New World Development : CLARIFICATION ANNOUNCEMENT

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(incorporated in Hong Kong with limited liability)

(Stock Code: 0017)

Clarification Announcement

Reference is made to the 2019 sustainability report (the "Sustainability Report") published by New World Development Company Limited （新世界發展有限公司） ("the Company") on 30 December 2019.

The board of directors (the "Board") of the Company would like to clarify that there were inadvertent clerical errors on page 20 of the Sustainability Report and that the HK BEAM Plus certification of the Company's three properties namely, K11 ATELIER, K11 MUSEA and K11 ARTUS should all be Provisional Silver rating under BEAM Plus New Buildings V1.1 as at 30 June 2019. As K11 MUSEA and K11 ARTUS are classified as one single project under BEAM Plus registration, the total number of buildings with HK BEAM Plus Gold or above rating on page 18 of the Sustainability Report should therefore be adjusted from 22 to 20.

Save for the above clarification, all other information and contents of the Sustainability Report remain unchanged.

By Order of the Board

Wong Man-Hoi

Company Secretary

Hong Kong, 11 September 2020

As at the date of this announcement, the Board comprises (a) seven executive directors, namely Dr. Cheng Kar-Shun, Henry, Dr. Cheng Chi-Kong, Adrian, Mr. Cheng Chi-Heng, Ms. Cheng Chi-Man, Sonia, Mr. Sitt Nam-Hoi, Ms. Huang Shaomei, Echo and Ms. Chiu Wai-Han, Jenny; (b) three non-executive directors, namely Mr. Doo Wai-Hoi, William, Mr. Cheng Kar-Shing, Peter and Ms. Ki Man-Fung, Leonie; and (c) six independent non-executive directors, namely Mr. Yeung Ping-Leung, Howard, Mr. Cha Mou-Sing, Payson (alternate director to Mr. Cha Mou-Sing, Payson: Mr. Cha Mou-Zing, Victor), Mr. Ho Hau-Hay, Hamilton, Mr. Lee Luen-Wai, John, Mr. Liang Cheung-Biu, Thomas and Mr. Ip Yuk-Keung.