#1Shangri-La Asia Ltd Company Update 08 December 2020 SHANGRI-LA GROUP#2Latest Company Update#3November Business Update Summary COVID-19 Update • Mainland China remained as bright spot of recovery since trough in February 2020 • • • Domestic leisure travel strength has helped Mainland China achieve positive EBITDA since June However most other regions remain challenging as spread of virus still not under control International business hubs HK and Singapore remained challenging due to travel restrictions Investment properties continue to be steady while residential units handover in Colombo remained slow due to curfews We remain vigilant as guest and staff safety remains as top priority Business update Soft launch of investment property Shangri-La Centre (office), Wuhan in November 2020 SHANGRI-LA GROUP 3#4COVID-19 update on Mainland China Hotels . Our hotel portfolio in Mainland China has seen a sustained steady recovery since February's bottom • This was supported by domestic leisure and corporate travel as well as some government businesses Recovery mainly driven by domestic leisure demand, benefiting T2-4 cities 800 700 600 500 400 28.6% 300 200 100 0 2.6% 31/01 = Lowest Point 29/02 39.3% China ADR China Occupancy 100.0% 84.2% 80.0% 60.0% 40.0% 20.0% 0.0% -20.0% 4#52020 Interim Results#61H 2020 Results Highlights Results highlights - 1H 2020 vs 1H 2019 USDmn 1H 20 1H 19 YoY (USDmn) YoY (%) Consolidated Revenue 453.5 1,195.0 (741.5) -62.1% Effective share of EBITDA 27.8 449.2 (421.4) -93.8% Operating PATMI (255.4) 64.2 (319.6) n.m. Total PATMI (282.6) 115.1 (397.7) n.m. Proposed no interim dividend as our continued efforts to conserve cash Results summary Hotels and residential businesses impacted by COVID-19 • Investment properties continued to provide stable base • Reduced Group-wide opex by ~50% during the affected period • March marked the bottom of Operating PATMI for the Group • China hotel occupancies reached 35% in June and turned EBITDA positive for the month SHANGRI-LA GROUP 6#71H 2020 Business Update • • 1H 2020 overview Mainland China occupancy bottomed in February but sustained a gradual recovery to reach 49% in July This was supported by domestic leisure and corporate travel as well as some government businesses Business also picked up in other regions where the virus is under control and has stronger local demand, such as Malaysia, Australia and Taiwan, though situations remain volatile. Actions taken Implemented 'Shangri-La Cares' commitment and applied strict local requirements to ensure safety of our guests and colleagues Increased focus on domestic market (family packages, catering, F&B promotions, etc.) Implemented stringent cost and capex control measures to conserve cash - Voluntary wage reductions, no pay leave, and Directors' fee reduction Continued to actively manage debt profile to reduce annual refinancing burden Business update Opened Shangri-La Hotel, Zhoushan in January 2020 SHANGRI-LA GROUP 7#8Financial Highlights - YTD June 2020 Actual vs Last Year In USD million 1H 20A 1H 19A 20A v 19A % Change