#1HHongkong Land inspire: aspire 2022 Half-Year Results Presentation 29 July 2022 H West Bund rendering, Shanghai#2Agenda Speakers: Robert Wong, Chief Executive Craig Beattie, Chief Financial Officer 1. Key Market Updates & Results Highlights 2. Investment Properties 3. Development Properties 4. Financial Highlights H 5. Corporate Initiatives 6. Outlook 7. Q&A 2 Edinburgh Tower & York House, HK#3Key Market Updates Market conditions in Greater China impacted by anti-pandemic measures. Singapore positive HONG KONG CHINESE MAINLAND • Office: Central outperformed broader market; rents stabilising • • Wider market conditions remained challenging, with high availability and uncertain demand prospects . Leasing sentiment at the Group's Central Portfolio continue to be driven by "flight to quality" · Retail: Anti-pandemic measures dampened demand Footfall and tenant sales improving with stabilising pandemic situation • Residential: Market sentiment was weak due to uncertain economic outlook Pandemic-related shutdowns has impacted development activities and timing of completions Retail: Footfall and tenant sales in Beijing and Shanghai have been impacted by pandemic-related restrictions SINGAPORE Office: Positive absorption in CBD market • Office rents increased due to tightening of supply Leasing momentum at Group's portfolio in line with wider market Residential: Buyer sentiment remained healthy despite cooling measures introduced in late 2021 | Key Markets Updates | 2022 Half-Year Results 3#42022 Half-Year Results US$425m Underlying profit +8% YOY 394 572 425 Key Figures 1H 2021 2H 2021 1H 2022 US$33.6bn Shareholders' funds -2% YoY . Profit (Loss)¹: US$292m (1H 2021: US$(865)m) • • Net debt: US$6.1bn (Dec 2021: US$5.1bn) • NAV per share: US$14.99 (Dec 2021: US$15.05) • Interim dividend per share: US$6 (1H 2021: US$6) 34 35 34 Jun 2021 Dec 2021 Jun 2022 Highlights • • Underlying profit up 8% Higher profits from Development Properties Investment Properties profits marginally lower Group's financial position remains strong • Additional US$500m buyback announced 1 Attributable to Shareholders of the Company, net of Investment Properties fair market value adjustments | Results Highlights | 2022 Half-Year Results 4#52022 Half-Year Highlights RESILIENT INVESTMENT PROPERTIES PICCADILLY GALLERIA Xuhui Xietu Project Middle Longhua Rd West Bund Project Central, HK Landmark Riverside, Chongqing Xuhui Xietu Project, Shanghai MIXED RESULTS ON SALES LAUNCHES IN CHINA PERFORMANCE 1H 2022 1H 2022 SCIENCE BASED TARGETS BALAN NEMBUSU Jalan Tembusu, Singapore TWO NEW SITES SECURED February & June 2022 Artist's impression Piccadilly Grand, Singapore SUCCESSFUL SALES LAUNCH AT PICCADILLY GRAND IN SINGAPORE May 2022 DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 2030 NEAR-TERM SCIENCE-BASED TARGETS VALIDATED June 2022 Exchange Square, HK EXTENSION OF SHARE BUYBACK PROGRAMME ANNOUNCED July 2022 | Half-Year Highlights | 2022 Half-Year Results 5#6Swift Response to COVID-19 Challenges Tenants & Customers • Rent relief - focusing on retail and F&B tenants Flexibility in operation hours Promotional measures to support takeaway and delivery business Large scale promotion programmes to drive footfall Property management excellence - CIBSE HK - Facilities Management & COVID-19 Achievement Award Anti-Epidemic Hygiene Measures Certification from HKQAA Our People Promoted safe-working practices and introduced preventative measures Delivery of care packages to our people in Shanghai Community • HK$15 million to various community programmes in Hong Kong Donations of daily necessities and protective equipment in Shanghai Contributed to construction of a temporary quarantine facility | Swift Response to COVID-19 | 2022 Half-Year Results NY 喺邊低 HERE2HELP 60#7Investment Properties H | Investment Properties | 2022 Half-Year Results 7#8Hong Kong Portfolio - Office Resilient performance underpinned by a flight to quality Jardine House, HK Exchange Square, HK | Investment Properties | 2022 Half-Year Results Average Rents & Vacancy 1H 2021 2H 2021 1H 2022 Average net rent 118 115 112 (HK$ psf/month) Period-end vacancy 6.4% 5.2% 5.4% Weighted