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CWT International Limited(formerly known as HNA Holding Group Co. Limited)

Stock Code: 521

2017ANNUAL RESULTS

CORPORATE PRESENTATIONApril 2018

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This presentation has been prepared for the sole purpose of providing an overview of CWT Pte. Limited (previously known as “CWT Limited”) (“CWT SG”) and CWT International Limited (the

“Company”) to facilitate a general discussion of aforementioned (“Purpose”). It is provided on a confidential basis, and may not be reproduced in whole or in part, nor may any of its contents be

disclosed to any other person, without the prior written consent of the Company. This presentation is provided by the Company for general information purposes only, without taking into account

any potential investors’ personal objectives, financial situation or needs. It should not be relied upon by the recipient in considering the merits of any particular investment in the securities of the

Company or other investments. It is not an offer to buy or sell, or a solicitation to invest in or refrain from investing in, any securities or other investment product. Nothing in this presentation

constitutes investment, legal, tax, accounting or other advice. The recipient should consider its own financial situation, objectives and needs, and conduct its own independent investigation and

assessment of the contents of this presentation, including obtaining investment, legal, tax, accounting and such other advice as it considers necessary or appropriate. In this presentation, the

Company may refer to information and statistics regarding the industry in which it operates that have been obtained from independent industry publications or other publicly available information.

The Company has relied upon and assumed, without independent verification, the accuracy and completeness of all such information. It contains selected information and does not purport to be

all-inclusive or to contain all of the information that may be relevant to the Purpose. The recipient acknowledges that circumstances may change and that this presentation may become outdated

as a result. The Company is under no obligation to update or correct this presentation.

The Company, its related bodies corporate and other affiliates, and their respective directors, employees, consultants and agents (“the Group”) make no representation or warranty as to the

accuracy, completeness, timeliness or reliability of the contents of this presentation. To the maximum extent permitted by law, no member of the Group accepts any liability (including, without

limitation, any liability arising from fault or negligence on the part of any of them) for any loss whatsoever arising from the use of this presentation or its contents or otherwise arising in connection

with it.

This presentation may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). No independent third party has reviewed the reasonableness of any such

statements or assumptions. No member of the Group represents or warrants that such Forward Statements will be achieved or will prove to be correct. Actual future results and operations could

vary materially from the Forward Statements. Similarly, no representation or warranty is made that the assumptions on which the Forward Statements are based may be reasonable. No audit,

review or verification has been undertaken by the Group or an independent third party of the assumptions, data, results, calculations and forecasts presented or referred to in this presentation.

The recipient acknowledges that the Group does not intend to act or be responsible as a fiduciary to the recipient, its management, stockholders, creditors or any other person. Each of the

recipient and the Group, by accepting this presentation respectively, expressly disclaims any fiduciary relationship and agrees that the recipient is responsible for making its own independent

judgments with respect to any Investment and any other matters regarding this presentation.

Important Notice and Disclaimer

1

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CWT Int’l At a Glance

Shareholding Structure

About Us Development Milestones of CWT Int’l

1993

2009

2011

2013

2016

2017

1970

Established by Singapore Port

Authority to provide warehousing

and container shipping terminal

services.

Listed on the Singapore Stock

Exchange

Completion of the formation of the

largest logistics hub in Singapore

and Southeast Asia

Acquired MRI, a global

commodities trading company

Shougang Concord Technology

Holdings Limited, jointly invested

by Shougang Group and Cheung

Kong(Holdings) Limited was

founded

HNA Group* became the largest

shareholders of the listed company

• HNA Group and its subsidiaries

Completion of non-core business

spin-off: sale of digital TV business

and LED Business and lay solid

foundation for strategic

transformation

Achieved success in terms of

business restructuring and profit

turnaround in FY17

CWT SG 521.HK

Enlarged CWT Int’l

A Brand-new Name and Image in HK Capital Market

Commodities

Marketing

MRI Group Straits Financial Group Indeco Engineers

CWT International Limited (521.HK)

CWT SG

100%

* 66.84%

Financial

ServicesLogistics

Engineering

Services

Public Float

* 33.16%

CWT Logistics Group 1983

2017Delisted from SGX

CWT International Limited (“CWT Int’l” or the “Group”) is a HKEX Main Board listed

company (Stock code:521.HK) headquartered in Hong Kong. In 2017, it acquired CWT

Pte. Limited (formerly known as “CWT Limited”) (currently “CWT SG”), a leading

integrated logistics solutions provider in Singapore, by way of voluntary general offer.

