Wheelock and : & Company Limited � 2019 Interim Results Announcement

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WHEELOCK AND COMPANY LIMITED

(Incorporated in Hong Kong with limited liability)

Stock Code: 20

Interim Results Announcement

for the half-year period ended 30 June 2019

Macro Headwind Persists

Macro Environment

• Uncertainties stemming from Sino-US trade tension, prospect of a hard Brexit as well as China and Hong Kong GDP growth slowdown continue.

Hong Kong Properties Highlights

• Residential Contracted Sales reached HK$16.2 billion with 1,282 units sold or presold.
  - MONTARA and GRAND MONTARA presold 1,120 units for a total of HK$9.8 billion.

• • O'SOUTH VILLAS portfolio, comprising exquisite residences at GRAND MONTEREY, SAVANNAH and CAPRI, sold 29 villas for HK$1.7 billion, contributing to a sell-through rate of 98%.
  • MOUNT NICHOLSON sold four houses and two apartments for HK$3.6 billion or HK$1.8 billion on an attributable basis.
• Net Order Book grew to HK$34.9 billion, providing revenue visibility over the forthcoming years.
• As of 30 June 2019, Land Bank Under Management was 6.3 million square feet, after successful acquisition of three Kai Tak sites (one more subsequent to first half this year) and presale of MONTARA and GRAND MONTARA.

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Wheelock - Interim Results Announcement (12 August 2019)

Group Financials

• Group Underlying Net Profit increased by 35% to HK$7.0 billion, mainly contributed by satisfactory revenue growth by 24% to HK$21.7 billion. Group operating profit increased by 31% to HK$12.7 billion.

(If there were no HKFRS 15*, Group revenue would have dropped by 17% instead of an increase by 24% for period under review. Group operating profit would have only increased by 6% instead of 31% as reported.)

• Wheelock-Own'sNet Gearing was well-maintained at 15.8%.
• The attributable Underlying Net Profit from Wharf REIC increased by 5% to HK$3.3 billion.
• • HKFRS 15 - Starting from January 2018, revenue from sale of properties is recognised when the legal assignment is completed instead of issue of occupation permit. As such, the sales recognition could be deferred by over half a year. As an effect of the new accounting policy HKFRS 15, Wheelock Group revenue for the first half of 2018 would have been understated by HK$8.6 billion due to deferral of recognition.

GROUP RESULTS (unaudited)

Excluding investment property revaluation gain and exceptional items, underlying net profit was HK$6,977 million (2018: HK$5,160 million).

Group profit attributable to equity shareholders was HK$8,327 million (2018: HK$8,604 million).

Earnings per share were HK$4.07 (2018: HK$4.21).

INTERIM DIVIDEND

An interim dividend of 52.5 cents (2018: 50.0 cents) per share will be paid on 17 September 2019 to

Shareholders, absorbing a total amount of HK$1,075 million (2018: HK$1,024 million).

BUSINESS REVIEW

Hong Kong Properties

During the six months ended 30 June 2019, sales of development properties performed satisfactorily amidst a complex environment shaped by global economic uncertainties and continual trade tension.

Residential contracted sales amounted to HK$16.2 billion, with a total of 1,282 units sold or presold, albeit down from the record high comparison base of HK$23.4 billion in the first half of 2018, which was driven by the presale of MALIBU, a large scale project. The sell-through rate was 94% on launched units during the period under review. No commercial sales were conducted during the period under review.

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Wheelock - Interim Results Announcement (12 August 2019)

MONTARA and GRAND MONTARA, the second development in the O'EAST portfolio and comprising of two high rise residential towers, were launched for presale in the second quarter. The presale received positive response and achieved 100% sell-through rate, reflecting our long-established reputation for superior quality. 1,120 units were presold for HK$9.8 billion within a total of three days, with an average selling price of HK$15,200 per square foot. The good result accounted for 60% of total contracted sales during first half. Embracing the convenience of cosmopolitan life, the development is atop the upcoming 480,000 square feet MTR mall "The Lohas", and is only five minutes' walk from LOHAS Park MTR station. Moreover, the exclusive, 40,000 square feet Club MONTARA features a 24-hour gymnasium and swimming pool surrounded by lush green gardens.

