B.

Stock Codes: 737 (HKD counter) & 80737 (RMB counter)

December 2017

Presentation slides are available on www.hopewellhighway.com

HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED

B.

HHI Overview

2

Listed on Stock Exchange of Hong Kong on 6 Aug 2003

Market capitalization: around HK$14.4 billion (US$1.8 billion) as of 30 November 2017

B. 3

FY2016/17 Final Results ♦ Financial & Operational Highlights

B. 4

Key Messages

Net profit up 22% yoy to RMB623m, as core operations grew and net exchange loss narrowed

Profit before net exchange loss up 8% yoy to RMB649m

Total dividend per share RMB30.2 cents (final DPS: RMB11.6 cents, special final DPS: RMB10.0 cents; interim DPS: RMB8.6 cents)

GS’ growth momentum is persistent

− Average daily FLE traffic reached historical high

− Average daily toll revenue set a new high after tariff cut in Jun 2012

WDR net profit up 169% yoy to RMB107m (HHI’s share)

FY2017

B. 5

Key Messages

Net exchange loss on RMB depreciation narrowed to RMB17m (HHI’s share) (FY16: RMB82m)

Disclose WDR as a whole starting from FY17 annual results

‒ Simplify disclosure to reflect full operation (WDR fully opened in Jan 2013 and turned profitable since FY16)

WDR utilised surplus cash to fully prepay RMB807m (JV level) of bank loan principal due in 2017 and 2018 as at 30 Jun 2017

Strong financial position. HHI corporate level net cash RMB469m or RMB0.15/share (30.6.2017)

FY2017

B.

B. 6

Key Messages

FY18 results will be affected by one-off impact from GS’ profit sharing ratio adjusted from 48% to 45% starting 1 Jul 2017 ‒ Yet will be supported by (i) GS’ and WDR’s healthy growth; (ii) fall in

WDR’s interest expenses

100% dividend payout target (full-year basis) sustainable − HHI corporate level net cash RMB469m (30.6.17) − Expect ~RMB600m dividend from GS in FY18 (similar to HHI’s

proposed annual regular dividend to shareholders in FY17) − WDR targets to distribute dividend to HHI starting 2020 the earliest

WDR FY18 finance cost will drop mainly due to (i) 10% discount on individual bank loans’ borrowing rates; (ii) bank loans’ prepayment

The soon-to-open HK-Zhuhai-Macao Bridge will benefit WDR

Guangdong-HK-Macao Bay Area’s development will benefit GS & WDR

Upcoming: FY2018 & Beyond

B.

B.

Results Highlights

7

2016 2017RMB'm RMB'm

Net toll revenue 2,002 2,159 +8% ••

GS ↑6% to RMB1,560mWDR ↑15% to RMB599m

EBITDA of toll expressways 1,705 1,859 +9% • Healthy core operation

Net profit of toll expressways 611 666 +9%

•

•

GS' net profit ↓2% to RMB559m mainlydue to ↑finance cost from RMB2b bankloan drawn in Aug-16WDR net profit ↑169% to RMB107m(FY16: RMB40m)

Corporate results (8) (17) n/a

• ↓Net interest income: -↓ interest income due to shareholder's loan to WDR repaid by Oct-15 - offset↓ finance cost after full repayment of all corp. bank loans

Profit before net exchange loss 603 649 +8%

Net exchange loss (82) (17) n/a

Profit attributable to owners of theCompany 511 623 +22% • Core operation grew and ↓net exchange

loss

For the year ended 30-Jun %change Major reasons for change

B. 8

HHI’s Results For the year ended 30-Jun

(RMB’M) 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017

GS SuperhighwayN1 1,480 1,560 1,262 1,343 (414) (460) (277) (324) 571 559

Western Delta Route 522 599 443 516 (181) (211) (222) (198) 40 107

Sub-total 2,002 2,159 1,705 1,859 (595) (671) (499) (522) 611 666+8% +9% +13% +5% +9%

Corporate results: Bank deposits interest income 27 24 Shareholder's loan interest income 9 - Other income 1 - General and administrative expenses (40) (41) Finance costs (4) - Income tax expense (1) -

Sub-total (8) (17)

Profit before net exchange loss 603 649 +8%

Net exchange loss (82) (17)

Profit for the year 521 632

Minority interests (10) (9)

Profit attributable to owners of the Company 511 623 +22%

Net TollRevenue EBITDA ResultsInterest & TaxDepreciation &

Amortisation

N1: Excl. exchange differences from USD & HKD loans and related income tax

B. 9

Financial Highlights

Declared dividend in RMB, with the option to receive dividends in RMB or HKD or combination of RMB and HKD

N1: Based on PBOC exchange rate RMB1 = HK$1.11560 (4 Jan 2017) N2: Based on PBOC exchange rate RMB1 = HK$1.17154 (16 Aug 2017)

EPS RMB cents 16.59 20.21 +22%

RMB cents 8.40 8.60HKD cents 9.9737 9.59416RMB cents 8.20 11.60HKD cents 9.5484 13.58986RMB cents 40.00 10.00HKD cents 46.5776 11.71540RMB cents 56.60 30.20HKD cents 66.0997 34.89942

% change2016 2017

DPS - Interim

For the year ended 30-Jun

DPS - Final

DPS - Special Final

DPS - Total

N1

N2

N2

B.