CWT Int’l aims to further optimize its business structure with focus on integrated logistics

services, commodity marketing and financial services.

* As at 31 December, 2017 2

100% 100% 100%98%

A leading integrated logistics

services provider with over 40 years

warehousing operational experience.

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2017 Annual Results Highlights

3

Revenue

23,955,8632016: 182,546

Gross profit

811,1622016: 59,517

Profit before taxation

179,6862016: 20,948

Profit attributable to

owners of the Company

204,4782016: (21,902)

New revenue drivers with positive growth prospect

Synergistic effects with CWT Int’l business and network

Remarkable results after CWT Limited acquisitionHK$'000

13,023% 1,263% 758%Significant

Profit

turnaround

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Connect ing World Trade

B U S I N E S S

O V E RV I E W

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Logistics

ServicesEngineering

Services

Financial

Services

Commodity

Marketing

Industrial Sectors:

• Chemical

• Industrial

• Food and Beverage and

Lifestyle

• Shipping and Marine

Key revenue sources

• Warehousing logistics

• Regional and local distribution

logistics

• Project Logistics

• Vehicles and equipment management/maintenance

• Facilities management/maintenance

• Design and building services

• Warehouses management

• Property management

Non-regulated

• Broking

• FX trading

Regulated

• Futures and options

• OTC-cleared products

• Managed futures

• Trade financing

• Facilitation of physical delivery

• Structured trade transaction

Business Structure

Property management

Design and Build

Engineering Maintenance

Brokerage Services

Trade Services

Warehousing and Integrated Logistics (WIL)

• Consolidation of LCL cargo

• Freight forwarding services

Freight Logistics

Commodity Logistics

• Warehousing services

• Inventory management/Stock monitoring

• Freight forwarding

Commodity Marketing

• Physical trading of non-ferrous base metal Concentrates

and energy products

4

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Logistics & Engineering Services

Leading logistics solutions provider for worldwide customers in

commodities, chemical, petrochemical, marine, oil & gas and

industrial sectors

Large scale warehousing capacityOne of the largest in Singapore with 6.3mn

sqft & 3.0mn sqft of owned and leased

warehouse space respectively

Leading player in niche segments From cold chain logistics, petrochemical/

chemical logistics to bonded and dutiable

logistics

Global freight & commodity

logistics networkConnectivity to around 200 direct ports &

1,600 inland destinations

Strategically located distribution hubsRegional distribution hubs in Asia and Europe

with full-service logistics facilities in storage,

movement and distribution of goods

Aviation and public facilities management

and maintenance

Vehicle and equipment maintenance

Agent for renowned specialized engineering

products

Design and build solutions for logistics

properties

property management of Cache Logistics

Trust, a real estate investment trust that

manages over 9.1mn sqft GFA of high quality

warehouse logistics facilities in Singapore,

China and Australia.

Logistics Engineering

Trusted engineering services provider in logistics

facilities and properties

5

Logistics

Services

Engineering

Services

Financial

Services

Commodity

Marketing

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Commodity Marketing

Global contracting centers

Commodity Marketing

Non-ferrous ores

& concentrates

Major

products

Refined &

precious

metals

Petroleum

products

Related

byproducts

for global smelting

& processing

customer base

One-stop solutions

Structured

commodity

Hedge & risk

management

solutions

Local and representative offices located in 17 other countries

Main contracting centers located in

Zug, Switzerland and Singapore

6

Logistics

Services

Engineering

Services

Financial

Services

Commodity

Marketing

Pre-export

A commodity marketing division of CWT Int’l engaging in energy products, metals and minerals trading.

