SIME DARBY PROPERTY BERHAD Citi Asia Pacific Property Conference 2018 Investor Presentation 28 – 29 June 2018 2

Presentation Outline

1 Property Profile

Key Growth Areas and Recent 2 Developments

3 Growth Strategies

4 Financial and Operational Highlights

5 Megatrends & Market Outlook

6 Appendices 1

3 4 Shareholding Structure

RM1.16 Share Price 55.6% Share Price Movement (RM)

1.78

As at 22 June’18 1.16

1.11 Foreign Shareholdings 14.8% 10.0% RM7.9bn 4.7% Market Capitalisation Other Domestic Shareholdings 14.9% 6,800,839 Number of Ordinary and the public Shares (000’) Source: Tricor 5 The Largest Property Developer in In terms of land bank size

RM1.7bn RM637mn RM593mn 1,602 9MFY18 Revenue 9MFY18 PBIT 9MFY18 PATAMI Employees

UNITED KINGDOM Property Development

THAILAND Active townships, integrated and KEDAH 23 niche developments

Helensvale, Acres of remaining Queensland developable land bank to be GEORGETOWN, 65 acres 20,695 developed over 10 -25 years PENANG PENINSULA MALAYSIA AUSTRALIA Estimated Remaining Gross RM96bn Development Value (GDV) Average trading discount to 45% Realised Net Asset Value (RNAV)

SELANGOR 3,291 acres Property Investment 3,187 acres Sq. ft. of net commercial 2,826 acres NEGERI space in Malaysia and SEMBILAN 1.4mn Singapore

1,462 acres Hospitality & Leisure

BANDAR UNIVERSITI Assets across 4 countries 3,297 acres Key Developments including 2 golf courses (36-hole 6 & 18-hole respectively) and a North-South Expressway Singapore convention center 6 Sustainable Growth With remaining developable land over 10 to 25 years By Remaining By Remaining Gross Developable Land Development Value (GDV) 7.6 1,461 21.0 (9%) (12%) 3,451 (26%) (28%) O 334 N (3%) G 12,265 28.2 RM81.5 O (35%) 2,826 5.5 I (23%) acres 871 billion (7%) N (7%) G 5.3 (6%) 3,322 13.9 (27%) (17%)

Legend: 2,036 F (24%) U 3,092 T 8,430 (37%) RM14.4 U acres billion R for Corridor only E 3,302 (39%)

Notes: 1. Township categorisation: • Guthrie Corridor: (Ongoing) Elmina West, Elmina East, & and , (Future) Kota Elmina & • Negeri Sembilan: (Ongoing) Nilai, Bandar Ainsdale, Planters’ Haven & Chemara, (Future) MVV and others • Johor: Bandar Universiti Pagoh and Taman Pasir Putih • Greater Valley & Others: • (Ongoing) , ALYA, , KL East, USJ Heights, , , SJCC and SJ7 • (Future) Jalan Acob, Victoria Estate and others 2. Remaining GDV available only for Guthrie Corridor 7 Key Growth Areas (Flagship Developments) With remaining development period of about 25 years

Guthrie Corridor Klang South Johor Expressway Elmina East and Bandar Serenia City Bandar Universiti West Pagoh

Remaining Acreage 3,144 2,826 1,462 3,297 Remaining GDV RM19bn RM14bn RM8bn RM5bn Total Residential Units 26,809 21,857 12,522 5,671 Residential Units 2,183 7,663 302 383 Launched Total Industrial ~90 879 197 238 Park acreage

Industrial First launch Acreage Sold 10 314 71 in 1H19

• Along the Guthrie • Highly-connected • Xiamen University, • Pagoh Education Key Corridor in Klang, close to 1st university branch Hub, 1st multi-varsity Catalysts • >3000 acres of and outside of China education hub (506 green spaces KLIA • Horizon Village acres) with ~7200 Outlet to open in 1Q19 students 8 Growth along the Guthrie Corridor

6,543 acres of remaining developable land bank along Guthrie Corridor Expressway with remaining GDV of more than RM35 billion • 53% of total land bank are on ongoing developments • 47% on future developments (Kota Elmina and Lagong)

Good connectivity:  GCE, DASH, NKVE, LATAR and NSE  Mass Rail Transit-1 (MRT 1) and Keretapi Tanah Melayu Line (KTM)

Elmina East and West “A Wellness Hub” • RM18.8bn Estimated Remaining GDV

• 26,809 units (Launched: 2,183) Total estimated residential units • 300 acres Elmina Central Park • 2,700 acres Tasik Subang Dam Forest Reserve 9 Bandar Bukit Raja - Highly Connected Industrial / Township

