Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(incorporated in Hong Kong with limited liability) (Stock Code: 13)

ANNOUNCEMENT

Hutchison Whampoa Limited (the “Company”) has today made the attached presentation (the “Presentation”) to investors of the Company.

Potential investors and shareholders of the Company (the “Potential Investors and Shareholders”) are reminded that the Presentation includes publicly available third party information as well as historical financial information of the Company, recent operational data and best estimates by management of current market performance. Much of the information in the Presentation by its nature is not normally subject to independent review or audit and accordingly has not been reviewed or audited by the Company’s auditors. Potential Investors and Shareholders should exercise caution when dealing in the shares of the Company.

By Order of the Board

Edith Shih Company Secretary

Hong Kong, 6 October 2011

As at the date of this announcement, the directors of the Company are:

Executive Directors: Independent Non-executive Directors: Mr LI Ka-shing (Chairman) The Hon Sir Michael David KADOORIE Mr LI Tzar Kuoi, Victor (Deputy Chairman) Mr Holger KLUGE Mr FOK Kin-ning, Canning Mrs Margaret LEUNG KO May Yee Mrs CHOW WOO Mo Fong, Susan Mr William Elkin MOCATTA Mr Frank John SIXT (Alternate to The Hon Sir Michael Mr LAI Kai Ming, Dominic David Kadoorie) Mr KAM Hing Lam Mr William SHURNIAK Mr WONG Chung Hin Non-executive Director: Mr George Colin MAGNUS

1 Disclaimer

Potential investors and shareholders of the Company (the "Potential Investors and Shareholders") are reminded that the Presentation includes publicly available third party information as well as historical financial information of the Company, recent operational data and best estimates by management of current market performance. Much of the information in the Presentation by its nature is not normally subject to independent review or audit and accordingly has not been reviewed or audited by the Company’s auditors. Potential Investors and Shareholders should exercise caution when dealing in the shares of the Company.

Note: Amounts in HKD converted to USD at 7.8. 2 Historical Trading Performance

3 P/E Multiples Since 1995

Note: Based on IBES consensus research estimates. Current share price as of Oct 4, 2011 (HK closing).

4 Price/Net Asset Value (“NAV”) Multiple Since 1995

+1 STDEV Beginning of Market volatility European sovereign stemming from U.S. debt crisis debt ceiling and EU debt crisis

Avg. Since 1995

-1 STDEV Current Discount to NAV ~40-50%

Asian Financial Dot-com Crisis Crisis SARS Outbreak

Global Financial Crisis

Note: Based on research estimates. Current share price as of Oct 4, 2011 (HK closing) 5 Sum-Of-The-Parts Valuation Based on Average of Research Analyst Estimates1

HK$ 1.7 HK$ 144.1 HK$ 25.1 HK$ 22.6

HK$ 22.8 HK$ 119.0

HK$ 29.3

HK$ 32.3

HK$ 53.9 Value PerValue Share (HK$)

HK$ 35.3

Energy and Property Retail Container Telecom Others(2) Total EV Less: Total NAV Current Share Infrastructure Ports Net Debt Price

Total Value (USD) $19.3bn $17.7bn $16.0bn $12.4bn $12.4bn $0.9bn $78.7bn $(13.7)bn $65.0bn $29.5bn

Note: Current share price as of Oct 4, 2011 (HK closing) (1) Based on latest published research analyst forecasts by Bank of America Merrill Lynch (Aug-11), BNP Paribas (Aug-11), Citigroup (Aug-11), CLSA (Aug-11), Credit Suisse (Aug-11), Deutsche Bank (Aug-11), Goldman Sachs (Sept-11), HSBC (Aug-11), Jefferies (Sept-11), JP Morgan (Sept-11), Mirae Asset (Aug-11), Morgan Stanley (Aug-11), and UBS (Aug-11) (2) Others comprised of Tom Group, , Hutchison China Meditech, and Huixian REIT 6 Unlisted Assets Valuation Based on Average of Research Analyst Estimates

