Logan Property Holdings Company Limited

2018 Annual Results Presentation March 2019 I Results Highlights II Value of Guangdong-HK-Macao Contents Greater Bay Area III Land Bank & Strategy IV Outlook

2 I Results Highlights II Value of Guangdong-HK-Macao Contents Greater Bay Area III Land Bank & Strategy IV Outlook

3 Key Highlights: Annual Results 2018

 Total saleable resources RMB652bn(>80% located 4 in GBA) 1  1 Core Profit RMB7.66bn（+65.7%）, GBA leader,  Urban renewal projects turned into saleable Solid Earnings industry-leading profitability Diversified resource and new earning drivers (total resources: Growth  Property Development gross profit Premium RMB250bn) Across margin 35.6%，Industry-leading core Land Bank  Forward-looking layout in core cities in GBA， Cycles profit margin 17.3% diversified premium low-cost land bank acquisition

 Contract sales RMB71.8bn（+65.4%）, 2 5  As at 31 Dec 2018, weighted average cost of exceeded 2018 sales target High Growth Low-cost borrowing of 6.1%  in Contract 2019: Attributable contract sales target Diversified  First issue of SG$200mn senior notes @6.125% Sales of RMB85bn (2018: 71bn)，YoY growth Financing  Diversified channels: US$ senior notes, offshore >20% Channels syndicated loans, on-shore corporate bonds and ABS

3  Proposed final dividends of HK47 cents （including 10% 5th anniversary special 6 Stable High dividend of HK7 cents）  2018 EBITDA interest coverage ratio >4.8x Dividends Prudent  Cash on hand RMB35.7bn, net gearing of  Proposed 2018 total dividends of HK75 Financial Payout cents; payout ratio approximate 50% of 63% Policy core profit attributable to shareholders

Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax

4 Strong contract sales growth

Contract Sales GFA1 Contract Sales Average Selling Price2

(‘000 sqm) (RMB mn) 4,401 71,803 (RMB ∕sqm) +81.4% 17,096 9.0% +65.4% 16,008 45.8% 34.4% 11,870 32.5% 43,421 2,426 2,298

14.7% 26.0% 25.3% 28,716 38.6% 24.0% 43.6% 17.4% 43.4% 22.7% 24.5% 20.3% 33.1% 2016 2017 2018 16.9% 16.5% 3 11.4% Leader in Core Markets 27.7% 9.8% 7.2% 25.8% 20.7% 4.7% 0.8% 22.9% 9.3% 2.4% 5.4% 1.5% 3.2% 4.3% Shenzhen: No. 1 with units sold and 2016 2017 2018 2016 201743.6% 2018 49.7% area sold Shenzhen Region 582 356 396 Shenzhen Region 12,450 16,762 24,696 Other GBA Other GBA Shantou: No. 1 with sales value 401 582 1,428 4,865 9,856 18,660 Regions Regions Nanning: No. 1 with area sold and Nanning Region 467 802 1,921 Nanning Region 3,268 7,179 17,626 attributable sales value Shantou Region 636 626 433 Shantou Region 6,590 8,980 5,178 Singapore --36Singapore - - 3,351 Other Regions 21260187 Other Regions 1,543 644 2,292

Note 1: Contract sales GFA excludes area for car parking spaces. Note 2: Average selling price excludes car parking spaces. 5 Note 3: Info from internal data, Shenzhen Home & EH Consulting Solid growth of recognized sales & ASP