KEY HIGHLIGHTS RECENT DEVELOPMENTS 4,333 acres (Remaining: 2,826 acres) Close proximity to KLIA and Port Klang RM13.9bn 7,663 Estimated Remaining GDV Residential Units Launched 21,857 units To-date Total estimated residential units 82,000 residents 39 Expected population at full capacity Acres of industrial land to be jointly developed for built-to- 879 acres suit industrial facilities via Industrial Business Park 50:50 JV with Mitsui 125 acres Town Park 50 High Connectivity Acres of industrial land sold via major road infrastructure to Vinda Group in Bandar New North Klang Straits Bypass (Shapadu Bukit Raja 2 Highway) and upcoming (WCE)

Launches to date with total GDV of >RM3.8bn Persada Azira Casira 2 (2-storey house) (2-storey house) (2-storey house)

230 units 111 units 111 units From RM658,888 From RM678,888 From RM738,888 10 Serenia City - Industrial and High Technology Hub

KEY HIGHLIGHTS RECENT

2,370 acres (Remaining: 1,462 acres) DEVELOPMENTS Close proximity to , , and KLIA RM7.6bn Estimated Remaining GDV ~100% 12,522 units take-up in the first hour of Total estimated residential units 1st residential launch 197 acres Industrial Components Serenia Amani (2-storey house) High Connectivity Accessible via ELITE Highway, Federal Road, ERL & KLIA

Educational & Retail Catalysts 302 units From RM536,888 • Xiamen University First Chinese university branch campus in Malaysia with a capacity of 10,000 students. Opened in February 2016. Current student 71 population of 3,300. acres of industrial • Horizon Village Outlet land launched worth one-storey retail lots over total net GDV of RM179 lettable area of 400,000 sq ft with 2,000 covered parking bays. Target million to be completed by 1Q 2019. 11 Bandar Universiti Pagoh – A University Town

KEY HIGHLIGHTS RECENT DEVELOPMENTS 4,099 acres (Remaining: 3,297 acres) Malaysia’s First Integrated Township with an Education Hub RM5.1bn 383 Residential Units launched To- Estimated Remaining GDV Balance date University Land 5,671 units (295 acres) Total estimated residential units

Pagoh 238 acres 7,200 Education Hub Industrial Business Park current student population in Pagoh Education Hub Pagoh Education Hub First Multi-Varsity Education Hub and Catalyst to BUP • 506 acres development 100% • 4 major institutions Private • Maximum student capacity of University Handover 10,800 students of vacant possession Land • 60:40 JV between Sime Darby (116 acres) Property and Tunas Selatan of Harmoni Vista 1 on 12 June Construction 2018

Launches to date with total GDV of >RM108mn Harmoni Vista Sarjana Square Sarjana Promenade (2-storey house) (Shop Office) (Shop Office)

383 units 35 units 35 units From RM365,888 From RM888,888 From RM950,000 12

Transit Oriented Developments (TOD) and Transit Adjacent Developments (TAD)

Total of 9 Developments, with an estimated remaining GDV of > RM10bn SJ 7

6T 13 Update on KL-Singapore High Speed Rail (HSR) Two HSR hubs were initially earmarked at Sime Darby Property’s land

Reported that HSR has been 30 MAY scrapped in a move to control government’s spending and reduce debt

KL-Singapore high-speed rail is 12 JUN postponed for further review - not scrapped

A cheaper option to upgrade the 19 JUN railway link between KL and Singapore by upgrading the existing KTM Rail Network

Brief facts of HSR and KTM Rail Network: HSR KTM Rail Sime Darby Projected Cost ~ RM65 bil < RM20 bil Property is in Est. Travel Time 90 mins 130 mins ongoing conversation Speed 320 km/hr 200 km/hr with both Federal Proposed Work New alignment Upgrade existing alignment, will largely be and State in Johor Governments Key Difference Duplication of Complements existing existing rail network network 14 Update on Malaysia Vision Valley (MVV) Sime Darby Property to ride on the State Government’s support

16.8km dual-carriageway MVV Total Area: ~27,000 acres Nilai Parcel A: 2,838 acres Sime Darby Property’s Interest:

 Owned: Parcel A of 2,838 acres  MVV Option Agreements with SD Berhad: 8,796 acres

Additional 8,796 acres Key Catalyst:

Chemara Hills  A new 16.8km dual (44 acres) carriageway linking Nilai and Labu to Bandar Enstek  Expected completion by July 2021

State Government’s Support post GE-14

 The infrastructure work and construction of the dual carriageway is ONGOING 16.8km NLE Dual Carriageway Existing KTM Rail  The State Government’s commitment to spur economic growth is in line with our strategy to accelerate the MVV development 15 Land Options Agreements Option to Increase Land Bank Totaling ~20k acres