Target of 100% dividend payout ratio on full-year basis is sustainable, in light of HHI’s strong financial position

HHI’s Sustainable Dividend

N1: Payout ratio excluded special dividend 10

HHI Dividend (RMB cent per share)

FY13 FY14 FY15 FY16 FY17

Regular DividendPayout Ratio 97% 100% 100% 100% 100%

10.0 9.8 8.4 8.4 8.6

9.0 8.1 8.4 8.2 11.6

10.0 18.0

40.0

10.0 0

10

20

30

40

50 Special Final DividendFinal DividendInterim Dividend

RMB19.0 RMB17.9Regular: RMB16.8 RMB16.6 RMB20.2

N1 N1N1 N1

B. 11

Cash and Debt: HHI Corporate Level vs Share of JV

N1: Total debt less bank balances and cash

HHI Corporate Level (RMB'm)As at 30.6.2016 30.6.2017 As at 30.6.2016 30.6.2017Bank balances and cash Corporate debt• Bank balances and cash 652 469 • Bank loan - -

Share of JV Companies (RMB'm)As at 30.6.2016 30.6.2017 As at 30.6.2016 30.6.2017Bank balances and cash Bank loans • Bank balances and cash 262 440 • GS Superhighway 1,403 2,280

• Western Delta Route 4,028 3,718

262 440 5,431 5,998

Net cash: RMB469m (30-Jun-16: RMB652m)

Net debt : RMB5,558m (30-Jun-16: RMB5,169m)N1

Solid financial position at HHI corporate level Project loans: non-recourse to HHI

B. 12

Impact from RMB Exchange Rate and US Interest Rate Changes

21%

2%

77%

RMB loans:

USD loans:

Possible exchange gain/(loss),

subject to RMB appreciation/

(depreciation)

Breakdown of HHI’s Share of JV LoansN1 by Currency (As at 30 Jun 2017)

RMB1,240m

RMB1,380m

RMB4,627m

N1: Represent HHI’s share of JVs’ bank loans of RMB5,998m and other borrowings of RMB9m

For every 1% Impact on HHI’s net profit

RMB depreciation ↓ ~RMB9m

US interest rate rise ↓ ~RMB9m

HKD loans: RMB140m

B.

GS Superhighway – Growth is Persistent

Average daily toll: Up 6% yoy to RMB9.2m in FY17, set a new high after tariff cut in Jun 2012

13

Mar Apr May Jun Jul Aug Nov Dec(LabourHoliday)

1HCY

2HCY

2014 8,657 8,276 7,868 8,438 8,857 9,046 8,903 8,933 8,384 -5% -6%2015 8,867 8,505 8,025 8,775 9,017 9,057 9,153 9,202 8,567 +2% +2%2016 9,303 8,374 8,584 9,002 9,266 9,204 9,779 9,831 8,875 +3% +4%2017 9,899 8,708 9,479 9,726 9,896 +7%

2016 vs 2015 yoy +5% -2% +7% +3% +3% +2% +7% +7% +4%2017 vs 2016 yoy +6% +4% +10% +8% +7%

CYyearlyavg.

7,921 8,634

yoy changeJan + Feb Sep + Oct(Lunar New Year) (National Holiday)

+6%+4%

7,770

+2%

7,774 8,3008,017

8,402

6,500

7,500

8,500

9,500 2017

2016

2015

2014

(Ching MingFestival)

10,000

7,500

GS Average Daily Toll Revenue

(RMB ’000)

N1: Apr: One more day toll-free Labour holiday in 2017 vs 2016 May: One less day toll-free Labour holiday in 2017 vs 2016

N1

N1

B. 14

Western Delta Route (“WDR”)

1,032

886786

722

546

300

400

500

600

700

800

900

1,000

1,100

FY13 FY14 FY15 FY16 FY17

WDR – EBITDA (JV Level) (RMB’m)

Finance cost further lowered in FY18 due to: 10% discount on individual bank

loans’ borrowing rates Bank loans’ prepayment

Achieving healthy growth since opening Will continue to benefit from prosperous economic and road network

developments including the soon-to-open HZM Bridge

Target to distribute dividend to HHI starting 2020 the earliest

B. 15

Average Daily Toll* and FLE Traffic

GS + WDR Aggregate Avg Daily Toll (RMB ’000)

* Including tax

8,682 9,169

2,941 3,377

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

FY16 FY17

11,622

WDR

GS

8%

GS: Avg Daily FLE Traffic (no. of vehicles ’000)

92 99

0

20

40

60

80

100

FY16 FY17

WDR: Avg Daily FLE Traffic (no. of vehicles ’000)

40 47

0

20

40

60

80

100

FY16 FY17

8%

17%

WDR

GS

12,546

B. 16

69.6% 70.1%

30.4% 29.9%

0%

20%

40%

60%

80%

100%

GS WDR

Passenger Vehicles: Major Contributor to Toll Revenue and Traffic

83.0% 81.8%

17.0% 18.2%

0%

20%

40%

60%

80%

100%

GS WDR

FY17 Toll Revenue Mix

FY17 FLE Traffic Mix

Trucks

Passenger Vehicles

B.

