SIME DARBY PROPERTY BERHAD Invest Malaysia 2018 23 & 24 January 2018 1 2

Presentation Outline

1 Overview

2 Strategies

3 Transformation Focus

4 Financial Performance

5 Market Outlook

6 Appendices 3

1 Overview 4 Our History

• Negara Properties, the subsidiary of Golden Hope Plantations launched 1972 its first township – (880 acres) Taman Melawati

• Sime UEP was established through the acquisition of a large stake in United Estates Projects Bhd, the developer of 1984 township (2,241 acres) • Guthrie Property Development Holding Bhd, a subsidiary of Kumpulan Guthrie Berhad launched its first township – (2,205 1995 acres) Subang Jaya • Launched and transformed Nilai Impian 1 (1,263 acres) into a comprehensive township at the Pajam Nilai interchange along the 1997 North-South Expressway

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

• City of Elmina was launched (5,000 acres) City of Elmina • Started the developments of Denai Alam, and 2013 Elmina East

• Launched Bandar 2 (~1,400 acres) and Serenia 2016 City (2,370 acres) 5 An Independent Listed Entity

On 30 November 2017, Sime Darby Property Berhad was listed as an independent entity on Bursa Malaysia

The Largest Property Developer (20,763 acres) in Malaysia, in terms of land bank size with 1,599 employees

Share Price Performance Increase in Market Capitalisation

-20% +33% +33%

RM1.60 RM1.50 RM10.8bn

RM1.20 RM8.2bn

L I S T I N G LISTED SHARE SHARE PRICE LISTED MARKET CAP MARKET CAP TODAY REFERENCE PRICE PRICE TODAY (30 NOV'17) (22 JAN'18) (30 NOV'17) (22 JAN'18) 6 Shareholding Structure as at 22 Jan’18

RM1.60 Share Price 54.7% Share Price Movement (RM)

1.78

1.64 1.60 1.52 As at 22 Jan’18 1.45 1.28 1.20 1.11

Foreign Shareholdings

14.7% 10.7% RM10.8bn Market Capitalisation 4.8%

Domestic Shareholdings 15.1% 6,800,839 Number of Ordinary Shares (000’) and the public Source: Tricor 7 Our Footprint

20,763 acres of the Georgetown remaining developable land bank which includes: Pulau Tikus SJCC SJ7  12,026 acres within our ALYA Taman Melawati existing 23 active townships, KL East integrated & niche urban Kota Elmina MALAYSIA developments City of Elmina

Denai Alam Bukit Jelutong  3,196 acres in the Malaysia

Bandar Bukit Raja Kuala Vision Valley (MVV) region 1, 2 & 3 Lumpur Negeri Total estimated remaining Serenia City Sembilan Gross Development Value Melaka Planters’ Haven (GDV) of RM100.4 bn Hamilton Labuan Bileh Nilai Impian 1 & 2 Additional acres Bandar Ainsdale 20,599 Nilai Utama of land via MVV & Land Johor Bandar Universiti Bahru Options Agreements (5+3 Pagoh years) SINGAPORE Flagship North-South Keretapi Tanah Melayu HSR line HSR Hubs Development Expressway 8 An Integrated Property Developer

Property Development

. Domestic: Valley, Negeri Sembilan and Johor . International: London, United Kingdom, development of Battersea Power Station Bandar Universiti Pagoh, Johor

Property Investment

. Manages ~1.4mn sq. ft. of net commercial space in Malaysia, S’pore and United Kingdom . Retail Mall: Melawati Mall

Melawati Mall, Hospitality & Leisure

. Domestic: Sime Darby Convention Centre, TPC KL, Impian Golf & Country Club . International: Darby Park Executive Suites, S’pore & Darby Park Serviced Residences, Vietnam

TPC Kuala Lumpur (Formerly Kuala Lumpur Golf & Country Club) 9 Sustainability Strategic Framework

Ascribed to the United Nations Sustainable Development Goals (SDGs)

The Framework aligns Sime Darby Property’s purpose and values with the Organisational Sustainability Leadership Index (SLI) Key Performance Indicators

Awarded by Property Guru Asia Property Awards, 2017

Special Recognition in Sustainable Development and Social Recognition in CSR 10 A Model Wellness & Liveability Township City of Elmina, Townships For The Future

300 acres of Central Park

90km cycling and jogging track

Total 3,480 acres of green spaces

Existing 2,700 acres of forest reserve

The 36-acres Elmina Community Park was named the “Elmina TN50 Community Park” in line of Transformasi Nasional 2050 (TN50)

An Award-Winning Township

Institute of Landscape Architects Malaysia 2017 Star Property 2017 Winner: Landscape Analysis & Winner : The Five Elements Award Study Awards (Best Comprehensive Township) (Master planning) 11

2 Strategies 12 Key Investment Highlights

#1 20,763 acres with remaining estimated GDV of RM100.4bn Largest developable Excluding additional 20,599 acres of lands under Options Agreements with Sime Darby Plantation and Sime Darby Berhad land bank in Malaysia ~85% of the total land bank located in Greater All freehold developments except for developments in Bandar Universiti Pagoh and ALYA A competitive advantage to monetize non-strategic land Sustainable earnings contribution for the next 15 – 20 years

Chemara Hills, Seremban City of Elmina, Selangor Bandar Bukit Raja, Klang 13 Key Investment Highlights

#2 Located in growth areas with robust economic activities and high accessibility to major road systems Strategic and railways locations with Well positioned along the Guthrie Corridor Expressway full spectrum (GCE) and West Coast Expressway of products Strategically located in Negeri Sembilan and Johor to benefit from Malaysia Vision Valley and High Speed Rail projects

SELANGOR

JOHOR

Forest To Penchala Link Reserve (15 minutes) 14 Key Investment Highlights

#3 Good track record of over 40 years in property development with success in transforming former estate lands into Recognised major townships brand with established Received awards over the years for excellence track record and distinctions