Recognized GFA1 Recognized Sales2 ASP of Recognized Sales3

(‘000 sqm) (RMB mn) 41,772 (RMB/sqm) 2,294 +46.5% 21,901 4.7% 1,862 45.8% 1,859 +86.7% 9.0% 33.6% 28,504 20.6% 54.9% 13.7% 26.6% 21,401 19.5% 34.2% 36.1% 36.0% 27.9% 11,730 10,963 10.7% 24.9% 23.0% 33.0% 36.4% 15.8% 31.1% 33.1% 13.3% 22.3% 2.9% 6.5% 9.2% 8.2% 6.4% 0.4% 5.4% 0.6% 43.6% 2016 2017 2018 2016 2017 2018 Shenzhen Region 167 107 383 Shenzhen Region 7,702 3,916 22,931 Other GBA Other GBA 495 770 638 4,920 10,291 10,398 Regions Regions Nanning Region 518 447 678 Nanning Region 3,372 3,039 5,551 Shantou Region 578 757 154 Shantou Region 4,763 9,424 2,715 Other Regions 101 213 9 Other Regions 644 1,834 177 2016 2017 2018

Note 1: Recognized GFA excludes area for car parking spaces. Note 2: Recognized Sales are tax inclusive. 6 Note 3: Average selling price of recognized sales excludes car parking spaces. Industry-leading profitability, high quality growth

Revenue Profit Margin Core Profit1

（RMB mn） GP Margin （RMB mn） Property development GP Margin 40% Core Profit Margin 10,000 48,000 44,137 35.0% 35.6% +59.4% 42,000 31.8% 34.4% 33.7% 8,000 7,654.7 36,000 + 65.7% 30% 31.9%

30,000 27,690 6,000 4,620.0 24,000 20,539 4,000 18,000 20% 3,106.7 16.7% 17.3% 12,000 15.1% 2,000 6,000

0 10% 0 2016 2017 2018 2016 2017 2018 2016 2017 2018

Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax 7 Attractive and stable investment return

Total Dividend Per Share Dividend Payout Ratio1

（HK cents） Interim Final Special Annual/Interim Special 50% 70 10.0% 15 60 40% 5.0% 5.0% 50 30% 40 5 40 30 20% 40.0% 17 35.0% 35.0% 3 33.1% 20 25.0% 10% 21.6% 10 22 19 20 11 11 14 0 0% 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018

Note 1: Dividend payout ratio = Total dividend /core profit attributable to shareholders

8 Diversified financing channels, prudent financial policy RMB35.7bn cash on Hand, >2.0 x one-year borrowings

Debt Structure （Types） Debt Expiry

Onshore Bank Borrowings Offshore Senior Within One Year 25% Notes 28% 29% Two to Five Years

Weighted Average 45% Cost of Borrowing 6.1% Offshore Bank

Borrowings One to Two Years 12% Onshore  Total Borrowings: 26% Corporate RMB58.94bn Bonds 35%  Onshore：60%  Offshore：40%

9 Diversified financing channels, prudent financial policy

Net Gearing Weighted Average Cost of Borrowing

80% 10% 71% 8.8% 66% 67% 9% 70% 63% 58% 8% 60% 6.8% 7% 6.1% 5.8% 6.1% 50% 6%

40% 5% 4% 30% 3% 20% 2% 10% 1%

0% 0% 2014.12.31 2015.12.31 2016.12.31 2017.12.31 2018.12.31 2014.12.31 2015.12.31 2016.12.31 2017.12.31 2018.12.31

10 I Results Highlights II Value of Guangdong-HK-Macao Contents Greater Bay Area III Land Bank & Strategy IV Outlook

11 The Greater Bay Area(“GBA”) Compared with the other three major Bay Areas: GBA has the largest land area, population and population density. GBA has a complete industry value chain, with long-term growth potential in its population and per capita GDP.

Comparison of primary macro indicators in the four major international bay areas in 2018

San Guangdong-Hong Kong- Tokyo Bay Area New York BayUnit Area Francisco Indicator Secondary Indicator Macao Greater Bay Area Bay Area

Area Administrative area 56,031 36,895sq km 21,478 17,890

Permanent residents 7,112 4,407ten thousand people 2,032 776

Population New permanent residents in the past five years 706 59ten thousand people 42 40

Population density 1,269 1,195person per sq km 946 434

GDP 16,415 19,909hundred million 17,177 dollars 8,356

Economy and GDP per capita 23,080 45,176dollars 84,529 107,737 Industry Land output value 2,930 5,396ten thousand dollars 7,998 per sq km 4,671

