#1HHongkong Lan inspire: aspire MANDARIN ORIENTAL 2023 Half-Year Results Presentation 31 July 2023 H 2488 Jardine House, Hong Kong#2Agenda Speakers Robert Wong, Chief Executive Craig Beattie, Chief Financial Officer H 1. Key Updates & Results 2. Investment Properties 3. Development Properties 4. Financial Highlights 5. Sustainability 6. Corporate Initiatives 7. Outlook 8. Q&A 2 Jardine House, Hong Kong#3Key Updates Hong Kong resilient; Chinese mainland challenging; Singapore healthy . HONG KONG • Office: Demand slowed due to headwinds in global financial markets • ⚫ "Flight to quality" resulted in Central Portfolio outperforming broader market • Retail: Strong improvement in trading conditions • Rebound in tenant sales & footfall approaching pre-COVID levels • CHINESE MAINLAND Residential: Sentiment weighed down by weak economic outlook •The Group's higher-end product mix and strong reputation resulted in better sales performance relative to market • Retail: Strong recovery in footfall and tenant sales . SINGAPORE ⚫ Office: Market sentiment turned cautious from softer demand from technology and financial services sectors • Leasing momentum at HKL's portfolio remained healthy • Residential: Buyer sentiment satisfactory despite recent cooling measures • Pre-sales at the Group's Tembusu Grand project well received by the market | Key Updates | 2023 Half-Year Results 3#42023 Half-Year Results US$422m Underlying profit -1% YoY 425 422 351 Key Figures • 1H 2022 2H 2022 1H 2023 . Underlying EPS: US$19.02 (1H 2022: US$18.67) • Profit (Loss)¹: US$(333)m (1H 2022: US$292m) Net debt: US$5.5bn (Dec 2022: US$5.8bn) US$32.1bn Shareholders' funds -4% YOY Highlights • • • 33.6 33.3 32.1 Jun 2022 Dec 2022 Jun 2023 Underlying profit in line with 1H 2022 Higher profits from Investment Properties Development Properties profits lower due to fewer planned completions • NAV per share: US$14.51 (Dec 2022: US$14.95) • Group's financial position remains strong • Interim DPS: US¢6 (1H 2022: US$6) 1 Attributable to Shareholders of the Company, net of Investment Properties fair market value adjustments | Results Highlights | 2023 Half-Year Results 4#52023 Half-Year Progress Dream Land, Wuhan Tembusu Grand, Singapore SUCCESSFUL SALES LAUNCH OF TEMBUSU GRAND IN SINGAPORE Yue City, Nanjing INCREASED INVESTMENTS IN TWO EXISTING PROJECTS EGEND SITE BOUNDARY RIVER Scale Bar 200 600 Project Ruby, Jakarta TWO NEW INVESTMENTS | Key Updates | 2023 Half-Year Results IN INDONESIA Tebet Eco Park, Indonesia CONTINUED PROGRESS IN SUSTAINABILITY 5#6Strong Retail Pipeline on the Chinese Mainland 5 CENTRAL series malls (1 in operation) | 7 The Ring series malls (1 in operation) THERING 光环 Beijing 2018 Nanjing 2024(E) 2018 2021 2024 2025 Chongqing 2026(E) Suzhou 2026(E) Shanghai 2027(E) 2026 2027 *E: Expected Chongqing 2021 Chengdu 2024(E*) Shanghai 2025(E) Nanjing 2025(E) Chongqing 2025(E) Hangzhou 2025(E) Expected attributable NLA of retail portfolio (CENTRAL and THE RING series), 2024-2028 ('000 sq. m.) THE RING series ■CENTRAL series Existing 338 253 172 229 52 29 137 29 29 172 172 172 2023 2024 2025 Note: As at 30 June 2023 | Key Updates | 2023 Half-Year Results 528 532 421 193 197 137 163 163 112 172 172 172 2026 2027 2028 Wuhan 2027(E) ↑ 209% NLA (vs. 2023) 60#7West Bund Construction progress on track, residential components expected to complete by end 2023 Residential for lease and for sale; exhibition center; completion expected by end of 2023 Residential for lease, office for sale and luxury and lifestyle retail; completion expected from 2024 to 2026 Office for lease, luxury retail, hotel and convention center; completion expected 2026 to 2027 工作记录 2023.06.06 12.13 Plot G 工作记录 E22306.12 16:35 I EXH Plot E Plot D Residential Office Office & Luxury Retail | Key Updates | 2023 Half-Year Results 7#8West Bund Abundance of public and green space Over 8,000 sq. m of public space and facilities Green space for public use Art Hall "Orbit" Planetarium Sky lobby and