Valuation Report

Kerry Logistics Network Limited

Portfolio Valuation

Valuation as at 30 June 2021

27/F, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong 香港鰂魚涌太古坊華蘭路 18 號港島東中心 27 樓 Tel 電話 +852 2507 0507 Fax 傳真 +852 2530 1502 cushmanwakefield.com.hk

Valuation Report No. F21-002129-02

Valuation Report No. : F21-002129-02

Our Ref : KB/GL/GN/jc

Date : 12 August 2021

The Directors Kerry Logistics Network Limited 16/F, Kerry Cargo Centre 55 Wing Kei Road, Kwai Chung New Territories Hong Kong

Dear Sirs,

Instructions, Purpose & Valuation Date

In accordance with your instructions for us to value certain properties in People’s Republic of China (the “PRC”), Hong Kong, Taiwan, South Korea, Vietnam, Cambodia, Thailand, Malaysia, Singapore, Myanmar, India, Uzbekistan, Dubai, Sweden and Netherlands (as more particularly described in the attached valuation summaries) in which Kerry Logistics Network Limited (the “Company”) together with its subsidiaries (collectively the “Group”) have interests, we confirm that we have inspected the properties, made relevant enquiries and obtained such further information as we consider necessary for the purpose of providing you with our opinion of the values of such properties as at 30 June 2021 (the “Valuation Date”) (i) a summary report of which would be incorporated into a composite document dated 12 August 2021 issued by the Company (the “Summary Valuation Report”); and (ii) the full report of which would be uploaded as an announcement on https://www.hkexnews.hk/ and put on public display as a document on display in accordance with The Codes on Takeovers and Mergers and Share Buy-backs issued by the Securities and Futures Commission.

Valuation Basis

Our valuation of each of the properties represents its market value which in accordance with The HKIS Valuation Standards 2020 published by The Hong Kong Institute of Surveyors is defined as ‘the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion’.

Valuation Assumptions

In valuing the properties, we have complied with the requirements set out in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities published by The Stock Exchange of The Hong Kong Limited, Rule 11 of The Codes on Takeovers and Mergers and Share Buy-backs issued by the Securities and Futures Commission and The HKIS Valuation Standards 2020 published by The Hong Kong Institute of Surveyors.

Our valuation of each property 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.

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In the course of our valuation of the properties, we have relied on the information and advice given by the Company and the Company’s legal advisers, 北京李偉斌律師事務所 (Li & Partners), HÃNG LUẬT CABAS LAW CO., LTD, SokSiphana & associates, and Al Tamimi & Company regarding the titles to the properties and the interests of the Company in the properties in the PRC, Vietnam, Cambodia and Dubai respectively. Unless otherwise stated in the legal opinion provided for the properties in the PRC, Vietnam, Cambodia and Dubai; and as revealed from title search record for the properties in Hong Kong, Taiwan, South Korea, Thailand, Malaysia (where available amidst lockdown of some land offices), Singapore, Uzbekistan, Sweden and Netherlands, in valuing the properties, we have assumed that the Company has an enforceable title to each of the properties and has free and uninterrupted rights to use, occupy or assign the properties for the whole of the respective unexpired land use term as granted.

The status of titles and grant of major certificates, approvals and licences, in accordance with the information provided by the Company are set out in the notes of the respective valuation report.

No allowance has been made in our valuations for any charges, mortgages or amounts owing on the properties nor any expenses or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the properties are free from encumbrances, restrictions and outgoings of any onerous nature which could affect their values.

Valuation Methods

Some properties are subject to non-alienation restrictions, in default of complete legitimate procedures or in lack of marketability such that market value is not applicable in the valuation. Under such circumstances, our valuations are conducted on the basis of investment value which are stated separate from the market value.

Assessment on the basis of ‘investment value’, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

(a) Properties in the PRC

In valuing the properties in Groups I-A and I-B, which are completed properties held by the Group for investment or operation in the PRC, we have adopted Income Capitalisation Method on the basis of capitalisation of rental incomes derived from the existing tenancies with due allowance for reversionary potential of each of the properties or by reference to comparable market transactions. Transactions involving similar scale properties of the same nature and tenancy structure in the same districts are not frequent. On the other hand, as most properties generate rental income from letting arrangements and such rental comparables are more readily available, we consider Income Capitalisation Method, which is also commonly used in valuing properties for investment purpose, to be the best method to value these properties. For those properties without any existing tenancies, we have adopted Market Comparison Method.

In undertaking our valuations for the properties by Income Capitalisation Method, we have mainly made reference to sales or lettings within the subject properties as well as other relevant comparable sales or rental evidences of properties of similar use type subject to appropriate adjustments including but not limited to location, accessibility, age, quality, maintenance standard, size, time, configuration and other relevant factors.

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The capitalisation rates adopted in our valuations are based on our analyses of the yields of properties of similar use type after due adjustments. Such capitalisation rates are estimated with reference to the yields generally expected by the market for comparable properties of similar use type, which implicitly reflect the type and quality of the properties, the expectation of the potential future rental growth, capital appreciation and relevant risk factors. The capitalisation rates adopted are reasonable and in line with the market norm having regard to the analysed yields of transactions of the relevant use type.

In respect of the properties in Group I-C which are properties held by the Group under development in the PRC, we have valued them on the basis that each of these properties will be developed and completed in accordance with the latest development scheme of the Company provided to us (if any). We have assumed that all consents, approvals and licences from the relevant government authorities for the development scheme have been obtained without onerous conditions or delays. We have also assumed that the design and construction of the development are in compliance with the local planning regulations and have been approved by the relevant authorities. In arriving at our opinion of value, we have adopted Market Comparison Method or Income Capitalisation Method to assess the development value as if completed and have also taken into account the incurred construction costs and the costs that will be incurred to complete the development to reflect the quality of the completed development.

In respect of the properties in Group I-D which are properties held by the Group for future development in the PRC, we have mainly used Market Comparison Method assuming sale of each of these properties in their existing state by making reference to comparable land sales transactions as available in the relevant market and have taken into account reasonably incurred land improvement costs, if any.

(b) Properties in Hong Kong

In respect of the properties in Group II in Hong Kong, we have generally valued the properties by Market Comparison Method assuming sale of the properties in their respective existing state by making reference to comparable sales transactions as available in the relevant market. The adoption of the widely-accepted Market Comparison Method and a valuation by comparison are reasonable and appropriate as the properties are existing, completed properties of similar nature and are comparable to other industrial and warehouse properties in the market where comparable sale transactions are available.

Property no. 9 in Group II-B held by the Group for owner occupation in Hong Kong is held under a lease from the Hong Kong Science and Technology Parks Corporation (formerly The Hong Kong Industrial Estates Corporation) (the “Corporation”), subject to a restriction on alienation. The lease stipulates that if the lessee wishes to assign the property at any time during the term of the lease demised, the lessee shall first offer to surrender its interest to the Corporation at a consideration calculated in accordance with the formula set down in the lease. We have referred to the conditions in the lease regarding alienation and the prescribed way of calculation of surrender consideration in undertaking our valuation. Our assessment is on the basis of ‘investment value’, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

(c) Properties in Taiwan

Except for the office and residential properties, in valuing the properties in Group III-A which are completed properties held by the Group for operation in Taiwan, due to the specific nature of the properties and lack of sales transactions of the properties of the same characteristics in the vicinity, we have mainly adopted the Depreciated Replacement Costs (“DRC”) Method. DRC Method is based on an estimate of the market value of the land in its existing use, plus the current cost of replacement of the improvements, less

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allowance for physical deterioration and all relevant forms of obsolescence and optimisation. For the land portion, we have generally made reference to comparable land sales evidence as available in the relevant market subject to appropriate adjustments including but not limited to location, time, size etc. DRC Method is subject to service potential of the entity from the use of assets as a whole paying due regard to the total assets employed. The market value arrived using DRC Method applies to the whole of the complex or development as a unique interest, and no piecemeal transaction of the complex or development is assumed.

For office and residential properties, we have mainly used Market Comparison Method assuming sale of each of these properties in their existing state by making reference to comparable sales transactions as available in the relevant market subject to suitable adjustments between the subject property and the comparable properties. Given that the property is mostly strata commercial units, comparable sales transactions and information about such sales are generally available. We have therefore adopted Market Comparison Method which is in line with the market practice.

The property in Group III-B which is held by the Group under development in Taiwan is tailor made for the Company’s use with unique building specifications such that relevant sales comparables are difficult to identify. We have therefore used Market Comparison Method assuming sale of the property in its existing state by making reference to comparable land sales transactions as available in the relevant market and have taken into account reasonably incurred land improvement costs and incurred construction costs. There is no identifiable sales or leasing market of such type of properties to facilitate completion value assessment. As such, the valuation method being used comprises land value assessment subject to incurred costs. Therefore, no completion value is provided. However, we have taken into account and disclosed the cost data.

In respect of the properties in Group III-C which are properties held by the Group for future development in Taiwan, we have mainly used Market Comparison Method assuming sale of each of these properties in their existing state by making reference to comparable land sales transactions as available in the relevant market.

(d) Properties in South Korea, Uzbekistan and Dubai

In valuing the properties in Groups IV, XII and XIII which are held by the Group for operation in South Korea, Uzbekistan and Dubai respectively, we have mainly used Market Comparison Method assuming sale of each of these properties in its existing state by making reference to comparable sales transactions as available in the relevant market subject to suitable adjustments between the subject property and the comparable properties. Given that the property is mostly strata commercial units, comparable sales transactions and information about such sales are generally available. We have therefore adopted Market Comparison Methodwhich is in line with the market practice.

(e) Properties in Vietnam, Cambodia and Myanmar

In valuing the property interests in Groups V, VI and X which are held by the Group for investment or operation in Vietnam, Cambodia and Myanmar respectively, due to the specific nature of the properties and lack of sales transactions of the properties of the same characteristics in the vicinity, we have adopted DRC Method. DRC Method is based on an estimate of the market value of the land in its existing use, plus the current cost of replacement of the improvements, less allowance for physical deterioration and all relevant forms of obsolescence and optimisation. For the land portion, we have generally made reference to comparable land sales evidence as available in the relevant market subject to appropriate adjustments including but not limited to location, time, size etc. DRC Method is subject to service potential of the entity from the use of assets as a whole paying due regard to the total assets employed. The market value arrived using DRC Method applies to the whole of the complex or development as a unique interest, and no piecemeal transaction of the complex or development is assumed.

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(f) Properties in Thailand

In valuing the properties in Group VII-A which are completed properties held by the Group for operation in Thailand, due to the specific nature of the properties and lack of sales transactions of the properties of the same characteristics in the vicinity, we have mainly adopted DRC Method. DRC Method is based on an estimate of the market value of the land in its existing use, plus the current cost of replacement of the improvements, less allowance for physical deterioration and all relevant forms of obsolescence and optimisation. For the land portion, we have generally made reference to comparable land sales evidence as available in the relevant market subject to appropriate adjustments including but not limited to location, time, size etc. DRC Method is subject to service potential of the entity from the use of assets as a whole paying due regard to the total assets employed. The market value arrived using DRC Method applies to the whole of the complex or development as a unique interest, and no piecemeal transaction of the complex or development is assumed.

In valuing the property in Group VII-B which is completed property held by the Group for owner occupation in Thailand, we have mainly used Market Comparison Method assuming sale of the property in its existing state by making reference to comparable sales transactions as available in the relevant market subject to suitable adjustments between the subject property and the comparable properties. Given that the property is commercial unit, comparable sales transactions and information about such sales are generally available. We have therefore adopted Market Comparison Method which is in line with the market practice.

(g) Properties in Malaysia

Except for the commercial properties, in valuing the properties in Group VIII-A which are completed properties held by the Group for operation in Malaysia, due to the specific nature of the properties and lack of sales transactions of the properties of the same characteristics in the vicinity, we have mainly adopted the DRC Method. DRC Method is based on an estimate of the market value of the land in its existing use, plus the current cost of replacement of the improvements, less allowance for physical deterioration and all relevant forms of obsolescence and optimisation. For the land portion, we have generally made reference to comparable land sales evidence as available in the relevant market subject to appropriate adjustments including but not limited to location, time, size etc. DRC Method is subject to service potential of the entity from the use of assets as a whole paying due regard to the total assets employed. The market value arrived using DRC Method applies to the whole of the complex or development as a unique interest, and no piecemeal transaction of the complex or development is assumed.

For commercial properties, we have mainly used Market Comparison Method assuming sale of each of these properties in their existing state by making reference to comparable sales transactions as available in the relevant market subject to suitable adjustments between the subject property and the comparable properties. Given that the property is mostly strata commercial units, comparable sales transactions and information about such sales are generally available. We have therefore adopted Market Comparison Methodwhich is in line with the market practice.

In valuing the properties in Group VIII-B which are for future development in Malaysia, we have mainly used Market Comparison Method assuming sale of each of these properties in their existing state by making reference to comparable land sales transactions as available in the relevant market and have taken into account reasonably incurred land improvement costs, if any.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(h) Properties in Singapore, Sweden and Netherlands

In valuing the properties in Groups IX, XIV and XV which are held by the Group for investment or operation in Singapore, Sweden and Netherlands respectively, we have adopted Income Capitalisation Method on the basis of capitalisation of rental incomes derived from the existing tenancies with due allowance for reversionary potential of each of the properties or by reference to comparable market transactions. Transactions involving similar scale properties of the same nature and tenancy structure in the same districts are not frequent. On the other hand, as most properties generate rental income from letting arrangements and such rental comparables are more readily available, we consider Income Capitalisation Method, which is also commonly used in valuing properties available for letting, to be the best method to value these properties.

In undertaking our valuations for the property, we have mainly made reference to lettings within the subject property as well as other relevant comparable rental evidences of property of similar use type subject to appropriate adjustments including but not limited to location, accessibility, age, quality, maintenance standard, size, time, configuration and other relevant factors.

The capitalisation rates adopted in our valuations are based on our analyses of the yields of property of similar use type after due adjustments. Such capitalisation rates are estimated with reference to the yields generally expected by the market for comparable property of similar use type, which implicitly reflect the type and quality of the property, the expectation of the potential future rental growth, capital appreciation and relevant risk factors. The capitalisation rates adopted are reasonable and in line with the market norm having regard to the analysed yields of transactions of the relevant use type.

(i) Properties in India

In valuing the properties in Group XI-A which are completed properties held by the Group for operation in India, due to the specific nature of the properties and lack of sales transactions of the properties of the same characteristics in the vicinity, we have mainly adopted DRC Method. DRC Method is based on an estimate of the market value of the land in its existing use, plus the current cost of replacement of the improvements, less allowance for physical deterioration and all relevant forms of obsolescence and optimisation. For the land portion, we have generally made reference to comparable land sales evidence as available in the relevant market subject to appropriate adjustments including but not limited to location, time, size etc. DRC Method is subject to service potential of the entity from the use of assets as a whole paying due regard to the total assets employed. The market value arrived using DRC Method applies to the whole of the complex or development as a unique interest, and no piecemeal transaction of the complex or development is assumed.

In valuing the properties in Group XI-B which are completed properties held by the Group for owner occupation in India, we have adopted Income Capitalisation Method on the basis of capitalisation of rental incomes derived from the existing tenancies with due allowance for reversionary potential of each of the properties or by reference to comparable market transactions. Transactions involving similar scale properties of the same nature and tenancy structure in the same districts are not frequent. On the other hand, rental comparables are more readily available, we consider Income Capitalisation Method, which is also commonly used in valuing properties available for letting, to be the best method to value these properties.

In valuing the property in Group XI-C which is for future development in India, we have mainly used Market Comparison Method assuming sale of the property in its existing state by making reference to comparable land sales transactions as available in the relevant market and have taken into account reasonably incurred land improvement costs, if any.

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Set out below are the key assumptions used in our valuations:

(a) PRC properties

Market unit price for (i) Office: RMB7,478 to RMB17,969 per square meter (“sq m”) on gross floor area (“GFA”) basis (ii) Retail: RMB5,528 to RMB11,296 per sq m on GFA basis

Market monthly unit rent for (i) Office: RMB38 to RMB118 per sq m on GFA basis (ii) Retail: RMB112 per sq m on GFA basis (iii) Warehouse: RMB14 to RMB91 per sq m on GFA basis

Capitalisation rate for (i) Office: 5.5% to 8% (ii) Retail: 6.25% (iii) Warehouse: 5.75% to 8.75%

(b) Hong Kong properties

Market unit price for (i) Industrial: HKD26,900 to HKD39,800 per sq m on GFA basis (excluding property no. 9 in Group II-B)

(c) Taiwan properties

Market unit price for (i) Industrial Land: NTD12,000 per sq m to NTD197,000 per sq m (ii) Office: NTD242,000 per sq m to NTD272,000 per sq m (iii) Residential: NTD59,000 per sq m to NTD63,000 per sq m (iv) Carpark: NTD1,000,000 per lot to NTD4,000,000 per lot

(d) South Korea property

Market unit price for (i) Industrial: KRW6,011,450 per sq m on GFA basis

(e) Vietnam properties

Market unit price for (i) Industrial Land: USD57 to USD144 per sq m on land area basis

(f) Cambodia property

Market unit price for (i) Industrial Land: USD229 per sq m on land area basis

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(g) Thailand properties

Market unit price for (i) Industrial land: THB2,400 to THB9,000 per sq m on land area basis (ii) Shophouse: THB13,000 per sq m on GFA basis

(h) Malaysia properties

Market unit price for (i) Commercial: MYR572 to MYR3,408 per sq m on GFA basis (ii) Land: MYR75 to MYR91 per sq m on site area basis

(i) Singapore property

Market monthly unit rent for (i) Warehouse: SGD17 per sq m on LFA basis

Capitalisation rate for (i) Warehouse: 5.75% to 8.75%

(j) Myanmar properties

Market unit price for (i) Industrial Land: USD7.5 per sq m on land area basis

(k) India properties

Market unit price for (i) Industrial Land: INR2,000 to INR25,000 per sq m on GFA basis

Market monthly unit rent for (i) Office: INR8.5 to INR11 per sq m on GFA basis

Capitalisation rate for (i) Office: 8%

(l) Uzbekistan property

Market unit price for (i) Workshop: USD427 per sq m on GFA basis

(m) United Arab Emirates properties

Market unit price for (i) Warehouse: AED1,400 to AED2,200 per sq m on built up area basis

(n) Sweden property

Market monthly unit rent for (i) Warehouse portion: SEK550 per sq m on GFA basis (ii) Mezzanine/low bay warehouse portion: SEK275 per sq m on GFA basis (iii) Office portion: SEK925 per sq m on GFA basis

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Capitalisation rate for (i) Warehouse portion: 4.70% (ii) Mezzanine/low bay warehouse portion: 4.70% (iii) Office portion: 4.70%

(o) Netherlands property

Market monthly unit rent for (i) Office portion: EUR7.5 per sq m on GFA basis (ii) Warehouse portion: EUR5.4 per sq m on GFA basis (iii) Storage: EUR2.9 per sq m on GFA basis

Capitalisation rate for (i) Office portion: 6.5% (ii) Warehouse portion: 6.5% (iii) Storage portion: 6.5%

Market Volatility

The recent outbreak of the Novel Coronavirus (COVID-19) has brought high volatility to global financial markets and uncertainty to the property market. It is expected that property values will be very sensitive to development of the pandemic and changes in the financial markets. The extents of impact on different sectors of the market are different and the time for marketing and negotiating sale of a property may be longer than normal. There will be less certainty as to how long a valuation may sustain and property prices may fluctuate rapidly and materially over a short period of time. Our valuations of the properties are valid only at the Valuation Date and any subsequent changes in market conditions as well as the resulting impacts on property values after the Valuation Date cannot be taken into account. If any party intends to make reference to our valuations when entering into any transaction, he must bear in mind the high market volatility during this period of time and that property values may or may not have changed since the Valuation Date.

Source of Information

We have been provided by the Company with extracts of documents in relation to the titles to the properties. However, we have not inspected the original documents to ascertain any amendments which may not appear on the copies handed to us. We have not been provided with copies of the title documents relating to the property interests but have caused searches to be made at the appropriate land registries in Hong Kong, Taiwan, South Korea, Thailand, Malaysia (where available amidst lockdown of some land offices), Singapore, Uzbekistan, Sweden and Netherlands.

In the course of our valuation of the properties, we have relied on the information and advice given by the Company and the Company’s legal advisers, 北京李偉斌律師事務所 (Li & Partners), HÃNG LUẬT CABAS LAW CO., LTD, SokSiphana & associates, and Al Tamimi & Company regarding the titles to the properties and the interests of the Company in the properties in the PRC, Vietnam, Cambodia and Dubai respectively.

In respect of all properties, we have accepted advice given by the Company on such matters as planning approvals or statutory notices, easements, tenure, identification of land and buildings, completion date of buildings, number of car parking spaces, particulars of occupancy, pre-sale details, rental incomes and revenue, joint venture agreements, development or redevelopment schemes, development time schedules, construction costs, site and floor areas, interest attributable to the Company and all other relevant matters.

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Dimensions, measurements and areas included in the valuation report are based on the information provided to us and are therefore only approximations. We have had no reason to doubt the truth and accuracy of the information provided to us by the Company which is material to the valuations. We were also advised by the Company that no material facts have been omitted from the information provided.

We would point out that the copies of documents of the properties provided to us are mainly compiled in local language characters and the transliteration into English represents our understanding of the contents.

Title Investigation

We have been provided with extracts of documents relating to the titles of the properties, but no searches have been made in respect of the properties except for Hong Kong, Taiwan, South Korea, Thailand, Malaysia (parts), Singapore, Uzbekistan, Sweden and Netherlands. We have caused searches to be made at the appropriate official authories. However, we have not searched the original documents to verify ownership or to ascertain any amendment which may not appear on the copies handed to us. We are also unable to ascertain the title of the properties and we have therefore relied on the advice given by the Company or the Company’s legal advisers regarding the interests of each of the company in the properties.

Due to the COVID-19 outbreak, Malaysia has been under a national lockdown, different regions are vulnerable to varying extents of office close-downs. Title searches are not available for some regions. Up to the latest practical date, we have conducted title searches where it is permitted. Otherwise, we have relied on the information given by the Company regarding the title to the properties and the interest in the properties.

Unlike developed markets, as a matter of fact, no title search can be made in respect of the properties in the PRC, Vietnam, Cambodia, Myanmar, India and Dubai. Legal opinions in respect of the properties in the PRC, Vietnam, Cambodia and Dubai have been provided. However, no legal opinions are available regarding properties in Myanmar and India. We have therefore relied on the information given by the Group regarding its title to the properties and interest in the properties in Myanmar and India. We have no reason to doubt the truth and accuracy of such information provided by the Company and we have been advised by the Company that no material facts have been omitted from the information provided. Given the above premise, we are therefore satisfied to conduct valuations of the properties on the basis that the Group has title to the properties in India and Myanmar in the absence of legal opinions for the properties in India and Myanmar.

Site Inspection

Except otherwise stated, we inspected the exterior and, wherever possible, the interior of the properties in between March and July 2021. However, we have not carried out any investigations on site to determine the suitability of the soil conditions and the services etc. for any future development. Our valuations are prepared on the assumption that these aspects are satisfactory and that no extraordinary costs or delays will be incurred during the construction period. Moreover, no structural survey has been made, but in the course of our inspection, we did not note any serious defects. We are, however, not able to report that the properties are free of rot, infestation or any other structural defects. No tests were carried out to any of the services. Unless otherwise stated, we have not been able to carry out on-site measurements to verify the site and floor areas of the properties and we have assumed that the areas shown on the documents handed to us are correct.

Due to the COVID-19 outbreak and travel restriction or social unrest, no physical site inspections were arranged for certain properties in Taiwan, Vietnam, Malaysia and Myanmar. As per the instruction from the Company, we have valued such properties on desktop basis and relied on the assisting material provided by the Company, including but not limited to real time online inspections, videos, photographs, etc.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Currency

Unless otherwise stated, all sums stated in our valuations are in Renminbi (“RMB”) for the properties in the PRC, Hong Kong Dollar (“HKD”) for the properties in Hong Kong, New Taiwan Dollar (“NTD”) for the properties in Taiwan, Korean Won (“KRW”) for the property in South Korea, United States Dollar (“USD”) for the properties in Vietnam, Thai Baht (“THB”) for the properties in Thailand, Malaysian Ringgit (“MYR”) for the properties in Malaysia, Singapore Dollar (“SGD”) for the property in Singapore, USD for the properties in Myanmar, Indian Rupee (“INR”) for the properties in India, USD for the property in Uzbekistan, United Arab Emirates Dirham (“AED”) for the properties in Dubai, Svensk Krona (“SEK”) for the property in Sweden and EURO (“EUR”) for the property in Netherlands.

Potential Tax Liabilities

As advised by the Group, the potential tax liabilities which would arise on the direct disposal of the property interests held by the Group at the amounts valued by us mainly comprise the following:

PRC properties

 Enterprise income tax at 25% on gain  Land appreciation tax at progressive rates from 30% to 60% on the appreciation in property value  Stamp duty at 0.05% on the transaction amount  Withholding tax at 10% if the net proceeds (minus taxes and statutory contributions) are repatriated outside the PRC as dividends (reduced to 5% if the Hong Kong-PRC double tax arrangement applies)  Other surcharge at approximately 12% of value-added tax

Hong Kong properties

 Profits tax at 16.5% on gain (minus any profit which is capital in nature)  Stamp duty at a minimum of HKD100, progressive rates from 1.5% to 8.5%, or a flat rate of 15% on the transaction amount (of which both the seller and the buyer are jointly and severally liable)

Taiwan properties

 Corporate income tax at 20% to 35% on the gain (depending on the date of original acquisition)  Value-added business tax at 5% on the transaction amount  Land value increment tax at 20% to 40%

South Korea properties

 Corporate income tax at 22% on gain  Value added tax at 10% on the transaction amount of building

Vietnam properties

 Corporate income tax at 20% on the gain  Value added tax at 10% on the transaction amount of building  Stamp duty at 0.5% on the transaction amount

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Cambodia properties

 Capital gains tax at 20%

Thailand properties

 Corporate Income Tax (“CIT”) at 20% on gain  Withholding tax at 1% of sale price but can be considered as prepaid tax for CIT for that tax year  Stamp duty at 0.5% of the higher between sale price or appraisal price of Department of Lands  Registration fee for transfer at 2% of the higher between sale price or appraisal price of Department of Lands (this is usually paid on 50:50 basis between seller and buyer, but depends on negotiation basis)  Special Business Tax (“SBT”) at 3.3% of the higher between sale price or appraisal price of Department of Lands. This is only applicable if the property was held less than 5 years before transfer. In the case that SBT applied, stamp duty will be exempted.

Malaysia properties

 Corporate income tax at 10% to 30% on gain (depending on the date of original acquisition)

Singapore properties

 Goods and services tax at 7% on the transaction amount of industrial building

Myanmar properties

 Income tax at 10% on gain

India properties

 Capital gains tax at 20%, and surcharge at 12% where total income of the company exceeds 10 crores  Health and Eduction Cess at 4% on aggregate of base tax and surcharge

Uzbekistan properties

 Income tax at 15% on gain  Value added tax at 15% on the transaction amount

Dubai properties

 Transfer fee at 4% on the transaction amount

Sweden properties

 Corporate income tax at 20.6% on gain

Valuation Report No. F21-002129-02 13/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

Summary of Valuations

Market value in Investment existing state value(3) in existing Market value in attributable to Investment state attributable existing state as the Group as at value(3) in existing to the Group as at Property Group No. of at the Valuation the Valuation state as at the the Valuation (Group I) properties Date Date Valuation Date Date (RMB) (RMB) (RMB) (RMB) Property interests held by the Group in the PRC Group I-A - Property interests 13 1,083,160,000 1,029,772,000 4,200,000 2,940,000 held for investment in the PRC Group I-B - Property interests 20 2,527,730,000 2,344,661,000 10,160,000 7,112,000 held for operation in the PRC Group I-C - Property interests 4 558,000,000 547,050,000 N/A N/A held under development in the PRC

Group I-D - Property interest 1 10,000,000 10,000,000 N/A N/A held for future development in the PRC

(1) (2) (4) (5) Sub-Total 38 4,178,890,000 3,931,483,000 14,360,000 10,052,000

Notes: (1) The market value in existing state of the property interests in the PRC as at the Valuation Date was approximately HKD5,016,757,445. (2) The market value in existing state of the property interests in the PRC attributable to the Group as at the Valuation Date was approximately HKD4,719,745,342. (3) Investment value of certain property interest whereby market value is not applicable. (4) The investment value in existing state of certain property interests in the PRC as at the Valuation Date was approximately HKD17,239,180. (5) The investment value in existing state of certain property interests in the PRC attributable to the Group as at the Valuation Date was approximately HKD12,067,426.

Market value in Investment existing state value(1) in existing Market value in attributable to Investment state attributable existing state as the Group as at value(1) in existing to the Group as at Property Group No. of at the Valuation the Valuation state as at the the Valuation (Group II) properties Date Date Valuation Date Date (HKD) (HKD) (HKD) (HKD) Property interests held by the Group in Hong Kong Group II-A - Property interests 7 11,696,000,000 11,696,000,000 N/A N/A held for investment in Hong Kong Group II-B - Property interests 2 1,432,000,000 1,432,000,000 175,000,000 175,000,000 held for owner occupation in Hong Kong

Sub-Total 9 13,128,000,000 13,128,000,000 175,000,000 175,000,000

Notes: (1) Investment value of certain property interest whereby market value is not applicable.

Valuation Report No. F21-002129-02 15/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

Market value in Investment existing state value(3) in existing Market value in attributable to Investment state attributable existing state as the Group as at value(3) in existing to the Group as at Property Group No. of at the Valuation the Valuation state as at the the Valuation (Group III) properties Date Date Valuation Date Date (NTD) (NTD) (NTD) (NTD) Property interests held by the Group in Taiwan Group III-A - Property interests 36 19,572,350,000 9,721,586,245 2,191,700,000 654,003,280 held for operation in Taiwan Group III-B - Property interest 1 1,285,000,000 638,259,500 N/A N/A held under development in Taiwan Group III-C - Property interests 2 317,150,000 157,528,405 N/A N/A held for future development in Taiwan

(1) (2) (4) (5) Sub-Total 39 21,174,500,000 10,517,374,150 2,191,700,000 654,003,280

Notes: (1) The market value in existing state of the property interests in Taiwan as at the Valuation Date was approximately HKD5,890,745,900. (2) The market value in existing state of the property interests in Taiwan attributable to the Group as at the Valuation Date was approximately HKD2,925,933,489. (3) Investment value of certain property interest whereby market value is not applicable. (4) The investment value in existing state of certain property interests in Taiwan as at the Valuation Date was approximately HKD609,730,940. (5) The investment value in existing state of certain property interests in Taiwan attributable to the Group as at the Valuation Date was approximately HKD181,943,712.

Market value in existing state Market value in attributable to existing state as the Group as at No. of at the Valuation the Valuation Property Group (Group IV) properties Date Date (KRW) (KRW) Property interest held by the Group in South Korea Group IV - Property interest 1 3,139,000,000 3,139,000,000 held for owner occupation in South Korea

(1) (2) Sub-Total 1 3,139,000,000 3,139,000,000

Notes: (1) The market value in existing state of the property interest in South Korea as at the Valuation Date was approximately HKD21,659,100. (2) The market value in existing state of the property interest in South Korea attributable to the Group as at the Valuation Date was approximately HKD21,659,100.

Valuation Report No. F21-002129-02 16/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

Market value in Investment existing state value(3) in existing Market value in attributable to Investment state attributable existing state as the Group as at value(3) in existing to the Group as at Property Group No. of at the Valuation the Valuation state as at the the Valuation (Group V) properties Date Date Valuation Date Date (USD) (USD) (USD) (USD) Property interests held by the Group in Vietnam Group V - Property interests 3 24,440,000 24,440,000 1,869,000 1,869,000 held for investment in Vietnam

(1) (2) (4) (5) Sub-Total 3 24,440,000 24,440,000 1,869,000 1,869,000

Notes: (1) The market value in existing state of the property interests in Vietnam as at the Valuation Date was approximately HKD189,754,604. (2) The market value in existing state of the property interests in Vietnam attributable to the Group as at the Valuation Date was approximately HKD189,754,604. (3) Investment value of certain property interest whereby market value is not applicable. (4) The investment value in existing state of certain property interests in Vietnam as at the Valuation Date was approximately HKD14,511,103. (5) The investment value in existing state of certain property interests in Vietnam attributable to the Group as at the Valuation Date was approximately HKD14,511,103.

Market value in existing state Market value in attributable to existing state as the Group as at Property Group No. of at the Valuation the Valuation (Group VI) properties Date Date (USD) (USD) Property interest held by the Group in Cambodia Group VI - Property interest 1 156,925,000 94,155,000 held for operation in Cambodia

(1) (2) Sub-Total 1 156,925,000 94,155,000

Notes: (1) The market value in existing state of the property interest in Cambodia as at the Valuation Date was approximately HKD1,218,381,393. (2) The market value in existing state of the property interest in Cambodia attributable to the Group as at the Valuation Date was approximately HKD731,028,836.

