FY2015 Annual Results 24 Sep 2015 THE ARTISANAL MOVEMENT

FY2015 Annual Results 24 Sep 2015 THE ARTISANAL MOVEMENT

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KEY CATALYSTS FINANCIALS PROPERTY DEVELOPMENT - Financial position: 24.1% net gearing, HK$ 59.5 bn cash on hand & bank balances - Ample war chest: HK$15 bn undrawn line + MTN program of NWD in place (un-utilised US$2.5 bn) - Stable dividend: maintain full year DPS HK$0.42 - Robust execution: 3 consecutive years proven track record in HK property sales - Abundant saleable resources: around 3,100 units available LANDBANK - Proactive management: attributable GFA of 6.9 mil sq ft has been acquired last 5 years - Unlock farmland hidden value: explore the Pilot Scheme for Arbitration on Land Premium PROPERTY INVESTMENT - Defensive portfolio: stable contribution from offices in Central and regional retail malls - New World Centre redevelopment: a GFA of 3 mil sq ft complex, expected completion in 2017 OTHER STRATEGIES - Enhancement of the Group structure: hotel JV with ADIA - Better use of resources: synergies of VIP members within the Group 3

Segment performance FINANCIAL REVIEW THE ARTISANAL MOVEMENT 4

FINANCIAL HIGHLIGHTS Results summary (HK$ million) FY2015 FY2014 Change Profit attributable to shareholders 19,112.0 9,725.4 97% Underlying profits 6,770.0 6,506.7 4% Financial position (HK$ million) Cash & bank balances 59,465.2 61,823.2 4% Net debt 53,539.1 54,738.8 2% Net gearing (%)* 24.1 27.3 3.2% pts Per share figures (HK$) Full year divided per share 0.42 0.42 Reported earnings per share 2.17 1.37 58% Book value per share 19.9 18.4 8% * If stripping out 3 listed subsidiaries, the net gearing of NWD corporate office in FY2015 is 16%, 6.8% pts year-on-year 5

SEGMENT PERFORMANCE Segment results (HK$ million) FY2015 FY2014 (1) Property development Hong Kong 3,295.1 2,079.5 China 4,837.7 7,507.4 Sub-total 8,132.8 9,586.9 (2) Property investment Hong Kong (a) 1,185.1 1,233.3 China 731.6 798.6 Sub-total 1,916.7 2,031.9 (3) Hotel operations Hong Kong & South East Asia 737.6 762.1 China (b) (492.9) (400.7) Sub-total 244.7 361.4 (4) Service 1,504.0 1,526.2 (5) Infrastructure 2,711.2 2,518.2 (6) Department stores 307.4 543.2 (7) Others (264.3) 228.8 Total 14,552.5 16,796.6 (a) The drop was mainly due to the resumption of 12 Salisbury Road TST (previously named as SOGO TST) on 14 Feb 2014 for alterations and the overhaul of Discovery Park Shopping Centre. If excluding the effects of abovementioned projects, up 2% (b) The drop was mainly due to the pre-opening expenses of hotels in Mainland China 6

PROPERTY DEVELOPMENT THE ARTISANAL MOVEMENT 7

HK PROPERTY DEVELOPMENT FY2015 CONTRACTED SALES Achieved Target HK$17.2 billion HK$12.0 billion 0 2 4 6 8 10 12 14 16 18 bn KEY PROJECTS SOLD GRAND AUSTIN, THE PAVILIA HILL, PARK SIGNATURE, THE WOODSVILLE, THE REACH, DOUBLE COVE STARVIEW PRIME, DOUBLE COVE, EIGHT SOUTH LANE AVERAGE MARGIN Around 20% in Hong Kong property development was achieved FY2016 SALEABLE RESOURCES New projects: over 2,500 units Projects launched before FY2016: 515 units around 3,100 units PROJECT OP SCHEDULE THE PAVILIA HILL, MOUNT PAVILIA, DOUBLE COVE STARVIEW PRIME, DOUBLE COVE GRANDVIEW, DOUBLE COVE PHASE V HK READY LAND Attributable GFA 8.8 million sq ft HK FARMLAND Attributable land area 18.2 million sq ft, majority in Yuen Long 8

HK ABUNDANT SALEABLE RESOURCES Categories No. of projects No. of residential units New projects 8 2,588 Projects launched before FY2016 12 515 Total* 20 3,103 *as at 13 Sep 2015 No. New projects to be launched Attributable GFA/ sqft 1 SKYPARK, Mong Kok** 213,385 2 3 4 5 6 DOUBLE COVE GRANDVIEW, Ma On Shan*** 123,893 THE PARKHILL, Yuen Long 85,251 MOUNT PAVILIA, Sai Kung 679,489 BOHEMIAN HOUSE, Western District 84,334 FLEUR PAVILIA, North Point 229,320 3 5 8 1 2,7 6 4 7 DOUBLE COVE PHASE V, Ma On Shan 106,545 8 55 CONDUIT ROAD, Mid Levels 26,334 Total 1,548,551 **Launched in Jul 2015 ***Launched in Aug 2015 9