average lease expiry 4.2 4.2 4.0 (years) Note: On a committed basis, vacancy at the end of Jun 2022 was 5.1% Expiration & Interim Rent Revisions 2H 2022 2023 2024 Total lettable office area subject to expiration/rent revisions 352 948 1,679 ('000 sq. ft) % of area subject to 8% 24% 41% expiration/rent revisions - Expiration 3% 13% 18% Rent revisions 5% 11% 23% Average expiring net rent 136 111 106 (HK$ psf/month) Central, HK 80#9Average Rents & Vacancy Hong Kong Portfolio - Retail Performance affected by pandemic-related restrictions Average net rent (HK$ psf/month) JAEGER-LECOULTR *TAR SING Landmark Atrium, HK Prince's Building, HK 1H 2021 2H 2021 1H 2022 180 190 168 Period-end vacancy 0.9% 0.3% 0.9% TYSCAPE RESULTA Weighted average lease expiry th YOSHIROTTENC working photographs 1.8 1.8 1.7 (years) om WING SHYA Estimated tenant sales growth 67% 25% 3% (vs. same period PY) otherthin ngs Belowground, HK Ca Thành. Moyo Sik. | Investment Properties | 2022 Half-Year Results BaseHall, HK Note 1: On a committed basis, vacancy at the end of June 2022 was 0.3%. Note 2: Excluding the impact of rent relief, average net rents in 1H 2021, 2H 2021 and 1H 2022 were HK$203, HK$201 and HK$191 psf per month respectively. 9#10Singapore Portfolio - Office Positive rental reversions One Raffles Quay, Singapore | Investment Properties | 2022 Half-Year Results Average Rents & Vacancy 1H 2021 2H 2021 1H 2022 Average gross rent 10.2 10.3 10.5 (S$ psf/month) Period-end vacancy 7.5% 6.5% 4.7% Weighted average lease expiry 3.6 3.4 3.3 (years) Note: On a committed basis, vacancy at the end of June 2022 was 3.0% Expiration & Interim Rent Revisions 2H 2022 2023 2024 MBFC, Singapore Total lettable office area subject to expiration/rent revisions 111 273 330 ('000 sq. ft) % of area subject to 7% 17% 20% expiration/rent revisions - WE HAFFLES DAY Expiration 7% 16% 20% Rent revisions 0% 1% 0% Average expiring net rent 10.0 10.6 10.5 (S$ psf/month) One Raffles Quay, Singapore 10#11Rest of Investment Properties Portfolio Retail performance impacted by pandemic-related restrictions CHINESE MAINLAND Beijing - WF CENTRAL (84%-owned) • 43,000 sq. m. NFA of retail space Occupancy: 85% • Tenant repositioning efforts ongoing Tenant sales: 16% vs. 1H 2021 12% vs. 2H 2021 Macau MACAU SOUTHEAST ASIA - Jakarta One Central Macau (49%-owned) • 18,750 sq. m. NFA of retail space • Occupancy: 89% Tenant sales: 21% vs. 1H 2021 11% vs. 2H 2021 Jakarta Land (50%-owned) Existing portfolio features 209,000 sq. m. NFA (Office: 192,000 sq. m.; retail: 17,000 sq. m.) • Average office net rent: US$15.3 psm per month (2021: US$15.2 psm per month) . • Office occupancy: 71% Phnom Penh - EXCHANGE SQUARE (100%-owned) • NFA: 26,000 sq. m. (Office: 17,000 sq. m.; retail: 9,000 sq. m.) • Average office gross rent: US$25.2 psm per month (2021: US$24.9 psm per month) • Office occupancy: 99% | Investment Properties | 2022 Half-Year Results 11#12PICCADILLY GALLERIA | Development Properties | 2022 Half-Year Results Development Properties NE8 Farrer Park AR RR ARRO Piccadilly Grand, Singapore 12#13Chinese Mainland Portfolio - Overview ■ 14 projects Landmark Riverside CHONGQING Total GFA 7.1 million sq. m. (HKL's share: 4.9 million sq. m.) Four projects Dream Land WUHAN Total GFA 999,000 sq. m. (HKL's share: 642,000 sq. m.) CBD Z3 Project BEIJING One project Total GFA 123,000 sq. m. (HKL's share: 37,000 sq. m.) " Five projects WE City CHENGDU Total GFA 1.4 million sq. m. (HKL's share: 748,000 sq. m.) Four projects JL CENTRAL NANJING Total GFA 864,000 sq. m. (HKL's share: 434,000 sq. m.) Two projects Hangzhou Bay HANGZHOU Total GFA 861,000 sq. m. Five projects Galaxy Midtown SHANGHAI* Total GFA 1.0 million sq. m. (HKL's share: 398,000 sq. m.) Includes the DP component of West Bund | Development Properties | 2022 Half-Year Results (HKL's share: 309,000 sq. m.) 13#14Chinese Mainland Portfolio Weak consumer demand Revenue Recognised* Contracted Sales* Sold but Unrecognised Sales# US$m US$m US$m 2,000 2,000 3,600 $3,367m $1,827m 1,800 1,800 3,200 $2,853m 1,600 1,600 2,800 1,400 1,400 $1,360m $2,425m $1,288m 2,400 1,200 1,200 2,000 1,000 1,000 $735m 1,600 800 800 $599m 1,200 