1 Stock Code: 0270

October 2015

2015 THIRD QUARTER RESULTS REVIEW

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O U R B U S I N E S S

Infrastructures Water Resources Property Investment and Development &

Department Stores

Hotel Operations

Guangdong Investment Limited

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F I N A N C I A L P E R F O R M A N C E S U M M A R Y

Dividend (HK$ cents) 1H2014: 8

1H2015: 10 +25%

(HK$ mm)

6,352 7,161 7,736 7,990 8,426 6,998

2,431 3,007 3,414 4,426 4,397

3,135

0

2,000

4,000

6,000

8,000

10,000

2010 2011 2012 2013 2014 9M15

Revenue

Profit

Revenue (HK$ mm) 9M14: 6,542

9M15: 6,998 +7.0%

Profit * (HK$ mm) 9M14: 3,698

9M15: 3,135 -15.2%

Note*: The profit before tax decreased by 16.7% or HK$869 million to HK$4,322 million (2014: HK$5,191 million) for the Period as (i) the net gain arising from fair value adjustments for investment properties was HK$113 million (2014: HK$942 million), (ii) the net exchange difference charged to the profit or loss for the Period was HK$306 million (2014: HK$25 million), and (iii) the absence of the recovery of impairment on certain electric power plant amounting to HK$85 million recorded last year.

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1 H 1 5 R E V E N U E P E R F O R M A N C E B Y S E G M E N T

Property & Department Stores

1H14: HK$1,073 mm

1H15: HK$1,146mm 1H14: HK$2,727 mm

1H15: HK$3,112mm

Water Resources

+14.1% +6.8%

Infrastructures Hotel Operations & Management

1H14: HK$255 mm

1H15: HK$229 mm

1H14: HK$326 mm

1H15: HK$327mm

+0.3%

-10.2%

5

1 H 1 5 S E G M E N T R E S U L T S

69% 27% 1.9% 2.5%

Water Resources Property Investment and Development &

Department Stores

Hotel Operations & Management

Infrastructures

Operating Profit (excluding interest income, other income and gains & finance costs)

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D I V I D E N D P A Y O U T T R E N D

15.0 18.0

20.0 23.0

28.0

38.5% 37.3% 36.5%

32.4%

39.7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0

5

10

15

20

25

30

2010 2011 2012 2013 2014

Dividend

DividendPayout Ratio

(HK$ cents)

7

F I N A N C I A L P O S I T I O N

Jun 2015 (HK$ mm) Dec 2014 (HK$ mm)

Total Assets 52,140 47,615

Included: Fixed assets and prepaid land lease 5,323 3,823

Investment properties 12,510 12,114

Operating concession rights & receivables under service concession arrangements 12,927 13,330

Available-for-sale financial assets 10,807 8,208

Cash and cash equivalents 7,368 7,002

Total Liabilities and Minority Interest 20,750 17,348

Included: bank and other borrowings 6.515 3,864

Non-interest bearing receipt in advance 946 946

Non-controlling interests 5,796 5,397

Equity attributable to Equity Holders 31,390 30,267

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H O N G K O N G W A T E R S U P P L Y A R R A N G E M E N T

Existing Arrangement

2015 – 2017

Volume/Tariff Flexible supply volume based on actual needs

Annual revenue

2015: HK$4.2 bn

2016: HK$4.5 bn

2017: HK$4.8 bn

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H K W A T E R S U P P L Y R E V E N U E T R E N D

2.5 2.5 2.5 2.5 3.0 3.1 3.3 3.5 3.7 4.0 4.2 4.5

4.8

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2005 2006 2007 2008* 2009 2010 2011 2012 2013 2014 2015 2016 2017

(HK$ bn)

Note*: Subsidy amounted to RMB 652 mm finalized by Guangdong Provincial Government for the period from 2005 to 2008. The subsidy was paid by instalments over four year starting from 2008

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D O N G J I A N G ( E A S T R I V E R ) W A T E R S U P P L Y C O N C E S S I O N

30-year concession started in 2000 to supply fresh water to Hong Kong, Shenzhen and Dongguan