Current Market Value of Listed Assets EV of Unlisted Assets

$96.7

Perpetual $85.1 ($19.9) Capital $3.7 Adj. Net ($11.9) Debt(1) $27.5 ($2.8) ($2.0)

($1.7) $46.8 Value Per Share (HK$) Share Per Value

Current Share Price $53.9

Total Asset 81.5% of CKI 33.4% of Husky 27.8% of HPH 65.0% of Others(2) Implied Research(3) Value Energy Trust HTHKH Unlisted Average Assets Valuation

Note: Current share price as of Oct 4, 2011 (HK closing) (1) Net debt is adjusted to exclude net debt of consolidated listed companies. (2) Others comprised of Tom Group, Hutchison Harbour Ring, Hutchison China Meditech and Huixian REIT (3) Based on latest published research analyst forecasts by Bank of America Merrill Lynch (Aug-11), BNP Paribas (Aug-11), Citigroup (Aug-11), CLSA (Aug-11), Credit Suisse (Aug-11), Deutsche Bank (Aug-11), Goldman Sachs (Sept-11), HSBC (Aug-11), Jefferies (Sept-11), JP Morgan (Sept-11), Mirae Asset (Aug-11), Morgan Stanley (Aug-11), and UBS (Aug-11) 7 Implied Market Value of Unlisted Assets 1H 2006 vs. Current

While there has been significant improvement in the profitability of unlisted assets, the implied market value of unlisted assets is even lower than before

Net Profits(1) of Unlisted Assets Implied Market Cap of Unlisted Assets

HWL Net Profits(1) minus HWL Market Cap minus Net Profits attributable to Listed Assets(2) Listed Assets(2) Market Cap

$18.7

$327

US$ bn US$

US$ mn US$ $7.8

$(953)

1H 2006 1H 2011 Jun-2006 Oct-2011

Note: Current share price as of Oct 4, 2011 (HK closing) (1) HWL’s profit attributable to shareholders adjusted to exclude gains from disposals. (2) Listed assets comprised of CKI, , Hutchison Harbour Ring, Hutchison China Meditech, HTHKH, Tom Group, HPHT, HTAL, HTIL/HAT and Huixian REIT. Net profits attributable to listed assets include HWL’s consolidation adjustments. 8 Overview of HWL

9 Overview of HWL

Established Leadership Across the Most Enduring and Attractive Businesses

 1H11 Revenue: $24.0bn 26% growth  1H11 EBITDA(1): $4.8bn 33% growth  1H11 EBIT: $3.0bn 55% growth

Infrastructure Energy Property Retail Telecom Ports

 Leading retailer in the world  One of the largest integrated  One of the largest property  Leading global operator with  Largest privately owned  Leading global by number of stores with energy and energy-related developers and owners in a proven track record of container ports operator infrastructure operator via over 9,400 stores across 33 producers in Canada China and HK investment and value globally Cheung Kong Infrastructure markets worldwide and Power Assets creation  Handles ~12-15% of the  Proved and probable oil and  Extensive landbank of 98mn  Consistent growth from world’s container traffic gas reserves of 2,399 sq ft, of which ~97% is  Scale and Reach: Around 60  Diverse and expanding well-executed organic and  Operates 51 ports in 25 mmboe in North America strategically concentrated in million customers across 11 portfolio of utility assets inorganic expansion countries including 6 of 10 and Asia, including control fast growing cities in China countries in Asia and across Asia and UK strategies busiest container ports in over 48 bn barrels of Europe the world  Regulated earnings ensure  Over 14mn sq ft of fully-  Attractive mix of resilient discovered petroleum-  3 Group investment cycle growth and stability across leased prime rental mass market stores with  Unparalleled long term initially-in-place complete – turnaround market cycles, with properties mainly in HK upside from luxury brands operating track record of achieved and generating outperformance upside generating steady recurrent consistent traffic and returns income revenue growth