600 600 1 $419m 800 400 400 200 200 400 0 0 1H 2021 2H 2021 1H 2022 1H 2021 2H 2021 1H 2022 30 Jun 2021 31 Dec 2021 30 Jun 2022 Chongqing ■ Beijing ■Chengdu Nanjing ■Shanghai Chongqing Chengdu ■Shanghai ■Sales to be recognised after next 6 months ■ Wuhan ■Nanjing Wuhan Hangzhou Sales to be recognised within next 6 months Hangzhou Includes only revenue from property sales. # The above analysis includes share of Joint Ventures & Associates. | Development Properties | 2022 Half-Year Results 14#15Singapore Portfolio - Overview TENGAH GARDEN WALK ☐ 50% JV with CDL ■ 639 units ■ 68,000 sq. m. GFA ☐ Completion: 2025 LEEDON GREEN 50% JV with Yanlord " 638 units ■ 49,000 sq. m. GFA ☐ Completion: 2023 ■ 61% pre-sold Note: The GFAs presented are on a 100% basis. | Development Properties | 2022 Half-Year Results PARC ESTA ■ 1,404 units 98,000 sq. m. GFA Completion: 2022 100% pre-sold ALA EMBUSU PICCADILLY GRAND 50% JV with CDL ■ 407 units ■ 39,000 sq. m. GFA ☐ Completion: 2025 75% pre-sold JALAN TEMBUSU ☐ 49% JV with CDL ■ 638 units ☐ 56,000 sq. m. GFA ☐ Completion: 2025 15#16Singapore Portfolio Higher contracted sales driven by Piccadilly Grand US$m Revenue Recognised# 400 $325m $306m 300 200 100 Contracted Sales* Sold but Unrecognised Sales# US$m US$m 400 600 $533m 500 300 1 $270m 400 $449m $362m $174m 200 $172m $156m 100 300 200 100 0 0 0 1H 2021 2H 2021 1H 2022 1H 2021 2H 2021 1H 2022 30 Jun 2021 31 Dec 2021 30 Jun 2022 Margaret Ville Margaret Ville ■ Parc Esta Leedon Green Leedon Green ■ Parc Esta ■Piccadilly Grand ■Sales to be recognised after next 6 months ■Sales to be recognised within next 6 months # The above analysis includes share of Joint Ventures & Associates. | Development Properties | 2022 Half-Year Results 16#17New Projects Two new development projects with an attributable developable area of 45,700 sq. m. secured in 1H 2022 Xuhui Xietu Project Inn • 34%-owned Middle Longhua Rd. West Bund Project Huangpu River XUHUI XIETU PROJECT, ⚫JV with CMSK and Shanghai Huicheng . Residential site SHANGHAI TANJONG KATONG ROAD • • 49%-owned • JV with CDL JALAN TEMBUSU JALAN TEMBUSU, SINGAPORE . Land premium: RMB4.7bn (HKL share: RMB1.6bn) • GFA: 54,900 sq. m. (HKL share: 18,700 sq. m.) · • Completion: 2024 | Development Properties | 2022 Half-Year Results • 638 units . • Land premium: S$768m (HKL share: S$376m) • GFA: 56,000 sq. m. (HKL share: 27,000 sq. m.) • Completion: 2025 17#18Strong Retail Portfolio Growth on the Chinese Mainland Expected attributable NLA of retail portfolio, 2022-2026 ('000 sq. m.) 245 203 171 355 157% (vs. 2022) 439 2022 2023 2024 2025 2026 Existing ■JL CENTRAL ■Galaxy Midtown Yue City ■WE City Dream Land ■Central Avenue Eternal Land ■ West Bund ■Hangzhou Bay | Retail Portfolio Growth | 2022 Half-Year Results TIFFANY&CO WF CENTRAL, BEIJING • Fourth anniversary Welcomed a host of international world- class luxury brands (Cartier, Tiffany & Co.) Elevated dining experiences 18#19H | Financial Highlights | 2022 Half-Year Results Financial Highlights N One & Two Exchange Square, HK 19#20Operating and Underlying Profit Movement in Underlying Profit Contributions to Underlying Profit US$m $394m -$21m US$m +$81m -$29m $572m I $425m $394m 502 142 223 $425m 502 471 481 -250 -279 -401 1H 2021 2H 2021 1H 2022 IP DP Financing, tax, NCI & other expenses | Financial Highlights | 2022 Half-Year Results Underlying profit 1H Investment Properties 2021 operating profit (pre-tax) Properties operating Development profit (pre-tax) Net increase in financing charges, tax, non-controlling interests & other expenses Note: The above analysis includes share of Joint Ventures & Associates. Underlying profit 1H 2022 ⚫Higher development properties completions on the Chinese mainland ⚫Higher financing charges due to increased net debt ⚫Higher tax charges reflecting greater share of profits from the Chinese mainland and lower operating margins for Investment Properties in Hong Kong 20#21Rental Income Attributable Gross Rental Income* US$m Hong Kong . 4% • Office: Primarily lower average rent, negative reversions Retail: Lower tenant sales, rent relief to tenants $693m $681m $668m 39 46 41 67 Singapore 57 • 69 Higher average rents 86 84 85 Stable . Lower average vacancies 492 503 473 Chinese Mainland . 