1. Land Options 2 0 , 6 0 2 2. MVV Options Agreement Agreement with Sime Darby Plantation a c r e s with Sime Darby Berhad 11,806 acres 8,796 acres

Kedah SD Plantation entered into 9 Kumpulan Sime Darby and Sime Darby Property entered call option agreements Bukit Selarong estate: into several call option with SD Property pursuant to 148 acres agreements for lands within which SD Property has options the MVV development to purchase these lands at Penang region future market value Byram estate: 864 acres

Options Validity: Options Validity: 5 5 effective years effective years Nov’2017, extendable by Nov’2017, extendable 3 years by 3 years Selangor Sungai estate: 993 acres West Estate, : 2,000 acres Negeri Labu, New Labu (Kirby), New Sembilan Labu (Main) and Hamilton estates estate: 2,000 acres Lothian Estate: 485 acres

Ainsdale estate: 268 acres , Johor

Kulai estate - A: 1,862 acres Kulai estate - B: 3,186 acres 16 Update on Battersea Power Station Project The next profit recognition will be from FY2020 onwards

2012 ~£9bn 40:40:20 42 acres

Acquisition of land for £400mn Estimated GDV JV between Sime Darby Site Area (c.4% of estimated GDV) Property : SP Setia : EPF

Phase 1 Phase 2 Proposed Disposal of Circus West The Power Station Phase 2’s Commercial No. of Residential Units 867 253 Assets Take-up Rate 99% 92% Target Completion 100% Q4 2020 Units Handed Over 832 -  Opportunity to secure Profit Recognition (RM’mn) 252 - ownership of an iconic asset which will be able to deliver a GDV (£’mn) 917 2,305 sustainable income stream Recent Development Highlights:  Enable Sime Darby Property to Apple HQ, Battersea Northern Line Extension focus as a property Target to open in On-track and developer and realise 2021 target to development returns of (Expects 3,000 complete by Phases 3 – 7 Apple employees ) end 2020 • Occupy 50% of total Phase 2’s US Embassy, Nine Elms commercial space, equivalent to  Target to complete by July Completed in 2017 & 100% of the office space 2018 fully operational in May 2018 2 Growth Strategies

17 18 Sustainable & Balanced Growth Strategies

No. 1 Property Developer in Malaysia

FIVE KEY STRATEGIC OBJECTIVES

#1 Re-balancing & #2 Launching #3 Enhancing #4 Achieving #5 Elevating expanding new growth overall Cost & Organisational development areas customer Operational Effectiveness portfolio income experience Efficiencies

• Township: Enhance • New Business • Enhance data • Diligent cost • Improve project GDV and review Segment: Industrial driven customer management management strategic masterplan & Logistics insights • Review Leisure governance Development • Roll-out online Management’s • Executive optimal • Integrated: Improve community business model strategic partnership capabilities & • Focus on profitable marketplace and • Shorter end-to-end model income contribution affordable housing

digital innovation development cycle • Strengthen talent & STRATEGIC STRATEGIC

PRIORITIES projects for both township & performance • Review MVV project integrated products management

The Preferred Consistent Sustainable Consistent Employer Shareholders’ PATAMI Sales within Real Return growth Performance

Estate

BY BY 2023 TARGETS

KEY KEY Brand value & People & HR Operating Model & Innovation &

marketing capabilities Business Process technology ENABLERS 19 Dynamic and Active Land Bank Management

Three-pronged approach to maximize investment returns of our sizeable land bank

S t r a t e g i c D e v e l o p Monetisation Partnerships

Prioritise on growth of high Earmark potential developers to Strategic land sale outside performing townships to co-develop ongoing and greenfield key development focus to: extract highest economic townships as a mean to: . Expedite the development value via other developers . Accelerate development of our . Speedy realisation of land Drive cost reduction sizeable land bank value initiatives to enhance . Leverage on partners’ expertise profitability and resources Target disposal:~1,700 acres

2015: Elmina land (135 acres) to E&O

2016: Serenia City land (375 acres) to Sunsuria & land (238 acres)

2017: Semenyih land (803

acres) to I&P

O n g o i n g J V K e y A r e a s

Past Records2018: New Lunderston land (298 acres) 20 Strategies: Property Development

1. Build home for specific target 1. Tackle major operational groups: challenges around cost and • Assisted living quality issues • Multi-generational living 2. Focus on Transit Oriented • Customised Built-to-Suit (TOD) and Transit products Adjacent (TAD) • Themed townships developments 2. Focus on Time, Cost and 3. Formation of specialist Quality Township Integrated team for central Project 3. Lengthen planning visibility & Development Development Management and Strata adopt portfolio perspective Management