60

70

80

90

100

110

120

JanFebMarAprMayJun Jul AugSep OctNovDec

2017

2016

2015

2014

2013

17

GS Superhighway

6,000

7,000

8,000

9,000

10,000

11,000

Jan Feb Mar AprMayJun Jul AugSep Oct NovDec

2017

2016

2015

2014

2013

FY16 FY17 yoy Avg. Daily FLE Traffic 92k 99k ↑8%

FY16 FY17 yoy Avg. Daily Toll (RMB) 8,682k 9,169k ↑6%

GS – Average Daily FLE Traffic# (No. of vehicles ’000)

GS – Average Daily Toll Revenue^ (RMB ’000)

N1 N1 N1 N1

N3

N4

* According to media # Excludes toll-free FLE traffic ^ Including tax N1: Holiday Toll-free Policy was implemented N2: Chinese New Year started on 28 Jan in year 2017 and 8 Feb in year 2016 N3: i) Impact of lower traffic (usually during the 1st two weeks of CNY) carried over into Mar-15.Since CNY came later in 2015 compared with 2016, which resulted in a lower base ii) Closure of slow lanes on Chuancha Bridge near Machong for maintenance (Northbound 16 Mar 2016 to end-May 2016; Southbound 22 Mar 2016 to mid-May 2016) N4: One more day of toll-free holiday in Apr 2017 compared to Apr 2016 N5: One less day of toll-free holiday in May 2017 compared to May 2016 N6: Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016 N7: One more day of toll-free holiday in Oct 2017 compared to Oct 2016, i.e. National Day holiday from 1-8 Oct in 2017 (1-7 Oct in 2016).

N5

N6

N1 N1 N1 N1

N2

N3

N4

N5

N6

N2

N2

N2

Minimal positive impact from road network upgrade works near Shenzhen Bay border (mid-Oct 2016 to mid-Oct 2017)

NH107 Baoan section has planned to start upgrading works in 2018 (date to be announced)*

N7 N7

B. 18

GS Superhighway – Still Room to Grow

Average daily FLE traffic ↑8% yoy to 99k vehicles in FY17

Still 22% room to grow vs. historical peak at 121k vehicles

on 14 Sep 2016

Total distance travelled by all vehicles on the expressway Full length of the expressway X no. of days in the review period * =

121

9992

0

20

40

60

80

100

120

140

FY16 FY17 14.9.2016

GS – Average Daily FLE Traffic* (No. of vehicles ’000)

▲8% yoy

(Historical peak)

22%

B. 19

Western Delta Route Positive impacts from:

‒ Maintenance/Upgrading works on local roads nearby (mid-Aug 2016 to end-2019) ‒ Expressway link between WDR’s southern end and Second Hengqin Bridge opened in 1Q CY17

15

20

25

30

35

40

45

50

55

60

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2017

2016

2015

2014

2013

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2017

2016

2015

2014

2013

WDR – Average Daily FLE Traffic# (No. of vehicles ’000)

WDR – Average Daily Toll Revenue^

(RMB ’000)

N1

N4

N3

N1 N1 N1 N1 N1 N1 N1

# Excludes toll-free FLE traffic ^ Including tax N1: Holiday Toll-free Policy was implemented N2: Chinese New Year started on 28 Jan in year 2017 and 8 Feb in year 2016 N3: Impact of lower traffic (usually during the 1st two weeks of CNY) carried over into Mar 2015. Since CNY came later in 2015 compared with 2016, which resulted in a lower base N4: One more day of toll-free holiday in Apr 2017 compared to Apr 2016 N5: One less day of toll-free holiday in May 2017 compared to May 2016 N6: Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016 N7: Small positive impact from maintenance works on a local road near the Bijiang interchange of WDR during Sep to Dec 2016 N8: One more day of toll-free holiday in Oct 2017 compared to Oct 2016, i.e. National Day holiday from 1-8 Oct in 2017 (1-7 Oct in 2016)

N5 N6 N7

FY16 FY17 yoy Avg. Daily FLE Traffic 40k 47k ↑17%

FY16 FY17 yoy Avg. Daily Toll (RMB) 2,941k 3,377k ↑15%

N2 N4

N3

N5

N6 N7

N2 N2 N2

N8 N8

B.

Guangdong-HK-Macao Bay Area* - GS and WDR will benefit from fostered economic development

* Includes HKSAR, Macao SAR, Guangzhou, Shenzhen, Zhuhai, Dongguan, Huizhou, Zhongshan, Foshan, Zhaoqing & Jiangmen

20

First addressed in the 13th Five-Year Plan (2016-2020)

Strengthen infrastructure linkages and stimulate economic cooperation in the region

Guangdong-Hong Kong-Macao Bay Area GDP in eleven cit ies in 2016 (RMB in billion)

208.4 1,961.1

863.0

241.9

320.3

682.8 341.2

1,949.3

222.6

300.1

2,109.3

Source: PRC State Council, Statistics Bureau of Guangdong Province, HKSAR Census and Statistics Department, Government of Macao SAR Statistics and Census Service

B. 21

Hengqin’s Developments Benefit WDR

Total committed investments of over RMB340b as of Jun 2017*

* According to media Source: www.hengqin.gov.cn, media reports

CY 2014 2015 2016 2017 2018 2019 2020Projects

Chimelong International OceanTourist Resort Phase 1Chimelong International OceanTourist Resort Phase 2Phase I of Lai Sun Group'sNovotown