Putra Brand Awards StarProperty.my Noble Excellence BCI Asia Awards 2017 2017 Awards 2017 Awards 2017 Top 10 Developers Gold Award in Top Ranked Gold, National Best Awards in Malaysia Property Category Developers of the Integrated (7 consecutive years Year Development of since 2010) the Year (Oasis Square, Ara Damansara) 15 Strategic and Growth Plan

No. 1 Property Developer in Malaysia VISION

Active Land Pursue Increase Focus on Optimise & Bank Strategic Product Township & Grow

Management Partnerships Diversification Integrated Recurring GROWTH GROWTH

STRATEGIES Development Income

• Prioritise the • Proactively • Develop a • Leverage on the • Grow recurring development secure variety of sizeable land income base located along GCE partnerships via industrial bank located in • Retain strategic • Assess best and JV or developments strategic growth assets highest use for opportunistic M&A such as Built- areas • Dispose non- each land parcel & To-Suit (BTS) • Increase FY20 • Capture a larger performing - dispose non- share of the products exposure in assets strategic lands property • Expand the integrated & • Establish a core development of urban FY18 • Opportunistic development and experienced land market in integrated TOD developments team

acquisitions Malaysia and TAD • Enhance current KEY PRIORITIES IN KEY PRIORITIES projects GDV of RM100bn

Secure entry into Secure PATAMI FTSE Bursa Market

FY2022 Annual Growth

TARGET TARGET BY Malaysia KLCI Leadership 16 Three-Pronged Approach to Active Land Bank Management STRATEGIC DEVELOP PARTNERSHIPS MONETISATION

Prioritise and focus on Earmark potential developers to Strategic monetisation of parcels of land growth of high co-develop ongoing and outside key development focus in order to: performing townships greenfield townships as a mean . Enhance the land value and expedite the to: development via other developers . Speedy realisation of land value Drive cost reduction . Accelerate development of our initiatives to enhance sizeable land bank profitability . Leverage on partners’ Target to be disposed within 2 years: expertise and resources • 1,614 acres – Kedah 37 acres – Sabah

A r e a s : Ongoing Projects: Past Transactions:

. Townships: Elmina 2015: West, Elmina East, . Elmina land (135 acres) to E&O Serenia City, Bandar 2016: Bukit Raja & Bandar . Serenia City land (346 acres) to Sunsuria Universiti Pagoh . land (238 acres) 2017: . Integrated: Subang . Semenyih land (803 acres) to I&P Jaya City Centre . Bandar Bukit Raja Industrial (SJCC) and KL East 2018: Park, an establishment of the . Disposal of Malaysia Land Development joint venture currently in Company & 40% stake in Seriemas progress Development 17 Leverage on the expertise of key partners

Malaysia Vision Valley Sixth Economic Corridor in Malaysia

Melawati Mall The first major shopping mall in Taman Melawati

Radia Bukit Jelutong Mixed development at the heart of Bukit Jelutong

PJ Midtown Integrated project at the epicenter of

Battersea Power Station (BPS) Project A major regeneration project in Nine Elms 18 Increase Product Diversification

Transit Oriented and Premium, Industrial Township & Integrated Transit Adjacent Branded Lifestyle Park Development Developments

• Proposed Sime • Total gross acreage Darby Business of 5,000 acres • A 693-acres of area Park (823 acres) to • Comprises of 9 comprising Bukit evolving from a be an integrated development parcels Subang, Denai landed property eco-system and the spanning 62-acres Alam, Elmina East & township into an address of choice covering residential, Elmina West integrated for SMEs, MNCs commercial & retail • Estimated remaining development and Logistics GDV of RM20.5bn components in Operators • Served by the Putra affluent Heights Interchange, neighborhoods USJ Interchange, NKVE, LDP, ELITE, • Encompasses one of KESAS & SKVE Malaysia’s premier • Offers a variety of Highways • The Véo & Quarza golf and country Built-To-Suit • First township to Residences, clubs, TPC KL products to serve be integrated featuring modern • Lifestyle destination as an industrial with an education contemporary with a modern multi- and high hub living modal transportation technology hub system

20 Prioritise Flagship Developments

Lagong 1,552 acres 10,297 acres of land bank along Gamuda Guthrie Corridor Expressway with Garden remaining GDV of more than RM20 billion

Kota Elmina 1,540 acres Good connectivity:  GCE, DASH, NKVE, LATAR and NSE Elmina West  Mass Rail Transit-1 (MRT 1) and 2,661 acres Keretapi Tanah Melayu Line (KTM) Forest Elmina East Reserve 1,089 acres

Denai Alam & Prioritise these Bukit Subang developments by 1,250 acres DASH RRI offering affordable and saleable products Ara Damansara Setia ECO Park 693 acres Bukit Jelutong

Bdr. Bukit Raja 2,205 Legend 1,2 and 3 acres Ongoing developments Future developments 4,333 acres Subang Jaya Guthrie Corridor Expressway Damansara-Shah Alam Elevated Expressway (DASH) 2,241 acres New Klang Valley Expressway (NKVE) 20 KL- Expressway (LATAR) North-South Expressway (NSE) Federal Highway 21 Accelerate Current GDV of RM100bn ~12k acres of remaining developable land bank with a remaining GDV of RM85.9bn