roof terrace Green Space Sky Lobby Roof Terrace Station 1907 Seed Museum Key Updates | 2023 Half-Year Results 8#9KIXIS DBS QUE E Investment Properties 9 Central Business District, Singapore#10Hong Kong Portfolio - Office Resilient performance outperformed market 5-17 Prince's Building, Hong Kong Chater House, Hong Kong | Investment Properties | 2023 Half-Year Results Average Rents & Vacancy 1H 2022 2H 2022 1H 2023 Average net rent 112 111 107 (HK$ psf/month) Period-end vacancy 5.4% 4.9% 6.9% Weighted average lease expiry 4.0 4.0 3.7 (years) Note: On a committed basis, vacancy at the end of Jun 2023 was 6.2% Expiration & Interim Rent Revisions 2H 2023 2024 2025 Total lettable office area subject to expiration/rent revisions 506 1,379 917 ('000 sq. ft) % of area subject to 12% 33% 22% expiration/rent revisions - Expiration 5% 15% 15% Rent revisions 7% 18% 7% The Forum, Hong Kong Average expiring net rent 92 112 112 (HK$ psf/month) 10#11By 2027, new stock will represent only 4.6% of total stock as at the end of 2022 25.1 25.1 24.7 24.7 24.9 24.0 Central Portfolio outperforms market; upcoming supply manageable Since 2017 HKL Central Portfolio has outperformed broader Central; new stock represents less than 5% of total stock HKL Central Portfolio vacancy vs Central Central office space, 2022-2027 (million sq. ft) 9.4% 8.8% 8.0% 7.3% 6.2% 5.9% 3.6% 4.9% 4.7% Jun-23 Dec-22 Jun-22 Dec-21 Jun-21 Dec-20 Jun-20 HKL Central Portfolio Committed Vacancy % Central Vacancy % Dec-19 Jun-19 2.2% 1.7% 1.8% 2.9% 1.7% 0.6% 0.8% Dec-18 Jun-18 Source: JLL | Investment Properties | 2023 Half-Year Results Dec-17 Jun-17 Dec-16 2022 2023 2024 2025 2026 2027 ■Existing stock New stock 11#12Hong Kong Portfolio - Retail Strong recovery post pandemic BaseHall 02, Jardine House Cardinal Point, Forty-Five, LANDMARK Average Rents & Vacancy 1H 2022 2H 2022 1H 2023 Average net rent¹ 168 181 204 (HK$ psf/month) Period-end vacancy² 0.9% 0.5% 1.7% Weighted average lease expiry (years) 1.7 1.8 1.6 Estimated tenant sales growth -2% -2% +72% Vogue Fashion Night Out, LANDMARK (vs. same period PY) JEON SOMI LAKONARK VOGUE VEND Vogue Fashion Night Out, LANDMARK | Investment Properties | 2023 Half-Year Results Note 1: Excluding the impact of rent relief, average net rents in 1H 2022 and 2H 2022 were HK$191 and HK$191, respectively. Note 2: On a committed basis, vacancy at the end of Jun 2022, end of Dec 2022 and at the end of Jun 2023 was 0.3%, 0.5% and 1.2%, respectively 12#13Singapore Portfolio - Office Healthy performance in line with market Average Rents & Vacancy 1H 2022 2H 2022 1H 2023 Average gross rent 10.5 10.6 10.9 (S$ psf/month) Period-end vacancy 4.7% 7.5% 2.1% Weighted average lease expiry 3.3 3.4 3.2 (years) Note: On a committed basis, vacancy at the end of Jun 2023 was 1.0% Marina Bay Financial Centre, Singapore One Raffles Link, Singapore Expiration & Interim Rent Revisions 2H 2023 2024 2025 Total lettable office area subject to expiration/rent revisions 45 339 354 ('000 sq. ft) % of area subject to 3% 21% 22% expiration/rent revisions - Expiration 3% 21% 19% Rent revisions 0% 0% 3% Average expiring gross rent 11.3 10.8 9.5 (S$ psf/month) One Raffles Quay, Singapore | Investment Properties | 2023 Half-Year Results 13#14Other Key Investment Properties Strong recovery in luxury retail sentiment on the Chinese mainland and Macau CHINESE MAINLAND Beijing - WF CENTRAL (84%-owned) • 43,000 sq. m. NFA of retail space . Occupancy: 83% • Tenant sales: +57% vs. 1H 2022 • +35% vs. 2H 2022 MACAU ONE CENTRAL Macau (49%-owned) • • 18,750 sq. m. NFA of retail space • Occupancy: 88% • Tenant sales: +58% vs. 1H 2022 +26% vs. 2H 2022 WF CENTRAL, Beijing ONE CENTRAL, Macau | Investment Properties | 2023 Half-Year Results 14#15Development Properties 15 Copen Grand, Singapore#16Chinese Mainland Portfolio - Overview 35 projects spread across seven cities; total attributable developable area 8.2 million sq. m. 14 projects Century Land CHONGQING Total GFA 7.2 million