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HKEX Investor Presentation

Investor Relations Aug, 2021 Disclaimer

The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to subscribe for or purchase any securities, or other products or to provide any investment advice or service of any kind. This document is solely intended for distribution to and use by professional investors. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Hong Kong Exchanges and Clearing Limited (“HKEX”) to any registration requirement within such jurisdiction or country.

This document contains forward-looking statements which are based on the current expectations, estimates, projections, beliefs and assumptions of HKEX about the businesses and the markets in which it and its subsidiaries operate. These forward-looking statements are not guarantees of future performance and are subject to market risk, uncertainties and factors beyond the control of HKEX. Therefore, actual outcomes and returns may differ materially from the assumptions made and the statements contained in this document.

Where this document refers to Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect (together, the “Stock Connect” programs), please note that currently, access to northbound trading is only available to intermediaries licensed or regulated in Hong Kong; southbound trading is only available to intermediaries licensed or regulated in Mainland China. Direct access to the Stock Connect is not available outside Hong Kong and Mainland China.

Where this document refers to Bond Connect, please note that currently, access to northbound trading is only available to foreign investors that are able to trade onshore bonds on the China Foreign Exchange Trade System & National Interbank Funding Centre.

Although the information contained in this document is obtained or compiled from sources believed to be reliable, HKEX does not guarantee the accuracy, validity, timeliness or completeness of the information or data for any particular purpose, and shall not accept any responsibility for, or be liable for, errors, omissions or other inaccuracies in the information or for the consequences thereof. The information set out in this document is provided on an “as is” and “as available” basis and may be amended or changed. It is not a substitute for professional advice which takes account of your specific circumstances and nothing in this document constitutes legal advice. HKEX shall not be responsible or liable for any loss or damage, directly or indirectly, arising from the use of or reliance upon any information provided in this document. Agenda

HKEX GROUP

Financials FY2020 1H2021  Leading diversified exchange group in the Asian Time Zone REVENUE: REVENUE: HK$19.2bn HK$10.9bn  HK’s only exchange group EBITDA: EBITDA: HK$14.6bn HK$8.6bn 1  World’s leading IPO venue – ranked #1 in 7 of the past 12 years PAT: PAT: HK$11.5bn HK$6.6bn  Pioneer in Mainland capital markets connectivity EPS: EPS: HK$9.11 HK$5.22  London Metal Exchange – globally leading base metals exchange DPS: DPS: HK$8.17 HK$4.69 (90% payout) (90% payout)

Primary & Secondary Markets Post Trade Market Access

Equity & Financial Cash Equities Commodities Derivatives Post Trade Technology Market Data

16% 6% 5% 29% 39% 1H 2021 Revenue Share2

Note: Figures for 1H 2021 (unless otherwise stated) 1. From 2009 to 2020 2. Corporate items accounted for 5% of total revenue in 1H 2021 and are not shown in above pie charts.

4 1H 2021 key highlights

1 | Financial Performance • Record half-yearly revenue and other income of HK$10.9bn (+24% YoY) with core business revenue up by 27% YoY, driven by record headline ADT • Record half-yearly Stock Connect revenue and other income of HK$1.3bn (+78% YoY) • Net investment income of HK$0.8bn (1H 2020: HK$0.8bn) • Profit attributable to shareholders at record half-yearly high of HK$6.6bn (+26% YoY)

2 | Business and Strategy • Strong IPO market – #3 globally by IPO funds raised (HK$212bn, more than double that of 1H 2020) • Strong Connect scheme performance – record high ADT across all platforms • Organisational changes announced, aligning ourselves better with the need and success of our customers • Ongoing market microstructure, technology enhancements and product launches • LME announced the outcomes of its Discussion Paper on market structure, enhancing the LME’s electronic offering and providing greater transparency • Confirmed on 6 July, launch of FINI to drive post trade efficiency with T+2 IPO settlement cycle, following overwhelming market support

5 Core business well-positioned for organic and structural growth

A Broad Product Ecosystem Attracting Diverse Mainland and International Investor Base

Securities ADT Derivatives ADV Futures Options (HK$ billion) CAGR (’000 contracts) CAGR

+10.8% . Southbound Connect +11.4% . Risk Management 188 1,219 1,204 1,133 1,069 . Jumbo IPOs . Algo / Quant Investors 129 870 106 107 769 762 88 87 533 577 63 69 67 . Global Investors . After-hours Trading

3 3

2013 2014 2015 2016 2017 2018 2019 2020 2021

2013 2014 2015 2016 2017 2018 2019 2020 2021 B IPOs Driving ADT Growth C Transformational Growth from China’s Opening1

# of IPOs 2 2 Total IPO funds raised (US$ billion) Northbound ADT Southbound ADT (RMB billion) (HK$ billion) Global fundraising rank . New Economy Listing . Continuing Portfolio Reforms Diversification #3 #2 #1 #1 #3 #1 #1 #2 #3 CAGR CAGR • Biotech 118 183 174 . A-share Inclusion in 218 154 +72.3% 91 +51.6% 138 • WVR 48 122 126 Global Benchmarks 110 66 • Secondary Listings 42 24 . Strong Pipeline of . SB Connect Limited by 13 Mainland and 20 10 11 Investor Eligibility Cap 6 5 10 3 4 40 52 International Listings 22 30 34 25 16 37 32 3 3 3

2013 2014 2015 2016 2017 2018 2019 2020 2021

2015 2016 2017 2018 2019 2020 2021

D Focus on Revenue Growth and Cost Discipline

Source: HKEX, Dealogic. 1. Shanghai-HK and Shenzhen-HK Stock Connect was launched in Nov 2014 and Dec 2016 respectively. 2. Buy + Sell ADT. 3. 2021 YTD as of Jul 2021.

6 A Diverse international investor base attracted to broad product ecosystem

Algo / Quant Participation in Cash Market

Stock Due to… Options Stock Short Futures Relatively low • Presence of stamp duty Selling (circa. 10-20% of ADT) • Minimal high frequency trading • Single market structure Stock CBBCs Connect Algo / Quant Participation in Derivatives Market

A-share DWs Derivatives1 Driven by… Stocks Relatively high • No stamp duty (circa. 40-60% of ADV) • Market maker participation • Capital efficiency OTC Bond Connect Recent initiatives and future focus

Index Asia & EM . Market microstructure enhancements: leading to better price 2 Futures Index Futures discovery and trade efficiency ETPs Currency Futures . Targeted marketing and client support: onboarding 10+ clients each year

. Incentives: driving increased volumes

. Product cross-selling: creating arbitrage opportunities

1. HKEX signed a licence agreement with MSCI to introduce futures contracts on the MSCI China A Index, subject to regulatory approval and market conditions. 2. See next pages for details

7 A New MSCI Suite – growing product ecosystem to connect global trades

HKEX MSCI Product Suite1 Key Dynamics

NTR Single country Regional MSCI Australia MSCI Singapore MSCI AC Asia ex Japan2 Expanding our product UNDERLYING MSCI China Free MSCI Singapore Free MSCI EM Asia . Licenced a suite of MSCI indexes in Asia and Emerging MSCI Hong Kong MSCI Taiwan MSCI EM Asia ex China Markets to introduce 40+ futures and options contracts MSCI India MSCI Taiwan 25/50 MSCI EM Asia ex Korea MSCI Indonesia MSCI Thailand MSCI EM EMEA MSCI Japan MSCI Vietnam MSCI EM ex China MSCI Japan (JPY) MSCI EM ex Korea MSCI Malaysia MSCI EM LatAm MSCI New Zealand MSCI Emerging Markets MSCI Philippines MSCI Pacific Broadening and deepening LIQUIDITY MSCI Pacific ex Japan . Allow investors to Trade Asia, in Asia Price Return . Complement existing HSI and HSCEI index futures Single country Regional MSCI China Free MSCI Taiwan 25/50 MSCI Emerging Markets MSCI India MSCI Thailand MSCI Indonesia MSCI Singapore Free MSCI Japan (JPY) (SGD) Enhancing our COMPETITIVENESS MSCI Malaysia MSCI Taiwan MSCI Philippines MSCI Vietnam . Better capital efficiency . Creating a competitive one-stop shop for China and Asian Options exposures MSCI Taiwan MSCI China Free Reinforces Hong Kong’s role as the leading global market in the Asian Time Zone, with the broadest suite of MSCI derivatives products