Ferretti Yacht Asia-Pacific Center

Guangdong-Macao CooperationIndustrial Park

InfrastructureMacao Cotai-Hengqin BorderCrossing 24-hour opening

Hengqin Second Bridge

Opened Mar 2014

Target opening 2020*

Target opening end-2018*

Target opening 2018*

Target completion 2018 onwards*

Since Dec 2014

Opened Dec 2015

B. 22

Future Developments to Benefit WDR

The soon-to-open HZM Bridge will benefit WDR

Healthy GDP growth of Guangzhou, Foshan, Zhongshan and Zhuhai (1H2017: ↑ 7.4%–9.2%)

Macao’s new gaming resorts and hotels MGM Cotai (opening 4Q2017); Grand Lisboa Palace (opening 2H2018)

WDR will also link up with:

* According to media

Target opening*

Guangzhou-Zhongshan-Jiangmen Expressway 2019

Humen Second Bridge 2019

Shenzhen-Zhongshan Corridor 2024

B. 23

WDR’s Connectivity with HZM Bridge and Hengqin

* According to media

B. 24

FY2016/17 Final Results ♦ Appendix

B. 25

(RMB'M) 30-Jun-16 30-Jun-17 30-Jun-16 30-Jun-17Assets LiabilitiesHHI Corporate Level HHI Corporate Level Bank balances and cash 652 469 Other liabilities 7 11

Other assets 6 7

658 476 7 11 NAV of HHI Corporate 651 465

GS Superhighway JV (HHI's shared portion) GS Superhighway JV (HHI's shared portion) Bank balances and cash 212 379 Bank loans

Concession intangible assets 5,239 4,870 - USD 1,248 1,240 Property and equipment 212 208 - HKD 155 140

Other assets 43 27 - RMB - 900 Other liabilities 665 647

5,706 5,484 2,068 2,927 NAV of GS Superhighway JV 3,638 2,557

West Route JV (HHI's shared portion) West Route JV (HHI's shared portion) Bank balances and cash 50 61 RMB bank loans 4,028 3,718

Concession intangible assets 6,392 6,231 Other liabilities 253 274 Property and equipment 253 225

Other assets 16 10 6,711 6,527 4,281 3,992

NAV of West Route JV 2,430 2,535

Total Liabilities 6,356 6,930 Equity attributable to owners of the Company 6,673 5,526 Minority interests 46 31

Total AssetsN1 13,075 12,487 Total Equity and Liabilities 13,075 12,487

Total NAV 6,719 5,557

Assets and Liabilities – HHI Corporate and JVs

N1: Excluding elimination of the Group’s balance with JV company prepared under proportionate consolidation method.

B. 26

Debt Maturity Profile

Share of JV

RMB'm % RMB'm %

Repayable within 1 year 65 1% 172 3%

Repayable between 1 and 5 years 1,521 28% 2,316 38%

Repayable beyond 5 years 3,853 71% 3,519 59%

Total 5,439 100% 6,007 100%

30 Jun 2016 30 Jun 2017 N

B. 27

Update on Operating Environment

VAT payable effective rate: 2.86% (vs business tax rate: 3%)

Slightly positive impact on net toll revenue and net profit in FY17

Change of Business Tax to Value-added Tax (effective 1 May 2016)

Trucks using Guangdong Unitoll Card for toll payments on designated 43 state-owned expressways in Guangdong would be discounted 15% starting on 1 Jul 2017 (not applicable to GS and WDR)

Trucks’ Discount on Guangdong’s Designated State-owned Expressways

B. 28

Exchange Rate Movement

Source: PBOC

USD/RMB Exchange Rate (USD/RMB)

HKD/RMB Exchange Rate (HKD/RMB)

0.121

0.124 0.125

0.128

0.131

0.137

0.146

0.146 0.146

0.146

0.147

0.151

0.155

0.159

0.158

0.159 0.162

0.164

0.163

0.163 0.164

0.154

0.151

0.144 0.148

0.149

0.110

0.115

0.120

0.125

0.130

0.135

0.140

0.145

0.150

0.155

0.160

0.165

0.170

20 J

ul 0

530

Dec

05

30 J

un 0

629

Dec

06

29 J

un 0

728

Dec

07

30 J

un 0

831

Dec

08

30 J

un 0

931

Dec

09

30 J

un 1

031

Dec

10

30 J

un 1

130

Dec

11

29 J

un 1

231

Dec

12

28 J

un 1

331

Dec

13

30 J

un 1

431

Dec

14

30 J

un 1

531

Dec

15

30 J

un 1

630

Dec

16

30 J

un 1

74

Aug

17

0.940

0.961 0.971

0.995

1.026

1.068

1.137 1.134

1.134 1.136

1.146

1.175

1.202

1.234

1.227

1.233 1.255

1.272

1.260

1.268 1.268

1.194

1.170

1.118

1.152

1.165

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

1.25

1.30

20 J

ul 0

530

Dec

05

30 J

un 0

629

Dec

06

29 J

un 0

728

Dec

07

30 J

un 0

831

Dec

08

30 J

un 0

931

Dec

09

30 J

un 1

031

Dec

10

30 J

un 1

130

Dec

11

29 J

un 1

231

Dec

12

28 J

un 1

331

Dec

13

30 J

un 1

431

Dec

14

30 J

un 1

531

Dec

15

30 J

un 1

630

Dec

16

30 J

un 1

74

Aug

17

2% RMB appreciation on 21 Jul 2005

(HKD0.9400/RMB1)

2% RMB appreciation on 21 Jul 2005

(USD0.1233/RMB1)

PBOC devaluated RMB in Aug 2015

PBOC devaluated RMB in Aug 2015

B.

