.2M s.m

26

Date City Attributable

GFA (s.m)

Attributable

Consideration

(RMB)

Ownership

Feb16 Beijing 47,800 2.05B 40%

Jun16 Hangzhou 17,700 0.28B 25%

Dec16 Shenzhen 51,000 1.34B 100%

Total 116,500 3.67B

China DP

Agenda

Hong Kong Properties

China Properties

Other Businesses

Financial Management

27

Strategic Reviews

Next

MTL

28

Revenue $2,635M (-4%)

Operating Profit $710M (+5%)

Market Throughput

South China: -1%

Kwai Tsing: -2%

Throughput (million TEUs)

HK 5.2 +15%

DCB 1.3 +8%

TC 2.2 Flat

Total 8.7 +10%

Other

Businesses

Hotels

29

Revenue $1,587M (+2%); Operating Profit $289M (+4%)

Operating Environment Remains Challenging

CDIFS Niccolo Hotel Emerged as the City’s Market Leader in Room Yield (in Just a Year)

336-Room The Murray – Iconic Luxury Hotel Befitting the Most Prestigious Visitors,

to Open in 4Q17

Other

Businesses

2016 Key Awards

30

Others

Marco Polo Ortigas Manila

Five-Star Rating

2017 Global Star Ratings

(by Forbes Travel Guide)

CDIFS

The 2016 VIVA Best-of-the-

Best Design and

Development Award

(by ICSC)

CDIFS

Grand Award

Quality Building Award 2016

Niccolo Hotels

Best Luxury Hotel Brand of the Year

2016 Asia Hotel Awards

Niccolo Chengdu

Best Business Hotel in Chengdu

25th Annual Business Traveller Awards

Harbour City

2 Gold Awards

- Public Relations & Events

- Sales Promotions/ Traffic Activation

ICSC Asia Pacific Center Awards

Agenda

Hong Kong Properties

China Properties

Strategic Reviews

Financial Management

31

Other Businesses

Next

32

CME

Year-long Review Led the Group to

Exit the Segment

Wharf T&T was Disposed for $9.5B &

a Gain of $7.3B

All Discussions to Dispose i-Cable

have Ended; Funding Commitments

Will Not be Extended on Expiry

IP

Commenced Study for a Separate

Listing by Way of Distribution in

Specie to Wharf Shareholders

Strategic Reviews Strategic

Reviews

Agenda

Hong Kong Properties

China Properties

Financial Management

Strategic Reviews

33

Other Businesses

Next

Prudent Financial Management

34

Net Gearing Further Dropped to 7.3%

Group Net Debt -$23.4B to $23.8B,

Net Cash Inflow: $31B*

Floating Rate Debt: 73% of Total

25.6%

18.8%

15.8%

19.2%

20.6%

21.7%

20.4%

18.9%

14.9%

7.3%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Net Debt to Total Equity

Net Debt /

(Cash)

(HKD B)

Wharf

(Excl.

Subs.)

MTL HCDL i-CABLE Group

Total

Net Debt

to Total

Equity

31 Dec

2016 16.7 8.5 (1.9) 0.5 23.8 7.3%

31 Dec

2015 39.9 8.8 (1.7) 0.2 47.2 14.9%

* On/Off Balance Sheet; After Dividends but Before Financing Activities & Acquisition of

Wheelock House ($6.2B)

Financial

Management

Prudent Financial Management

35

2.8%

3.2% 3.2%

2.8%

3.2%

2012 2013 2014 2015 2016

Average Interest Cost

15.2

10.1

16.8

7.2 5.7

5.8

Jan17-Dec17 Jan18-Dec18 Jan19-Dec19 Jan20-Dec20 Jan21-Dec21 Jan22 & After

Debt Maturity (HKD billion)

Financial

Management

Overview of Application of Funds

36

HKD

FY16

(Actual)

FY17

(Projected)

China DP $12.4B $12.8B

China IP $4.5B $6.0B

HKIP $7.9B $1.5B

Others $2.1B $2.5B

Total $26.9B $22.8B

* China DP $12.8B Self-financed by Sales; China IP Mainly IFSs Under Construction

