SANDS CHINA : Inside Information – Results of our Controlling Shareholder, Las Vegas Sands Corp., for the Fiscal Fourth Quarter and Full Year Ended December 31, 2018

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

SANDS CHINA LTD.

金沙中國有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1928 and Note Stock Codes: 5140, 5141, 5142)

INSIDE INFORMATION

RESULTS OF OUR CONTROLLING SHAREHOLDER,

LAS VEGAS SANDS CORP.,

FOR THE FISCAL FOURTH QUARTER AND FULL YEAR ENDED DECEMBER 31, 2018

This announcement is issued by Sands China Ltd. ("SCL" or our "Company" or "Sands China") pursuant to Part XIVA of the Securities and Futures Ordinance and Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Capitalized terms used but not defined herein shall have the meanings ascribed to them in our 2017 Annual Report.

Our Company's controlling shareholder, Las Vegas Sands Corp. ("LVS" or "Las Vegas Sands"), is a company listed on the New York Stock Exchange (the "NYSE") in the United States. As at the date of this announcement, LVS beneficially owns approximately 70% of the issued share capital of our Company.

LVS files quarterly and annual reports, including quarterly and annual financial information and certain operating statistics under Form 8-K, Form 10-Q and Form 10-K, respectively, with the United States Securities and Exchange Commission (the "SEC"), in accordance with the ongoing disclosure obligations applicable to a publicly traded NYSE-listed company. Such filings include segment financial information about the Macao operations of LVS, which Macao operations are owned by our Company, and the filings are available in the public domain.

LVS has, on or about January 24, 2019 (5 a.m. Hong Kong time), announced its financial results for the fiscal fourth quarter and full year ended December 31, 2018 (the "Quarterly Financial Results"), held its fourth quarter 2018 Earnings Conference Call (the "Earnings Call") and posted a fourth quarter earnings call presentation and supplemental materials on its website (the "Presentations"). If you wish to review the Quarterly Financial Results prepared by LVS, which were filed with the SEC, please visithttps://s21.q4cdn.com/635845646/files/doc_financials/2018/Q4/4Q18-Earnings-Release.pdf orhttps://www.sec.gov/Archives/edgar/data/1300514/000130051419000003/lvs_ex991x12312018.htm. If you wish to review the Presentations, please visithttps://s21.q4cdn.com/635845646/files/ doc_financials/2018/Q4/4Q18-Earnings-Slides.pdf andhttps://s21.q4cdn.com/635845646/files/ doc_financials/2018/Q4/Supplementary-Earnings-Presentation.pdf.

The financial results of LVS and its consolidated subsidiaries, including those contained in the Quarterly Financial Results, the Earnings Call and the Presentations have been prepared in accordance with the generally accepted accounting principles of the United States ("US GAAP"), which are different from the International Financial Reporting Standards ("IFRS") that we are subject to when preparing and presenting our stand-alone financial results and related financial information. However, following the substantial convergence of the IFRS and US GAAP accounting standards on revenue recognition with effect from January 1, 2018 onwards, the previous differences in the accounting treatment of revenue recognition between those two accounting frameworks applicable to the Company have been eliminated. Nevertheless, holders of and potential investors in our Company's securities should consult their own professional advisers for an understanding of the difference between IFRS and US GAAP.

To ensure that all holders of and potential investors in our Company's securities have equal and timely access to the information pertaining to our Company, set forth below are extracts and key highlights of the financial results and related financial information published by LVS in the Quarterly Financial Results and the Earnings Call that relate to our Company and our operations in Macao:

QUARTERLY FINANCIAL RESULTS EXTRACTS

Fourth Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer of LVS, said, "We (LVS) are pleased to have delivered strong financial results in the quarter, led by record mass revenues and continued growth in every market segment in Macao. Our integrated resort property portfolio in Macao delivered adjusted property EBITDA of US$786 million, an increase of 7.7% compared to the fourth quarter of 2017.

We also continued to invest in growth initiatives in each of our markets. We remain confident in the future opportunity in Macao and are progressing with our investments in the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and The Londoner Macao. We believe our market-leading interconnected integrated resort portfolio in Macao, including the additional destination retail, luxurious hotel suite offerings and world class entertainment attractions created by these investments, will provide an ideal platform for growth in Macao in the years ahead."

Sands China Ltd. Consolidated Financial Results

On a US GAAP basis, total net revenues for SCL increased 9% to US$2.25 billion in the fourth quarter of 2018, compared to US$2.06 billion in the fourth quarter of 2017. Net income for SCL decreased 11% to US$465 million in the fourth quarter of 2018, compared to US$519 million in the fourth quarter of 2017.