20% Higher contributions from The Ring Pandemic-related restrictions impacted WF Central 11% Macau retail: Pandemic-related restrictions reduced rental income Jakarta office: occupancy and net rent stable 1H 2021 2H 2021 1H 2022 Others HK ■SG ■Chinese Mainland Others *Includes gross rental income and property management fees and includes share of Joint Ventures & Associates. | Financial Highlights | 2022 Half-Year Results (Compared to 1H21) 21 221#22Operating Profit - Development Properties - Operating Profit – Development Properties US$m Chinese Mainland • More residential sales completions . Stable profit margins compared to 1H21 94% $502m 7 46 Singapore • 58% • Projects underway at different point of construction than prior period Profits recognised during construction $223m 43 449 $142m 7 23 54 157 81 Others . Sales completions in Vietnam 516% • Profits in Indonesia 1H 2021 2H 2021 1H 2022 (Compared to 1H21) ■Chinese Mainland ■SG ■ Others | Financial Highlights | 2022 Half-Year Results 22 22#23Capital Management Payout Ratio, Underlying Profit and Dividend per Share Payout Ratio (%) 50 48 53 53 Capital Committed for New Projects (US$bn) 2018 2019 2020 2021 1H 2022 2.4 1.2 3.8 3.0 0.6 US$/share $1,076m $1,036m $963m $966m 16 16 16 16 6 6 6 6 6 2018 2019 2020 2021 1H 2022 Interim Final -Underlying profit (US$m) | Financial Highlights | 2022 Half-Year Results Notes: (1) Includes HKL's share of equity and project-level debt (2) Per latest estimates 132 Share Buyback (US$m) $491m 297* 194 2018 2019 2020 2021 1H 2022 Executed Remaining * Executed up to 22 July 2022 6 23#24US$m Treasury Management Net Debt and Gearing Net Debt Reconciliation (US$m) FY 2021 1H 2022 1H 2021 % YoY (4,568) Net debt at beginning of period (5,104) (4,568) +12 18% 15% 792 Net rental income / fee receipts 385 398 -3 12% 1,674 Proceeds from DP sales 328 953 -66 0.7 (1,578) Trading capex¹ (585) (411) +42 1.5 2.3 (432) Net investment capex² (352) (86) +309 (510) Dividends (371) (370) 6.1 5.1 4.3 (157) Tax (43) (79) -46 (192) Share repurchase (279) n/a 30 Jun 21 31 Dec 21 30 Jun 22 (133) Others (41) (99) -59 Net debt Cash Gearing (%) (5,104) Net debt at end of the period (6,062) (4,262) +42 1. Includes land and development costs on wholly-owned DP projects 2. | Financial Highlights | 2022 Half-Year Results Includes investments in and repayments from associates and joint ventures, as well as major renovation expenditures 24#25Treasury Management Maturity Profile of Debt at 30 Jun 2022 (US$m) $1,645 $897 $627 $324 $234 Key Debt Metrics 30 Jun 2022 Average tenor of debt (years) Average interest cost $3,081 Available liquidity 6.4 3.2% US$2,612m Credit Ratings S&P's Moody's A A3 2022 2023 2024 2025 2026 2027+ Bank debt drawn Bonds | Financial Highlights | 2022 Half-Year Results THB 5% RMB 14% Bonds 45% Type of Facilities* S$ Banks 9% 55% Currency* *As at 30 Jun 2022 HK$ 72% Floating Interest 45% Rates* Fixed 55% 25#26Corporate Initiatives H | Corporate Initiatives | 2022 Half-Year Results 26#27Digital Transformation Enhancing customer and stakeholder experience Customers New Landmark 2.0 Mobile App LANDMARK Unique Omi-channel Ecosystem to Attract, Retain, and Grow Customer Base and Build Loyalty Assets AI-Optimised Energy Management Platform Chiller Plant Efficiency (2021-12-08-2021-12-15) Plant COP Excedunt (5+) 10.5 Chile Past Ch Chiller COP AVERAGE PLANT CO 8.06 32,125.com Cooling Load 23.12% 340.0.M 2432.LOM CURRENT PREDICTED DOOMS LOAD 2424.COM Cooling Load Forecast wwwwwww 18.6 Dec 14 W Dec 17 Enterprise HKL Mobile App Enhancement 4:11 Hi Nicole Cheng E-APPLY CORNER A Can Agst E-APPROVAL CORNER Expense Chain S IT Chesloup South E-approvals for procurement Digitisation of all major HR processes Finger-tip access to employee wellness & volunteering programmes 2:234 MY WALLET Vet Parking ons ww Povleges Used Expired HK$100 GIFT CERTIFICATE LANDMARK HK$100 Gift Certificate Use ty 30/09/2 FOOD & BEVERAGE HK$100 GIFT CERTIFICATE LANDMARK Food & Beverage HK$100 G C... they FOOD & BEVERAGE HK$10 GIFT CERTIFICATE LANDMARK HK$10.G HK$10 GIFT CERTIFICATE