1. All contracts denominated in USD unless otherwise specified 2. Started trading in HKEX since 2018

8 A New MSCI Suite – steady trading volume against keen competition

ADV (No. of Contracts)

9,648 1 10,000 9,450 9,554 9,356 Others  Intense competition from 8,810 8,834 MSCI Indonesia NTR 8,016 7,924 SGX (FTSE Taiwan Capped 8,000 7,339 MSCI China Free NTR 6,771 MSCI TN NTR products) while still recording 6,000 5,072 MSCI JP NTR meaningful ADV since MSCI TW 4,000 launch  Expect to see gradual 2,000

250 478 migration with upcoming rolls 0 Jul-20 Aug- Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May- Jun-21 Jul-21  Continue to work on further 20 21 microstructure OI (No. of Contracts) enhancements to meet

1 investor needs, such as 100,000 94,847 Others MSCI Indonesia NTR holiday trading 77,660 80,000 MSCI China Free NTR 66,329 62,975 63,579 59,806 61,940 MSCI TN NTR 60,000 MSCI JP NTR 44,066 43,386 45,006 44,682 40,000 MSCI TW

20,000 3,967 330 0 Jul-20 Aug- Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May- Jun-21 Jul-21 20 21

1. Mainly from MSCI TW NTR, India NTR and Malaysia NTR.

9 B Strongly Performing IPO Market boosted by New Economy Issuers and Secondary Listings

2021 Jan – July Fundraising Summary

…raising IPO Funds Raised New Economy (#3 globally) 35 HK$253.2bn & Biotech Companies Listed… HK$228.1bn

+85% YoY +134% YoY

IPO Funds Raised by Segments

No. of IPO – Total 174 218 183 154 66 – New Economy1  World’s second-largest fund raising hub for biotech – Biotech2 14 27 38 36 27 companies

0 5 9 14 8  Joined 12 IPO promotional events in June 2021, including IPO Funds Raised China Listed Company Forum 2021, 21 Jingji HK (HK$ bn) Biotech Outlook and Sequoia Portfolio Company IPO 400.2 Workshop which gathered top investors, entrepreneurs, 400 and industry professionals to continue the effort in 314.2 promoting HK new economy and biotech listings 288.0 300 217.0 253.2  Ongoing listing reforms 138.5 124.0 200 . FINI - Shortening of IPO settlement cycle 128.5 18.5 16.1 40.4 207.1 . Enhancing listing regime for overseas issuers 100 44.4 145.5 159.6 142.7 . Enhancing the bookbuilding and price discovery aspects 84.1 21.0 of IPOs (cornerstone investors, pricing flexibility, 0 25.1 2017 2018 2019 2020 2021 clawback mechanism)

Others Biotech New Economy Source: HKEX, as of July 2021. 1. Include Non-18A Biotech companies 2. Only include Chapter 18A Biotech companies

10 B Top 10 IPOs contributing to increased trading activity

Top 10 IPOs since Jan 2018 Rising contribution to volumes from Top 10 IPOs

Rank Stock Name IPO date IPO size (HK$bn) Cash Market ADT (HK$ bn) contributed by Top 10 IPOs and related Structured Products ADT

1 BABA - SW 26/11/2019 101.20 % of respective ADT

% of single stock option ADV 2 CHINA TOWER - H 08/08/2018 58.80 19.6% 3 KUAISHOU - W 05/02/2021 48.30 15.5%

7.3% 4 BUD APAC 30/09/2019 45.08 17.1% 1.3% 19.7% 5 XIAOMI - W 09/07/2018 42.61 9.8% 32.1

6 JD - SW 18/06/2020 34.56 2.8% 25.5

7 MEITUAN - W 20/09/2018 33.14

8 JD HEALTH 08/12/2020 31.00

9 JD LOGISTICS 28/05/2021 28.27 3.0% 8.5 3.0 10 NTES - S 11/06/2020 24.26

2018 2019 2020 2021 YTD

In 2021 1H, 18% of cash ADT and 20% of single stock option ADV were contributed by the top 10 IPOs since 2018

Source: HKEX, as of Jul 2021. S – Secondary listings; W – Weighted Voting Rights; H – H shares

11 B Continuous ADR conversion and trading migration from secondary listings Trading shares among HK and US Top 10 Secondary Listings1 ADR conversion to HK CCASS Exchanges

Secondary Market Cap HK IPO HK freely traded shares 2 Trading volume breakdown (2021) Listings (HK$ bn) Date IPO date 30-Jun-21 HKEX NASDAQ FINRA ADF 4 NYSE Arca NYSE Others (US)

2.7% BABA - SW 4,771.6 26/11/2019 17% 11% 31% 8% 16% 17% 30.0%

5.1% JD - SW 952.2 18/06/2020 19% 26% 26% 9% 2% 18% 15.0%

4.5% 1% NTES - S 590.1 11/06/2020 25% 31% 22% 14% 8.0% 7%

3.3% 1% BIDU - SW 564.1 23/03/2021 6% 30% 36% 20% 6.0% 7%

7.5% 1% BILIBILI - SW 367.5 29/03/2021 13% 33% 27% 19% 10.0% 7%

9.8% YUM CHINA - S 213.0 10/09/2020 8% 13% 31% 6% 27% 15% 3.0%

5.2% ZTO EXPRESS - SW 193.5 29/09/2020 5% 14% 28% 7% 27% 19% 4.0%

4.7% 2% TRIP.COM - S 175.9 19/04/2021 9% 37% 25% 19% 3.0% 8%

7.0% 2% HUAZHU - S3 136.1 22/09/2020 5% 32% 36% 19% 5.1% 7%

5.8% NEW ORIENTAL - S 129.5 09/11/2020 6% 13% 35% 6% 20% 20% 9.0%

Source: HKEX, FactSet, as of 30 Jun 2021 1. Ranked by market cap (Total: 14 as of 30 Jun 2021) 2. Based on total CCASS balance deducting the balance of main custodian bank as reference 3. Huazhu’s latest ADR conversion to HK shares is dated as of 15 Jul 2021 since a share split of ordinary shares (1 sub-divided into 10) has been effective since 29 Jun 2021 which affects the disclosure from CCASS 4. FINRA ADF is an equity trading facility created by a self-regulatory organization FINRA. The ADF provides members with a facility for the display of quotations, the reporting of trades, and the comparison of trades such as dark pool trading.