5,000

10,000

15,000

20,000

25,000

30,000

Cross HarbourTunnel

Eastern HarbourCrossing

Western HarbourCrossing

GS SuperhighwayPeak Section

(Huocun to Luogang)

GS SuperhighwayAverage

No. of vehicle per lane per day

29

GS Superhighway – Avg Daily Cross Sectional Traffic per lane & Effective Hour

GS’ busiest section higher than Eastern Harbour Crossing

GS and HK Tunnels Effective hours (Jun-17)

Cross Harbour Tunnel 14.2 Eastern Harbour Crossing 9.5 Western Harbour Crossing 5.4 GS Peak Section 10.7 GS Average 8.7

GS’ busiest section higher than Eastern Harbour Crossing

Remarks: 1) Effective hour = no. of vehicles per lane / 2,000 cars per hour per lane 2) 10 lanes in dual directions in Wudianmei to Taiping and Hezhou to Fuyong sections after expansion for the GS Superhighway 3) Average daily traffic of HK tunnels (May 2017): Cross Harbour Tunnel 113,000, Eastern Harbour Crossing 76,000, Western Harbour Crossing 65,000 4) Average daily traffic of GS Superhighway (June 2017)

B. 30

GS Superhighway – Measures to Control Operating Costs and Enhance Operational Efficiency

Streamline workforce

Automation ~76% toll lanes at entrance have Electronic Toll Collection (“ETC”)

or automatic card-issuing machines

B. 31

GS Superhighway – FLE Traffic and Toll Revenue by Vehicle Type

Average Daily FLE Traffic

83.1% 83.0%

16.9% 17.0%

0%

20%

40%

60%

80%

100%

FY16 FY17

(17k vehicles +8%)

(82k vehicles +8%)

Average Daily Toll Revenue

69.1% 69.6%

30.9% 30.4%

0%

20%

40%

60%

80%

100%

FY16 FY17

(RMB6,379k +6%)

(RMB2,790k +4%)

Trucks

Passenger Vehicles

(16k vehicles)

(76k vehicles)

(RMB5,997k)

(RMB2,685k)

B. 32

Western Delta Route – Annual Toll Revenue per km

Opening Yr Year1

Year2

Year3

Year4

Year5

Year6

Year7

Year8

Year9

Year10

Year11

Year12

Year13

Year14

Year15

Year16

Year17

Year18

Year19

Year20

Year21

Year22

Year23

GS (FY95) 4.4 5.8 7.5 9.8 10.8 13.1 14.4 15.4 17.2 20.6 24.2 26.2 29.8 26.0 26.6 28.5 30.1 29.5 25.7 25.8 25.2 25.9 27.3

WDR (FY13) 7.0 9.3 10.1 11.0 12.6

0.0

5.0

10.0

15.0

20.0

25.0

RMB'm

GS Superhighway (trial run Jul-94, opened Jul-97)

35.0

Annual Toll Revenue^ per km (RMB’m)

Encouraging revenue generation since opening

⌇

^ Including tax

WDR (fully opened Jan-13)

B. 33

Western Delta Route – FLE Traffic and Toll Revenue by Vehicle Type

Average Daily FLE Traffic

82.5% 81.8%

17.5% 18.2%

0%

20%

40%

60%

80%

100%

FY16 FY17

(9k vehicles +21%)

(38k vehicles +16%)

(7k vehicles)

(33k vehicles)

Average Daily Toll Revenue

70.0% 70.1%

30.0% 29.9%

0%

20%

40%

60%

80%

100%

FY16 FY17

(RMB2,060k)

(RMB881k)

(RMB2,366k +15%)

(RMB1,011k +15%)

Trucks

Passenger Vehicles

B.

The Complete Network

GS 1994

WDR Fully opened

2013

Phase IV West (Gov’t Project)

2008

HK-Zhuhai-Macao Bridge

(Gov’t Project)

Zhuhai Link Road (Gov’t Project)

Sep 2016

Other Expressways (In Operation)

Other Expressways (Under Construction or Planning)

Main Roads / Class 1 Highways (In Operation)

Main Roads / Class 1 Highways (Under Construction or Planning)

Kowloon-Canton Railway

Guangzhou-Shenzhen-HK Express Rail Link

Guangzhou-Zhuhai Intercity Railway

Coastal Expressway

Legend:

B. 34

B. 35

HHI’s Toll Structure^

Passengervehicles Trucks

Class Number ofseats

Loading weight(tonnes)

1 ≤7 ≤2 0.60

2 8-19 2-5 (include 5) 0.90

3 20-39 5-10 (include 10) 1.20

4 ≥4010-15 (include 15)

and20ft. container

1.80

5 - >15 and 40ft.container 2.10

Tariffrate*

(RMB perkm)

National classification

^ Effective since 26 Jun 2015 * Tariff rate under the national classification standard for trucks will be used only when the weighing equipment is out of order