LANDMARK Food & Beverac B Δ Your exclusive invitation to Gucci's LANDMARK flagship grand re-opening with a private tour and exclusive products | Corporate Initiatives | 2022 Half-Year Results 8 - 12% Reduction in Chiller Plant Energy Consumption ~700,000 kWh saved per annum Integrated Smart Management System (iSMS) Procuremen Req S Clain South Cloud-based Talent Acquisition System Continuous IoT senor upgrades Enhanced remote monitoring capabilities Duty Technian Con Offer Lange background prefered 5-day work) Financial Reporting Systems Hare Tags A A CU 27#28Sustainability Aspiring towards sustainable leadership H SCIENCE BASED TARGETS DRANSK CEPORTY CLINE ACTICA Our science-based targets have been validated by the SBTi Reduction targets set for 2030: of absolute Scope 1 46.2% and 2 GHG emissions in carbon intensity for 22% Scope 3 GHG emissions Sustainability Framework 2030 SCIENCE-BASED TARGETS APPROVED Near-term SBTs aligned with 1.5°C pathway validated by SBTi Sustainability Vision Aspire to become a leader in sustainability by building on our heritage and creating long-term value for our stakeholders | Corporate Initiatives | 2022 Half-Year Results Climate and Economic Resilience Inspirational Connections Operational Excellence Vibrant Communities and Cities SUSTAINABILITY FRAMEWORK 2030 Launch of new strategy & targets reaffirms commitment to sustainability 28#29Sustainability Aspiring towards sustainable leadership CENTRICITY PILOT GREEN FIT-OUT AND OPERATION RECOGNITION SCHEME Engaging our tenants on sustainability | Corporate Initiatives | 2022 Half-Year Results < Temperature FLTHCS 23°C A WARN MYSPACE COOL MY SPACE Thermal comfort is enhanced whilst driving energy efficiency >60% reduction in temperature-related service calls DEPLOYMENT OF "COMFYAPP" AI continuously learns tenant preferences 29 29#30CSR Continued focus on social inclusion by promoting upward mobility of youth and alleviate housing-related social issues 置地公司·家基金 HOMEFUND by Hongkong Land TACKLING SOCIAL ISSUES RELATING TO HOUSING CHALLENGES HEREED EMPOWERING YOUTH Collaborating with seven grantees to provide multi-year education programmes to over 1,500 young people HAPPY ASTER DAY • HERE2HELP VOLUNTEER TEAM Continue to serve people in need via online volunteer programmes during the pandemic Since inception, HERE2HELP volunteers have contributed over 1,400 hours in Hong Kong . . Working with four grantees to solve housing-related social issues Provide skill-based volunteers and mobilise like-minded companies to tackle the issues | Corporate Initiatives | 2022 Half-Year Results EMERGENCY SUPPORT DURING THE PANDEMIC Injected HK$15m into HOME FUND for 95 NGOs to deliver support programmes for 114,000 beneficiaries. Over 80 NGO partnerships across the region 30#31H | Outlook | 2022 Half-Year Results 9999 た Outlook Jardine House, HK 31#32Outlook Uncertain market conditions expected in 2H 2022 FY2022 underlying profits to be significantly lower O Fewer completions compared to 2021 O Some completions deferred to 2023 due to impact of pandemic-related restrictions on sales and construction Resilient office portfolios despite higher market vacancies in Hong Kong Luxury retail performance dependent on easing of pandemic-related restrictions Pace of recovery in residential sentiment on the Chinese mainland will depend on the COVID situation and regulatory easing; sentiment in Singapore expected to remain healthy Business anchored by market leading portfolios and a strong development pipeline; well-positioned to weather short-term uncertainties | Outlook | 2022 Half-Year Results T&Co □□□ 32#33H Q&A 33#34H Appendix 34#35Completed Investment Properties Overview Completed Investment Properties are primarily located in Hong Kong and Singapore TOTAL COMPLETED AREA (HKL's share) (000's sq. ft NFA) 57 TOTAL 247 TOTAL 4,895 TOTAL HANOI 52 5 91 TOTAL BANGKOK 27 64 1,773 TOTAL SINGAPORE 1,643 130 523 TOTAL MACAU HONG KONG BEIJING 96 151 4,135 617 384 139 143 435 TOTAL 258 TOTAL 9,405* TOTAL OTHERS 42 216 Office 7,129 PHNOM PENH 198 Retail 1,533 143 94 Hotel 743 1,126 TOTAL JAKARTA 1,032 94 | Appendix | 2022 Half-Year Results *Equivalent to 