Township/Development Name Year Total Area Remaining Remaining Remaining Commenced (acres) Developable GDV Development Area (acres) (RM bil) Period (years) Niche / Integrated ALYA, Kuala Lumpur 2012 62 51 6.8 9 Chemara Hills, Seremban 2013 44 3 0.1 1 USJ Heights, Subang Jaya 2007 375 17 0.2 3 SJ 7, Subang Jaya 2015 40 35 5.2 16 SJCC, Subang Jaya 2012 30 28 3.8 11 KL East 2011 160 97 2.0 12 Township City of Elmina: Elmina West, Shah Alam 2015 2,661 2,623 16.1 City of Elmina: Elmina East, Shah Alam 2012 1,089 856 3.6 25 City of Elmina: Denai Alam & Bukit Subang 1999 1,250 104 0.7 Bandar Bukit Raja 2 & 3, Klang 2016 2,820 2,472 12.4 27 Bandar Bukit Raja 1, Klang 2002 1,513 144 2.2 Serenia City, , 2013 2,370 1,486 8.7 19 Putra Heights, Subang Jaya 1999 1,796 86 3.8 12 Ara Damansara, Petaling Jaya 1999 693 74 5.8 6 Bukit Jelutong, Shah Alam 1995 2,205 165 2.1 7 Saujana Impian, 1995 600 13 0.01 1 Taman Melawati, 1972 880 6 0.7 6 Nilai Impian 2, Nilai 2014 546 426 3.2 9 Nilai Impian 1, Nilai 1997 1,263 189 0.9 6 Bandar Ainsdale, Seremban 2011 562 195 1.3 8 Planters' Haven, Nilai 1996 250 81 n/a¹ n/a¹ Bandar Universiti Pagoh, Muar 2013 4,099 2,855 6.2 17 Taman Pasir Putih, Pasir Gudang 1981 356 20 0.1 6 TOTAL 25,664 12,026 85.9 Future development 8,737 14.5²

¹ Remaining developable area includes 6 parcels of homestead lots and 60 vacant homestead plots ² This GDV figure is preliminary and currently only available for 4 out of 26 future developments 22 Well Positioned to Benefit From Malaysia Vision Valley (MVV)

A new economic corridor and a Premier To To Urban Transformation Region under the Bangi Kajang Elite National Transformation Agenda Highway Nilai Impian 1 & 2 MVV Total Area: 379,086 acres SELANGOR Parcel A: Sime Darby Property’s Interest: Proposed 3,196 acres High Speed  Owned: Parcel A of 3,196 acres Rail Station  MVV Option Agreements: Additional 8,793 acres (currently held by SD Berhad) Bandar KLIA Ainsdale Additional PARCEL A : HIGH TECHNOLOGY 8,793 acres AND INDUSTRIAL PARK • A critical investment corridor for Negeri SEREMBAN North-South Sembilan Expressway • Limited land for industrial developments in To PORT Johor Nilai & Senawang DICKSON • Increased foreign and local demand for high

STRAITS OF MALACCA technology hub

• Continuation of Putrajaya, and Kuala Lumpur International Airport development area Legend MALACCA • Leverage on existing developed infrastructure Sime Darby Property’s land Sime Darby Berhad’s land & proposed HSR project Sime Darby Plantation’s land 23 Option to Increase Land Bank Totaling ~20k acres

Land Options 2 0 , 5 9 9 MVV Options Agreement Agreement with Sime Darby Plantation a c r e s with Sime Darby Berhad 11,806 acres 8,793 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: 5 years, extendable by 3 years Options Validity: 5 years, extendable by 3 years Selangor Sungai estate: 993 acres West Estate, : 2,000 acres Labu, New Labu (Kirby), New Negeri Labu (Main) and Hamilton estates Sembilan Sepang estate: 2,000 acres Lothian Estate: 485 acres Sua Betong estates

Ainsdale estate: 268 acres Kulai, Johor

Kulai A estate: 1,862 acres Kulai B estate: 3,186 acres 24 Unlock Value from Battersea Project

Established in Jul’12 Expected completion in 2028

JOINT 4 0 : 4 0 : 2 0 Sime Darby Property: SP VENTURE Setia : EPF

Years to project 10-15 completion Site Area 42 acres

Estimated GDV TOTAL RESIDENTIAL UNITS ~£9bn 867 Northern Tunneling work Take-up rate: 99% completed as boring Line 539 machines break Take-up rate: 71% Extension through at Kennington 253 Take-up rate: 90% Profit RM227mn Recognition • RM140mn in FY17 Phase 1 Phase 2 Phase 3A for Phase 1 • RM87mn in 1QFY18 • Future recognition in 2HFYfor remaining 93 units handed Target 100% Q4 2020 1H2021 over in Q4CY17 Completion completed 25 Battersea Power Station Phase Two The Power Station  Total ~1 million sq. ft. of Net Lettable Area comprising: • 90 retail units • 40,000 sq. ft. of F&B outlets • 580,000 sq. ft. office spaces • A fashion hub  Main tenant: ~470k sq. ft.  253 units of apartments  Contractor:  Expected Completion in Q4 2020

RATIONALE: PNB and EPF view this as a strategic opportunity Proposed to secure ownership of a unique and iconic real estate asset in a global city, Reorganisation of which will be able to deliver a sustainable income stream into the future Ownership of All to meet their respective income needs the Commercial Assets to PNB and EPF for an Actively expanding its In line with PNB’s estimated total real estate and infrastructure Strategic STRIVE-15 Plan which consideration of assets both domestically and outlines a long term strategy of £1.6bn (RM8.8bn) overseas to deliver long-term portfolio diversification and judicious sustainable income expansion into global assets 26 Grow Recurring Income to 10% of PBIT by 2022

Immediate Focus: T a r g e t s (BY FY2022) #1  Joint venture with Mitsui Build-To-Suit International to develop a high (BTS) & technology BTS industrial hub at Sizeable recurring Lease Bandar Bukit Raja 2 & 3 (53 income from the Industrial acres) industrial Assets  Review partnership to transform segment Serenia City into a thriving business and industrial park

 Review profitability of existing portfolio #2 and divest non-performing Divest non- assets in Australia, Singapore and core Vietnam Stable earnings hospitality and cash flows Historical Disposals: assets FY2015: Subang Avenue FY2016: 2 assets in S’pore & a hotel in Malacca FY2017: 1 asset in S’pore YTD FY2018: 1 asset in Australia