On a US GAAP basis, full year 2018 total net revenues for SCL increased 14% to US$8.67 billion, compared to US$7.59 billion in 2017. Net income for SCL increased 19% to US$1.90 billion in 2018, compared to US$1.60 billion in 2017.

Other Factors Affecting Earnings

Depreciation and amortization expense was US$289 million in the fourth quarter of 2018, compared to US$258 million in the fourth quarter of 2017.

Interest expense, net of amounts capitalized, was US$138 million for the fourth quarter of 2018, compared to US$87 million in the prior-year quarter. Our weighted average borrowing cost in the fourth quarter of 2018 was approximately 4.5%, compared to 3.4% during the fourth quarter of 2017. The increase in net weighted average borrowing cost relates to the issuance of unsecured notes by SCL in the third quarter of 2018 and increases in interest rates globally. Our outstanding debt also increased in connection with the unsecured notes issued by SCL in the third quarter of 2018.

The net income attributable to noncontrolling interests during the fourth quarter of 2018 decreased to US$130 million and was principally related to SCL.

Capital Expenditures

Capital expenditures during the fourth quarter totaled US$326 million, including construction, development and maintenance activities of US$184 million in Macao.

Supplemental Data (Unaudited)

The Venetian Macao (US$ in millions)

Revenues:

Casino Rooms

Food and Beverage Mall

Convention, Retail and Other

Three Months Ended

December 31,2018

• $ 747 $

  56

  19

  65

  32

  2017 $ ChangeChange

  • 664 $ 83 12.5%

    53 21 59 25

  • 3 5.7%

  • (2) (9.5)%

  • 6 10.2%

  • 7 28.0%Net Revenues

• $ 919 $

  • 822 $ 97 11.8%

    Adjusted Property EBITDA

    EBITDA Margin %

    Gaming Statistics (US$ in millions)

    Rolling Chip Volume

    Rolling Chip Win %(1)

    Non-Rolling Chip Drop

    Non-Rolling Chip Win %

• $ 355 $ 38.6%

• $ 9,393 $ 3.20%

• $ 2,404 $ 25.1%

  • 324 $ 31 9.6%

    39.4%

    8,021 $ 2.73% 2,084 $ 26.8%

    (0.8) pts

  • 1,372 17.1% 0.47 pts

  • 320 15.4%

    (1.7) pts

    Slot Handle

    Slot Hold %

    Hotel Statistics (US$)

    Occupancy %

    Average Daily Rate (ADR)

    Revenue per Available Room (RevPAR)

• $ 841 $ 5%

  96.5%

• $ 222 $

• $ 214 $

877 $ 5.3%

• (36) (4.1)%

  (0.3) pts

  95.5%

  1.0 pts

• 232 $ (10) (4.3)%

• 222 $ (8) (3.6)%

Note: The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.

(1)This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Three Months EndedSands Cotai Central (US$ in millions)

Revenues:

Casino Rooms

Food and Beverage Mall

Convention, Retail and Other

December 31,2018

• $ 418 $

  86

  25

  21

  8

  2017 $ ChangeChange

  • 417 $ 1 0.2%

    84 28 15 7

  • 2 2.4%

  • (3) (10.7)%

  • 6 40.0%

  • 1 14.3%Net Revenues

• $ 558 $

  • 551 $ 7 1.3%

    Adjusted Property EBITDA

    EBITDA Margin %

    Gaming Statistics (US$ in millions)

    Rolling Chip Volume

    Rolling Chip Win %(1)

    Non-Rolling Chip Drop

    Non-Rolling Chip Win %

    Slot Handle

    Slot Hold %

    Hotel Statistics (US$)

    Occupancy %

    Average Daily Rate (ADR)

    Revenue per Available Room (RevPAR)

• $ 194 $ 34.8%

• $ 2,875 $ 3.72%

• $ 1,678 $ 21.7%

• $ 1,164 $ 4.0%

  96.5%

• $ 160 $

• $ 154 $

• 202 $ (8) (4.0)%

  36.7%

  2,354 $ 3.68% 1,718 $ 21.2% 1,293 $ 4.2%

  92.3% 160 $ 148 $

  (1.9) pts

• 521 22.1% 0.04 pts

• (40) (2.3)% 0.5 pts

• (129) (10.0)% (0.2) pts

4.2 pts

- 6

-% 4.1%

Note: The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.

(1)This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).