sq. m. (HKL's share: 4.9 million sq. m.) Four projects Dream Land WUHAN Total GFA 998,000 sq. m. (HKL's share: 888,000 sq. m.) Five projects WE City CHENGDU JL CENTRAL CBD Z3 Project BEIJING One project Total GFA 127,000 sq. m. (HKL's share: 38,000 sq. m.) Five projects Galaxy Midtown SHANGHAI* Total GFA 1.0 million sq. m. (HKL's share: 395,000 sq. m.) Hangzhou Bay Includes the DP component of West Bund " Total GFA 1.4 million sq. m. (HKL's share: 1.2 million sq. m.) Four projects NANJING " Total GFA 864,000 sq. m. (HKL's share: 472,000 sq. m.) | Development Properties | 2023 Half-Year Results Two projects HANGZHOU Total GFA 861,000 sq. m. (HKL's share: 309,000 sq. m.) 16#17Chinese Mainland Portfolio Broader market recovery uncertain; HKL portfolio outperformed market Revenue Recognised** US$m 1,200 1,000 $1,138m Contracted Sales# Sold but Unrecognised Sales# US$m US$m $881m 900 3,000 $745m 750 2,500 $2,425m $2,274m $2,087m 800 $735m 600 600 $563m 450 $419m 400 200 300 150 2,000 1,500 1,000 500 0 0 0 1H 2022 2H 2022 1H 2023 1H 2022 2H 2022 1H 2023 30 Jun 2022 31 Dec 2022 30 Jun 2023 Chongqing ■Chengdu Beijing ■Nanjing ■Shanghai ■Wuhan Chongqing Chengdu ■Shanghai ■Sales to be recognised after next 6 months ■Nanjing Wuhan ■ Hangzhou Sales to be recognised within next 6 months Hangzhou * Includes only revenue from property sales. # The above analysis includes share of Joint Ventures & Associates. | Development Properties | 2023 Half-Year Results 17#18Singapore Portfolio - Overview Four ongoing projects; total attributable developable area 0.11 million sq. m. COPEN GRAND ■ 50% JV with CDL ■ 639 units ■ 68,000 sq. m. GFA Completion: 2025 100% pre-sold LEEDON GREEN 50% JV with Yanlord ■ 638 units 54,000 sq. m. GFA Completion: 2023 ■ 92% pre-sold Note: The GFAs presented are on a 100% basis. | Development Properties | 2023 Half-Year Results PICCADILLY GRAND AND 50% JV with CDL 407 units GALLERIA ☐ 39,000 sq. m. GFA ■ ☐ Completion: 2025 94% pre-sold TEMBUSU GRAND ■ 49% JV with CDL ☐ 638 units ◉ 60,000 sq. m. GFA Completion: 2025 ☐ 55% pre-sold 18#19Singapore Portfolio Higher contracted sales driven by Tembusu Grand and Copen Grand Revenue Recognised# Contracted Sales# Sold but Unrecognised Sales# US$m 300 US$m US$m 600 900 US$849m I US$487m 800 I 500 US$225m US$205m 200 US$174m | | 700 US$589m 400 600 US$345m 300 US$270m US$449m 500 I 400 100 200 300 200 100 100 0 0 0 1H 2022 2H 2022 1H 2023 1H 2022 2H 2022 1H 2023 30 Jun 2022 31 Dec 2022 130 Jun 2023 Parc Esta ■Leedon Green Piccadilly Grand ■Tembusu Grand Parc Esta Piccadilly Grand Tembusu Grand ■Leedon Green Copen Grand Sales to be recognised after next 6 months ■Sales to be recognised within next 6 months # The above analysis includes share of Joint Ventures & Associates. | Development Properties | 2023 Half-Year Results 19#20Financial Highlights ABN-AMRO BARCLAYS RBS One Raffles Quay, Singapore#21Operating and Underlying Profit Contributions to Underlying Profit US$m Movement in Underlying Profit US$m $425m $351m $422m $17m $425m ($43m) $23m $422m 223 181 I 180 Underlying profit 1H 2022 481 470 498 Investment Properties operating profit (pre-tax) Development Properties operating profit (pre-tax) -279 -300 -256 1H 2022 2H 2022 1H 2023 IP DP Financing, tax, NCI & other expenses Net decrease in financing charges, tax, non-controlling interests & other expenses Note: The above analysis includes share of Joint Ventures & Associates. Underlying profit 1H 2023 • Higher Investment Properties contributions from luxury retail segment • Lower Development Properties contribution due to less planned sales completions • Reduced tax charges reflects lower share of profits from the Chinese mainland and decrease in net financing charges from higher interest income | Financial Highlights | 2023 Half-Year Results 21#22Rental Income Movement in Attributable Gross Rental Income* US$m • Central Portfolio +1%: Higher retail rents partly offset by negative rent reversions in HK office. +43% +2% $2.4 . $9.7 +8% $6.4 +10% $4.4 +1% $3.3 Singapore +8%: Positive rent reversions and lower vacancy. Chinese mainland +10%: Tenant sales recovery in WF CENTRAL. $668 $694 Gross rental income 1H2022 Hong Kong Singapore Central Chinese mainland Hotel Others Gross rental income 1H2023 Portfolio *Includes gross rental income and property management fees and includes share of Joint Ventures & Associates. | Financial Highlights | 2023 Half-Year Results • Contributions from hotel operations increased as visitors returned. 