The inventory sales progressed satisfactorily and recorded contracted sales of HK$6.4 billion from previously launched developments, in particular successful selling of CAPRI and GRAND NAPA villas. The O'SOUTH VILLAS portfolio, comprising exquisite residences at GRAND MONTEREY, SAVANNAH and CAPRI, sold 29 villas for HK$1.7 billion, contributing to a sell-through rate of 98% on total number of units.

MOUNT NICHOLSON, the ultra-luxury residence on the Peak, sold four houses and two apartments for HK$3.6 billion during the period under review, of which HK$1.8 billion was attributable to the Group.

Net order book (i.e. presold but contracted sales not yet recognised) grew to HK$34.9 billion, from HK$26.7 billion at year-end 2018. The increase in net order book was mainly driven by successful launches of MONTARA and GRAND MONTARA.

Land Bank

We replenish our land bank through multiple channels. As of 30 June 2019, the land bank under management was 6.3 million square feet, after preselling 0.8 million square feet from MONTARA and GRAND MONTARA. The O'EAST and Kai Tak portfolios account for a significant portion of our urban-focused land bank. This diverse land bank provides a wide variety of product offerings, ranging from MTR residences and waterfront living, to suburban houses and the Peak collection.

Taking into account the Kai Tak residential plot subsequently acquired in July 2019, the land bank increased to 6.7 million square feet. Covering seven sites, the land bank available for sales pipeline in Kai Tak encompassed 1.9 million square feet on an attributable basis, of which the four harbour-front sites along the former runway are jointly developed and managed with project partners. With a cluster of residential projects progressing, we will seek to maximise synergies across planning and development stages in the area, which is poised to benefit from extensive infrastructural developments including the future Kai Tak Sports Park and transport links.

Corporate Social Responsibility ("CSR") and Business-in-Community ("BIC")

Community well-being is prioritised as one of the key considerations in our business decision making. We support a wide range of CSR programmes and community initiatives spanning sustainability development, education, and art and culture.

Sustainable development

Wheelock Properties Limited has secured a HK$2.0 billion Sustainability-LinkedLoan Facility ("Facility"), the first of its kind sustainability performance-linked loan in Hong Kong. The Facility, granted for general corporate funding requirements, illustrated our commitment to advancing our sustainability agenda in corporate practices.

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Wheelock - Interim Results Announcement (12 August 2019)

Wheelock Properties Limited and the OASIS KAI TAK project were named "Corporate Social Responsibility Project of the Year" and "Residential Team of the Year" respectively by the Royal Institution of Chartered Surveyors Hong Kong, reflecting our commitment to the society and pursuit of excellence.

Demonstrating our commitment to green building standards, we aim to integrate BEAM Plus Standard and practices into all buildings. During the period under review, SAVANNAH and NAPA obtained BEAM Plus final certifications, whilst the Sin Fat Road project was given a BEAM Plus pre-certification.

Education

Project WeCan is our key BIC initiative, supporting secondary school students in widening their horizon and equipping them for future careers. With the support of 68 partners, the programme currently has 76 secondary schools participating, benefitting over 66,000 students in Hong Kong.

We attended a Project WeCan Partners Appreciation Reception at the Government House in May, with The Hon Mrs Carrie Lam Cheng Yuet-ngor, the Chief Executive of HKSAR, as Guest of Honour. The event was well attended by representatives from partners, volunteers, principals and students from Project WeCan schools.

In July 2019, through the Project WeCan Job Tasting Programme, we offered students internship opportunities to work in different departments according to their interests. This annual programme enables students to develop social skills in the workplace and enhance competitiveness through practical work experience.

Innovation

In March 2019, we announced an extension of our partnership with Hong Kong Science and Technology Parks Corporation (HKSTP) until 2020. Since its establishment in April 2018, HKSTP@Wheelock Gallery has provided a platform for technology innovators and start-ups to convey their innovative ideas to potential investors and business partners. The event featured a sharing session with the theme, "Disrupt or Be disrupted. A.I. x Traditional Industries".