South

Korea

Singapore

Switzerland

TurkeyJapan

ThailandMalaysia

AustraliaSouth

Africa

Canada

Nigeria Mexico

Peru

Chile

Taiwan

China

Countries with MRI office(s)

Countries with MRI agent(s)

Bolivia

MRI Main Offices

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Futures Exchange

Exchange Access

# represents number

in a region

Financial Services

• Futures and Options

• Cleared OTC Products

• Contract-for-differences (CDFs)

• Managed Funds

Financial and Commodities Derivatives1

• Collateralised Financing

• Trading of Physical Commodities

• Facilitation of Physical Delivery

Structured Trade Services2 Global Presence in Key Financial Markets

• Our main offices are located in Chicago, Singapore, Shanghai, Hong

Kong, Jakarta, Dubai

• Regulated under the CFTC in the US, MAS in Singapore, and SFC in

Hong Kong

4

Clearing Memberships3• Full Clearing Members of the Chicago Group Exchanges (total 7

exchanges

• With access to all major exchanges globally for a comprehensive

suit of products and services

• Our services include: Voice Brokerage, Trade Execution, Clearing,

Direct market access through trading platforms

Financial Services

• Commenced the first trade on INE Crude Oil Futures on 26

Mar, 2018

• Trading activity on INE surpassed expectations, with an

average of 50,000 lots in the first 3 days

Among the first approved

overseas intermediary brokers for

Shanghai International Energy

Exchange (“INE”)

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Logistics

Services

Engineering

Services

Financial

Services

Commodity

Marketing

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Connect ing World Trade

I N V E S T M E N T

H I G H L I G H T S

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Investment Highlights

Reputable

Warehouse Operator

in Singapore

Leading NVOCC

Operator in Asia

Strategically Entrenched in

Customers’ Supply Chains

Significant Global

Presence

Experienced

Management Team Well Positioned for

Future Growth

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Reputable Warehouse Operator in Singapore

Unmatched Scale in Singapore Manages one of the largest portfolio of logistics warehouses (by

GFA)

Seamless integration between development and operation

High occupancy rate

Presence in Overseas Geographies Manages 15.4mn sqft warehouse space in 14 countries worldwide

Overseas warehouses are strategically located around key transport hubs and

ports

Size of Ramp-up Logistics Warehouse Space Managed by Market

Players

10.8(1)

6.4(2)

4.3 3.7 3.0(3) 0.7

CWT Cache Competitor 1 Competitor 2 Competitor 3 Competitor 4

mn

sqft

100% 100% 100% 100% 100%

PLC SWV Hub 3 Hub 1 JELC

High Occupancy Rates Across CWT Warehouses(5)

%

___________________________Note: CWT has a 40% stake in Cache’s Trust Manager and 60% stake in Cache’s Property Manager.1. Includes pipeline Mega Integrated Logistics Hub; 2. Includes 2,438,079 sqft leased to CWT; 3. Includes 586,341 sqft leased to CWT; 4. Includes 3,024,420 sqft leased from Cache and Competitor 3.

Global Presence in 14 Countries

Singapore Malaysia Vietnam China TurkeyNetherlands

South Africa UK BelgiumU.A.E. Slovenia

Efficient Capital Management Through Sale and Leaseback

Transactions Using REIT vehicles managed or partly held by CWT Int’l to execute

Inject mature properties

Long-term lease of property

(Rental defrayed by REIT

distributions and REIT

management fees)

A

BREIT

8

Transactions

5,173,569

GFA (sq ft) sold

S$817.9m

sale proceeds

S$467.2m

gain on sales

133%(2)

capital gain

Sale and Leaseback Strategy History of Transactions Since 2006

9

Ghana

Egypt

Indonesia

As of 31 December 2017

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CENTRAL & SOUTH

AMERICA

Leading NVOCC* Operator in Asia

48

135

4367

3263

43

117

103

208

73

178

475350

1,102

690

AFRICA

MIDDLE

EAST

OCEANIA

SOUTH

PACIFIC

ASIA

EUROPE

NORTH, CENTRAL

AMERICA &

CARRIBEAN

Export Import

Global Freight Services(1)

___________________________*Note: NVOCC = Non-vessel Operating Common Carrier,

LCL = Less than Container Load.

1. Charts represent number of services. For illustrative purposes, an export service in Asia represents a direct calling at rest-of-world ports, originating from Asia, whereas an import service represents a direct calling at an Asian port, from rest of world locations.