22 22#23Operating Profit - Development Properties Movement in Operating Profit US$m $223 +2% $0.4 ($24) ($3) -16% -21% ($17) -51% $180 Operating Profit Chinese mainland Singapore Indonesia Other Operating Profit 1H2022 1H2023 | Financial Highlights | 2023 Half-Year Results ⚫ Chinese mainland -16%: Fewer planned project completions. • Singapore +2%: Performance relatively unchanged compared to 1H 2022. • Indonesia -21%: Fewer planned project completions. •⚫ Others -51%: Large project in Vietnam completed its handover in 2022. 23#24Capital Management Payout Ratio, Underlying Profit and Dividend per Share Payout Ratio (%) 48 53 53 64 Capital Committed for New Investments (US$bn) 2012-2016 avg 2017-2022 avg 1H 2023 IP 0.1 0.5 0.0 DP 0.6 1.9 0.1 Total 0.7 2.4 0.1 US$/share $1,076 $963 $966 I $776 I 16 16 16 16 6 6 6 6 6 I 2020 2019 Interim dividend (US$c) ■Final dividend (US$c) 2021 2022 1H 2023 Underlying profit (US$m) | Financial Highlights | 2023 Half-Year Results Notes: (1) Capital committed refers to HKL's share of equity and project-level debt invested into new projects based on the year of acquisition. (2) Numbers based on latest estimates/exchange rates, may be different from disclosures in previous statements. Share Buyback (US$m) 44 306 194 2021 2022 401 2023 55 ■Sept 2021 announced July 2022 announced & Remaining 24#25Balance Sheet Management NAV movement (US$m) and NAV per share (US$) • NAV per share down 4% • Underlying earnings per share up 2% • $0.16 per share paid for 2022 final dividend Investment Properties valuation reduction due to decline in HK office spot rents and slight cap expansion Exchange translation differences mainly from lower RMB value 33,303 | Financial Highlights | 2023 Half-Year Results 422 (356) (755) (55) (409) (17) 32,133 NAV at 31 Underlying Dividends Valuation Dec 2022 Earnings paid deficit Share Exchange Other NAV at 30 repurchases differences movements Jun 2023 NAV per share (US$) 14.95 0.19 (0.16) (0.34) 0.06 (0.18) (0.01) 14.51 25#26Treasury Management Maturity Profile of Debt at 30 Jun 2023 (US$m) $268 $2,064 30 Jun 2023 31 Dec 2022 Net debt 5.5 5.8 $2,951 Gearing ratio 17% 17% Average tenor of debt (years) 5.7 5.8 Weighted average borrowing cost 3.7% 3.3% Available liquidity US$3,281m US$3,112m Bonds: 43% Types of Facilities Banks: 57% Bonds: 43% Banks: 57% Proportion of debt in fixed rates 54% 53% Credit Ratings Moody's: A3 S&P: A Moody's: A3 S&P: A 2027 2028+ *As at 30 Jun 2023 $738 $429 $238 2023 2024 2025 2026 Bank debt drawn ■Bonds | Financial Highlights | 2023 Half-Year Results 26#27CA Sustainability China#28Sustainability Aspiring towards sustainable leadership HKL Group CO20% Against 2019 baseline CO2 DOO DECARBONISATION Inaugural disclosure of Scope 3 emissions in the Sustainability Performance Report 2022 EMBODIED CARBON TOOLS Bespoke tools to measure the carbon emissions from our developments across the region TENANT SUSTAINABILITY PARTNERSHIP PROGRAMME Soft-launch of Tenant Sustainability Partnership Programme for the Central Portfolio PROPERTY MANAGEMENT AWARDS Received awards from IFMA (Hong Kong Chapter) and The Hong Kong Institution of Engineers HHongkong Land inspire: aspire H Hongkong Land Sustainabi Report Framework 2030 & Climate ACTIO Sustainability Performance Report 222 | Sustainability | 2023 Half-Year Results West Bund, Shanghai Catchic, Hong Kong #BFMSA IFMA ASIA PACIFIC 28#29Corporate Initiatives ELI e Cambodia#30Digitalisation & Innovation Enhancing