#3  Optimise value creation of Enhance Melawati Mall Establish a portfolio value via  Target completion of KL East Gallery by of high value retail & 3Q CY2019 creation of commercial assets  Increase operational focus to existing grow the commercial and office assets segments such as Oasis Damansara and SJCC 27

3 Transformation Focus 28 Transformation for Value Creation 3 focus areas for quick wins during FY2018-FY2019

Focus Area Transformation initiatives Aspirational Targets

▪ Strengthen market intelligence and Increase Unbilled Sales to RM2bn Sales & consumer insight platform in FY2018 and RM 2.5bn in Increase marketing ▪ Overhaul digital & sales gallery FY2019 sales experience ▪ Leverage on strategic partnership ▪ Enhance consultant and contractor Shorten development time for new selection process projects from 2H FY2018 onwards: ▪ Integrate tender process with • Landed: from average 39 months End-to-end authority approval to 30 months Improve cycle time ▪ Enhance project timeline tracking • Highrise: from average 63 months speed to system to 45 months market ▪ Exploring optimal business models

4 - 7% cost reduction for 8 targeted ▪ Strategic sourcing of key materials developments (est. spend of Procurement ▪ Tender strategy enhancement RM550m) to be implemented in ▪ Strategic collaboration with business FY2018 and realised progressively in partners the next 3-4 years

▪ Reduce main infrastructure cost 5 - 10% cost reduction through Strategic cost Design to ▪ Optimise building cost by refining value engineering (est. management value structural and M&E design construction cost of RM1.1bn) to be implemented in FY2018 and realised progressively in the next 3-4 years

▪ Rationalise and control of staff 10 - 15% reduction in targeted General & related costs overhead expenditure (est. cost of Admin. ▪ Optimise township maintenance RM300m) to be implemented and expenditure realised by December 2018 29 Achievements To date, 23 initiatives have been implemented across the 3 focus areas

Achievements Key Highlights

. Overhauled SJCC Lot 15 sales gallery (64% take-up rate within first 2 days of official launch) 23 initiatives . Strategic partnerships on end-financing packages Increase . Enhanced digital marketing and digitized sales implemented sales funnel tracking to improve: . Enhanced end-to-end development process by • Revenue overlapping tender process with authority approval • Cost Improve (potential time saving of 4-6 months) • Time speed to . Appointed authority liaison to expedite approval market (potential time saving of 3-5 months) . Streamlined internal approval process

. Identified 12 key materials for strategic sourcing . Strategic earth transfer between townships RM69mn cost . Introduced incentivized consultant fee scheme savings . Potential cost savings of RM40mn once fully implemented potential to be realized Strategic . 15% reduction (RM7mn) in structure costs of a high progressively cost rise development through value engineering management . Average of 13% savings (RM13mn) in Main Infra in the next contracts awarded to date 3-4 years . Optimised staff related costs (RM12mn) . Reduced township maintenance costs and closure of tail end townships (RM3mn) 30

4 Financial Performance 31 Breakdown of Launches in FY17 & YTD FY18

Launches in FY17 Launches in YTD FY18

34% 38%

66% 62%

Open Market RSKU / Statutory Open Market RSKU / Statutory

Total Units Launched: 1,708 Total Units Launched: 2,726 Total GSV Launched: RM1.23bn Total GSV Launched: RM1.25bn

Key Rumah Selangorku (RSKU) / Statutory Launch: Key Rumah Selangorku (RSKU) / Statutory Launch: Serunai, Bandar Bukit Raja 1 (570 units) Harmoni 1, Putra Heights (1,700 units)

Note: As at 14 Jan’18, units launched excludes land plots 32 Capital Structure Overview As at 30 June 2017

Actual Capital Structure Pro-forma Capital Structure

RM million 6,587.9 1,168.9 1,075.3 9,910.1 1,168.9 1,232.5 264.7 264.7 Minority Minority Interest Interest Gross D/E Ratio: 18% Gross D/E Ratio: 12% Net D/E Ratio: 1% 6,323.2 9,645.4

Equity Debt Cash Equity Debt Cash

Maturity Period of Indebtedness (30 Jun 2017)

RM million Total = RM 1,168.9 million

20% 39% 26% 15%

450.1

308.4 230.2 180.2

Within 1 year 1-2 years 3-5 years More than 5 years 33 Financial Position as at 30 September 2017

Capital Structure Total Borrowings

RM7,150mn 15% Short-term Gross Borrowings Debt/Equity 21% Ratio 1% Net Debt/Equity Ratio RM1,100mn Total Borrowings

RM1,100mn RM1,048mn

Long-term Equity Debt Bank balances, Borrowings deposits and 79% * Includes Cash held under Housing Development Accounts cash*

Note: Debt excluded liabilities associated with assets held for sale 34 Dividend Policy

We propose to pay dividends out of cash generated from our operations after setting aside necessary funding for capital expenditure and working capital requirements.

Sime Darby Property Berhad targets a dividend payout ratio of not less than 20.0% of our consolidated profit attributable to the owners of our Company under MFRS, beginning 1 July 2017

The declaration of interim and final dividends is subject to the discretion of our Board. However, our ability to pay will depend upon a number of factors, including:

. the level of our cash, gearing, return on equity and retained earnings;

. our expected financial performance;

. our projected levels of capital expenditure and other investment plans;

. our working capital requirements; and

. our existing and future debt obligations. 35

5 Market Outlook 36 Market Trends and Outlook The property sector is supported by stable economic growth, consumer sentiment and loan approval rates despite potential rate hikes in the short term.

Malaysia’s GDP growth is expected to remain relatively Stabilising consumer confidence to be supported by the stable at around 5.0% in line with its 2-year historical rebound in crude oil prices and a strengthening MYR average.

