THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in Henderson Land Development Company Limited, you should at once hand this document to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. This document is for information purpose only. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. (Incorporated in Hong Kong with limited liability) (Stock Code: 12) SUPPLEMENTARY INFORMATION TO SHAREHOLDERS 28 April 2010 TABLE OF CONTENTS Page LETTER FROM THE BOARD ............................................... 1 APPENDIX — PROPERTY VALUATIONS ..................................... 3 —i— LETTER FROM THE BOARD (Incorporated in Hong Kong with limited liability) (Stock Code:12) Executive Directors: Independent Non-executive Directors: Dr. the Hon. Lee Shau Kee (Chairman and Gordon Kwong Che Keung Managing Director) Professor Ko Ping Keung Lee Ka Kit (Vice Chairman) Wu King Cheong Colin Lam Ko Yin (Vice Chairman) Lee Ka Shing (Vice Chairman) Registered Office: John Yip Ying Chee 72-76/F, Alexander Au Siu Kee Two International Finance Centre Suen Kwok Lam 8 Finance Street, Central Lee King Yue Hong Kong Fung Lee Woon King Eddie Lau Yum Chuen Li Ning Patrick Kwok Ping Ho Non-executive Directors: Sir Po-shing Woo Leung Hay Man Angelina Lee Pui Ling Lee Tat Man Jackson Woo Ka Biu (Alternate Director to Sir Po-shing Woo) 28 April 2010 To Shareholders Dear Sir or Madam, SUPPLEMENTARY INFORMATION TO SHAREHOLDERS In order to provide more information to the shareholders of Henderson Land Development Company Limited (the “Company”), the Company has engaged, on a voluntary basis, DTZ Debenham Tie Leung Limited (“DTZ”), an independent professional property valuer, to value the property interests held by the Company and its subsidiaries and associates (the “Group”) as at 28 February 2010, which comprise all property interests of the Group in the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”) and Mainland China, whether held for investment or development purposes or otherwise (Note 1), but do not include the property interests of the listed associates of the Company. The valuation letter and summary of valuations from DTZ are set out in the appendix to this document and your attention is drawn to the appendix. —1— LETTER FROM THE BOARD Based on the above-mentioned valuation of property interests, there is a net unrealized surplus over the costs (including committed land costs) or book value (in case of investment properties) of the property interests attributable to the Group as at 28 February 2010 (Note 2), before tax adjustment (Note 3), of approximately HK$44,045 million (the “Property Revaluation Surplus”). Besides property interests, the other item in the Group’s audited consolidated balance sheet as at 31 December 2009 that carries significant value is the long-term investment in the listed associates namely The Hong Kong and China Gas Company Limited, Hong Kong Ferry (Holdings) Company Limited and Miramar Hotel and Investment Company, Limited. Based on the market values of such listed associates of the Company as at 28 February 2010 (Note 4), there is an excess over the book value of its share of interest in such listed associates attributable to the Group of approximately HK$14,783 million (the “Shares in Listed Associates Market Value Surplus”). The Property Revaluation Surplus together with the Shares in Listed Associates Market Value Surplus total approximately HK$58,828 million (the “Surpluses”). After taking into account the tax adjustment (Note 3), the after tax Surpluses will be approximately HK$49,439 million. The Surpluses have not been and, except for the revaluation surplus of investment properties, will not be reflected in the audited financial statements of the Company according to current applicable Hong Kong Financial Reporting Standards. Notes: (1) Including properties in Mainland China for which contracts for their acquisition had been entered into and in respect of which Certificates for the Use of State-owned Land had not been obtained. (2) According to the summary of valuations from DTZ set out in the appendix to this document, certain property interests of the Group (i.e. property interests in item nos. 2, 3, 8, 14, 16, 22-25, 29-33 of section 3.3; and item nos. 2 and 3 of section 4.2) in Mainland China have no commercial value as the respective Certificates for the Use of State-owned Land had not been obtained up to 28 February 2010. DTZ performed valuations on such properties on the assumption that the Certificates for the Use of State-owned Land had been obtained. Based on such valuations, there is a net unrealized surplus over the costs (including committed land costs) of such property interests attributable to the Group as at 28 February 2010 of approximately HK$1,229 million, which has been taken into account in the above statement. (3) The tax adjustment represents the reversal of the deferred tax liabilities of approximately HK$8,245 million attributable to the Group as at 31 December 2009 provided on the revaluation of investment properties in Hong Kong in accordance with Hong Kong Accounting Standard 12 “Income taxes” issued by the Hong Kong Institute of Certified Public Accountants and an additional provision for potential tax liabilities of approximately HK$17,634 million attributable to the Group if the property interests of the Group (other than the property interests of listed associates) were to be sold at the revalued amount as at 28 February 2010. (4) The market value of the three listed associates of the Company was computed with reference to the closing prices of the shares of the listed associates as quoted on The Stock Exchange of Hong Kong Limited on 28 February 2010. Yours faithfully, For and on behalf of the Board Henderson Land Development Company Limited Lee Shau Kee Chairman —2— APPENDIX PROPERTY VALUATIONS The following is the valuation letter and summary of valuations prepared by DTZ, which is prepared for the purpose of inclusion in this document in connection with DTZ’s valuations attributable to the property interests of the Group (not including the property interests of the listed associates of the Company) as at 28 February 2010, setting out the basis of its valuations: 16th Floor Jardine House 1 Connaught Place Central Hong Kong 25 April 2010 The Directors Henderson Land Development Company Limited 72-76/F, Two International Finance Centre 8 Finance Street Central Hong Kong Dear Sirs, In accordance with your instructions for us to value the property interests which are held by Henderson Land Development Company Limited (“HLD”), its subsidiaries and associates (hereinafter together referred to as “the Group”) in Hong Kong and the People’s Republic of China (the “PRC”) as set out in the attached Summary of Valuations, which do not include the property interests of the listed associates of HLD, namely The Hong Kong and China Gas Company Limited, Hong Kong Ferry (Holdings) Company Limited and Miramar Hotel and Investment Company, Limited, we confirm that we have made relevant enquiries and obtained such further information as we consider necessary for the purpose of providing you with our opinion of values of such property interests as at 28 February 2010 (the “date of valuation”). Our valuation of each property interest represents its market value which, in accordance with the HKIS Valuation Standards on Properties (First Edition 2005) published by the Hong Kong Institute of Surveyors, is defined as “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.” Our valuation of each property interest excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback arrangement, special considerations or concessions granted by anyone associated with the sale, or any element of special value. Unless otherwise stated, in the course of our valuation of each of the property interests in Sections 3 and 4, all of which are situated in the PRC, we have assumed that transferable land use right in respect of each of the property interests for its specific term at nominal annual land use fee has been —3— APPENDIX PROPERTY VALUATIONS granted and that any premium payable has already been fully paid. We have relied on the advice given by the Group and its legal adviser on PRC Law, Commerce & Finance Law Offices, regarding the title to each of the property interests and the interests of HLD in each of the property interests. We have, with reference to the legal opinion of Commerce & Finance Law Offices, prepared our valuations on the basis that HLD has enforceable title to each of the property interests and has free and uninterrupted rights to use, occupy or assign each of the property interests for the whole of the unexpired term as granted. No allowance has been made in our valuation for any charges, mortgages or amounts owing on the property interests nor any expenses or taxation which may be incurred in effecting a sale.