Valuation Report No. F21-002129-02 17/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

Market value in existing state Market value in attributable to existing state as the Group as at Property Group No. of at the Valuation the Valuation (Group VII) properties Date Date (THB) (THB) Property interests held by the Group in Thailand Group VII-A - Property 4 8,222,700,000 7,379,275,600 interests held for operation in Thailand Group VII-B - Property interest 1 3,200,000 3,200,000 held for owner occupation in Thailand

(1) (2) Sub-Total 5 8,225,900,000 7,382,475,600

Notes: (1) The market value in existing state of the property interests in Thailand as at the Valuation Date was approximately HKD1,994,780,750. (2) The market value in existing state of the property interests in Thailand attributable to the Group as at the Valuation Date was approximately HKD1,790,250,333.

Market value in Investment existing state value(3) in existing Market value in attributable to Investment state attributable existing state as the Group as at value(3) in existing to the Group as at Property Group No. of at the Valuation the Valuation state as at the the Valuation (Group VIII) properties Date Date Valuation Date Date (MYR) (MYR) (MYR) (MYR) Property interests held by the Group in Malaysia Group VIII-A - Property 7 23,470,000 23,450,000 N/A N/A interests held for operation in Malaysia Group VIII-B - Property 3 3,570,000 3,570,000 500,000 500,000 interests held for future development in Malaysia (1) (2) (4) (5) Sub-Total 10 27,040,000 27,020,000 500,000 500,000

Notes: (1) The market value in existing state of the property interests in Malaysia as at the Valuation Date was approximately HKD50,589,136. (2) The market value in existing state of the property interests in Malaysia attributable to the Group as at the Valuation Date was approximately HKD50,551,718. (3) Investment value of certain property interest whereby market value is not applicable. (4) The investment value in existing state of certain property interests in Malaysia as at the Valuation Date was approximately HKD935,450. (5) The investment value in existing state of certain property interests in Malaysia attributable to the Group as at the Valuation Date was approximately HKD935,450.

Valuation Report No. F21-002129-02 18/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

Market value in existing state Market value in attributable to existing state as the Group as at Property Group No. of at the Valuation the Valuation (Group IX) properties Date Date (SGD) (SGD) Property interest held by the Group in Singapore Group IX - Property interest 1 65,700,000 65,700,000 held for investment and operation in Singapore

(1) (2) Sub-Total 1 65,700,000 65,700,000

Notes: (1) The market value in existing state of the property interest in Singapore as at the Valuation Date was approximately HKD379,226,970. (2) The market value in existing state of the property interest in Singapore attributable to the Group as at the Valuation Date was approximately HKD379,226,970.

Market value in Investment existing state value(1) in existing Market value in attributable to Investment state attributable existing state as the Group as at value(1) in existing to the Group as at Property Group No. of at the Valuation the Valuation state as at the the Valuation (Group X) properties Date Date Valuation Date Date (USD) (USD) (USD) (USD) Property interests held by the Group in Myanmar Group X - Property interests 2 N/A N/A 35,875,000 25,112,500 held for operation in Myanmar

(2) (3) Sub-Total 2 N/A N/A 35,875,000 25,112,500

Notes: (1) Investment value of certain property interest whereby market value is not applicable. (2) The investment value in existing state of certain property interests in Myanmar as at the Valuation Date was approximately HKD278,537,088. (3) The investment value in existing state of certain property interests in Myanmar attributable to the Group as at the Valuation Date was approximately HKD194,975,961.

Valuation Report No. F21-002129-02 19/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

Market value in Investment existing state value(3) in existing Market value in attributable to Investment state attributable existing state as the Group as at value(3) in existing to the Group as at Property Group No. of at the Valuation the Valuation state as at the the Valuation (Group XI) properties Date Date Valuation Date Date (INR) (INR) (INR) (INR) Property interests held by the Group in India Group XI-A - Property 8 2,449,000,000 1,224,500,000 529,000,000 264,500,000 interests held for operation in India Group XI-B - Property 2 194,000,000 97,000,000 N/A N/A interests held for owner occupation in India Group XI-C - Property interest 1 82,000,000 41,000,000 N/A N/A held for future development in India

(1) (2) (4) (5) Sub-Total 11 2,725,000,000 1,362,500,000 529,000,000 264,500,000

Notes: (1) The market value in existing state of the property interests in India as at the Valuation Date was approximately HKD284,740,700. (2) The market value in existing state of the property interests in India attributable to the Group as at the Valuation Date was approximately HKD142,370,350. (3) Investment value of certain property interest whereby market value is not applicable. (4) The investment value in existing state of certain property interests in India as at the Valuation Date was approximately HKD55,276,268. (5) The investment value in existing state of certain property interests in India attributable to the Group as at the Valuation Date was approximately HKD27,638,134.

Market value in existing state Market value in attributable to existing state as the Group as at Property Group No. of at the Valuation the Valuation (Group XII) properties Date Date (USD) (USD) Property interest held by the Group in Uzberkistan Group XII - Property interest 1 550,000 280,500 held for operation in Uzbekistan

(1) (2) Sub-Total 1 550,000 280,500

Notes: (1) The market value in existing state of the property interest in Uzbekistan as at the Valuation Date was approximately HKD4,270,255. (2) The market value in existing state of the property interest in Uzbekistan attributable to the Group as at the Valuation Date was approximately HKD2,177,830.

Valuation Report No. F21-002129-02 20/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

Market value in Investment existing state value(1) in existing Market value in attributable to Investment state attributable existing state as the Group as at value(1) in existing to the Group as at Property Group No. of at the Valuation the Valuation state as at the the Valuation (Group XIII) properties Date Date Valuation Date Date (AED) (AED) (AED) (AED)

Property interests held by the Group in Dubai Group XIII - Property interests 3 N/A N/A 32,650,000 24,161,000 held for operation in Dubai

(2) (3) Sub-Total 3 N/A N/A 32,650,000 24,161,000

Notes: (1) Investment value of certain property interest whereby market value is not applicable. (2) The investment value in existing state of certain property interests in Dubai as at the Valuation Date was approximately HKD69,033,821. (3) The investment value in existing state of certain property interests in Dubai attributable to the Group as at the Valuation Date was approximately HKD51,085,028.

Market value in existing state Market value in attributable to existing state as the Group as at Property Group No. of at the Valuation the Valuation (Group XIV) properties Date Date (SEK) (SEK) Property interest held by the Group in Sweden Group XIV - Property interest 1 124,000,000 124,000,000 held for operation in Sweden

(1) (2) Sub-Total 1 124,000,000 124,000,000

Notes: (1) The market value in existing state of the property interest in Sweden as at the Valuation Date was approximately HKD113,050,924. (2) The market value in existing state of the property interest in Sweden attributable to the Group as at the Valuation Date was approximately HKD113,050,924.

Valuation Report No. F21-002129-02 21/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

Market value in existing state Market value in attributable to existing state as the Group as at Property Group No. of at the Valuation the Valuation (Group XV) properties Date Date (EUR) (EUR) Property interest held by the Group in Netherlands Group XV - Property interest 1 3,900,000 3,900,000 held for operation in Netherlands

(1) (2) Sub-Total 1 3,900,000 3,900,000

Notes: (1) The market value in existing state of the property interest in Netherlands as at the Valuation Date was approximately HKD35,896,770. (2) The market value in existing state of the property interest in Netherlands attributable to the Group as at the Valuation Date was approximately HKD35,896,770.

Valuation Report No. F21-002129-02 22/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A – Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Office Portion of Kerry EAS Building erected on a Portions of the property RMB140,000,000 Kerry EAS Building, on a parcel of land with a site area with a total 7,753.38 (RENMINBI ONE No. 21 Xiaoyun Road, of approximately 4,600.40 sq m. floor area of HUNDRED FORTY North Dongsanhuan Road, The property comprises the office approximately 10,841.30 MILLION) Chaoyang District, portion of Kerry EAS Building sq m were leased to Beijing, erected on a parcel of land of a total various tenants for (70% interest the PRC site area of approximately 3,588.31 various terms with the attributable to sq m which was completed in 1994. latest expiry date on the Group: 21 March 2024. The RMB98,000,000) The property has a GFA of total monthly rent was approximately 10,841.30 sq m. approximately RMB725,000 (exclusive The property is situated in a of VAT). developed business area in Chaoyang District, Beijing, with complete infrastructure. The immediate locality generally comprises office developments. Public transport is readily available in the area. Access to the other districts is further enhanced by Subway line 10. The property is for commercial uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 17 July 2044 for office use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2010)0128 issued by the Chaoyang Municipal People’s Government on 29 April 2010, the land use rights of the property comprising a total site area of 4,600.40 sq m are vested in Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) for office use.

(2) According to Building Ownership Certificate No. 804637 issued on 5 February 2010, the building ownership of the property with a total GFA of 13,899.10 sq m is vested in Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司).

(3) According to Business Licence No. 91110105695029028W, Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) was established on 7 September 2009 as a limited company with a registered capital of RMB76,834,481.36 for a valid operation period from 7 September 2009 to 6 September 2029.

Valuation Report No. F21-002129-02 23/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) is a 100% owned subsidiary of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有 限公司). Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) has obtained Certificate for the Use of State-owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and the land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) has obtained Building Ownership Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Melody Chen, 2.3 years of experience in the valuation of properties in the PRC, inspected the property on 1 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 24/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A – Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Kerry Changsha The property comprises two double The property is subject RMB180,000,000 Logistics Centre, storey warehouse buildings and two to various tenancies with (RENMINBI ONE No. 1189 guard rooms erected on a parcel of the latest tenancy due to HUNDRED EIGHTY Zhong Qing Road, land with a site area of 51,400.44 expire in September MILLION) Kaifu District, sq m which was completed in late 2025 at a total monthly Changsha, 2010s. rental of approximately (100% interest Hunan Province, RMB1,270,000 attributable to the PRC The property has a total GFA of (exclusive of VAT). the Group: approximately 59,185.21 sq m. RMB180,000,000)

The property is situated in an existing industrial area where infrastructure is provided, in Kaifu District, Changsha. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Daming Road and Zhongqing Road. The property is for warehouse and other uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 22 November 2066 for warehouse use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2017)0047054 issued by the Changsha Municipal People’s Government on 13 March 2017, the land use rights of the property comprising a total site area of 51,400.44 sq m are vested in Kerry Logistics (Changsha) Co., Ltd. (嘉里物流（长沙）有限公司) for warehouse use.

(2) According to three Real Estate Title Certificates Nos. 2020(078496), 2020(0078509), 2020(0078503), issued on 14 April 2020, the building ownership of the property with a total GFA of 59,185.21 sq m is vested in Kerry Logistics (Changsha) Co., Ltd. (嘉里物流（长沙）有限公司).

(3) According to Business Licence No. 91430100MA4L1QCY44, Kerry Logistics (Changsha) Co., Ltd. (嘉里物流（长 沙）有限公司) was established with a registered capital of RMB65,000,000 for an operation period from 18 November 2015 to 17 November 2045.

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Changsha) Co., Ltd. (嘉里物流（长沙）有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

Valuation Report No. F21-002129-02 25/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(b) Kerry Logistics (Changsha) Co., Ltd. (嘉里物流（长沙）有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistics (Changsha) Co., Ltd. (嘉里物流（长沙）有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Tim Li, 4 years of experience in the valuation of properties in the PRC, inspected the property on 4 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 26/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A – Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

3. Kerry Chongqing Kerry Chongqing Logistics Centre The property is subject RMB62,000,000 Logistics Centre comprises two phases erected upon to various tenancies with (RENMINBI SIXTY Phase 1, a parcel of land with a site area of the latest tenancy due to TWO MILLION) No. 69 Baohuan Road, approximately 54,494.30 sq m. The expire in December Huixing Street, property comprises Phase I of Kerry 2021 at a total monthly (100% interest Yubei District, Chongqing Logistics Centre which rental of approximately attributable to Chongqing, has a 2-storey with 2 mezzanine RMB310,700 (exclusive the Group: the PRC floors warehouse building and two of VAT). RMB62,000,000) single storey ancillary structures erected upon a land with a site area of 25,694.33 which was completed in early 2010s.

The property has a total GFA of approximately 20,900.78 sq m.

The property is situated in an existing industrial area, in Yubei District, Chongqing, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Thong Nhat Boulevard and Highway 13 (Binh Duong Avenue). The property is for industrial, warehouse and other uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 29 December 2056 for industrial use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2007)502 issued by the Chongqing Municipal People’s Government on 30 April 2007, the land use rights of the property comprising a total site area of 54,494.30 sq m are vested in Kerry Logistics (Chongqing) Co., Ltd. (嘉里物流 (重庆) 有限公司) for industrial use.

(2) According to three Real Estate Title Certificates Nos. 2011(050976), 2011(050994) and 2011(050996) issued on 14 September 2011, the building ownership of the property with a total GFA of 20,900.78 sq m is vested in Kerry Logistics (Chongqing) Co., Ltd. (嘉里物流 (重庆) 有限公司).

(3) According to Business Licence No. 91500000795893518C, Kerry Logistics (Chongqing) Co., Ltd. (嘉里物流 (重庆) 有限公司) was established with a registered capital of RMB112,500,000 for an operation period from 22 December 2006 to 30 June 2030.

Valuation Report No. F21-002129-02 27/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Chongqing) Co., Ltd. (嘉里物流 (重庆) 有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics (Chongqing) Co., Ltd. (嘉里物流 (重庆) 有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistics (Chongqing) Co., Ltd. (嘉里物流 (重庆) 有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease term agreed by Kerry Logistics (Chongqing) Co., Ltd. (嘉里物流 (重庆) 有限公司) and Guangzhou Hori Automobile Glass Co., Ltd. ( 广州堀硝子汽车玻璃有限公司), Guangzhou Hori Automobile Glass Co., Ltd. Chongqing Branch (广州堀硝子汽车玻璃有限公司重庆分公司), Chongqing Chayu Network Information Technology Co., Ltd. ( 重庆茶语网络信息技术有限公司) have expired respectively but the de facto lease legal relationship still exists and the lease contract renewal procedures are in progress. In addition, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contract.

(5) Qiuyue, 2.5 years of experience in the valuation of properties in the PRC, inspected the property on 1 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certifcate for the Use of State-owned Land Yes Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 28/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A – Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

4. Hefei Logistics Centre, The property comprises mainly five Portions of the property RMB40,800,000 No. 2346 Shixin Road, single-storey warehouses, and with a total floor area of (RENMINBI Taohua Industrial Park, other supporting facilities erected approximately 18,545 sq FORTY MILLION Hefei, Anhui Province, on a parcel of land of a total site m (199,616.72 sq ft) EIGHT HUNDRED the PRC area of approximately 38,042.10 sq were leased to various THOUSAND) m. which was completed in early tenants for various terms 2010s. with the latest expiry (100% interest date on 31 December attributable to The property has a GFA of 2021. The total monthly the Group: approximately 18,987.65 sq m. rent was approximately RMB40,800,000) RMB359,084, exclusive The property is situated in an of VAT. existing industrial area, in Taohua Industrial Park, Hefei, Anhui Province, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Jingtai Highway. The property is for industrial uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 17 April 2060 for industrial use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2013)10 issued by the Hefei Municipal People’s Government on 12 April 2013, the land use rights of the property comprising a total site area of 38,042.1 sq m are vested in Kerry Logistics Anhui Co., Ltd. (嘉里物流安徽有限公司) for industrial use.

(2) According to Real Estate Title Certificate No. 2013902956 issued on 2 December 2013, the building ownership of the property with a total GFA of 18,987.65 sq m is vested in Kerry Logistics Anhui Co., Ltd. (嘉里物流安徽有限公 司).

(3) According to Business Licence No. 91340100781092242D (1-1), Kerry Logistics (Anhui) Co., Ltd Kerry Logistics Anhui Co., Ltd. (嘉里物流安徽有限公司)was established on 9 November 2005 as a limited company with a registered capital of RMB36,000,000 for a valid operation period from 9 November 2005 to 31 December 2025.

Valuation Report No. F21-002129-02 29/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics Anhui Co., Ltd. (嘉里物流安徽有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics Anhui Co., Ltd. (嘉里物流安徽有限公司) has obtained Certificate for the Use of State-owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistics Anhui Co., Ltd. (嘉里物流安徽有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease term agreed by Kerry Logistics Anhui Co., Ltd. (嘉里物流安徽有限公司) and Hefei Shengwei Automobile Service Co., Ltd. (合肥胜威汽车服务有限公司) has expired on 31 December 2020 but the de facto lease legal relationship still exists and the lease contract renewal procedures are in progress. In addition, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contract.

(5) Kelly Song, 10 years of experience in the valuation of properties in the PRC, inspected the property on 3 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 30/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A - Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

5. Kerry Kunshan Logistics The property comprises seven The property is subject RMB182,000,000 Centre Phase 2, warehouse buildings erected on a to a tenancy with the (RENMINBI ONE No. 118 parcel of land with a site area of expiry date on 30 June HUNDRED EIGHTY Yuxi Middle Road, 55,107 sq m which was completed in 2024. The current total TWO MILLION) Qiandeng Town, mid 2010s. monthly rent Kunshan, receivable is (100% interest Jiangsu Province, The property has a total GFA of approximately attributable to the PRC approximately 33,732.10 sq m with RMB1,678,000 the Group: details as follows:- (exclusive of VAT). RMB182,000,000)

Type of GFA property (sq m)

Warehouse 32,852.52 Others 879.58 Total: 33,732.10

The property is situated in an existing industrial area, in Kunshan, Jiangsu Province, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Thong Nhat Boulevard and Highway 13 (Binh Duong Avenue). The property is for warehouse, recycling station, technology centre station and general room uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 7 August 2062 for warehouse use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2012)12012112014 issued by the Kunshan Municipal People’s Government on 12 September 2012, the land use rights of the property comprising a total site area of 55,107 sq m are vested in Kerry Logistics (Kunshan) Co., Ltd. (嘉里物流（昆山）有限公司) for warehouse use.

(2) According to seven Real Estate Title Certificates Nos. 181060525 to 181060531 issued on 29 July 2014, the building ownership of the property with a total GFA of 33,732.10 sq m is vested in Kerry Logistics (Kunshan) Co., Ltd. (嘉里 物流（昆山）有限公司).

Valuation Report No. F21-002129-02 31/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(3) According to Business Licence No. 320583400040741, Kerry Logistics (Kunshan) Co., Ltd. (嘉里物流（昆山）有 限公司) was established on 20 March 2009 as a limited company with registered capital of HKD128,000,000 for an operation period from 20 March 2009 to 19 March 2029.

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Kunshan) Co., Ltd. (嘉里物流（昆山）有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics (Kunshan) Co., Ltd. (嘉里物流（昆山）有限公司) has obtained Certificate for the Use of State- owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistics (Kunshan) Co., Ltd. (嘉里物流（昆山）有限公司) has obtained Building Ownership Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Rick Sun, 15 years of experience in the valuation of properties in the PRC, inspected the property on 29 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 32/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A – Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

6. Shenzhen Kerry Futian The property comprises one 6- The property was 100% RMB146,000,000 Logistics Centre, storey warehouse building and leased to various (RENMINBI ONE No. 15 Tao Hua Road, other supporting facilities erected tenants for various terms HUNDRED FORTY SIX Futian Free on a parcel of land of a total site with the latest expiry MILLION) Trade Zone, area of approximately 10,000 sq m date on 30 November Shenzhen, which was completed in 2006. 2023. The total monthly (100% interest the PRC rent was approximately attributable to The property has a GFA of RMB1,065,475, the Group: approximately 24,958.74 sq m with exclusive of VAT. RMB146,000,000) details as follows:-

Type of GFA property (sq m)

Warehouse 24,958.74 Total: 24,958.74

The property is situated in an existing free trade zone area, in Futian, Shenzhen, Guangdong, where infrastructure is provided. The immediate locality generally comprises multiple-storey warehouse building. Public transport is readily available in the area. Access to the other districts is further enhanced by Yitian Road and Beijing-Hong Kong-Macau Expressway (G4). The property is for warehouse uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 5 December 2054 for warehouse use.

Notes:

(1) According to Real Estate Title Certificate No. 9000614 issued by the Shenzhen Free Trade Zone Administration Bureau on 10 October 2006, the land use rights of the property comprising a total site area of 10,000.00 sq m are vested in Kerry Fubao Logistics (Shenzhen) Ltd. for logistics use. The building ownership of the property with a total GFA of 24,958.74 sq m is vested in Kerry FFTZ Warehouse (Shenzhen) Ltd. (嘉里福保仓储（深圳）有限公司).

(2) According to Business Licence No. 91440300764982833G, Kerry FFTZ Warehouse (Shenzhen) Ltd. (嘉里福保仓 储（深圳）有限公司) was established on 21 September 2004 as a limited company with a registered capital of HKD70,000,000 for a valid operation period from 21 September 2004 to 21 September 2054.

Valuation Report No. F21-002129-02 33/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry FFTZ Warehouse (Shenzhen) Ltd. (嘉里福保仓储（深圳）有限公司), a 51% owned subsidiary of Kerry Logistics (Fubao) Investment Co., Ltd. (嘉里物流（福保）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry FFTZ Warehouse (Shenzhen) Ltd. (嘉里福保仓储（深圳）有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry FFTZ Warehouse (Shenzhen) Ltd. (嘉里福保仓储（深圳）有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(4) Vincent Yu, Assistant Manager, 4 years of experience in the valuation of properties in the PRC, inspected the property on 28 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 34/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A - Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

7. Kerry Xi'an The property comprises a large-scale As at Valuation Date, RMB89,000,000 Logistics Centre, logistics centre erected on a parcel of land the property is subject (RENMINBI EIGHTY No. 110 of a total site area of approximately to a tenancy with the NINE MILLION) Fengye Avenue West, 36,486.02 sq m which was completed in expiry in December Fengdong New Area, late 2010s. 2022 at a monthly (100% interest Xi'xian New District, rental of attributable to Xi'an, The property has a total GFA of approximately RMB the Group: Shannxi Province, approximately 25,646.39 sq m with details 281,155 (exclusive of RMB89,000,000) the PRC as follows:- VAT).

Type of property GFA (sq m)

Warehouse 25,531,15 Auxiliary Building 115.24 Total: 25,646.39

The property is located at No. 110 Fengye Avenue West, Fengdong New Town, Xi’xian New Area. Developments in vicinity comprise mainly industrial development. The property is for industrial uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 27 January 2064 for warehouse use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2014)042 issued by the Xi’an Municipal People’s Government on 4 November 2014, the land use rights of the property comprising a total site area of 36,486.02 sq m are vested in Kerry Logistics (Xi’an) Ltd. (嘉里物流 (西安) 有限公司) for warehouse use.

(2) According to four Real Estate Title Certificate Nos. (2017)1123945, (2017)1123947, (2017)1123949 and (2017)1123951, the building ownership of the property with a total GFA of 25,646.39 sq m has been vested in Kerry Logistics (Xi’an) Ltd. (嘉里物流 (西安) 有限公司).

(3) According to Business Licence No. 91611105073447882J, Kerry Logistics (Xi’an) Ltd. (嘉里物流 (西安) 有限公司) was established as a limited company with registered capital of USD12,000,000 for a long-term operation period from 17 October 2013.

Valuation Report No. F21-002129-02 35/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Xi’an) Ltd. (嘉里物流 (西安) 有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics (Xi’an) Ltd. (嘉里物流 (西安) 有限公司) has obtained Certificate for the Use of State-owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistics (Xi’an) Ltd. (嘉里物流 (西安) 有限公司) has obtained Real Estate Title Certificate and House Register Form, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Jeremy Chang, 1 year of experience in the valuation of properties in the PRC, inspected the property on 31 May 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 36/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A – Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

8. Kerry Wuhan The property comprises 4 single As at the Valuation RMB173,000,000 Logistics Centre, and 2 double storey warehouse Date, the property is (RENMINBI ONE No. 7 Shang Mao buildings erected on various parcels subject to various HUNDRED SEVENTY Avenue, of land with a site area of 66,666.58 tenancies with the latest THREE MILLION) Zou Ma Ling Street, sq m which was completed in late tenancy due to expire in Dongxihu District, 2010s. July 2027 at a total (100% interest Wuhan, monthly rental of attributable to Hubei Province, The property has a GFA of approximately the Group: the PRC approximately 58,576.86 sq m with RMB1,180,000. RMB173,000,000) details as follows:- (exclusive of VAT).

Type of property GFA (sq m)

Warehouse 52,910.27 Auxiliary Room 139.45 Guard Room 186.04 Overhead platform 5,341.10 Total: 58,576.86

The property is situated in an existing industrial area, in Dongxihu District, Wuhan, Hubei Province, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is not very convenient in the area. Access to the other districts is further enhanced by Shangmao Avenue and Dongwu Avenue. The property is for industrial and other uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 24 January 2067 for warehouse use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2017)0019446 issued by the Wuhan Municipal People’s Government on 12 September 2012, the land use rights of the property comprising a total site area of 66,666.58 sq m are vested in Kerry Logistics (Wuhan) Co., Ltd. (嘉里物流（武汉）有限公司) for warehouse use.

(2) According to six Real Estate Title Certificates Nos. (2020)Dongxihu0002832 to (2020)Dongxihu0002837, the building ownership of the property with a total GFA of 58,576.86 sq m has been vested in Kerry Logistics (Wuhan) Co., Ltd. (嘉里物流（武汉）有限公司).

Valuation Report No. F21-002129-02 37/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(3) According to Business Licence No. 91420100MA4KL62G7G, Kerry Logistics (Wuhan) Co., Ltd. (嘉里物流（武汉） 有限公司) was established as a limited company with a registered capital of RMB90,000,000 for an operation period from 20 October 2015 to 19 October 2045.

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Wuhan) Co., Ltd. (嘉里物流（武汉）有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics (Wuhan) Co., Ltd. (嘉里物流（武汉）有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistics (Wuhan) Co., Ltd. (嘉里物流（武汉）有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Elvis Xia, 10 years of experience in the valuation of properties in the PRC, inspected the property on 8 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 38/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A - Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

9. 4 Blocks of Buildings, The property comprises a 6-storey and As at the Valuation RMB35,000,000 No. 48 Hebei Road, 2-storey composite buildings and 2 Date, the property (RENMINBI THIRTY Tanggu, ancillary buildings erected on a parcel of was vacant. FIVE MILLION) Binhai New Area, land with a site area of 8,108.60 sq m Tianjin, which was completed in late 1990s. (70% interest the PRC attributable to The property has a total office GFA of the Group: approximately 6,721.23 sq m. RMB24,500,000)

The property is situated in an existing industrial area, in Binhai New Area, Tianjin, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Thong Nhat Boulevard and Highway 13 (Binh Duong Avenue). The property is for non- residential uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 11 December 2047 for other commercial use.

Notes:

(1) According to Real Estate Title Certificate No. 107020924163 issued by the Tianjing Municipal People’s Government on 7 December 2009, the land use rights of the property comprising a total site area of 8,108.60 sq m are vested in Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) for other commercial use. The building ownership of the property with a total GFA of 6,721.23 sq m is vested in Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司).

As advised, extension portions with a total GFA of 3,500 sq m have been constructed by the tenant and attached to the property. However, in the course of our valuation, we have not taken such extension portions into account.

(2) According to Business Licence No. 91110105695029028W, Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) was established on 7 September 2009 as a limited company with a registered capital of RMB76,834,481.36 for a valid operation period from 7 September 2009 to 6 September 2029.

Valuation Report No. F21-002129-02 39/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) is a 100% owned subsidiary of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有 限公司). Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(4) Ada Wang, 5 years of experience in the valuation of properties in the PRC, inspected the property on 1 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 40/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A – Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

10. Part of Level 18, The property comprises part of an The property is subject N/A Block B, office unit on the 18th floor of to various tenancies with (see Note (1)) Wuhan International a 23-storey office building erected the latest expiry date in Building (formerly known on an attributable site area of May 2024. The current as Asia Plaza), approximately 21 sq m which was total monthly rent Dandong Road, completed in late 1990s. receivable is Jianghan District, RMB30,000 (exclusive Wuhan, The property has a GFA of of VAT) Hubei Province, approximately 615.60 sq m. the PRC The property is situated in urban area, in Jianghan District, Wuhan, Hubei Province, where infrastructure is provided. Developments in vicinity comprise mainly residential development. The commercial, office, medical and educational facilities around the property are abundant, and the transportation is also very convenient. It is less than 500 meters away from the nearest Xunlimen subway station, which is the transfer station of Metro Line 1 and Line 2. The property is for office uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been allocated for town single residential use for an unspecified term.

Notes:

(1) The property is subject to sale restriction. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property in existing state as at 30 June 2021 was RMB4,200,000 (RENMINBI FOUR MILLION TWO HUNDRED THOUSAND) (70% interest attributable to the Group: RMB2,940,000).

Valuation Report No. F21-002129-02 41/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(2) According to Certificate for the Use of State-owned Land No. (2006)73 issued by Wuhan Municipal People’s Government on 31 May 2005, the land use rights of Level 18 with an attributable site area of 21 sq m have been allocated to Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司), in which the Group has an attributable interest of 70% for town single residential use for an unspecified term.

(3) According to Building Ownership Certificate No. 200504494, the building ownership of Level 18 with a GFA of 742.83 sq m has been vested in Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司).

As at the Valuation Date, the property has a GFA of approximately 615.60 sq m. The remaining portion of 127.23 sq m is held the by Company for operation.

(4) According to Business Licence No. 420100500008617 dated 5 November 2014, Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) was established on 1 March 1999 as a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司) for an operation period from 1 March 2004 to 26 February 2035.

(5) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) is a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有限公司). Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) has obtained Certificate for the Use of State-owned Land and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use land use rights of the property. Since the land use rights is obtained through allocation, Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) should obtain approval from relevant government departments prior to transfer, lease and mortgage the land use rights of the property, and the proceeds from transfer, leasing, mortgage, etc. must first be paid in an amount equivalent to the land transfer fee or the land proceeds required and approved by the approval authority. The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) has obtained Building Ownership Certificate and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use building ownership of the property. Since the land use rights is obtained through allocation, Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) should obtain approval from relevant government departments prior to transfer, lease and mortgage the building ownership of the property, and the proceeds from transfer, leasing, mortgage, etc. must first be paid in an amount equivalent to the land transfer fee or the land proceeds required and approved by the approval authority. The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(6) Elvis Xia, 10 years of experience in the valuation of properties in the PRC, inspected the property on 8 June 2021.

Valuation Report No. F21-002129-02 42/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(7) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes (Allocated) Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 43/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A – Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

11. Unit C, Level 22, The property comprises the portions As at the Valuation RMB2,960,000 Dihao Plaza, of a 29-storey office building Date, the property was (RENMINBI TWO No. 2 Longkun completed in early 2000s. vacant. MILLION NINE North Road, HUNDRED SIXTY Longhua District, The property has a GFA of THOUSAND) Haikou, approximately 335.86 sq m with Hainan Province, details as follows:- (70% interest the PRC attributable to Type of GFA the Group: property (sq m) RMB2,072,000)

Office 335.86 Total: 335.86

The property is situated in an existing business district area, in Longhua District, Haikou, Hainan Province, where infrastructure is provided. The immediate locality generally comprises high-rise office building. Public transport is readily available in the area. Access to the other districts is further enhanced by Binhai Avenue and Longkun North Road. The property is for non-residential uses, there is no environmental issues and litigation dispute.

The land use rights of the property are not available.

Notes:

(1) According to Building Ownership Certificate No. 34616 issued on 26 July 2005, the building ownership of the property with a total GFA of 335.86 sq m is vested in Kerry EAS Logistics Limited Hainan Branch (嘉里大通物流有 限公司海南分公司).

(2) According to Business Licence No. 91460000X200009800, Kerry EAS Logistics Limited Hainan Branch (嘉里大通 物流有限公司海南分公司) was established on 28 December 1987 as a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司) for a valid operation period from 28 December 1987 to 26 February 2035.

Valuation Report No. F21-002129-02 44/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry EAS Logistics Limited Hainan Branch (嘉里大通物流有限公司海南分公司) is a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有限公司). Kerry EAS Logistics Limited Hainan Branch (嘉里大通物流有限公司海南分公司) has obtained valid business license and is legally established under the Chinese laws; and

(b) Kerry EAS Logistics Limited Hainan Branch (嘉里大通物流有限公司海南分公司), has obtained Building Ownership Certificate but has not obtained the Certificate for the Use of State-owned Land as the property was established at the time when decentralized registration was still applied, there is no unified registration system of real estate and the government usually only issued Building Ownership Certificates for the buildings with differentiated ownership within the city. According to Article 1 of the Commercial Housing Purchase and Sale Contract signed between Kerry EAS Logistics Limited Hainan Branch (嘉里大通物流有 限公司海南分公司) and Hainan Zhujiang Industrial Co., Ltd. (海南珠江实业股份有限公司), Hainan Zhujiang Industrial Co., Ltd. (海南珠江实业股份有限公司) obtained the land use right of the plot by way of transfer with a period from 26 August 1988 to 26 August 2058, the planned use of the plot is commercial service land, and the buildings built on the plot are for commercial and residential purposes. According to the consistency principle for the ownership of the building and the land use rights within the land occupied by the building stated in the Chinese laws, it can be determined that Kerry EAS Logistics Limited Hainan Branch (嘉里大通 物流有限公司海南分公司) has the legal right to use the land within the occupied area of the building. Kerry EAS Logistics Limited Hainan Branch (嘉里大通物流有限公司海南分公司) is the owner of the land use rights and the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights and the building ownership of the property, and the land use rights and the building ownership of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use.