Consumer Sentiment Index % 7.0 GDP (Year-on-Year) 100 6.0 80 5.0 4.0 60 3.0 40 2.0 1.0 20 0.0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017

Historical Forecasts

Loan approval rates in Nov’17 is at 42%, above the low Overnight Policy Rate is expected to increase by 25bps in of 37% in Q1 2016 and in-line with the 2-year average of 2018 from the current rate of 2.95% 42%, indicating signs of recovery RM’mn Loans Applied & Loans Approved for % Overnight Policy Rate 3.3 Residential Property Purchase 3.3 25,000 60% 3.2 3.2 20,000 40% 3.1 15,000 3.1 10,000 3.0 20% 3.0 5,000 2.9

2.9 0 0%

Jul-15 Jul-16 Jul-17

Jan-15 Jan-16 Jan-17

Mar-15 Mar-16 Mar-17

Sep-15 Sep-16 Sep-17

Nov-16 Nov-15 Nov-17

May-15 May-16 May-17

Loan Approval Rate (RHS) Loans Approved Loans Applied Source: Bloomberg and Bank Negara Malaysia 37 Market Trends and Outlook

The Malaysian House Price Index The housing price 190 10.0% index has been 180 8.0% holding up well in 170 6.0% 3Q 2017 despite a 160 4.0% marginal year-on-year slowdown in price growth 150 2.0% 140 0.0% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017

Index YoY % (RHS)

Residential Transaction by Volume and Value Units RM mil' Transaction volume has 70,000 25,000 been on a gradual 60,000 20,000 decline but is expected 50,000 to recover slightly 40,000 15,000 in 2018, driven by 30,000 10,000 higher launches from the 20,000 5,000 affordable segment 10,000 0 0 Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017

Volume Value (RHS)

Source: Bloomberg 38 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. Thank You

Investor Relations Sime Darby Property Berhad Corporate Website: www.simedarbyproperty.com Investor Relations: https://www.simedarbyproperty.com/investor-relations.html 40

6 Appendices

Slide No. Details 41-43 Ongoing and Upcoming Launches 44-45 1QFY18 Financial Highlights 46-51 Historical FY15-17 Financial Information 52-57 Additional Corporate Information 41 Key Ongoing Projects in FY2017 (Jul’16 – Jun’17)

Total Gross Units Take-up Date Price Range Units Township Project Name Type of Product Sales Value Sold as at Rate as at Launched (RM’000) Launched (RM’mn) 14 Jan’18 14 Jan’18 OPEN MARKET KLANG VALLEY Elmina Valley 3b DSLH Jul-16 794-1,386 151 138.7 122 81% Elmina West Elmina Valley 4 DSLH Nov-16 789-1,453 278 242.6 251 90% 1,880- Tiana Semi-D Sep-16 80 165.3 70 88% 2,200 Elmina East 1,160- Viana DSLH Mar-17 67 86.5 51 76% 2,001 3-storey Semi-D Serenia City Cipta 1 Jul-16 From 8,211 15 125.2 10 67% factory

Bandar Bukit Persada DSLH Dec-16 649-942 230 161.8 199 87% Raja 2 & 3 Casira 1 DSLH May-17 682-1,012 82 61.4 54 66% Bandar Bukit 1,132- BR17A2 Shop office May-17 12 15.1 12 100% Raja 1 1,380 NEGERI SEMBILAN Bandar Ainsdale Santai DSLH Jul-16 581-846 43 29.6 22 51% JOHOR Bandar Harmoni Vista 2 DSLH Jan-17 363-496 177 68.3 132 75% Universiti Pagoh TOTAL OPEN MARKET 1,135 1094.5 923

RSKU / STATUTORY Bandar Bukit Serunai Apartment Jan-17 180 - 250 570 134.2 124 22% Raja 1 TOTAL OPEN MARKET AND RSKU / STATUTORY 1,705 1,228.7 1,047

Note: DSLH refers to double-storey link houses; All land tenures are freehold except for the development in Bandar Universiti Pagoh which is leasehold 42 Key Ongoing Projects in YTD FY2018 (Jul’17 – Jan’18)

Total Gross Price Units Take-up Type of Date Units Sales Township Project Name Range Sold as at Rate as at Product Launched Launched Value (RM’000) 14 Jan’181 14 Jan’181 (RM mn) OPEN MARKET KLANG VALLEY Bandar Bukit Casira 2 DSLH Jul’17 739-1,183 111 90.8 79 71% Raja 2 & 3 Azira2 DSLH Jan’18 679-1,058 111 83.6 72 65% Elmina Green 1 DSLH Oct’17 684-1,195 187 143.5 114 61% Elmina West Liana DSLH Nov’17 1,212-2,149 72 101.7 22 31% Bukit Jelutong Tara Semi-D Oct’17 2,009-2,626 14 32.0 10 71% Single Putra Heights HT5Q Storey Oct’17 933-1,326 6 6.7 1 17% Retail Serviced SJCC Lot 15 Nov’17 594-1,010 204 156.7 133 65% Apartment Denai Alam Ferrea2 DSLH Nov’17 780–1,454 228 195.7 117 51% NEGERI SEMBILAN Chemara Hills Castilla 2 Semi-D Oct’17 1,467-1,726 34 53.4 10 29% Bandar Redup DSLH Oct’17 656-973 45 35.2 14 31% Ainsdale TOTAL OPEN MARKET 1,012 899.3 572

RSKU / STATUTORY Putra Heights Harmoni 1 Apartment Aug’17 170-270 1,700 353.8 689 41% TOTAL OPEN MARKET AND RSKU / STATUTORY 2,712 1,253.1 1,261

Note: 1. Total units sold for newly launched projects represented by total units booked. Booking involves the payment of deposit; 2. Total units sold updated as of 21 January 2018 for Azira and Ferrea (Phase 2) 43 Key Proposed Launches 2H FY2018 (Feb ’18 – Jun’18)

Target units to be launched Estimated GDV 1,977 units RM1,302 million

Expected Est. GDV Township Project Name Type of product Total units completion (RM mn) OPEN MARKET KLANG VALLEY