Number of the world's top 500 companies 20 38pcs 19 12

Transport Primary indutries of the world's top 500 companies Tech、Finance、Real Estate Finance、Tech、Commerce、Vehicles- Finance、Media、Food Tech

Number of the world's top 100 universities(QS Ranking) 5242pcs

Port throughput 7,650 807ten thousand TEUs 671 242

Airport throughput 20,191 12,604ten thousand people 13,235 8,137

Comment: Datum of port throughput & airport throughput are updated to 2017; Datum of New York Bay Area and San Francisco Bay Area are updated to 2017; GDP data of Tokyo Bay Area is updated to 2016, the rest datum are updated to 2017; Datum of Guangdong-Hong Kong-Macao Greater Bay Area are updated to 2018(Population datum are estimated by the official);

System Industry Market Advantage Advantage Advantage

 Hong Kong has a mature  Integrating the  GBA’s population is over 70 legal and intellectual characteristics of three million. property protection major international bay systems which are widely areas, GBA has a world-  GBA itself is a huge market of accepted by the class complete industry consumption. international business chain concentrated on a communities. limited land area. (Finance+Innovative  China central government Technology+High-end has efficient decision manufacturing) making system and strong execution capability. 13 GBA: Strategic Positioning

Core Mission Task, & A globally influential international Growth Vision A vibrant world-class city cluster Mode innovation and technology hub

 New engine for China’s economy to go  Attract international high-end innovation one step further, the benchmark for high- resources externally and promote industrial quality development structure upgrade internally

Key Quality Living Circle for Living, Construction Tasks Working and Travelling  Construct international comprehensive transport system & one-hour living circle  Construct quality-living bay area & cultured bay area, expand the scope for employment and entrepreneurship, provide sustainable quality-living mode and attract International population inflow

National National Strategy, An important support pillar for Strategy A showcase for in-depth cooperation Government Government Execution the Belt and Road Initiative Execution between China and Hong Kong & Macau

 An important node of China's  Promote in-depth cooperation between the comprehensive opening to the outside Mainland and Hong Kong & Macau, sustain world’s strategy Hong Kong and Macau's long-term prosperity and stability 14 GBA： Forecast of Economy & Population

 GDP: surpass Tokyo Bay in 2025, becoming the bay area with largest GDP in the world. Surpass UK in 2030, becoming the 5th largest economy in the world  Population: surpass Germany (>90 million) in 2030, surpass Japan (>130 million) in 2050

GDPs of world-class bay areas in comparison

55,000 Unit: hundred million dollars

45,000

35,000 23,097 25,000

15,000

5,000

Guangdong-Hong Kong-Macao Greater Bay Area Tokyo Bay Area New York Bay Area

Sources：Wind, Bureau of Economic Analysis, Website of Cabinet Office, Government of Japan/Strategic Development Research Office Note：Data of GBA is updated to Year 2018 (population figure is official forecast))；Data of Tokyo Bay’s GDP refers to Year 2016，Others refer to Year 2017；Data of New York Bay & San Francisco Bay is updated to Year 2017；GDP is estimated based on the CAGR of each Bay Area in 2012-2017（GBA7.3%、Tokyo Bay1.6%、New York Bay3.6%、San Francisco Bay7.1%）. GBA population is estimated to increase by 1.6 million annually in 2018-2030 and 2 million in 2030-2050 (2018 figure is based on official estimate). Other 3 bay area’s 15 population is estimated by their annual population CAGR in 2010-2017 respectively. Quality Living Circle for Living, Working and Travelling

16 GBA: strategic value and solid growth potential

Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area is a substantial long-term positive catalyst, 1 GBA economy will have a sustained and rapid development for more than 30 years;

GBA is the core area for China’s industry upgrade, and is the new engine of the Chinese economy. It will also become the most 2competitive international city clusters in the world;

GBA will become a large market of consumption with the highest population density and strong consumption power in the World. 3Assets in GBA will have huge potential for appreciation.