12 C Transformational growth from China’s opening

Stock Connect1 Bond Connect

Northbound Southbound Total Foreign Participation in CIBM2 (RMB billion) (HK$ billion) (RMB billion) Investors Foreign Holdings in Chinese Bonds Foreign Onboarded Portfolio Value Portfolio Value (US$ bn) Ownership (%) 2,673 3.5% CAGR Bond Connect CAGR launch US$576bn 2,459 4.0% 2,340 600 2,375 3.5% +78.7% 500 +79.7% 2,097 3.0% 400 1,429 2.5% YTD ADT Jul 2.0% 1,138 300 927 1.5% 668 789 200 RMB26.6bn 531 1.0% 364 100 125 186 115 0.5%

3 3 0 0.0%

2015 2016 2017 2018 2019 2020 2021

. Continuing portfolio diversification by Mainland and . Inclusion of Mainland bonds into global fixed income international investors indices . Inclusion of A shares into major global benchmarks . Easier access to the Mainland bond market via more trading platforms . Increasing selection of new economy companies in Southbound Stock Connect . Increasing use of RMB globally and need to reinvest into RMB assets

Benefiting from the increased capital flow into and out of Mainland China, in particular inbound flows driven by international index inclusions

Source: HKEX, Bond Connect, ChinaBond, SCH; 1. Shanghai-HK and Shenzhen-HK Stock Connect was launched in Nov 2014 and Dec 2016 respectively. 2. Foreign participation in CIBM was first allowed in 2010 when the PBOC rolled out a Pilot Scheme to allow foreign financial institutions to invest in CIBM. 3. Data as of Jul 30th, 2021.

13 D Focus on revenue growth and cost discipline

2013-2016 2016-2020

. ADT re-rating . Stock Connect – Shanghai . Stock Connect – Shanghai + Shenzhen . After-hours trading . Continuing growth in derivatives . LME fee commercialisation . Listing reforms and new economy issuers . Launch of LME Clear . Revamped investment income approach

Revenue (HK$ million) EBITDA (HK$ million)

EBITDA 68% 70% 75% 69% 73% 74% 75% 77% Margin CAGR +14.6%

CAGR +8.4% 19,190 +17.6% 15,867 16,311 +8.8% 13,375 13,180 14,641 11,116 9,849 11,757 12,263 8,723 10,085 9,614 7,661 5,946 6,891

2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020

Reaping rewards from the structural growth initiatives that have already been implemented

14 D Focus on revenue growth and cost discipline

2013-2016 2016-2020

. Reaping rewards of past investments and . Investment in growth initiatives to capture benefiting from operating leverage China opportunities . Increased cost discipline . Upgrading core infrastructure to strengthen technological foundation . Investment in automation and operational efficiency

Operating Expenses (HK$ million) Profit Attributable to Shareholders (HK$ million)

Net Profit 52% 52% 59% 52% 56% 59% 58% 60% Margin CAGR +7.1% +7.6% 4,549 CAGR +18.8% 4,110 4,048 3,566 3,290 3,455 +8.2% 2,958 11,505 2,777 9,312 9,391 7,956 7,404 5,769 4,552 5,165

1 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020

Increased operating leverage from revenue growth, delivered by structural drivers combined with opex discipline

1. If the impact of HKFRS 16 were excluded, 2019 Operating Expense would be HK$4,362 million and the 2016-2019 CAGR would be 8.1%.

15 Sustainability is at our core, and is business critical Progressing our financial markets and communities for the benefit of all

TALENT RISK ENGAGEMENT REPUTATION CULTURE

OUR MARKETS OUR PEOPLE OUR OPERATIONS

. Enhancing Corporate Governance best practices . Giving back to our communities with HKEX . Upholding high standard of corporate governance among listed companies in Hong Kong covering Foundation’s Charity Partnership Programme, and board process within the organisation board diversity, director independence, ESG via HKEX University Scholarship, as well as other revision of Corporate Governance Code ongoing donations and volunteering activities for . Ongoing promotion of employees’ awareness of the community our legal and compliance obligations with . Ongoing promotion of ESG standards with the continuous training and internal communications updated ESG Guide, new ESG Academy webinar . Promoting talent learning and development with AI- series, e-Learning series and updated ESG empowered platform and supporting employee . Implementation of HKEX Future Workplace and guidance letter and active involvement in global wellbeing across the Group, especially during digitalisation of internal workflows to improve ESG standardisation engagement COVID-19 efficiency and reduce paper consumption

. Promoting sustainable and green finance via . Championing workplace diversity (gender and publication of insights and research papers different abilities) through internal training, through STAGE and the LME’s sustainability plan; advocacy and partnership with professional senior executives leading the sustainable finance groups, universities and NGOs dialogues in local and global forums e.g. CNBC Global ESG Council

Recognised as a sustainability leader with the constituent status in various sustainability indexes, e.g., Dow Jones Sustainability Indexes, FTSE4Good, Hang Seng Corporate Sustainability Index series

16 Agenda

(HK$)

Total revenue & other income(2) Core business revenue(3) Net investment income

+24% +27% -8%

$8.8bn $10.9bn $7.9bn $10.1bn $0.8bn $0.8bn 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021

EBITDA PAT Basic earnings per share

+26% +28% +26% $4.15 $5.22 $6.7bn $8.6bn 1H 2020 1H 2021 $5.2bn $6.6bn 1H 2020 1H 2021 Dividend per share 1H 2020 1H 2021 Margin(4) +26% 77% 79% $3.71 $4.69 1H 2020 1H 2021

1. All percentage changes are computed based on amounts reported in financial statements 2. Represents gross revenue and other income before deducting transaction-related expenses (1H 2020: HK$31mn; 1H 2021: HK$81mn) 3. Core business revenue represents total revenue and other income, excluding net investment income and HKEX Foundation donation income (1H 2020: Nil; 1H 2021: HK$74mn) 4. EBITDA margin is calculated based on EBITDA divided by revenue and other income less transaction-related expenses

18 1H 2021 vs 1H 2020: Record half-yearly revenue and profit driven by record headline ADT and Stock Connect volumes

Revenue and Operating Profit attributable to HKEX EBITDA Basic earnings per share other income(1) expenses(2) shareholders(3)

(HK$ mn) (HK$) Total Total Total Total Total + 24% + 9% + 28% + 26% + 26% Core business Core business Core business Core business Core business + 27% + 7% + 33% + 32% + 31% ADT 77% Margin(4) 79% HK$117.5bn +60% HK$188.2bn

10,909 HKEXFN NII 774 8,782 74 8,607 NII 838 6,706 HKEXFN NII 774 6,610 5 NII 838 5,233 HKEXFN NII 774 5.22 Core business 5 4.15 HKEXFN NII 0.61 Core business 10,061 NII 838 Core business 0.00 7,944 2,045 2,221 Core business 7,828 Core business NII 0.66 HKEXFN HKEXFN Core business Core business 5,896 5,831 Core business 28 69 4,423 4.61 Core business Core business 3.51 2,017 2,152 HKEXFN HKEXFN HKEXFN (28) (28) (0.02) 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 Trading & clearing fees  from Opex due to higher staff costs EBITDA margin  2% Core business PAT % lower than EPS %  same as PAT record headline ADT and Northbound and IT expenses EBITDA due to the deferred tax ADT, partly offset by  HKFE ADV charge of $160mn arising from the Foundation donations  approval of  UK tax rate in 2021, Depository fees  from  e-IPO fees, from 19% to 25% effective from April scrip fees and Stock Connect portfolio 2023 (1H 2020: $61mn), partly offset fees by lower %  in D&A

Net investment income (NII)  due to  from interest income, partly offset by  $459mn from external portfolio (1H 2020: $138mn losses; 1H 2021: $321mn gains)

1. Represents gross revenue and other income before deducting transaction-related expenses (1H 2020: HK$31mn; 1H 2021: HK$81mn) 2. Excludes transaction-related expenses, depreciation and amortisation, finance costs, and share of results of joint ventures 3. For the purpose of this presentation, tax impact of NII is not considered when calculating the PAT attributable to NII 4. EBITDA margin is calculated based on EBITDA divided by revenue and other income less transaction-related expenses