KL East Quarza – Tower B Serviced apartment 254 2020 171

Elmina Green DSLH 392 2020 257 Elmina West 1b & 1c Elmina Green 2 DS shop office 11 2020 14 Elmina East G3A DS shop office 14 2019 26 Denai Alam J16 DS shop office 17 2020 21 Serenia City A2 DSLH 302 2020 166 Bukit Jelutong Phase 5 Serviced apartment 108 2019 343 NEGERI SEMBILAN Nilai Impian Orkid DSLH 132 2020 62 JOHOR Sarjana Promenade Commercial office 35 2020 33 Bandar Universiti Sarjana Promenade Commercial office 38 2021 36 Pagoh Harmoni Damai DSLH 112 2020 42 TOTAL OPEN MARKET 1,415 1,171 RSKU / STATUTORY

Elmina West Harmoni 1 Apartment 562 2022 131

TOTAL OPEN MARKET AND RSKU / STATUTORY 1,977 1,302

Note: All land tenures are freehold except for the developments in Bandar Universiti Pagoh; Estimated GDV as at 31 Oct 2017 44 Breakdown of External Revenue and PBIT 1QFY2018 vs 1QFY2017

REVENUE

In RM'mn 1QFY2018 1QFY2017 YoY % Continuing Operations Property Development 424 398 7 Property Investment 12 17 (29) Leisure and Hospitality 28 29 (3) Sub-total 464 444 4 Discontinuing Operation 9 13 (33) Total Revenue 473 457 3

PBIT

In RM'mn 1QFY2018 1QFY2017 YoY % Continuing Operations Property Development 393 40 893 Property Investment (7) 139 (105) Leisure and Hospitality 34 6 509 Sub-total 420 184 128 Discontinuing Operation 2 - >100 Total PBIT 422 184 129 45 Financial Highlights - First Quarter FY2018 1QFY2018 vs 1QFY2017

RM’mn 1Q FY2018

Continuing Operations

Revenue RM464mn ( 4% YoY) 1QFY17: RM444mn

Segment Results RM101mn ( 87% YoY) 1QFY17: RM54mn

• Share of profit of RM87mn from Battersea Power Station project (1QFY17: Loss of RM1mn) Property RM115mn ( 191% YoY) • Higher contribution from Elmina West, Elmina 1QFY17: RM40mn Development East and Serenity Cove, a project in Gold Coast, Australia • Share of loss of RM5mn from Sime Darby CapitaLand (Melawati Mall) Sdn Bhd RM-7mn Property Investment • Melawati Mall was opened in Jul’17 and is 1QFY17: RM8mn still in its early stage of operation with occupancy of about 60% Leisure and RM-7mn • 1QFY17 included the reversal of an impairment Hospitality 1QFY17: RM6mn of property, plant and equipment of RM10mn

Gross Sales Value Unbilled Sales Units Sold (As at 30 Sep’17) 1QFY18: RM528mn RM1,778mn 1QFY18: 667 (vs 1QFY17: RM639mn) (As at 30 Jun’17: RM1,766mn) (vs 1QFY17 : 435 units) 46 Historical Key Financial Metrics FY2015, FY2016 and FY2017

Revenue PBIT Margin

2015 3,253,933 2015 820,852 25%

2016 2,590,737 2016 978,419 38%

2017 2,564,399 2017 817,649 32%

3-Year 3-Year 2,803,023 872,307 Average Average 31%

PATAMI ROIC

2015 560,809 2015 10%

2016 749,076 2016 12%

2017 607,926 2017 7%

3-Year 3-Year 639,270 10% Average Average

Notes: • Revenue, PBIT and PATAMI refer to contributions for the financial year from the continuing operations only • Calculation of Return on Invested Capital (ROIC) based on PBIT and balance sheet of both continuing and discontinuing operations 47 Operating Profit

FY2015 FY2016 FY2017

239 25% 146 518 517 25% (34) 46% 45% (15) -3% -4% (9) 685 399 -1% 71% 68% (31) -5%

19 RM million (81), -7% 2%

Operating Profit: 881 973 499

Share of results of associate/JV: (61) 5 319

PBIT: 821 978 818

• FY2016: • Recorded gains on land disposal at Semenyih (RM185mn) & Serenia City (RM126mn) and gains on disposals of 2 property investment assets in Singapore (RM447mn)

• FY2017: • Write down of inventories at ALYA KL and Putra Heights (RM149mn) offset by the gain on land disposal at Semenyih (RM413mn) and the gain on disposal of SD Enterprise Centre (Alexandra Road), Singapore (RM145mn) 48 Revenue and Gross Profit of Property Development