17 I Results Highlights II Value of Guangdong-HK-Macao Contents Greater Bay Area III Land Bank & Strategy IV Outlook

18 First mover advantage, abundant premium land bank in GBA

 Total saleable resources in GBA is around RMB535.6bn (82% of total 1 saleable resources); Saleable resources in Shenzhen is RMB180.5bn. Total Saleable Resources in GBA is 535.6bn  2018: Ranked no. 1 in terms of no. of sales area/units sold in Shenzhen (82% of total saleable resources)

Other Regions Shantou Singapore Yangtze River Delta Qingyuan/Yangjiang/Heyuan Hong Kong 12.4 bn 13.5 bn Region 12.1 bn 1.9 bn 22.9 bn 2% 0.3% 30.6 bn 2% 5% Foshan/Zhaoqing Nanning 73.7 bn Region 59.4 bn Shenzhen 180.5 bn 9% Total Saleable Total Saleable Resources1 Resources1 in GBA RMB RMB 652bn 535.6bn

Zhuhai/Zhongshan GBA 102.5 bn 535.6bn 82% Huizhou/Dongguan 142.5 bn 19 Note 1: As of 31 Dec 2018, saleable resources are classified as attributable saleable resources. Both saleable resources and GFA are based on internal estimation. Ideal land bank development cycle

Plan to launch urban renewal projects >RMB 30bn Saleable annually GFA Resources % % （RMB 100mn） (sqm m) Shenzhen 836 21% 1.9 6%

Huizhou/Dongguan 609 15% 6.3 17% Guangzhou/ Foshan/ 601 15% 6.9 19% 250bn Zhaoqing 13.08m sqm. Zhuhai/ Zhongshan 479 12% 4.1 11% Total Saleable Qingyuan/Yangjiang/ Land Bank 62% M&A & Urban 229 5% 3.3 9% 1 Heyuan Resources Renewal Hong Kong & Macau 135 3% 0.1 0% 402bn RMB Projects in 36.26m sqm³ progress 38% GBA - Subtotal 2,889 71% 22.6 62% 652bn Shantou Region 306 8% 4.1 11% 49.34m sqm. Nanning Region 561 14% 7.8 22%

Singapore 121 3% 0.2 0.5%

Yangtze River Delta 19 1% 0.2 0.5%

Other Regions 124 3% 1.4 4% Total 4,020 100% 36.3 100%

Note 1: As of 31 Dec 2018, saleable resources are classified as attributable saleable resources. Both saleable resources and GFA are based on internal estimation. Note 2: Average land cost is the total land cost divided by total GFA. 20 Note3: The area included the car parking spaces Unique metro properties model  A total of 12 metro properties in Shenzhen  Ranked no. 1 in Shenzhen, in terms of no. of sales area/units sold in 2018

Shenzhen: Mid to Long Term RailwayTransit Planning Acesite Castle (玖龙府)

Acesite Park Logan City (龙光城) (玖龙臺) Guanguang Station Logan City Fuyong Project 1 (观光站) Station Qiankeng (龙光城站) (福永项目1 ) Tangwei Baolong Hongshan Station Station Station Station (茜坑站) (塘尾站) (宝龙站) Fuyong Project 2 (红山站) The Masterpiece (福永项目2 ) (玖云著)

Logan Carat Baishilong Station Complex (玖钻) (白石龙站)

Acesite Mansion (玖龙玺) Baohua Station (宝华站) Century Center Qiaocheng East (世纪大厦) Station Fubao Project Lixiang Station (侨城东站) (福保项目) (荔香站) Shekou Free‐trade Fubao Station Zone Project (福保站) (蛇口自贸区项目) Qiaocheng East Project (侨城东项目) 21 2018: Continuous land acquisition in GBA (Public Market)