Passenger Vehicles Charge based on no. of seats

Trucks Charge based on total weight of truck

(tonne) Basic tariff rate: RMB0.12/tonne/km (≥ 3x3

expressway) Penalty on overloaded trucks

B. 36

Growth in PRC & Guangdong Registered Car Population

* Incl. passenger & commercial vehicles but excl. motorcycles & truckers

Driven mainly by passenger car sales

Source: Statistics Bureau of Guangdong (www.gdstats.gov.cn), National Bureau of Statistics of China (www.stats.gov.cn), China Association of Automobile Manufacturers (www.caam.org.cn), CEIC

7894

163

186

146

27 32 37 4451

63

127109

24

0

20

40

60

80

100

120

140

160

180

200

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2.6 3.13.8 4.3

5.15.8

6.67.8

9.110.4

11.813.3

14.7

16.8

0

2

4

6

8

10

12

14

16

18

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Guangdong’s Registered Car Population* (No. of vehicles in million)

PRC’s Registered Car Population* (No. of vehicles in million)

14% 14%

B. 37

China Sold ~28m Vehicles in 2016

22 23 25

13

0

5

10

15

20

25

30

2013 2014 2015 2016 1H 2017

Vehicle Sales in China

(No. of vehicles in million)

14%

Source: China Association of Automobile Manufacturers (中國汽車工業協會)

7%

Calendar Year

5% 14%

28

Purchase tax benefit for small-engine passenger cars was reduced Tax rate increases from 5% (2016) to 7.5% in 2017 and will return to

the pre-tax cut level of 10% in 2018

4%

B. 38

China – World’s Largest Vehicle Sales Market in 2016

8th consecutive year since 2009

* Include passenger and commercial vehicles, but exclude motorcycles Source: China Association of Automobile Manufacturers (中國汽車工業協會), International Organisation of Motor Vehicle Manufacturers (OICA) www.oica.net, Bureau of Economic Analysis (U.S. Department of Commerce) wwww.bea.gov

28

18

25

17

5.0 3.5 3.4 3.1 2.6 2.3 1.9 1.8 1.6 0

5

10

15

20

25

30

China U.S.A. China U.S.A. Japan Germany India U.K. Brazil France Canada SouthKorea

China

1st 2nd 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th

2016 2015 1994

Motor Vehicle* Sales (Top 10 Countries) (No. of vehicles in million)

14% yoy

China China

1st Ranking:

China

1st

B. 39

Supplementary Information ♦ Company and Projects

♦ Macro Data

B.

HHI Ownership Structure

40

45% 50%

GS Superhighway JV Western Delta Route JV

Hopewell Holdings Limited (stock code: 54.HK)

Hopewell Highway Infrastructure Limited (stock code: 737.HK / 80737.HK)

66.69%

B. 41

Board of Directors 8 Audit Committee

Remuneration Committee

Executive Directors 4

Sir Gordon Ying Sheung WU KCMG, FICE * (Chairman) Mr. Eddie Ping Chang HO (Vice Chairman) Mr. Thomas Jefferson WU# (Managing Director) Mr. Alan Chi Hung CHAN (Deputy Managing Director)

Independent Non-Executive Directors (50% of the Board of Directors) 4

Professor Chung Kwong POON GBS, JP, PhD, DSc

Mr. Yuk Keung IP Mr. Brian David Man Bun LI JP

Mr. Alexander Lanson LIN

√ Chairman

√ -

Chairman √ √ -

HHI Board of Directors

* Also as Alternate Director to Mr. Eddie Ping Chang HO # Also as Alternate Director to Sir Gordon Ying Sheung WU

B.

Senior Management

42

Sir Gordon Ying Sheung WU KCMG, FICE – Chairman

Aged 81, one of the founders and visionary leader Pioneer in property and infrastructure sector Established solid foundation and set the stage for company’s continued

achievements

Mr. Thomas Jefferson WU – Managing Director

Aged 45, the mastermind for business breakthrough Taking up various management roles since he joined HHL in 1999 Active involvement in strategic planning and organisation performance review Director of the Year Award 2010, Asian Corporate Director Recognition Award

2011, 2012 & 2013 and named the Asia’s Best CEO (Investor Relations) 2012, 2013 & 2014 with his accredited professionalism

Mr. Alan Chi Hung CHAN – Deputy Managing Director

Aged 58, appointed as the Deputy Managing Director of HHI since 2003 Key role in project coordination, project finance, management & administration

of the expressway infrastructure and other projects of the Company in the PRC

B. 43

Toll Collection Periods GS Superhighway Western Delta Route

Route Guangzhou, Dongguan, Shenzhenand Hong Kong Guangzhou – Zhuhai

Length 122.8km 97.9km

Type3 x 3 closed system expressway

(Wudianmei-Taiping, Fuyong-Hezhou:5 x 5 lanes)

3 x 3 closed system expressway

No. of toll plazas 22 16

Design Speed 120km / hour 100km / hour

Official opening 1 Jul 1997(Trial operation: Jul 1994)

Phase I West (30 Apr 2004)Phase II West (25 Jun 2010)Phase III West (25 Jan 2013)