19 Q2 2021 vs Q1 2021: Q2 results reflect lower ADT and ADV after an exceptionally buoyant Q1

Profit attributable to Revenue and other income(1) Operating expenses(2) EBITDA HKEX shareholders(3) (HK$ mn) Total Total Total Total - 17% + 2% - 21% - 28% Core business Core business Core business Core business - 17% - 0% - 21% - 29%

ADT 81% Margin(4) 77% HK$224.4bn -33% HK$151.3bn

5,956 NII 418 HKEXFN 4,953 46 4,809 NII 356 HKEXFN NII 418 28 HKEXFN 3,798 3,840 21 NII 356 NII 418 HKEXFN 2,770 Core business 21 5,492 NII 356 Core business Core business 4,569 4,370 Core business Core business 1,102 1,119 3,458 3,401 Core business HKEXFN HKEXFN 2,430 25 Core business 44 Core business 1,077 1,075 HKEXFN HKEXFN (16) (16) Q1 2021 Q2 2021 Q1 2021 Q2 2021 Q1 2021 Q2 2021 Q1 2021 Q2 2021

Trading and clearing fees  from Stable EBITDA margin  4% due to  in PAT %  more than EBITDA due to  headline ADT and  Derivatives ADV revenue a one-off deferred tax charge of $160mn arising from the approval of Stock Exchange listing fees  from  in newly listed DWs and CBBCs  UK tax rate in Q2 2021, from 19% to 25% effective from April 2023 Depository fees  from seasonality as more companies have their book close in Q2 due to dividend payment

1. Represents gross revenue and other income before deducting transaction-related expenses (Q1 2021: HK$45mn; Q2 2021: HK$36mn) 2. Excludes transaction-related expenses, depreciation and amortisation, finance costs, and share of results of joint ventures 3. For the purpose of this presentation, tax impact of NII is not considered when calculating the PAT attributable to NII 4. EBITDA margin is calculated based on EBITDA divided by revenue and other income less transaction-related expenses

20 Cash and Post Trade segments drove higher revenue YoY External portfolio saw gains of $321mn (vs losses of $138mn in 1H 2020) Segmental revenue

(HK$ mn)

438 10,909 595 80 947 93 8,782 (26)

+42% +6% -3% +16% +18% +626% +24%

YTD1H Q2 2020 2020 Cash Equity and Financial Commodities Post Trade Technology Corporate Items YTD1H Q2 2021 2021 Derivatives

Trading fees & Trading fees & Trading fees  Clearing fees  Network fees  Net investment % tariffs  from tariffs from DWs, from  LME from  ADT & SIs, due to  usage of income (NII) Change record ADT of CBBCs & warrants chargeable ADV and record NB the Orion Central  from  gains year-on-year equity products and  from  ADT Stock Connect Gateway & China from external record Stock Trading fees from clearing revenue Connect Central portfolio but partly Connect ADT futures and options Depository fees  Gateway, and offset by  interest  from  HKFE from  e-IPO fees,  new throttle fees income ADV, partly offset  scrip fees and Hosting services by record stock  Stock Connect fees  due to  HKEX Foundation options ADV portfolio fees subscriptions donation income Listing fees  due Investment income $74mn to record newly  due to  interest listed DWs and income from lower CBBCs interest rates

1. Headline ADT up 60% (1H 2020: $117.5bn; 1H 2021: $188.2bn); ADT of equity products included under Cash segment up 66% (1H 2020: $100.0bn; 1H 2021: $165.8bn); ADT of DWs, CBBCs and warrants included under Equity and Financial Derivatives segment up 28% (1H 2020: $17.5bn; 1H 2021: $22.4bn)

21 Higher EBITDA for Cash, Post Trade and Technology segments due to increase in the Cash Market activities EBITDA Equity & Financial Group Total Cash Commodities Post Trade Technology Derivatives (incl. Corp. Items) ($ million) + 47% 0% - 5% + 18% + 23% + 28%

(1) % EBITDA Margin 77% 79%

% Share of Group EBITDA (before Corporate Items) 8,607

87% 90% 82% 80% 56% 55% 88% 89% 69% 72% 6,706

3,760 3,197 100% 100% 2,895 1,968 1,331 1,331 375 420 399 304 27% 33% 19% 15% 6% 5% 44% 43% 4% 4%

1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021

Trading fees & tariffs  Trading fees & tariffs from DWs, Trading fees  $48m from Clearing fees  $682m Network fees  $59m due EBITDA margin  2% CBBCs & warrants  $83m from $913m from record ADT of  ADT  LME chargeable ADV from  ADT & SIs, and to  usage of the Orion equity products and record Other revenue from record Stock Connect Central Gateway & China Stock Connect trading Trading fees from futures and clearing revenue Connect Central Gateway, options  $129m from  HKFE physical operations revenue ADV, partly offset by record stock  $12m Depository fees  $338m and  new throttle fees options ADV from  e-IPO service fees, Hosting services fees  Opex  $20m due to  Listing fees  $147m due to record  scrip fees &  Stock $13m due to  newly listed DWs and CBBCs staff and IT costs Connect portfolio fees subscriptions Transaction-related expenses Investment income   $40m due to  MSCI license fees $426m due to  interest return Opex  $53m due to  allocated costs of Listing Division from  Opex  $22m due to  listing fees from DWs and CBBCs, staff costs and MSCI incentives

1. EBITDA margin is calculated based on EBITDA divided by revenue and other income less transaction-related expenses.

22 Net investment income impacted by low interest rate environment 1H 2021: $774mn (1H 2020: $838mn)

. External portfolio – improved performance reflecting market Average fund size

valuations (HK$ bn) . Internal funds – lower income from reduced interest rates, partly 242.3 offset by higher fund sizes 197.3 33.8 29.3 Corporate Funds

Margin Funds Net investment income by funds 186.0 151.7 (HK$ mn) Clearing House Funds Corporate Funds Corporate Funds Margin Clearing (External Portfolio) (Internal) Funds House Funds 16.3 22.5 1H 2020 1H 2021

714

Net investment income by category of investments

(HK$ mn) Cash & Collective 321 336 Debt bank investment FX securities deposits schemes 204 982 107 58 10 417 321

32 21 15

(38) (138) (138)

1H 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

23 Agenda

China Global Liquidity Liquidity

China Global Markets Markets

China Global Underlying Underlying

China Anchored Technology Empowered Globally Connected

Facilitating China’s Leveraging new technology Bringing global liquidity internationalisation and for modernisation and to China and Asia Pacific investment diversification growth underlying

25 Strategic Plan on Track – achievements to date (1/3)

China Anchored – Facilitating China’s Internationalisation and Investment Diversification

Expanding and Enhancing Stock Connect • Stock Connect inclusion of WVR companies; eligible A-shares listed on Shanghai’s STAR Market; their corresponding H-shares; and pre-revenue biotech companies listed in HK • Launch of the investor identification regime for Southbound Trading • Master SPSA launched to support Northbound Trading with better operational efficiencies • Stocks under SB Stock Connect added to Mainland annuity funds' investment scope

Enhancing Bond Connect • Enhancements to settlement cycles (special settlement cycles and recycle settlement, T+N settlement available on Tradeweb and Bloomberg) • Launch of electronic bond issuance system – ePrime • Extension of trading hours; fee reduction; increase in choices of FX settlement bank; more flexible filing arrangements