Attributable Average Total GFA Attributable Land Cost Regions Land Cost Land Cost (Sqm.） (RMB 100mn) (RMB/sqm） Other Regions Shenzhen 79,100 11.70 14,791 Yangtze River 2% Huizhou 115,830 0.50 1,302 Delta 4% Nanning Foshan 1,961,934 112.76 5,987 Region 12% Zhaoqing 1,676,024 8.25 984 Zhuhai 349,686 15.67 6,366

Shantou Zhongshan 349,444 8.47 4,845 Region 3% Dongguan 246,318 7.63 7,284 Heyuan 98,680 0.81 1,645 Qingyuan 106,770 2.44 4,561 GBA – Subtotal 4,983,786 168.23 4,230 Shantou Region 266,059 5.53 4,153 Nanning Region 1,885,004 26.07 2,316 Yangtze River 168,315 8.59 6,436 Delta Other Regions 170,736 3.40 3,983 GBA Region Total of Yr. 2018 7,473,900 211.82 3,788 79% Zhuhai 367,718 30.75 8,362 Nanning 1,487,553 36.66 2,465 As at 19 Mar. 2019 1,855,271 67.41 3,633

22 Strategy Top 10 developer in terms of core earnings

Solidify market leader position in GBA

Expanding GBA premium land bank through diversified Continuous Penetration channels; Increase market in GBA share in GBA cities

Grasp cycles precisely Industry & population

23 Strategic focus: Layout in GBA regions with influx of emerging industries and population

Extreme Driven; Shaft Binhai Bay (滨海湾) support Hong Kong-Dongguan Cooperative Development Zone

Guangzhou Zhaoqing Foshan Huizhou Nanhai District Dongguan Qianhai Guangdong, Hong Kong and New Center of International City Macao High-end Service Nansha Cooperation Zone Support the establishment Core City Hong Kong Foshan Offshore of new port Trade Cooperation Zone Nansha Qingsheng Technology Innovation Base Comprehensive HKUST Shenzhen Lok Ma Chau Loop District Jiangmen Construction Hong Kong-Shenzhen Node City Innovation and Technology Zhongshan Park

Silver Lake Bay (银湖湾) Overseas Chinese Innovation Industry Cluster Hong Kong Qianhai、Nansha、Hengqin Zhuhai Comprehensive key cooperative development zone with Macau multi-functions Hengqin Guangdong-Hong Kong-Macao Cooperative development zone Cooperation Chinese Medicine with clear functions Technology Industrial Park

24 内部资料严禁外传│24 Core competence  Accurately timed the onshore and offshore land market to acquire low cost premium land banks

1. In 2014‐1H2016, timely invested RMB31bn on 4 projects （Acesite Mansion、Logan Carat Complex、The Masterpiece、Acesite Park）atop of and along metro stations in Shenzhen before ASP rally, with saleable resources of >RMB100 bn. Average GP margin>40% 2. In 2018, ranked no. 1 in terms of no. of sales area/units sold in 2018 in Shenzhen 1. Founded in Shantou and remains as the market leader for over 15 consecutive years.

2014‐ 2H2016‐ 1996-1996‐2001 2002‐2007 2007- 2007‐2013 2014- 2016下半年 2001 2013 2016上半年1H2016 -2017 2018

1. Acquired Logan City project in Huizhou (total 1. Obtained >RMB300bn saleable resources via M&A and urban GFA: 5mn sqm) in 2007, with average land renewal channels (>90% in the Greater Bay Area) when the public cost of RMB300/sqm and GP margin over land market was at a relatively high side of the cycle. 60%. 2. Focused on HK luxury residential market and seized the bottom of 2. Logan City continues to generate high return, the Singapore’s property market cycle –invested RMB14.4bn on 3 >RMB30bn saleable resources remained. projects in return for nearly RMB30bn saleable resources 25 Multi-channels to acquire low cost premium land banks 2018 Urban renewal projects with saleable value of RMB18 bn