3 Group  1H11 EBITDA(3): $723mn 1H11 EBITDA: $1.1bn 1H11 EBITDA: $1.1bn 1H11 EBITDA: $577mn  1H11 EBITDA: $605mn  1H11 EBITDA: $647mn; +39%  1H11 EBITDA(3) growth: (12)%  1H11 EBITDA growth: 84%  1H11 EBITDA growth: 83%  1H11 EBITDA growth: 23%  1H11 EBITDA growth: 19%  % of Total EBITDA: 13% Underlying performance  % of Total EBITDA: 22%  % of Total EBITDA: 23%  % of Total EBITDA: 12%  % of Total EBITDA: 12% HTHKH - HPH Group, excl. one-time 1H11 EBITDA: $160mn; +18% gains in 1H2010, growth: 12%  % of Total EBITDA: 3% - HPH Trust, growth: 5% HAT  % of Total EBITDA(1): 15% Note: (1) Recurring EBITDA is adjusted for effective share of HPH Trust and excludes one-time profit on IPO of HPH Trust of $4,766mn and non-cash 1H11 LBITDA: $70mn; (8)% one-time net gain of $59mn of 3 Italia in 1H2011.  % of Total EBITDA: (1)% (2) 1H2011 revenue, EBITDA and EBIT growth rates are compared to 1H2010 results (3) Adjusted for effective share of HPH Trust 10 Our Strengths

 Highly profitable  Market leader across businesses with Unique all of its businesses substantial cash 6 Financial 1 Leadership balance Profile

Operational Resilient 5 2 Excellence

 Balanced mix of  Best-in-class defensive operations businesses Deep Growth 4 3 Management

 Operates in businesses &  Proven track record of markets with attractive value creation growth outlook

11 Impressive Earnings Track Record

Total Revenue (1) EBITDA (1) (2)

12.9

44.7 41.8 3.5 10.0 10.3 39.6 9.6 38.5 0.9

8.8 8.8 bn

34.3 7.8 0.5 bn 3.5

US$ 31.0 1.8

4.8 US$

5.6 3.7 23.3 24.0 9.4 9.4 19.1 3.8 3.2 8.3 0.1 6.5 7.0 4.8 4.1 3.7 2.4

(3) (3) 2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011

(3) (3) 2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011 Recurring EBITDA

Profits on disposal and others, change in fair value of investment properties

Note: (1) Revenue and EBIT include share of associates and jointly controlled entities. (2) EBITDA represents EBITDA after all CACs and CRCs (3) 1H2010 and 1H2011 results have been adjusted to reflect the effective share of HPH Trust. 12 Conservative Financial Planning and Solid Credit Profile

A-/A3 rated with $13.3 bn cash and liquid assets

Cash and cash equivalents Net Debt (1)/Net Capital (2) Free Cashflow(4)

23.1 EBITDA/Interest coverage: 37.6x(3)

8.1

18.0 37.1%

16.7 34.5% 34.7% )

)

14.8 14.9 32.7% bn $ $ bn 14.2 5.9

$ $ 13.3

29.7% (US 11.3 (US 5.0 26.1% 26.0%

21.9% 1.8 1.5

2004 2005 2006 2007 2008 2009 2010 1H2011 2004 2005 2006 2007 2008 2009 2010 1H2011 (0.2) (0.3) 2006 2007 2008 2009 2010 1H2010 1H2011

Note: (1) Excluding loans from minority shareholders, which are viewed as quasi-equity, and unamortised loan facilities fee, premiums or discount on issue and fair value changes of interest rate swap contracts. (2)The comparatives have been restated to reflect the effect of adoption of new and revised accounting policies in 2010 on Capital. (3) As of 1H2011. (4) Free cashflow represents net cash inflow (outflow) before financing activities.

