Suite 807, 8/F, K11 ATELIER Victoria Dockside, 18 Salisbury Road, Tsim Sha Tsui, Kowloon, Hong Kong GENERAL PLAN

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Suite 807, 8/F, K11 ATELIER Victoria Dockside, 18 Salisbury Road, Tsim Sha Tsui, Kowloon, Hong Kong GENERALPLAN Ceiling height: 2940 mm 2940 height: Ceiling 2290 1445 OFFICE SALON 4240 5017 695 FRONT DESK FRONT 2405 580 ENTRANCE 2307 1090 445 2550 970 3200 1520 585 1745 2315 1985 GALLERY B GALLERY GALLERY A GALLERY 10865 10862 10862 10865 2650 2630 5066 6040 GENERAL PLAN 10862 ENTRANCE 1090 950 580 960 1000 OFFICE 1000 1985 970 FRONT DESK FRONT 2950 2950 4120 4230 GALLERYGALL Y A 6040 2315 4240 400 350 695 1745 1000 1000 950 960 2550 10862 229022902290 SALON 10865 585 1090 1090 990 1010 1520 2405 1445 2480 2480 4140 4180 445 2307 GALLERYGALL Y B 5066 5017 3200 1010 →1110 1010 350 ↓ 1110 350 2630 400 400 10865 Hanging points in ceiling: (load <160kg each). Floor load: <250kg per m2. Regular wall: <80kg per m2. Wall w/ integrated sliding door: <50kg per m2. Gallery B side wall (facade): <30kg per m2. Sliding display case: <80kg each. GENERAL PLAN 10862 ENTRANCE 100 100 1090 100 100 OFFICE 580 1985 970 FRONT DESK FRONT GALLERY A 6040 2315 4240 100 100 695 1745 100 100 2550 160 10862 160 2290 SALON 100 10865 150 585 320 380 100 100 1520 2405 1445 445 2307 GALLERY B 5066 5017 3200 26502630 100 100 320 530 10865 Sockets in floor: Standard electrical voltage: 220 volts 50Hz Type G plug. GENERAL PLAN 10862 ENTRANCE 0 ) e 9 g 0 d 0 1 e 8 5 OFFICE door ) t e u g o d h t i e 1985 r w GALLERY A 5 oo 970 1 d 9 t u (1 o h wit F 0 0 R (9 Projector A - Left Projector B - Centre Projector C - Right O N 600 x 600 600 x 600 600 x 600 T 2756 2756 2756 2756 D E 6040 2315 S K ) 4240 e g d e ) 0 0 0 695 e 0 0 0 g 8 8 8 d door e 2 2 2 t u o h t door i t 1745 w u o 5 h 7 t i 6 2550 w 10862 2290 (1 0 0 SALON 4 (2 10865 585 ) e g d e oor d 1520 t 2405 u 1445 o h t i w 5 7 445 3 2307 ( GALLERY B 5066 5017 3200 26502630 10865 Ceiling height: 2940 mm Projector: size 600 x 600 mm, loading capacity <12KG for each projector FOYER ENTRANCE FRON T DESK · Ceiling height: 2940 mm. · Floor load: <250kg per m2. · Regular walls: <80kg per m2. · Wall w/ integrated sliding door: <50kg per m2. FOYER FOYER FOYER FOYER GALLERY A · Ceiling height: 2940 mm. · Floor load: <250kg per m2. · Regular walls: <80kg per m2. · Wall w/ integrated sliding door: <50kg per m2. GALLERY A GALLERY A GALLERY A GALLERY A GALLERY B · Ceiling height: 2940 mm. · Floor load: <250kg per m2. · Regular walls: <80kg per m2. · Wall w/ integrated sliding door: <50kg per m2. · Side wall (facade): <30kg per m2. GALLERY B GALLERY B GALLERY B GALLERY B GALLERY B GALLERY B GALLERY B SALON · Ceiling height: 2940 mm. · Floor load: <250kg per m2. · Regular walls: <80kg per m2. · Wall w/ integrated sliding door: <50kg per m2. · Sliding display case: <80kg each. SALON SALON SALON SALON SALON SALON / SLIDING DISPLAY CASES 2880 mm 28802880 mm mm 170 mm 170 mm 1080 mm 2250 mm ·Sliding display cases (x10). Load <80kg each. | Small (x5): 2880(h) × 1080(l) × 170 mm(w). | Large (x5): 2880(h) × 2250(l) × 170mm(w) CARGO LIFT Painting A - H342 x W135 x D5 cm Painting C - H267 x W180 x D5 cm Painting B - H235 x W239 x D5 cm Sculpture - H235 x W135 x D180 cm.

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November 5, 2019 AMTD Equity Research Company Report SPECIAL FOCUS: VICTORIA DOCKSIDE A Key Milestone that marks The Dawn of a New World New World Development (0017.HK) This report marks the transfer of coverage of New World Dev (0017.HK) to Jacky Chan Jacky Chan Brian Li Michelle Li Analyst Analyst Analyst +852 3163 3323 +852 3163 3384 +852 3163-3383 [email protected] [email protected] [email protected] Please contact AMTD Global Markets Limited at (852) 3163 3288 for further product information. Please read the Important Disclosures and General Disclosures on Page 21. Execution warrants a Valuation Re-rating When New World Development (0017.HK) announced plans to redevelop New World Centre back in 2009, it was greeted with skepticism by the financial markets. It was a redevelopment project with no potential GFA enhancement and economic conditions were still uncertain at the time amidst the Global Financial Crisis. Investment community found it difficult to justify the IRR for such an important CAPEX spend on the project. Ten years on, ~HK$20bn of CAPEX spent and following the Grand Opening of K11 Musea (The Mall) on 26th August 2019, the decade long redevelopment project is finally completed. The outcome is a landmark project that will mark as a major milestone in New World Development’s new product under the leadership of Mr. Adrian Cheng, who was re- designated as Executive Vice Chairman of New World Development in 2015. Figure 1: K11 Musea Grand Opening marks the Full Completion of Victoria Dockside Source: Company Website Valuation should Re-rate as Victoria Dockside proves Execution Track Record Based on our estimations, we believe that the economics of the project justifies the capex spending, but more importantly, we believe investors should look at the development of this whole Victoria Dockside project as a mark of execution track record improvement demonstrated by the New World management team over the past 5-10 years.
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