(4) Candy Gan, 13 years of experience in the valuation of properties in the PRC, inspected the property on 15 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 45/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A – Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

12. 5/F, Block 15 of Block 15 of Guangyuan The property is subject RMB16,000,000 Guangyuan International Community is a large- to a tenancy with the (RENMINBI SIXTEEN International scale office development erected expiry date on 28 MILLION) Community, upon a parcel of land with a site February 2027 at a total No. 86 Zhuxi Avenue, area of approximately 66,669.97 sq monthly rental of (100% interest Qingxiu District, m which was completed in mid approximately RMB attributable to Nanning, 2010s. 130,000 (inclusive of the Group: Guangxi Zhuang VAT). RMB16,000,000) Autonomous Region, According to the information the PRC provided by the Group, the property comprises the office unit on the 5th Floor, Block 15 of Guangyuan International Community with a total GFA of approximately 1,368.47 sq m with details as follows:-

Type of GFA property (sq m)

Office 1,368.47 Total: 1,368.47

The property is situated in an existing residential and commercial area, in Qingxiu District, Nanning, Guangxi Zhuang Autonomous Region, where infrastructure is provided. Public transport is readily available in the area. Access to the other districts is further enhanced by Zhuxi Avenue and Metro Line 3. The property is for office uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term from 29 April 2007 to 29 April 2057 for business finance use.

Notes:

(1) According to Real Estate Title Certificate No. (2019)0038895 issued by Nanning Bureau of Land and Resources on 27 February 2019, the land use rights of the property comprising a total site area of 66,669.97 sq m are vested in Nanning Kerry Zhongzhi Investment Management Co., Ltd. (南宁嘉里中智投资管理有限公司) for business and finance use. The building ownership of the property with a total GFA of 1,368.47 sq m is vested in Nanning Kerry Zhongzhi Investment Management Co., Ltd. (南宁嘉里中智投资管理有限公司).

Valuation Report No. F21-002129-02 46/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(2) According to Business Licence No. 91450100348529781L, Nanning Kerry Zhongzhi Investment Management Co., Ltd. (南宁嘉里中智投资管理有限公司) was established on 17 July 2015 as a limited company with a registered capital of RMB15,000,000 for a valid operation period from 17 July 2015 to 16 July 2035.

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Nanning Kerry Zhongzhi Investment Management Co., Ltd. (南宁嘉里中智投资管理有限公司), a 100% owned subsidiary of Beijing Kerry Datong Investment Consultancy Co., Ltd. (北京嘉里达通投资咨询有限公 司) has obtained valid business license and is legally established under the Chinese laws;

(b) Nanning Kerry Zhongzhi Investment Management Co., Ltd. (南宁嘉里中智投资管理有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Nanning Kerry Zhongzhi Investment Management Co., Ltd. (南宁嘉里中智投资管理有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use.

(4) Chengjin Li, 5 years of experience in the valuation of properties in the PRC, inspected the property on 4 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 47/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-A – Property interests held by the Group for investment in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

13. 6/F, Block 15 of Block 15 of Guangyuan The property is subject RMB16,400,000 Guangyuan International Community is a large- to a tenancy with the (RENMINBI SIXTEEN International scale office development erected expiry date on MILLION FOUR Community, upon a parcel of land with a site 31 January 2025 at a HUNDRED No. 86 Zhuxi Avenue, area of approximately 66,669.97 sq total monthly rental of THOUSAND) Qingxiu District, m which was completed in mid approximately RMB Nanning, 2010s. 86,000 (inclusive of (100% interest Guangxi Zhuang VAT). attributable to Autonomous Region, According to the information the Group: the PRC provided by the Group, the property RMB16,400,000) comprises the office unit on the 6th Floor, Block 15 of Guangyuan International Community with a total GFA of approximately 1,368.47 sq m with details as follows:-

Type of GFA property (sq m)

Office 1,368.47 Total: 1,368.47

The property is situated in an existing residential and commercial area, in Qingxiu District, Nanning, Guangxi Zhuang Autonomous Region, where infrastructure is provided. Public transport is readily available in the area. Developments in vicinity comprise mainly office use. Access to the other districts is further enhanced by Zhuxi Avenue and Metro Line 3. The property is for office uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term from 29 April 2007 to 29 April 2057 for business and finance use.

Notes:

(1) According to Real Estate Title Certificate No. (2019)0038891 issued by Nanning Bureau of Land and Resources on 27 February 2019, the land use rights of the property comprising a total site area of 66,669.97 sq m are vested in Nanning Kerry China Zhongma Investment Management Co., Ltd. (南宁嘉里中马投资管理有限公司) for business and finance use. The building ownership of the property with a total GFA of 1,368.47 sq m is vested in Nanning Kerry China Zhongma Investment Management Co., Ltd. (南宁嘉里中马投资管理有限公司).

Valuation Report No. F21-002129-02 48/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(2) According to Business Licence No. 9145010034852979XC, Nanning Kerry China Zhongma Investment Management Co., Ltd. (南宁嘉里中马投资管理有限公司) was established on 17 July 2015 as a limited company with a registered capital of RMB18,000,000 for a valid operation period from 17 July 2015 to 16 July 2035.

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Nanning Kerry China Zhongma Investment Management Co., Ltd. (南宁嘉里中马投资管理有限公司), a 100% owned subsidiary of Beijing Kerry Datong Investment Consultancy Co., Ltd. (北京嘉里达通投资咨询有限公 司) has obtained valid business license and is legally established under the Chinese laws;

(b) Nanning Kerry China Zhongma Investment Management Co., Ltd. (南宁嘉里中马投资管理有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Nanning Kerry China Zhongma Investment Management Co., Ltd. (南宁嘉里中马投资管理有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use.

(4) Chengjin Li, 5 years of experience in the valuation of properties in the PRC, inspected the property on 4 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 49/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Beijing CV Chaoyang The property comprises mainly one As at the Valuation RMB97,000,000 Inland Port single-storey warehouse, one two- Date, the property was (RENMINBI NINETY Logistics Centre, storey office building and other operated by the Group SEVEN MILLION) No. A1 East 4th Ring supporting facilities erected on a as a logistics centre. South Road, parcel of land of a total site area of (100% interest Chaoyang District, approximately 29,964.20 sq m attributable to Beijing, which was completed in late 1980s. the Group: the PRC RMB97,000,000) The property has a GFA of approximately 11,533.50 sq m with details as follows:-

Type of GFA property (sq m)

Office 1,437.50 Warehouse 10,096.00 Total: 11,533.50

The property is situated in an existing industrial area, in Chaoyang District, Beijing, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities and residential developments. Public transport is readily available in the area. Access to the other districts is further enhanced by Jing-hu Highway. There is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 22 August 2046 for warehouse use.

Notes:

(1) According to Certificates for the Use of State-owned Land No. (2001)10166 issued by Beijing Municipal Bureau of Land Resources and Housing Management on 14 April 2003, the land use rights of the property comprising a total site area of 29,964.20 sq m are vested in CV Global Logistics (Beijing) Limited (北京中创环球物流保税有限公司) for warehouse use.

(2) According to three Building Ownership Certificates No. 10114 issued on 14 November 2001, the building ownership of the property with a total GFA of 11,533.50 sq m is vested in CV Global Logistics (Beijing) Limited (北京中创环球 物流保税有限公司).

Valuation Report No. F21-002129-02 50/263

Kerry Logistics Network Limited Valuation Date: Portfolio Valuation 30 June 2021

(3) According to Business Licence No. 91110105600038731Y, CV Global Logistics (Beijing) Limited (北京中创环球物 流保税有限公司) was established on 15 June 1995 as a limited company with a registered capital of RMB50,000,000 for a valid operation period from 15 June 1995 to 14 June 2045.

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) CV Global Logistics (Beijing) Limited (北京中创环球物流保税有限公司), a 100% owned subsidiary of Beijing Kerry Logistics Co., Ltd. (北京嘉里物流有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) CV Global Logistics (Beijing) Limited (北京中创环球物流保税有限公司) has obtained Certificate for the Use of State-owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

CV Global Logistics (Beijing) Limited (北京中创环球物流保税有限公司) has obtained Building Ownership Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property. Although the building type of the property is not recorded in the Building Ownership Certificate, with reference to the Certificate for the Use of State-owned Land, which stated the property is for warehouse use, the actual use of the property was in line with its approved use.

(5) Melody Chen, 2.3 years of experience in the valuation of properties in the PRC, inspected the property on 1 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 51/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Retail Portion of Kerry EAS Building erected on a As at the Valuation RMB52,000,000 Kerry EAS Building, on a parcel of land with a site area Date, the property was (RENMINBI FIFTY No. 21 Xiaoyun Road, of approximately 4,600.40 sq m. operated by the Group TWO MILLION) North Dongsanhuan The property comprises the office as a commercial Road, portion of Kerry EAS Building property. (70% interest Chaoyang District, erected on a parcel of land of a total attributable to Beijing, site area of approximately 1,021.09 the Group: the PRC sq m which was completed in 1994. RMB36,400,000)

The property has a GFA of approximately 3,057.80 sq m.

The property is situated in a developed business area, in Chaoyang District, Beijing, with compelete infrastructure. The immediate locality generally comprises office developments. Public transport is readily available in the area. Access to the other districts is further enhanced by Subway line 10. The property is for integrated building and ancillary building uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 17 July 2044 for office use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2010)0128 issued by the Chaoyang Municipal People’s Government on 29 April 2010, the land use rights of the property comprising a total site area of 4,600.40 sq m are vested in Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) for office use.

(2) According to Building Ownership Certificate No. 804637 issued on 5 February 2010, the building ownership of the property with a total GFA of 13,899.10 sq m is vested in Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司).

(3) According to Business Licence No. 91110105695029028W, Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) was established on 7 September 2009 as a limited company with a registered capital of RMB76,834,481.36 for a valid operation period from 7 September 2009 to 6 September 2029.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) is a 100% owned subsidiary of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有 限公司). Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) has obtained Certificate for the Use of State-owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Beijing Jiajia Chuangzhan Investment Consultancy Co., Ltd. (北京佳嘉创展投资顾问有限公司) has obtained Building Ownership Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Melody Chen, 2.3 years of experience in the valuation of properties in the PRC, inspected the property on 1 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Building Ownership Certificate Yes Business Licence Yes

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

3. Kerry EAS Logistics The property comprises mainly As at the Valuation RMB168,000,000 Limited Beijing Branch, three two-storey warehouses, four Date, the property was (RENMINBI ONE No. 18 Tianzhu Road, three-storey office buildings and operated by the Group HUNDRED SIXTY Area A Beijing Tianzhu other supporting facilities erected as a logistics centre. EIGHT MILLION) Airport Industrial Zone, on a parcel of land of a site area of Shunyi District, approximately 35,654 sq m which (70% interest Beijing, was completed in mid 2000s. attributable to the PRC the Group: The property has a GFA of RMB117,600,000) approximately 18,342.08 sq m with details as follows:-

Type of GFA property (sq m)

Supporting 736.75 facilities Office 2,137.97 Industrial 15,467.36 Total: 18,342.08

The property is situated in an existing industrial area, in Shunyi District, Beijing, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Jingmi Road and Airport Highway. The property is for warehouse uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 20 March 2047 for warehouse use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2005)0191 issued by the Ministry of Land and Resources of the People's Republic of China on 11 November 2005, the land use rights of the property comprising a site area of 35,654 sq m are vested in Kerry EAS Logistics Limited (嘉里大通物流有限公司) for warehouse use.

(2) According to Building Ownership Certificate No. 00044 issued on 28 November 2005, the building ownership of the property with a total GFA of 18,342.08 sq m is vested in Kerry EAS Logistics Limited (嘉里大通物流有限公司).

Valuation Report No. F21-002129-02 54/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) According to Business Licence No. 91110000625906072M, Kerry EAS Logistics Limited (嘉里大通物流有限公司) was established on 27 February 1985 as a limited company with a registered capital of RMB270,000,000 for a valid operation period from 27 February 1985 to 26 February 2035.

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry EAS Logistics Limited (嘉里大通物流有限公司), a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry EAS Logistics Limited (嘉里大通物流有限公司) has obtained Certificate for the Use of State-owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry EAS Logistics Limited (嘉里大通物流有限公司) has obtained Building Ownership Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease term agreed by Kerry EAS Logistics Limited (嘉里大通物流有限公司) and Minor Electric Co., Ltd. (美 诺电器有限公司) has expired on 31 March 2021, and the contract or supplementary contract has not been re-signed. In addition, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contract.

(5) Gavin Guan, 1 year of experience in the valuation of properties in the PRC, inspected the property on 1 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 55/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

4. Chengdu Longquan The property comprises mainly one Portions of the property RMB269,000,000 Logistics Centre, single-storey warehouse, one two- with approximately (RENMINBI TWO No. 68 South 5th Road, storey warehouse and other 56,291.70 sq m were HUNDRED SIXTY NINE Economic & supporting facilities erected on a leased to various MILLION) Technological parcel of land of a total site area of tenants for various terms Development Zone approximately 60,762.47 sq m with the latest expiry (100% interest (Longquanyi District), which was completed in mid 2010s. date on 30 June 2024. attributable to Chengdu, The total monthly rent the Group: Sichuan Province, The property has a GFA of was approximately RMB RMB269,000,000) the PRC approximately 56,493.57 sq m with 1,633,086.04, including details as follows:- PM fee and VAT.

Type of GFA property (sq m)

Warehouse A 17,610.28 Warehouse B 38,708.29 Guard Room 175.00 Total: 56,493.57

The property is situated in an existing logistics area, in Longquanyi District, Chengdu, Sichuan Province, where infrastructure is provided. The immediate locality generally comprises warehouse facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Tiangong Avenue and Chengdu- Ziyang-Chongqing Highway. The property is for factory and guard room uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 1 May 2063 for warehouse use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2015)3918 issued by the Longquanyi Municipal People’s Government on 10 April 2015, the land use rights of the property comprising a total site area of 60762.47 sq m are vested in Chengdu Kerry Shudu Logistics Co., Ltd. (成都嘉里蜀都物流有限公司) for warehouse use.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to three Building Ownership Certificates Nos. 0784206, 0784207 and 0784208 issued on 12 May 2016, the building ownership of the property with a total GFA of 56,493.57 sq m is vested in Chengdu Kerry Shudu Logistics Co., Ltd. (成都嘉里蜀都物流有限公司).

(3) According to Business Licence No. 91510112592088041H, Chengdu Kerry Shudu Logistics Co., Ltd. (成都嘉里蜀 都物流有限公司) was established on 24 May 2012 as a limited company with a registered capital of RMB50,000,000 for a valid operation period from 24 May 2012 to 23 May 2042.

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Chengdu Kerry Shudu Logistics Co., Ltd. (成都嘉里蜀都物流有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Chengdu Kerry Shudu Logistics Co., Ltd. (成都嘉里蜀都物流有限公司) has obtained Certificate for the Use of State-owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Chengdu Kerry Shudu Logistics Co., Ltd. (成都嘉里蜀都物流有限公司) has obtained Building Ownership Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Xiaoyu Niu, 2 years of experience in the valuation of properties in the PRC, inspected the property on 8 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 57/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

5. Kerry Chongqing Kerry Chongqing Logistics Centre As at the Valuation RMB171,000,000 Logistics Centre comprises two phases erected upon Date, the property was (RENMINBI ONE Phase 2, a parcel of land with a site area of vacant. HUNDRED SEVENTY No. 69 Baohuan Road, approximately 54,494.30 sq m. The ONE MILLION) Huixing Street, property comprises Phase II of Yubei District, Kerry Chongqing Logistics Centre (100% interest Chongqing, which has a 5-storey warehouse attributable to the PRC building structures erected upon a the Group: land with a site area of 28,800 sq m RMB171,000,000) which was completed in mid 2010s.

The property has a total GFA of approximately 65,763.50 sq m. The property is situated in an existing industrial area, in Yubei District, Chongqing, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Thong Nhat Boulevard and Highway 13 (Binh Duong Avenue). The property is for industrial, warehouse and other uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 29 December 2056 for industrial use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2007)502 issued by the Chongqing Municipal People’s Government on 30 April 2007, the land use rights of the property comprising a total site area of 54,494.30 sq m are vested in Kerry Logistics (Chongqing) Limited (嘉里物流 (重庆) 有限公司) for industrial use.

(2) According to two Real Estate Title Certificates Nos. 2014(057781) and 2014(057788) issued on 17 December 2014, the building ownership of the property with a total GFA of 65,763.5 sq m is vested in Kerry Logistics (Chongqing) Limited (嘉里物流 (重庆) 有限公司).

(3) According to Business Licence No. 91500000795893518C, Kerry Logistics (Chongqing) Limited (嘉里物流 (重庆) 有限公司) was established with a registered capital of RMB112,500,000 for an operation period from 22 December 2006 to 30 June 2030.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Chongqing) Limited (嘉里物流 (重庆) 有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics (Chongqing) Limited (嘉里物流 (重庆) 有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistics (Chongqing) Limited (嘉里物流 (重庆) 有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease term agreed by Kerry Logistics (Chongqing) Co., Ltd. (嘉里物流 (重庆) 有限公司) and Guangzhou Hori Automobile Glass Co., Ltd. ( 广州堀硝子汽车玻璃有限公司), Guangzhou Hori Automobile Glass Co., Ltd. Chongqing Branch (广州堀硝子汽车玻璃有限公司重庆分公司), Chongqing Chayu Network Information Technology Co., Ltd. ( 重庆茶语网络信息技术有限公司) have expired respectively but the de facto lease legal relationship still exists and the lease contract renewal procedures are in progress. In addition, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contract.

(5) Qiuyue, 2.5 years of experience in the valuation of properties in the PRC, inspected the property on 1 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 59/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B - Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

6. Kerry Kunshan Logistics The property comprises five The property is subject RMB88,000,000 Centre Phase 1, warehouse buildings erected on a to a tenancy with the (RENMINBI EIGHTY No. 118 parcel of land with a site area of expiry date on EIGHT MILLION) Yuxi Middle Road, 33,333 sq m which was completed in 31 December 2022. Qiandeng Town, mid 2010s. The current total (100% interest Kunshan, monthly rent attributable to Jiangsu Province, The property has a total GFA of receivable is the Group: the PRC approximately 18,951.17 sq m with approximately RMB88,000,000) details as follows:- RMB626,000, exclusive of VAT. Type of GFA property (sq m)

Warehouse 18,166.79 Others 784.38 Total: 18,951,17

The property is situated in an existing industrial area, in Qiandeng Town, Kunshan, Jiangsu Province, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Thong Nhat Boulevard and Highway 13 (Binh Duong Avenue). The property is for guard room, pump room, fire control room, public restroom and bicycle shed uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 18 May 2059 for logistics and warehouse uses.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2010)DWB118 issued by the Kunshan Municipal People’s Government on 22 June 2016, the land use rights of the property comprising a total site area of 33,333 sq m are vested in Kerry Warehouse (Kunshan) Co., Ltd. (嘉里倉儲（昆山）有限公司) for logistics and warehouse uses.

(2) According to five Building Ownership Certificates Nos. 181073567 to 181073571 issued on 11 April 2016, the building ownership of the property with a total GFA of 18,951.17 sq m is vested in Kerry Warehouse (Kunshan) Co., Ltd. (嘉 里倉儲（昆山）有限公司).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) According to Business Licence No. 320583000202004031481, Kerry Warehouse (Kunshan) Ltd. (嘉里倉儲（昆山） 有限公司) was established on 9 November 2015 as a limited company with registered capital of HKD50,000,000 for an operation period from 9 November 2015 to 8 November 2035.

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Warehouse (Kunshan) Co., Ltd. (嘉里倉儲（昆山）有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Warehouse (Kunshan) Co., Ltd. (嘉里倉儲（昆山）有限公司) has obtained Certificate for the Use of State-owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Warehouse (Kunshan) Co., Ltd. (嘉里倉儲（昆山）有限公司) has obtained Building Ownership Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Rick Sun, 15 years of experience in the valuation of properties in the PRC, inspected the property on 29 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 61/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

7. Lanzhou The property comprises one floor As at the Valuation RMB6,000,000 Logistics Centre, office in an office building erected Date, the property was (RENMINBI SIX Unit Nos. 001 to 006, on various parcels of land of a total operated by the Group MILLION) Level 27, site area of approximately 1,273.80 as a logistics office. No. 361 Jinchang sq m which was completed in early (50% interest South Road, 2000s. attributable to Jiuquan Lu Street, the Group: Chengguan District, The property has a GFA of RMB3,000,000) Lanzhou, approximately 705.88 sq m with Gansu Province, details as follows:- the PRC Type of GFA property (sq m)

Office 705.88 Total: 705.88

The property is situated in an existing office area, in Chengguan District, Lanzhou, Gansu Province, where infrastructure is provided. The immediate locality generally comprises high rise office buildings. Public transport is readily available in the area. Access to the other districts is further enhanced by Jinchangnan Road and Qingyang Road. The property is for office uses, there is no environmental issues and litigation dispute.

Notes:

(1) According to six Real Estate Title Certificates Nos. (2021)0032524, (2021)0032489, (2021)0032473, (2021)0032484, (2021)0032477 and (2021)0032502 issued on 2 April 2021, the building ownership of the property with a total GFA of 705.88 sq m is vested in Pacific Logistics Corporation Limited (捷時特物流有限公司).

(2) According to Business Licence No. 91620100720290173X, Pacific Logistics Corporation Limited (捷時特物流有限 公司) was established on 27 February 2002 as a limited company with a registered capital of RMB55,016,130 for a valid operation period from 27 February 2002 to 26 February 2022.

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Pacific Logistics Corporation Limited (捷時特物流有限公司), a 50% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

Valuation Report No. F21-002129-02 62/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(b) Pacific Logistics Corporation Limited (捷時特物流有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and the land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities. As the Real Estate Title Certificate does not record the land use of the property and no Grant Contract of State-owned Land Use Rights, Planning Permit for Construction Use of Land and other relevant planning documents are provided, it is currently impossible to determine the expiry date of the land use rights. With reference to the use of the building, which is zoned for office use, the maximum period of land use rights for commercial land is 40 years, it is sugge+sted that the land use period of the property is 40 years starting with the completion date of the property but Pacific Logistics Corporation Limited (捷時特物流有限公司) is unable to provide the certified documents regarding the completion date of the property; and

(c) Pacific Logistics Corporation Limited (捷時特物流有限公司), has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use.

(4) Gavin Guan, 1 year of experience in the valuation of properties in the PRC, inspected the property on 1 July 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 63/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

8. Kerry Shanghai The property comprises one three- As at the Valuation RMB782,000,000 Fengxian storey warehouses, two four-storey Date, the property was (RENMINBI SEVEN Logistics Centre, warehouses and other supporting operated by the Group HUNDRED EIGHTY No. 3088 facilities erected on various parcels as a logistics centre. TWO MILLION) Hangtang Road, of land of a total site area of Fengxian District, approximately 67,676.00 sq m (100% interest Shanghai, which was completed in late 2010s. attributable to the PRC the Group: The property has a GFA of RMB782,000,000) approximately 111,179.33 sq m with details as follows:-

Type of GFA property (sq m)

Warehouse 111,179.33 Total: 111,179.33

The property is situated in an existing industrial area, in Fengxian District, Shanghai, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Hangtang Road. There is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 12 January 2065 for industrial use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2015)002042 issued by the Shanghai Municipal People’s Government on 15 February 2015, the land use rights of the property comprising a total site area of 67,676.00 sq m are vested in Shanghai Fengjia Warehouse Services Co., Ltd. (上海奉佳仓储服务有限公司) for industrial use.

(2) According to Real Estate Title Certificate Nos. 020186 issued on 19 September 2017, the building ownership of the property with a total GFA of 111,179.33 sq m is vested in Shanghai Fengjia Warehouse Services Co., Ltd. (上海奉 佳仓储服务有限公司).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) According to Business Licence No. 26000002201711240022, Shanghai Fengjia Warehouse Services Co., Ltd. (上 海奉佳仓储服务有限公司) was established on 22 April 2013 as a limited company with a registered capital of USD40,000,000 for a valid operation period from 22 April 2013 to 21 April 2033.

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Shanghai Fengjia Warehouse Services Co., Ltd. (上海奉佳仓储服务有限公司), a 100% owned subsidiary of Buffalo Investment (HK) Limited has obtained valid business license and is legally established under the Chinese laws;

(b) Shanghai Fengjia Warehouse Services Co., Ltd. (上海奉佳仓储服务有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Shanghai Fengjia Warehouse Services Co., Ltd. (上海奉佳仓储服务有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property. Although the building type of the property is not recorded in the Building Ownership Certificate, with reference to the Certificate for the Use of State-owned Land, which stated the property is for industrial use, the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Joyce Tao, 11 years of experience in the valuation of properties in the PRC, inspected the property on 4 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 65/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

9. Shenzhen The property comprises one As at the Valuation RMB213,000,000 Kerry Yantian 3-storey warehouse building and Date, the property was (RENMINBI TWO Logistics Centre, other supporting facilities erected vacant. HUNDRED THIRTEEN Lot No. 26, on a parcel of land of a total site MILLION) South Area of area of approximately 35,943.3 sq m Yantian Port Free which was completed in 2004. (55% interest Trade Zone, attributable to Yantian District, The property has a GFA of the Group: Shenzhen, approximately 43,175.43 sq m with RMB117,150,000) the PRC details as follows:-

Type of GFA property (sq m)

Warehouse 43,175.43 Total: 43,175.43

The property is situated in an existing free trade zone area, in Yantian District, Shenzhen, Guangdong Province, where infrastructure is provided. The immediate locality generally comprises multiple-storey warehouse building. Public transport is readily available in the area. Access to the other districts is further enhanced by Changshen Expressway (G25) and Huishen Coastal Expressway (S30). The property is for office and warehouse uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 20 May 2052 for office and warehouse uses.

Notes:

(1) According to Real Estate Title Certificate No. 7000038141 issued by the Shenzhen Land Resources and Real Estate Administration Bureau on 28 June 2006, the land use rights of the property comprising a total site area of 35,943.3 sq m are vested in Shenzhen Kerry Yantian Port Logistics Company Limited (深圳嘉里盐田港物流有限公 司) for office and warehouse uses. The building ownership of the property with a total GFA of 43,175.43 sq m is vested in Shenzhen Kerry Yantian Port Logistics Company Limited (深圳嘉里盐田港物流有限公司).

Valuation Report No. F21-002129-02 66/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to Business Licence No. 91440300729864348P, Shenzhen Kerry Yantian Port Logistics Company Limited (深圳嘉里盐田港物流有限公司) was established on 20 August 2001 as a limited company with a registered capital of RMB88,000,000 for a valid operation period from 20 August 2001 to 20 August 2051.

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Shenzhen Kerry Yantian Port Logistics Company Limited (深圳嘉里盐田港物流有限公司), a 55% owned subsidiary of Buffalo Investment (HK) Limited has obtained valid business license and is legally established under the Chinese laws;

(b) Shenzhen Kerry Yantian Port Logistics Company Limited (深圳嘉里盐田港物流有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Shenzhen Kerry Yantian Port Logistics Company Limited (深圳嘉里盐田港物流有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use.

(4) Vincent Yu, 4 years of experience in the valuation of properties in the PRC, inspected the property on 22 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 67/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

10. Kerry Wuxi Logistics The property comprises two two- As at the Valuation RMB173,000,000 Centre Phase 1, storey warehouses and other Date, the property was (RENMINBI ONE No. 2 Xinxiang Road, supporting facilities erected on a operated by the Group HUNDRED SEVENTY Wuxi, parcel of land of area of as a logistics centre. THREE MILLION) Jiangsu Province, approximately 32,209.40 sq m the PRC which was completed in late 2010s. (100% interest attributable to The property has a GFA of the Group: approximately 31,087.81 sq m with RMB173,000,000) details as follows:-

Type of GFA property (sq m)

Warehouse 31,087.81 Total: 31,087.81

The property is situated in an existing industrial area, in Xinwu District, Wuxi, Jiangsu Province, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Xinxiang Road. The property is for industrial, transport and warehouse uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 19 February 2061 for warehouse use.

Notes:

(1) According to Real Estate Title Certificate No. 0235290 issued on 27 December 2017, the land use rights of the property comprising a total site area of 32,209.40 sq m are vested in Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无 锡）有限公司) for warehouse use. The building ownership of the property with a total GFA of 31,087.81 sq m is vested in Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无锡）有限公司).

(2) According to Business Licence No. 320213000201511250075, Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无锡）有 限公司) was established on 26 November 2010 as a limited company with a registered capital of HKD125,000,000 for a valid operation period from 26 November 2010 to 25 November 2030.

Valuation Report No. F21-002129-02 68/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无锡）有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无锡）有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无锡）有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts..

(4) Joyce Tao, 11 years of experience in the valuation of properties in the PRC, inspected the property on 7 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 69/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

11. Kerry Wuxi Logistics The property comprises two two- As at the Valuation RMB103,000,000 Centre Phase 2, storey warehouses and other Date, the property was (RENMINBI ONE No. 2 Xinxiang Road, supporting facilities erected on a operated by the Group HUNDRED THREE Wuxi, parcel of land of area of as a logistics centre. MILLION) Jiangsu Province, approximately 15,043.90 sq m the PRC which was completed in late 2010s. (100% interest attributable to The property has a GFA of the Group: approximately 18,448.19 sq m with RMB103,000,000) details as follows:-

Type of GFA property (sq m)

Warehouse 18,448.19 Total: 18,448.19

The property is situated in an existing industrial area, in Xinwu District, Wuxi, Jiangsu Province, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Xinxiang Road. The property is for industrial, transport and warehouse uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 19 February 2061 for warehouse use.

Notes:

(1) According to Real Estate Title Certificate No. 0235295 issued on 27 December 2017, the land use rights of the property comprising a total site area of 15,043.90 sq m are vested in Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无 锡）有限公司) for warehouse use. The building ownership of the property with a total GFA of 18,448.19 sq m is vested in Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无锡）有限公司).

(2) According to Business Licence No. 320213000201511250075, Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无锡）有 限公司) was established on 26 November 2010 as a limited company with a registered capital of HKD125,000,000 for a valid operation period from 26 November 2010 to 25 November 2030.

Valuation Report No. F21-002129-02 70/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无锡）有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无锡）有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistic (Wuxi) Co., Ltd. (嘉里物流（无锡）有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(4) Joyce Tao, 11 years of experience in the valuation of properties in Shanghai, inspected the property on 7 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 71/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

12. Kerry Xiamen The property comprises mainly one As at the Valuation RMB177,000,000 Logistics Centre, single-storey warehouse, one two- Date, the property was (RENMINBI ONE No. 18 storey warehouse, and two gate vacant. HUNDRED SEVENTY Haijing South Road, houses erected on various parcels SEVEN MILLION) Export Processing Zone, of land of a total site area of Haicang District, approximately 53,354.08 sq m (100% interest Xiamen, which was completed in mid 2000s. attributable to Fujian Province, the Group: the PRC The property has a GFA of RMB177,000,000) approximately 41.729.08 sq m with details as follows:-

Type of GFA property (sq m)

Warehouse A 11,757.96 Warehouse B 29,842.58 Gate house1 20.51 Gate house2 108.03 Total: 41,729.08

The property is situated in an existing industrial area, in Haicang District, Xiamen, Fujian Province, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by No. 18 Haijing South Road and Haijing Road. The property is for warehouse; pump room and guard room uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 15 March 2056 for warehouse use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. 00010899 issued by the Xiamen Municipal People’s Government on 31 May 2011, the land use rights of the property comprising a total site area of 53,354.08 sq m are vested in Kerry Logistics (Xiamen) Co., Ltd. (嘉里物流（厦门）有限公司) for warehouse use.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to four Real Estate Title Certificates Nos. 01144442, 01144443, 01144444 and 01144445 issued on 19 March 2014, the building ownership of the property with a total GFA of 41.729.08 sq m is vested in Kerry Logistics (Xiamen) Co., Ltd. (嘉里物流（厦门）有限公司).

(3) According to Business Licence No. 91350200761713021D, Kerry Logistics (Xiamen) Co., Ltd. (嘉里物流（厦门） 有限公司) was established on 29 July 2004 as a limited company with a registered capital of RMB78,000,000 for a valid operation period from 29 July 2004 to 28 July 2054.

