PRINTING INSTRUCTIONS CHECK TOC BEFORE PRINTING Color/grayscale: Color (regardless of printing in b/w) Scale to fit paper: OFF Print hidden slides: OFF POWERPOINT OPTIONS > ADVANCED > PRINT Print in background: OFF Carnival Group International Holdings Limited Company Presentation January 2018 Disclaimer This presentation, which was prepared by Carnival Group International Holdings Limited (“Carnival”) (the "Company"), is strictly confidential and may not be reproduced, copied, published, distributed, transmitted or passed on directly or indirectly, to any person, in whole or in part, by any medium or in any form for any purpose. By receiving a copy of this presentation, you agree to be strictly bound by the foregoing confidentiality and other restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. 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This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities to any U.S. person, in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act. No securities may be offered or sold in the United States or to any U.S. person absent registration unless pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and financial statements. No public offering of securities is to be made by the Company in the United States. The information contained in this presentation has not been independently verified. This presentation was prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty whatsoever, express or implied, and no reliance shall be placed on, the accuracy, completeness, fairness and reasonableness of the contents of this presentation. This presentation may not contain all information that you may consider material. Any liability in respect of the contents of, or any omission from, this presentation is expressly excluded. This presentation contains statements about future events and expectations that are forward-looking in nature. These statements typically contain words such as "expects" and "anticipates" and / or words of similar import. Any forward-looking statement in this presentation involves known and unknown risks, uncertainties and other factors which may cause the Company‟s actual results, performance or achievements to be materially different from any expected or estimated results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that the results and events contemplated by the forward-looking statements contained in these materials will in fact occur. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct, accurate, or exhaustive or, in the case of the assumptions, fully stated in the presentation. The Company assumes no obligations to update any information contained in this presentation, including the forward-looking statements contained herein, to reflect any change in circumstances, assumptions or factors affecting any such information and / or statements. You acknowledge that you will be solely responsible for your own assessment of the market, the market position, the business and financial condition of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. This presentation represents the information up to the date hereof, unless otherwise specified in this presentation. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been or will be no change in the affairs of the Company since that date. The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments that may occur after the date of this presentation. Neither the Company nor any of the joint bookrunners, the Company‟s advisors or representatives, and their respective affiliates, employees or agents accept any responsibility (expressed or implied) or any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of, or relying on, this presentation or its contents or otherwise arising in connection with this presentation which might be suffered by any person. If you have any doubt about the foregoing or any of the contents of this presentation, you should obtain independent professional advice. 1 Table of Contents Section 1 - Company Overview P.3 Section 2 – Project Introduction P. 9 Section 3 - Investment Highlights P. 31 Section 4 - Key Financial Highlights P. 39 2 Section 1 Company Overview Key Corporate Milestones and Organizational Structure 2010 2011 2012 2013 2014 2015 Dec 2011 May 2012 Sep 2012 Dec 2013 Aug 2014 Nov / Dec 2014 Mar 2015 . Acquired 60% in . Changed corporate . Acquired 99.01% in . Mr. King increased . Inclusion in MSCI . CTBC Life . Inclusion in Hang Corporate Rio Carnival name to Carnival Carnival shareholding to Small Cap Index Insurance and Ping Seng Composite Development (Qingdao) Group International International 74.68% through An Life Insurance Mid Cap Index and Holdings Limited Community rights issue and became strategic SH-HK Stock (Chengdu) project conversion of CBs shareholders Connect Organizational Structure Mr. King Pak Fu Other shareholders (Chairman) 63.20% 36.80% Carnival Group International (HKSE: Issuer 996.HK) 64% 75% 100% 100% 95% Rio Carnival, Canada Qingdao Carnival International Beijing Shouson Hill Qingdao Vancuvour Laoshan Community, Chengdu Yanglin Note: As of 31st Dec 2017 4 Highly Experienced, Professional and International Management and Operational Team Senior Management Team Mr. King Pak Fu Chairman & Executive Director Mr. Wang Chunning, CEO and Executive Director Over 15 years of experience in Finance and management Successful entrepreneur and builder of multiple He used to be Product Manager of Trade Finance Department of China successful businesses and companies in the IT, real estate, Minsheng Banking Corp., General Manager of Structured Trade Finance consumer, retail, leisure and entertainment industries in Department and General Manager of Structure and Leveraged Finance China for over 20 years Department as well as General Manager of Ship Finance Department in Hong Kong Branch of China Minsheng Bank. He is responsible for Highly experienced in property development, corporate overseas mergers and acquisitions and large-scale project financing. He management and operation served as Assistant President of Shanghai Branch of Evergrowing Bank, responsible for corporate business. Mr. Chen Weiliang, CFO Ms. Mara Wang Over 20 years of audit, finance and management experience Over 20 years of experience specializing in retail property planning, leasing, management and consultancy industry Hong Kong Certified Public Accountant, Chartered Certified Accountant Previously responsible for the development and management of E-Da Outlet Mall, Taipei 101, Taichung He has been with KPMG and PwC for more than 10 years. Mode Mall and numerous other large commercial projects in Then joined SMI Holdings Limited (0198.HK) served as Taiwan as the Regional Director, Head of Retail at Jones CRO(Chief Risk Control Officer ), CFO, vice president of Lang LaSalle Taiwan and a key member of its retail property corporate finance and investment and other positions. department in Asia Pacific from 1993 to 2012 Mr. Li Jing，President of the Real Estate Department Ms. Rachel Li, CFA, CPA Joint Company Secretary; Chief Strategy Officer Over 20 years of experience in real estate design, development and project management Over 10 years of investment banking and accounting experience in Greater China and North America with global Served as senior manager of Beijing Vanke, director of design of Yeland Group, director of planning and design of Beijing Luneng Yingda Group, investment