Innovation also serves a major role when it comes to improving customer interaction. During the period under review, we launched a new W-Living app to streamline the handover process, helping to deliver a superior customer experience and achieve a paperless environment.

Lifestyle

As a move to enhance customers' leisure and social life, a Wheelock Lounge was launched at The Gateway, Harbour City, providing CLUB WHEELOCK members with an interactive lifestyle space to relax and mingle. The thoughtful craftsmanship and attentive service of the Lounge, which incorporates arts and culture, can realise 'The Spirit of Living' for CLUB WHEELOCK members.

An exhibition of the winning works from the National Geographic Wheelock Hong Kong Photo Contest 2018 was held in early 2019. With the theme "Hong Kong Story", the contest received more than 4,000 submissions from both photography enthusiasts and professional photographers from 19 countries and regions.

Wheelock and Company Limited is the majority shareholder of The Wharf (Holdings) Limited, Wharf Real Estate Investment Company Limited and Wheelock Properties (Singapore) Limited. Below is a report on their operations and achievements during the period under review.

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Wheelock - Interim Results Announcement (12 August 2019)

The Wharf (Holdings) Limited ("WHL")

WHL, a major subsidiary of Wheelock, is mainly engaged in property-focused businesses, comprising Investment Properties ("IP") and Development Properties ("DP") in Hong Kong and Mainland China, as well as Hotel and Management.

WHL's revenue and underlying net profit were HK$8.1 billion and HK$2.2 billion respectively. Property businesses contributed to 67% of revenue and 84% of underlying net profit.

WHL's Peak Portfolio showcases a landmark collection of prestigious residences; while the "Kowloon East Waterfront Portfolio", comprising Kowloon Godown and the Yau Tong Bay joint venture projects, represents another valuable portfolio of WHL.

Regarding China DP, operating profit (inclusive of joint ventures and associates on an attributable basis) decreased slightly to HK$1.8 billion, with operating margin lifting 3 percentage points to 35%. WHL's attributable contracted sales decreased by 10% to RMB6.5 billion. As at 30 June 2019, the China DP land bank totalled 3.6 million square metres, spanning top-tier cities.

For China IP, WHL continued to enjoy steady contributions from the International Finance Square ("IFS") series. With Changsha IFS added to the portfolio in 2018, the revenue and operating profit increased by 22% and 30% respectively, to HK$2.0 billion and HK$1.2 billion. As an iconic landmark in the heart of the city, the award-winning Changsha IFS has achieved impressive performance and houses over 370 brands with an occupancy rate of 98%. Another flagship shopping mall, Chengdu IFS, continued its growth momentum with revenue increased by 14% to HK$859 million, and operating profit by 28% to HK$463 million.

Currently, WHL currently manages 17 hotels in Mainland China, Hong Kong and the Philippines, under the Marco Polo Hotels and Niccolo Hotels brands.

Amid lingering trade tensions and geopolitical uncertainties, revenue from the logistics segment decreased slightly to HK$1,253 million. In the face of a competitive global port industry, Modern Terminals formed the "Hong Kong Seaport Alliance" with three other terminal operators to enhance efficiencies and resources utilisation.

Wharf Real Estate Investment Company Limited ("Wharf REIC")

Wharf REIC, another major subsidiary of Wheelock, is a premium Hong Kong IP company with a focus on retail properties. It currently owns and manages a portfolio of premium quality IPs in Hong Kong, including Harbour City, Times Square, Plaza Hollywood, Crawford House and Wheelock House.

Wharf REIC's underlying net profit achieved a moderate growth of 3% to HK$5.2 billion during the period under review.

Revenue from Hong Kong IP increased by 4% to HK$7.4 billion, and operating profit increased by 4% to HK$6.6 billion. Harbour City, the largest revenue contributor of Wharf REIC, reported total revenue (including hotels) of HK$6.2 billion, representing 5% growth. Revenue from Times Square and Plaza Hollywood remained resilient at HK$1.4 billion and HK$284 million respectively.

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Wheelock - Interim Results Announcement (12 August 2019)