customer and stakeholder experience Customers Building Customer Loyalty & Driving Value BESPOKE EXPERIENCE THE EXTRAORDINARY Assets PropXTech Acceleration Programme 2022/23 propxtech 塏集 H SIND GROUP Hongkong Lan H Enterprise Property Management System Enhancement e-lender engineer ONAL Central O Hongkongland Tenancy Management work permits aney Record: ES(O)/The Hongkong Land Company, Limited Ten Tenency Information All Contact Al Projects tout ent Azure Cloud Scandalore Work User Management BESPOKE, LANDMARK's loyalty programme, actively uses data analytics and visualisation platforms to individualise customer engagement via tactical offerings and brand collaboration events Strong Loyalty Growth - Loyalty programme sales grew by more than 30% YoY Robust Member Growth - Loyalty programme member count grew by over 40% YoY Deep Loyalty with elite members - More than 90% of the programme's elite members purchase every six months at LANDMARK with average transaction values greater than HK$40,000 Focusing on green tech, smart building, smart city, smart construction, and customer engagement Received applications from over 3,000 technology companies from 70 countries/regions Top 24 solutions were selected as finalists to share with representatives from HK PropTech Alliance members and other ecosystem partners during the PropXTech Showcase in May Solutions are being piloted and implemented across the Group at manag directory maceu O AWF Central CHINA e Clo contacts Projects Department reinstatement Property Manager Central work Ponta Tenant con Deployed enhanced property management platform for over 2,200 users including tenants and vendors New functionalities enhance communications via a centralised contact database, real-time project payment tracking mechanism, and other solutions that optimise operational processes The system has been rolled out to Hong Kong Central Portfolio and WF CENTRAL in Beijing; further expansions to Singapore and Macau planned in 2H 2023 H | Corporate Initiatives | 2023 Half-Year Results 30#31CSR 置地公司·家基金 Provided programmes HOMEFUND by Hongkong Land to over 6,000 young people EMPOWERING YOUTH HEREZHELP Distributed furniture for 2,000 children living in sub-divided units Over 3,600 hours contributed by HERE2HELP Volunteers TACKLING SOCIAL ISSUES Working with 19 grantees to provide programmes to over 6,000 young people HELP PROGRAMMES FOR YOUTH Provided learning support for 200 children with chronic illnesses with Ronald McDonald House Charities H | Corporate Initiatives | 2023 Half-Year Results Working with NGOs to solve housing-related social issues which benefitted over 12,000 people FREZHELP FURNITURE DISTRIBUTION Completed the distribution of furniture for 2,000 children living in sub-divided units. HERE2HELP VOLUNTEER TEAM In the 1st half of 2023, over 3,600 volunteer hours contributed across the region HKL VOLUNTEER AWARD Launched the HKL Volunteer Award to recognize HERE2HELP volunteers with outstanding contribution. 31#32Outlook H 32 Yorkville North, Chongqing#33Outlook Uncertain market conditions in 2H 2023 • Office to remain resilient despite global economic headwinds • Recovery of luxury retail market expected to continue More planned sales completions expected from the Chinese mainland whilst timing of broader market recovery remains uncertain ⚫ Residential sentiment in Singapore expected to remain healthy Full year underlying profits expected to be stable compared to prior year: Upside dependent on timing of planned sales completions in Development Properties Investment Properties contributions stable Deepen engagement with tenants and other stakeholders to maintain momentum on sustainability and CSR initiatives Maintain disciplined approach in assessing opportunities | Outlook | 2023 Half-Year Results Hong Kong TEMBUSI GRAND Tembusu Grand, Singapore WF CENTRAL, Beijing 33#34Q&A H 34 Jardine House, Hong Kong#35Appendix H 35 Eternal Land, Chongqing#36Completed 