13 Infrastructure

14 Infrastructure Cheung Kong Infrastructure

10% of HWL’s Total Assets, 7% of Total Revenue, 22% of Group EBITDA, 28% of Group EBIT

~83% of net profits from stable electricity generation and transmission business

 Global infrastructure leader with business and geographic diversity Profit Contribution(1) % (1H2011)

 Anchored by stable regulated assets such as power Canada Materials Portfolio generation and distribution in developed regions Business 1% 3% New Zealand like HK, UK and Australia Portfolio Mainland 1%  Long track record of consistent cashflow and China profitability Portfolio 5%  Tariff certainty in medium term – reset for most assets not until 2015 Australia United  Utility is a small and stable portion of consumer Portfolio Kingdom spending 15% Portfolio 41%  Tested and consistent regulatory framework over

the long term Power Assets  Management’s proven track record 34%

 Incentive based regulation rewards best-in-class services, CKI’s strength  Strong liquidity and access to financing 1H2011 Profit Contribution(1): $589mn 106% growth compared to 1H2010 Note: (1) CKI’s profit attributable to shareholders excluding unallocated items. 15 Infrastructure Cheung Kong Infrastructure

Profit Attributable to Shareholders

One-off gain on the listing of Spark 770

714 ) Infrastructure 612 645 mn 567

$ $ 511 452 471 390 401 395 410 419

(US 355 302

109

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1H 2011

Dividend per Share

1.3 1.2 1.1 1.1 0.9 1.0 0.8 0.7 1.0 0.6 0.7 0.9 0.6 0.8 0.8 0.7 0.8 0.4 0.4 0.6 0.4 (HK$) 0.3 0.4 0.4 0.5 0.5 0.2 0.2 0.3 0.3 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1H 2011 Interim Final

16 Energy

17 Energy Husky Energy

7% of HWL’s Total Assets, 18% of Total Revenue, 23% of Group EBITDA, 22% of Group EBIT Stable Foundation with Strategic Growth Drivers in Place

 Leading integrated energy producer based in Canada (2) . Market cap of US$24 billion at 30 June 2011 Proved Reserves

. 1H2011 upstream production of 311,000 boe / day

. 2,399 mmboe(1) of proved and probable oil and gas reserves as of YE2010 1,081 . 1H2011 revenues, net of royalties of C$12.0bn and net earnings of 997 C$1.3bn

896 )  Solid foundation in Western Canada 399 boe 352 . Extensive portfolio of conventional oil and heavy oil as well as natural gas 365

assets (millions . Advanced new technologies to increase efficiency and generate value  Long term growth drivers in place 645 682 . Oil Sands: 2,500sq km of oil sands leases, with first production 531 anticipated in 2014

. Southeast Asia: Largest deepwater gas discovery in South China Sea, with first production anticipated in 2013 2008 2009 2010 . Atlantic: 20 Exploration Licenses, 6 Production Licenses and Crude Oil & NGL Natural Gas 23 Significant Discovery Areas

Note: (1) Barrel of oil equivalent (boe) defined as a unit of energy based on the approximate energy released by burning one barrel of crude oil. (2) 2010 proved reserves are based on forecast pricing assumptions as required by Canadian N151-101 rules. Prior to 2010, Husky was granted exemption from certain provisions of N151- 101 which permitted Husky to follow US rules. As such, 2008 and 2009 proved reserves are based on constant price assumptions calculated using a 12-month average price for the year. 18 Retail

19 Retail World’s Leading Retailer by Stores

8% of HWL’s Total Assets, 36% of Total Revenue, 12% of Group EBITDA, 15% of Group EBIT Marionnaud, PNS, Fortress, and Rossmann , Manufacturing & Savers and ICI Paris Others

 Greater China  Germany, Hungary,  United Kingdom  Benelux  Western & Central  Greater China  Pan-Asia Poland and Czech & Ireland Europe  Eastern Europe Republic

Over 9,400 Stores in 33 Markets Worldwide… … Translating into Top-line Performance

+8% in local

currencies

9,484 9,294 8,335 8,718 7,757 7,949 15.8 7,161 14.1 15.2 14.9 12.7 11.4 4,797 8.8 8.6

7.4

No. ofStoresNo. Revenue(US$bn)

2004 2005 2006 2007 2008 2009 2010 1H2011 2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011 Hong Kong Mainland China Asia Europe and others Hong Kong Mainland China Asia Europe and others 20 Retail Watsons China