Global freight

forwarding network

200 direct ports

1,600 inland

destinations

Extensive network

+100

offices globally

Global status

Global players for

LCL* cargo

Top

Market leader in Asia

Handles

+200,000 TEUs

5mn cbmof LCL cargo annually

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Strategically Entrenched in Customers’ Supply Chains

Petrochemicals

& Chemicals

Regional Distribution Hub (RDH) services:

• In-plant logistics and hub management for leading chemical and

petrochemical companies

Supply chain solutions:

• Hazardous material handling and storage, chemical drumming, packing

and packaging, freight management

F&B,

Bonded Cargo

Dutiable cargo services:

• Coordinate documentation and inspection for dutiable cargos, dutiable

cargo accountability & reporting

Cold chain solutions:

• CWT Cold Hub 2 (Singapore Wine Vault), a 747,000 sq. ft. multi-

temperature controlled facility and the largest wine

• storage facility in South East Asia

A Value Proposition Across Various Industries

CommoditiesApproved and licensed warehouses:

• London Metal Exchange and ICE Futures Europe

Full suite of commodity logistics:

• Storage, handling, consolidation and inventory management of both hard

and soft commodities

MarineContainer logistics:

• Container trucking and storage, maintenance and repair, reefer structural

and machine repair, ISO tank maintenance

Loyal Customers Base

>15 years >20 years >12 years

>3 years >5 years

>30 years >30 years >20 years

>10 years >10 years >10 years

11

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MRI Offices

1.Singapore

2.Zug, Switzerland

3.China

4.Johannesburg, South Africa

5.Lima, Peru

6.Seoul, Korea

7.Vancouver, Canada

8.Melbourne, Australia

9.Mexico City, Mexico

10.Santiago, Chile

11.Nigeria

Significant Global Presence

Maintains consistent profitability

amidst global fluctuations in the

commodities sector

Global Presence in 17 Countries

MRI Agents

12.Bolivia

13.Bangkok

14.Istanbul

15.Taiwan

16.Tokyo

17.Turkey

One of the world’s largest

independent traders of non-

ferrous concentrates trading

business

12Main Offices

South

Korea

Singapore

Switzerland

TurkeyJapan

ThailandMalaysia

AustraliaSouth

Africa

Canada

Nigeria Mexico

Peru

Chile

Taiwan

China

Countries with MRI office(s)

Countries with MRI agent(s)

Bolivia

MRI Main Offices

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Loi Pok Yen

CEO, CWT SG

Mr. Loi was responsible for leading the executive team of

CWT SG to enhance the business strength and market

competitiveness for achieving the long-term success of the

CWT SG . Prior to joining CWT SG, he was responsible for

the construction and logistics operations of the storage facility

of C&P Holdings. He was the Winner of Ernst & Young's

Annual Entrepreneurship - Logistics Industry Sector

Lynda Goh

Deputy CEO & Chief Financial Officer,

CWT SG

Ms. Goh has held various senior leadership positions at CWT SG

since 1991. In 2005, she was appointed as Group Chief Financial

Officer and since then served as Deputy CEO of the Group. She

was responsible for assisting the Group CEO in the

implementation of company development and strategies, as well

as the management of the financial and day-to-day management

of CWT companies She was also responsible for managing CWT‘s

engineering business, investment, capital, finance, human

resources and corporate affairs. Ms. Goh was awarded Best CFO

for mid-cap listed company in the 2013 Singapore Business

Awards.

Guo Ke

Executive Director &

Co-Chairman of the Board

Mr. Guo is currently the Executive Director & Co-

Chairman of the Board. He has around 10 years

management experience in the fields of financial

management, capital operation and financial

investment.

Xu Haohao

Executive Director,

Co-Chairman of the Board

Mr. Xu is currently the Executive Director, Co-

Chairman of the Board. He works alongside

with Mr. Guo in providing leadership to the

Company. Mr. Xu has extensive management

knowledge and experience in financial and

corporate management.

Ding Lei

Chief Executive Officer

Mr. Ding joined in 2017 and is currently Chief

Executive Officer. He was engaged in HKEx,

CMS, BOCI, Newedge etc. and has extensive

experience in commodities, sales and trading.