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 249 TOTAL 4,863 TOTAL HANOI 52 5 91 TOTAL BANGKOK 27 64 1,772 TOTAL SINGAPORE 1,641 131 523 TOTAL MACAU HONG KONG BEIJING 98 151 4,123 597 384 139 | Appendix | 2023 Half-Year Results 143 435 TOTAL 258 TOTAL 9,374* TOTAL OTHERS 42 216 Office 7,116 PHNOM PENH 199 Retail 1,515 142 94 Hotel 743 1,126 TOTAL JAKARTA 1,032 鈉 94 *Equivalent to 871,000 sq. m. *As at 30 June 2023 36#37Hong Kong Investment Properties Summary HKL'S SHARE ('000 sq. ft NFA) One Exchange Square Two Exchange Square OFFICE 569 RETAIL HOTEL TOTAL 569 509 509 Three Exchange Square Exchange Square Podium The Forum Jardine House 321 321 2 49 49 51 41 I 41 632 30 662 Chater House 422 48 470 Alexandra House 326 56 382 Gloucester Tower 450 14 464 Edinburgh Tower 339 339 The Landmark Mandarin Oriental 143 143 York House 111 111 Landmark Atrium 255 255 Prince's Building 401 145 546 Total 4,123 597 143 4,863 | Appendix | 2023 Half-Year Results 37#38Singapore Investment Properties Summary HKL's SHARE ('000 sq. ft NFA) OFFICE RETAIL TOTAL One Raffles Link One Raffles Quay MBFC 311 69 242 440 2 442 1,019 60 959 Total 1,641 131 1,772¹ 1 Equivalent to 165,000 sq. m. | Appendix | 2023 Half-Year Results 38#39Other Investment Properties Summary HKL's SHARE ('000 sq. ft NFA) Beijing Macau Jakarta Hanoi OFFICE RETAIL HOTEL TOTAL 384 139 523 98 151 249 1,032 94 52 5 1,126 57 Bangkok 27 64 91 Phnom Penh 199 142 94 435 Others Total 1 Equivalent to 254,000 sq. m. | Appendix | 2023 Half-Year Results 42 216 258 1,352 787 600 2,7391 39#40Tenant Portfolio (Profile by Area) at 30 June 2023 HK Office 11% 2% 5% 8% 32% 42% 26% HK Retail 1% 1% 8% Singapore Office 6% 6% 12% 4% 6% 5% 64% 61% Banks & Other Financial Services ■Legal ■Accounting ■Property Trading ■Others | Appendix | 2023 Half-Year Results Strategic Tenants ■Other retail brands ■ HKL projects ■F&B ■Supermarket Accounting & Consulting Services ■Banking and Finance ■Energy & Natural Resources ■Legal Real Estate and Property Services ■Technology, Media & Telecommunication ■Others 40#41Development 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 110 TOTAL SINGAPORE 2,605 TOTAL 214 TOTAL CHINESE MAINLAND 21 TOTAL THAILAND 710 TOTAL INDONESIA | Appendix | 2023 Half-Year Results HONG KONG 627 TOTAL 673 TOTAL THE PHILIPPINES MALAYSIA TOTAL AREA UNDER CONSTRUCTION / TO BE DEVELOPED (HKL's share) (000's sq. m. GFA) 4,960* TOTAL *As at 30 June 2023 41#42Chinese Mainland Development Properties Summary (1) PROJECT CITY 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.) CBD Z3 Beijing 30% 2010 1.1 0.04 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 0.64 0.46 0.17 0.01 Central Avenue Chongqing 50% 2013 40.2 0.56 0.43 0.13 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 Re City Eternal Land WE City Chongqing 100% 2020/2021 5.9 0.21 0.21 Chongqing 50% 2021 39.0 0.37 0.06 0.09 0.22 Chongqing 50% 2021 6.6 0.14 0.05 0.09 Chengdu 100% 2010 19.0 0.92 0.71 0.21 Artisan Bay Chengdu 33% 2018 6.2 0.05 0.05 Continued on next slide | Appendix | 2023 Half-Year Results 42#43Chinese Mainland Development Properties Summary (2) PROJECT CITY INTEREST YEAR OF ACQUISITION SITE AREA DEVELOPABLE AREA (ha) (m sq. m.) HKL's SHARE CONSTRUCTED (m sq. m.) UNDER CONSTRUCTION (m sq. m.) TO BE DEVELOPED (m sq. m.) 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 0.09 0.11 0.04 The Riverside Hangzhou 100% 2019 2.8 0.07 0.07 Yue City Nanjing 48% 2017 19.9 0.13 0.03 0.08 0.02 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 0.02 0.06 0.02 Irvine Bay Shanghai 50% 2019 3.5 0.03 0.03 West Bund (DP component) Shanghai 43% 2020 8.3 0.12 0.06 0.06 Continued on next slide | Appendix | 2023 Half-Year Results 43#44H Chinese Mainland Development Properties Summary (3) HKL'S SHARE UNDER CONSTRUCTION (m sq. m.) TO BE DEVELOPED (m sq. m.) PROJECT CITY INTEREST YEAR OF ACQUISITION SITE AREA DEVELOPABLE AREA (ha) (m sq. m.) CONSTRUCTED (m sq. m.) Century Origin Shanghai 34% 2022 2.2 0.02 0.02 Wuhan Dream Land Wuhan 100% 