2017 Half-Yearly Results - Hongkong Land

1 2017 Half-Yearly Results Presentation 4th August 2017 . Agenda Speakers: Robert Wong, Chief Executive & Simon Dixon, Chief Financial Officer 1. 2017 Half-Yearly Highlights 2. Investment Properties 3. Development Properties 4. Financial Highlights 5. Outlook 6. Q&A. 2017 Half-Yearly Results 2. 2017 Half-Yearly Highlights US$517m US$34bn Underlying profit 517 Shareholders' funds 455. +32% +9%. 393 34. 31. YoY HoH 30. 1H 2016 2H 2016 1H 2017 Jun 2016 Dec 2016 Jun 2017 . Key figures Highlights Profit1: US$3,125m (1H 2016: US$1,263m) Underlying 1H profit1 up 32% YoY and 14% HoH. Net debt: US$ (Dec 2016: US$ ) Positive performance from investment properties NAV per share: US$ (Dec 2016: US$ ) Higher sales completions of development properties in Interim dividend per share: US 6 (1H 2016: US 6) mainland China and Singapore New property developments in Singapore, Nanjing and Wuhan 1 Attributable to Shareholders of the Company 2017 Half-Yearly Results 3.

2 Investment Properties 2017 Half-Yearly Results 4. Investment Properties Overview Investment properties are primarily located in Hong Kong and Singapore TOTAL COMPLETED AREA (HKL's share). 83 249 4,872. TOTAL TOTAL TOTAL (000's sq. ft NFA). HANOI MACAU HONG KONG. 75 98 4,139. 8 151 590. 143. 8,618*. 88. TOTAL. Total 446. TOTAL. BANGKOK 370. 27 TOTAL. 61. OTHERS. 70. 161 Office 6,810. PHNOM PENH 215. 184. Retail 1,202. 89. 97. 1,781 Hotel 606. Total 729. SINGAPORE TOTAL. 1,652. 129. JAKARTA. 663. *Equivalent to 800,000 sq. m. 66. 2017 Half-Yearly Results 5. Hong Kong Portfolio Office Positive rental reversions and lower vacancy as market supply remained tight AVERAGE RENTS & VACANCY.

3 1H 2016 2H 2016 1H 2017 . 14%. Average net rent 103 103 106. 1% (HK$ psf/month). 2% Period-end vacancy 6% 40% Weighted average lease expiry (years). OFFICE. TENANT. 7% PROFILE EXPIRATION AND INTERIM RENT REVISIONS. 2H 2017 2018 2019. Total lettable office area subject to expiration/rent revisions 328 1,255 1,037. ('000 sq. ft). % of area subject to 8% 30% 25%. 30% expiration/rent revisions - Expiration 5% 17% 19%. Banks and Other Legal Accounting Property Financial Services - Rent revisions 3% 13% 6%. Trading Government Others Average expiring net rent (HK$ psf/month). 2017 Half-Yearly Results 6. Hong Kong Portfolio Retail Higher rents due to positive 2016 reversions 5%.

4 AVERAGE RENTS & VACANCY. 15%. 1H 2016 2H 2016 1H 2017 . Average net rent RETAIL (HK$ psf/month). 216 220 224. TENANT 49%. PROFILE. Period-end vacancy 0% 0% 31%. Weighted average lease expiry (years). Fashion & Accessories Food & Beverages Jewellery & Watches Others 2017 Half-Yearly Results 7. Singapore Portfolio Office Low vacancy rate AVERAGE RENTS & VACANCY. 5% 1H 2016 2H 2016 1H 2017 . 2%. 3%. Average gross rent 5% (S$ psf/month). Period-end vacancy 5%. Weighted average lease expiry (years). OFFICE. 7%. TENANT. PROFILE EXPIRATION AND INTERIM RENT REVISIONS. 73% 2H 2017 2018 2019. HKL's Share: Total lettable office area subject to expiration/rent 23 713 318.

5 Revisions ('000 sq. ft). % of area subject to 1% 43% 19%. expiration/rent revisions Banks and Other Natural Resources IT Services & - Expiration 1% 5% 12%. Financial Services Consultancy Legal Accounting Property - Rent revisions - 38% 7%. Average expiring gross rent Others (S$ psf/month). 2017 Half-Yearly Results 8. Rest of Asia Portfolio Modest exposure outside Hong Kong and Singapore MAINLAND CHINA SOUTHEAST ASIA. Beijing WF CENTRAL (84%-owned) Jakarta Jakarta Land (50%-owned). Prestigious retail centre, which includes an exclusive Existing portfolio features 135,000 sq. m. NFA. luxury hotel (Mandarin Oriental) Average gross rent: US$26 psm per month (1H.)