Experienced Management Team

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Well Positioned for Future Growth

4-folded Expansion Strategies

Sharper Market

Penetration

Wider Market

Coverage

Further

Geographical

Expansion

Stronger Physical

Presence

Logistics & Engineering

Services

Commodity

Marketing

Financial

ServicesM&A

Integrated logistics - Build Mega Hub of 2.4M

sq. ft. fully integrated facility capable of handling

12,000 TEUs

Freight logistics - Increase market share,

enhance and expand product suite

Integrated logistics - Develop niche logistics

operations such as hazardous goods and cold

chain and ride on e-commerce wave

Engineering services - Expand into healthcare

sector and regional airport maintenance

Commodity logistics - Expand international

operations in China, Middle East and Africa

Continuous strengthening

of supply chain

management and logistics

offerings

Continue to build upon OTC

brokerage services & existing

product suite (Energy, Bulk

Liquids, FX, CFDs)

Financial Services - Expand

services into key financial

markets (London, Hong Kong,

Middle East, South America)

Grow freight network

through JVs and local

partnerships

Strive to develop global

network through M&A

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Connect ing World Trade

F I N A N C I A L

H I G H L I G H T S

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Business

Segments

（HK$ mn）Revenue

Gross

Profit

Gross Profit

MarginNet Profit

Net Profit

Margin

Logistics 1,694 240 14.2% 162 9.6%

Commodity Marketing 19,819 254 1.3% 24 0.1%

Financial Services 1,920 116 6.0% 25 1.3%

Engineering 200 33 16.5% 25 12.6%

Overall 23,955 811 3.4% 315 1.3%

8%

89%

2% 1%

REVENUE BY SEGMENT

Logistics

Commodity Marketing

Engineering

Financial Services

40%

39%

10%

11%

GROSS PROFIT BY SEGMENT

Logistics

Commodities Marketing

Engineering

Financial Services

65%

12%

3%

2%9%

5%

3% 1% 0%

REVENUE BY GEOGRAPHICAL DISTRIBUTION

Mainland ChinaSingaporeMalaysiaTaiwanOther parts of the Asia Pacific RegionEuropeNorth AmericaAfrica

2017 Annual Results Highlights - 2

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Connect ing World Trade

D E V E L O P M E N T

S T R AT E G I E S

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Commodity

Marketing

CWT

Int’l

End

User

Logistic Service

Commodity

Inventory Management

Warehousing Service

Hedging Products Industrial Chain Financing

O v e r s e a s M a r k e t P R C M a r k e t

Financial

Service

Integrated

Platform

Development Strategies in China

Commodity

B e l t a n d R o a dB e l t a n d R o a d I n i t i a t i v e

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Connect ing World Trade

A P P E N D I X

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Appendix

17

Consolidated statement of profit or loss and other comprehensive income

For the year ended 31 December 2017

2017 2016

HK$'000 HK$'000

Continuing operations

Revenue 23,955,863 182,546

Cost of sales (23,144,701) (123,029)

Gross profit 811,162 59,517

Other income 77,513 21,422

Other gains, net 383,827 142,151

Selling and distribution costs (177,186) (6,152)

Administrative expenses (548,997) (124,815)

Finance costs (383,659) (113,071)

Share of profits less losses of associates, net of tax 13,006 -

Share of profits less losses of joint ventures, net of tax 4,020 -

Profit/(loss) before taxation 179,686 (20,948)

Income tax (expense)/credit (41,896) 2,003

Profit/(loss) for the year from continuing operations 137,790 (18,945)

Discontinued operations

Profit/(loss) for the year from discontinued operations 88,421 (40,895)

Profit/(loss) for the year 226,211 (59,840)

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Appendix - 2

18

Other comprehensive income

Items that will not be reclassified to profit or loss:

Exchange differences arising from translation of financial statements

from functional currency to presentation currency 57,063 (157,711)

Defined benefit plan remeasurements 1,063 0

Tax on other comprehensive income (144) 0

57,982 (157,711)

Items that may be reclassified subsequently to profit or loss net of tax:

Exchange differences arising from translation of financial statements of

overseas subsidiaries 44,173 -

Exchange differences reclassified to profit or loss on disposal of

subsidiaries 23 -

Net change in fair value of available-for-sale financial assets (4,242) -

Share of other comprehensive income of associates and joint ventures (8,796) -

31,158 -

Other comprehensive income for the year 89,140 (157,711)