Extending our China onshore capabilities • Launch of Guangzhou Futures Exchange – HKEX became the first non-Mainland Chinese investor to take an interest in an Mainland Exchange • Established HKEX Mainland China Advisory Group and Mainland Market Panel to provide insight and expertise • Launch of natural gas and cement products on the QME

26 Strategic3 | Strategic Plan Plan on Track on Track – achievements – 2020 Highlights to date (2/3) Globally Connected – Bringing Global Liquidity to China and Asia Pacific Underlying Globally Connected – Bringing Global Liquidity to China and Asia Pacific Underlying

Enhancing our IPO regime • New grandfather arrangements to enable qualifying issuers with Corporate WVR to seek secondary listings in Hong Kong • Shortening of the structured product listing cycle from five to three trading days • Published a consultation paper on proposals to enhance and streamline the listing regime for overseas issuers Broadening our product ecosystem across asset classes • MSCI suite of Asia and Emerging Markets Index Futures and Options • Hang Seng TECH Index Futures and Options; Weekly Index options; Options on Futures • USD and CNH denominated Silver Futures; mini USD/CNH Futures; New cash-settled metals futures on LME Developing into the ETF issuance and trading hub of the Asia time zone • Welcomed new types of ETPs – active equity ETF, ESG China A shares ETF, commodity-based L&I Product, HK – listed biotech companies focused ETF, ETF tracking the Shanghai’s STAR Market • Launched the Hong Kong-Mainland ETF Cross-listing Scheme with both Shanghai and Shenzhen • Introduced a new spread table and continuous quoting market making obligations to enhance liquidity; cross-listing link with Euroclear; buy-in exemption; reduced fee exemption for ETP market makers while introduced fee waiver for fixed-income ETPs Improving market microstructure • Enhanced Volatility Control Mechanism (VCM) and Pre-Opening Session (POS) • Temporary migrated LME trading activities from the Ring to electronic pricing • LME launched electronic warranting solution to replace paper warrants 27 Strategic3 | Strategic Plan Plan on Track on Track – achievements – 2020 Highlights to date (3/3) Technology Empowered – Leveraging New Technology for Modernisation and Growth Technology Empowered – Leveraging New Technology for Modernisation and Growth

Modernising our systems • Confirmed launch of FINI, reducing the IPO subscription and settlement cycle from T+5 to T+2 • Relocation of the secondary data centre to become a Tier 3 data centre • Completion of the derivatives system infrastructure upgrade

Leveraging new technology • Announced launch of Synapse in Q1 2022 to automate and streamline post trade workflow for Northbound Stock Connect • Deployed new technologies (e.g., Robotic Process Automation, AI) across HKEX businesses • Continued to scale up our Robotic Process Automation (RPA) programme and AI usage across our businesses to improve operational efficiency; HKEX RPA team won the BluePrism’s APAC Pinnacle award, highest honour at its annual Customer Excellence Awards in 2021

Expanding our horizons • Launch of Fusion Bank, a new virtual bank in partnership with multiple leading HK businesses (HKEX has minority shareholding) • Minority investment in Huakong TsingJiao, which specialises data and multi-party computation technologies

28 2019-2021 Strategy – FICC themes

FIXED INCOME AND CURRENCY COMMODITIES

Facilitate CNY access Expand product suite

Enhance Bond Connect Market structure evolution

Expand suite of offshore rates / FX Asian Time Zone expansion derivatives on onshore underlying

Build post-trade infrastructure Commodity Connect (custody, settlement, collateral management, FX)

29 Key components of our FIC strategy

. Bond Connect enhancements Expand Existing Platform . Listed bonds and derivatives . Southbound Bond Connect

. CNY accessibility – repository, tracking and monitoring Capture CNY Opportunities . IRS and repo + Derivatives Connect . CNY trading platform

. Custody, settlement and collateral management Invest in Post-Trade Infrastructure . Trade repository and monitoring . International linkages

30 LME volume softened recently given pandemic battered global economic activities… Commercialisation Post-acquisition Strategic pathway, future of the platform integration and platform development and with LP and new LME Clear launch revised fee structure trader programme

22 Sep 2014 ADV (‘000 lots) 6 Dec 2012 LME Clear 1,000 HKEX Launch acquisition

800 730 700 697 676 670 634 619 624 610 584 600 564 475

400

200

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1 YTD

Source: LME data as of Jul 2021 1. Excluding Admin Trades, 2021 YTD: 538,933 lots.

31 …while multiple enhancements are on track

Market leadership

• Promoting the highest standards of fair and orderly trading on the LME’s market • Delivery of off-warrant stock reporting to provide better industry-wide metals stock transparency • Deliver a modern market structure by close collaboration with external and internal stakeholders

Strategic Pathway Continued innovation

• Continuing the success of the Strategic • Significant investment in new trading Pathway, with new contracts continue to platform build liquidity especially in ferrous suite • Supporting industry initiatives to enhance • 2020 prioritisation of electronic options security of off-warrant metal storage market to simplify and standardise areas of • Investigating solutions to enable the spot its market structure trading and sourcing of specific metal types • Following extensive consideration of • Insourcing warrant depository to streamline market feedback, the LME is now moving the warrant lodgement and withdrawal forward its plans to enhance its electronic process, and provide significant operational offering and provide greater transparency efficiencies

Sustainability focus • Continued embedding of responsible sourcing requirements into the LME brand lists, ensuring that LME brand listing is a clear indicator of good ethical standing • Launch of 2020 sustainability strategy proposals to reflect market interest in broader sustainability story with a focus on low carbon aluminium • Launch of a new digital register – LMEpassport in Q3 2021, to promote disclosure over sustainability criteria, and the introduction of six new contracts in July 2021 to support the circular economy and a more sustainable metals market

32 Market microstructure enhancements at HKEX We aim to build a quality market and a sustainable ecosystem of policies, participants and products

Areas of Focus Key Achievements so far Since 2019

• Better client onboarding Improve Ease • Participants system testing enhancements of Access • Northbound throttle expansion (Stock Connect)

• Expand Closing Auction Session (Cash) Reduce Frictional • After-hours trading extension to 3am (Derivatives) Trading Costs • New spread table, Market Making enhancements and stamp duty exemption on ETP market

Improve • Better cash interest rebates to participants • Flexibility in Clearing Participants (CP) setup in HK and Stock Connect markets Capital Efficiency • Flexibility for Non-CPs in clearing arrangements

Enhance Risk • Revamp Pre-Opening Session and Volatility Control Mechanism (Cash & Derivatives) Management • Self-Match Prevention (Derivatives) & Market Integrity

Selected Initiatives in the Pipeline

• Holiday trading and trading hour enhancements for MSCI products • Shorten IPO settlement cycle • Pre-Trade Risk Management Enhancements • Increase Position Limit for certain products

We have achieved 30+ enhancements in the last 2 years and will continue to ensure competitiveness and efficiency of our markets

33 Agenda

% of domestic market included in Stock Connect Stock Connect Coverage (% of all Mainland & HK listed companies) MUTUAL MARKET

By SSE 78% Market 75% 78% Cap SZSE 81% of total market cap

SSE 69% By 87% 73% Turnover of total turnover SZSE 73%

SSE 30% 587 By 28% 523 20% Number of total number of SZSE 35% 850 companies

Stock Connect covers the majority of the market by market cap and turnover

Source: Wind, HKEX 1. Data as of Jun 2021. Eligible Stocks for Northbound Trading: Constituent stocks of SSE 180 and SSE 380; Constituent stocks of SZSE Component Index, SZSE Small/Mid Cap Innovation Index which both are with a market capitalization of at least RMB 6bn; A-listed stocks (both in SSE and SZSE) that are not included in the former indices but are dual listed in H-share market. Eligible Stocks for Southbound Trading: Constituent stocks of the Hang Seng Composite LargeCap Index (“HSLI”) and Hang Seng Composite MidCap Index (“HSMI”) and Hang Seng Composite MidCap Index (“HSSI”) which with a market capitalization of at least HKD 5bn.