Projects Revenue Gross Profit 1 . Higher revenue in 2017 due to the sale RM mn 2015 2016 2017 2015 2016 2017 of 4 blocks of commercial office towers amounting to c.RM343.3mn 1 Ara Damansara 334.2 223.0 434.7 64.9 18.1 58.7 2 2 Bandar Bukit Raja 833.5 331.3 215.6 287.3 150.8 86.6 Lower revenue in 2016 and 2017 due to completion of several phases and some Bukit Jelutong 73.8 24.8 22.8 34.1 6.1 1.2 projects being at the tail end of the City of Elmina: Elmina East and construction progress 672.3 362.1 353.4 278.9 154.8 84.4 3 West 3 3 City of Elmina: Denai Alam 175.4 88.1 76.2 74.1 40.1 61.2 Lower revenue in 2016 due to completion of several phases in 2015 and new phases KL East 111.3 115.7 135.2 15.4 19.0 (0.9) launched towards the end of FY2016 4 Putra Heights 91.1 51.7 133.6 6.4 19.3 9.4 4 . Higher revenue in 2017 due to higher Saujana Impian 18.3 45.7 31.0 3.6 9.1 6.0 construction completion and sale of 5 Semenyih 0.3 242.3 434.0 0.2 (57.2) (11.5) inventories . 2017 gross profit includes write down of 6 Serenia City 1.3 391.2 41.1 (2.1) (2.9) 17.4 inventories (RM19mn) Subang Jaya City Centre 36.3 21.8 1.2 (12.2) (1.6) (1.8) 5 Bandar Ainsdale 132.5 95.3 52.6 11.9 7.6 4.9 Higher revenue in 2016 and 2017 due to disposal of land amounting to RM242mn Chemara Hills 38.0 32.7 35.4 12.6 1.3 1.0 and RM433.95mn, respectively Nilai Impian 248.7 199.3 176.0 83.7 48.3 52.6 6 Bandar Universiti Pagoh 37.8 22.9 62.7 12.4 6.0 17.1 Higher revenue in 2016 mainly due to disposal of land of RM129mn Taman Pasir Putih 156.7 62.8 17.8 94.7 29.5 (4.1) 7 7 Others 36.2 24.6 168.3 12.7 8.8 (69.5) . Increase in 2017 revenue due to recognition of sale of completed Sub-total 2,997.8 2,335.3 2,391.7 978.7 457.2 312.7 inventories in ALYA KL amounting to Net Operating Expenses (294.2) (311.2) (347.6) RM112.71mn . 2017 gross profit includes write down of Operating Profit (Excl. disposal gains) 684.5 146.0 (34.9) inventories of ALYA of RM130mn 8 Net Gain on Disposals 157.3 371.0 435.0 8 • 2015: Gain on disposal of 50% equity Operating Profit 841.7 517.0 400.1 stake in the JV with Sunsuria (RM157mn) Gross Profit Margin (%) 32.6% 19.6% 13.1% • 2016: Gains on land disposal in Serenia Operating Profit Margin (Excl. disposal gains) (%) 22.8% 6.3% (1.5%) City (RM129mn) and Semenyih (RM242mn) Operating Profit Margin (Incl. disposal gains) (%) 28.1% 22.2% 16.7% • 2017: Gain on land disposal in Semenyih (RM434mn) 49 Revenue and Gross Profit of Property Investment

Property Revenue Gross Profit 1 Nil contribution from Wisma Zuellig in 2016 due to expiry RM ‘mm 2015 2016 2017 2015 2016 2017 of the tenancy agreement in 2015. 1 Wisma Zuellig, Selangor 2.0 - - 1.8 (0.2) (0.2) Signed a lease agreement with Wisma Guthrie, Selangor 1.6 2.7 2.6 0.2 1.4 1.5 Reagan in 2017 • Currently under renovation Oasis Square, Ara Damansara 14.0 14.0 14.0 4.5 6.3 3.9 and target to be operational in May 2018 Wisma Sime Darby, KL 19.0 19.9 19.8 0.6 1.7 2.6

SD Business Centre, Spore 15.9 18.6 4.6 12.5 15.0 3.6 2 . In 2016, recorded total net SD Centre, Spore 19.9 22.1 - 16.1 17.2 - gains of RM479.4mn from the disposals of two SD Enterprise Centre, Spore 5.6 5.8 - 4.3 4.2 - properties in Singapore (SD Centre (Dunearn) and SD 160 Dundee Street, UK 7.9 6.2 5.9 4.9 3.5 3.8 Business Centre (Kilang) Others 6.2 5.6 7.7 7.5 7.3 7.7 . In 2017, the net gains of RM145mn mainly Sub-total 92.1 94.9 54.5 52.3 56.5 22.9 attributable from the disposal of SD Enterprise Net Operating Expenses (61.0) (37.3) (53.8) (Alexandra) in Singapore

Operating Profit (Excl. disposal gains) (8.7) 19.1 (31.0)

2 Net Gains on Disposals 81.9 479.4 144.9

Operating Profit 73.2 498.5 113.8

Gross Profit Margin (%) 56.7% 59.5% 42.0%

Operating Profit Margin (Excl. disposal gains) (%) (9.5%) 20.1% (56.9%)

Operating Profit Margin (Incl. disposal gains) (%) 79.5% 525.3% 208.8% 50 Revenue and Gross Profit of Hospitality & Leisure

Property Revenue Gross Profit RM ‘mm 2015 2016 2017 2015 2016 2017 Saujana Impian Golf & County Club, 5.7 5.5 6.0 1.1 0.9 1.9 1 Selangor . Lower contribution in Sime Darby Convention Centre, KL 20.8 26.8 27.3 5.6 9.6 8.8 2016 mainly due to the lower TPC Kuala Lumpur 49.4 50.2 53.9 36.8 36.4 40.6 occupancy rate 1 Equatorial Hotel, Malacca 43.7 38.4 - 27.5 19.9 - Genting View Resort, Pahang 4.4 4.4 3.0 1.1 0.2 0.2 Darby Park Serviced Residences, 6.6 6.4 6.6 4.1 3.9 4.0 Margaret River, Australia Darby Park Serviced Residences, 7.2 5.1 - 5.3 3.7 (0.005) Subiaco, Australia 2 Karri Valley Resort, Australia 9.0 9.3 9.5 3.6 3.7 3.6 . In 2016, the net gains of Darby Park Executive Suites, Spore 11.0 9.3 9.3 7.7 5.9 6.3 RM38.3mn was mainly Darby Park Serviced Residences, 3.1 2.3 1.9 1.9 1.2 0.9 attributable to Vietnam the disposal of Others 3.2 2.8 0.6 0.5 0.6 0.3 Syarikat Malacca Straits Inn Sdn Sub-total 164.0 160.6 118.2 95.2 86.0 66.6 Bhd in Malacca Net Operating Expenses (128.7) (166.7) (81.5) Operating Profit (Excl. disposal (33.5) (80.7) (14.9) gains)