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Xiamen) Co., Ltd. (嘉里物流（厦门）有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics (Xiamen) Co., Ltd. (嘉里物流（厦门）有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistics (Xiamen) Co., Ltd. (嘉里物流（厦门）有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Jenny Lai, 5 years of experience in the valuation of properties in the PRC, inspected the property on 3 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 73/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

13. Kerry Zhengzhou The property comprises mainly one As at the Valuation RMB153,000,000 Logistics Centre, single-storey warehouses, one two- Date, the property was (RENMINBI ONE No. 137 Yitong Street, storey office building and other vacant. HUNDRED FIFTY Zhengzhou Economic & supporting facilities erected on THREE MILLION) Technological various parcels of land of a total site Development Zone, area of approximately 47,041.39 sq (100% interest Zhengzhou, m which was completed in mid attributable to Henan Province, 2010s. the Group: the PRC RMB153,000,000) The property has a GFA of approximately 33,349.97 sq m with details as follows:-

Type of GFA property (sq m)

Warehouse 33,195.78 Others 154.19 Total: 33,349.97

The property is situated in an existing logistics park, in Zhengzhou, Henan Province, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by South Third Ring Road. The property is for industrial uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 29 December 2061 for industrial use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2012)189 issued by the Zhongmu County People's Government on 8 September 2012, the land use rights of the property comprising a total site area of 47,041.39 sq m are vested in Kerry Logistics (Zhengzhou) Limited (嘉里物流（郑州）有限公司) for industrial use.

(2) According to five Building Ownership Certificates Nos. 1401279171 and 1401279173 to 1401279176, the building ownership of the property with a total GFA of 33,349.97 sq m is vested in Kerry Logistics (Zhengzhou) Limited (嘉 里物流（郑州）有限公司).

Valuation Report No. F21-002129-02 74/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) According to Business Licence No. 914101005776076162, Kerry Logistics (Zhengzhou) Limited (嘉里物流（郑州） 有限公司) was established on 6 July 2011 as a limited company with a registered capital of RMB50,000,000 for a valid operation period from 6 July 2011 to 5 July 2041.

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Zhengzhou) Limited (嘉里物流（郑州）有限公司), a 100% owned subsidiary of Kerry Logistics (China) Investment Limited (嘉里物流（中国）投资有限公司), has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics (Zhengzhou) Limited (嘉里物流（郑州）有限公司) has obtained Certificate for the Use of State-owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistics (Zhengzhou) Limited (嘉里物流（郑州）有限公司) has obtained Building Ownership Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(5) Jasmine Zhang, 2 years of experience in the valuation of properties in Zhengzhou, inspected the property on 11 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 75/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

14. Part of Level 18, The property comprises part of an The property is used N/A Block B, office unit on the 18th floor of by the Group as office. (see Note (1)) Wuhan International a 23-storey office building erected on Building (formerly an attributable site area of known as Asia Plaza), approximately 21 sq m which was Dandong Road, completed in early 1990s. Jianghan District, Wuhan, The property has a GFA of Hubei Province, approximately 127.23 sq m. the PRC The property is situated in the urban area in Jianghan District, Wuhan, Hubei Province, where infrastructure is provided. The commercial, office, medical and educational facilities around the property are abundant, and the transportation is also very convenient. It is less than 500 meters away from the nearest Xunlimen subway station, which is the transfer station of Metro Lines 1 and 2. The property is for office uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been allocated for town single residential use for an unspecified term.

Notes:

(1) The property is subject to sale restriction. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property in existing state as at 30 June 2021 was RMB860,000 (RENMINBI EIGHT HUNDRED SIXTY THOUSAND) (70% interest attributable to the Group: RMB602,000).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to Certificate for the Use of State-owned Land No. (2006)73 issued by Wuhan Municipal People’s Government on 31 May 2005, the land use rights of Level 18 with an attributable site area of 21 sq m have been allocated to Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司), in which the Group has an attributable interest of 70% for town single residential use for an unspecified term.

(3) According to Building Ownership Certificate No. 200504494, the building ownership of Level 18 with a GFA of 742.83 sq m has been vested in Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司). As at the Valuation Date, the property has a GFA of approximately 127.23 sq m. The remaining portion of 615.60 sq m is held by the Group for investment as mentioned above.

(4) According to Business Licence No. 420100500008617 dated 5 November 2014, Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) was established on 1 March 1999 as a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司) for an operation period from 1 March 2004 to 26 February 2035.

(5) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) is a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有限公司). Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) has obtained Certificate for the Use of State-owned Land and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use land use rights of the property. Since the land use rights is obtained through allocation, Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) should obtain approval from relevant government departments prior to transfer, lease and mortgage the land use rights of the property, and the proceeds from transfer, leasing, mortgage, etc. must first be paid in an amount equivalent to the land transfer fee or the land proceeds required and approved by the approval authority. The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) has obtained Building Ownership Certificate and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use building ownership of the property. Since the land use rights is obtained through allocation, Kerry EAS Logistics Limited Hubei Branch (嘉里大通物流有限公司湖北分公司) should obtain approval from relevant government departments prior to transfer, lease and mortgage the building ownership of the property, and the proceeds from transfer, leasing, mortgage, etc. must first be paid in an amount equivalent to the land transfer fee or the land proceeds required and approved by the approval authority. The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(6) Elvis Xia, 10 years of experience in the valuation of properties in the PRC, inspected the property on 8 June 2021.

Valuation Report No. F21-002129-02 77/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(7) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes (Allocated) Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 78/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B - Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

15. No. 80 Xinghe Street, The property is a non-residential building As at Valuation Date, RMB3,050,000 Zhongshan District, completed in early 1990s. the property is subject (RENMINBI THREE Dalian, to a tenancy with the MILLION FIFTY Liaoning Province, According to the information provided by expiry in 2021 at a THOUSAND) the PRC the Group, the property has GFA of monthly rental of approximately 270.00 sq m with details as approximately (70% interest follows:- RMB19,047 attributable to (exclusive of VAT). the Group: Type of GFA RMB2,135,000) property (sq m)

Retail 270.00 Total: 270.00

The property is located at the South of the Harbour plaza, Zhongshan District, Dalian. Developments in vicinity comprise mainly commercial and residential developments. The property is for non-residential use, there is no environmental issues and litigation dispute.

The land use rights of the property are not registered.

Notes:

(1) According to Building Ownership Certificate No. 2006200687 issued by Dalian Municipal People’s Government on 7 July 2006, the building ownership of the property with a total GFA of 270.00 sq m is vested in Kerry EAS Logistics Limited Dalian Branch (嘉里大通物流有限公司大连分公司).

(2) According to Business Licence No. 9121020060485674XQ, Kerry EAS Logistics Limited Dalian Branch (嘉里大通 物流有限公司大连分公司) was established on 28 December 1987 as a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司) for a valid operation period from 28 December 1987 to 26 February 2035.

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry EAS Logistics Limited Dalian Branch (嘉里大通物流有限公司大连分公司) is a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有限公司). Kerry EAS Logistics Limited Dalian Branch (嘉里大通物流有限公司大连分公司) has obtained valid business license and is legally established under the Chinese laws; and

Valuation Report No. F21-002129-02 79/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(b) Kerry EAS Logistics Limited Dalian Branch (嘉里大通物流有限公司大连分公司), has obtained Building Ownership Certificate, but has not obtained the Certificate for the Use of State-owned Land as the property was established at the time when decentralized registration was still applied, there is no unified registration system of real estate and the government usually only issued Building Ownership Certificates for the buildings with differentiated ownership within the city. As the Building Ownership Certificate does not record the land use of the property and no Grant Contract of State-owned Land Use Rights, Planning Permit for Construction Use of Land and other relevant planning documents are provided, it is currently impossible to determine the expiry date of the land use rights. With reference to the use of the building, which is zoned for non-residential and which is commonly interpreted as for commercial use, the maximum period of land use rights for commercial land is 40 years, it is suggested that the land use period of the property is 40 years starting from 1993. Kerry EAS Logistics Limited Dalian Branch (嘉里大通物流有限公司大连分公司) is the owner of the land use rights and the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights and the building ownership of the property, and the land use rights and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use. According to the verification by our lawyers, the lease contracts did not go through the relevant lease registration procedures in accordance with the Chapter 14 of Administrative Measures for Commodity House Leasing. However, since this behavior does not belong to the invalid contract conditions stated in the Chapter 52 of the PRC Contract Law and Chapter 144, 146, 153 and 154 of the PRC Civil Code and other related laws, the absence of the lease registration procedures would not affect the legal validity of the lease contracts.

(4) Guangyi Zhang, 9 years of experience in the valuation of properties in the PRC, inspected the property on 2 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 80/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

16. Unit No. 276 The property is a commercial The property has a RMB680,000 Taihangshan Road, building which was completed in construction area of (RENMINBI SIX Development Zone, 1995. 123.00 sq m and has HUNDRED EIGHTY Qingdao, been leased. The expiry THOUSAND) Shandong Province, The property comprises a retail unit date is 26 July 2021. the PRC on level 1-2 of a 3-storey retail The monthly rent is (70% interest building with a GFA of approximately RMB attributable to approximately 123.00 sq m with 3,476, excluding VAT. the Group: details as follows:- RMB476,000)

Type of GFA property (sq m)

Retail 123.00 Total: 123.00

The property is located in a mature residential and commercial area, in Development Zone, Qingdao, Shandong Province. The nearby residential properties include Weiye Garden, Beijiang Road Community, New Times Community, etc. Commercial properties include Changjiang Commercial Building, Beijiang Road Store, etc. The surrounding roads include Taihangshan Road, Beijiang Road, Xiangjiang Road and other major and minor traffic roads, and there are many bus lines leading to other areas. The property is for commercial uses, there is no environmental issues and litigation dispute.

The land use rights of the property are not registered.

Notes:

(1) According to Real Estate Title Certificate No. 0001318 issued by Qingdao Municipal People’s Government on 3 August 2005, the building ownership of the property with a total GFA of 123.00 sq m is vested in Kerry EAS Logistics Limited Qingdao Branch (嘉里大通物流有限公司青岛分公司).

(2) According to Business Licence No. 91370200X14370045L, Kerry EAS Logistics Limited Qingdao Branch (嘉里大 通物流有限公司青岛分公司) was established on 18 January 1988 as a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司) for a valid operation period from 18 January 1988 to 26 February 2035.

Valuation Report No. F21-002129-02 81/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry EAS Logistics Limited Qingdao Branch (嘉里大通物流有限公司青岛分公司) is a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有限公司). Kerry EAS Logistics Limited Qingdao Branch (嘉里大通物流有限公司青岛分公司) has obtained valid business license and is legally established under the Chinese laws; and

(b) Kerry EAS Logistics Limited Qingdao Branch (嘉里大通物流有限公司青岛分公司), has obtained Real Estate Title Certificate, but has not obtained the Certificate for the Use of State-owned Land as the property was established at the time when decentralized registration was still applied, there is no unified registration system of real estate and the government usually only issued Building Ownership Certificates for the buildings with differentiated ownership within the city. According to Real Estate Purchase and Sale Contract signed between Kerry EAS Logistics Limited Qingdao Branch (嘉里大通物流有限公司青岛分公司) and Qingdao Economic and Technological Development Zone New Era Real Estate Development Center (青岛 经济技术开发区新时代房地产开发中心), Kerry EAS Logistics Limited Qingdao Branch (嘉里大通物流有限公 司青岛分公司) obtained the building ownership of the property and the land use rights within the land occupied by the building by way of acquisition. As the Real Estate Title Certificate and Real Estate Purchase and Sale Contract do not record the land use of the property and no Grant Contract of State-owned Land Use Rights, Planning Permit for Construction Use of Land and other relevant planning documents are provided, it is currently impossible to determine the expiry date of the land use rights. With reference to the use of the building, which is zoned for commercial use, the maximum period of land use rights for commercial land is 40 years, it is suggested that the land use period of the property is 40 years starting from 1995. Kerry EAS Logistics Limited Qingdao Branch (嘉里大通物流有限公司青岛分公司) is the owner of the land use rights and the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights and the building ownership of the property, and the land use rights and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use.

(4) Winnie Zhang, 3 years of valuation experience in the PRC, inspected the property on 1 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 82/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

17. Nos. 1 and 3, The Nanyi Building, where the As at the Valuation RMB2,000,000 1/F, Nanyi Building, property is located, which is Date, the property was (RENMINBI TWO No. 1 Consulate Road, completed in mid 2020s, and is operated by the Group MILLION) Section 4, located in the traditional business as offices. Renmin South Road, district with mature surrounding (70% interest Wuhou District, environment and complete attributable to Chengdu, supporting facilities. the Group: Sichuan Province, RMB1,400,000) the PRC The apportioned land area of the property is 64 sq m. The property has an office GFA of approximately 267.50 sq m. The property is located a business district, in Wuhou District, Chengdu, Sichuan Province. Developments in vicinity comprise mainly commercial developments. The property is for other uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 26 December 2035 for commercial use.

Notes:

(1) According to Certificate for the Use of State-owned Land No.(2006)1517 issued by Chengdu Municipal People’s Government on 8 August 2006, the land use rights of the property comprising an apportioned site area of 64.00 sq m are vested in Kerry EAS Logistics Limited Chengdu Branch (嘉里大通物流有限公司成都分公司) for commercial use.

(2) According to Building Ownership Certificate No. 1355331 issued on 7 June 2006, the building ownership of the property with a total GFA of 267.50 sq m is vested in Kerry EAS Logistics Limited Chengdu Branch (嘉里大通物流 有限公司成都分公司).

(3) According to Business Licence No. 91510000X216000564, Kerry EAS Logistics Limited Chengdu Branch (嘉里大 通物流有限公司成都分公司) was established on 16 June 1993 as a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司) for a valid operation period from 27 February 2003 to 26 February 2035.

Valuation Report No. F21-002129-02 83/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry EAS Logistics Limited Chengdu Branch (嘉里大通物流有限公司成都分公司) is a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有限公司). Kerry EAS Logistics Limited Chengdu Branch (嘉里大通物流有限公司成都分公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry EAS Logistics Limited Chengdu Branch (嘉里大通物流有限公司成都分公司) has obtained Certificate for the Use of State-owned Land, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry EAS Logistics Limited Chengdu Branch (嘉里大通物流有限公司成都分公司) has obtained Building Ownership Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use.

(5) Lily Zhang, 6 years of experience in the valuation of properties in the PRC, inspected the property on 2 June 2021.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 84/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

18. Building 8, The property comprises 4 floors of Portions of the property N/A Commercial Street, commercial buildings which was with a total 4 floor area (see Note (1)) Xinying South District, completed in mid 2000s. of approximately 1,083.9 Kunming, sq m were leased to one Yunnan Province, The property has a GFA of tenant with the expiry the PRC approximately 1,083.90 sq m with date on 31 July 2024. details as follows:- The total monthly rent was approximately RMB Type of GFA 32,000 (exclusive of property (sq m) VAT).

Retail 1,083.90 Total: 1,083.90

The property is situated in an existing commercial area, in Xinying South District, Kunming, Yunnan Province, where infrastructure is provided. Public transport is readily available in the area. Access to the other districts is further enhanced by 2nd Ring East Road and Baiyun Road. Developments in vicinity comprise mainly commercial developments. The property is for non-residential uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been allocated for business finance use for an unspecified term.

Notes:

(1) The property is subject to sale restriction. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property in existing state as at 30 June 2021 was RMB9,300,000 (RENMINBI NINE MILLION THREE HUNDRED THOUSAND) (70% interest attributable to the Group: RMB6,510,000).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to Certificate for the Use of State-owned Land No.(2009)0160796 issued by the Kunming Municipal People’s Government on 7 August 2009, the land use rights of the property with an attributable site area of 203.79 sq m have been allocated to Kerry EAS Logistics Limited Yunnan Branch (嘉里大通物流有限公司云南分公司), in which the Group has an attributable interest of 70% for business finance use for an unspecified term.

(3) According to Building Ownership Certificate No. 200520221 issued on 21 July 2005, the building ownership of the property with a total GFA of 1,083.90 sq m is vested in Kerry EAS Logistics Limited Yunnan Branch (嘉里大通物流 有限公司云南分公司).

(4) According to Business Licence No. 91530000709712638Y, Kerry EAS Logistics Limited Yunnan Branch (嘉里大通 物流有限公司云南分公司) was established on 25 March 1993 as a branch office of Kerry EAS Logistics Limited (嘉 里大通物流有限公司) for a valid operation period from 25 March 1993 to 26 February 2035.

(5) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry EAS Logistics Limited Yunnan Branch (嘉里大通物流有限公司云南分公司) is a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有限公司). Kerry EAS Logistics Limited Yunnan Branch (嘉里大通物流有限公司云南分公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry EAS Logistics Limited Yunnan Branch (嘉里大通物流有限公司云南分公司) has obtained Certificate for the Use of State-owned Land and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use land use rights of the property. Since the land use rights is obtained through allocation, Kerry EAS Logistics Limited Yunnan Branch (嘉里大通物流有限公司云南分公司) should obtain approval from relevant government departments prior to transfer, lease and mortgage the land use rights of the property, and the proceeds from transfer, leasing, mortgage, etc. must first be paid in an amount equivalent to the land transfer fee or the land proceeds required and approved by the approval authority. The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry EAS Logistics Limited Yunnan Branch (嘉里大通物流有限公司云南分公司) has obtained Building Ownership Certificate and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use building ownership of the property. Since the land use rights is obtained through allocation, Kerry EAS Logistics Limited Yunnan Branch (嘉里大通物流有限公司云南分公司) should obtain approval from relevant government departments prior to transfer, lease and mortgage the building ownership of the property, and the proceeds from transfer, leasing, mortgage, etc. must first be paid in an amount equivalent to the land transfer fee or the land proceeds required and approved by the approval authority. The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use.

(6) Jane Wang, 4 years of experience in the valuation of properties in the PRC, inspected the property on 7 June 2021.

(7) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes (Allocated) Building Ownership Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 86/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

19. Rooms 1201-1210 & The property comprises twenty As at the Valuation RMB55,000,000 1301-1310, office units on level 12 and 13 Date, the property was (RENMINBI FIFTY FIVE Kerry Everbright within a 38-storey office building operated by the Group MILLION) City Phase I, erected on a parcel of land which as office units. No. 218 was completed in 1997. (70% interest Tianmu Road West, attributable to Jing'an District, The property comprises twenty the Group: Shanghai, office units with a total GFA of RMB38,500,000) the PRC approximately 3,060.84 sq m.

The property is situated in an existing business area, in Jing'an District, Shanghai, where infrastructure is provided. The immediate locality generally comprises office, retail and residential buildings. Public transport is readily available in the area. The property is also within walking distance to Shanghai Railway Station. The property is for office uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 23 September 2042 for composite use.

Notes:

(1) According to twenty Real Estate Title Certificates issued by Shanghai Planning, Land and Resources Administration Bureau during 2012 and 2015, the building ownership of the property with a total GFA of 3,060.84 sq m is vested in Kerry EAS Logistics Limited Shanghai Branch (嘉里大通物流有限公司上海分公司) for terms with details as follows:

Certificate No. Room Floor Site Area GFA (sq m) (sq m)

(2012)003589 1201 12 19.6 204.52 (2012)003593 1202 12 10.9 113.65 (2014)009578 1203 12 Not registered 151.30 (2012)003636 1204 12 12.4 128.90 (2012)003640 1205 12 18.1 188.67 (2012)003641 1206 12 15.4 160.86 (2012)003590 1207 12 18.1 188.67

Valuation Report No. F21-002129-02 87/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Certificate No. Room Floor Site Area GFA (sq m) (sq m)

(2012)003596 1208 12 12.4 128.90 (2012)003594 1209 12 14.5 151.30 (2012)003595 1210 12 10.9 113.65 (2015)009093 1301 13 Not registered 204.52 (2015)009094 1302 13 Not registered 113.65 (2015)009092 1303 13 Not registered 151.30 (2015)009204 1304 13 Not registered 128.90 (2015)009205 1305 13 Not registered 188.67 (2015)009206 1306 13 Not registered 160.86 (2015)009167 1307 13 Not registered 188.67 (2015)009166 1308 13 Not registered 128.90 (2015)009165 1309 13 Not registered 151.30 (2015)009168 1310 13 Not registered 113.65 Total 132.3 3,060.84

(2) According to Business Licence No. 32090000201910140020, Kerry EAS Logistics Limited Shanghai Branch (嘉里 大通物流有限公司上海分公司) was established on 5 April 2004 as a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司) with a registered capital of USD22,700,000 for a valid operation period from 5 April 2004 to 4 April 2054.

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry EAS Logistics Limited Shanghai Branch (嘉里大通物流有限公司上海分公司) is a branch office of Kerry EAS Logistics Limited (嘉里大通物流有限公司), while Kerry EAS Logistics Limited (嘉里大通物流有限公司) is a 70% owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有限公司). Kerry EAS Logistics Limited Shanghai Branch Office（嘉里大通物流有限公司上海分公司）has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry EAS Logistics Limited Shanghai Branch (嘉里大通物流有限公司上海分公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry EAS Logistics Limited Shanghai Branch (嘉里大通物流有限公司上海分公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use.

(4) Vessy Shen, 1 year of experience in the valuation of properties in the PRC, inspected the property on 3 June 2021.

Valuation Report No. F21-002129-02 88/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 89/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-B – Property interests held by the Group for operation in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

20. 4/F, Block 15 of Block 15 of Guangyuan As at the Valuation RMB15,000,000 Guangyuan International Community is a large- Date, the property was (RENMINBI FIFTEEN International scale office development erected operated by the Group MILLION) Community, upon a parcel of land with a site as a self-use office. No. 86 Zhuxi Avenue, area of approximately 66,669.97 sq (100% interest Qingxiu District, m which was completed in mid attributable to Nanning, 2010s. the Group: Guangxi Zhuang RMB15,000,000) Autonomous Region, The property comprises the office the PRC unit on the 4th Floor, Block 15 of Guangyuan International Community with a total GFA of approximately 1,290.86 sq m with details as follows:-

Type of GFA property (sq m)

Office 1,290.86 Total: 1,290.86

The property is situated in an existing residential and commercial area, in Qingxiu District, Nanning, Guangxi Zhuang Autonomous Region, where infrastructure is provided. Public transport is readily available in the area. Access to the other districts is further enhanced by Zhuxi Avenue and Metro Line 3. The property is for office uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term from 29 April 2007 to 29 April 2057 for business finance use.

Notes:

(1) According to Real Estate Title Certificate No. (2019)0038893 issued by Nanning Bureau of Land and Resources on 27 February 2019, the land use rights of the property comprising a total site area of 66,669.97 sq m are vested in Nanning Kerry Logistics Co., Ltd. (南宁嘉里物流有限公司) for business and finance use. The building ownership of the property with a total GFA of 1,290.86 sq m is vested in Nanning Kerry Logistics Co., Ltd.(南宁嘉里物流有限公 司)

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to Business Licence No. 91450100348529773R, Nanning Kerry Logistics Co., Ltd.(南宁嘉里物流有限公 司) was established on 17 July 2015 as a limited company with a registered capital of RMB25,000,000 as a limited company for a valid operation period from 17 July 2015 to 16 July 2035.

(3) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Nanning Kerry Logistics Co., Ltd.(南宁嘉里物流有限公司), a 100% owned subsidiary of Beijing Kerry Datong Investment Consultancy Co., Ltd. (北京嘉里达通投资咨询有限公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Nanning Kerry Logistics Co., Ltd.(南宁嘉里物流有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the land use rights of the property, and The land use rights of the property have not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Nanning Kerry Logistics Co., Ltd.(南宁嘉里物流有限公司) has obtained Real Estate Title Certificate, and is the owner of the buildings, and is recognized and protected by Chinese laws, and has right to use, transfer, lease, mortgage and otherwise dispose of the building ownership of the property, and the building ownership of the property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities, and no other overly harsh or unusual commitments, terms or conditions were found for the property and the actual use of the property was in line with its approved use.

(4) Chengjin Li, 5 years of experience in the valuation of properties in China, inspected the property on 4 June 2021.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Real Estate Title Certificate Yes Business Licence Yes

Valuation Report No. F21-002129-02 91/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-C – Property interests held by the Group under development in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Lot No. 2019-4-1016, The property comprises mainly two As at the Valuation RMB249,000,000 South of Weihe Road double-storey warehouses, one Date, the property was (RENMINBI and West of Jiaotong security room and other supporting under construction and TWO HUNDRED University Avenue, facilities, and are expected to be scheduled to be FORTY NINE MILLION) Jiaozhou Economic and completed by the end of July 2021. completed in 2021. Technological (100% interest Development Zone, The property stands on various attributable to Qingdao, parcels of land of a total site area of the Group: Shandong Province, 66,667.00 sq m. The property has RMB249,000,000) the PRC constituent planned GFA as follows:-

Type of property GFA (sq m)

Warehouse 71,108.97 Security room 51.04 Ramp platform 4,279.88 Canopy 1,370.40 Total: 76,810.29

The property is situated in an existing industrial area, in Jiaozhou Economic and Technological Development Zone, Qingdao, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. The surrounding roads include Jiaotong University Avenue, Weihe Road, Luohe Road and other major and minor traffic roads, and there are many bus lines leading to other areas. The property is for warehouse uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 17 March 2069 for warehouse use.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2019)0009437 issued by the Jiaozhou Natural Resources Bureau on 12 April 2019, the land use rights of the property comprising a total site area of 66,667.00 sq m are vested in Qingdao SCO Demo Zone Kerry Logistics Co., Ltd. (青岛上合示范区嘉里物流有限公司) for warehouse use.

(2) According to Grant Contract of State-owned Land Use Rights No. 01-2019-0031 issued by the Jiaozhou Natural Resources Bureau on 15 March 2019, the transfer land number is Lot No. 2019-4-1016, the land use rights of the property comprising a total site area of 66,667 sq m are vested in Qingdao SCO Demo Zone Kerry Logistics Co., Ltd. (青岛上合示范区嘉里物流有限公司). It is situated in south of Weihe Road, West of Jiaotong University Avenue, Jiaozhou Economic and Technological Development Zone.

(3) According to Planning Permit for Construction Use of Land No. 370281201920015 issued by the Jiaozhou Administrative Approval Service Bureau on 20 May 2019, the name of the land project is Kerry Logistics Shandong Regional Operation Center. It is situated in south of Weihe Road, West of Jiaotong University Avenue, north of Luohe Road, Jiaozhou Economic and Technological Development Zone for warehouse use.

(4) According to Planning Permit for Construction Works No. 370281201920010 issued by the Jiaozhou Administrative Approval Service Bureau on 27 May 2019, the name of the construction project is Kerry Logistics Shandong Regional Operation Center A-1 warehouse, A-2 warehouse, security room and ramp platform. It is situated in south of Weihe Road, West of Jiaotong University Avenue, north of Luohe Road, Jiaozhou Economic and Technological Development Zone. The planned building area is 76,810.29 sq m.

(5) According to Permit for Commencement of Construction Works No. 370281201910110101 issued by the Jiaozhou Administrative Approval Service Bureau, the construction works of the development with a total GFA of approximately 76,810.29 sq m are in compliance with the requirements for works commencement and have been permitted.

(6) According to Business Licence No. 91370281MA3P2J0Q0L, Qingdao SCO Demo Zone Kerry Logistics Co., Ltd. (青岛上合示范区嘉里物流有限公司) was established on 18 January 2019 as a limited company with a registered capital of USD15,000,000 for a valid operation period from 18 January 2019 to 17 January 2049.

(7) For management reference, however, we have separately advised the market value of these buildings on the assumption that the proper and unfettered title documents had been obtained without encumbrances, the land premium had been fully settled, in existing state as at 30 June 2021 was under development.

(8) As advised by the Group, the total incurred construction cost of the property as at 30 June 2021 was RMB167,586,879 whilst the outstanding construction cost for completion of the property as at 30 June 2021 was RMB62,891,431.

(9) As at 30 June 2021, the estimated market value as if completed of the proposed development is estimated approximately RMB321,000,000.

(10) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Qingdao SCO Demo Zone Kerry Logistics Co., Ltd. (青岛上合示范区嘉里物流有限公司), a wholly owned subsidiary of Kerry Logistics (Qingdao) Investment Co., Ltd. (嘉里物流（青岛）投资有限公司) has obtained valid business license and is legally established under the Chinese laws;

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(b) Qingdao SCO Demo Zone Kerry Logistics Co., Ltd. (青岛上合示范区嘉里物流有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by the PRC law. Qingdao SCO Demo Zone Kerry Logistics Co., Ltd. (青岛上合示范区嘉里物流有限公司) should carry out land development, construction and utilization in accordance with the relevant terms in Chapter 3 of Grant Contract of State-owned Land Use Rights signed with the Jiaozhou Natural Resources Bureau, including the agreed planning conditions and the commencement and completion time, and has right to use, transfer (for first transfer, the development project should meet the conditions for completing more than 25% of the total development investment), lease and mortgage the land use rights of the property and the land use rights has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Qingdao SCO Demo Zone Kerry Logistics Co., Ltd. (青岛上合示范区嘉里物流有限公司) has obtained Planning Permit for Construction Use of Land, Planning Permit for Construction Works, Permit for Commencement of Construction Works and Real Estate Title Certificate (State-owned Land Use Rights) but has not obtained Completion and Acceptance Certificate for Construction Works. According to the Chapter 16 of Grant Contract of State-owned Land Use Rights, the land construction project should be commenced before 15 March 2020 and be completed before 15 March 2022. The building ownership of the self-built property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities. Except for the relevant stipulations in the Grant Contract of State-owned Land Use Rights, no other overly harsh or unusual commitments, terms or conditions were found for the above self-built property, and the actual use of the self-built property was in line with its approved use. After fulfilling the relevant obligations according to the foregoing agreement, with reference to the Chapter 33 and 34 of Detailed Rules for the Implementation of the Interim Regulations on Real Estate Registration, there are no legal obstacles to obtaining the Real Estate Title Certificate (Building Ownership) of the above self-built property.

(11) Winnie Zhang, 3 years of valuation experience in the PRC, inspected the property on 1 June 2021.

(12) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Grant Contract of State-owned Land Use Rights Yes Planning Permit for Construction Use of Land Yes Planning Permit for Construction Works Yes Permit for Commencement of Construction Works Yes Business Licence Yes

Valuation Report No. F21-002129-02 94/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-C – Property interests held by the Group under development in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Lot No. CE040135, The property comprises a As at the Valuation RMB186,000,000 East of Daqing– composite development to be Date, the property was (RENMINBI ONE Guangzhou erected on a parcel of land of under construction and HUNDRED EIGHTY Expressway and South 57,807.00 sq m. scheduled to be SIX MILLION) of Bonded Avenue, completed in 2022. Guangzhou Airport The property, currently under (100% interest Economic Zone, construction, is portion of a planned attributable to Guangzhou, development of warehouse uses. the Group: Guangdong Province, According to the information RMB186,000,000) the PRC provided by the Group, the constituent planned GFA of this portion of property are as follows:-

Planned use GFA (sq m)

Warehouse 91,385.82 Ancillary building 5,482.31 Total: 96,868.13

The property is situated in a newly developed industrial area, in Guangzhou Airport Economic Zone, Guangzhou, Guangdong Province, with convenient transportation. Several under construction and proposed industrial projects are in the vicinity of the property. Public transport is average in the area. Access to the other districts is further enhanced by Daguang Highway. The property is for warehouse uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 23 September 2069 for warehouse use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2020)08801442 issued by Guangzhou Municipal Planning and Natural Resources Bureau on 17 January 2020, the land use rights of the property comprising a total site area of 57,807.00 sq m are vested in Kerry Logistics (Guangzhou) Co., Ltd. (嘉里物流(广州)有限公司) for warehouse use.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to Grant Contracts of State-owned Land Use Rights No. (2020)08801442 entered into between Guangzhou Municipal Planning and Natural Resources Bureau and Kerry Logistics (Guangzhou) Co., Ltd. (嘉里物 流(广州)有限公司), the land use rights of the property with a site area of 57,807.00 sq m have been contracted to be granted to Kerry Logistics (Guangzhou) Co., Ltd. (嘉里物流(广州)有限公司) for warehouse use.

(3) According to Planning Permit for Construction Use of Land No. (2019)29 issued by the Guangzhou Municipal Planning and Natural Resources Bureau, the construction site of the property with a total site area of approximately 57,807.00 sq m is in compliance with the urban planning requirements.

(4) According to two Planning Permits for Construction Works Nos. 440112202007001 and 440112202004177 issued by the Guangzhou Municipal Planning and Natural Resources Bureau, the construction works of the development with a total GFA of approximately 96,868.13 sq m are in compliance with the construction works requirements and have been approved.

(5) According to Permit for Commencement of Construction Works No. 440114202102100401 issued by the Guangzhou Municipal Housing and Urban-Rural Development Bureau, the construction works of the development with a total GFA of approximately 96,868.13 sq m are in compliance with the requirements for works commencement and have been permitted.

(6) According to Business Licence No. 91440101MA5CLYUU0C, Kerry Logistics (Guangzhou) Co., Ltd. (嘉里物流(广 州)有限公司) was established on 26 February2019 as a limited company with a registered capital of USD35,000,000 for a valid operation period from 26 February2019 to long time.

(7) As advised by the Group, the total incurred construction cost of the property as at 30 June 2021 was RMB61,652,517 whilst the outstanding construction cost for completion of the property as at 30 June 2021 was RMB223,347,483.