PROACTIVE MANAGEMENT OF HK LANDBANK PORTFOLIO Categories Million/ sq ft Hong Kong ready land (by GFA) 8.8 Farmland (by land area)* 18.2 *majority in Yuen Long Categories Major usage Channels NWD A. New acquisition Total GFA added / sq ft Attri GFA added / sq ft MOUNT PAVILIA, Sai Kung Residential Stake increase 63% (+7% pts) 75,498 75,498 KOHO, Kwun Tong Office Asset acquisition 100% 204,514 204,514 STTL No. 520, Tai Wai Station, Sha Tin Residential Public tender 100% 2,050,327 2,050,327 704-730 King s Road, North Point Nondomestic Old building 90% 487,500 438,750 Yau Tong Redevelopment, Yau Tong Residential Stake increase* 10.9% (+2.4% pts) 98,210 98,210 *Stake increase after 30 Jun 2015 Total acquired 2,916,049 2,867,299 B. Ongoing acquisition 4A-4P Seymour Road, Mid Levels Residential Old building 35% 472,185 165,265 74-74C Waterloo Road & 15-25 Yau Moon Street, Ho Man Tin Residential Old building 51% 80,082 40,842 10

NEW PROJECTS IN HK LANDBANK Tai Wai Station project LOCATION - Sha Tin TOTAL GFA - 2,050,327 sq ft NWD INTEREST - 100% USAGE - Residential DETAILS - Not less than 2,900 residential units - Atop of Tai Wai MTR Station 704-730 King s Road The Project King s Road LOCATION - Quarry Bay, Island East TOTAL GFA - 487,500 sq ft NWD INTEREST - 90% USAGE - Non-domestic Quarry Bay MTR Station DETAILS - Next to Quarry Bay MTR Station - Gateway of Island East commercial hub 11

HK LANDBANKING STRATEGIES Our landbanking strategies Proven 5 years landbanking track record OLD BUILDING REDEVELOPMENT further extend our strengths Our focus: unique locations PUBLIC TENDER actively review opportunities Our focus: sizeable development Development projects THE AUSTIN & GRAND AUSTIN Double Cove Phase 1-5 The Reach THE PARKHILL THE WOODSIDE MOUNT PAVILIA FLEUR PAVILIA EIGHT SOUTH LANE SKYPARK TCTL11 Tung Chung Project Tsuen Wan West Station (TW6) Project BOHEMIAN HOUSE Sai Yuen Lane Project STTL No. 520, Tai Wai Station Sources Public tender Farmland Farmland Farmland Farmland Farmland Old building Old building Public tender Public tender Public tender Old building Old building Public tender FARMLAND CONVERSION explore Pilot Scheme for Arbitration on Land Premium 704-730 King s Road Old building THE PAVILIA HILL (stake increase) Old building MOUNT PAVILIA (stake increase) Farmland Yau Tong Redevelopment (stake increase) Old building Our focus: unlock hidden value Grand total Per annum 17 projects/ 6.9 mil sq ft 3.4 projects/ 1.4 mil sq ft 12

PROPERTY INVESTMENT & HOTEL THE ARTISANAL MOVEMENT 13

DEFENSIVE HK PROPERTY INVESTMENT PORTFOLIO Rental performance FY2015 Hong Kong rental income (HK$ mil) 1,486.1 Contribution HK vs CN 62% vs 38% Office Occupancy New World Tower, Central 96% Manning House, Central 98% Mall Occupancy K11, TST 100% Discovery Park Shopping Centre, Tsuen Wan* 73% Telford Plaza, Kowloon Bay 100% POPCORN II, Tseung Kwan O 100% *Under major renovation Maintain satisfactory rental performance - Office: - Positive rental reversion in our Central office towers - Mall: - Strong performance in TST K11 Revenue up 7% 100% occupancy Average footfall 1.3 mil per month - Resilient performance in regional malls Average unit rent up in Discovery Park Shopping Centre, Telford Plaza & POPCORN II Asset enhancement are ongoing - Office: - New World Tower: lobby, public areas and facilities - Mall: - Discovery Park Shopping Centre: the final phase of overhaul to be completed in 2015 14

NEW WORLD CENTRE REDEVELOPMENT TOTAL GFA - 3 million sq ft complex DEVELOPMENT SCHEDULE - Expected completion in 2017 CURRENT STATUS - Construction carried out as scheduled - 12 Salisbury Road TST will be altered in parallel with the redevelopment - Main-structure of high tower close to Salisbury Road already built up to 45th floor - The hotel portion will be operated by Rosewood Group OUTLOOK - A new landmark in Hong Kong prime area - Direct access to underground MTR subway network - Abundant carparks for travellers 15

HOTEL OPERATIONS CRYSTALISING VALUES Hotels/ FY2015 Location Total room Occupancy (%) ADR (HK$) GRAND HYATT HONG KONG* Wanchai 539 62 3,268 RENAISSANCE HARBOURVIEW Wanchai 857 78 2,062 HYATT REGENCY TST TST 381 89 2,099 HYATT REGENCY SHA TIN Sha Tin 559 83 1,332 PENTAHOTEL KOWLOON Kowloon East 695 78 682 *Under major renovation CRYSTALISING HOTEL ASSET VALUE - On 29 April 2015, formed a JV with HIP, a wholly owned subsidiary of ADIA to own major hotel assets in Hong Kong - Grand Hyatt Hong Kong, Renaissance Harbourview and Hyatt Regency TST - The attributable consideration to NWD around HK$10 billion and the transaction was completed in FY2015 - A long-term relationship and opportunities to explore together with the new partner - The transaction is in-line with NWD s strategy to effectively allocate resources throughout the Group 16

AT NEW WORLD, WE ARE ALL ARTISANS IMAGINATION BESPOKE CRAFTSMANSHIP HERITAGE CONTEMPORARY 17