Zhuhai Acesite Centrium（珠海-玖龙汇） Foshan Green Island Project（佛山-禅城绿岛湖）

 Zhuhai Free trade Area，Junction of Baosheng Location  Chancheng District of Foshan Location Road and Baohui Road Type  Residential & Commercial Type  Commercial Office Site Area  Approx. 82k sqm. Site Area  Approx. 49k sqm.  Total land cost is approx. RMB3.26 billion  Total land cost is approx. RMB 1.5 billion Land Cost Land Cost （including urban renewal land premium）  Average land cost RMB 6,620/ sq.m.  Average land cost RMB 4,702/ sq.m.  Approx. 710k sqm. with the saleable resource approx. Total GFA and Value RMB 10 billion  Approx. 330k sq.m with the saleable resource Total GFA and Value approx. RMB 8 billion  A metro property adjacent to the Titian Station of Foshan No.2 Line 2(expected to open in early 2020). Project Value  Located at the bridgehead of the Hengqin Bridge, Directly connect to Changui and Guangzhou South Project Value the entrance of the Hong Kong-Zhuhai-Macao Railway Station in the future. Bridge Acquisition Time  1Q 2017 Acquisition Time  3Q 2016

26 2019 Urban renewal projects with saleable value>RMB70bn

Qiaocheng East Project Shekou Free-Trade Zone Project Huizhou Daya Bay Project

 QiaoChen, Nanshan, Location Nanshan, Shenzhen Location  Huizhou Daya Bay Location  Shenzhen Type  Complex Type  Complex Type  Complex Site Area  313k sqm Site Area  16k sqm Site Area  38k sqm GFA and Value  1.8m sqm，RMB 27.3bn GFA and Value  160k sqm; RMB12.4bn GFA and Value  260k sqm，RMB 30.8bn  Near Shenzhen; benefiting  Shenzhen CBD; Metro  Located in Qianhai, Metro Project Value from spillover of Shenzhen Project Value Project Value property property population&industry

Acquzition Time  4Q 2017 Acquzition Time  2Q 2016 Acquzition Time  4Q 2016

27 I Results Highlights II Value of Guangdong-HK-Macao Contents Greater Bay Area III Land Bank & Strategy IV Outlook

28 2019：Stable Growth Across the Cycles

 Attributable contract sales target: RMB 85 bn, saleable resources: RMB150 bn  Plenty of new projects will be launched in the market Singapore: Stirling Residences (尚景 Singapore 苑), The Florence Residence(悦湖苑) 8% Zhuhai/Zhongshan Zhuhai: Acesite Mansion(玖龙玺), Glory 16% Bay(玖誉湾) etc. Zhongshan: Acesite Bay(玖龙湾), The Nanning: Glory Lake(玖誉湖), Acesite Nanning Region Cullinan(天玺) etc. 15% County(玖珑郡) etc. Foshan/Zhaoqing 16% Saleable Amount1 Foshan: Kowloon Bay(玖龙湾), Other Shantou: Royal Seaworld Approximate Regions Acesite Masion(玖龙玺) etc. 3% Palace(御海天宸), Royal & Seaward RMB Heaven Graceland(御海天韵雅) etc. 150 bn Shantou Region 9% Shenzhen: Logan Carat Complex(玖钻), Acesite Park(玖龙台), Acesite Castle(玖龙 GBA 65% Other GBA Regions 府) etc. 2% Huizhou: Logan City(龙光城), Acesite Park Shenzhen/Huizhou/ (玖龙台) etc. Dongguan Dongguan: Acesite Castle(玖龙府), Acesite 31% Masion(玖龙玺) etc. Note 1：Internal estimation 29 Next 3 to 5 years: Top Player in the GBA  Attributable contract sales to grow during 2018-2020  Benefiting from GBA’s development, sustain market leader position in GBA

Actual/ Expected Contract Sales 2016-2020E

（RMB 100 mn）

CAGR 850

718

434

287

2016 2017 2018 2019E 2020E

30 Next 3 to 5 Years: Top 10 in Terms of Core Profit

Actual/ Expected Core Profit Growth Trend 2016‐2020E

(RMB 100 mn)