2017/2023 16.4 0.49 0.29 0.20 Lakeward Mansion Wuhan 66% 2019 9.1 0.15 0.14 0.01 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 2023 499.0 8.21 5.60 2.07 0.54 Total - Dec 2022 499.0 7.91 5.25 2.11 0.55 | Appendix | 2023 Half-Year Results 44#45West Bund Detailed GFA Breakdown ACCOUNTABLE GFA DP (sq. m.) IP (sq. m.) TOTAL (sq. m.) Office for Sale 228,550 228,550 Office for Lease 423,090 423,090 Retail for Lease1 7,910 223,870 231,780 Residential for Sale 24,465 24,465 Hotels 54,937 54,937 Branded Serviced Apartments for Lease 51,063 51,063 Serviced Apartment for Lease 19,261 62,252 81,513 Convention Centre and Cultural Facilities 2,647 37,541 40,188 Facilities 1,911 9,552 11,463 Total 284,744 862,305 1,147,049 Note: The GFAs presented are on a 100% basis. | Appendix | 2023 Half-Year Results 45#46Chinese Mainland - Completed Sales Gross Margin Gross Margin % (before LAT) 50% 44% 40% 40% 30% 20% 10% 0% 2018 2019 36% 28% 22% 21% 2020 2021 2022 1H 2023 Note: The above analysis includes share of Joint Ventures & Associates. | Appendix | 2023 Half-Year Results 46#47Chinese Mainland - Attributable Saleable GFA Completions '000 sq. m. 800 700 600 500 400 300 200 100 699 0 2021 ■Chongqing Forecast 591 571 529 412 2022 ■Chengdu 2023 2024 2025 ■Shanghai ■ Nanjing Wuhan ■ Hangzhou Notes: (1) Based on actual and estimated handover dates. (2) Includes existing committed projects. | Appendix | 2023 Half-Year Results 47#48Chinese Mainland - Medium-Term Lease Assets Major Assets in Operation Medium-term Lease Assets 21% Net Investment $2,410M# 79% ■Completed medium-term lease assets Medium-term lease assets under development # The above analysis includes share of Joint Ventures & Associates. | Appendix | 2023 Half-Year Results NO • • Landmark Riverside, Chongqing Retail NLA: 55,000 sq. m. (HKL's share: 28,000 sq. m.) Opened in Sep 2016 • Retail occupancy: 71% • LCM, Shanghai Retail NLA: 60,000 sq. m. (HKL's share: 30,000 sq. m.) • Opened in Sep 2018 Retail occupancy: 92% The Ring, Chongqing (HKL's share: 79,000 sq. m.) • Retail NLA: 79,000 sq. m. • Opened in Apr 2021 Retail occupancy: 92% Major Assets under Development 11 projects with medium-term lease assets under development/ to be developed, with an estimated total NLA of 1.1 million sq. m. (HKL's share: 530,000 sq. m.) JL CENTRAL: 2023/2024 completion • WE City: 2024/2025 completion • Eternal Land: 2025 completion • Others: 2023 to 2028 completion 48#49Chinese Mainland – Assets Held for Medium-Term Lease under Development PROJECT CITY INTEREST ESTIMATED NLA (HKL's Share) ESTIMATED YEAR OF TYPE COMPLETION '000 sq. m. CBD Z3 Beijing 30% 37 Office (94%); Retail (6%) Central Avenue Chongqing 50% 39 Retail (100%) 2026 2025 Century Land Chongqing 100% 20 Retail (100%) 2024-2025 Eternal Land Chongqing 50% 44 Retail (100%) 2025 WE City Chengdu 100% 125 Office (41%); Retail (41%); Hotel & Others (18%) 2024 2025 Hangzhou Bay Hangzhou 30% 62 Retail (37%); SOHO (20%); Hotel & Others (43%) 2024 2028 Yue City Nanjing 48% 28 Retail (84%); Hotel & Others (16%) 2024 - 2025 JL CENTRAL Nanjing 50% 66 Office (64%); Retail (36%) 2024 Galaxy Midtown Shanghai 26.7% 44 Office (66%); Residential (19%); Retail (15%) 2024 - 2025 West Bund (Medium-term Shanghai 43% 12 Residential (67%); Retail (24%); Others (9%) 2023 lease component) Dream Land Wuhan 100% 53 Retail (100%) 2027 Total 530 | Appendix | 2023 Half-Year Results 49 49#50Singapore Development Properties Summary HKL's SHARE PROJECT INTEREST YEAR OF ACQUISITION SITE AREA (ha) DEVELOPABLE AREA (m sq. m.) CONSTRUCTED (m sq. m.) UNDER CONSTRUCTION (m sq. m.) Leedon Green 50% 2019 3.0 0.03 0.03 Piccadilly Grand 50% 2021 0.9 0.02 0.02 Copen Grand 50% 2021 2.2 0.03 0.03 Tembusu Grand 49% 2022 2.0 0.03 0.03 Total - Jun 2023 Total - Dec 2022 | Appendix | 2023 Half-Year Results 8.1 0.11 0.11 11.6 0.22 0.11 0.11 TO BE DEVELOPED (m sq. m.) 50#51Other Southeast Asia Development Properties Summary (1) DEVELOPABLE AREA HKL's SHARE CONSTRUCTED (m sq. m.) UNDER