UOL : Financial Results

For Immediate Release

NEWS RELEASE

UOL's 1H22 NET ATTRIBUTABLE PROFIT UP 306%

TO $371 MILLION

• Increase due to strong business performance and attributable fair value and other gains of $190 million
• Group pre-tax profit before fair value and other gains/losses up 47% to $315.5 million
• Group revenue up 36% to $1.53 billion on better performance from property development and hotel operations

Singapore, 12 August 2022 - UOL Group Limited today reported net attributable profit of $371 million for the half-year ended 30 June 2022 (1H22), up 306% from $91.3 million for the same period last year due mainly to strong business performance and attributable fair value and other gains of $190 million.

Group pre-tax profit before fair value and other gains/losses totalled $315.5 million, up 47% from $214.3 million in 1H21 on better performance from property development and hotel operations, as well as higher contributions by joint venture and associated companies. This was partly offset by higher finance expenses.

During the first six months of 2022, Group revenue increased 36% to $1.53 billion with higher contributions from property development, hotel operations and investments.

Revenue from property development rose 45% to $999.9 million on higher progressive revenue recognition from Clavon, Avenue South Residence and The Watergardens at Canberra in Singapore, while more units were handed over for The Sky Residences in London and Park Eleven in Shanghai.

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Revenue from hotel operations rose 64% to $206.3 million in 1H22 due mainly to contributions from PARKROYAL COLLECTION Marina Bay in Singapore which fully opened to guests in May 2021 following a major refurbishment, and the opening of Pan Pacific London in September 2021. Other hotels also benefitted from the reopening of borders as well as a resumption of economic and social activities in their respective countries.

Investment income grew 48% to $26 million owing to an increase in dividends from United Overseas Bank in FY22 compared with the year before.

Property investments recorded a slight one per cent drop in revenue to $247.9 million in 1H22 on lower contributions from Singapore Land Tower in Raffles Place which is undergoing an asset enhancement initiative (AEI). This was partly offset by better performance from serviced suites.

Marketing and distribution expenses for the Group rose 23% to $64.4 million in 1H22, with the resumption of marketing activities and the opening of Pan Pacific London in September 2021, as well as higher selling expenses for The Watergardens at Canberra, Avenue South Residence and V on Shenton in Singapore and The Sky Residences in London.

Finance expenses for 1H22 rose 68% to $46.6 million. Contributing to the increase

were: the issuance of fixed rate notes at 2.33 per cent in August 2021, the drawdown of fixed- rate loans, the rising interest rate environment, and a new loan drawn for the acquisition of the Watten Estate site in April 2022. Consequently, the weighted average interest rate on Group external borrowings was 1.74 per cent in 1H22 against 1.23 per cent for 1H21.

UOL Group Chief Executive Liam Wee Sin said: "We are pleased with the strong set of results in the first half year, reflecting the healthy sales momentum of our residential inventory as well as timely refurbishment and opening of our hotels.

"However, we remain cautiously optimistic about the outlook amid rising inflation and the consequent tightening of monetary conditions."

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On the residential property market, UOL believes the increased supply of government land sales sites in the second half of 2022 may in the longer term bring about a more sustainable market.

Meanwhile, office rents in Singapore for the second half of 2022 are likely to be supported by the broad-based improvement in demand due to the limited supply of quality spaces and easing of workplace restrictions.

Rents for malls in the prime and city-fringe areas are expected to stay stable, although manpower shortage remains a challenge. Singapore retail market is poised for recovery towards the end of 2022, given the return of shoppers and tourist arrival amidst low supply pipeline.

UOL believes the hospitality business in Singapore, Australia and the United Kingdom is seeing signs of recovery with the gradual reopening of borders, while the commercial sector in the United Kingdom is regaining occupancy due to limited pipeline.

As at 30 June 2022, the Group's shareholders' funds increased to $10.39 billion from $10.17 billion as at 31 December 2021 due mainly to profit recognised for the period, set off partially by the deduction of dividends paid against retained earnings. Net tangible asset per ordinary share rose to $12.25 from $11.99 as at 31 December 2021.

The Group's net gearing ratio rose to 0.28 as at 30 June 2022 from 0.26 as at 31 December 2021 with new loans taken up mainly for the acquisition of the Watten Estate site as well as the redevelopment and AEI of various properties.

- End -

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About UOL Group Limited

UOL Group Limited (UOL) is a leading Singapore-listed property and hospitality group with total assets of about $20 billion. The Company has a diversified portfolio of development and investment properties, hotels and serviced suites in Asia, Oceania, Europe and North America. With a track record of over 50 years, UOL strongly believes in delivering product excellence and quality service in all its business ventures. UOL, through its hotel subsidiary Pan Pacific Hotels Group Limited, owns three acclaimed brands namely "Pan Pacific", PARKROYAL COLLECTION and PARKROYAL. The Company's Singapore-listed property subsidiary, Singapore Land Group Limited, owns an extensive portfolio of prime commercial assets and hotels in Singapore.

For media and analyst queries, please contact:

Sarah Ng

Deputy General Manager, Corporate Communications & Sustainability

DID: (65) 6350 5175

Email:[e-mail]

Catherine Ong

Catherine Ong Associates

Mobile: [phone]

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