Total comprehensive income for the year 315,351 (217,551)

Consolidated statement of profit or loss and other comprehensive income

For the year ended 31 December 2017

2017 2016

HK$'000 HK$'000

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Appendix - 3

19

Profit/(loss) for the year attributable to owners of the Company

- from continuing operations 115,621 (8,322)

- from discontinued operations 88,857 (13,580)

204,478 (21,902)

Profit/(loss) for the year attributable to non-controlling interests

- from continuing operations 22,169 (10,623)

- from discontinued operations (436) (27,315)

21,733 (37,938)

Profit/(loss) for the year 226,211 (59,840)

Total comprehensive income attributable to:

Owners of the Company 263,284 (152,169)

Non-controlling interests 52,067 (65,382)

315,351 (217,551)

Earnings/(loss) per share

Basic (HK cents) 1.79 -0.19

Diluted (HK cents) 1.79 -0.40

From continuing operations

Basic (HK cents) 1.01 -0.07

Diluted (HK cents) 1.01 -0.28

Consolidated statement of profit or loss and other comprehensive income

For the year ended 31 December 2017

2017 2016

HK$'000 HK$'000

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Appendix - 4

Consolidated Statement of Financial Position

As at 31 December 2017

2017 2016

HK$'000 HK$'000

Non-current assets

Property, plant and equipment 8,589,127 260,655

Land use rights 1,095,395 1,059,477

Investment properties 2,486,202 2,447,621

Intangible assets 420,969 -

Interest in associates 202,135 -

Interest in joint ventures 311,334 -

Prepayments, deposits and other receivables 77,745 2,500

Other financial assets 373,409 155,000

Other non-current assets 23,038 700

Deferred tax assets 19,614 -

13,598,968 3,925,953

Current assets

Land use rights 44,710 41,548

Inventories 4,349,064 6,916

Trade receivables 4,604,925 27,040

Prepayments, deposits and other receivables 5,303,592 919,253

Warrantable LME commodities 136,387 -

Other financial assets 561,168 -

Derivative financial instruments 379,805 -

Tax recoverable 13,594 -

Pledged bank deposits 36,015 27,890

Cash and cash equivalents 2,137,858 1,085,447

17,567,118 2,108,094

Assets associated with disposal groups classified as held-for-sale - 387,075

Other non-current assets held-for-sale 15,617 -

17,582,735 2,495,169 20

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Appendix - 5

21

Current liabilities

Trade and other payables 7,845,311 122,448

Loans and borrowings 10,268,069 55,163

Convertible bonds 380,656 -

Derivative financial instruments 1,074,659 -

Current tax payable 128,906 13,704

Deferred gains 59,360 49,489

Provisions 19,649 -

19,776,610 240,804

Liabilities associated with disposal groups classified as held-for sale - 396,961

19,776,610 637,765

Net current (liabilities)/assets (2,193,875) 1,857,404

Total assets less current liabilities 11,405,093 5,783,357

Consolidated Statement of Financial Position

As at 31 December 2017

2017 2016

HK$'000 HK$'000

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Appendix - 6

Consolidated Statement of Financial Position

As at 31 December 2017

2017 2016

HK$'000 HK$'000

Non-current liabilities

Loans and borrowings 4,079,350 1,232,692

Derivative financial instruments 567 56,167

Convertible bonds - 324,421

Employee benefits 71,163 -

Deferred gains 195,386 193,909

Deferred tax liabilities 1,073,624 237,406

Other non-current liabilities 13,670 -

5,433,760 2,044,595

Net assets 5,971,333 3,738,762

Capital and reserves

Share capital 4,731,480 4,731,480

Reserves 712,653 (1,329,029)

Amounts recognised in other comprehensive income and accumulated in equity

relating to disposal groups classified as held-for-sale - (42,240)

Equity attributable to owners of the Company 5,444,133 3,360,211

Non-controlling interests 527,200 378,551

Total equity 5,971,333 3,738,762 22

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Connect ing World Trade

THANK YOU!

CWT International Limited (0521.HK)

Suites 5811-5814, 58/F, Two International Finance

Centre, 8 Finance Street, HK

Tel: (852) 3151 5200

Fax: (852) 2505 9673

Email: ir@cwtinternational.com