2 Net Gains on Disposals 0.1 38.3 0.1 Operating Profit (33.4) (42.4) (14.8) Gross Profit Margin (%) 58.0% 53.6% 56.3% Operating Profit Margin (Excl. disposal gains) (%) (20.4%) (50.3%) (12.6%) Operating Profit Margin (Incl. disposal gains) (%) (20.4%) (26.4%) (12.5%) 51 Cash Flows from Operating Activities

(RM million) 2015 2016 2017 As at 30 Sep’17 Cash flow from operating activities 713.9 566.8 527.8 424 Land held for property development (228.5) (224.1) (4.2) (690.4) Property development cost (610.1) (552.6) (619.7) (87.9) Others (2.2) 535.7 602.5 (23.7) Changes in working capital (840.8) (241.0) (21.4) (802) Cash (used in) / generated from (126.9) 325.8 506.4 (378) operations

Tax paid (173.2) (140.7) (135.4) 15 Zakat paid (1.0) (1.0) (1.0) - Dividend received from a joint venture - - 119.2 -

Dividends received from associates 1.8 131.8 - 9.0 Operating cash flows (used in) / generated (292.0) 185.9 621.1 (363) from continuing operations 52 Inventories

Completed Development Unit Inventory Turnover Period Inventories RM million Months

878.5 32.3 31.8 801.5 778.6

18.4 427.5 319.5 13 298.5 11

2015 2016 2017 As at Dec'17 2015 2016 2017

Total Excluding East Residence Development

2016 and 2017: • The higher completed development unit inventories (as compared to RM319.5mn in 2015) were largely due to unsold units from the East Residence development at ALYA KL of RM580mn in 2016 and RM374mn in 2017. • The management is currently working on the marketing strategy to sell these units. 53 Strong and Dynamic 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

Tan Sri Abdul Wahid Dato' Rohana Tan Sri Dato' Sri Amrin Omar Mahmood Awaluddin Non-Independent Non- Senior Independent Managing Director Executive Chairman Non-Executive Director

Tengku Datuk Seri Ahmad Dato' Jaganath Shah Alhaj ibni Almarhum Dato' Johan Datuk Tong Poh Derek Steven Sultan Salahuddin Abdul Ariffin Keow Sabapathy Azjz Shah Alhaj Independent Non- Executive Director Independent Non- Independent Non- Executive Director 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 54 Qualified and Experienced Management Team

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

Dato' Sri Amrin Awaluddin Managing Director

Fairuz Radi Dato’ Wan Hashimi Quek Cham TBA Datuk Tong Poh Albakri Hong Chief Marketing Keow Chief Transformation Officer & Head, Chief Operating Officer Chief Operating & Sales Officer Group Chief Managing Director’s – Township Officer – Financial Officer Office Development Integrated (w.e.f. 1 Mar’18)

TBA TBA Tang Ai Leen Choo Suit Mae Chief Group Chief Human Chief Risk and Group General Resources Officer Corporate Counsel Compliance Assurance Officer Officer (w.e.f. 1 Mar’18) 55 Asset Portfolio Property Investment, Hospitality and Leisure

Property Investment Hospitality & Leisure

RETAIL MALLS

Melawati Mall, Kuala KL East Gallery, Kuala Sime Darby TPC Kuala Lumpur, Lumpur (JV with CapitaLand Lumpur Convention Malaysia Malls Asia) . Targeted to open in the 4th Centre, Malaysia • Formerly known as Kuala Lumpur . Launched in July 2017 quarter of 2018 Golf & Country Club . Net lettable area of 617k sq.ft. . Net lettable area of 384k sq. . Committed tenancy of 76% & ft. occupancy rate of 62% as at 30 Sep’17 OFFICE SPACES

Sime Darby Property Block F, Oasis Square Darby Park Executive Darby Park Serviced Corporate Tower • Occupancy rate of 92% Suites, Residences, Vung Tau, as at 30 Sep’17 Singapore Vietnam 56 Beyond A Township Developer Transformation of Ara Damansara to a Transit Oriented & Adjacent Development

Transforms the look and prospects of Ara Damansara, primarily a residential area by providing a much-needed commercial center

Oasis Central (Office/ retail space/ ~85 acres Freehold Oasis Atelier serviced apartments) (Retail space/ serviced apartments) ~RM6bn GDV Oasis Kyla ~70% commercial (Serviced apartments)

LRT Ara Damansara Station LRT Lembah Subang Station

Oasis Square OasisOasis PlantationPlantation Oasis Square OasisOasis Gallery (Office/(Office/retail retail space/ (Office) (Property(Property exhibition) (Office) space/servicedserviced apartments) apartments)

Oasis Rio Oasis Tower (Office) (Office/ retail space/ serviced apartments)

Oasis Autocity Oasis Place (Oasis Corporate Park (1) Oasis Mall (Office/ Automobile (Serviced apartments, (Hotel/ office/ retail space/ (Complex commercial) Exhibition) retails space) serviced apartments)

(1) Parts of Oasis Corporate Park have been completed (Medalla, Centum, Meritus, and Augustus). 57 Sustainability Key Performance Indicators Sustainability Leadership Index Critical Sustainability Key Performance Indicators (KPIs) will guide Sime Darby Property to be a Sustainability Leader by 2020

KPIs Targets Reducing Lost Time Injury • Zero fatality Frequency Rate (LTIFR) & Increasing • “Best in Class” ‘Concerned Reporting’ • LTIFR of 1.0

Increasing Lean Six Sigma • Financial savings at 1.5% of (LSS) Monetary Benefits • Sime Darby Property’s revenue

Enhancing Global Reporting Initiative • Best in class (GRI) Sustainability Reporting • Benchmark by other in each sector

Reducing Green House Gas • 100% achievement of reduction target (GHG) Emissions • Exceed national expectations

• Managing waste for 6 key townships and Reducing Waste Generation Operating Units

Protecting Water Resources • Adopt responsible water stewardship