35 Stock Connect – trading trends Stock Connect generated record revenue of $1,320mn in 1H 2021, 78% higher than 1H 2020 ($743mn)

Stock Connect average daily trading volume (HK$ bn)

Shenzhen Southbound Shenzhen Northbound (1) Total average daily trading volume NB record of SB record Shanghai Southbound Shanghai Northbound (1) Percentage of Southbound turnover of Hong Kong Market RMB191.2bn on of HK$102.2bn 7 Jul 2020 on 27 Jul 2021

15.3% 300 14.2% 13.1% 15.0% 12.5% 12.2% 10.4% 10.3% 9.6% 9.9% 250 9.0% 236.8 235.8 8.5% 10.0% 6.8% 7.3% 6.1% 6.4% 212.6 5.7% 6.1% 5.8% 5.6% 34.6 38.0 4.8% 5.3% 5.4% 4.8% 3.9% 200 3.7% 178.4 166.7 25.0 5.0% 2.3% 163.1 1.7% 35.2 33.4 158.5 23.2 24.6 150 13.2 139.1 141.6 20.7 18.8 22.3 0.0% 13.9 13.6 16.6 17.6 16.7 106.7 92.8 88.7 15.4 90.4 95.8 14.1 100 8.7 69.0 -5.0% 12.9 8.8 75.2 68.1 68.7 67.5 10.6 63.3 58.8 57.4 56.8 3.8 52.8 43.6 47.9 37.8 4.3 6.8 4.3 44.8 50 30.6 32.0 34.4 7.5 3.6 6.9 -10.0% 26.6 6.3 74.2 75.7 17.9 21.6 21.1 23.9 62.5 74.0 10.9 13.5 21.4 56.2 50.8 60.3 58.9 6.4 6.0 8.6 37.1 48.1 24.6 30.3 21.4 21.6 31.6 0 -15.0% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Jan 21 Feb 21 Mar 21 Apr-21 May-21 Jun-21 Jul-21

Stock Connect Northbound and Southbound Trading ADT reached RMB114.4bn and $48.1bn respectively in 1H 2021

Stock Connect revenue continued to set record highs, reaching 12% of the Group’s total revenue and other income in 1H 2021 (FY 2020: 10%; 1H 2020: 8%)

Source: HKEX, SSE and SZSE data 1. Northbound (NB) trading is conducted in RMB; the NB figures in the chart are converted to HKD based on the month-end exchange rate. 2. May not add up due to roundings

36 Stock Connect (Northbound)

Average Daily Turnover Portfolio Value

RMB billion RMB billion

124.3 MSCI 2,653 118.0 2021 rebalancing 2,491 2,459 days 2,461 2,452 2,629 2,340 2,360 91.3 2020 2,089 84.3 2,013 1,952 1,950 77.3 1,892

1,687 1,437 1,518 1,429 1,439 1,450 2019 1,298 1,160 1,054 41.7 1,050 1,264 1,221 34.7 1,094 31.7 1,033 1,043 951 932 2018 621 679 668 20.4 785 719 686 662 698 680 2017 9.6 601 576 566 592 4.7 491 502 530 404 437 347 366 301 253 270 202 233

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: HKEX 1. Data as of 30 Jul 2021.

37 Index futures on China underlying ADV (’000 contracts)

Hang Seng Index Futures (58)3 HSCEI Futures (50)3

1 1 WEIGHTING COMPOSITION1 NOTIONAL VALUE NOTIONAL VALUE 66% 34% US$165k US$59k 234 152 146 MAINLAND CHINA OTHER 209 135 134 139 117 125 167 144 131 127 86 89 65 85 94 83 86 61 80 69 50

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021* 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021* Trading Fee: HK$10.00/contract, 0.0007% to notional value Trading Fee: HK$3.50/contract, 0.0006% to notional value

FTSE China A50 Index Futures (SGX) (50)3 CSI 300 Index Futures (CFFEX) (300)3

NOTIONAL VALUE1 NOTIONAL VALUE1 US$15k US$222k 391 1,136 369 383 379 339 884 270 260 812

159 432 84 251 207 39 96 123 139 2 12 17 17 31 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021* 20102 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021* Trading Fee: US$1.10/contract, 0.0061% to notional value Trading Fee: RMB36.93/contract, 0.0023% to notional value

Source: HKEX, SGX, CFFEX, FIA 1. As of Jul 2021. 2. CSI 300 Index Futures was launched in Apr 2010. 3. Numbers in brackets represent the number of constituents within the underlying index. * Data as of Jul 2021 except SGX as of Jun 2021

38 Tapping into China’s vast bond market

China’s Bond International Market Investors

Key Policy Drivers Outstanding, US$49tn US$ tn Relative to GDP • Risk migration from banking sector to bond market 50 192% • Greater credit differentiation amid ongoing market reforms 25 99% 244% • Funding needs for economic transition and 222% 173% infrastructure projects – e.g. Belt & Road; Panda 0 US China Japan UK FR bonds • Enhanced bond issuance and disclosure standards

US$16tn Growing International Demand • Yield differential against developed markets US$13tn • Inclusion in emerging market bond indexes • Geographical and asset class diversification • Growing convertibility of RMB / SDR inclusion Bank Assets Equities Bonds • More efficient access – Bond Connect

Source: CBIRC (Jun 2021), PBOC, SSZ and SZSE (Jun 2021), BIS and IMF (Dec 2019 for the Bond vs GDP chart)

39 Bond Connect has significantly grown foreign participation in China’s bond market

Bond Connect Jul 2021 YTD ADT: RMB 26.6bn

1 Foreign Participation in the CIBM Growth Drivers

Foreign Holdings in Chinese Bonds Foreign Ownership (%) (US$ billion) Inclusion of Mainland bonds in global fixed income indexes (BBGA, GBI-EM, WGBI)2 RQFII QFII Long-only investment investment investment 3.5% 600 Greater adoption of RMB globally and Bond US$576bn Pilot scheme Connect 4.0% need to reinvest in RMB assets to access launch CIBM 500 3.5% Improving access to the Mainland bond market

3.0% 400 Foreign Ownership % 2.5% 68% 64% 300 2.0% Achievable target 46% 1.5% 41% 200 39% 38% Average: 38.5% 15%

1.0% 29% 100 0.5% 13% 8% ~3% 0 0.0% (1) DE FR AU UK IT CA US RU JP China

Foreign participation in the CIBM increased by 344% since launch of Bond Connect in July 2017(1) Number of Bond Connect participants has grown to 2,673 as of Jul 2021

Source: ChinaBond + SCH, Bloomberg, BIS 1. Foreign participation in the CIBM data as of Jul 2021 2. BBGA is Bloomberg Barclay Global-Aggregate, GBI-EM is J.P. Morgan Government Bond Index-Emerging Markets series, WGBI is FTSE World Government Bond Index

40 Agenda

% of Revenue & % of Revenue & (HK$ mn, unless stated otherwise) 1H 2021 1H 2020 YoY Change Other Income Other Income

Results

Revenue and other income 10,909 100% 8,782 100% 24%

Less: Transaction-related expenses (81) (1%) (31) (0%) 161% Revenue and other income less transaction-related 10,828 99% 8,751 100% 24% expenses

Operating expenses (2,221) (20%) (2,045) (23%) 9%

EBITDA 8,607 79% 6,706 76% 28%

Depreciation and amortisation (662) (6%) (545) (6%) 21%

Operating profit 7,945 73% 6,161 70% 29%

Finance costs and share of results of joint ventures (39) (0%) (57) (1%) (32%)

Profit before taxation 7,906 73% 6,104 70% 30%

Taxation (1,317) (12%) (870) (10%) 51%

Loss/(profit) attributable to non-controlling interests 21 0% (1) (0%) N/A

Profit attributable to HKEX shareholders 6,610 61% 5,233 60% 26%

Capex 536 519 3%

Basic earnings per share HK$5.22 HK$4.15 26%

Headline ADT on the Stock Exchange HK$188.2 bn HK$117.5 bn 60%

1. % does not add up due to roundings.