(8) As at 30 June 2021, the estimated market value as if completed of the proposed development is estimated approximately RMB570,000,000.

(9) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Guangzhou) Co., Ltd. (嘉里物流(广州)有限公司), a wholly owned subsidiary of Common Beech Limited has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics (Guangzhou) Co., Ltd. (嘉里物流(广州)有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by the PRC law. Kerry Logistics (Guangzhou) Co., Ltd. (嘉里物流(广州)有限公司) should carry out land development, construction and utilization in accordance with the relevant terms in Chapter 3 of Grant Contract of State-owned Land Use Rights signed with the Guangzhou Municipal Planning and Natural Resources Bureau, including the agreed amount of investments, planning conditions and the commencement and completion time and has right to use, transfer (for first transfer, the development project should meet the conditions of first-class logistics storage land or other construction land), lease and mortgage the land use rights of the property and the land use rights has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(c) Kerry Logistics (Guangzhou) Co., Ltd. ( 嘉里物流( 广州)有限公司) has obtained Planning Permit for Construction Use of Land, Planning Permit for Construction Works, Permit for Commencement of Construction Works and Real Estate Title Certificate (State-owned Land Use Rights) but has not obtained Completion and Acceptance Certificate for Construction Works. According to the Chapter 16 of Grant Contract of State-owned Land Use Rights, the land construction project should be commenced before 29 March 2020 and be completed before 29 March 2022. Although the date which Kerry Logistics (Guangzhou) Co., Ltd. (嘉里物流(广州)有限公司) obtained the Permit for Commencement of Construction Works is 24 June 2020, according to the Item 4 of Notice of the Guangzhou Municipal Planning and Natural Resources Bureau on Further Doing a Good Job in Planning and Natural Resources Guarantee Services During the Period of Epidemic Prevention and Control, the duration of the epidemic when the construction works cannot be started and completed on schedule will not be counted as the default period and the commencement date of the development project is automatically postponed six months from the original date. The building ownership of the self-built property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities. Except for the relevant stipulations in the Grant Contract of State-owned Land Use Rights, no other overly harsh or unusual commitments, terms or conditions were found for the above self-built property, and the actual use of the self-built property was in line with its approved use. After fulfilling the relevant obligations according to the foregoing agreement, with reference to the Chapter 33 and 34 of Detailed Rules for the Implementation of the Interim Regulations on Real Estate Registration, there are no legal obstacles to obtaining the Real Estate Title Certificate (Building Ownership) of the above self-built property.

(10) Aileen Zhang, 6 years of experience in the valuation of properties in Guangzhou, inspected the property on 2 June 2021.

(11) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Grant Contract of State-owned Land Use Rights Yes Planning Permit for Construction Use of Land Yes Planning Permit for Construction Works Yes Permit for Commencement of Construction Works Yes Business Licence Yes

Valuation Report No. F21-002129-02 97/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-C – Property interests held by the Group under development in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

3. Lot No. The property comprises a As at the Valuation RMB73,000,000 320582008003GB00120, composite development to be Date, the property was (RENMINBI SEVENTY East of Hong Kong Road, erected on a parcel of land of under construction and THREE MILLION) Jingang Town 73,717.20 sq m. scheduled to be Free Trade Zone, completed in 2021. (85% interest Zhangjiagang, The property, currently under attributable to Jiangsu Province, construction, is portion of a planned the Group: the PRC development of warehouse and RMB62,050,000) office uses. According to the information provided by the Group, the constituent planned GFA of this portion of property are as follows:-

Planned use GFA (sq m)

Warehouse 53,197.20 Office 2,235.80 Total: 55,433.00

The property is situated in an existing industrial area, in Jingang Town Free Trade Zone, Zhangjiagang, Jiangsu Province, where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by North Changjiang Road. The property is for warehouse uses, there is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 25 January 2071 for warehouse use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2021) 8211832 issued by Zhangjiagang City Natural Resources and Planning Bureau on 4 March 2021, the land use rights of the property comprising a total site area of 73,717.20 sq m are vested in Kerry Logistics (Zhangjiagang) Co., Ltd. (嘉里物流（张家港）有限公司) for warehouse use.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to Grant Contracts of State-owned Land Use Rights entered into between the State Land Resources Bureau of Zhangjiagang and Kerry Logistics (Zhangjiagang) Co., Ltd. (嘉里物流（张家港）有限公司), the land use rights of the property with a site area of 73,717.2 sq m have been contracted to be granted to Kerry Logistics (Zhangjiagang) Co., Ltd. (嘉里物流（张家港）有限公司) for warehouse use.

(3) According to Planning Permit for Construction Use of Land No. 320582202100009 issued by the Jiangsu Province Zhangjiagang Bonded Area Management Commission, the construction site of the property with a total site area of approximately 30,600 sq m is in compliance with the urban planning requirements.

(4) According to Planning Permit for Construction Works No. 320582202100086 issued by the Jiangsu Province Zhangjiagang Bonded Area Management Commission, the construction works of the development with a total GFA of approximately 28,804.36 sq m are in compliance with the construction works requirements and have been approved.

(5) According to Permit for Commencement of Construction Works No. 320592202105280101 issued by the Zhangjiagang Free Trade Zone Planning and Construction Bureau of Jiangsu Province, the construction works of the development with a total GFA of approximately 28,263.72 sq m are in compliance with the requirement for works commencement and have been permitted.

(6) According to Business Licence No. 320592000202003120006, Kerry Logistics (Zhangjiagang) Co., Ltd. (嘉里物流 （张家港）有限公司) was established on 12 March 2020 as a limited company with a registered capital of USD35,000,000 for a valid operation period from 12 March 2020 to 11 March 2050.

(7) As advised by the Group, the total incurred construction cost of the property as at 30 June 2021 was RMB2,606,676 whilst the outstanding construction cost for completion of the property as at 30 June 2021 was RMB144,213,324.

(8) As at 30 June 2021, the estimated market value as if completed of the proposed development is estimated approximately RMB268,000,000.

(9) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Zhangjiagang) Co., Ltd. (嘉里物流（张家港）有限公司), an 85% owned subsidiary of Kerry Logistics (Zhangjiagang) Investment Co., Ltd（嘉里物流（张家港）投资有限公司） has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics (Zhangjiagang) Co., Ltd. (嘉里物流（张家港）有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by the PRC law. Kerry Logistics (Zhangjiagang) Co., Ltd. (嘉里物流（张家港）有限公司) should carry out land development, construction and utilization in accordance with the relevant terms in Chapter 3 of Grant Contract of State- owned Land Use Rights signed with the Zhangjiagang Municipal Planning and Natural Resources Bureau, including the agreed planning conditions and the commencement and completion time, and has right to use, transfer (for first transfer, the property development should meet the conditions for completing more than 25% of the total development investment), lease and mortgage the land use rights of the property and the land use rights has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

Valuation Report No. F21-002129-02 99/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(c) Kerry Logistics (Zhangjiagang) Co., Ltd. (嘉里物流（张家港）有限公司) has obtained Planning Permit for Construction Use of Land, Planning Permit for Construction Works, Permit for Commencement of Construction Works and Real Estate Title Certificate (State-owned Land Use Rights) but has not obtained Completion and Acceptance Certificate for Construction Works. According to the Grant Contract of State- owned Land Use Rights, the land construction project should be commenced before 13 October 2021 and be completed before 13 October 2023. The building ownership of the self-built property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities. Except for the relevant stipulations in the Grant Contract of State-owned Land Use Rights, no other overly harsh or unusual commitments, terms or conditions were found for the above self-built property, and the actual use of the self-built property was in line with its approved use. After fulfilling the relevant obligations according to the foregoing agreement, with reference to the Chapter 33 and 34 of Detailed Rules for the Implementation of the Interim Regulations on Real Estate Registration, there are no legal obstacles to obtaining the Real Estate Title Certificate (Building Ownership) of the above self-built property.

(10) Joyce Tao,11 years of experience in the valuation of properties in Shanghai, inspected the property on 9 June 2021.

(11) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Grant Contract of State-owned Land Use Rights Yes Planning Permit for Construction Use of Land Yes Planning Permit for Construction Works Yes Permit for Commencement of Construction Works Yes Business Licence Yes

Valuation Report No. F21-002129-02 100/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-C – Property interests held by the Group for under development in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

4. Lot No. Zhuheng Land The property comprises a parcel of As at the Valuation RMB50,000,000 Reserve 2019-12, land with a site area of Date, the property was (RENMINBI FIFTY North side of approximately 30,002.08 sq m. under construction and MILLION) Baowan Road, scheduled to be West side of The property, currently under completed in 2022. (100% interest Yuxin Road, construction, is portion of a planned attributable to South side of development of warehouse uses. the Group: Lianfeng Road, According to the information RMB50,000,000) East side of provided by the Group, the planned Hongping 2nd Road, GFA of this portion of property is Hongwang Area, 59,822.87 sq m. Hengqin, Zhuhai Bonded Zone The property is situated in an and Hongwan Area existing industrial area, in Zhuhai Integrated Reform New Bonded Zone and Hongwan Area Development Zone, Integrated Reform New Zhuhai, Development Zone, Zhuhai, where Guangdong Province, infrastructure is provided. The the PRC immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Hongwan interchange. There is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 5 December 2069 for warehouse use.

Notes:

(1) According to Certificate for the Use of State-owned Land No.(2020) 0081519 issued by the Zhuhai Municipal People’s Government on 20 October 2020, the land use rights of the property comprising a total site area of 30,002.08 sq m are vested in Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司) for warehouse use.

(2) According to Grant Contracts of State-owned Land Use Rights entered into between the State Land Resources Bureau of Zhuhai and Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司), the land use rights of the property with a site area of 30,000 sq m have been contracted to be granted to Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司) for warehouse use.

(3) According to Planning Permit for Construction Use of Land No. 440402202000108 issued by the Zhuhai Natural Resources Bureau, the construction site of the property with a total site area of approximately 30,002.08 sq m is in compliance with the urban planning requirements.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(4) According to Planning Permit for Construction Works No. (2020)032 issued by the Zhuhai Natural Resources Bureau, the construction works of the development with a total GFA of approximately 59,822.87 sq m are in compliance with the construction works requirements and have been approved.

(5) According to Permit for Commencement of Construction Works No. 440405202103230101 issued by the Construction and Environmental Bureau of Zhuhai Hengqin New District Management Committee, the construction works of the development with a total GFA of approximately 59,822.87 sq m are in compliance with the requirements for works commencement and have been permitted.

(6) According to Business Licence No. 91440400MA53X0PT5T, Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流 有限公司) was established on 17 October 2019 as a limited company with a registered capital of RMB 121,500,000.00 for a valid operation period from 17 October 2019 to 17 October 2049.

(7) Ad advised by the Group, the total incurred construction cost of the property as at 30 June 2021 was RMB23,660,080 whilst the outstanding construction cost for completion of the property as at 30 June 2021 was RMB168,339,920.

(8) As at 30 June 2021, the estimated market value as if completed of the proposed development is estimated approximately RMB286,000,000.

(9) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司), a wholly owned subsidiary of Kerry Logistics (Zhuhai) Investment Co., Ltd (嘉里物流（珠海）投资有限公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司) has obtained Real Estate Title Certificate, and is the owner of the land use rights, and is recognized and protected by the PRC law. Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司) should carry out land development, construction and utilization in accordance with the relevant terms in Chapter 3 of Grant Contract of State-owned Land Use Rights signed with the Zhuhai Natural Resources Bureau, including the agreed amount of investments, planning conditions and the commencement and completion time and has right to use the land use rights of the property. According to the Hengzhu Land Reserve 2019-12 Land Project Construction and Development Agreement signed between the Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司) and Zhuhai Hengqin New District Management Committee, the requirements on the amount of investment and construction funds, turnover and import and export trade volume are clearly stated in Article 2 and 10. According to the Article 10 Item 4, without the permission granted by the Zhuhai Hengqin New District Management Committee, Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司) can neither directly transfer the land use rights and building ownership of the property nor indirectly transfer the land use rights and building ownership of the property through company share transfer. The land use rights has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(c) Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司) has obtained Planning Permit for Construction Use of Land, Planning Permit for Construction Works, Permit for Commencement of Construction Works and Real Estate Title Certificate (State-owned Land Use Rights) but has not obtained Completion and Acceptance Certificate for Construction Works. According to the Grant Contract of State- owned Land Use Rights, the land construction project should be commenced before 6 June 2020 and be completed before 6 December 2022. According to the Reply on the Postponement of the Completion of the Kerry Zhuhai Logistics Center (Zhuheng Land Reserve 2019-12) in the Newly Expanded Area of the Integration, the afore-mentioned time restriction is extended to 29 April 2021 for commencement and 28 October 2023 for completion. According to the Hengzhu Land Reserve 2019-12 Land Project Construction and Development Agreement signed between the Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有 限公司) and Zhuhai Hengqin New District Management Committee, if the Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司) fulfilled the promises in the Article 11 (owned the project for no less than 10 years), Chapter 1 Article 2 (amount of investment and construction funds), Chapter 4 Article 10 (turnover, import and export trade volume) and received the consent from Zhuhai Hengqin New District Management Committee, Jiachang (Zhuhai) Logistics Limited (嘉暢（珠海）物流有限公司) has the right to dispose of the project as a whole (indivisible transfer is not allowed) to the companies that meet the functional positioning of the project and the land use function cannot be changed. The building ownership of the self-built property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities. Except for the relevant stipulations in the Grant Contract of State-owned Land Use Rights, Hengzhu Land Reserve 2019-12 Land Project Construction and Development Agreement, Kerry Logistics Greater Bay Area Operation Center Project Investment Promotion Agreement, no other overly harsh or unusual commitments, terms or conditions were found for the above self-built property, and the actual use of the self-built property was in line with its approved use. After fulfilling the relevant obligations according to the foregoing agreement, with reference to the Chapter 33 and 34 of Detailed Rules for the Implementation of the Interim Regulations on Real Estate Registration, there are no legal obstacles to obtaining the Real Estate Title Certificate (Building Ownership) of the above self-built property.

(10) Sabrina Zhao, 1 year of experience in the valuation of properties in the PRC, inspected the property on 17 June 2021.

(11) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Grant Contract of State-owned Land Use Rights Yes Planning Permit for Construction Use of Land Yes Planning Permit for Construction Works Yes Permit for Commencement of Construction Works Yes Business Licence Yes

Valuation Report No. F21-002129-02 103/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group I-D – Property interest held by the Group for future development in the PRC

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Lot No. A-20-1, The property comprises a parcel of As at the Valuation RMB10,000,000 South side of land with a site area of 21,953.31 Date, the property was a (RENMINBI TEN South First Ring Road, sq m. vacant land. MILLION) Laocheng Development Zone, The property is a planned (100% interest Hainan Province, development of logistics uses. attributable to the PRC According to the information provided the Group: by the Group, the property will be RMB10,000,000) developed with a planned GFA of approximately 50,609.81 sq m.

The property is situated in Laocheng Development Zone, Hai Kou, Hainan Province, where infrastructure is provided. There is no environmental issues and litigation dispute.

The land use rights of the property have been granted for a term due to expire on 22 September 2060 for industrial use.

Notes:

(1) According to Certificate for the Use of State-owned Land No. (2021)0007773 issued by the Chengmai County Natural Resources and Planning Bureau on 1 April 2021, the land use rights of the property comprising a total site area of 21,953.34 sq m are vested in Kerry Logistics (Hainan) Co., Ltd. (嘉里物流（海南）有限公司) for industrial use.

(2) According to Planning Permit for Construction Use of Land No. 2021-01 issued by Haikou Comprehensive Bonded Zone Management Committee, the construction site of the property with a total site area of approximately 21,953.34 sq m is in compliance with the urban planning requirements.

(3) According to Planning Permit for Construction Works No. 465103202190004 issued by Haikou Comprehensive Bonded Zone Management Committee, the construction works of the development with a total GFA of approximately 50,609.83 sq m are in compliance with the construction works requirements.

(4) According to Business Licence No. 91460000MA5TRABW9D, Kerry Logistics (Hainan) Co., Ltd. (嘉里物流（海南） 有限公司) was established on 24 November 2020 as a limited company with a registered capital of USD18,000,000 for a valid operation period from 24 November 2020 to 23 November 2050.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(5) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Logistics (Hainan) Co., Ltd. (嘉里物流（海南）有限公司), a wholly owned subsidiary of Kerry Logistics (EAS) Co., Ltd. (嘉里物流（大通）有限公司) has obtained valid business license and is legally established under the Chinese laws;

(b) Kerry Logistics (Hainan) Co., Ltd. (嘉里物流（海南）有限公司) has obtained Certificate for the Use of State- owned Land, and is the owner of the land use rights, and is recognized and protected by the PRC law. Kerry Logistics (Hainan) Co., Ltd. (嘉里物流（海南）有限公司) should carry out land development, construction and utilization in accordance with the relevant terms in Party B's Commitment Content in Article 2 Item 1 of Industry Regulatory Agreement signed with the Haikou Comprehensive Bonded Zone Management Committee, including the agreed amount of investments, tax index, planning conditions and the commencement and completion time and has right to use the land use rights of the property. Without the permission granted by the Haikou Comprehensive Bonded Zone Management Committee, Kerry Logistics (Hainan) Co., Ltd. (嘉里物流（海南）有限公司) cannot transfer, mortgage, exchange, lease and gift the land use rights of the property and the land use rights has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities; and

(c) Kerry Logistics (Hainan) Co., Ltd. (嘉里物流（海南）有限公司) has obtained Planning Permit for Construction Use of Land, Certificate for the Use of State-owned Land (State-owned Land Use Rights) but has not obtained Permit for Commencement of Construction Works and Completion and Acceptance Certificate for Construction Works. According to the Industry Regulatory Agreement, the land construction project should be commenced within 6 months from 11 October 2020 (Actual Commencement Date: 9 June 2021) and be completed within 16 months from the commencement date. The transfer and mortgage of building ownership of the buildings on the ground should only be carried out after receiving the written consent from Haikou Comprehensive Bonded Zone Management Committee. The building ownership of the self-built property has not been leased, mortgaged, requisitioned or taken back by the government, and has not become the subject of any litigation or dispute, and has not been preserved or enforced by judicial authorities. Except for the relevant stipulations in the Industry Regulatory Agreement, no other overly harsh or unusual commitments, terms or conditions were found for the above self-built property, and the actual use of the self-built property was in line with its approved use. After fulfilling the relevant obligations according to the foregoing agreement, with reference to the Chapter 33 and 34 of Detailed Rules for the Implementation of the Interim Regulations on Real Estate Registration, there are no legal obstacles to obtaining the Real Estate Title Certificate (Building Ownership) of the above self-built property.

(6) Mark Mo, 1 year of experience in the valuation of properties, inspected the property on 16 June 2021.

(7) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:

Certificate for the Use of State-owned Land Yes Planning Permit for Construction Use of Land Yes Planning Permit for Construction Works Yes Business Licence Yes

Valuation Report No. F21-002129-02 105/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group II-A - Property interests held by the Group for investment in Hong Kong

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Kerry Warehouse The property comprises a 6-storey Except a portion of HKD1,002,000,000 (Sheung Shui), (including basement) warehouse 24,397 sq ft (2,266.54 (HONG KONG 2 San Po Street, building completed in 1991. Parking sq m) that is vacant, the DOLLARS ONE Sheung Shui, and loading/unloading spaces are property is subject to BILLION TWO New Territories, provided on all floors. various tenancies with MILLION) Hong Kong the latest tenancy due The registered site area of the property to expire on 31 August (100% interest Fanling Sheung Shui is approximately 6,416 sq m (69,062 2023. The total monthly attributable to Town Lot No. 109 sq ft). rent is approximately the Group: HKD797,000, exclusive HKD1,002,000,000) The approximate gross floor areas of of management fees the property are as follows:- and rates.

Floor Gross Floor Area The property is also sq m sq ft subject to intra-group Basement 5,591.04 60,182 tenancies with the latest Ground 5,198.81 55,960 tenancy due to expire 1st 5,758.36 61,983 on 31 December 2022. 2nd 5,799.98 62,431 The total monthly rent is 3rd 5,644.56 60,758 approximately 4th 5,103.96 54,939 HKD2,692,000, Total: 33,096.71 356,253 exclusive of management fees and In addition, 1 container parking space, rates. 18 lorry parking spaces and 18 van/car parking spaces are provided within the property.

The property is held from the Government under New Grant No. N12413 for a term commencing on 30 December 1989 and expiring on 30 June 2047. The Government Rent payable for the lot is an amount equal to 3% of the rateable value for the time being of the lot per annum.

Notes:

(1) The registered owner of the property is KerryWarehouse (Sheung Shui) Limited, a wholly owned subsidiary of the Company.

(2) The property falls within a land use zone for ‘Industrial’ purpose under Approved Fanling/Sheung Shui Outline Zoning Plan No. S/FSS/24 dated 7 January 2020.

(3) Terrence Lai, Senior Valuer, Probationer of HKIS, 5 years of experience in the valuation of properties in Hong Kong, inspected the property in March 2021.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group II-A - Property interests held by the Group for investment in Hong Kong

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Kerry Warehouse The property comprises a 6-storey The property is fully let HKD720,000,000 (Fanling 1), warehouse building completed in and subject to various (HONG KONG 39 On Lok Mun Street, 1994. Parking and loading/unloading tenancies with the latest DOLLARS SEVEN On Lok Tsuen, spaces are provided on the 1st Floor. tenancy due to expire HUNDRED TWENTY Fanling, on 14 August 2021. The MILLION) New Territories, The total registered site area of the total monthly rent is Hong Kong property is approximately 5,035 sq m approximately (100% interest (54,197 sq ft). HKD246,000, exclusive attributable to Fanling Sheung Shui of management fees the Group: Town Lot Nos. 45 and The approximate gross floor areas of and rates. HKD720,000,000) 46 the property are as follows:- The property is also Floor Gross Floor Area subject to intra-group sq m sq ft tenancies with the latest Ground 4,993.96 53,755 tenancy due to expire 1st 564.10 6,072 on 31 December 2021. 2nd 5,588.16 60,151 The total monthly rent is 3rd-5th 5,066.33 x 3 54,534 x 3 approximately Total: 26,345.21 283,580 HKD2,436,000, exclusive of In addition, 2 container parking management fees and spaces, 14 lorry parking spaces and rates. 14 van/car parking spaces are provided within the property.

The property is held from the Government under New Grant Nos. N12444 and N12473 for terms commencing on 21 August 1990 and 11 February 1991 respectively and both expiring on 30 June 2047. The total Government Rent payable for the lots is an amount equal to 3% of the rateable value for the time being of the lots per annum.

Notes:

(1) The registered owner of the property is KerryWarehouse (Fanling 1) Limited, a wholly owned subsidiary of the Company.

(2) The property falls within a land use zone for ‘Industrial’ purpose under Approved Fanling/Sheung Shui Outline Zoning Plan No. S/FSS/24 dated 7 January 2020.

(3) Terrence Lai, Senior Valuer, Probationer of HKIS, 5 years of experience in the valuation of properties in Hong Kong, inspected the property in March 2021.

Valuation Report No. F21-002129-02 107/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group II-A - Property interests held by the Group for investment in Hong Kong

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

3. Kerry Warehouse The property comprises a 16-storey Except a portion of HKD730,000,000 (Kwai Chung), warehouse building completed in 6,970 sq ft (647.53 sq (HONG KONG 4-6 Kwai Tai Road, 1981. Parking and loading/unloading m) that is vacant, the DOLLARS SEVEN Kwai Chung, spaces are provided on the Ground property is let on a HUNDRED THIRTY New Territories, and 1st Floors. tenancy due to expire MILLION) Hong Kong on 8 November 2022 at The registered site area of the property a monthly rent of (100% interest Kwai Chung Town is approximately 2,655.60 sq m HKD13,800, exclusive attributable to Lot No. 326 (28,585 sq ft). of management fees the Group: and rates. HKD730,000,000) The approximate gross floor areas of the property are as follows:- The property is also subject to intra-group Floor Gross Floor Area tenancies with the latest sq m sq ft tenancy due to expire Ground 311.22 3,350 on 31 December 2022. 1st 218.51 2,352 The total monthly rent is 2nd 2,572.65 27,692 approximately 3rd-4th 1,810.01 x 2 19,483 x 2 HKD2,832,000, 5th-6th 1,809.18 x 2 19,474 x 2 exclusive of 7th-8th 1,810.01 x 2 19,483 x 2 management fees and 9th 1,809.18 19,474 rates. 10th 1,810.01 19,483 11th 1,809.18 19,474 12th 1,810.01 19,483 13th 1,809.18 19,474 14th-15th 1,810.01 x 2 19,483 x 2 Total: 26,628.36 286,628

In addition, 28 lorry parking spaces and 5 van/car parking spaces are provided within the property.

The property is held from the Government under New Grant No. TW5554 for a term of 99 years commencing on 1 July 1898 less the last three days extended until 30 June 2047. The Government Rent payable for the lot is an amount equal to 3% of the rateable value for the time being of the lot per annum.

Notes:

(1) The registered owner of the property is Kerry Warehouse (Kwai Chung) Limited, a wholly owned subsidiary of the Company.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) The property falls within a land use zone for ‘Industrial’ purpose under Kwai Chung Outline Zoning Plan No. S/KC/29 dated 19 January 2018.

(3) Terrence Lai, Senior Valuer, Probationer of HKIS, 5 years of experience in the valuation of properties in Hong Kong, inspected the property in March 2021.

Valuation Report No. F21-002129-02 109/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group II-A - Property interests held by the Group for investment in Hong Kong

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

4. Kerry TC Warehouse 2, The property comprises a 16-storey A portion of total HKD1,636,000,000 35 Wing Kei Road, cold store/warehouse/vehicle park 102,822 sq ft (9,552.40 (HONG KONG Kwai Chung, building completed in 1997. Parking sq m) of the property is DOLLARS ONE New Territories, and loading/unloading spaces are subject to intra-group BILLION SIX Hong Kong provided on the Ground to 5th Floors. tenancies with the latest HUNDRED THIRTY tenancy due to expire SIX MILLION) Kwai Chung Town The registered site area of the property on 31 December 2021 Lot No. 437 is approximately 6,242 sq m (67,189 at a total monthly rent (100% interest sq ft). of approximately attributable to HKD1,123,000, the Group: The approximate gross floor areas of exclusive of HKD1,636,000,000) the property are as follows:- management fees and rates The reminder of Floor Gross Floor Area the property is operated sq m sq ft on a warrant basis. Warehouse 6th 4,396.04 47,319 7th 4,575.72 49,253 8th-11th 4,669.55 x 4 50,263 x 4 12th-13th 4,477.15 x 2 48,192 x 2 14th-15th 4,502.69 x 2 48,467 x 2 Sub-total: 45,609.64 490,942

Car Park 2nd 4,027.68 43,354 3rd-4th 3,986.16 x 2 42,907 x 2 5th 3,931.81 42,322 Sub-total: 15,931.81 171,490

Total: 61,541.45 662,432

In addition, 1 container parking space, 23 lorry parking spaces and 23 van/car parking spaces are provided within the property. Apart from these, a public vehicle park accommodating 25 container parking spaces, 140 lorry parking spaces and 50 van/car parking spaces is provided.

The property is held from the Government under New Grant No. TW6964 for a term commencing on 14 December 1994 and expiring on 30 June 2047. The Government Rent payable for the lot is an amount equal to 3% of the rateable value for the time being of the lot per annum.

Valuation Report No. F21-002129-02 110/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) The registered owner of the property is Kerry TC Warehouse 2 Limited, a wholly owned subsidiary of the Company.

(2) The property falls within a land use zone for ‘Industrial’ purpose under Kwai Chung Outline Zoning Plan No. S/KC/29 dated 19 January 2018.

(3) Terrence Lai, Senior Valuer, Probationer of HKIS, 5 years of experience in the valuation of properties in Hong Kong, inspected the property in March 2021.

Valuation Report No. F21-002129-02 111/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group II-A - Property interests held by the Group for investment in Hong Kong

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

5. Kerry Warehouse The property comprises a 19-storey The property is fully let HKD1,718,000,000 (Tsuen Wan), warehouse building completed in June and subject to various (HONG KONG 3 Shing Yiu Street, 1998. Parking and loading/unloading tenancies with the latest DOLLARS ONE Kwai Chung, spaces are provided on the Ground tenancy due to expire BILLION SEVEN New Territories, and 1st Floors. on 30 June 2028. The HUNDRED Hong Kong total monthly rent is EIGHTEEN MILLION) The registered site area of the property approximately Kwai Chung Town is approximately 6,525 sq m (70,235 HKD7,675,000, (100% interest Lot No. 452 sq ft). exclusive of attributable to management fees and the Group: The approximate gross floor areas of rates. HKD1,718,000,000) the property are as follows:- The property is also Floor Gross Floor Area subject to intra-group sq m sq ft tenancies with the latest 1st 718.13 7,730 tenancy due to expire 2nd 3,341.04 35,963 on 31 December 2021. 3rd-17th 3,351.26 x 15 36,073 x 15 The total monthly rent is 18th 667.50 7,185 approximately Total: 54,995.57 591,973 HKD1,965,000, exclusive of In addition, 1 container parking space, management fees and 28 lorry parking spaces and 27 van/car rates. parking spaces are provided within the property.

The property is held from the Government under New Grant No. TW6987 for a term commencing on 26 September 1995 and expiring on 30 June 2047. The current Government Rent payable for the lot is an amount equal to 3% of the rateable value for the time being of the lot per annum.

Notes:

(1) The registered owner of the property is Kerry Warehouse (Tsuen Wan) Limited, a wholly owned subsidiary of the Company.

(2) Portions of the property (portions of 1/F, 7/F, 13/F, 15/F, 16/F and portions of 18/F) with a total area of approximately 12,003.809 sq m (129,209 sq ft) were subject to a Waiver Letter for the permission of the uses as data centre for a term expiring upon the demolition of the existing building; on 30 June 2047 or upon the early termination of the Conditions.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) The property falls within a land use zone for ‘Industrial’ purpose under Kwai Chung Outline Zoning Plan No. S/KC/29 dated 19 January 2018.

(4) Terrence Lai, Senior Valuer, Probationer of HKIS, 5 years of experience in the valuation of properties in Hong Kong, inspected the property in March 2021.

Valuation Report No. F21-002129-02 113/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group II-A - Property interests held by the Group for investment in Hong Kong

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

6. Kerry Cargo Centre, The property comprises a 16-storey Except a portion of HKD5,368,000,000 55 Wing Kei Road, warehouse block over a 4-storey 139,566 sq ft (HONG KONG Kwai Chung, public car park podium completed in (12,966.00 sq m) that is DOLLARS FIVE New Territories, 1999. Parking and loading/unloading vacant, the property is BILLION THREE Hong Kong spaces are provided on all floors subject to various HUNDRED SIXTY (except Level 16). tenancies with the latest EIGHT MILLION) Kwai Chung Town tenancy due to expire Lot No. 455 The registered site area of the property on 31 March 2028. The (100% interest is approximately 16,960 sq m (182,557 total monthly rent is attributable to sq ft). approximately the Group: HKD5,937,000, HKD5,368,000,000) The approximate gross floor areas of exclusive of the property are as follows:- management fees and rates. Floor Gross Floor Area sq m sq ft The property is also Warehouse subject to intra-group L1 5,271.92 56,747 tenancies with the latest L2-L7 8,938.78 x 6 96,217 x 6 tenancy due to expire L8 5,494.89 59,147 on 31 December 2021. L9-L15 8,987.27 x 7 96,739 x 7 The total monthly rent is L16 6,780.66 72,987 approximately Sub-total: 134,091.04 1,443,356 HKD13,391,000, exclusive of Public Car Park management fees and P1-P4 50,817.54 547,000 rates. Total: 184,908.58 1,990,356

The public car park on P1 to P4 accommodates 70 container parking spaces, 380 lorry parking spaces and 160 van/car parking spaces. In addition, 1 container parking space, 104 lorry parking spaces and 62 van/car parking spaces are provided within the warehouse block.

The property is held from the Government under New Grant No. TW6994 for a term commencing on \25 March 1996 and expiring on 30 June 2047. The current Government Rent payable for the lot is an amount equal to 3% of the rateable value for the time being of the lot per annum.

Valuation Report No. F21-002129-02 114/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) The registered owner of the property is Kerry Cargo Centre Limited, a wholly owned subsidiary of the Company.

(2) The property falls within a land use zone for ‘Industrial’ purpose under Kwai Chung Outline Zoning Plan No. S/KC/29 dated 19 January 2018.

(3) Terrence Lai, Senior Valuer, Probationer of HKIS, 5 years of experience in the valuation of properties in Hong Kong, inspected the property in March 2021.