Revenue 453.5 1,195.0 (741.5) (62.1%) EBITDA (74.8) 300.9 (375.7) nm EBITDA Margin nm 26.4% Effective share of EBITDA (Note 1) 27.8 449.2 (421.4) (93.8%) Effective EBITDA Margin 4.5% 31.0% Operating Segment PATMI (198.2) 144.8 (343.0) nm Corporate, Pre-Opening Expenses and FX 2.5 (18.8) 21.3 nm Interest Expenses (net) (59.7) (61.8) 2.1 3.4% Operating PATMI (255.4) 64.2 (319.6) nm Impairment & Fair Value of Properties (27.9) 48.8 (76.7) nm Other non-operating items 0.7 2.1 (1.4) nm Total PATMI (282.6) 115.1 (397.7) nm (1) Effective Share of EBITDA - include the effective share of EBITDA of subsidiaries and associated companies SHANGRI-LA GROUP 8#9Effective Share of EBITDA by Segment - YTD Jun 20 Actual vs LY In USD million Property Sales Effective Share of EBITDA 449.2 & others 55.6 Investment Properties 135.4 (1) V% (93.8)% 27.8 8.1 (85.4)% 272.4 Hotel Operations 121.5 (10.3)% n.m. 2019A (14.2) (94.2) 2020A All Others (2) (7.6) 46.5% 2020 Actual vs 2019 Actual Hotel Properties - decreased USD366.6mn to USD(94.2)mn All destinations posted a loss, led by Mainland China USD (136.3)mn, HK USD(73.5)mn, The Philippines USD(30.7)mn SLIM USD (37.6)mn Investment Properties - decreased USD13.9mn to USD121.5mn China USD (12.2)mn Singapore USD(1.2)mn Partially offset by Mongolia USD0.6mn Property Sales & Others - decreased USD47.5mn to USD8.1mn Slower units handover USD(47.0)mn, mainly Colombo USD(30.2)mn (1) Effective Share of EBITDA - include the effective share of EBITDA of subsidiaries and associated companies (2) All Others include corporate expenses and pre-opening expenses SHANGRI-LA GROUP 6#10Impairment & Fair Value Adjustment Fair value gains on investment properties (net of deferred tax) Subsidiaries - Singapore - Myanmar - Mainland China - Mongolia - Sri Lanka - Subtotal Associates - Subtotal SHANGRI-LA GROUP 1H 2020 1H 2019 (6.2) (5.7) 0.8 (3.7) 19.1 (2.4) 4.4 0.7 0.9 (17.3) 25.2 (10.6) 23.5 (27.9) 48.8 10 10#11Corporate Finance and Treasury Update#12760 2025 198 2026 Cash, Debt and Gearing Summary (as of 30 Jun 2020) Capital Structure Overview and Debt Breakdown / Debt Maturity Schedule (USDmn) * Gross Debt Cash & cash equivalent Weighted Average Term: 4.34 years (4.21 @ Dec 19) 5,526 2023 2024 1,231 1,077 658 786 809 815 141 2020 Total Facilities Undrawn Committed $5.5b $0.3b Net Debt * $4.5b $0.3b Net Debt/EBITDA nm * $1.0b Committed Undrawn Facilities $1.2b % Debt at fixed rate 58.4% 3.38% 799 -ve EBITDA/Interest Expense Effective Interest Rate -ve nm * Compared to 31 Dec 19 2021 2022 2027 11 =1 271 2028 Facilities Maturing in 2020 & 2021 Total SHANGRI-LA GROUP 2029+ 383 275 141 2H 20 1H 21 2H 21 12#13SEN HOTEL Operational Update#14Operational Updates - YTD Jun Hotel Occupancy, ADR & RevPar (SA Hotel) The hotels weighted average RevPar was USD35.4 for YTD Jun 2020, a decrease of USD74.8 or 67.9% compared to USD110.2 for YTD Jun 2019. If adjusted for the exchange rate impact, the weighted average RevPar would have been USD36.2, a decrease of USD74.0 or 67.1%. 