Unsold Industrial & Two-Pronged Approach Completed Completed Logistics 1. Identified 461 acres of Review campaign And Ongoing Development industrial land with an strategy & increase Stocks Portfolio estimated GDV of incentive ~RM5.1bn . 253 acres in Elmina East, BBR1 & 2 and Serenia City Ongoing Future to be developed as Launches Launches Industrial Build-to-Suit Review pricing Plan towards facilities and retained by and positioning achieving zero Property Investment as incoming stock a recurring income pool 21 Strategies: Property Investment

To achieve 10% of PBIT contribution by FY2023 via: 1. Actively grow high-yielding asset portfolio 2. Monetisation of non-core assets 3. Generate steady recurring income via Built-to-Suit Industrial Facilities (BTS) and Managed Industrial Business Parks

Actively grow 01 high-yielding asset portfolio • Expansion plan to increase Generate recurring recurring income income via BTS and • Optimise value creation of Managed Industrial 02 existing strategic partnerships Business Parks • Opportunistic acquisition of 3rd party assets • Joint venture (JV) and strategic partnerships with Industrial Actively grow experts to transform our land 03 high-yielding bank into a thriving industrial / asset portfolio logistics park • The JV with Mitsui on 39 acres at • Divest non-core hospitality Bandar Bukit Raja is the first step assets in Australia, Singapore & Vietnam by Dec 2019 22 Sime Darby Property’s Rigorous Asset Monetisation Journey

2015 2016 2017 2018 Beyond

 Sold 135 acres  Sold 375 acres  Sold 803  Sold 298 Target of Elmina land of Serenia City acres of acres of New disposal of to Eastern & land to Sunsuria Semenyih Lunderston ~1,700 Oriental (E&O): and 238 acres land to I&P: estate land: acres of RM48mil of Semenyih RM413mil RM84mil land: RM320mil land  Sale of Subang  Sale of 1  Sale of 40% Avenue Mall:  Sale of investment equity stake 3 RM55mil Equatorial Hotel property in in Seriemas hospitality in Melaka and 2 Singapore: Development assets  Sale of 50% properties in RM131 mil and 100% stake in Singapore: stake in Sunsuria JV: RM486mil MLDC: RM157mil RM318 mil

Rigorous focus on monetising non-strategic land bank and non-core assets which translated to over RM2 billion of gains Financial and 4 Operational Highlights

23 24 5-Year Financial Highlights

Return on Profit Before Invested Capital Gross Revenue Interest & Tax (ROIC) Sales Value Units Sold RM’mn RM’mn RM’mn Margin % 5-Year Units Average ROIC: 9%

FY2017 IC 1,917 FY2017 2,616 824 31% 7.4 1,765 RM11.0bn

FY2016 3,371 1,203 36% 11.9 1,745 1,894

FY2015 3,624 931 26% 10.3 2,134 1,659

FY2014 2,792 575 21% 7.7 2,750 3,049

FY2013 2,367 536 23% 7.6 2,149 2,103

Note: • FY2013 and FY2014 were not restated for adoption of MRFS Framework and MRFS 15 • Includes both continuing and discontinuing operations 25 Nine Months of Financial Year 2018 Ended 31 March 2018

YOY 9MFY2018 9MFY2017 Continuing Operations % RM’mn RM’mn Revenue 18 1,691.4 1,439.5 Segment Results 4 316.1 303.2 PBIT 61 633.9 393.2 PBT 58 641.6 405.3 PATAMI 108 592.5 284.4 Basic EPS (sen) 43 10.9 7.6

Discontinuing Operations Revenue 39 44.3 31.9 PBIT >100 3.1 (5.3) PATAMI (92) 0.9 12.0

TOTAL Revenue 18 1,735.7 1,471.3 PBIT 64 637.0 387.9 PATAMI 100 593.4 296.4 Basic EPS (sen) 38 10.9 7.9

Note: Included in 9MFY17 is a gain on disposal of Glengowrie Estate, Semenyih of RM202 million (Minority interest share of RM45mn) 26 Financial Position as at 31 March 2018

Lower cash equivalents due TOTAL CASH EQUIVALENTS to: RM1,048mn • Loan amortisation payment of RM900mn RM113mn 16% RM753mn 472.7 • Additional equity injection for 533.4 Battersea Power Station project of 506.2 RM108mn 575.2 • Repayment to related companies 366.7 246.8 of RM245mn (Net of purchase of MVV land of RM690mn) 30 SEP'17 31 DEC'17 31 MAR'18 • Offset by the proceeds from the Bank balance, deposit & cash Cash under Housing Development Account disposals of assets, subsidiaries and associates of RM747mn TOTAL BORROWINGS (CONTINUING OPERATIONS) RM1,477mn Higher borrowings raised in RM1,331mn 3QFY18 for: RM1,100mn • Developments of KL East 826.1 1,292.5 866.5 and Bandar Universiti 11% Pagoh 504.6 233.8 183.4 30 SEP'17 31 DEC'17 31 MAR'18 Short-term Long-term