Valuation Report No. F21-002129-02 115/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group II-A - Property interests held by the Group for investment in Hong Kong

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

7. Whole of Lower The property comprises a portion of The property is fully let HKD522,000,000 Ground, Ground, Block A which is 1 of the 2 contiguous and subject to intra- (HONG KONG 2nd to 4th and 6th 18-storey (including Lower Ground group tenancies with DOLLARS FIVE Floors and Unit A2 on Floor) warehouse buildings completed the latest tenancy HUNDRED TWENTY 7th Floor of Block A, in 1991. Parking and loading/ due to expire on TWO MILLION) 2 container, unloading spaces are provided on the 31 December 2021. 11 lorry and 10 Lower Ground to 1st Floors. The total monthly rent (100% interest van/car parking is approximately attributable to spaces, Block A is a warehouse building. HKD2,021,000, the Group: Kerry TC exclusive of HKD522,000,000) Warehouse 1, The approximate gross floor areas of management fees and 3 Kin Chuen Street, the warehouse portions of the property rates. Kwai Chung, are as follows:- New Territories, Hong Kong Floor Gross Floor Area sq m sq ft 168,562/966,507th Lower Ground 2,722.04 29,300 shares and Ground 2,254.65 24,269 43.56/100th in 2nd-3rd 2,771.65 x 2 29,834 x 2 27,434/966,507th 4th 2,548.68 27,434 shares of and in 6th 2,554.81 27,500 Kwai Chung Town 7th 1,110.27 11,951 Lot No. 419 Total: 16,733.75 180,122

In addition, 2 container parking spaces, 11 lorry parking spaces and 10 van/car parking spaces are provided with the property.

The property is held from the Government under New Grant No. 6692 for a term commencing on 28 February 1989 and expiring on 30 June 2047. The Government Rent payable for the lot is an amount equal to 3% of the rateable value for the time being of the lot per annum.

Notes:

(1) The registered owners of the property are Kerry TC Warehouse 1 (Block A) Limited), a wholly owned subsidiary of the Company (Re: Lower Ground, Ground, 2nd to 4th and 6th Floors of Block A; Car Parking Space Nos. L4 to L10 and V1 to V8 on the Ground Floor; and Car Parking Space Nos. C1 and C2 on the Ground Floor, L8 to L10, L12 and V3 on the 1st Floor) and Wah Ming Properties Limited (Unit A2 on 7th Floor and Car Parking Space No. V18 on the 1st Floor), a wholly owned subsidiary of the Company.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) The property comprises Lower Ground, Ground, 2nd to 4th and 6th Floors and Unit A2 on 7th Floor of Block A; Car Parking Space Nos. C1, C2, L4 to L10, and V1 to V8 on the Ground Floor; and Car Parking Space Nos. L8 to L10, L12, V3 and V18 on the 1st Floor.

(3) The property falls within a land use zone for ‘Residential (Group E)’ purpose under Kwai Chung Outline Zoning Plan No. S/KC/29 dated 19 January 2018.

(4) Terrence Lai, Senior Valuer, Probationer of HKIS, 5 years of experience in the valuation of properties in Hong Kong, inspected the property in March 2021.

Valuation Report No. F21-002129-02 117/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group II-B - Property interests held by the Group for owner occupation in Hong Kong

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Whole of Lower The property comprises a majority Except a portion of HKD1,432,000,000 Ground and 2nd to portion of Block B which is 1 of 2 147,797 sq ft (HONG KONG 16th Floors of Block B, contiguous 18-storey (including Lower (13,730.68 sq m) that is DOLLARS ONE the parking area/ Ground Floor) warehouse buildings vacant, the property is BILLION FOUR loading and unloading completed in 1991. Parking and subject to intra-group HUNDRED THIRTY platform, 3 container, loading/unloading spaces are provided tenancies with the latest TWO MILLION) 13 lorry and 18 on the Lower Ground to 1st Floors. tenancy due to expire van/car parking on 31 December 2021. (100% interest spaces, Kerry TC Block B is a cold storage/warehouse The total monthly rent is attributable to Warehouse 1, building. approximately the Group: 3 Kin Chuen Street, HKD3,752,000, HKD1,432,000,000) Kwai Chung, The approximate gross floor areas of exclusive of New Territories, the cold storage and warehouse management fees and Hong Kong portions of the property are as follows:- rates.

488,194/966,507th Floor Gross Floor Area shares of and in sq m sq ft Kwai Chung Town Lot No. 419 Lower Ground 2,326.09 25,038 2nd-8th 2,801.10 x 7 30,151 x 7 9th 2,738.57 29,478 10th-16th 2,841.32 x 7 30,584 x 7 Total: 44,561.60 479,661

In addition, 3 container parking spaces, 13 lorry parking spaces and 18 van/car parking spaces are provided with the property.

The property is held from the Government under New Grant No. 6692 for a term commencing on 28 February 1989 and expiring on 30 June 2047. The Government Rent payable for the lot is an amount equal to 3% of the rateable value for the time being of the lot per annum.

Notes:

(1) The registered owner of the property is Kerry TC Warehouse 1 (Block B) Limited, a wholly owned subsidiary of the Company (Re: Lower Ground and 2nd to 16th Floors of Block B; Car Parking Space Nos. V1 and V2, the parking area/loading and unloading platform including Car Parking Space Nos. C1, C2, C3 and L1 on the Lower Ground Floor; and Car Parking Space Nos. L16 to L27, V17 and V19 to V33 on the 1st Floor).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) The property comprises Lower Ground and 2nd to 16th Floors of Block B; parking area/loading and unloading platform including Car Parking Space Nos. C1, C2, C3 and L1 on the Lower Ground Floor; Car Parking Space Nos. V1 and V2 on the Lower Ground Floor and Car Parking Space Nos. L16 to L27, V17 and V19 to V33 on the 1st Floor.

(3) The property falls within a land use zone for ‘Residential (Group E)’ purpose under Kwai Chung Outline Zoning Plan No. S/KC/29 dated 19 January 2018.

(4) Terrence Lai, Senior Valuer, Probationer of HKIS, 5 years of experience in the valuation of properties in Hong Kong, inspected the property in March 2021.

Valuation Report No. F21-002129-02 119/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group II-B - Property interests held by the Group for owner occupation in Hong Kong

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. PC3, The property comprises a 7-storey As advised by the N/A 12 Dai Kwai Street, industrial building plus a basement Group, the property is (see Notes (1) and (5)) Tai Po completed in 2010. currently occupied by Industrial Estate, the Group. Tai Po, The property has a total gross floor New Territories, area of a approximately 25,603.24 sq Hong Kong m (275,593 sq ft). It is erected on a site with a registered site area of Sub-section 1 of approximately 10,379.52 sq m Section K of Tai Po (111,725 sq ft). Town Lot No. 1 and the Extension thereto The land on which the property is built for the Government under New Grant No. TP11250 for a term of 99 years from 1 July 1898 and statutorily etended to 30 June 2047. The Government Rent payable for the lot is an amount equal to 3% of the rateable value for the time being of the lot per annum.

Notes:

(1) The property is subject to sale restriction. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property in existing state as at 30 June 2021 was HKD175,000,000 (HONG KONG DOLLARS ONE HUNDRED SEVENTY FIVE MILLION) (100% interest attributable to the Group: HKD175,000,000).

(2) The registered owner of the lot is Hong Kong Science and Technology Parks Corporation.

(3) The property is leased by Hong Kong Science and Technology Parks Corporation (formerly The Hong Kong Industrial Estates Corporation) (the “Corporation”) to Kerry PC3 Limited (formerly known as Previous Source Limited) (‘lessee’) under a lease dated 28 November 2014 commencing on 15 May 2008 and expiring on 27 June 2047 (the “Lease”).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(4) The Lease made between the Corporation and the lessee prohibits assignment of the property. In the event that the lessee desires to assign the property at any time during the term of the lease demised, the lessee shall first offer to surrender its interest to the Corporation free from encumbrances and with vacant possession at a consideration calculated in accordance with a formula set down in the lease. In the event that the offer is not accepted by the Corporation within a period of six weeks, it shall be deemed to have been rejected and the lessee may dispose of the property by way of assignment subject to the conditions set out in the Lease.

Whereas, if the Corporation accepts the surrender of the property offered by the lessee, the consideration payable by the Corporation as provided in the Lease will be the lesser of either (A) or (B) of the following:

(A) The total of the following two amounts reduced by ten percent:

(I) in respect of the land, a sum equivalent to the fraction of 1/t (one over “t”) of eighty percent (80%) of the premiumnotionally attributable to the land (as referred to in the Lease) multiplied by the number of complete years in the portion of the term hereby demised unexpired at the date of completion of the surrender where the symbol “t” means or represents the number of complete year or years and any fraction thereof, comprised in the period from the commencement date to 27 June 2047, which fraction of a year shall be deemed to be a complete year, and

(II) in respect of any building or buildings (including any fixtures and fittings therein) granted under the said Agreement for Lease the amutn of HKD5,278,912 attributable thereto but discounted for depreciation at the rate of 10% per annum or part thereof from the date of the said Agreement for Lease to the date of the Corporation’s acceptance of the surrender (if accepted) or, in the event of redevelopment after the date of the said Agreement for Lease whereby all the building(s) on the said land has been replaced by new building(s) in accordance with the provisions of the said Agreement for Lease or this Lease, the replacement cost of such new building as at the date of the Corporation’s acceptance of the surrender (if accepted) to be determined in the manner provided by the First Schedule hereto and discounted for depreciation which shall be calculated at the rate of five percent (5%) per annum or part thereof on the said replacement cost from the date of the occupation permit or temporary occupation permit (whichever shall be the earlier) for the first building on the said land pursuant to such redevelopment to the date of the Corporation’s acceptance of surrender (if accepted).

Or

(B) in respect of both such land and such building (including any fixtures and fittings therein), the market value thereof as at the date of the Corporation’s acceptance of the surrender (if accepted) to be determined in the manner provided by the First Schedule hereto but reduced by ten percent.

(5) In undertaking our valuation, we have taken into account the restriction on assignment of the property as described in note (3) and the prescribed formula for calculation of consideration for surrender of the property to the Hong Kong Science and Technology Park Corporation (“HKSTP”) as stated in note (4). Our valuation is based on the amount of consideration for surrender of the property to HKSTP as at the date of valuation. Therefore, we have valued the property by the approach A listed in note (4).

(6) The property falls within a land use zone for ‘Other Specified Uses (Industrial Estate)’ purpose under Approved Tai Po Outline Zoning Plan No. S/TP/28 dated 21 August 2018.

(7) Terrence Lai, Senior Valuer, Probationer of HKIS, 5 years of experience in the valuation of properties in Hong Kong, inspected the property in June 2021.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

1. 13F, No. 50, Section 1, The subject property’s building is The property is currently NTD746,300,000 Xinsheng South Road, completed in 1976, which structure occupied by the owner (NEW TAIWAN Zhongzheng District, is R.C. The building accommodates for office use. DOLLARS SEVEN Taipei City, 14 floors above and one floor HUNDRED FORTY SIX Taiwan underground. The subject property MILLION THREE is situated at 13F and 14F with six HUNDRED parking lots at B1. The total floor THOUSAND) area of the subject property is 2,986.85 sq m, including 2,736.54 (49.67% interest sq m of office and 250.31 sq m of attributable to car parks. the Group: NTD370,687,210) The property is situated in an urban area where infrastructure is provided. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds, and diagrams pertinent to the property were obtained from the Jiancheng Land Registry Office of Taipei City on 18 June 2021.

(2) According to the registration copies of the deed to the subject property, Kerry TJ Logistics Company Limited (嘉里 大榮物流股份有限公司) possesses 16/112 of the full ownership of the land Lot. No. 162, 162-1, 162-2, and 162-3 with a total area of 300.57 sq m.

(3) According to the registration copies of the deed to the subject property, Kerry TJ Logistics Company Limited (嘉里 大榮物流股份有限公司) possesses the full ownership of building No. 114, 171, 172, 173, 174, 175, 176, 177, 178, and 179 with a total floor area of 2,986.85 sq m.

(4) The property is zoned as a Type 3 Specific Commercial Zone, with a legitimate maximum coverage ratio of 65% and a floor area ratio of 630%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Michael Hsieh, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 22 June 2021.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

2. No. 11, Lane 117, The property comprises mainly one The property is currently NTD1,681,000,000 Section 2, Anhe Road, five-storey warehouse and other occupied by the owner (NEW TAIWAN Xindian District, supporting facilities completed in for logistics and office DOLLARS ONE New Taipei City, 1996. uses. BILLION SIX Taiwan HUNDRED EIGHTY The property stands on various ONE MILLION) parcels of land of a total site area of approximately 8,366.99 sq m. The (49.67% interest property has a total floor area of attributable to 13,086.79 sq m, including the Group: 12,190.92 sq m of warehouse and NTD834,952,700) 895.87 sq m of cold storage space.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Xindian Land Registry Office of New Taipei City on 17 June 2021.

(2) According to the registration copies of the deed to the subject property, Kerry TJ Logistics Company Limited (嘉里 大榮物流股份有限公司) possessed the full ownership of Land Lot Nos. 559, 560, 561 and 562, and 2/3 of the full ownership of Land Lot No. 563 with a total area of 8,366.99 sq m.

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 2005 with a total floor area of 13,086.79 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Type B Industrial Zone, with a legitimate maximum coverage ratio at 60% and floor area ratio at 210%.

(5) We have been provided the area of the cold storage space by the Company.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Eric Tien, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 21 June 2021.

Valuation Report No. F21-002129-02 124/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

3. No. 267 The property comprises mainly one The property is currently NTD568,390,000 Zhongzheng Road, two-storey warehouse and other occupied by the owner (NEW TAIWAN Shulin District, supporting facilities completed in for logistics and office DOLLARS FIVE New Taipei City, 1987. uses. HUNDRED SIXTY Taiwan EIGHT MILLION The property stands on various THREE HUNDRED parcels of land of a total site area of NINETY THOUSAND) approximately 4,497.76 sq m. The property has a total floor area of (49.67% interest 2,450.14 sq m of warehouse. attributable to the Group: The property is situated in an NTD282,319,313) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Shulin Land Registry Office of New Taipei City on 17 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 154 and 154- 1 with a total area of 4,497.76 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 135 with a total floor area of 2,450.14 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) Land Lot No. 154 is zoned as Type B Industrial Zone, with a legitimate maximum coverage ratio at 60% and floor area ratio at 210%. Land Lot No. 154-1 is zoned as Administrative Zone, with a legitimate maximum coverage ratio at 50% and floor area ratio at 250%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Eric Tien, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 21 June 2021.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

4. No. 288 Taoke The property comprises mainly one The property is currently NTD1,496,000,000 2nd Road, five-storey warehouse and other occupied by the owner (NEW TAIWAN Guanyin District, supporting facilities completed in for logistics, office, DOLLARS ONE Taoyuan City, 2018. guard house and BILLION FOUR Taiwan Motorcycle Parking. HUNDRED NINETY SIX The property stands on various uses. MILLION) parcels of land of a total site area of approximately16,820.12 sq m. The (49.67% interest property has a total floor area of attributable to 40,250.03 sq m, including the Group: 29,066.64 sq m of warehouse, NTD743,063,200) 11,076.93 sq m of cold storage space and 106.46 sq m of guard house and motorcycle parking space.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Zhongli Land Registry Office of Taoyuan City on 16 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 31 with a total area of 16,820.12 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building Nos. 83-1, 83-2 and 83-3 with a total floor area of 40,250.03 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股 份有限公司).

(4) The property is zoned as Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 300%.

(5) We have been provided the area of the cold storage space by the Company.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Anna Wu, 2 years of experience in the valuation of properties in Taiwan, video-inspected the property on 23 June 2021.

Valuation Report No. F21-002129-02 127/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

5. No. 58 Dinghu Road, The property comprises mainly one The property is currently NTD3,172,000,000 Guishan District, five-storey warehouse and one two- occupied by the owner (NEW TAIWAN Taoyuan City, storey warehouse and other for logistics, office and DOLLARS THREE Taiwan supporting facilities completed dormitory uses. BILLION ONE between 2001 to 2005. HUNDRED SEVENTY TWO MILLION) The property stands on various parcels of land of a total site area of (49.67% interest approximately 27,359.45 sq m. The attributable to property has a total floor area of the Group: 43,856.08 sq m, including NTD1,575,532,400) 35,287.48 sq m of warehouse and 8,568.60 sq m of cold storage space.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Guishan Land Registry Office of Taoyuan City on 16 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 521, 555, 896, 897, 898, 903, 904 and 905 with a total area of 27,359.45 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 180-1,180-2, 180-3 and 180-4 with a total floor area of 43,856.08 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大 榮物流股份有限公司).

(4) Part of the property is zoned as Type B Industrial Zone, with a legitimate maximum coverage ratio at 60% and floor area ratio at 120% and part of the property is zoned as green space.

(5) We have been provided the area of the cold storage space by the Company.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Anna Wu, 2 years of experience in the valuation of properties in Taiwan, video-inspected the property on 29 June 2021.

Valuation Report No. F21-002129-02 129/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

6. No. 3, Section 2, The property comprises mainly one The property is currently NTD717,700,000 Nankan Road, warehouse and other supporting occupied by the owner (NEW TAIWAN Luzhu District, facilities completed in between for logistics and office DOLLARS SEVEN Taoyuan City, 1992 and 1998. uses. HUNDRED Taiwan SEVENTEEN MILLION The property stands on various SEVEN HUNDRED parcels of land of a total site area of THOUSAND) approximately 8,000.76 sq m. The property has a total floor area of (49.67% interest 14,402.11 sq m, including attributable to 13,833.51 sq m of warehouse and the Group: 568.60 sq m of cold storage space. NTD356,481,590)

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Luzhu Land Registry Office of Taoyuan City on 16 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 1849, 1850, 1851, 1852, 1853, 1858, 1859, 1852-1, and 1853-41 with a total area of 8,000.76 sq m is vested in Kerry TJ Logistics Company Limited.

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 1049,and 1049-4 with a total floor area of 14,402.11 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份 有限公司).

(4) The property is zoned as Type B Industrial Zone, with a legitimate maximum coverage ratio at 60% and floor area ratio at 210%, River Zone, and Road Zone.

(5) We have been provided the area of the cold storage space by the Company.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Mego Chen, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 28 June 2021.

Valuation Report No. F21-002129-02 131/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

7. No. 451 Yongfeng The property comprises mainly one The property is currently NTD798,700,000 Road, Bade District, warehouse and other supporting occupied by the owner (NEW TAIWAN Taoyuan City, facilities completed in 2012. for logistics and office DOLLARS SEVEN Taiwan uses. HUNDRED NINETY The property stands on various EIGHT MILLION parcels of land of a total site area of SEVEN HUNDRED approximately 9,795.61 sq m. The THOUSAND) property has a total floor area of 4,581.74 sq m, including 3,986.70 (49.67% interest sq m of warehouse and 595.04 sq attributable to m of cold storage space. the Group: NTD396,714,290) The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Bade Land Registry Office of Taoyuan City on 16 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 1060, 1061- 1, 1062-4, and 1062-6 with a total area of 9,795.61 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮 物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 1649-1 with a total floor area of 4,581.74 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Agricultural Zone and Type B Industrial Zone, with a legitimate maximum coverage ratio at 60% and floor area ratio at 210%.

(5) We have been provided the area of the cold storage space by the Company.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Mego Chen, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 28 June 2021.

Valuation Report No. F21-002129-02 133/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

8. No. 6 Gongye East The property comprises mainly one The property is currently N/A 6th Road, two-storey warehouse and other occupied by the owner (see Note (4)) Hsinchu City, supporting facilities completed in for logistics and office Taiwan 1988. uses.

The property has a total floor area of 3,819.16 sq m of warehouse and stands on Land Lot No. 86, Keyuan Section, Keyuan Subsection. The property is located in Hsinchu Science Park, where the land is all government-owned and is for lease only. The qualifications for leasing land, establishing factories, and transferring private factory buildings shall be governed by ‘Act for Establishment and Administration of Science Parks’.

The land use rights of the property have been granted for freehold for owned land portion and for a term due to expire on 31 December 2057 at a unit monthly government rent of NTD59.30 per sq m for leased land portion.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Hsinchu Land Registry Office of Hsinchu City on 15 June 2021.

(2) According to a land lease agreement entered into between Science Park Logistics Company Limited (科學城物流股 份有限公司) and Science Industrial Park Management Bureau (科學工業園區管理局), the land is let to Science Park Logistics Company Limited (科學城物流股份有限公司) for a term due to expire on 31 December 2057 at a unit monthly government rent of NTD59.30 per sq m for the leased period.

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 347 with a total floor area of 3,819.16 sq m is vested in Science Park Logistics Company Limited (科學城物流股份有限公司).

(4) Science Park Logistics Company Limited (科學城物流股份有限公司) (in which Kerry TJ Logistics Company Limited (a 49.67% owned subsidiary of the Company) holds 60.07% interest) does not own but is a lessee of the land. No commercial value has been ascribed to the property as Science Park Logistics Company Limited (科學城物流股份 有限公司) does not own the title of the land although it owns the building. Therefore, market value is not applicable in the valuation.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property as at 30 June 2021 was NTD10,700,000 (NEW TAIWAN DOLLARS TEN MILLION SEVEN HUNDRED THOUSAND) (29.84% interest attributable to the Group: NTD3,192,880).

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments.

(6) Preventing the confidential products from revealing, the Company requested not to have a video-inspection. Jill Yang, 2 years of experience in the valuation of properties in Taiwan, undertook the valuation based on pictures provided by the Company and the data collected.

Valuation Report No. F21-002129-02 135/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

9. No. 6 Gongye East The property comprises mainly one The property is currently N/A 6th Road, eight-storey warehouses and other occupied by the owner (see Note (4)) Hsinchu City, supporting facilities completed in for logistics and office Taiwan 2007. uses.

The property has a total floor area of 27,381.33 sq m of warehouse and stands on Land Lot No. 89, Keyuan Section, Keyuan Subsection. The property is located in Hsinchu Science Park, where the land is all government-owned and is for lease only. The qualifications for leasing land, establishing factories, and transferring private factory buildings shall be governed by ‘Act for Establishment and Administration of Science Parks’.

The land use rights of the property have been granted for freehold for owned land portion and for a term due to expire on 31 December 2057 at a unit monthly government rent of NTD59.30 per sq m for leased-land portion.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Hsinchu Land Registry Office of Hsinchu City on 15 June 2021.

(2) According to a land lease agreement entered into between Science Park Logistics Company Limited (科學城物流股 份有限公司) and Science Industrial Park Management Bureau (科學工業園區管理局), the land is let to Science Park Logistics Company Limited (科學城物流股份有限公司) for a term due to expire on 31 December 2057 at a unit monthly government rent of NTD59.30 per sq m for the leased period.

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 638 with a total floor area of 27,381.33 sq m is vested in Science Park Logistics Company Limited (科學城物流股份有限公司).

(4) Science Park Logistics Company Limited (科學城物流股份有限公司) (in which Kerry TJ Logistics Company Limited (a 49.67% owned subsidiary of the Company) holds 60.07% interest) does not own but is a lessee of the land. No commercial value has been ascribed to the property as Science Park Logistics Company Limited (科學城物流股份 有限公司) does not own the title of the land although it owns the building. Therefore, market value is not applicable in the valuation.

Valuation Report No. F21-002129-02 136/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property as at 30 June 2021 was NTD653,000,000 (NEW TAIWAN DOLLARS SIX HUNDRED FIFTY THREE MILLION) (29.84% interest attributable to the Group: NTD194,855,200).

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments.

(6) Preventing the confidential products from revealing, the Company requested not to have a video-inspection. Jill Yang, 2 years of experience in the valuation of properties in Taiwan, undertook the valuation based on pictures provided by the Company and the data collected.

Valuation Report No. F21-002129-02 137/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

10. No. 68, Section 2, The property comprises mainly a The property is currently NTD349,000,000 Ziqiang Road, single-storey warehouse, a two- occupied by the owner (NEW TAIWAN Toufen City, storey residential building and other for logistics, office and DOLLARS THREE Miaoli County, supporting facilities completed in dormitory uses. HUNDRED FORTY Taiwan 1991. NINE MILLION)

The property stands on various (49.67% interest parcels of land of a total site area of attributable to approximately 7,577.37 sq m. The the Group: property has a total floor area of NTD173,348,300) 2,646.40 sq m, including 1,669.90 sq m of warehouse and 976.50 sq m of residence.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Toufen Land Registry Office of Miaoli County on 11 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 2, 3, 4, 5 and 11 with a total area of 7,577.37 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 1 with a total floor area of 2,646.40 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Type A Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 138/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) William Lee, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 25 June 2021.

Valuation Report No. F21-002129-02 139/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

11. No. 28 Gongyequ The property comprises mainly one The property is currently NTD898,200,000 18th Road, single-storey warehouse and other occupied by the owner (NEW TAIWAN Nantun District, supporting facilities completed in for logistics uses. DOLLARS EIGHT Taichung City, 1988. HUNDRED NINETY Taiwan EIGHT MILLION TWO The property stands on various HUNDRED parcels of land of a total site area of THOUSAND) approximately 9,553.00 sq m. The property has a total floor area of (49.67% interest 3,112.14 sq m, including 1,684.04 attributable to sq m of warehouse and 1,428.10 sq the Group: m of cold storage space. NTD446,135,940)

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Zhongxing Land Registry Office of Taichung City on 18 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 146,146- 1,146-2,146-3,and 146-4 with a total area of 9,553.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里 大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 1905 with a total floor area of 3,112.14 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Type B Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%.

(5) We have been provided the area of the cold storage space by the Company.

Valuation Report No. F21-002129-02 140/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Louis Lu, 2 years of experience in the valuation of properties in Taiwan, video-inspected the property on 22 June 2021.

Valuation Report No. F21-002129-02 141/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

12. 3F-5, The subject property’s building is The property is currently NTD9,310,000 No. 137 Fushun Road, completed in 1997, which structure occupied by the owner (NEW TAIWAN Xitun District, is R.C. The building accommodates for dormitory uses. DOLLARS NINE Taichung City, 19 floors above and 3 floors MILLION THREE Taiwan underground. The subject property HUNDRED TEN is situated at 3F with 1 parking lot at THOUSAND) B1. The total floor area of the subject property is 179.74 sq m, (49.67% interest including 119.37 sq m of residence attributable to and 60.37 sq m of car parks. the Group: NTD4,624,277) The property is situated in an urban area where infrastructure is provided. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Zhongxing Land Registry Office of Taichung City on 21 June 2021.

(2) According to the registration copies of the deed to the subject property, Kerry TJ Logistics Company Limited (嘉里 大榮物流股份有限公司) possesses 55/10000 of the full ownership of land Lot. No. 857-2 with a total area of 21.65 sq m.

(3) According to the registration copies of the deed to the subject property, Kerry TJ Logistics Company Limited (嘉里 大榮物流股份有限公司) possesses the full ownership of Building No. 3416 with a total floor area of 179.74 sq m.

(4) The property is zoned as Type 1-1 Residential Zone, with a legitimate maximum coverage ratio at 50% and floor area ratio at 140%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Louis Lu, 2 years of experience in the valuation of properties in Taiwan, video-inspected the property on 22 June 2021.

Valuation Report No. F21-002129-02 142/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

13. No. 454, Section 3, The property comprises mainly one The property is currently NTD341,130,000 Zhongshan Road, single-storey warehouse and other occupied by the owner (NEW TAIWAN Tanzi District, supporting facilities completed in for logistics uses. DOLLARS THREE Taichung City, 1983. HUNDRED FORTY Taiwan ONE MILLION ONE The property stands on various HUNDRED THIRTY parcels of land of a total site area of THOUSAND) approximately 3,359.59 sq m. The property has a total floor area of (49.67% interest 1,120.44 sq m of warehouse. attributable to the Group: The property is situated in an NTD169,439,271) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Zhongxing Land Registry Office of Taichung City on 18 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 43, 46, 47, 48, 49, 49-1, 133 and 134 with a total area of 3,359.59 sq m is vested in Kerry TJ Logistics Company Limited (嘉里 大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 179 with a total floor area of 1,120.44 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Type B Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Louis Lu, 2 years of experience in the valuation of properties in Taiwan, video-inspected the property on 21 June 2021. Valuation Report No. F21-002129-02 143/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

14. No. 80 Youshi Road, The property comprises mainly one The property is currently NTD158,550,000 Dajia District, single-storey warehouses and other occupied by the owner (NEW TAIWAN Taichung City, supporting facilities completed for logistics uses. DOLLARS ONE Taiwan in1988. HUNDRED FIFTY EIGHT MILLION FIVE The property stands on various HUNDRED FIFTY parcels of land of a total site area of THOUSAND) approximately 3,392.00 sq m. The property has a total floor area of (49.67% interest 1,629.32 sq m of warehouse. attributable to the Group: The property is situated in an NTD78,751,785) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Zhongxing Land Registry Office of Taichung City on 18 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 1312,and 1313 with a total area of 3,392.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公 司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 1905 with a total floor area of 1,629.32 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Type D Construction Land at Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 300%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Louis Lu, 2 years of experience in the valuation of properties in Taiwan, video-inspected the property on 21 June 2021. Valuation Report No. F21-002129-02 144/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

15. No. 125 Zili 2nd St., The property comprises mainly one The property is currently NTD190,740,000 Wuqi District, single-storey warehouse and other occupied by the owner (NEW TAIWAN Taichung City, supporting facilities completed in for logistics uses. DOLLARS ONE Taiwan 1987. HUNDRED NINETY MILLION SEVEN The property stands on various HUNDRED FORTY parcels of land of a total site area of THOUSAND) approximately 5,120.00 sq m. The property has a total floor area of (49.67% interest 1,883.74 sq m of warehouse. attributable to the Group: The property is situated in an NTD94,740,558) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Zhongxing Land Registry Office of Taichung City on 18 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 1617,and 1618 with a total area of 5,120.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公 司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 434 with a total floor area of 1,883.74 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Related Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 150%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Louis Lu, 2 years of experience in the valuation of properties in Taiwan, video-inspected the property on 22 June 2021. Valuation Report No. F21-002129-02 145/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

16. No. 3 & 164, Lane 170, The property comprises mainly one The property is currently NTD694,500,000 Zhangshui Road, two-storey warehouse, one four- occupied by the owner (NEW TAIWAN Changhua City, storey warehouse, one two-storey for logistics, office, air DOLLARS SIX Changhua County, warehouse and other supporting raid shelter and parking HUNDRED NINETY Taiwan facilities completed in between space uses. FOUR MILLION FIVE 1986 and 2000. HUNDRED THOUSAND) The property stands on various parcels of land of a total site area of (49.67% interest approximately 13,260.00 sq m attributable to (exclusive of leased personal land the Group: portion). The property has a total NTD344,958,150) floor area of 15,031.30 sq m, including 14,031.30 sq m of warehouse and 1,000.00 sq m of cold storage space.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold for owned land portion and for a term due to expire on 31 January 2028 at a unit monthly rent of NTD77.14 per sq m for leased land portion.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Changhua Land Registry Office of Changhua County on 17 June 2021.

(2) According to a land lease agreement entered into between Kerry TJ Logistics Company Limited (嘉里大榮物流股份 有限公司) and Industrial Jade Emperor Gods Association (工業玉皇大帝神明會), portion of the land is let to Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司) for a term due to expire on 31 January 2028 at a unit monthly rent of NTD77.14 per sq m for the leased period.

Portion of the land use rights of the property belong to the other person and are not granted to the Company. Therefore, we have ascribed no commercial value to the personal land portion. Should the Company be granted freely transferable land use rights and building ownership of the property, the market value for such land portion as at 30 June 2021 would be NTD22,800,000 (NEW TAIWAN DOLLARS TWENTY TWO MILLION EIGHT HUNDRED THOUSAND). However, Kerry TJ Logistics Company Limited has legal, valid and assignable title to the remaining portion of land and all buildings, value has been ascribed to the owned land portion and the building portion.

Valuation Report No. F21-002129-02 146/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 1042,1042- 1,1075,1077,1077-1,1078,1078-1,1089-3,1089-4,1095,1096,1097 and 1042-75 with a total area of 13,260.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) According to the registration copies of the deed to the subject property, the ownership of Building No. 1307,2682 and 3297 with a total floor area of 15,031.30 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股 份有限公司).

(5) The property of Land Lot No. 1042,1042-1,1075,1077,1077-1,1078,1078-1,1089-3,1089-4,1095,1096 and 1097 is zoned as Type B Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%. In addition, the property of Land Lot No. 1042-75 is zoned as road lands.

(6) We have been provided the area of the cold storage space by the Company.

(7) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(8) Ollie Hu, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 24 June 2021.