35.5

32.8 31.5

23.4

26.9

22.8

2012 2013 2014 2015 2016 2017

Major Capital and Development Expenditure

(HKD billion)

Major Capital and Development Expenditure

Financial

Management

New Achievements on Panda Bond Issuance

37

1st Tranche Issued on 12 Oct 2016

RMB4B (Over-subscribed 3x)/RMB20B

Coupon Rate: 3.1%

Financial

Management

Agenda

Hong Kong Properties

China Properties

Strategic Reviews

Next

38

Other Businesses

Financial Management

Next Coming Attractions

39

2017 2018

1Q 2Q 3Q 4Q

OT 4-Storey Extension

CSIFS Mall

& Niccolo

CQIFS Mall

& Niccolo

The Murray OT 4-Storey Extension

40

Corporate Social Responsibility

2016 Key Achievements

41

Published the 2nd

CSR Report Based on GRI G4 Guidelines, with the

Coming CSR Report (Issued in July) Also Complying with the HKEX’s

ESG Disclosure Requirements

Hang Seng Corporate Sustainability Index (top 30)

Accredited the HKQAA’s CSR Index Plus mark

CSR

Business-in-Community (Highlights)

42

CSR

Flagship Business-in-Community Programme

Project WeCan

Key Youth Development Programme

Architectural Design Internship

Project Partners

31 Companies 5 Universities

3 Consulates 3 Organizations

Beneficiary

51 Schools 43,000 Students

Project Partners

2 Universities

Awardees

20 Postgraduates (Architecture)

Countries

Denmark, France, Germany, India. Italy,

Japan, The Netherlands, Spain, Switzerland

and The United Kingdom

Appendix

43

44

IP Portfolio

69%

27%

4%

Office S.A. &

Others

Retail

56%

34% 10%

Office S.A. &

Others

Retail

85%

15%

China

HK

86%

14%

China

HK

2016 IP Revenue: $15,289M

By Business

2016 IP Valuation: $302.6B

By Business

45

HKIP Performance

Harbour City Times Square Plaza Hollywood

2016

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

Retail 6,207 +4% 2,137 +6% 546 +3%

Office 2,437 +5% 701 +5% - -

Hotels & Club 1,286 -2% - - - -

Serviced Apt. 316 +5% - - - -

Total 10,246 +4% 2,838 +6% 546 +3%

Valuation* as of

31 Dec 2016 $172.1B $54.5B $9.5B

Retail Sales

Jan-Dec 2016 $27.7B (-9.9%) $8.1B (-11.3%) $2.4B (-8.5%)

2016 Avg. Retail

Passing Rent

(HK$ psf per

Month)

$436 $297 $106

* Incl. Hotels at Valuation as of 31 Dec 2016

46

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 6.5 6.5 6.5

2.2 2.2

2.7

2.7 2.7 2.7 0.8

0.8 0.8 0.8

4.1 4.1

8.9

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.

53.9M s.f

Total Development Area, Incl. Basement Area & Carpark

*Gross Basis & Net of Recognized Sales

47

China Commercial Properties Pipeline

604,000 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

48

Chongqing City Profile

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 29.9 million

2016 GDP

+10.7%

(National Avg.:

+6.7%)

2016Retail Sales +13.2%

2016 Disposable

Income per Capita

RMB29,610

+8.7%

7%

44%

48%

Tertiary Primary

Secondary

2016 Tertiary Industry +11.0%

48.4% of CQ GDP

49

Changsha City Profile

Hub City in Central China

Beneficiary of China’s “Rise

of Central China” Campaign

Important Entertainment

Center in China – Presence of

Hunan Satellite TV

2016 Tertiary Industry +12.4%

47.6% of CS GDP

Changsha

Population 7.3 million

2016 GDP

+9.4%

(National Avg.:

+6.7%)

2016 Retail Sales +11.6%

2016 Disposable

Income per Capita

RMB43,294

+8.3%

4%

48%

48%

Tertiary

Primary

Secondary

50

China Contracted Sales Breakdown by City

Region City No. of Projects

on Sale in 2016

Contracted

Sales (%)