Toll Collection Period 30 yearsfrom 1 Jul 1997 to 30 Jun 2027

Phase I West (30 years, Sep 2003 to 2033)Phase II West (25 years, Jun 2010 to 2035)Phase III West (25 years, Jan 2013 to 2038)

50%: 1 Jul 1997 – 30 Jun 2007

48%: 1 Jul 2007 – 30 Jun 2017

45%: 1 Jul 2017 – 30 Jun 2027

JV Partner Guangdong Provincial Highway Construction Co Ltd

Profit Sharing Ratio 50%

B. 44

GS Superhighway

Guangdan Huocun

Luogang Xintang

Machong

Wangniudun Daojiao Dongguan

Houjie

Taiping Wudianmei Changan

Xinqiao

Shajing

Fuyong Hezhou

Baoan Nantou

Nanping Futian

Huanggang

GS Superhighway

Xinlian

B.

20

30

40

50

60

70

80

90

100

110

120

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

201720162015201420132012201120102009200820072006200520042003200220012000

GS Superhighway – Average Daily FLE Traffic

45

FY16 FY17 change Avg Daily FLE Traffic 92k 99k ↑8%

GS – Average Daily FLE Traffic# (since 2000) (No. of vehicles ‘000)

N1

N2 N2 N2 N2

N4

N5

N6

N7 N8

# Excludes toll-free FLE traffic N1: Tariff cut became effective on 1 Jun 2012 N2: Holiday Toll-free Policy was implemented N3: Chinese New Year started on 28 Jan in year 2017 and 8 Feb in year 2016 N4: i) Impact of lower traffic (usually during the 1st two weeks of CNY) carried over into Mar-15. Since CNY came later in 2015 compared with 2016, which resulted in a lower base

ii) Closure of slow lanes on Chuancha Bridge near Machong for maintenance (Northbound 16 Mar 2016 to end-May 2016; Southbound 22 Mar 2016 to mid-May 2016) N5: Apr 2016 growth was affected by (i) reason in N4ii; (ii) one more day of toll-free holiday in Apr 2016 compared to Apr 2015 N6: One less day of toll-free holiday in May 2016 compared to May 2015 N7: Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016 N8: Lower base in 2015 due to the 70th anniversary of the victory of the Chinese People’s war of resistance against Japanese aggression holidays on 3-5 Sep 2015 N9: One more day of toll-free holiday in Apr 2017 and one less day of toll-free holiday in May 2017 compared to the corresponding months in 2016, i.e. Ching Ming Festival

from 2-4 Apr in 2017 (2-4 Apr in 2016) and Labour Day holiday from 29 Apr - 1 May in 2017 (30 Apr - 2 May in 2016) N10: One more day of toll-free holiday in Oct 2017 compared to Oct 2016, i.e. National Day holiday from 1-8 Oct in 2017 (1-7 Oct in 2016)

N3

N3 N9

N9

N10

B.

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

201720162015201420132012201120102009200820072006200520042003200220012000199919981997199619951994

GS Superhighway – Average Daily Toll Revenue

46

GS – Average Daily Toll Revenue^ (since Jul 1994)

(RMB ‘000) FY16 FY17 change Avg. Daily Toll (RMB) 8,682k 9,169k ↑6%

N1

N2 N2 N2 N2

N4

N5

N6

N7 N8

^ Including tax N1: Tariff cut became effective on 1 Jun 2012 N2: Holiday Toll-free Policy was implemented N3: Chinese New Year started on 28 Jan in year 2017 and 8 Feb in year 2016 N4: i) Impact of lower traffic (usually during the 1st two weeks of CNY) carried over into Mar-15.Since CNY came later in 2015 compared with 2016, which resulted in a lower base

ii) Closure of slow lanes on Chuancha Bridge near Machong for maintenance (Northbound 16 Mar 2016 to end-May 2016; Southbound 22 Mar 2016 to mid-May 2016) N5: Apr 2016 growth was affected by (i) reason in N4ii; (ii) one more day of toll-free holiday in Apr 2016 compared to Apr 2015 N6: One less day of toll-free holiday in May 2016 compared to May 2015 N7: Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016 N8: Lower base in 2015 due to the 70th anniversary of the victory of the Chinese People’s war of resistance against Japanese aggression holidays on 3-5 Sep 2015 N9: One more day of toll-free holiday in Apr 2017 and one less day of toll-free holiday in May 2017 compared to the corresponding months in 2016, i.e. Ching Ming Festival

from 2-4 Apr in 2017 (2-4 Apr in 2016) and Labour Day holiday from 29 Apr - 1 May in 2017 (30 Apr - 2 May in 2016) N10: One more day of toll-free holiday in Oct 2017 compared to Oct 2016, i.e. National Day holiday from 1-8 Oct in 2017 (1-7 Oct in 2016)

N3

N3 N9

N9

N10

B. 47

Western Delta Route

Shaxi Zhongshannan

Banfu

Sanxiang

Yuehuan

Shundedong Shunde

Ronggui Nantou

Dongfu

Zhongjiang

Zhongshanxi

Nanya Shizhou

Bijiang Wujiawei

Western Delta Route

B.