Store Numbers Total Revenue

)

801 872 bn 8.3 559 673 6.2 410 4.8 5.0 328 3.7 3.8 259 2.8 174 2.1

No. ofStoresNo. 110 1.3 Revenue(RMB

2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011 2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011

EBITDA EBIT

)

)

bn bn

1.6 1.5 (RMB 1.1 1.0 1.0 0.9 0.6 0.8 0.5 0.7 0.4 0.3

0.2 (RMBEBIT

0.1 0.3 0.1 0.2 0.2 EBITDA

2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011 2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011

EBIT Margin: 10% 11% 7% 9% 11% 16% 18% 18% 18%

21 Property and Hotels

22 Property and Hotels Focused Portfolio in HK and PRC

11% of HWL’s Total Assets, 4% of Total Revenue, 12% of Group EBITDA, 18% of Group EBIT

Development Pipeline Concentrated in PRC Stable Recurring Income from Prime Rental Assets

Estimated Completion Date(1) Gross Rental Income

10% 2011 23% 13% 1% Office 2012 34% 13% Commercial 2013 Industrial 13% 2014 23% 52% 2015 Residential 18% 2016+

Total Attributable PRC Landbank by GFA: 95.8mn sq. ft. Total 1H2011 Revenue: $252mn

 43 projects in 20 cities to be developed mainly in  Diversified portfolio of 14.4 mn sq.ft. of rental space mainly 2011-2015 in HK

 About 89% are residential properties for sale  Gross rental income of US$252 million in 1H2011 and contributes approximately 44% of division’s recurring  Average land cost

 Hotels operation accounted for US$72 million of this division’s recurring EBITDA for 1H2011

Note: (1) Based on gross floor area as of June 30, 2011 23 Telecommunications

24 Telecommunications Unrivaled Track Record of Value Creation

37% of HWL’s Total Assets, 24% of Total Revenue, 15% of Group EBITDA, 2% of Group EBIT Long History of Creating Brands, Incubating Businesses and Unlocking Value

Formation of a 50:50 JV with Sale of Hutchison Vodafone - IPO of Essar in India for US$4.6 bn profit Sale of HTIL in 2010 VoiceStream Hong Kong Over 60 million - IPO of Orange IPO stake for 2009 wireless customers Partner - Launched 3G US$3.8bn services in HK globally today - Invest in profit Partner, 2007 Israel 2005 Acquisition of Orange Is stake in 2004 launched in VoiceStream 2003 Sale of the UK Partner stake for US$0.9 bn 2000 Launched profit services 1999 in India Launched 1997 3G services in Ireland Privatisation 1996 Launched of HTIL 3G services in 1995 UK, Italy, Australia, 1994 Austria, Sweden and Denmark Orange plc sold for US$15.1bn profit 25 Telecommunications Continued Positive Momentum Across the Group

3 Group Investment Cycle Complete and Generating Returns

UK Scandinavia  Customers: 7.5mn  Customers: 2.0mn — 8% Growth — 6% growth  EBITDA: 34% growth  EBITDA: 166% growth  EBIT: £12mn  EBIT: SEK960mn — 160% Turnaround — 5,898% growth  #1 Apple provider  Market leader in Smartphones and MBB in both  Ranked #1 MBB, Smartphone and iPhone Sweden and Denmark network by YouGov  #1 operator with best Smartphones offer in Sweden

Ireland  Customers: 0.7mn — 13% Growth  LBITDA: (121)% change Hong Kong  LBIT: €30mn  Customers: 3.4mn — (58)% change — 10% Growth  Market leader in MBB  EBITDA: 18% growth  EBIT: HK$685mn — 30% growth