2020 2019 Occupancy ADR RevPar Occupancy ADR RevPar 2020 vs 2019 RevPar Var (%) (US$) (US$) (%) (US$) (US$) (US$) (%) HONG KONG SA 14% 216 30 82% 290 237 (207) (87%) CHINA SA 24% 98 24 64% 122 79 (55) (70%) SINGAPORE SA 42% 155 65 78% 215 168 (103) (61%) MALAYSIA SA 25% 130 32 72% 132 95 (63) (66%) PHILIPPINES SA 33% 177 59 69% 201 139 (80) (58%) JAPAN SA 29% 560 160 79% 615 485 (326) (67%) THAILAND SA 24% 170 41 68% 173 117 (76) (65%) AUSTRALIA SA 36% 227 82 85% 232 198 (116) (59%) FRANCE SA 38% 1,128 434 54% 1,220 663 (228) (34%) SRI LANKA SA 18% 137 24 33% 165 54 (30) (55%) MONGOLIA SA 7% 159 12 35% 186 66 (54) (82%) UNITED KINGDOM SA 30% 544 161 77% 558 429 (268) (62%) Other Countries SA 24% 173 42 49% 188 92 (50) (55%) All SA Hotels by Country 26% 139 35 66% 167 110 (75) (68%) SHANGRI-LA GROUP 14#15RevPar Operational Updates - YTD Jun China Hotel Occupancy & RevPar In RMB Total China Tier 1 Cities Tier 2 Cities Tier 3&4 Cities ADR Occupancy 64% 40.0Pts 2019 T 54.2Pts 37.0Pts 25.0Pts 76% 22% 63% 48% 24% 26% 23% 2019 2020 2020 2019 2020 2019 2020 829 RMB141/17.0% RMB159/13.8% 1,150 688 RMB60/9.3% RMB82/14.1% 991 642 582 584 502 2019 2020 2019 2020 2019 2020 2019 2020 RMB366/68.7% 533 167 RMB659/75.0% 879 RMB253/62.2% RMB165.0/59.3% 407 278 113 220 154 2019 2020 2019 2020 SHANGRI-LA GROUP 2019 2020 2019 2020 15#16Appendix 16#17ban Mongola Ma New India Kunming Муалли Burma) Dergan China Zhengzhou J Bangkok Cambodia City SLanka Malaysia tam As at 30 Sep 2020 Singapor Tan HOND tipon North Kent www Owned Hotels Under Development Group's Equity Interest Projected Opening Subsidiaries South Korea Kyoto Hongqiao Airport Shangri-La Hotel, Kyoto 100% 2024 Hotel Jen, Bangkok 100% TBD Putian Phpines Papua New Guinea Australia Bashone Operating lease agreement Shangri-La Hotel, Hongqiao Airport 2024 JV with Kerry Properties Limited Shangri-La Hotel, Putian 40% 2021 Hotel Jen, Kunming 45% 2023 Shangri-La Hotel, Zhengzhou 45% 2024 Shangri-La Hotel, Kunming 45% TBD 17#18ACTION dan Tajkistan ostan New Del Megal Muniba India Велозали Si Lanka ucson As at 30 Sep 2020 Mongolia China Beijing Nanning Bangladesh Qianhai Myan (Burma Shenzhen Bay Laos Pengang Thutand Phnom Penh Jetnam North Kor Seput South Koren Nepelapor Shanghai Hangzhou Sami.adia Philippines HOCN Mh By Mustana Malaysia Singapore Bali 10 Indones Papua New Guinea Australia Melbourne Bristiane 0 Managed Hotels Under Development and Projected Opening Dates Shangri-La Hotel, Qian Tan, Q3 21 Shangri-La Hotel, Nanning, Q3 21 Shangri-La Hotel, Shougang Park, Beijing, Q4 21 Shangri-La Hotel, Jeddah (Not on the map), Q4 21 Shangri-La Phnom Penh, Cambodia, Q2 22 Hotel Jen Qianhai, Shenzhen, Q4 22 Shangri-La Hotel, Melbourne, Q3 23 Shangri-La Hotel, Bahrain (Not on the map), Q2 24 Shangri-La Hotel, Shenzhen Bay, Q3 24 Shangri-La Hotel, Bali, TBD Hotel Jen, Hangzhou, TBD 18#19ACTER Tajikistan stan New Delhi Bangladesh India Muntha Bergan Si Lariks Mongolia China Beard Zhengzhou Shenyang North Korea Nanchang Myan (Burma) Kunming Laas Fuzhou Hang ng Thailand Senda Vietn Cambodia Malaysia Singapore South Korea Magad Japan • Philippines Ca Composite Projects