42 Performance by operating segment

Equity & Corporate Group Group HK$ mn Cash Financial Commodities Post Trade Technology Items 1H 2021 1H 2020 Derivatives

Revenue and other income 3,200 1,731 723 4,224 523 508 10,909 8,782

% of Group Total 29% 16% 6% 39% 5% 5% 100% 100% Less: Transaction-related - (63) - (18) - - (81) (31) expenses Revenue and other income less 3,200 1,668 723 4,206 523 508 10,828 8,751 transaction-related expenses Operating expenses (305) (337) (324) (446) (148) (661) (2,221) (2,045) EBITDA 2,895 1,331 399 3,760 375 (153) 8,607 6,706

% of Group Total 34% 15% 5% 44% 4% (2%) 100% 100%

EBITDA margin(1) 90% 80% 55% 89% 72% N/A 79% 77%

Depreciation and amortisation (80) (69) (171) (163) (39) (140) (662) (545)

Finance costs (6) (6) (4) (33) (1) (27) (77) (96)

Share of results of joint ventures 38 - - - - - 38 39

Profit before taxation 2,847 1,256 224 3,564 335 (320) 7,906 6,104

1. EBITDA margin is calculated based on EBITDA divided by revenue and other income less transaction-related expenses.

43 Operating expenses and depreciation & amortisation Investments in talent and infrastructure

Staff costs and IT & computer HKEX Foundation Other operating Depreciation and Premises expenses Professional fees Total opex(2) related expenses maintenance exp charitable donations expenses(1) amortisation (HK$ mn) + 7% + 7% - 3% - 27% + 146% + 20% + 9% + 21% Excl. + 7% donations

2,221 2,045

1,495 1,398

662 545 315 338 214 179 59 57 66 48 28 69

1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021 1H 2020 1H 2021

Staff costs  due to  due to  Stable  Professional fees 2021 amount mainly  Incentives, Total opex  due to  due to payroll adjustments maintenance incurred for strategic represents including those  staff costs, IT depreciation of and part-time expenses for new IT initiatives (e.g. donations made by related to MSCI costs and new and upgraded wages for new systems and consulting fee for HKEX Foundation index futures Foundation IT systems and initiatives, and network upgrades HKATS review in to HK Community contracts donations, partly software (e.g. appreciation of GBP 2020) Chest offset by NextGen Risk  professional fees Management)

1. Includes product marketing and promotion expenses 2. Excludes transaction-related expenses, depreciation and amortisation, finance costs, and share of results of joint ventures

44 1H 2021 performance bolstered by record Q1 volumes

Quarterly performance

(HK$ mn) Profit attributable to shareholders Revenue and other income(1) Operating expenses(2) 5,956 EBITDA

5,309 5,099 4,953 4,773 4,809

4,288 4,290 3,987 4,150 4,044 4,102 4,009 4,177 3,571 3,758 3,798 3,746 3,722 3,523 3,454 3,307 3,840 3,155 3,318 3,048 3,215 3,061 3,077 3,038 2,751 2,879 2,848 3,347 2,638 2,567 2,555 2,600 2,404 2,984 2,971 2,925 2,215 2,277 2,770 2,045 2,014 2,562 2,608 2,597 1,897 2,479 2,443 1,705 2,207 2,262 2,033 1,979 1,878 1,828 1,716 1,777 1,553 1,543 1,432 1,241 1,301 1,153 1,119 1,012 1,134 1,037 1,093 1,102 924 957 920 971 956 970 937 1,008 842 825 825 823 869 877

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018 2019 2020 2021

1H 2021 results reached record half-yearly high, driven by exceptionally buoyant volumes in Q1

1. Represents gross revenue and other income before deducting transaction-related expenses 2. Operating expenses exclude transaction-related expenses, depreciation and amortisation, finance costs, share of results of joint ventures, and certain exceptional costs 3. Dotted trend lines are illustrative and do not constitute a forward forecast

45 Comparison of trading activity across global Exchanges

ADT & Velocity (1) of Major Global Exchanges (US$ billion)

= Last 6 months (Jan 21 - Jun 21) velocity* = Last month (Jun 21) velocity = ADT 374% 228% 56%

166% 62% 49% 84% 196% 81% 43% 92% 362% 218% 73% 117% 293% 102% 68% 201% 40%

298.1

111.3 87.8 75.9 61.3

31.0 26.2 19.6 9.5 8.3 13.0 9.9 8.8 9.6 14.2 4.7 1.1 NASDAQ NYSE Cboe TMX B3 LSE ENX Deutsche SZSE SSE HKEX(2) JPX KRX NSE ASX TWSE SGX Group Börse

*Source: WFE and Bloomberg (Jun 2021). 1. ADT and turnover velocity takes into account both on-exchange and block trading. For Nasdaq, NYSE and Cboe, trades executed on their trading platforms include those listed on other US exchanges, hence their turnover velocity covers the whole US market. 2. HKEX ADT includes equities only, excluding ETPs and structured products.

46 Global derivatives trading landscape

320 (5 tons equivalent) No. of contracts 2,493 876 1,434 1,260 1,457 173 115 71 72 (in million)

% of volume in 13.8% 57.1% 100.0% 100.0% 100.0% 0.10% 11.3% 100.0% 0.0% commodities

ADV in million

20.11

10.17 10.33 8.93

6.00 2.58 (5 tons equivalent)

1.22 0.96 0.57 0.51

CME Group ICE (incl. SHFE DCE ZCE HKEX SGX LME CFFEX LIFFE) Derivatives

Source: Company website, data as of Jul 2021 except SGX and LME as of Jun 2021.

47 Stock Connect shareholding value Northbound(1): RMB2,459bn; Southbound(2): HK$2,375bn

Northbound Top 25(3) Southbound Top 25(3)