Austria  Customers: 1.2mn  EBITDA(1): 264% growth  EBIT: €1mn — (59)% change  Ranked #2 in MBB Italy SE Asia Australia  Current market leader in acquiring Smartphone and  Customers: 9.1mn  Customers: 29.0mn  Customers: 7.2mn MBB users  EBITDA(1): 309% growth — (5)% change — (5)% change  EBIT: €1mn  LBITDA: (8)% change  EBITDA: (37)% change — 101% turnaround  LBIT: HK$1,011mn  LBIT: A$78mn  Ranked #2 in MBB — (16)% change  #1 Apple provider Note: (1) Excluding one-time gains and losses in both periods 1H2011 EBIT and EBITDA figures are compared to 1H2010 results. 26 Telecommunications Continued Positive Momentum Across the Group

3G Customers 3 Group Revenue

30.2 29.7 27.9 8.2 26.7 7.4

7.7 25.4 7.7

6.5

20.8 )

19.0 bn 17.7 4.8 15.9 (US$ 4.7

Customers(millions) 14.7 13.5 3.8 11.9

2.0

Italy UK & Ireland Austalia Sweden & Denmark Others

27 Ports and Related Services

28 Ports and Related Services World’s Largest Privately-owned Container Port Operator

12% of HWL’s Total Assets, 9% of Total Revenue, 15% of Group EBITDA, 15% of Group EBIT

Total Throughput

 Currently operates 51 ports in 25 countries, including 6 of 10 busiest container ports in the world 75.0

 Handles approx 12% - 15% of the 66.3 67.6 world’s container movements 65.3

59.3  HPH Trust separately listed on SGX comprising the Group’s Pearl River 51.8 Delta deep-water container ports 47.8 41.5

 In 2009, annual throughput

TEUs) (Million decreased 3% for the first time ever, 35.8 35.3 36.4 which reflected the sharp decline in 27.0 global trade volumes. Revenue 25.4 decreased 11% in local currencies (16% after translating into HKD) vs 17.9 2008 while EBIT in local currencies 12.9 13.8 decreased 19% (21% after translating into HKD). The operation experienced a quick recovery towards end of 2009 and 1H2010.

Hong Kong Mainland China International

29 Europe

30 Analyzing HWL’s European Contribution

As of June 30, 2011

25% of HWL’s Group EBITDA is derived from European businesses

Total Revenue

HWL Group (1H11): US$24.0bn Y-O-Y Growth of 26%

Americas Hong Kong & Others (1) Total Assets Ports 20% 18% Mainland Total EBITDA 3% China HWL Group (1H11): US$92.3bn 10% HWL Group (1H11): US$4.8bn In line with December 2010 Y-O-Y Growth of 33% Retail 19% Asia and Australia Americas Hong 12% Americas Hong Ports & Others Kong Mainland & Others Kong 3 Group 4% 18% 16% China CKI 25% 25% 15% 9% 3% Retail Ports 6% Europe Mainland 3% China 40% 15% CKI Asia and Retail 3% Australia 5% 12% CKI 7% Others 2% Asia and 3 Group 3 Group Australia 30% 10% 10% Europe Europe 25% 45%

Note: (1) Excludes EBITDA contribution from F&I and others. 31 Analyzing HWL’s European Contribution As of June 30, 2011

Assets – Europe Revenue – Europe EBITDA(1) – Europe

HWL Group (1H11): US$41.6bn HWL Group (1H11): US$9.7bn HWL Group (1H11): US$1.3bn Y-O-Y Growth of 6% Y-O-Y Growth of 25% Y-O-Y Growth of 70%

Ports Others Ports Ports 10% 4% 9% 8%

Retail 3 Group Retail 13% 3 Group 39% 20% 37%

CKI 7%

Retail 48%

3 Group 67% CKI CKI 7% 31%

Note: (1)Excludes EBITDA contribution from finance & investment and others.