CONSTRUCTION (m sq. m.) TO BE DEVELOPED (m sq. m.) PROJECT COUNTRY INTEREST YEAR OF ACQUISITION SITE AREA (ha) (m sq. m.) Nava Park Anandamaya Residences Indonesia 49% 2012 77.0 0.24 0.11 0.01 0.12 Indonesia 40% 2013 1.3 0.04 0.04 Asya Indonesia 50% 2016 66.6 0.24 0.04 0.08 0.12 Arumaya Indonesia 40% 2018 0.7 0.01 0.01 Avania Indonesia 50% 2018 1.9 0.06 0.06 Lazuli Indonesia 50% 2022 49.0 0.16 0.16 Project Ruby Indonesia 37.5% 2023 73.6 0.15 0.15 Lake Legend Thailand 49% 2018 39.5 0.12 0.01 0.08 0.03 Chaengwattana Lake Legend Bangna Thailand 49% 2018 45.1 0.10 0.01 0.04 0.05 Suvarnabhumi Embassy at Wireless Thailand 49% 2019 0.5 0.03 0.03 Continued on next slide | Appendix | 2023 Half-Year Results 51#52Other 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 Others Vietnam 70% 2017 0.5 0.04 0.04 Malaysia & n/a n/a 122.5 0.84 0.17 0.35 0.32 others Total - Jun 2023 Total - Dec 2022 | Appendix | 2023 Half-Year Results 500.0 2.74 0.50 0.72 1.52 428.2 2.60 0.49 0.43 1.68 52#53Southeast Asia – Projects Launched for Sale THAILAND - Lake Legend Chaengwattana (49%-owned) ■ Site area: 40 ha; GFA: 230,000 sq. m. 66 units launched for sale, 47% pre-sold (31 units) ■ 30 units transferred as of 30 June 2023 Completion: 2020 to 2031 Lake Legend Bangna Suvarnabhumi (49%- owned) Site area: 45 ha; GFA: 179,000 sq. m. ■ 31 units launched for sale, 84% pre-sold (26 units) Completion: 2020 to 2030 THE PHILIPPINES Mandani Bay (40%-owned) ■ Site area: 20 ha; GFA: 1.2 million sq. m. 4,519 units launched for sale, 90% pre-sold Completion: 2016 to 2039 The Velaris (40%-owned) ■ Site area: 2 ha; GFA: 144,000 sq. m. ■ 499 units launched for sale, 63% pre-sold Completion: 2020 to 2028 MALAYSIA Quinn (100%-owned) ■ Site area: 0.7 ha; GFA: 31,000 sq. m. ■ 361 units, 96% pre-sold Completion: 2020 to 2024 Sfera (100%-owned) ■ Site area: 0.9 ha; GFA: 41,000 sq. m. ■ 494 units, 23% pre-sold Completion: 2023 to 2025 INDONESIA Nava Park (49%-owned) ■ Site area: 77 ha; GFA: 507,000 sq. m. 1,301 units launched for sale, 91% pre-sold Completion: 2017 to 2028 Asya (50%-owned) ■ Site area: 67 ha; GFA: 492,000 sq. m. ■ 978 units launched for sale, 62% pre-sold Completion: 2019 to 2031 Arumaya (40%-owned) ■ Site area: 0.7 ha; GFA: 24,000 sq. m. ■ 355 units, 40% 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, 46% pre-sold 150 units reserved under bulk sale Completion: 2022 H Note: The GFAs presented are on a 100% basis. 53#54Consolidated Balance Sheet 30 Jun 2022 (US$m) Investment Properties 30 Jun 2023 31 Dec 2022 % 28,278 - Subsidiaries 27,167 28,054 -3 5,601 Joint ventures 5,667 5,722 -1 33,879 32,834 33,776 -3 Development Properties* 3,667 Subsidiaries 3,094 2,920 +6 7,155 Joint ventures 6,672 7,012 -5 (2,116) Pre-sale proceeds (1,851) (1,624) +14 8,706 7,915 8,308 -5 (2,876) Others (3,047) (2,940) +4 39,709 Gross assets (excluding cash) 37,702 39,144 -4 Financed by: 33,647 - Total equity 32,157 33,327 6,062 39,709 Net debt 5,545 5,817 -5 37,702 39,144 †† -4 -4 * Includes contract assets and cost to fulfil contracts | Appendix | 2023 Half-Year Results 54#55Gross Assets at 30 June 2023 By Activity By Location 18% 0 82% 21% 0 12% 67% ■Investment Properties Development Properties ■Hong Kong ■Southeast Asia ■Chinese Mainland and Macau | Appendix | 2023 Half-Year Results 55#56Investment Properties - Basis of Valuation 2021 Capitalisation Rates 2022 Jun 2023 Hong Kong Office - Exchange Square 1 & 2 3.00% 3.05% 3.10% Hong Kong Retail - Landmark Atrium Singapore Office - MBFC | Appendix | 2023 Half-Year Results 4.50% 4.50% 4.50% 3.00% 3.00% 3.00% 56#57Treasury Management Liquidity at 30 June 2023 (all figures in US$bn) Liquidity at HK$* S$ US$ RMB THB TOTAL 31 DEC 2022 Committed lines 8.9 6.0 0.9 0.0 1.5 0.4 8.8 Gross debt 7.0 5.0 0.3 0.0 1.1 0.3 6.7 Available lines 1.9 1.0 0.6 0.0 0.4 0.1 2.1 Cash 1.2 0.1 0.3 0.2 0.6 0.0 1.2 Available liquidity 3.1 1.1 0.9 0.2 1.0 0.1 3.3 * HK$ debt includes US$ debt swapped into HK$ | Appendix | 2023 Half-Year Results 57