Designed annual capacity of 2.4 billion cubic meters (bcm)

Revenue and Profit before Tax for 9M15 amounted to HK$4,412.1 mm and HK$2734.6 mm

0.0

0.5

1.0

1.5

2.0

2.5

2010 2011 2012 2013 2014 9M15

(bcm) Annual Water Distribution Volume

9M14

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W A T E R R E S O U R C E S P R O J E C T A C Q U I S I T I O N S

Nansha project: Revenue and Profit before Tax for 9M15 amounted to HK$186.6 mm and HK$21.9 mm

Wuhua, Jinsheng, Daojiao, Meizhou, Kaiping and Danzhou projects: Revenue and Profit before Tax for 9M15 amounted to HK$211.7 mm and HK$87.6 mm

Acquired 6 water supply projects, 1 waste water treatment project for a total consideration of RMB993 mm

Waste Water Project Waste Water Processing Capacity (tpd) Water Supply Project Water Supply Capacity(tpd)

Wuhua 40,000 Nansha 200,000

Jinsheng 70,000 Meizhou 280,000

Daojiao 40,000 Danzhou 100,000

Meizhou 100,000 Baoying 90,000

Kaiping 50,000 Gaoyou 95,000

Wuzhou 70,000 Jianghe 520,000

Yizheng 100,000

Wuzhou 355,000

Zhaoqing 90,000

Total 370,000 1,830,000

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C A P A C I T I Y G R O W T H T R E N D

NA NA 280 300 370 200 200

540 580

1830

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2012 2013 2014 2015 Post-acquisition

Waste WaterTreatment

Urban WaterSupply

Capacity Growth Trend by Type (‘000 tpd)

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P R O P E R T Y I N V E S T M E N T & D E V E L O P M E N T

* Including rentals from department store run by the Group ** Excluding revaluation gain and net interest income

966 1,056

1,115 1,180

893

651 735 748 796 626

0

200

400

600

800

1,000

1,200

1,400

2011 2012 2013 2014 9M15

Revenue

Profit beforeTax

Teem Plaza Performance Trend

HK$ mm

*

**

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D E P A R T M E N T S T O R E S

649 711

772 784

641

280 224 306 312 295

0

20

40

60

80

100

120

140

160

180

200

0

100

200

300

400

500

600

700

800

900

2011 2012 2013 2014 9M15

Revenue

Profit beforeTax

Leased Area

Department Stores Performance Trend

HK$ mm ‘000 m2

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H O T E L O P E R A T I O N S & M A N A G E M E N T

HOTEL OPERATIONS

Hotel owned or lease owned: 7 hotels

Average room rate and occupancy rate for star-rated hotels

• Sheraton Guangzhou Hotel: HK$1,274 and 86.9% (2014: HK$1,188 and 82.9%)

• Other 4 star-rated hotels: HK$667 and 81.5% (2014: HK$748 and 84.2%)

OVERALL

Revenue: HK$502 mm (-3.2%) Profit before tax: HK$81 mm (-22.8%)

HOTEL MANAGEMENT

Hotel managed: 40 hotels (2014: 38 hotels)

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P O W E R G E N E R A T I O N – Z H O N G S H A N P O W E R P L A N T

(HK$ mm)

449 440 425 400

293

56

105 126

149 117

0

50

100

150

200

250

300

350

400

450

500

2011 2012 2013 2014 9M15

Revenue

Profit before Tax

Revenue Trend

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P O W E R G E N E R A T I O N – J I N G H A I P O W E R P L A N T *

(HK$ mm)

3,640 3,708

8,281 7,635

5,009

293 498

1,683 1,709 1,244

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2011 2012 2013 2014 9M15

Revenue

Profit before Tax

Revenue Trend

*The Company’s effective interest in Jinghai Power is 25%.