874,000 sq. m. *As at 30 Jun 2022 35#36Hong Kong Investment Properties Summary HKL'S SHARE ('000 sq. ft NFA) OFFICE RETAIL HOTEL TOTAL1 One Exchange Square 570 570 Two Exchange Square 510 510 Three Exchange Square 321 321 Exchange Square Podium 2 49 51 The Forum 41 41 Jardine House 634 44 678 Chater House 420 48 468 Alexandra House 326 56 382 Gloucester Tower 451 451 Edinburgh Tower 338 338 The Landmark Mandarin Oriental 143 143 York House 111 111 Landmark Atrium 272 272 Prince's Building 411 148 559 Total 4,135 617 143 4,8952 1 Excluding residential properties in Hong Kong of 71,000 sq. ft. 2 Equivalent to 455,000 sq. m. | Appendix | 2022 Half-Year Results 36#37Singapore Investment Properties Summary HKL's SHARE ('000 sq. ft NFA) OFFICE RETAIL TOTAL One Raffles Link 242 69 311 One Raffles Quay 440 1 441 MBFC 961 60 1,021 Total 1,643 130 1,7731 1 Equivalent to 165,000 sq. m. | Appendix | 2022 Half-Year Results 37#38Other Investment Properties Summary HKL's SHARE ('000 sq. ft NFA) OFFICE RETAIL HOTEL TOTAL Beijing 384 139 523 Macau 96 151 247 Jakarta 1,032 94 1,126 Hanoi 52 5 57 Bangkok 27 64 91 Phnom Penh 198 143 94 435 Others 42 216 258 Total 1,351 786 600 2,7371 1 Equivalent to 254,000 sq. m. | Appendix | 2022 Half-Year Results 38#39Tenant Portfolio (Profile by Area) at 30 June 2022 HK Office 13% 3% 4% 8% 31% 6% 41% HK Retail 16% 32% Singapore Office 5% 4% 6% 6% 46% 10% 64% 5% Banks & Other Financial Services ■Legal ■Accounting ■Property Trading ■Fashion & Accessories Food & Beverages Jewellery & Watches ■Others Banks & Other Financial Services Natural Resources ■IT Services & Consultancy Legal Accounting ■ Property ■ Others ■Others | Appendix | 2022 Half-Year Results 39#40Development Properties Overview HKL's Development Properties portfolio primarily spans six countries and 15 cities, with a key focus on the Chinese Mainland and in Singapore 198 TOTAL 331 TOTAL THAILAND SINGAPORE 419 TOTAL INDONESIA | Appendix | 2022 Half-Year Results 2,921 TOTAL CHINESE MAINLAND 21 TOTAL HONG KONG TOTAL AREA UNDER CONSTRUCTION / TO BE DEVELOPED (HKL's share) (000's sq. m. GFA) 5,190* TOTAL 627 TOTAL *As at 30 Jun 2022 673 TOTAL THE PHILIPPINES MALAYSIA 40#41PROJECT CITY INTEREST YEAR OF ACQUISITION SITE AREA (ha) CBD Z3 Beijing 30% 2010 1.1 Chinese Mainland Development Properties Summary (1) GFA (HKL's SHARE) CONSTRUCTED UNDER CONSTRUCTION (m sq. m.) TO BE DEVELOPED (m sq. m.) 0.04 DEVELOPABLE AREA (m sq. m.) (m sq. m.) 0.04 Yorkville South Chongqing 100% 2010 38.6 0.88 0.88 Yorkville North Chongqing 100% 2011 53.8 1.12 1.12 New Bamboo Grove Chongqing 50% 2015 34.8 0.32 0.32 Landmark Riverside Chongqing 50% 2009 28.3 0.62 0.46 0.11 0.05 Central Avenue Chongqing 50% 2013 40.2 0.56 0.42 0.14 River One Chongqing 100% 2017 14.2 0.16 0.16 Harbour Tale Chongqing 50% 2017 9.5 0.06 0.06 Hillview Chongqing 50% 2018 4.1 0.03 0.03 The Pinnacle Chongqing 100% 2018 8.3 0.13 0.13 Scholar's Mansion Chongqing 50% 2019 16.2 0.16 0.14 0.02 Beryl Grove Chongqing 100% 2019 6.5 0.13 0.13 Century Land Chongqing 100% 2020/2021 5.9 0.21 0.10 0.11 Re City Eternal Land Chongqing Chongqing 50% 2021 39.1 0.37 0.15 0.22 50% 2021 6.6 0.13 0.03 0.10 Continued on next slide | Appendix | 2022 Half-Year Results 41#42PROJECT CITY INTEREST YEAR OF ACQUISITION SITE AREA (ha) Chinese Mainland Development Properties Summary (2) GFA (HKL's SHARE) CONSTRUCTED UNDER CONSTRUCTION (m sq. m.) TO BE DEVELOPED (m sq. m.) DEVELOPABLE AREA (m sq. m.) (m sq. m.) WE City Chengdu 50% 2010 19.0 0.46 0.35 0.11 Artisan Bay Chengdu 33% 2018 6.2 0.05 0.05 Artistic Bay Chengdu 100% 2021 5.5 0.10 0.10 Creative Land Chengdu 100% 2021 4.7 0.08 0.08 Natural Jewel Chengdu 50% 2021 5.4 0.05 0.05 Hangzhou Bay Hangzhou 30% 2017 38.6 0.24 0.04 0.16 0.05 The Riverside Hangzhou 100% 2019 2.8 0.07 0.07 Yue City Nanjing 33% 2017 19.9 0.09 0.02 0.04 0.03 JL CENTRAL Nanjing 50% 2018 2.5 0.13 0.13 River and City Nanjing 50% 2018 11.5 0.13 0.13 Grand Mansion Nanjing 100% 2021 4.7 0.09 0.09 Parkville Shanghai 50% 2015 9.1 0.12 0.12 Galaxy Midtown Shanghai 27% 2018 11.8 0.10 0.08 0.02 Irvine Bay Shanghai 50% 2019 3.5 0.03 0.03 West Bund (DP component) Shanghai 43% 2020 5.3 0.12 0.06 0.06 