32 Consistent Performance Across Macro Backdrop

Total Revenue - Europe Total EBITDA - Europe

GBP down 10% vs. HKD Euro down 2% vs. HKD

1.9

1.2 1.0 1.0 1.2 0.7 17.5 17.9 16.9 16.4 1.1 1.1 1.2 1.1 1.2 1.1 1.0 15.3 0.7 0.1 0.5

12.6 (US$ bn) (US$

9.7 (US$ bn) (US$ 7.7 7.8

(1.5)

(2.3)

EBITDA (excluding Telecom)

EBITDA (including Telecom; after CAC & CRC)

Note: (1) Growth rate for EBITDA including Telecom 33 Robust Performance Across All European Businesses

Infrastructure Retail

) )

) )

4,700 mn

mn 678 mn mn 255 4,157 394 249

140 EBITDA (US$ EBITDA

EBITDA (US$ EBITDA 85

Revenue (US$Revenue (US$Revenue

1H2010 1H2011 1H2010 1H2011 1H2010 1H2011 1H2010 1H2011

Telecommunications Ports

) )

) )

3,599 500 726

mn mn mn mn 183 2,838 604 148

271

EBITDA (US$ EBITDA (US$ EBITDA

Revenue (US$ (US$ Revenue (US$ Revenue

1H2010 1H2011 1H2010 1H2011 1H2010 1H2011 1H2010 1H2011

Note : (1) EBITDA growth represents normalised EBITDA on a Y-O-Y basis, taking out the estimated effect of additional Euromax expenses 1H2011 which were capitalised in 1H2010 prior to commercial launch 34 Infrastructure

35 Infrastructure Cheung Kong Infrastructure – UK Operations

7% of HWL Europe’s Total Assets, 7% of Total Revenue, 31% of EBITDA, 49% of EBIT

Collection of Safe and Secure Regulated Utility Assets

Regulatory Segment Business Coverage CKI Interest Reset

 One of UK’s largest power distributors  40% (another 40%  Over 170,000km of power distribution held by Power  Approximately UK Power networks Assets and 20% by  Apr 2015 8 million customers Networks  Covers London, Li Ka Shing and the East of England Foundation) Power  25% (another 25%  Owns and operates power station  Long term Seabank held by Power near Bristol  Generating capacity: PPA approx. 1,140 MW Assets) Power  Electricity sold under long-term contracts to SSE Energy Supply Ltd.

 One of ten regulated water & sewerage business in England and  40% (another 40% Northumbrian  Approximately 2 held by CKH and Wales  Apr 2015 Water Water(1) million customers 20% by Li Ka  Operates in North East and South Shing Foundation) East England

  One of eight major gas 47.1% (another distribution networks in UK 41.3% held by  Apr 2013 Northern  Over 2.6 million Power Assets) Gas  Over 37,000km of gas customers Gas distribution networks

Note: (1) Acquisition of Northumbrian Water expected to complete in October 2011

36 Infrastructure Cheung Kong Infrastructure – UK operations

Profits from UK Operations  Stable earnings through regulated income Attributable to Shareholders which minimizes exposure to the current global market conditions

241  UK Power Networks represents over 70% of

CKI’s European profits for 1H 2011

 Ofgem regulatory reset was determined in ) 152

April 2010 and secures stable returns for UK mn Power Networks for the five-year period

through to April 2015 (US$

79  Continue to seek for earnings accretive 71 investments in the region, such as the 59 41 recent offer to acquire Northumbrian Water 28 in the UK

(1) 2006 2007 2008 2009 2010 1H2010 1H2011

Note (1): This does not include contributions from Northumbrian Water as the acquisition is expected to complete in October 2011

37 Retail

38 Retail Strong Market Presence in Europe

13% of HWL Europe’s Total Assets, 48% of Total Revenue, 20% of EBITDA, 24% of EBIT