Valuation Report No. F21-002129-02 147/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

17. No. 37, Section 4, The property comprises mainly a The property is currently NTD219,900,000 Yuanlu Road, three-storey warehouse and other occupied by the owner (NEW TAIWAN Puxin Township, supporting facilities completed in for logistics, office, DOLLARS TWO Changhua County, 1997. dormitory and parking HUNDRED NINETEEN Taiwan space uses. MILLION NINE The property stands on various HUNDRED parcels of land of a total site area of THOUSAND) approximately 4,595.00 sq m. The property has a total floor area of (49.67% interest 3,912.66 sq m of warehouse. attributable to the Group: The property is situated in an NTD109,224,330) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Xihu Land Registry Office of Changhua County on 17 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 23, 25, 26 and 26-1 with a total area of 4,595.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限 公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 201 with a total floor area of 3,912.66 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property of Land Lot Nos. 23 and 25 is zoned as Type B Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%. In addition, the property of Land Lot Nos. 26 and 26-1 is zoned as agricultural zone, with a legitimate maximum coverage ratio at 10% and floor area ratio at 0%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Ollie Hu, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 22 June 2021. Valuation Report No. F21-002129-02 148/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

18. No. 478, Section 3, The property comprises mainly one The property is currently NTD172,410,000 Yuanji Road, single-storey warehouses and other occupied by the owner (NEW TAIWAN Tianzhong Township, supporting facilities completed in for logistics, office, DOLLARS ONE Changhua County, 1993. dormitory and parking HUNDRED SEVENTY Taiwan space uses. TWO MILLION FOUR The property stands on various HUNDRED TEN parcels of land of a total site area of THOUSAND) approximately 5,335.07 sq m. The property has a total floor area of (49.67% interest 1,867.85 sq m of warehouse. attributable to the Group: The property is situated in an NTD85,636,047) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Tianzhong Land Registry Office of Changhua County on 17 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 52, 53 and 54 with a total area of 5,335.07 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 337 with a total floor area of 1,867.85 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Type D Construction Land at Rural Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 300%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Ollie Hu, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 23 June 2021.

Valuation Report No. F21-002129-02 149/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

19. No. 1 Gongye East The property comprises mainly one The property is currently NTD252,650,000 Road, Nantou City, two-storey warehouses and other occupied by the owner (NEW TAIWAN Nantou County, supporting facilities completed in for logistics, dormitory DOLLARS TWO Taiwan 1988. and air raid shelter uses. HUNDRED FIFTY TWO MILLION SIX The property stands on various HUNDRED FIFTY parcels of land of a total site area of THOUSAND) approximately 6,290.00 sq m. The property has a total floor area of (49.67% interest 1,638.50 sq m of warehouse. attributable to the Group: The property is situated in an NTD125,491,255) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Nantou Land Registry Office of Nantou County on 17 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 131,and 132 with a total area of 6,290.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 13 with a total floor area of 1,638.50 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is Type D Construction Land at Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 300%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Ollie Hu, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 22 June 2021.

Valuation Report No. F21-002129-02 150/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

20. No. 25 Gonglun Road, The property comprises mainly The property is currently NTD184,000,000 Dounan Township, three single-storey warehouses and occupied by the owner (NEW TAIWAN Yunlin County, other supporting facilities completed for logistics, office and DOLLARS ONE Taiwan in between 1989 and 2016. air raid shelter uses. HUNDRED EIGHTY FOUR MILLION) The property stands on various parcels of land of a total site area of (49.67% interest approximately 9,040.00 sq m. The attributable to property has a total floor area of the Group: 2,729.53 sq m, including 1,817.50 NTD91,392,800) sq m of warehouse and 912.03 sq m of cold storage space.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Dounan Land Registry Office of Yunlin County on 17 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 1208,1209,1209-3,1209-4,1209-10,1210,1210-1,1210-2,1210-5,1211,1211-1,1211-2,1211-3,1212,1212-1,1212- 2,1212-3,1213,1213-1,1213-2, 1213-4 and 1213-5 with a total area of 9,040.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building Nos. 302, 613 and 677 with a total floor area of 2,729.53 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限 公司).

(4) The property of Land Lot Nos. 1209-3,1210-1,1211-1,1212-1 and 1213-1 is zoned as Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%. In addition, the property of Land Lot Nos. 1209, 1210, 1211, 1212 and 1213 is zoned as Agricultural Zone, with a legitimate maximum coverage ratio at 10% and floor area ratio at 0%. The remaining 12 land lots registered as No. 1208 and etc. are zoned as land for public facilities, such like roads, ditches and electric tower.

(5) We have been provided the area of the cold storage space by the Company.

Valuation Report No. F21-002129-02 151/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Ollie Hu, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 23 June 2021.

Valuation Report No. F21-002129-02 152/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

21. No. 1-69, Niuchouxi, The property comprises mainly one The property is currently NTD453,000,000 Minxiong Township, single-storey warehouse and other occupied by the owner (NEW TAIWAN Chiayi County, supporting facilities completed in for logistics, office and DOLLARS FOUR Taiwan 2000. dormitory uses. HUNDRED FIFTY THREE MILLION) The property stands on various parcels of land of a total site area of (49.67% interest approximately 10,683.00 sq m. The attributable to property has a total floor area of the Group: 18,115.43 sq m of warehouse. NTD225,005,100)

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Dalin Land Registry Office of Chiayi County on 15 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 379, 380, 381, 382 and 383 with a total area of 10,683.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物 流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 514 with a total floor area of 18,115.43 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 300%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Karen Lin, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 25 June 2021. Valuation Report No. F21-002129-02 153/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

22. No. 20 Siwei Road, The property comprises mainly two The property is currently NTD177,800,000 Xinying District, warehouses and other supporting occupied by the owner (NEW TAIWAN Tainan City, facilities completed in between for logistics and office DOLLARS ONE Taiwan 1989 and 2000. uses. HUNDRED SEVENTY The property stands on various SEVEN MILLION parcels of land of a total site area of EIGHT HUNDRED approximately 4,611.00 sq m. The THOUSAND) property has a total floor area of 8,856.36 sq m, including 6,162.14 (49.67% interest sq m of warehouse and 2,694.22 sq attributable to m of cold storage space. the Group: The property is situated in an NTD88,313,260) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Xinying Land Registry Office of Tainan City on 15 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 84 and 85 with a total area of 4,611.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building Nos. 90 and 90-1 with a total floor area of 8,856.36 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公 司).

(4) The property is zoned as Type B Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%.

(5) We have been provided the area of the cold storage space by the Company.

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 154/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(7) Mego Chen, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 17 June 2021.

Valuation Report No. F21-002129-02 155/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

23. No. 1-9 Madoukou, The property comprises mainly one The property is currently NTD184,600,000 Madou District, single-storey warehouse and other occupied by the owner (NEW TAIWAN Tainan City, supporting facilities completed in for logistics and office DOLLARS ONE Taiwan 1995. uses. HUNDRED EIGHTY The property stands on various FOUR MILLION SIX parcels of land of a total site area of HUNDRED approximately 8,109.55 sq m. The THOUSAND) property has a total floor area of 5,101.59 sq m of warehouse. (49.67% interest The property is situated in an attributable to existing industrial area where the Group: infrastructure is provided. The NTD91,690,820) immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Madou Land Registry Office of Tainan City on 15 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 1018, 1019, 1020, 1021, 1022, 1023, 1024, and 1025 with a total area of 8,109.55 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 152 with a total floor area of 5,101.59 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Road Zone and Type B Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Mego Chen, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 18 June 2021.

Valuation Report No. F21-002129-02 156/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

24. No. 6, Lane 381, The property comprises mainly one The property is currently NTD468,670,000 Zhongzheng warehouse and other supporting occupied by the owner (NEW TAIWAN South Road, facilities completed in 1980. for logistics and office DOLLARS FOUR Yongkang District, The property stands on various uses. HUNDRED SIXTY Tainan City, parcels of land of a total site area of EIGHT MILLION SIX Taiwan approximately 9,463.99 sq m. The HUNDRED SEVENTY property has a total floor area of THOUSAND) 1,597.85 sq m of warehouse. The property is situated in an (49.67% interest existing industrial area where attributable to infrastructure is provided. The the Group: immediate locality generally NTD232,788,389) comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Yongkan Land Registry Office of Tainan City on 15 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 47, 48 and 60 with a total area of 9,463.99 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 60-1 with a total floor area of 1,597.85 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Type A Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Mego Chen, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 16 June 2021.

Valuation Report No. F21-002129-02 157/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

25. No. 378, Section 3, The property comprises mainly The property is currently NTD725,700,000 Zhongshan Road, three warehouses and other occupied by the owner (NEW TAIWAN Guiren District, supporting facilities completed in for logistics and office DOLLARS SEVEN Tainan City, between 1991 and 1997. uses. HUNDRED TWENTY Taiwan The property stands on various FIVE MILLION SEVEN parcels of land of a total site area of HUNDRED approximately 12,858.40 sq m. The THOUSAND) property has a total floor area of 11,161.14 sq m, including 8,980.97 (49.67% interest sq m of warehouse and 2,180.17 sq attributable to m of cold storage space. the Group: The property is situated in an NTD360,455,190) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Guiren Land Registry Office of Tainan City on 15 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 224, 313, and 314 with a total area of 12,858.40 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公 司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 110-1, 110-2, and 161 with a total floor area of 11,161.14 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股 份有限公司).

(4) The property is zoned as Square land and Type A Industrial Zone (土地使用分區), with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%.

(5) We have been provided the area of the cold storage space by the Company.

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

Valuation Report No. F21-002129-02 158/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Mego Chen, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 22 June 2021.

Valuation Report No. F21-002129-02 159/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

26. No. 2-6, Daying, The property comprises mainly four The property is currently NTD1,658,000,000 Xinshi District, warehouses and other supporting occupied by the owner (NEW TAIWAN Tainan City, facilities completed in 2019. for logistics and office DOLLARS ONE Taiwan The property stands on various uses. BILLION SIX parcels of land of a total site area of HUNDRED FIFTY approximately 35,894.00 sq m. The EIGHT MILLION) property has a total floor area of 14,415.50 sq m of warehouse. (49.67% interest The property is situated in an attributable to existing industrial area where the Group: infrastructure is provided. The NTD823,528,600) immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Xinhua Land Registry Office of Tainan City on 15 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 1355-1, 1493, 1528, 1539-1, and 1540-1 with a total area of 35,894.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉 里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 1184, 1185, 1186, and 1187 with a total floor area of 14,415.50 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮 物流股份有限公司).

(4) The property is zoned as Industrial Zone, with a legitimate maximum coverage ratio at 60% and floor area ratio at 210%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Mego Chen, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 17 June 2021.

Valuation Report No. F21-002129-02 160/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

27. No. 8 Daye 1st Road, The property comprises mainly one The property is currently N/A Xinshi District, six-storey warehouse and other occupied by the owner (see Note (4)) Tainan City, supporting facilities completed in for logistics and office Taiwan 2002. uses.

The property has a total floor area of 28,286.73 sq m of warehouse and stands on Land Lot No. 175, Xinke Section. The property is located in Tainan Science Park, where the land is all government- owned and is for lease only. The qualifications for leasing land, establishing factories, and transferring private factory buildings shall be governed by ‘Act for Establishment and Administration of Science Parks’.

The land use rights of the property have been granted for freehold for owned land portion and for a term due to expire on 30 September 2052 at a unit monthly government rent of NTD31.18 per sq m for leased land portion.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Xinhua Land Registry Office of Tainan City on 21 June 2021.

(2) According to a land lease agreement entered into between Science Park Logistics Company Limited (科學城物流股 份有限公司) and Science and Technology Department South Science Park Management Bureau (科技部南部科學 園區管理局), the land is let to Science Park Logistics Company Limited (科學城物流股份有限公司) for a term due to expire on 30 September 2052 at a unit monthly government rent of NTD31.18 per sq m for the leased period.

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 496 with a total floor area of 28,286.73 sq m is vested in Science Park Logistics Company Limited (科學城物流股份有限公司).

(4) Science Park Logistics Company Limited (科學城物流股份有限公司) (in which Kerry TJ Logistics Company Limited (a 49.67% owned subsidiary of the Company) holds 60.07% interest) does not own but is a lessee of the land. No commercial value has been ascribed to the property as Science Park Logistics Company Limited (科學城物流股份 有限公司) does not own the title of the land although it owns the building. Therefore, market value is not applicable in the valuation.

Valuation Report No. F21-002129-02 161/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property as at 30 June 2021 was NTD481,000,000 (NEW TAIWAN DOLLARS FOUR HUNDRED EIGHTY ONE MILLION) (29.84% interest attributable to the Group: NTD143,530,400).

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments.

(6) Jerry Huang, 15 years of experience in the valuation of properties in Taiwan, video-inspected the property on 21 June 2021.

Valuation Report No. F21-002129-02 162/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Description Property occupancy 30 June 2021

28. No. 8 Daye 1st Road, The property comprises mainly one The property is currently N/A Xinshi District, four-storey warehouse and other occupied by the owner (see Note (4)) Tainan City, supporting facilities completed in for logistics uses. Taiwan 2006.

The property has a total floor area of 13,252.91 sq m of warehouse and stands on Land Lot No. 175, Xinke Section. The property is located in Tainan Science Park, where the land is all government- owned and is for lease only. The qualifications for leasing land, establishing factories, and transferring private factory buildings shall be governed by ‘Act for Establishment and Administration of Science Parks’.

The land use rights of the property have been granted for freehold for owned land portion and for a term due to expire on 30 November 2055 at a unit monthly government rent of NTD31.18 per sq m for leased land portion.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Xinhua Land Registry Office of Tainan City on 16 June 2021.

(2) According to a land lease agreement entered into between Science Park Logistics Company Limited (科學城物流股 份有限公司) and Science and Technology Department South Science Park Management Bureau (科技部南部科學 園區管理局), the land is let to Science Park Logistics Company Limited (科學城物流股份有限公司) for a term due to expire on 30 November 2055 at a unit monthly government rent of NTD31.18 per sq m for the leased period.

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 500 with a total floor area of 13,252.91 sq m is vested in Science Park Logistics Company Limited (科學城物流股份有限公司).

(4) Science Park Logistics Company Limited (科學城物流股份有限公司) (in which Kerry TJ Logistics Company Limited (a 49.67% owned subsidiary of the Company) holds 60.07% interest) does not own but is a lessee of the land. No commercial value has been ascribed to the property as Science Park Logistics Company Limited (科學城物流股份 有限公司) does not own the title of the land although it owns the building. Therefore, market value is not applicable in the valuation.

Valuation Report No. F21-002129-02 163/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property as at 30 June 2021 was NTD221,000,000 (NEW TAIWAN DOLLARS TWO HUNDRED TWENTY ONE MILLION) (29.84% interest attributable to the Group: NTD65,946,400).

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments.

(6) Jerry Huang, 15 years of experience in the valuation of properties in Taiwan, video-inspected the property on 21 June 2021.

Valuation Report No. F21-002129-02 164/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

29. No. 8 Daye 1st Road, The property comprises mainly one The property is currently N/A Xinshi District, six-storey warehouses building and occupied by the owner (see Note (4)) Tainan City, two one-story warehouses building for logistics uses. Taiwan completed in 2018.

The property has a total floor area of 23,312.21 sq m of warehouse and stands on Land Lot No. 174, Xinke Section. The property is located in Tainan Science Park, where the land is all government- owned and is for lease only. The qualifications for leasing land, establishing factories, and transferring private factory buildings shall be governed by ‘Act for Establishment and Administration of Science Parks’.

The land use rights of the property have been granted for freehold for owned land portion and for a term due to expire on 31 August 2068 at a unit monthly government rent of NTD31.18 per sq m for leased land portion.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Xinhua Land Registry Office of Tainan City on 16 June 2021.

(2) According to a land lease agreement entered into between Science Park Logistics Company Limited (科學城物流股 份有限公司) and Science and Technology Department South Science Park Management Bureau (科技部南部科學 園區管理局), the land is let to Science Park Logistics Company Limited (科學城物流股份有限公司) for a term due to expire on 31 August 2068 at a unit monthly government rent of NTD31.18 per sq m for the leased period.

(3) According to the registration copies of the deed to the subject property, the ownership of Building Nos. 739, 739-1 and 739-2 with a total floor area of 23,312.21 sq m is vested in Science Park Logistics Company Limited (科學城物 流股份有限公司).

(4) Science Park Logistics Company Limited (科學城物流股份有限公司) (in which Kerry TJ Logistics Company Limited (a 49.67% owned subsidiary of the Company) holds 60.07% interest) does not own but is a lessee of the land. No commercial value has been ascribed to the property as Science Park Logistics Company Limited (科學城物流股份 有限公司) does not own the title of the land although it owns the building. Therefore, market value is not applicable in the valuation.

Valuation Report No. F21-002129-02 165/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property as at 30 June 2021 was NTD826,000,000 (NEW TAIWAN DOLLARS EIGHT HUNDRED TWENTY SIX MILLION) (29.84% interest attributable to the Group: NTD246,478,400).

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments.

(6) Jerry Huang, 15 years of experience in the valuation of properties in Taiwan, video-inspected the property on 21 June 2021.

Valuation Report No. F21-002129-02 166/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

30. No. 932, The property comprises mainly one The property is currently NTD769,770,000 Minzu 1st Road, single-storey warehouse and other occupied by the owner (NEW TAIWAN Zuoying District, supporting facilities completed in for logistics use. DOLLARS SEVEN Kaohsiung City, 1983. HUNDRED SIXTY NINE Taiwan The property stands on various MILLION SEVEN parcels of land of a total site area of HUNDRED SEVENTY approximately 8,316.00 sq m. The THOUSAND) property has a total floor area of 1,429.21 sq m of warehouse. (49.67% interest The property is situated in an attributable to existing industrial area where the Group: infrastructure is provided. The NTD382,344,759) immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds, and diagrams pertinent to the property were obtained from the Nanzih Land Registry Office of Kaohsiung City on 16 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 627-5, 627- 6, 656, 656-1, and 664-5 with a total area of 8,316.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大 榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 345 with a total floor area of 1,429.21 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as a Type B Industrial Zone, with a legitimate maximum coverage ratio of 60% and a floor area ratio of 300%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Michael Hsieh, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 22 June 2021.

Valuation Report No. F21-002129-02 167/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

31. No. 18 Guanghua The property comprises a five- Properties are currently NTD772,000,000 Road, Daliao District, storey industrial building and a two- occupied by the owner (NEW TAIWAN Kaohsiung City, Taiwan storey warehouse completed for logistics, office, and DOLLARS SEVEN between 1999 and 2003. dormitory uses. HUNDRED SEVENTY The property stands on one single TWO MILLION) lot of land with a total site area of approximately 12,120.00 sq m. The (49.67% interest property has a total floor area of attributable to 13,858.40 sq m, including the Group: 12,043.52 sq m of warehouse and NTD383,452,400) 1,814.88 sq m of cold storage space. The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds, and diagrams pertinent to the property were obtained from the Daliao Land Registry Office of Kaohsiung City on 16 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 6873 with a total area of 12,120.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 2384, and 2384-1 with a total floor area of 13,858.40 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份 有限公司).

(4) The property is zoned as Type A Industrial Zone, with a legitimate maximum coverage ratio of 50% and floor area ratio at 200%.

(5) We have been provided the area of the cold storage space by the Company.

Valuation Report No. F21-002129-02 168/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Michael Hsieh, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 22 June 2021.

Valuation Report No. F21-002129-02 169/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

32. No. 70 The property comprises mainly two The property is currently NTD1,148,000,000 Bengong 6th Road, two-storey warehouses and a four- occupied by the owner (NEW TAIWAN Gangshan District, storey industrial building completed for logistics, office, and DOLLARS ONE Kaohsiung City, in 2008. dormitory uses. BILLION ONE Taiwan The property stands on various HUNDRED FORTY parcels of land of a total site area of EIGHT MILLION) approximately 23,519.50 sq m. The property has a total floor area of (49.67% interest 8,188.61 sq m, including 5,097.70 attributable to sq m of warehouse and 3,090.91 sq the Group: m of cold storage space. NTD570,211,600) The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds, and diagrams pertinent to the property were obtained from the Gangshan Land Registry Office of Kaohsiung City on 16 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 439, 441, 442, 443 and 447 with a total area of 23,519.50 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物 流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 169-1, 169-2, and 169-3 with a total floor area of 8,188.61 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股 份有限公司).

(4) The property is zoned as a Type D Industrial Zone, with a legitimate maximum coverage ratio of 70% and a floor area ratio of 300%.

(5) We have been provided the area of the cold storage space by the Company.

Valuation Report No. F21-002129-02 170/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Michael Hsieh, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 22 June 2021.

Valuation Report No. F21-002129-02 171/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

33. No. 9 The property comprises mainly one The property is currently NTD64,930,000 Gongye 6th Road, single-storey warehouse and other occupied by the owner (NEW TAIWAN Pingtung City, supporting facilities completed in for logistics and DOLLARS SIXTY Pingtung County, 1987. dormitory uses. FOUR MILLION NINE Taiwan The property stands on various HUNDRED THIRTY parcels of land of a total site area of THOUSAND) approximately 2,880.00 sq m. The property has a total floor area of (49.67% interest 1,817.19 sq m of warehouse. attributable to The property is situated in an the Group: existing industrial area where NTD32,250,731) infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Pingtung Land Registry Office of Pingtung County on 15 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 166-3 with a total area of 2,880.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 159 with a total floor area of 1,817.19 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Karen Lin, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 26 June 2021.

Valuation Report No. F21-002129-02 172/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

34. No. 111 The property comprises mainly one The property is currently NTD179,400,000 Ligong 2nd Road, two-storey warehouse and other occupied by the owner (NEW TAIWAN Wujie Township, supporting facilities completed in for logistics and office DOLLARS ONE Yilan County, 2005. uses. HUNDRED SEVENTY Taiwan The property stands on various NINE MILLION FOUR parcels of land of a total site area of HUNDRED approximately 11,303.72 sq m. The THOUSAND) property has a total floor area of 3,090.14 sq m, including 2,858.74 (49.67% interest sq m of warehouse and 231.40 sq attributable to m of cold storage space. the Group: The property is situated in an NTD89,107,980) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Luodong Land Registry Office of Yilan County on 10 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 65 and 66 with a total area of 11,303.72 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 183 with a total floor area of 3,090.14 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Type D building land, Industrial District, with a legitimate maximum coverage ratio at 70% and floor area ratio at 240%.

(5) We have been provided the area of the cold storage space by the Company.

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 173/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(7) Max Wang, 2 years of experience in the valuation of properties in Taiwan, video-inspected the property on 16 June 2021.

Valuation Report No. F21-002129-02 174/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

35. No. 5 The property comprises mainly two The property is currently NTD168,400,000 Meigong 9th Street, warehouses, single-storey and five- occupied by the owner (NEW TAIWAN Hualien City, storey respectively, and other for logistics, office and DOLLARS ONE Hualien County, supporting facilities completed in dormitory uses. HUNDRED SIXTY Taiwan between 1985 and 2001. EIGHT MILLION FOUR The property stands on various HUNDRED parcels of land of a total site area of THOUSAND) approximately 5,481.00 sq m. The property has a total floor area of (49.67% interest 7,955.67 sq m, including 7,694.51 attributable to sq m of warehouse and 261.16 sq the Group: m of cold storage space. NTD83,644,280) The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Hualien Land Registry Office of Hualien City on 10 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot Nos. 507, 508 and 509 with a total area of 5,481.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限 公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building Nos. 140 and 473 with a total floor area of 7,955.67 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公 司).

(4) The property is zoned as Type B Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%.

(5) We have been provided the area of the cold storage space by the Company.

Valuation Report No. F21-002129-02 175/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Max Wang, 2 years of experience in the valuation of properties in Taiwan, video-inspected the property on 16 June 2021.

Valuation Report No. F21-002129-02 176/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-A – Property interests held by the Group for operation in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

36. No. 1, Lane 2, The property comprises mainly one The property is currently NTD151,600,000 Section 4, single-storey warehouses/office occupied by the owner (NEW TAIWAN Zhongxing Road, building and other supporting for logistics and office DOLLARS ONE Taitung City, facilities completed in 2015. uses. HUNDRED FIFTY ONE Taitung County, The property stands on various MILLION SIX Taiwan parcels of land of a total site area of HUNDRED approximately 6,895.31 sq m. The THOUSAND) property has a total floor area of 2,804.75 sq m, including 2,617.11 (49.67% interest sq m of warehouse and 187.64 sq attributable to m of cold storage space. the Group: The property is situated in an NTD75,299,720) existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Taitung Land Registry Office of Taitung County on 15 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 85 with a total area of 6,895.31 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the registration copies of the deed to the subject property, the ownership of Building No. 184 with a total floor area of 2,804.75 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(4) The property is zoned as Industrial Zone, with a legitimate maximum coverage ratio at 70% and floor area ratio at 210%.

(5) We have been provided the area of the cold storage space by the Company.

Valuation Report No. F21-002129-02 177/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Karen Lin, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 26 June 2021.

Valuation Report No. F21-002129-02 178/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-B – Property interests held by the Group under development in Taiwan

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Builiding under The property comprises a As at the Valuation NTD1,285,000,000 development on Land composite development to be Date, the property was (NEW TAIWAN Lot No. 1080, 1081, erected on parcels of land of under construction and DOLLARS ONE 1081-1, 1082, 1082-1, 6,174.10 sq m. scheduled to be BILLION TWO 1085, 1085-1, 1086, completed in 2022. HUNDRED EIGHTY 1087, 1088 and 1089, The property, currently under FIVE MILLION) Zhongxing Section, construction, is portion of a planned Sanchong District, development of warehouse and (49.67% interest New Taipei City, other supporting facilities. attributable to Taiwan According to the information the Group: provided by the Group, the NTD638,259,500) constituent planned floor area of this property is 14,444.97 sq m and is scheduled to be completed in 2022.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Sanchong Land Registry Office of New Taipei City on 17 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 1080, 1081, 1081-1, 1082, 1082-1, 1085, 1085-1, 1086, 1087, 1088 and 1089 with a total area of 6,174.10 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公司).

(3) According to the Construction License provided by the Company, the construction works of the development with a total floor area of approximately 14,444.97 sq m are in compliance with the construction works requirements and have been approved.

(4) The property is zoned as Type B Industrial Zone (Re-developtment Area), with a legitimate maximum coverage ratio at 60% and floor area ratio at 140%.

(5) As advised by the Group, the total incurred construction cost of the property as at 30 June 2021 was approximately NTD323,000,000 whilst the outstanding construction cost for completion of the property as at 30 June 2021 was NTD289,000,000.

Valuation Report No. F21-002129-02 179/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) NTD1,285,000,000 is the market value in existing state on the valuation date whereby the property was under development only, and thus is not completion value. There is no identifiable sales market and leasing market of such type properties to facilitate completion value assesment. As such, the valuation method being used comprises land value assessment subject to incurred costs. Therefore, no completion value is provided. However, we have disclosed the cost data in Note (5).

(7) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The design and construction of the property have been approved by the relevant government departments; and

(c) The property may be freely disposed of to the purchasers at nil encumbrances.

(8) Eric Tien, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 23 June 2021.

Valuation Report No. F21-002129-02 180/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-C – Property interests held by the Group for future development in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

1. Lot Nos. 356, Three lots of land, registered as Lot The property is currently NTD5,150,000 431 and 605, Nos. 356, 431, and 605, Guangde used as road. (NEW TAIWAN Guangde Section, Section, Pingzhen District, Taoyuan DOLLARS FIVE Pingzhen District, City, are zoned as Road Land. Site There were no clearly MILLION ONE Taoyuan City, area of the property is 261.94 sq m. defined boundaries of HUNDRED FIFTY Taiwan the subject site. THOUSAND) The property is situated in an existing industrial area where (49.67% interest infrastructure is provided. The attributable to immediate locality generally the Group: comprises low rise industrial NTD2,558,005) facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Pingzhen Land Registry Office of Taoyuan City on 16 June 2021.

(2) According to the registration copies of the deed to the subject property, Kerry TJ Logistics Company Limited (嘉里 大榮物流股份有限公司) possesses 1156/4000 of the full ownership of land Lot Nos. 356, 431 and 605 respectively, with a total site area of approximately 261.94 sq m.

(3) The property is zoned as Road Land.

(4) The land use of the property is road in nature. There is no development scheme and therefore the property has no immediate development potential.

(5) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The property may be freely disposed of to the purchasers at nil encumbrances.

(6) Mego Chen, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 29 June 2021.

Valuation Report No. F21-002129-02 181/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group III-C – Property interests held by the Group for future development in Taiwan

Market value in Particulars of existing state as at Property Description occupancy 30 June 2021

2. Lot Nos. 185, Three lots of land, registered as Lot The property Lot No. NTD312,000,000 186 and 187, No. 185, 186 and 187, Subseciton 185 is currently vacant (NEW TAIWAN Subseciton 3, 3, Zhuweizi Section, Chiayi City, are with lot gardening DOLLARS THREE Zhuweizi Section, zoned as Residential Zone. Site completed while some HUNDRED TWELVE Chiayi City, area of the property is 3,456.00 sq unregistered MILLION) Taiwan m. accommodations located on Lot No. 186 (49.67% interest The property is situated in urban and 187 were occupied attributable to area where infrastructure is upon our inspection. the Group: provided. Public transport is readily There were clearly NTD154,970,400) available in the area. defined boundaries of the subject site. The land use rights of the property have been granted for freehold.

Notes:

(1) Approved copies of titles, deeds and diagrams pertinent to the property were obtained from Chiayi City Land Registry Office of Chiayi City on 15 June 2021.

(2) According to the registration copies of the deed to the subject property, the ownership of Land Lot No. 185,186,and 187 with a total area of 3,456.00 sq m is vested in Kerry TJ Logistics Company Limited (嘉里大榮物流股份有限公 司).

(3) The property is zoned as Type 2 Residential Zone, with a legitimate maximum coverage ratio at 60% and floor area ratio at 210%.

(4) In the course of our valuation, we have not included unregistered accommodations.

(5) The property has temporary building structures and could not be granted with registered deeds. The property has no immediate development potential.

(6) We have prepared our valuation on the following assumptions:-

(a) All land premium, costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the development have been fully settled;

(b) The property may be freely disposed of to the purchasers at nil encumbrances.

(7) Karen Lin, 1 year of experience in the valuation of properties in Taiwan, video-inspected the property on 25 June 2021.

Valuation Report No. F21-002129-02 182/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group IV – Property interest held by the Group for operation in Korea

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Nos. 901, 902 and 903, The property comprises 3 units of The property is owner- KRW3,139,000,000 9th Floor in E&C Dream an industrial and commercial occupied. (KOREAN WON Tower, at 46 & etc., building ccompleted in between THREE BILLION ONE Yangpyeongdong 3-ga, 2006. HUNDRED THIRTY Yeongdeungpo-gu, NINE MILLION) Seoul, The property has a total gross floor South Korea area of 522.17 sq m. (100% interest attributable to The property is situated in an the Group: existing industrial area where KRW3,139,000,000) infrastructure is provided. The immediate locality generally comprises commercial and industrial buildings. Public transport is readily available in the area.

Notes:

(1) The owner of the property is Kerry Freight Korea Inc.

(2) In valuing the property, we have used comparison method and assumed an average unit rate of KRW6,011,000 per sq m for the property.

In undertaking our valuation, we have made reference to sales prices of warehouses in the neighbouring districts which have characteristics comparable to the property. The prices of the comparable properties range from about KRW5,780,000 per sq m to KRW7,850,000 per sq m. The unit rate assumed by us is consistent with the relevant comparables after due adjustments including location, accessibility, size, shape, etc.

The above market rents assumed by us are consistent with the relevant comparables after due adjustments. The capitalisation rates adopted are reasonable having regard to the analysed yields.

(3) Yungeun Song, Senior Appraiser, inspected the property on 15 June 2021.

Valuation Report No. F21-002129-02 183/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group V – Property interests held by the Group for investment in Vietnam

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Song Than The property comprises mainly ten As at the Valuation USD22,300,000 Logistics Centre, single-storey warehouses, one two- Date, the property was (UNITED STATES 20 Thong Nhat storey office building and other operated by the Group DOLLARS TWENTY Boulevard, supporting facilities completed in as a logistics centre. TWO MILLION THREE Song Than between 2005 and 2013. HUNDRED Industrial Zone 2, THOUSAND) Di An District, The property stands on various Binh Duong Province, parcels of land of a total site area of (100% interest Vietnam approximately 120,338.6 sq m. attributable to the Group: The existing total building area of USD22,300,000) warehouses and offices is approximately 73,301 sq m completed in phases up to 2013 and with operations commencing since 2006.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Thong Nhat Boulevard and Highway 13 (Binh Duong Avenue).

The property is held for terms expiring on 31 December 2045.

Notes:

(1) The owner of the property is Kerry Integrated Logistics (Vietnam) Co., Ltd., a wholly owned subsidiary of the Company.

(2) The property is zoned for industrial use.

(3) Mr. Phuoc Vo, Director, inspected the property on 12 November 2020. Due to the COVID19 outbreak and travel restriction, saved as the aforesaid inspection for the property, no site inspections have been arranged. As per the instruction from the Company, we have valued such property on desktop basis and relied on the assisting material provided by the Company, including but not limited to real time online inspections, videos, photographs, etc.

Valuation Report No. F21-002129-02 184/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Integrated Logistics (Vietnam) Co., Ltd. has the land use rights of the property and is allowed to transfer, lease and mortgage the land use rights.

(b) Kerry Integrated Logistics (Vietnam) Co., Ltd. has the right to own these land-attached assets equal to time- limit of leased or subleased land.