Share value % of issued Share value % of issued Rank Stock name in CCASS shares Venue Rank Stock name in CCASS (RMB million) (HK$ million) shares 1 Kweichow Moutai Co.,Ltd. 157,636 7.47% SH 1 Tencent Holdings Limited 270,711 5.87% 2 Contemporary Amperex Technology 81,426 6.35% SZ 2 China Construction Bank Corporation* 145,125 11.12% 3 Midea Group Co., Ltd. 75,664 16.89% SZ 3 Industrial And Commercial Bank Of China * 106,541 28.41% 4 China Merchants Bank Co.,Limited * 64,034 6.67% SH 4 Hsbc Holdings Plc 82,763 9.26% 5 Wuliangye Yibin Co.,Ltd. 51,573 6.01% SZ 5 Xiaomi Corporation 81,113 12.74% 6 Longi Green Energy Technology Co., 50,061 10.76% SH 6 China Mobile Limited 75,201 7.67% 7 Ping An Insurance (Group) Company* 48,381 8.32% SH 7 Meituan 74,093 5.62% 8 Gree Electric Appliances,Inc 47,835 16.74% SZ 8 Anta Sports Products Limited 55,807 12.19% 9 China Tourism Group Duty Free 45,341 9.63% SH 9 Great Wall Motor Company Limited* 55,185 47.66% 10 Jiangsu Hengrui Medicine Co.,Ltd. 42,165 12.17% SH 10 Wuxi Biologics (Cayman) Inc. 49,407 9.83% 11 Ping An Bank Co., Ltd. 39,289 11.44% SZ 11 Sunny Optical Technology (Group) Company 48,734 18.88% 12 Shenzhen Mindray Bio-Medical Elect 33,995 7.16% SZ 12 Semiconductor Manufacturing International 44,707 20.83% 13 Foshan Haitian Flavouring And Food 30,865 6.39% SH 13 Hong Kong Exchanges And Clearing Limited 44,687 7.10% 14 Inner Mongolia Yili Industrial Group 26,487 13.37% SH 14 Cnooc Limited 42,275 12.29% 15 China Yangtze Power Co.,Ltd. 25,257 5.84% SH 15 Geely Automobile Holdings Limited 34,630 13.58% 16 Nari Technology Co., Ltd. 24,991 14.45% SH 16 China Resources Beer (Holdings) Company 30,791 16.31% 17 Wuxi Apptec Co., Ltd. * 23,829 6.23% SH 17 Li Ning Company Limited 27,613 13.51% 18 Wanhua Chemical Group Co.,Ltd. 22,551 13.92% SH 18 Innovent Biologics, Inc. 20,418 17.66% 19 Shenzhen Inovance Technology Co., 22,008 10.77% SZ 19 Agricultural Bank Of China Limited* 18,878 23.71% 20 Wuxi Lead Intelligent Equipment 21,725 18.28% SZ 20 Country Garden Services Holdings Company 16,739 8.22% 21 Yunnan Energy New Material Co.,Ltd. 21,547 9.73% SZ 21 Kingdee International Software Group 15,953 18.98% 22 Luxshare Precision Industry Co.,Ltd. 21,223 8.14% SZ 22 China Pacific Insurance (Group) Co. Ltd.* 15,732 25.88% 23 Sungrow Power Supply Co.,Ltd. 21,006 8.59% SZ 23 Smoore International Holdings Limited 15,460 7.75% 24 Aier Eye Hospital Group Co.,Ltd. 20,390 6.42% SZ 24 Microport Scientific Corporation 15,409 14.46% 25 Beijing Oriental Yuhong Waterproof 20,296 15.80% SZ 25 Man Wah Holdings Limited 14,944 24.21% Source: Bloomberg and HKEX as of Jul 2021 (* A&H shares), does not add up due to roundings. 1. Shanghai Northbound: RMB1,246bn; Shenzhen Northbound: RMB1,213bn 2. Shanghai Southbound: HK$1,350bn; Shenzhen Southbound: HK$1,025bn 3. Ranked by share value in CCASSS

48 Comparison of Exchanges – Top 10 stocks by turnover value(1)

US Listed HKEX SSE SZSE Chinese Stocks

Company H- A-Share Mkt. H- Mkt. Mkt. (RED = YTD YTD Share YTD Share Company YTD ADT YTD Cap Company Cap Company ADT YTD Cap Chinese ADT ADT Rank ADT YTD Rank companies) ADT Rank ADT TENCENT KWEICHOW MOUTAI EAST MONEY ALIBABA GROUP HOLDING-SP 2,066 - 1 1,324 - 1 1,284 - 9 4,086 HOLDINGS LTD CO LTD-A INFORMATION CO-A ADR*

MEITUAN- LONGI GREEN 1,123 - 4 1,171 - 9 BYD CO LTD -A 1,220 354 4 NIO INC – ADR* 3,959 CLASS B ENERGY TECHNOL-A ALIBABA GROUP 849 - 2 CONTEMPORARY HOLDING LTD CHINA THREE 1,029 - 1 BAIDU INC - SPON ADR* 2,169 1,090 - 44 AMPEREX TECHN-A GORGES RENEWAB-A XIAOMI CORP- 711 - 11 WULIANGYE YIBIN CO CLASS B 1,008 - 2 PING AN INSURANCE LTD-A PINDUODUO INC-ADR* 1,079 909 382 8 HONG KONG GROUP CO-A BOE TECHNOLOGY EXCHANGES & 418 - 9 933 - 24 COSCO SHIPPING GROUP CO LT-A JD.COM INC-ADR* 953 CLEAR 725 114 23 HOLDINGS CO-A CHINA MOBILE TIANQI LITHIUM CORP-A 848 - 28 412 - 6 SANY HEAVY XPENG INC – ADR* 699 LTD 710 - 25 INDUSTRY CO LTD-A PING AN GANFENG LITHIUM CO 711 101 22 INSURANCE 382 909 12 LTD-A BILIBILI INC-SPONSORED ADR* 654 GROUP CO-H TONGWEI CO LTD-A 649 - 31 SUNGROW POWER 709 - 21 TENCENT MUSIC ENTERTAINM- BYD CO LTD-H 354 1,220 21 SUPPLY CO LT-A 471 CHINA NORTHERN ADR* GCL-POLY 633 - 43 RARE EARTH -A TCL TECHNOLOGY ENERGY 345 - 157 620 - 52 LI AUTO INC – ADR* 453 ZIJIN MINING GROUP GROUP CORP-A HOLDINGS LTD 614 106 33 CO LTD-A LUXSHARE PRECISION KUAISHOU CHINA TOURISM 619 - 12 GAOTU TECHEDU INC* 425 321 - 16 584 - 11 INDUSTR-A TECHNOLOGY GROUP DUTY F-A

Top 10: 33% of Total ADT Top 10: 12% of Total ADT Top 10: 11% of Total ADT Top 10: 69% of Total ADT

New economy stocks now account for significant portions of the turnover

Source: Bloomberg data as of Jul 2021 1. Ranked by YTD ADT (US$m). * Dual class voting share

49 Market activity in Mainland and Hong Kong markets

ADT RMB billion Index

3,500 2015 :+6% 2016: -11% 2017: +22% 2018: -25% 2019:+36% 2020:+27% 2021:-8% 6,000

3,000 5,000

2,500 4,000 2,000 1,579 3,000 1,500 1,009 712 927 914 927 831 843 2,000 1,000 698 774 593 585 640 537 526 502 517 508 474 428 443 442 453 405 459 440 609 537 300 321 527 487 500 303 518 475 1,000 868 323 277 332 325 400 342 309 296 242 247 250 246 232 272 273 394 499 377 171 187 400 400 215 221 201 231 203 227 260 260 313 240 299 356 0 184 193 195 173 129 134 186 168 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2015 2016 2017 2018 2019 2020 2021

SSE ADT1 (LHS) SZSE ADT (LHS) CSI 300 (RHS)

ADT HK$ billion Index 2015: -7% 2016:+0.4% 2017: +36% 2018: -14% 2019:+9% 2020:-3% 2021:-5% 400 35,000

350 30,000 300 25,000 250 20,000 200 15,000 150 224 10,000 100 166 184 146 141 141 151 107 107 121 114 5,000 50 86 101 93 92 86 101 95 72 70 63 67 64 74 78 77 77 - 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Jul 2015 2016 2017 2018 2019 2020 2021

HKEX ADT (LHS) Hang Seng Index (RHS)

Source: HKEX, SSE, SZSE & Bloomberg Note: Data as of Jul, 2021 except SSE and SZSE as of Jun 2021 1. SSE ADT excludes STAR companies.