GFA Sold

(%)

Eastern China Shanghai 6 20% 5%

Suzhou 5 16% 12%

Wuxi 4 9% 14%

Changzhou 3 3% 9%

Ningbo 3 5% 5%

Hangzhou 10 23% 18%

Eastern China Sub-Total: 31 76% 63%

Western China Chengdu 7 6% 12%

Chongqing 3 5% 9%

Western China Sub-Total: 10 11% 21%

Southern China Foshan & Guangzhou 7 4% 7%

Others Beijing 3 2% 2%

Tianjin, Dalian & Wuhan 5 7% 7%

Southern & Others Sub-Total: 15 13% 16%

51

4 New Projects Launched in 2016

Projects City New Launch

Attributable

Proceeds

(RMB’M)

Attributable

GFA Sold

(s.m)

Average Price

(RMB psm)

Crown Land Beijing Feb 201 9,500 21,100

The Exquisite Palace (Longxi) Hangzhou Apr 738 26,200 28,100

The Pearl on the Crown Beijing May 209 10,000 21,000

Hangzhou Binjiang District (The

Willow Shores) Hangzhou Aug 569 12,700 42,700

52

China Key Projects on Sales in 2016

Projects City

Attributable

Proceeds

(RMB’M)

Attributable

GFA sold

(s.m)

Average Price

(RMB psm) Ownership

Shanghai Pudong

Huangpujiang Shanghai 5,635 59,100 95,400 100%

Suzhou Times City Suzhou 2,093 65,400 28,700 80%

Qiantang Bright Moon Hangzhou 1,345 46,200 27,300 50%

River Pitti (Bi Xi) Wuxi 1,334 115,600 11,400 100%

Scenery Bay Tianjin 1,215 42,900 27,600 50%

Bellagio (碧堤雅苑) Suzhou 1,151 55,100 20,900 100%

Greentown Zhijiang No.1 Hangzhou 1,094 51,400 20,200 50%

Palazzo Pitti (Lot C & D) Hangzhou 1,059 28,300 37,500 100%

Bellagio (碧堤半島) Suzhou 948 46,400 20,000 100%

Ambassador Villa Suzhou 825 14,900 54,500 100%

Wuxi Times City Wuxi 821 67,700 11,500 100%

Park Mansion Ningbo 809 49,800 15,800 100%

53

China Land Bank Breakdown by City

Region City GFA million (s.m) % Total

Eastern China Shanghai 0.5 8%

Suzhou 0.8 11%

Wuxi 0.8 12%

Changzhou 0.4 5%

Ningbo 0.1 1%

Hangzhou 0.6 9%

Eastern China Sub-Total: 3.2 46%

Western China Chengdu 1.5 23%

Chongqing 0.7 10%

Western China Sub-Total: 2.2 33%

Southern China Foshan, Shenzhen & Guangzhou 0.2 3%

Others Tianjin 0.1 1%

Changsha 0.8 12%

Beijing, Dalian & Wuhan 0.3 5%

Southern & Others Sub-Total: 1.4 21%

Total: 6.8 100%

54

China key Properties Completion

Projects Attributable GFA (s.m)

Key Completion in 2016

Suzhou Times City 193,900

Changzhou Ambassador Villa 121,800

Ningbo Park Mansion 103,800

Changzhou Feng Huang Hu 102,000

Greentown Wharf Qiantang Bright Moon 94,800

Shanghai Zhoupu 91,300

Projected Key Completion in 2017

Shanghai Pudong Huangpujiang 136,000

Suzhou Times City 123,500

Wuxi River Pitti (Bi Xi) 87,700

Chongqing IFS 86,300

55

China New Projects for Sale in 2017

Projects City Ownership

Hangzhou Site 18 Hangzhou 25%

Jingan Garden Shanghai 55%

Beijing Chaoyang LiangMa Site Beijing 40%

Longxi (Site 12) Hangzhou 100%

Thank You

56

Properties Growth Continues

57

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.