Excluding discontinuing operations: Including discontinuing operations (RM893mn): • Gross Debt/Equity Ratio: 16% • Gross Debt/Equity Ratio: 24% • Net Debt/Equity Ratio: 8% • Net Debt/Equity Ratio: 15% 27 Segment Results For 9MFY2018 9MFY2018 vs 9MFY2017

REVENUE SEGMENT RESULTS (RM'mn) 12% (RM'mn) 21% 339.2 1,587.1 303.3 1,307.1

27.6 43.2 76.7 89.2 10.6 (4.6) (18.5) (10.7) Property Property Leisure and Property Property Leisure and development investment hospitality Development Investment hospitality

Property Development: Property Development: • Higher sales and development activities at 9MFY18: Included: Elmina West, Elmina East, Serenia City, • Gain of RM11.1mn from the sale of 21 residential plots in Serenity Cove Taman Melawati and Serenity Cove, • Gain on New Lunderston land sale of RM84.4mn Australia despite the lower contribution • Share of profit from Battersea of RM103.1mn • Reversal of RM13.2mn on compulsory land acquisition gain in prior year from Nilai Impian and Bandar Bukit Raja townships 9MFY17: Included: • Gains on compulsory acquisition / disposal of land of RM259.8mn • Battersea’s share of profit of RM86.5mn Property Investment: • Provision for unsold stocks of RM79.0mn • Lower revenue by 36% YoY largely due to the termination of master lease at Wisma Sime Darby, reducing revenue by RM5 Property Investment: million • 9MFY18: Included a share of loss of RM7.2mn from Melawati Mall (9MFY17: Loss of RM3.2mn) Leisure & Hospitality: • Lower revenue by 14% YoY from TPC KL, Leisure & Hospitality: Sime Darby Convention Centre & the • 9MFY17: Included the reversal of an impairment of asset in Harvard Golf & Australian asset Country Club of RM10mn 28 Unbilled Sales as at 31 March 2018

Total: RM1,531 million, 4% QoQ (31 Dec’17: RM1,594 million) Sustained unbilled sales due to a steady stream of launches of ~RM360 million in 3QFY18 RM Million 213 216

192 185

158

93 80 83 66 63

38 32 34 26 29 19 6

Elmina Elmina Denai Bukit BBR BBR 1 Ara ALYA Putra SJCC KL East Serenia Tmn Others* Bdr. Nilai Pagoh & West East Alam & Jelutong 2&3 D'sara Heights City Melawati Ainsdale Tmn. Subang Putih QoQ %: (31) 1 >100 20 10 (20) 0 (1) 63 NA (34) (58) (40) 27 9 (51) (36)

Along Guthrie Corridor Bdr. Bukit Raja Negeri (BBR) Greater Johor Expressway (GCE) Klang Sembilan

* Others: USJ Heights and Saujana Impian 29 Steady Stream of Quarterly Launches

G S YTD9MFY18: RM2,215mn 689 V Actual Forecasts O F 358

L A 1,176 U 2 800 - 1,000 N 681 C H E S Jul-Sep 2017 Oct-Dec 2017 Jan-Mar 2018 Apr-Jun 2018 Jul - Dec 2018

TOTAL 1,983 995 580 709 1,500 – 1,800 UNITS TAKE UP RATES 41% 68% 92%

 ~80% of total YTD9MFY18 Gross Sales Value launched are from residential launches  Of the total residential YTD9MFY18 units launched:  ~50% are priced at RM400k and below per unit, which are from the launch of 1,700 units of RSKU apartments (average price of RM228,800 per unit)  ~30% are priced from RM400k to RM800k from launches in Elmina (EG1), Bandar Bukit Raja (Azira), Serenia City (Serenia Amani), SJCC (Lot 15), Bandar Ainsdale (Redup) and Nilai Impian (Orkid)

Notes: 1. Includes launch of Rumah Selangorku (Jul – Sept 2017: 1,700 apartments in Putra Heights) and (Jul – Dec 2018: target of 562 apartments in Elmina West) 2. Future/forecast launches for residential and commercial launches only 30 Focusing on The Demand Momentum in the Medium Range Properties

Breakdown of Future Total Breakdown of Future Residential Launches by Type Launches by Price Double storey link homes (DSLH) 54% of the residential units are make-up 60% of total upcoming priced between RM400k - RM800k launches per unit