Xuhui Xietu Project Shanghai 34% 2022 2.2 0.02 0.02 Continued on next slide | Appendix | 2022 Half-Year Results 42#43PROJECT CITY INTEREST YEAR OF ACQUISITION SITE AREA (ha) Chinese Mainland Development Properties Summary (3) GFA (HKL's SHARE) CONSTRUCTED UNDER CONSTRUCTION (m sq. m.) TO BE DEVELOPED (m sq. m.) DEVELOPABLE AREA (m sq. m.) (m sq. m.) Dream Land Wuhan 50% 2017 16.4 0.25 0.06 0.09 0.10 Lakeward Mansion Wuhan 66% 2019 9.1 0.15 0.15 Peak View Wuhan 50% 2021 2.2 0.03 0.03 Origin Land Wuhan 100% 2021 8.5 0.21 0.17 0.04 Total - Jun 2022 496.0 7.44 4.52 2.10 0.82 Total - Dec 2021 493.9 7.41 4.44 1.40 1.57 | Appendix | 2022 Half-Year Results 43#44Chinese Mainland - Completed Sales Gross Margin Gross Margin % (before LAT) 50% 44% 41% 40% 40% 30% 20% 10% 0% 2017 2018 36% 28% 27% 2019 2020 2021 1H 2022 Note: The above analysis includes share of Joint Ventures & Associates. | Appendix | 2022 Half-Year Results 44#45Chinese Mainland - Attributable Saleable GFA Completions '000 sq. m. 1,000 900 800 700 600 485 500 400 300 200 100 699 528 Forecast 833 694 2020 2021 2022 2023 2024 ■Chongqing ■Chengdu ■Shanghai ■Nanjing Wuhan ■ Hangzhou Notes: (1) Based on actual and estimated handover dates. (2) Includes existing committed projects. | Appendix | 2022 Half-Year Results 45#46Chinese Mainland – Medium-Term Lease Assets Major Assets in Operation Medium-term Lease Assets 33% Net Investment $2,270M* 67% • Retail NLA: 56,000 sq. m. Landmark Riverside, Chongqing (HKL's share: 28,000 sq. m.) • Opened in Sep 2016 • Retail occupancy: 76% ■Completed medium-term lease assets Medium-term lease assets under development # The above analysis includes share of Joint Ventures & Associates. . • LCM, Shanghai Retail NLA: 59,000 sq. m. (HKL's share: 30,000 sq. m.) • Opened in Sep 2018 Retail occupancy: 98% ANON The Ring, Chongqing • Retail NLA: 78,000 sq. m. • (HKL's share: 78,000 sq. m.) Opened in Apr 2021 Retail occupancy: 95% Major Assets under Development 11 projects with medium-term lease assets under development/ to be developed, with an estimated total NLA of 1.0 million sq. m. (HKL's share: 419,000 sq. m.) JL CENTRAL: 2023/2024 completion • WE City: 2024/2025 completion • Hangzhou Bay: 2025/2026 completion | Appendix | 2022 Half-Year Results Others: 2023 to 2027 completion 46 46#47Chinese Mainland - Assets Held for Medium-Term Lease under Development ESTIMATED NLA PROJECT CITY INTEREST (HKL's Share) ESTIMATED YEAR OF TYPE COMPLETION '000 sq. m. CBD Z3 Beijing 30% 36 Office (97%); Retail (3%) Central Avenue Chongqing 50% 40 Retail (100%) Century Land* Chongqing 100% 21 Retail (100%) Eternal Land Chongqing 50% 43 Retail (100%) 2026 2025 2025 2026 WE City Chengdu 50% 63 Office (42%); Retail (41%); Hotel & Others (17%) Hangzhou Bay Hangzhou 30% 45 Retail (58%); Residential (28%); Hotel & Others (13%) 2024 - 2025 2025 2026 - Yue City Nanjing 33% 19 Retail (84%); Hotel & Others (16%) 2024 JL CENTRAL Nanjing 50% 67 Office (65%); Retail (35%) 2023 Galaxy Midtown Shanghai 26.7% 45 Office (63%); Retail (19%); Residential (18%) 2023 - 2024 West Bund (Medium-term Shanghai 43% 13 Residential (63%); Retail (19%); Others (15%) 2024 lease component) Dream Land Wuhan 50% 27 Retail (100%) 2027 Total 419 *New Xiaoyuan Project has been merged with Century Land as a single project | Appendix | 2022 Half-Year Results 47#48Singapore Development Properties Summary Parc Esta HKL's SHARE PROJECT INTEREST YEAR OF ACQUISITION SITE AREA (ha) DEVELOPABLE AREA (m sq. m.) CONSTRUCTED (m sq. m.) Leedon Green 100% 2018 3.5 0.10 50% 2019 3.0 0.02 UNDER CONSTRUCTION (m sq. m.) TO BE DEVELOPED (m sq. m.) 0.10 0.02 Piccadilly Grand 50% 2021 0.9 0.02 0.02 Tengah Garden Walk 50% 2021 2.2 0.03 Jalan Tembusu 49% 2022 2.0 0.03 Total - Jun 2022 Total - Dec 2021 | Appendix | 2022 Half-Year Results 11.6 0.20 0.03 0.03 0.14 0.06 12.1 0.22 0.02 0.12 0.08 48 48#49Other Southeast Asia Development Properties Summary (1) PROJECT COUNTRY INTEREST YEAR OF ACQUISITION SITE AREA (ha) DEVELOPABLE AREA (m sq. m.) HKL's SHARE CONSTRUCTED (m sq. m.) UNDER CONSTRUCTION (m sq. m.) Nava Park Indonesia 49% 2012 77.0 0.24 0.09 0.03 TO BE DEVELOPED (m sq. m.) 0.12 Anandamaya