Mainland China Management Presentation

Development Properties - Operating Profit in Mainland China 34 US$m 600 500 400 300 CAGR: 27% $469m $431m 200 $166m $170m $170m 100 0 2014 2015 . The above analysis includes share of Joint Ventures & Associates 2016 2017 2018 The average effective tax rate (inclusive of Land Appreciation Tax) over the past five years is 45% 2019 Mainland China Management Presentation 33

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