Per Capita GDP Surpassed RMB20,700 (US$3,000) – Start to Buy Cars

48 48

71,459

163,688132,894

53,230

289,361

462,047

51,02153,98082,645

115,642139,644

195,464

362,595

11,227

99,157

0

100,000

200,000

300,000

400,000

500,000

Macau

^

Singapore^

Hong Kong^

South K

orea^

Shenzhen*

Guangzh

ou

Zhuhai

Foshan

Zhongshan

Dongguan

Huizhou

PRC

Jiangmen

ZhaoqingIndia^

PRD cities

20,700^

(US$3,000)

2016 Per Capita GDP of PRD Cities vs Other Countries/Cities

(RMB)

Source: Guangdong Statistical Year Book 2016, 廣東省及各市區國民經濟和社會發展統計公報, Hong Kong Census & Statistics Department and Macao Statistics & Census Service, Bloomberg, Department of Statistics Singapore, Statistics Korea, CEIC ^ Based on exchange rate RMB1 = HK$1.11664; RMB1 = MOP1.202119; RMB1=USD0.1451; RMB1=SGD0.2018; RMB1=KRW163.467 * Estimated data for Shenzhen

B.

Car Ownership In Guangdong

49 49

Source: Guangdong Statistical Year Book 2016, 廣東省及各市區國民經濟和社會發展統計公報, Hong Kong Transport Department & Macao Statistics and Census Service, CEIC * Estimated data for PRD, Zhuhai, Shenzhen, Guangzhou

298272 271 267 257

225 216

184 183 179164 152

134 134 133

101 100

0

50

100

150

200

250

300

Zhuhai*

Donggua

n

Foshan

Shenzh

en*

Zhongsh

an

Zhejian

g provin

cePRD*

Macau

Huizhou

Jiangsu

provin

ce

Guangzh

ou*

Guangdo

ng provin

cePRC

Jiangmen

Shanghai

Hong K

ong

Zhaoqing

2016 Vehicle Ownership per 1000 Persons

PRD cities

B. 50 50

Car Population of PRD Cities in 2016

0.750.12

2.30

3.18

2.25 2.02

0.830.50 0.61 0.88

0.41

0

1

2

3

4

5

6

7

8

9

10

PRC

Gua

ngdo

ngpr

ovin

ce

PRD

*

Hon

g K

ong

Mac

au

Gua

ngzh

ou*

Shen

zhen

*

Don

ggua

n

Fosh

an

Zhon

gsha

n

Zhuh

ai*

Jian

gmen

Hui

zhou

Zhao

qing

(vehicles in million)

7.73m vehicles (42% of Guangdong

province)

14.0%

13.8%

2.8%

1.0%

21.7% 14.0%

17.1% 22.5% 17.8% 36.2%

28.5%

185.59

16.76

⌇

190

Source: Guangdong Statistical Year Book 2016, 廣東省及各市區國民經濟和社會發展統計公報, Hong Kong Transport Department & Macao Statistics and Census Service * Estimated data for PRD, Zhuhai, Guangzhou, Shenzhen

3.35m vehicles (20% of Guangdong

province)

2.4%

Cities along GS Cities along West Route Other Cities

⌇ 16 10.7%

12.89

▼0.1%

B.

Per Capita GDP of PRD Cities in 2016

51

72,290

113,274

139,644

163,688

82,645

115,64299,157

132,894

53,23071,459

51,021

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

220,000

240,000G

uang

dong

prov

ince

PRD

*

Hon

g K

ong^

Mac

au^

Gua

ngzh

ou

Shen

zhen

*

Don

ggua

n

Fosh

an

Zhon

gsha

n

Zhuh

ai

Jian

gmen

Hui

zhou

Zhao

qing

(RMB)

- Higher than Dongguan’s

- Zhuhai is close to

Guangzhou’s

7.7%

6.8%

4.2%

6.4%

8.7%

7.4%

5.7%

7.2%

7.4%

8.2%

5.1%

Source: Guangdong Statistical Year Book 2016, 廣東省及各市區國民經濟和社會發展統計公報, Hong Kong Census & Statistics Department and Macao Statistics & Census Service ^ Based on exchange rate RMB1 = HK$1.11664; RMB1 = MOP1.202119 * Estimated data for PRD, Shenzhen

462,047

289,361 ⌇

500,000 8.5%

Cities along GS Cities along West Route Other Cities

4.5%

B. 52 52

GDP of PRD Cities in 2016

2,134

298

1,961 1,949

683863

320223 242

341208

0

500

1,000

1,500

2,000

2,500

3,000

Gua

ngdo

ngpr

ovin

ce PRD

Hon

g K

ong^

Mac

au^

Gua

ngzh

ou

Shen

zhen

Don

ggua

n

Fosh

an

Zhon

gsha

n

Zhuh

ai

Jian

gmen

Hui

zhou

Zhao

qing

(RMB’ bn) 7.5%

8.2% 9.0%

8.1% 8.3%

7.8% 8.5% 7.4% 8.2%

5.0%

Source: 廣東省及各市區國民經濟和社會發展統計公報, Hong Kong Census & Statistics Department & Macao Statistics and Census Service ^ Based on exchange rate RMB1 = HK$1.11664; RMB1 = MOP1.202119

1.9%

▼2.1%

8.3% RMB4,593 billion (58% of Guangdong

province)

RMB1,406 billion (18% of Guangdong

province)

Cities along GS Cities along West Route Other Cities

7,951

6,791

⌇

8,000

B. 53

∼ End ∼