Residences Indonesia 40% 2013 1.3 0.04 0.04 Asya Indonesia 50% 2016 66.6 0.24 0.04 0.05 0.15 Arumaya Indonesia 40% 2018 0.7 0.01 0.01 Avania Indonesia 50% 2018 1.9 0.06 0.06 The ESSE Sukhumvit 36 Thailand 49% 2017 0.4 0.02 0.02 Lake Legend Thailand 49% 2018 73.9 0.22 0.01 0.08 0.13 Chaengwattana Lake Legend Bangna Thailand 49% 2018 45.1 0.09 0.04 0.05 Suvarnabhumi Embassy at Wireless Thailand 49% 2019 0.5 0.04 0.04 Continued on next slide | Appendix | 2022 Half-Year Results 49#50Other Southeast Asia Development Properties Summary (2) PROJECT COUNTRY INTEREST YEAR OF ACQUISITION SITE AREA (ha) DEVELOPABLE AREA (m sq. m.) HKL's SHARE CONSTRUCTED (m sq. m.) UNDER CONSTRUCTION (m sq. m.) TO BE DEVELOPED (m sq. m.) Two Roxas Triangle The Philippines 40% 1995 0.4 0.04 0.04 Mandani Bay The Philippines 40% 2013 19.6 0.60 0.04 0.12 0.44 The Velaris The Philippines 40% 2018 1.8 0.07 0.03 0.04 The Marq Vietnam 70% 2017 0.5 0.04 0.04 Malaysia & Others n/a n/a 122.5 0.79 0.10 0.05 0.64 others Total - Jun 2022 Total - Dec 2021 412.2 2.50 0.43 0.40 1.67 412.0 2.58 0.47 0.36 1.75 | Appendix | 2022 Half-Year Results 50#51Southeast Asia – Projects Launched for Sale THAILAND - The ESSE Sukhumvit 36 (49%-owned) Site area: 0.4 ha; GFA: 38,000 sq. m. ■ 338 units, 68% pre-sold ■ Completion: 2020 to 2024 Lake Legend Chaengwattana (49%-owned) ■ Site area: 74 ha; GFA: 438,000 sq. m. ■ 46 units launched for sale, 50% pre-sold ■ Completion: 2020 to 2031 Lake Legend Bangna Suvarnabhumi (49%- owned) ■ Site area: 45 ha; GFA: 179,000 sq. m. ■ 26 units launched for sale, 46% pre-sold Completion: 2020 to 2030 " INDONESIA Nava Park (49%-owned) ■ Site area: 77 ha; GFA: 489,000 sq. m. ■ 1,179 units launched for sale, 96% pre-sold Completion: 2017 to 2028 Asya (50%-owned) ■ Site area: 67 ha; GFA: 481,000 sq. m. ■ 879 units launched for sale, 60% pre-sold Completion: 2019 to 2031 ■ Arumaya (40%-owned) ■ Site area: 0.7 ha; GFA: 24,000 sq. m. ■ 296 units, 24% pre-sold ■ Completion: 2022 to 2023 VIETNAM The Marq (70%-owned) ■ Site area: 0.5 ha; GFA: 57,000 sq. m. ☐ 515 units launched for sale, 65% pre-sold Completion: 2021 to 2023 THE PHILIPPINES Mandani Bay (40%-owned) ■ Site area: 20 ha; GFA: 1.2 million sq. m. ☐ 4,425 units launched for sale, 86% pre-sold Completion: 2017 to 2039 The Velaris (40%-owned) ■ Site area: 2 ha; GFA: 144,000 sq. m. ■ 340 units launched for sale, 60% pre-sold Completion: 2021 to 2031 ☐ MALAYSIA The Quinn (100%-owned) ■ Site area: 0.7 ha; GFA: 31,000 sq. m. ■ 361 units, 81% pre-sold Completion: 2020 to 2023 Note: The GFAs presented are on a 100% basis. | Appendix | 2022 Half-Year Results 51#52Consolidated Balance Sheet 1H 2021 US$m 1H 2022 FY 2021 % YoY Investment Properties 28,815 - Subsidiaries 5,733 - Joint ventures 34,548 28,278 28,600 -1 5,601 5,807 -4 33,879 34,407 -2 Development Properties* 2,930 - Subsidiaries 3,667 3,516 +4 6,688 - Joint ventures 7,155 6,949 +3 (2,686) - Pre-sale proceeds (2,116) (2,229) -5 6,932 8,706 8,236 +6 (2,773) Others (2,876) (2,921) -2 38,707 Gross assets (excluding cash) 39,709 39,722 Financed by: 34,445 - Total equity 33,647 34,618 -3 4,262 - Net debt 6,062 5,104 +19 38,707 39,709 39,722 * Includes contract assets and cost to fulfil contracts | Appendix | 2022 Half-Year Results 52 52#53Gross Assets at 30 Jun 2022 By Activity 18% 0 82% By Location 21% 0 13% 66% ■Investment Properties Development Properties Hong Kong ■Southeast Asia ■Chinese Mainland and Macau | Appendix | 2022 Half-Year Results 53#54Investment Properties - Basis of Valuation Capitalisation Rates 1H 2021 2H 2021 Hong Kong Office - Exchange Square 1 & 2 3.00% Hong Kong Retail - Landmark Atrium Singapore Office - MBFC | Appendix | 2022 Half-Year Results 3.00% 1H 2022 3.00% 4.50% 4.50% 4.50% 3.25% 3.00% 3.00% 54#55Treasury Management Liquidity at 30 Jun 2022 (all figures in US$bn) Liquidity at HK$* S$ US$ RMB THB TOTAL 31 DEC 2021 Committed lines 9.1 6.0 1.0 0.0 1.3 0.4 8.7 Gross debt 6.6 4.9 0.6 0.0 1.0 0.3 6.8 Available lines 2.5 1.1 0.4 0.0 0.3 0.1 1.9 Cash 1.5 0.1 0.2 0.1 0.3 0.0 0.7 Available liquidity 4.0 1.2 0.6 0.1 0.6 0.1 2.6 * HK$ debt includes US$ debt swapped into HK$ | Appendix | 2022 Half-Year Results 55