Health & Beauty . Kruidvat Increasing Store Presence — Leading health & beauty chain in Benelux with over 970 stores . Rossmann — Leading health & beauty chain in Germany, Poland, Hungary and Czech Republic with over 2,400 stores . Superdrug and Savers 6,675 6,721 — Leading health & beauty chains with over 1,100 stores 6,490 6,303 across the UK and Ireland 5,868 6,014 1,637 1,613 . Watsons 5,461 1,655 — Leading health & beauty chain with over 280 stores in 1,624 1,606 1,618 Eastern European markets 1,551 . Strong presence in Latvia, Lithuania, Ukraine and St. Petersburg in Russia 3,463 179 Perfumeries & Cosmetics 5,038 5,108 4,679 4,835 4,262 4,396 . Marionnaud (acquired in April 2005) 3,910 — Largest perfumeries and cosmetics retailer in Europe 3,284 with over 1,180 stores . The Perfume Shop (acquired in August 2005) — Leading perfumery chain in the UK with over 180 stores DecJun-- 0504 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Jun-11 . ICI Paris XL — Market leader with approximately 240 stores in Health & Beauty Europe Luxury Europe Benelux countries

39 Retail Sustained and Robust Growth Profile

Total Revenue Total EBITDA

Grew 5% in Grew 4% in local currencies local currencies

0.70 9.6 9.1 9.1 9.0 0.58

8.1

0.54 0.54 0.54

bn bn

$

$ 7.0 US US 0.45

0.38 4.9 4.7 4.2 0.25 0.26

2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011 2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011

40 Telecommunications

41 Telecommunications 3 Group Europe - Growing Customer Base

67% of HWL Europe’s Total Assets, 37% of Total Revenue, 39% of EBITDA, 17% of EBIT Growing market share in MBB and Smartphones in each of its markets

3 Group Europe Customers

20,032 20,611 18,561 17,808 16,272 16,718

14,974 thousands

7,235

Mar-2005 Aug-2008 Mar-2009 Aug-2009 Mar-2010 Aug-2010 Mar-2011 Aug-2011

Italy UK & Ireland Sweden & Denmark Austria

42 Telecommunications 3 Group Europe - Revenue Growth and Turning Profitable

3 Group Europe Revenue 3 Group Europe Recurring EBITDA and EBIT

Primarily due to Italy’s MTR reduction (2) 0.7 (3) 0.5 6.6 6.4 0.3 (1) 6.1 5.8 5.8 0.2 0.1

(0.2)

bn

(0.1)

$ bn

(0.3) $ US (1.1)

4.2 US 3.6 (2.0)

2.8

1.6

2008 2009 2010 1H2010 1H2011

EBIT/(LBIT) 2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011 Recurring EBITDA / (LBITDA) after all CACs and CRCs

Note: (1) Incoming MTR reduced from €18.76c (Jan-Feb 08) to €16.26c (Mar-Sept 08) to €13c (Oct 08 – Jun 09) to €11c (July – Dec 09) (2) Recurring EBITDA excludes non-cash one-time net gain of $291mn in 3 UK and $191mn in 3 Italia (3) Recurring EBITDA excludes non-cash one-time net gain of $59mn in 3 Italia. 43 Ports and Related Services

44 Ports and Related Services Throughput and Revenue Growth in European Operations

9% of HWL Europe’s Total Assets, 8% of Total Revenue, 10% of EBITDA, 10% of EBIT

Throughput Revenue

bn

TEUs

14.8 $ 1.4 1.5 13.2 1.2 1.3 11.2 11.4 US 1.1 9.0 9.6 0.9 1.0 Million 8.4 7.2 7.8 0.7 0.6

2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011 2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011

EBITDA

EBITDA EBITDA(1) decreased 14% in decreased 4% in local currencies local currencies

0.45 bn 0.40 $ 0.34 US 0.27 0.29 0.29 0.23 0.18 0.15

2004 2005 2006 2007 2008 2009 2010 (1) 1H2010 1H2011(1)

Note: (1) Normalised EBITDA taking out the estimated effect of additional Euromax expenses in FY2010 and 1H2011 which were capitalised in 1H2010 prior to commercial launch. 45 Conclusion

46 Conclusion

 HWL’s European operations have proven to be very resilient despite recent events in Europe

 Leading positions across a balanced mix of defensive businesses best position HWL to weather macro-economic challenges

 Financial position and operating cash flow are as strong as ever

 Growth opportunities in all lines of business, especially with Telecom entering profitability phase

 Management continues to focus on driving growth and unlocking value for shareholders

47