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T O L L R O A D – X I N G L I U E X P R E S S W A Y

On October 9th, the Company completed acquisition of 100% stake of Xingliu Expressway from parent company

Main Line Branch Line Toll Station

Nanning City

Yulin City

Hengxian

Yunbiao

Xingye

Muge

Guigang

Guigang City

Xingliu Expressway Overview

Part of the G80 Guangzhou-Kunming Expressway that connects Yunnan, Guangxi and Guangdong Provinces

Commenced operation in August 2003 with five toll stations

The main line is 99.6km in length

Three branch line with aggregate length of 52.7km

Operation right of the Xingliu Expressway will expire in September 2032

FY 2013 FY 2014

Profit before Tax RMB 149 mn RMB 227 mn

Profit after Tax RMB 111 mn RMB 185 mn

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F I N A N C I A L S U M M A R Y

1H15 (HK$ mm) 1H14 (HK$ mm) Y/Y%

REVENUE 4,686 4,316 8.6%

Gross Profit 3,295 3,034 8.6%

Changes in fair value of investment properties 92 618 -85.1%

Administrative expenses (571) (579) -1.4%

Reversal of impairment of items of property, plant and equipment - 85

Others 331 306

PROFIT BEFORE TAX 3,147 3,464 -9.2%

Income tax expense (687) (666)

PROFIT FOR THE YEAR 2,460 2,798 -12.1%

Attributable to: Owners of the Company Non-controlling interest

2,221 238

2,469 329

EPS ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY

Basic 35.53 HK cents 39.57 HK cents -10.2%

Diluted 35.47 HK cents 39.47 HK cents -10.1%

Gross margin 70.3% 70.3%

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C O N D E N S E D B A L A N C E S H E E T

Jun 2015 (HK$ mm) Dec 2014 (HK$ mm)

NON-CURRENT ASSETS 32,687 31,607

Property, plant and equipment 5,153 3,650

Investment properties 12,510 12,114

Operating concession rights & receivables under service concession arrangements 12,918 13,321

Others 2,106 2,522

CURRENT ASSETS 19,453 16,008

Available-for-sale financial assets 10,807 8,208

Cash and cash equivalents 7,368 7,002

Others 1,278 798

CURRENT LIABILITIES (5,024) (6,134)

Payables and accruals (3,596) (3,164)

Interest-bearing bank and other borrowings (569) (1,889)

Others (859) (1,081)

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C O N D E N S E D B A L A N C E S H E E T ( C O N T ’ D )

Jun 2015 (HK$ mm) Dec 2014 (HK$ mm)

NON-CURRENT LIABILITIES (9,930) (5,817)

Bank and other borrowings (5,946) (1,975)

Others (3,984) (3,842)

EQUITY 37,186 35,664

Equity attributable to owners of the Company 31,390 30,267

Non-controlling interests 5,796 5,397

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S U M M A R Y

Overall

Grow our business in water resources and infrastructure sectors as part of the Group’s strategy to increase profit growth points and overall investment portfolio

Keep Focusing

Seek investment opportunities in the water resources market to develop our core business

Monitor potential opportunities involving public-private-partnership projects in other sub sectors of infrastructure space

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L E G A L D I S C L A I M E R

This presentation does not constitute an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such offer or solicitation or is unlawful without compliance with any registration, filing or other requirements.

This presentation contains “forward-looking statements” which are statements that refer to expectations and plans for the future and include, without limitation, statements regarding the Company’s future results of operations, financial condition or business prospects as well as other statements based on projections, estimates and assumptions. Words such as "expect," "intend," "plan," "believe," "estimate," "may," "will," "should" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, which reflect the current expectations and plans of the directors and management of the Company, may not materialize or may change. Many risks, uncertainties and other factors, some of which are unpredictable and beyond the Company’s control, could affect the matters discussed in these forward-looking statements. These factors include, without limitation, economic and business conditions globally and in the countries where we operate, the Company’s ability to predict and respond quickly to market developments, pricing trends and competition; changes in applicable laws and regulations (including applicable tax and tariff rates). Any variance from the expectations or plans on which these forward-looking statements are based could cause the Company’s actual results or actions to differ materially from those expressed or implied in these statements. These statements are not guarantees of future performance and we caution readers not to place undue reliance on these statements. The Company undertakes no obligation to update any forward-looking statements in this presentation, whether as a result of new information or any subsequent change, development or event. All forward-looking statements in this presentation are qualified by reference to this paragraph.

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Thank You