Under Development Subsidiaries Phase II of Shangri-La Hotel, Fuzhou* Equity interest: 100% Component: Office • Projected opening: 2023 Joint Ventures with Kerry Properties Limited Nanchang City Project Equity interest: 20% • Phase I: Hotel & residential completed • Phase II - Design in progress Shenyang Kerry Centre (Phase II & III) Equity interest: 25% • Part of phase I development (office & residential) has been sold and handed over. Phase II - under development Joint Ventures with KPL (Cont'd) Kunming City Project* . Equity interest: 45% • • Component: Hotel, Commercial & apartment • Projected opening : 2022 Zhengzhou City project • Equity interest: 45% • Component: Hotel, Office, Commercial & residential • Projected opening: 2023 onwards by phases Putian Phase II* • Equity interest: 40% . Component and opening: TBD *Managed by Shangri-La Asia • Mselatan Harde S As at 30 Sep 2020 Australia 19#20(USD million) EBITDA & eff. Share of EBITDA - YTD Jun 20 Actual vs last year Aggregate Effective share of EBITDA Effective share of EBITDA of subsidiaries Effective share of EBITDA of associates 2019 2020 2019 2020 2019 2020 EBITDA of subsidiaries 2020 2019 Hotel Properties The People's Republic of China Hong Kong (25.7) 53.2 (23.8) 48.6 (0.5) 0.6 (24.3) 49.2 Mainland China (12.9) 96.5 (13.1) 87.4 (5.9) 29.9 (19.0) 117.3 Singapore 2.8 27.1 2.9 27.1 1.7 2.5 4.6 29.6 Malaysia (5.3) 16.4 (2.8) 9.4 0.2 4.0 (2.6) 13.4 The Philippines 2.4 30.2 2.3 29.6 1.9 5.3 4.2 34.9 Japan (2.1) 5.0 (2.1) 5.0 (2.1) 5.0 Thailand (0.1) 15.0 11.1 11.1 France (5.5) (0.8) (5.5) (0.8) (5.5) (0.8) Australia 1.2 10.2 1.2 10.2 1.2 10.2 United Kingdom (3.0) 3.0 (3.0) 3.0 (3.0) 3.0 Mongolia (1.3) 1.4 (0.7) 0.7 (0.7) 0.7 Sri Lanka (2.0) (0.4) (1.8) (0.4) (1.8) (0.4) Other countries (4.3) (3.0) 0.1 (0.9) 2.8 (3.9) 2.9 (55.8) 256.8 (49.4) 231.0 (3.5) 45.1 (52.9) 276.1 Hotel Management and Related Services (41.3) (3.7) (41.3) (3.7) (41.3) (3.7) Sub-total Hotel Operations (97.1) 253.1 (90.7) 227.3 (3.5) 45.1 (94.2) 272.4 Investment Properties Mainland China 6.4 3.9 Singapore 2.4 2.7 Malaysia 1.7 2.1 Mongolia 7.1 5.9 9719 0.9 Sri Lanka (0.2) Other countries 7.0 8.1 849620O 52030- 5.8 3.6 103.7 118.1 109.5 2.4 2.7 1.3 2.2 1.1 3.6 3.0 (0.2) 4.0 4.7 9620 gimomg 121.7 3.7 4.9 0.9 1.1 3.6 3.0 (0.2) 4.0 - 4.7 Sub-total Investment Properties 24.4 22.7 16.5 15.1 105.0 120.3 121.5 135.4 Property Development for Sale & Other Business 4.9 393 4.4 35.4 3.7 20.2 8.1 55.6 Sub-total (67.8) 315.1 (69.8) 277.8 105.2 185.6 35.4 463.4 Corporate and pre-opening expenses (7.0) (14.2) (7.0) (14.0) (0.6) (0.2) (7.6) (14.2) Grand total (74.8) 300.9 (76.8) 263.8 104.6 185.4 27.8 449.2 20 20#21Shangri-La Asia hotels (As at 30 June 2020) Owned/leased Managed Total Operating Hotels Hotels Under Development Hotels Rooms Hotels Hotels ('000) Rooms ('000) Hotels Rooms ('000) Owned Under Mgt Hotels Contracts SHANGRI-LA 72 30.6 15 4.7 87 35.3 3 HOTELS and RESORTS KERRY HOTELS 3 1.6 1 3 1.6 JEN 7 2.8 2 0.6 9 3.4 TRADERS HOTELS . . 3 1.2 3 1.2 1 2 Total 82 35.0 20 20 6.5 102 41.5 4 10 10 SHANGRI-LA GROUP 21 21