4% 3% 9% 13% 15% 22% 36% 21%

1% 7% 5% 54% 2% 54% 57% 57%

28% 11%

By Units By GSVBy GSV(RM mn) By Units By GSVBy (RMGSV mn)

Residential DSLH Semi - D RM1.2mn Bungalow / Townhouse Condo / Apartment Commercial Note: Future/forecast launches for residential and commercial launches only 31

Megatrends & 5 Market Outlook 32 Emerging Megatrends to Benefit Sime Darby Property

Expected completion of Damansara- Affordable Housing – severe shortage of Elevated Highway (DASH) houses below RM250k by October 2019 • 1 mil affordable houses to be built within • Will increase the value of all two terms of administration projects along the Guthrie Corridor • Tax incentives will be given to companies to use cost saving technologies such as Upgrading the first phase of the IBS - Serdang - Putrajaya Senior Citizens (SSP) line is expected to be • Provide subsidies and incentives to operational by July 2021 and be fully encourage the construction of retirement operational a year later villages

Connectivity Post GE14 focus

Malaysia Population Digitalisation & Industrialisation 21% growth of E-Commerce in Malaysia by 33.8 million by 2020 (2017: 32 mil) 2020, double from 2016 estimated population within Greater Klang Valley (fastest growing area) Non-traditional competitors are shifting value pools rapidly by leveraging tech based Approximately 70% of Malaysia population platforms to build end-to-end ecosystems live in urban areas as of 2018 and forecasted to increase to 80.1% in 2025. Opportunity to leverage on: • Industry 4.0 Smart Factories Senior population expected to increase to • E-commerce warehousing & logistics ~800 mn by 2025 and double to 1.6 bn by • Digital free trade zones 2050 • Rise in Small Medium Enterprises (SMEs)

Source: PwC, CBRE, Juwai, MDEC, MITI and DOSM 33 Malaysia: Economic and financial stability expected to remain intact

Q1 2018 GDP grew by 5.4%, slightly below consensus of Following the hike of 0.25% in Feb’18, OPR in coming months is 5.5%. GDP is expected to hover between 5.0 – 5.5% over expected to be maintained at 3.25%, consistent with the policy the next 1.5 years, with domestic demand being the key driver stance to ensure that the domestic economy continues on a of growth. steady growth path. GDP (Year-on-Year) % Overnight Policy Rate (OPR) % 3.25 – 3.40% 7.0 3.50 5.4 5.0 - 5.5% 6.0 3.40 3.25 5.0 3.30 3.20 4.0 3.10 3.0 3.00 2.0 2.90 1.0 2.80

0.0 2.70

Jul-16 Jul-17 Jul-15

Apr-18

Jan-15 Jan-16

Sep-15 Sep-16 Sep-17

Mar-15 Mar-16

Feb-17 Feb-18

Nov-15 Nov-16 Nov-17

May-15 May-16 May-17

Q2 Q2 2018F Q4 Q4 2018F Q2 2019F Historical Forecasts Historical Forecasts

Consumer sentiment has been on an uptrend at 91.0, Loan approval rates have been stable at 41%, slightly highest since Q1 2015. Consumer sentiment is expected below the 3 year average of 43%. Approval rates are to be boosted in the near term from the removal of GST. expected to hover around the current levels.

Consumer Sentiment Index RM mil' Loans Applied & Loans Approved for Residential % 100.0 91.0 25,000 Property Purchase 60 41 90.0 20,000 50 80.0 40 70.0 15,000 60.0 30 10,000 50.0 20 40.0 5,000 10 30.0 20.0 0 0 10.0

0.0

Jul-15 Jul-16 Jul-17

Jan-15 Jan-16 Jan-17 Jan-18

Sep-15 Sep-16 Sep-17

Mar-15 Mar-16 Mar-17 Mar-18

Nov-15 Nov-16 Nov-17

May-16 May-17 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 May-15 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 Loan Approval Rate (RHS) Loans Approved Loans Applied