6 43,000 sq. m. NFA 2016: US$25 psm per month). Open: Q4 2017 (hotel in 2018) Occupancy: 92%. Pre-leasing commitments from a diverse range of WTC 3: On schedule to complete in 2018. tenants Phnom Penh EXCHANGE SQUARE (100%- owned). Completed in early 2017 . Space in the 26,000 sq. m. mixed-use complex is being taken up by tenants 2017 Half-Yearly Results 9. New Project in Singapore Expanding our portfolio of prime investment properties in Singapore's Marina Bay Financial District SINGAPORE. JV with IOI Properties (33%-owned). Located within the Marina Bay Financial District of Singapore Site area: ha Two office towers million sq.

7 Ft (117,000 sq. m.) NFA office 30,000 sq. ft (2,800 sq. m.) NFA retail podium Connected to HKL's existing portfolio in the district Urban Redevelopment Authority. All rights reserved. 2017 Half-Yearly Results 10. Development Properties 2017 Half-Yearly Results 11. Development Properties Overview The development properties portfolio spans six countries and 11 cities, with a key focus on mainland China and Singapore TOTAL DEVELOPABLE AREA (HKL's share). THAILAND 4,941 MAINLAND (000's sq. m. GFA). 19. TOTAL. - TOTAL CHINA. 19 1,867. 3,074. 16 VIETNAM. - 6,752. TOTAL 16. Total 285 SINGAPORE. - TOTAL. 285. Constructed 2,061. 824 THE PHILIPPINES.

8 163 Under construction/ 4,691. TOTAL 661 to be developed INDONESIA. 667 31. TOTAL 636. 2017 Half-Yearly Results 12. Mainland China Portfolio Overview CHONGQING WUHAN BEIJING. Six projects Conditionally acquired Maple Place (90%-owned). Total GFA million sq. m. New 50% JV Central Park (40%-owned). (HKL's share: million sq. Total GFA 494,000 sq. m. m.) (HKL's share: 247,000 sq. m.). IMAGE TO BE CONFIRMED. IMAGE TO BE CONFIRMED. CHENGDU SHANGHAI. WE City NANJING Parkville Total GFA 898,000 sq. m. New 33% JV Total GFA 227,000 sq. m. (HKL's share: 449,000 sq. m.) Total GFA 217,000 sq. m. (HKL's share: 113,000 sq. m.). (HKL's share: 72,000 sq.)

9 M.). 2017 Half-Yearly Results 13. Mainland China Portfolio Increase in overall contracted sales and improved profit contribution as a result of positive market sentiment and further completions REVENUE RECOGNISED* CONTRACTED SALES* SOLD BUT UNRECOGNISED SALES*. Chongqing Chengdu Chongqing Chengdu Sales to be Sales to be US$m US$m US$m recognised recognised after Shanghai Beijing Shanghai Beijing next 6 months next 6 months 600 800 1,600. $520m $701m $1,421m 700 $673m 1,400. 500. 600 1,200. $1,083m 400. $350m 500 1,000. $326m $432m $885m 300 400 800. 300 600. 200. 200 400. 100. 100 200. - - - 1H 2016 2H 2016 1H 2017 1H 2016 2H 2016 1H 2017 30 Jun 16 31 Dec 16 30 Jun 17.

10 * The above analysis includes share of Joint Ventures & Associates 2017 Half-Yearly Results 14. Singapore Portfolio Overview LAKEVILLE SOL ACRES. 699 units 1,327 units 674,000 sq. ft. GFA million sq. ft. GFA. (63,000 sq. m.) (115,000 sq. m.). Completed in 2017 Completion: 2018. 100% sold Pre-sold: 73%. IMAGE TO BE UPDATED. IMAGE TO BE UPDATED. LAKE GRANDE EUNOSVILLE. 710 units MARGARET DRIVE Conditionally acquired 537,000 sq. ft. GFA 315 units 1,399 units (estimated). (50,000 sq. m.) 238,000 sq. ft. GFA million sq. ft. GFA. Completion: 2019 (22,000 sq. m.) (98,000 sq. m.). Pre-sold: 87% Completion: 2020 Completion: 2021. 2017 Half-Yearly Results 15.