76.6

46.2

31.07

2016 2017 2018 2019E 2020E

32 Appendix

32 Income Statement Highlights As a % of As a % of 2018 2017 Change Revenue Revenue （RMB mn） Revenue 44,137 100.0% 27,690 100.0% 59.4% Gross Profit 14,887 33.7% 9,517 34.4% 56.4% Net Profit for the Year 8,996 20.4% 7,008 25.3% 28.4% Profit Attributable to Equity Shareholders 8,288 18.8% 6,527 23.6% 27.0% of the Company Core Profit1 7,655 17.3% 4,620 16.7% 65.7% Core Profit Attributable to Equity 7,023 15.9% 16.7% 51.7% Shareholders of the Company 4,628 Earnings Per Share (EPS) ‐ Basic (RMB cents) 147.95 ‐ 117.03 ‐ ‐ Diluted (RMB cents) 145.69 ‐ 115.39 ‐ Interim Dividend per Share (HK cents) 20 ‐ 19 ‐ Special Dividend per Share (HK Cents) 15 ‐ 5 ‐ Final Dividend per Share (HK cents) 40 ‐ 17 ‐ Total Dividend per Share (HK cents) 75 ‐ 41 ‐ Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax 33 Balance Sheet Highlights

As at 31 Dec 2018 As at 31 Dec 2017 Change （RMB mn） Total Asset 170,095 111,871 52.0% Equity Attributable to the Equity Shareholders 29,249 23,306 25.5% Total Equity1 36,746 27,164 35.3% Cash and Bank Balance2 35,717 22,408 59.4% Contract Liability (Receipts in Advance) 16,785 19,615 (14.4%) Total Borrowing 58,941 40,841 44.3% Net Gearing Ratio 63% 67% (4.0p.p.)

Note 1: Include non‐controlling interests and perpetual capital securities Note 2: Include restricted and pledged deposits

34 Key Projects 2019 – Shenzhen

Logan Carat Complex (玖钻) Acesite Park (玖龙臺)

 Hongshan Station (红山站)of Metro Lines  Guanguang Station (观光站) of Metro Location Location No. 4 & 6 Lines No. 6 &13

Type  Complex Type  Residential & Commercial

Site Area  Approx. 87k sqm. Site Area  Approx. 152k sqm.

Total GFA  Approx. 840k sqm. Total GFA  Approx. 720k sqm.

 At top of dual metro lines at Hongshan  At top of dual metro lines (Lines No. 6 & 13) Project Value Project Value Station (红山站) at Guanguang Station (观光站)

35 Key Projects 2019 – Huizhou / Shantou

Logan City –Huizhou (惠州‐龙光城) Royal Seaward Palace Palace – Shantou (汕头‐御海天宸)

 Daya Bay (大亚湾) &adjacent to Shenzhen Location Location  Xinjin District of East Coast, Shantou border Type  Residential Type  Residential & Commercial Site Area  Approx. 98k sqm Site Area  Approx. 1.7mn sqm

Total GFA  Approx. 5.03mn sqm Total GFA  Approx. 370k sqm

 Logan’s biggest and flagship project.  A low‐density residential with approx. 100k Project Value  Close to Shenzhen and is near to the metro Project Value sq.m. lake landscape garden. Enjoy abundant station in plan. Various choices of education and commercial public facilities transportation that connect to Shenzhen

36 Key Projects 2019 – Zhuhai / Singapore

Acesite Mansion – Zhuhai (珠海‐玖龙玺) Stirling Residences – Singapore (新加坡‐尚景苑）

Location  Hengqing Port Location  Stirling road of Queen town Type  Residential Type  Residential Site Area  Approx. 21k sqm Site Area  Approx. 50k sqm

Total GFA  Approx. 160k sqm Total GFA  Approx. 89k sqm

 Adjacent to a commercial complex, 400m  300 meters away from the Queenstown away from the Hengqing light rail station, subway station, with established facilities. Project Value Project Value close to Hengqing’s main avenue‐‐ “Hong Close to several large shopping centers and Kong Macau Avenue” schools