Source: Bloomberg and Bank Negara Malaysia 34 Cautionary Note

This presentation does not constitute and is not an offer to sell or the solicitation of an offer to buy securities of any company referred to in this presentation in the United States or elsewhere. The companies referred to herein have not registered and do not intend to register any securities under the US Securities Act of 1933, as amended (the “Securities Act”), and any securities may not be offered or sold in the United States absent registration under the Securities Act or an exemption from registration under the Securities Act. By attending the presentation you will be deemed to represent, warrant and agree that to the extent that you purchase any securities in any of the companies referred to in the presentation, you either (i) are a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act, or (ii) you will do so in an "offshore transaction" within the meaning of Regulation S under the Securities Act. This presentation may contain forward-looking statements by Sime Darby Property Berhad that reflect management’s current expectations, beliefs, intentions or strategies regarding the future and assumptions in light of currently available information. These statements are based on various assumptions and made subject to a number of risks, uncertainties and contingencies. Actual results, performance or achievements may differ materially and significantly from those discussed in the forward-looking statements. Such statements are not and should not be construed as a representation, warranty or undertaking as to the future performance or achievements of Sime Darby Property Berhad and Sime Darby Property Berhad assumes no obligation or responsibility to update any such statements. No representation or warranty (either express or implied) is given by or on behalf of Sime Darby Property Berhad or its related corporations (including without limitation, their respective shareholders, directors, officers, employees, agents, partners, associates and advisers) (collectively, the "Parties") as to the quality, accuracy, reliability or completeness of the information contained in this presentation (collectively, the "Information"), or that reasonable care has been taken in compiling or preparing the Information. None of the Parties shall be liable or responsible for any budget, forecast or forward-looking statements or other projections of any nature or any opinion which may have been expressed or otherwise contained or referred to in the Information. 35

THANK YOU 36

7 Appendices 37 Our History • Negara Properties, the subsidiary of Golden Hope Plantations launched its 1972 first township – Taman Melawati (880 acres) Taman Melawati • Sime UEP was established through the acquisition of a large stake in United Estates Projects Bhd, the developer of township 1984 (2,241 acres) • Guthrie Property Development Holding Bhd, a subsidiary of Kumpulan Guthrie Berhad launched its first township – Bukit Jelutong (2,205 1995 acres) • Launched and transformed Nilai Impian 1 (1,263 acres) into a comprehensive township at the Pajam Nilai interchange along the North- Subang Jaya 1997 South Expressway

• Completion of the Guthrie Corridor Expressway (25 km) which 2005 connect Shah Alam to Rawang • Sime Darby Property Division was established following the historical merger of Kumpulan Sime Darby Bhd, Kumpulan Guthrie Bhd and Golden 2007 Hope Plantations Bhd Bukit Jelutong • Sime Darby Property, SP Setia and EPF acquired the iconic Battersea Power Station for GBP400mn (42 acres) 2012 • Signed concession agreements with government of Malaysia and four higher learning institutions to develop Pagoh Education Hub

• City of Elmina was launched (5,000 acres) • Started the developments of Denai Alam, Bukit Subang and 2013 Elmina East City of Elmina • Launched Bandar Bukit Raja 2 (~1,400 acres) and Serenia City (2,370 acres) 2016 • Listing of Sime Darby Property on to Bursa Securities Malaysia on 30 November 2017 2017 38 Strong Board Governance and Management 9 7 5 2 Total Board Non-Executive Independent Women Members Directors Directors Directors

Acting Non-Independent Non- Executive Chairman Encik Rizal Rickman Ramli Sime Darby Property Board

R i s k Governance & Nomination & T e n d e r Management A u d i t Remuneration C o m m i t t e e C o m m i t t e e C o m m i t t e e C o m m i t t e e • Accountable for holistic • Ensure effective • Oversee the process of • Responsible for all matters risk management corporate governance awarding material relating to the nomination framework and efficacy contracts of new Directors and of internal controls assessment of Group Managing Director and his direct reports

Group Managing Director Operational excellence and value Develop long-term strategies for creation Dato’ Sri Amrin Awaluddin sustainable growth

Efficient employment of company Adhere to the highest standards on resources to deliver value to Management Team Environmental, Social and shareholders Governance (ESG) practices 39 Highly-Qualified Board of Directors

Board members have held prominent positions and directorships in public listed companies involving the property sector as well as the banking and finance sectors and in governmental, regulatory and professional bodies

Encik Rizal Rickman Dato' Sri Amrin Datuk Tong Poh Ramli Awaluddin Keow Acting Non-Independent Group Managing Executive Director Non-Executive Chairman Director

Tengku Datuk Seri Ahmad Dato' Jaganath Shah Alhaj ibni Almarhum Dato' Johan Ariffin Derek Steven Sultan Salahuddin Abdul Azjz Shah Alhaj Independent Non- Sabapathy Independent Non- Executive Director Independent Non- Executive Director Executive Director

Dato' Seri Ahmad Datuk Dr Mohd Daud Datin Norazah Johan Mohammad Bakar Mohamed Razali Raslan Non-Independent Non- Independent Non- Independent Non- Executive Director Executive Director Executive Director 40 Strong Management Team

Strong management team with relevant experience and a proven track record in the real estate industry

Dato' Sri Amrin Awaluddin Group Managing Director

Fairuz Radi Dato’ Wan Hashimi Quek Cham Datuk Tong Poh Gerard Yuen Albakri Hong Keow Chief Transformation Yun Wei Officer & Head, Group Chief Operating Officer Chief Operating Chief Financial Chief Marketing Managing Director’s – Township Officer – Officer & Sales Officer Office Development Integrated

Azlina Hamzah Choo Suit Mae Tang Ai Leen Aravindan Chief People Chief Risk and Devapalan Nair Group General Officer Counsel Compliance Chief Corporate Officer Assurance Officer 41 Investment Thesis for the New Company

We are in execution mode to fundamentally transform Sime Darby Property

Largest developable • 20,695 acres with remaining estimated GDV of land bank in Malaysia RM96bn • Additional 20,602 acres of lands under Options City of Elmina, Selangor Bandar Bukit Raja, Agreements with Sime Darby Plantation Berhad 1 Klang and Sime Darby Berhad • All freehold developments except for developments in Bandar Universiti Pagoh and ALYA

Strategic locations with • Offering a wide range of products, especially in the full spectrum of products affordable-to-medium range of properties • Located in growth areas with robust economic 2 activities and superior accessibility to major road systems and railways • Well positioned along the Guthrie Corridor Transit Oriented / Adjacent Developments Expressway (GCE) and West Coast Expressway

Recognised brand with • Good track record of over 40 years in property established track record development • Received awards over the years for excellence and distinctions 3 Taman Subang Melawati Jaya Putra Brand Awards 2017 StarProperty.my Awards Gold Award in Property 2017 Since 1972 Since 1976 Category Top Ranked Developers (7 consecutive years) of the Year 42 Land Bank Status as at 31 March 2018 ~12k acres of remaining developable land bank with a remaining GDV of RM81.5bn

Remaining Township/Development Name Total Area (Acres) Developable Area Remaining GDV (RM’bn) (Acres) Niche / Integrated ALYA, Kuala Lumpur 62 50.5 6.6 Chemara Hills, Seremban 44 3.0 0.1 USJ Heights, Subang Jaya 375 17.0 0.2 SJ 7, Subang Jaya 40 34.6 5.2 SJCC, Subang Jaya 30 28.1 3.8 KL East 160 55.0 2.0 Township City of Elmina: Elmina West, Shah Alam 2,661 2,561.0 15.1 City of Elmina: Elmina East, Shah Alam 1,089 583.2 3.6 City of Elmina: Denai Alam & Bukit Subang 1,250 147.0 0.7 Bandar Bukit Raja 2 & 3, Klang 2,820 2,665.0 12.1 Bandar Bukit Raja 1, Klang 1,513 160.6 1.8 Serenia City, , Sepang 2,370 1,462.0 7.6 Putra Heights, Subang Jaya 1,796 80.3 3.8 Ara Damansara, 693 62.1 5.8 Bukit Jelutong, Shah Alam 2,205 159.6 1.6 Saujana Impian, 600 4.1 0.01 Taman Melawati, 880 2.3 0.7 Nilai Impian 2, Nilai 546 426.0 3.2 Nilai Impian 1, Nilai 1,263 184.0 1.0 Bandar Ainsdale, Seremban 562 174.6 1.3 Planters' Haven, Nilai 250 83.6 0 Bandar Universiti Pagoh, 4,099 3,297.0 5.1 Taman Pasir Putih, 356 24.6 0.2 TOTAL 25,664 12,265 81.5 Future Development 8,430 14.41

Note: 1. This GDV figure is preliminary and currently only available for 3 future developments 43 Healthy Launches of Various Product Lines 2015 - 2017 44 Recent and Upcoming Property Launches

Recent Launches Upcoming Launches (July – Dec 2018)

Serenia Amani, Serenia City Elmina West (2-storey house) (2-storey house) No. of Units : 302 No. of Units : 211 units Average Price : RM575,302 Est. Sales Value : RM142.6mn Sales Value : RM173.7mn Landed Orkid, Nilai Impian Bandar Bukit Raja (2-storey house) (2-storey house) No. of Units : 132 No. of Units : 126 units Average Price : RM512,426 Est. Sales Value : RM88.9mn Sales Value : RM67.7mn

Cantara, Ara Damansara KL East (Serviced Apartment) (Serviced Apartment) No. of Units : 888 No. of Units : 254 units Average Price : RM784,703 Est. Sales Value : RM167.4mn Highrise Sales Value : RM696.8mn

Lot 15, SJCC Putra Heights (Serviced Apartment) (Condominium) No. of Units : 361 No. of Units : 72 units Average Price : RM768,159 Est. Sales Value : RM81.1mn Sales Value : RM277.3mn

Harmoni 1, Putra Heights Harmoni 1, Elmina West (Apartment) (Apartment) Affordable No. of Units : 1,700 Average Price : RM228,824 No. of Units : 562 units Sales Value : RM389.0mn Est. Sales Value : RM131.0mn