(c) If the duration of leased or subleased land is expired but Kerry Integrated Logistics (Vietnam) Co., Ltd. does not allow to extend the duration, Kerry Integrated Logistics (Vietnam) Co., Ltd. has the right to transfer all these assets to other organizations or individuals.

(d) Kerry Integrated Logistics (Vietnam) Co., Ltd. has the rights to transfer, lease amd mortgage the land- attached assets.

Valuation Report No. F21-002129-02 185/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group V – Property interests held by the Group for investment in Vietnam

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Vietnam Danang The property comprises three As at the Valuation USD2,140,000 Logistics Centre, single-storey warehouses, one Date, the property was (UNITED STATES Street No. 3, single-storey office building and operated by the Group DOLLARS TWO Hoa Khanh supporting facilities completed in as a logistics centre. MILLION ONE Industrial Zone, 2012. HUNDRED FORTY Lien Chieu District, THOUSAND) Da Nang City, The property stands on a parcel of Vietnam land of a total site area of (100% interest approximately 15,535.7 sq m. attributable to the Group: The total building area of USD2,140,000) warehouses and offices is approximately 10,938.40 sq m.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Street No. 3 and Nguyen Luong Bang Highway 13.

The property is held for terms expiring on 12 December 2046.

Notes:

(1) The owner of the property is the Da Nang Branch of Kerry Integrated Logistics (Vietnam) Co., Ltd., a wholly owned subsidiary of the Company.

(2) The property is zoned for industrial use.

(3) Ms. Tuyen Huynh, Manager, inspected the property on 12 November 2020. Due to the COVID19 outbreak and travel restriction, saved as the aforesaid inspection for the property, no site inspections have been arranged. As per the instruction from the Company, we have valued such property on desktop basis and relied on the assisting material provided by the Company, including but not limited to real time online inspections, videos, photographs, etc.

Valuation Report No. F21-002129-02 186/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Integrated Logistics (Vietnam) Co., Ltd. has the land use rights of the property and is allowed to transfer, lease and mortgage the land use rights.

(b) Kerry Integrated Logistics (Vietnam) Co., Ltd. has the right to own these land-attached assets equal to time- limit of leased or subleased land.

(c) If the duration of leased or subleased land is expired but Kerry Integrated Logistics (Vietnam) Co., Ltd. does not allow to extend the duration, Kerry Integrated Logistics (Vietnam) Co., Ltd. has the right to transfer all these assets to other organizations or individuals.

(d) Kerry Integrated Logistics (Vietnam) Co., Ltd. has the rights to transfer, lease and mortgage the land- attached assets.

Valuation Report No. F21-002129-02 187/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group V – Property interests held by the Group for investment in Vietnam

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

3. Kerry Hung Yen Kerry Hung Yen Logistics Centre is As at the Valuation N/A Logistics Centre, a logistics centre consisting of three Date, the property was (See Note (1)) Minh Duc Ward, single-storey warehouses, one two- operated by the Group My Hao District, storey office building and other as a logistics centre. Hung Yen Province, supporting facilities completed in Vietnam 2010.

The property stands on a parcel of land of a total site area of approximately 17,295 sq m.

The total building area of warehouses and offices is approximately 9,995 sq m. Kerry Hung Yen Logistics Centre commenced operations in late 2011.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by National Highway 5A.

The land use rights of the property are leased from the government for terms expiring on 15 October 2058 subject to annual land rent at VND25,500 per sq m from 24 March 2014 to 23 March 2019 and thereafter adjusted under the land law.

Notes:

(1) The land use rights of the property are leased from the government without upfront payment but subject to annual land rent. The land use rights are lacking marketability in the sales market but such rights are available for sub- lease. The leasehold interest is currently not freely transferable. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value. Valuation Report No. F21-002129-02 188/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Having regard to the above, the investment value of the property in existing status as at 30 June 2021 was USD1,869,000 (UNITED STATES DOLLARS ONE MILLION EIGHT HUNDRED SIXTY NINE THOUSAND) (100% interests attributable to the Group: USD1,869,000).

(2) The owner of the property is Kerry Integrated Logistics (Hung Yen) Company Limited, a wholly owned subsidiary of the Company.

(3) The property is zoned for industrial use.

(4) Ms. Tuyen Huynh, Manager, inspected the property on 12 November 2020. Due to the COVID19 outbreak and travel restriction, saved as the aforesaid inspection for the property, no site inspections have been arranged. As per the instruction from the Company, we have valued such property on desktop basis and relied on the assisting material provided by the Company, including but not limited to real time online inspections, videos, photographs, etc.

(5) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Integrated Logistics (Hung Yen) Company Limited does not allow to transfer, sublease, mortgage, contribute capital by land use right, but can receive compensation when land is recovered by the State in accordance with the laws.

(b) Kerry Integrated Logistics (Hung Yen) Company Limited has the right to own these land-attached assets equal to time-limit of leased or subleased land.

(c) If the duration of leased or subleased land is expired but Kerry Integrated Logistics (Hung Yen) Company Limited does not allow to extend the duration, Kerry Integrated Logistics (Hung Yen) Company Limited has the right to transfer all these assets to other organizations or individuals.

(d) Kerry Integrated Logistics (Hung Yen) Company Limited has the rights to transfer, lease and mortgage the land-attached assets.

Valuation Report No. F21-002129-02 189/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VI – Property interest held by the Group for operation in Cambodia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Kerry Worldbridge The property comprises a single- As at the Valuation USD156,925,000 Special Economic Zone storey showroom, a single-storey Date, the property was (UNITED STATES And Customs Bonded workshop, two single-storey bonded partly operated by the DOLLARS ONE Warehouse under warehouses, a three-storey office Group as a logistics HUNDRED FIFTY SIX Cetificates of building together with as well as centre. MILLION NINE Immovable Property other supporting buildings/structures HUNDRED TWENTY Occupation to support the facilities and operation FIVE THOUSAND) Nos. PP29368 within the subject property completed and PP29369, in between 2017 and 2018. (60% interest National Road 2, attributable to Preak Rotaing & The property stands on various the Group: Damnak Sangke, parcels of land of a total site area of USD94,155,000) Commune of approximately 630,430 sq m. The Preak Kampis, property has a gross floor area of District of Dangkor, 38,869 sq m. City of Phnom Penh, Cambodia The property is situated in an existing mixed-use area where infrastructure is prepared. The immediate locality generally comprises undeveloped land earmarked for future development, agriculture lands, residential settlements of temporary and semi-permanent construction, individual-designed detached factories/warehouses, light industrial premises, godowns, terraced houses, semi-detached houses and detached houses. Public transport is readily available in the area. Access to the other districts is further enhanced by National Road 2.

The property is held under freehold interest.

Notes:

(1) According to two Certificates of Immovable Property Occupation Nos. PP 29368 & PP 29369 issued by the Ministry of Land Management, Urbal Planning & Construction (MLMUPC) on 22 July 2015, the land use rights of the property comprising a total site area of 630,430 sq m are vested in Kerry Worldbridge Logistics Limited for industrial use.

(2) According to Construction Permit No. 158 dated 31 November 2015 issued by the Ministry of Land Management, Urban Planning and Construction (MLMUPC), the construction works of the property with a total gross floor area of 38,869 sq m have been approved and such examination has been recorded.

(3) The property is zoned for mixed-use.

Valuation Report No. F21-002129-02 190/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(4) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) Kerry Worldbridge Logistics Limited possessed the certificate of possessory right on immovable property and owns the land title of the property;

(b) Kerry Worldbridge Logistics Limited has the rights to occupy, use, lease, dispose and mortgage wholly or party the real rights of the property freely without encumbrance; and

(c) The property is not subject to any mortgage.

(5) Law Kheng Fong, MRICS, four years of experience in the valuation of properties in Kingdom of Cambodia, jointly inspected the property on 10 June 2021 along with Saing Veychenda, more than 10 years of experience in the valuation of properties in Kingdom of Cambodia.

Valuation Report No. F21-002129-02 191/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VII-A – Property interests held by the Group for operation in Thailand

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Kerry Rayong The property comprises of a parcel of As at the Valuation THB557,800,000 Logistics Centre land with total area of approximately Date, the property was (THAI BAHT (General Zone), 55,015.2 sq m on which a warehouse operated by the Group FIVE HUNDRED FIFTY 525 Moo3, WHA and office were constructed in 2018. as a logistics centre. SEVEN MILLION Eastern Seaboard EIGHT HUNDRED Industrial Estate 1, The gross floor area is approximately THOUSAND) Mappu-Bankhai 34,756.43 sq m with detail of all (Highway No. 3574) property are as follows. (100% interest Road, attributable to Ta Sit Subdistrict, Type of property GFA the Group: Pluak Daeng District, (sq m) THB557,800,000) Rayong Province, Thailand Warehouse Phases 1 29,975.23 and 2 2nd Warehouse 2,390.60 3rd Warehouse 2,390.60

Total: 34,756.43

The property located in WHA Eastern Seaboard Industrial Estate 1 (Rayong). The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by WHA Eastern Seaboard Industrial Estate 1 Road.

The property is held in freehold.

Notes:

(1) Our title searches at the Rayong Land Department Office Provincial at Pluak Daeng District Branch revealed a legal description of the subject land plot under valuation as follows:

Area Title Deed No. Lot No. Surveyed No. Rai Ngan Sq wah 16971 11 1141 34 1 53.8

The total land area is 55,015.2 sq m.

Conversion of Area Measurement 1 rai = 4 ngan = 400 sq wah 1 sq wah = 4 sq m

Valuation Report No. F21-002129-02 192/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Tenure: Freehold Interest Place Registered: Within Ta Sit Subdistrict, Sriracha District, Chonburi Province. Registered Owner: Kerry Logistics (Thailand) Co., Ltd. (a wholly owned subsidiary of the Company) Encumbrance(s): None.

(2) According to Building Permit No. 036/2555 issued by the Eastern Seaboard (Rayong) Rayong Province Administrative Organization, the subject property can be summaried as follows:

Permit No. Building Type Area (sq m) Date Grantee 036/2555 Warehouse - 9 October 2012 Kerry Logistics (Rayong) Co., Ltd.

Note: The building area is not stated in Building Permit No. 036/2555.

(3) The property is zoned for industrial development.

(4) Achara Mahaolan, Thai Valuers Association (TVA), Senior Valuer No. 1200, 12 years of experience in the valuation of properties in Thailand, inspected the property on 8 June 2021.

(5) We have prepared our valuation on the following assumptions:-

(a) Kerry Logistics (Thailand) Co., Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 193/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VII-A – Property interests held by the Group for operation in Thailand

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Kerry Bangna The property comprises of 3 two- As at the Valuation Date, THB1,708,500,000 Logistics Centre storey warehouses and other the property was operated (THAI BAHT ONE (Phases I, II and III), supporting facilities completed in by the Group as a logistics BILLION SEVEN 33/2 Moo 7, between 2016 and 2020. centre. HUNDRED EIGHT Leab Klong Song Nam MILLION FIVE Suvarnabhumi Road, The property stands on various HUNDRED Bangpla Subdistrict, parcels of the total site area of THOUSAND) Bangplee District approximately 111,875.20 sq m with Samutprakan Province, the gross floor area of 60,683 sq m (100% interest Thailand with details as follows:- attributable to the Group: THB1,708,500,000) Type of property GFA (sq m)

Phase I Warehouse 18,988 Temporary warehouse 1,770

Phase II Warehouse 18,530 Rest area 1,180

Phase III Warehouse 20,215 Total: 60,683

The property is situated in an existing industrial estate where infrastructure is provided. The surrounding generally comprising with low-rise industrials. Public transport is available in the area. Access to the other districts is further enhanced by Leab klong Song Nam Suvarnabhumi Road and Highway 34 (Theprattana Road).

The property is held in freehold.

Valuation Report No. F21-002129-02 194/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) Our title searches at the Samutprakan Land Department Office Provincial at Bangplee District Branch revealed a legal description of the subject land plot under valuation as follows:

Area No. Title Deed No. Lot No. Surveyed No. Rai Ngan Sq wah 1 3980 85 396 1 3 48.0 2 4406 89 556 4 0 86.0 3 85155 115 11085 4 3 28.0 4 85156 113 11086 17 2 31.0 5 89177 111 15070 4 0 93.0 6 89178 112 15071 4 0 64.0 7 89198 93 15064 1 2 42.2 8 89199 92 15065 2 0 0.0 9 89200 91 15066 3 0 0.0 10 89201 90 15067 1 1 0.0 11 92232 94 14883 0 0 50.0 12 106272 122 17273 0 1 0.0 13 115180 247 18153 6 0 0.0 14 115181 248 18154 6 0 0.0 15 115182 249 18155 6 0 0.0 16 115183 250 18156 6 1 66.0 17 131186 339 20860 0 1 60.6 Total 69 3 68.8

The total land area is 111,875.2 sq m.

Conversion of Area Measurement 1 rai = 4 ngan = 400 sq wah 1 sq wah = 4 sq m

Tenure: Freehold Interest Place Registered: Within Bangpla Subdistrict, Bangplee District, Samutprakan Province All title deeds are under the ownership of Kerry Logistics (Bangna) Co., Ltd. Registered Owner: (a wholly owned subsidiary of the Company) Encumbrance(s): None

(2) According to Building Permits Nos. 26/2557, 2/2560 and 01/2562 issued by the Bangpla Subdistrict Administrative Organization, the property comprises a total area of 111,875.20 sq m as follows:

Permit No. Building Type Area (sq m) Date Grantee 26/2557 Warehouse (Phase I) 17,353 12 February 2014 Kerry Logistic (Bangna) Co., Ltd. 2/2560 Warehouse (Phase II) 33,933 16 June 2017 Kerry Logistic (Bangna) Co., Ltd. 01/2562 Warehouse (Phase III) 22,030 25 March 2019 Kerry Logistic (Bangna) Co., Ltd.

(3) The property is zoned for industrial.

(4) Nattapon Muangnanta, Thai Valuers Association (TVA), Senior Valuer No. 445, 10 years of experience in the valuation of properties in Thailand, inspected the property on 7 June 2021.

Valuation Report No. F21-002129-02 195/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(5) We have prepared our valuation on the following assumptions:-

(a) Kerry Logistics (Bangna) Co., Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 196/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VII-A – Property interests held by the Group for operation in Thailand

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

3. Kerry Laem Chabang The property comprises 2 As at the Valuation THB363,400,000 Logistics Centre, warehouse and office with the Date, the property was (THAI BAHT 719/4 Via Parallel Way gross floor area of approximately operated by the Group THREE HUNDRED Bangkok-Chonburi 20,370 sq m completed in 2002 as a logistics centre. SIXTY THREE MILLION (Highway No. 7) Road, and 2012. FOUR HUNDRED Nong Kham Subdistrict, THOUSAND) Sriracha District, The property comprising the total of Chonburi Province, land area of approximately 35,764 (100% interest Thailand sq m with details as follows:- attributable to the Group: GFA THB363,400,000) Type of property (sq m)

Warehouse (1) 17,370 Warehouse (2) 3,000

Total: 20,370

The property is situated in an existing industrial area where infrastructure is provided. The property located on Parallel Way Bangkok-Chonburi (Highway No. 7) Road. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Parallel Way Bangkok-Chonburi (Highway No. 7) Road.

The property is held in freehold.

Notes:

(1) Our title searches at the Chonburi Land Department Office Provincial at Sriracha District Branch revealed a legal description of the subject land plot under valuation as follows:

Area Title Deed No. Lot No. Surveyed No. Rai Ngan Sq wah 98166 243 14332 22 1 41

The total land area is 35,764 sq m.

Conversion of Area Measurement 1 rai = 4 ngan = 400 sq wah 1 sq wah = 4 sq m

Valuation Report No. F21-002129-02 197/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Tenure: Freehold Interest Place Registered: Within Nong Kham Subdistrict, Sriracha District, Chonburi Province. Registered Owner: Kerry Logistics (Thailand) Co., Ltd. (a wholly owned subsidiary of the Company) Encumbrance(s): None.

(2) According to Building Permits Nos. 851/2545 and 005/12/2555 issued by the Ao Udom Municipality and Chaoprayasurasak Municipality Chonburi Subdistrict Administrative Organization, the property comprising a total site area of 17,731 sq m and 2,978 sq m. The subject property can be summaried as follows:

Permit No. Building Type Area (sq m) Date Grantee 851/2545 Warehouse 17,731 13 June 2002 Kerry Logistics (Thailand) Co., Ltd. 005/12/2555 Warehouse 2,978 16 May 2012 Kerry Logistics (Thailand) Co., Ltd.

(3) The property is zoned for industrial development.

(4) Achara Mahaolan, Thai Valuers Association (TVA), Senior Valuer No. 1200, 12 years of experience in the valuation of properties in Thailand, inspected the property on 7 June 2021.

(5) We have prepared our valuation on the following assumptions:-

(a) Kerry Logistics (Thailand) Co., Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 198/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VII-A – Property interests held by the Group for operation in Thailand

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

4. Kerry Siam The property comprises 369.66675 rai. It can As at the Valuation THB5,593,000,000 Seaport, be divided into three groups according to the Date, the property was (THAI BAHT FIVE 113/1 Moo 1, entrance road of each land plot. The details operated by the Group BILLION FIVE Sukhumvit road as follows; as a logistics centre. HUNDRED NINETY (Highway No. 3), THREE MILLION) Land Area Tungsukhla Group Entrance Road Subdistrict, (sq m) (84.92% interest Sriracha District, attributable to Sukhumvit road Chonburi Province, Group 1: 561,354.8 the Group: (Main road) Thailand THB4,749,575,600) Silo road Group 2: 18,844.0 (Sub road) Unnamed road Group 3: 11,268.0 (Sub road) Total: 591,466.8

The improvement of the property including warehouses, offices, yard and driveway, completed in between 1992 and 2013. The details each group as follows:

Type of property GFA (sq m)

Group 1: Warehouse 88,729 Group 1: Office 707 Group 1: Yard and driveway 469,900 Group 2: Yard and driveway 18,800 Group 3: Yard and driveway 11,268 Total: 589,404

The property is situated in an existing industrial area where infrastructure is provided. The surrounding generally comprises low-rise industrials. Public transport is available in the area. Access to the other districts is further enhanced by Soi Salo and Sukhumvit road (Highway No. 3).

The property is held in freehold.

Valuation Report No. F21-002129-02 199/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) Our title searches at the Chonburi Land Department Office Provincial at Sriracha District Branch revealed a legal description of the subject land plot under valuation as follows:

Group 1: The property located on main road (Sukhumvit road), Tungsukhala Subdistrict, Sriracha District, Chonburi Province, Thailand

Area No. Title Deed No. Lot No. Surveyed No. Remark Rai Ngan Sq wah

1 1277 54 390 8 3 40.0 - 2 1278 190 386 1 3 54.0 - 3 1280 95 388 28 1 4.0 - 4 1281 94 389 9 1 56.0 - 5 1282 37 390 5 1 67.0 - 6 1283 90 391 6 1 11.0 * 7 1287 5 395 20 0 80.0 * 8 1288 19 396 7 1 76.0 * 9 1289 17 397 8 1 12.0 * 10 1290 96 398 11 3 28.0 * 11 1291 58 399 9 0 87.0 * 12 1292 59 400 11 3 60.0 * 13 1293 57 401 8 0 43.0 - 14 1296 34 404 4 2 95.0 - 15 1297 35 405 4 0 95.0 - 16 1298 55 406 10 1 20.0 - 17 1299 67 407 18 0 47.0 - 18 1301 46 409 17 1 54.0 ** 19 1321 29 429 27 0 1.0 - 20 1324 19 432 11 3 10.0 * 21 1325 85 433 6 3 24.0 * 22 1326 4 434 1 0 64.0 * 23 6679 70 526 18 1 82.0 * 24 7513 87 632 4 1 74.0 * 25 17420 63 1966 5 0 56.0 * 26 17421 64 1967 2 2 49.0 -

Valuation Report No. F21-002129-02 200/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Area No. Title Deed No. Lot No. Surveyed No. Remark Rai Ngan Sq wah

27 20437 84 863 5 2 91.0 * 28 28783 91 3812 4 0 0.0 * 29 31327 83 3985 1 0 1.0 * 30 34520 97 4484 12 3 40.0 -

31 34857 69 4513 1 0 0.0 -

32 35192 283 4538 0 2 6.0 * 33 35490 98 4478 3 0 7.0 - 34 36656 48 4614 2 2 36.0 - 35 38534 73 4931 0 1 53.0 * 36 38535 72 4932 0 1 53.0 * 37 38536 71 4933 0 1 54.0 * 38 38537 70 4934 0 1 56.0 * 39 38538 65 4935 0 1 60.0 * 40 38539 66 4936 0 1 50.0 * 41 38540 67 4937 0 1 55.0 * 42 38541 68 4938 0 1 60.0 * 43 38968 325 4991 0 2 58.0 * 44 41974 47 4769 0 0 69.0 - 45 59425 548 8734 0 3 80.0 - 46 69577 111 9296 0 3 59.9 - 47 81892 430 9618 5 0 0.0 - 48 91686 452 8947 2 2 60.0 ** 49 93249 454 11971 2 3 89.0 - 50 130190 514 15836 3 1 96.4 - 51 130191 515 15837 3 1 96.4 - 52 143333 485 14202 0 1 93.0 *** 53 147652 5004 17436 5 2 5.0 - 54 148375 5005 17440 2 1 39.0 - 55 159375 5524 18569 3 2 22.0 - 56 162652 5750 18994 0 1 20.0 -

Valuation Report No. F21-002129-02 201/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Area No. Title Deed No. Lot No. Surveyed No. Remark Rai Ngan Sq wah

57 199599 5026 23614 3 2 29.0 - 58 199600 5027 23615 3 2 29.0 - 59 199601 5028 23616 3 2 29.0 - 60 7281 77 565 1 2 49.0 ** 61 8582 78 795 0 0 4.0 ** 62 109958 1620 14364 3 0 0.0 **

Total 350 3 38.7

The total land area of Group 1 is 560,154.8 sq m.

Remark: ** Some part of the Land Title Deed No. 1301, 91686, 7281, 8582 and 109958 is located under High Voltage Transmission on Line (HVTL 115 KV). According to the regulation of the Electricity Generating Authority of Thailand, the land in distance of 20 metres on both side of the Center Line cannot be approved with any building. The total land area of under HVTL is approximately 22 rai 2 ngan 53 sq wah (22.6325 rai or 36,212 sq m)

Group 2: The property located on Sub Road (Silo road), Tungsukhala Subdistrict, Sriracha District, Chonburi Province, Thailand

Area No. Title Deed No. Lot No. Surveyed No. Remark Rai Ngan Sq wah

1 1304 7 412 11 1 31.0 - 2 13614 29 1641 0 0 20.0 - 3 13615 30 1642 0 0 20.0 - 4 13633 137 1660 0 0 20.0 - 5 13634 138 1661 0 0 20.0 - 6 13635 139 1662 0 0 20.0 - 7 13636 140 1662 0 0 20.0 -

Total 11 3 11

The total land area of Group 2 is 18,844 sq m.

Valuation Report No. F21-002129-02 202/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Group 3: The property located on Sub Road (unnamed road), Tungsukhala Subdistrict, Sriracha District, Chonburi Province, Thailand

Area No. Title Deed No. Lot No. Surveyed No. Remark Rai Ngan Sq wah

1 38819 119 4711 7 0 17.0 -

Total 7 0 17.0

The total land area of Group 3 is 11,268 sq m.

The total land area of all Group is 590,266.8 sq m

Conversion of Area Measurement 1 rai = 4 ngan = 400 sq wah 1 sq wah = 4 sq m

Tenure: Freehold

Place Registered: Within Thungsukhla Subdistrict, Sriracha District, Chonburi Province.

Registered Owner: All title deeds are under the ownership of Kerry Siam Seaport Limited (a 79.92% owned subsidiary of the Company)

Encumbrance(s): * The properties are mortgaged to Bangkok Bank Plc.

(2) According to Building Permits Nos. 230/2535, 506,2540, 294/2539, 271/2540, 944/2550, 073/2542, 072/2542, 312/2550, 029/2556 and 853/2557 issued by the Laemchabang Subdistrict Administrative Organization, the property comprising a total site area of 94,061 sq m. The subject property can be summaried as follows:

Area Permit No. Building Type Date Grantee (sq m) Warehouse Silo A and Siam Seaport Terminal 230/2535 11,200 16 June 1992 Silo B Limited Siam Seaport Terminal and 506/2540 Warehouse No. 8 4,584 20 November 1997 Warehouse Limited Siam Seaport Terminal and 294/2539 Warehouse No. 9-11 16,140 11 September 1996 Warehouse Limited Siam Seaport Terminal and 271/2540 Warehouse No. 12-15 10,800 22 May 1997 Warehouse Limited 944/2550 Warehouse No. 16 9,925 26 December 2007 Kerry Siam Seaport Limited Warehouse No. 17-18 Siam Seaport Terminal and 073/2542 7,483 3 May 1999 and 21-22 Warehouse Limited Siam Seaport Terminal and 072/2542 Warehouse No. 19-20 6,915 3 May 1999 Warehouse Limited 312/2550 Warehouse No. 23 9,751 1 May 1999 Kerry Siam Seaport Limited 029/2556 Warehouse No. 24 9,765 17 January 2013 Kerry Siam Seaport Limited 853/2557 Warehouse No. 25 7,498 22 September 2014 Kerry Siam Seaport Limited

(3) The property is zoned for industrial Development.

(4) Thiti Kittisuban, Thai Valuers Association (TVA), Senior Valuer No. 652, 7 years of experience in the valuation of properties in Thailand, inspected the property on 9 and 14 June 2021.

Valuation Report No. F21-002129-02 203/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(5) We have prepared our valuation on the following assumptions:-

(a) Kerry Siam Seaport Limited is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 204/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VII-B – Property interest held by the Group for owner occupation in Thailand

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Shophouse at The property comprises 2 units with a As at the Valuation THB3,200,000 No. 82/1-2 Moo 2, 2-storey shophouse, completed in Date, the property is (THAI BAHT Kanjanavanich Road 1990s. It has the gross floor area of being occupied as an THREE MILLION (Highway No. 4), approximately 244.4 sq m. office and the Group’s TWO HUNDRED Samnakkam Subdistrict, parcel delivery point THOUSAND) Sadao District, Floor GFA (Sadao branch). Song Khla Province, (sq m) (100% interest Thailand attributable to 1st 122.2 nd the Group: 2 122.2 THB3,200,000) Total: 244.4

The property is situated in a community area where infrastructure is provided. The surrounding is commercial area. Public transport is available in the area. Access to the other districts is further enhanced by Kanjanavanich road (Highway No. 4).

The property is held in freehold.

Notes:

(1) Our title searches at the Song Khla Land Department Office Provincial at Sadao District Branch revealed a legal description of the subject land plot under valuation as follows:

Area Title Deed No. Lot No. Surveyed No. Rai Ngan Sq wah 66423 226 9178 0 0 49.9

The total land area is 199.6 sq m.

Conversion of Area Measurement 1 rai = 4 ngan = 400 sq wah 1 sq wah = 4 sq m

Tenure: Freehold Interest Place Registered: Within Samnakkam Subdistrict, Sadao District, Song Khla province. Registered Owner: Kart (Thailand) Co., Ltd. (a wholly owned subsidiary of the Company) Encumbrance(s): None

(2) The building permit cannot be verified.

(3) The property is zoned for community area.

Valuation Report No. F21-002129-02 205/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(4) Thiti Kittisuban, Thai Valuers Association (TVA), Senior Valuer No. 652, 7 years of experience in the valuation of properties in Thailand, inspected the property on 10 June 2021.

(5) We have prepared our valuation on the following assumptions:-

(a) Kart (Thailand) Co., Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 206/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VIII-A – Property interests held by the Group for operation in Malaysia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Lot 212, Kawasan The property is located in an The subject site is MYR7,500,000 Perindustrian Bukit industrial development known as occupied. (MALAYSIAN RINGGIT Kayu Hitam, Kawasan Perindustrian Bukit Kayu SEVEN MILLION FIVE 06050 Bukit Hitam, Bukit Kayu Hitam, Kedah. It HUNDRED Kayu Hitam, is sited off the western (left) side of THOUSAND) Kedah, North-South Expressway travelling Malaysia from Alor Setar towards Bukit Kayu (100% interest Hitam Immigration, Customs, attributable to Quarantine and Security (ICQS) the Group: Complex. It is located about 45 MYR7,500,000) kilometres south of the Alor Setar.

The site is an intermediate lot, near rectangular in shape having a title land area of 23,470 sq m (252,629 sq ft).

The subject site accommodates an industrial premises comprising a single storey detached factory partly open sided with an annexed double storey office building.

The property with a land area of approximately 23,470 sq m. The property has a gross floor area of 9,733 sq m with details as follows:-

Use Gross Floor Area (sq m)

Office 580.65 Factory 9,143.06 Guard house 9.29 Total: 9,733.00

For tenure of the property, please see Note (1) below.

Valuation Report No. F21-002129-02 207/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) The ownership particulars of the property and interest valued are as follows:

Property : Pajakan Negeri 2971, Lot 4073, Bandar Bukit Kayu Hitam, District of Kubang Pasu, Kedah Darul Aman

Lease Terms : 60 years sub-lease interest expiring on 19 September 2067

Registered Owner : Perbadanan Kemajuan Negeri Kedah (PKNK)

Annual Rent : MYR20,040

Major : The sub-lease interest is charged to Standard Chartered Bank Malaysia vide Encumbrances Presentation No. 24856/2010, registered on 29 December 2010

(2) According to our land search conducted at the Wilayah Persekutuan Registry of Title Office in Kuala Lumpur on 29 December 2020, the salient details of the titles documents of the property are extracted as folows.

Title No. : PN 2969 Lot No. : Lot 4074 Mukim / District / State : Bandar Bukit Kayu Hitam, District of Kubang Pasu, Kedah Darul Aman Annual Rent : MYR18,776 Land Area (sq m) : 23,470 sq m Tenure : 99 years leasehold interest expiring on 19 July 2102 Registered Proprietor : Perbadanan Kemajuan Negeri Kedah (PKNK) Category of Land Use : Perindustrian Date of Registration : 4 June 2007

(3) The property is zoned for industrial.

(4) Tan Wai Kim, Assistant Manager, 4 years of experience in the valuation of properties in Malaysia, video-inspected the property on 7 July 2021.

Valuation Report No. F21-002129-02 208/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VIII-A – Property interests held by the Group for operation in Malaysia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Lot 213, Kawasan The property comprises mainly a The subject site is MYR6,000,000 Perindustrian Bukit single storey detached factory with occupied. (MALAYSIAN RINGGIT Kayu Hitam, an annexed single storey office SIX MILLION) 06050 Bukit Kayu building, a single storey factory, a Hitam, guard house and other supporting (100% interest Kedah, facilities completed in 2004. attributable to Malaysia the Group: The property stands on various MYR6,000,000) PN 2967, Lot 4075, parcels of land of a total site area of Bandar Bukit approximately 18,582 sq m Kayu Hitam, (200,015 sq ft). The property has a District of gross floor area of 8,101.14 sq m Kubang Pasu, with details as follows:- Kedah

Use Gross Floor Area (sq m)

Factory 7,803.86 Office 278.70 Guard House 18.58 Total 8,101.14

The subject property is located in an industrial development known as Kawasan Perindustrian Bukit Kayu Hitam, Bukit Kayu Hitam, Kedah. It is sited off the western (left) side of North-South Expressway travelling from Alor Setar towards Bukit Kayu Hitam Immigration, Customs, Quarantine and Security (ICQS) Complex. It is located about 45 kilometres north-east of the Alor Setar.

The land use rights of the property have been granted for a 60 years sub-lease interest expiring on 19 July 2063 for industrial use at an annual government rent of MYR7,433.

Valuation Report No. F21-002129-02 209/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) The ownership particulars of the property and interest valued are as follows:

Property : Lot 213, Kawasan Perindustrian Bukit Kayu Hitam, 06050 Bukit Kayu Hitam, Kedah

Lease Terms : 60 years sub-lease interest expiring on 19 July 2063

Registered Owner : Perbadanan Kemajuan Negeri Kedah (PKNK)

Annual Rent : MYR7,433 per annum

Major : The sub-lease interest is charged to Standard Chartered Bank Malaysia vide Encumbrances Presentation No. 6566/2009, registered on 12 April 2009

(2) According to our land search conducted at the Kubang Pasu District Land Office on 7 July 2021, the salient details of the titles documents of the property are extracted as folows.

Title No. : PN 2967 Lot No. : Lot 4075 Mukim / District / State : Bandar Bukit Kayu Hitam, District of Kubang Pasu, Kedah Darul Aman Annual Rent : MYR7,433 Land Area (sq m) : 18,582 square metres Tenure : 99 years leasehold interest expiring on 19 July 2102 Registered Proprietor : Perbadanan Kemajuan Negeri Kedah (PKNK) Category of Land Use : Perindustrian Date of Registration : 4 June 2007 Lease of Land : The whole land has been sub-leased to E.A.E Freight & Forwarding Sdn Bhd for a 60 years sub-lease interest commencing from 20 July 2003 to 19 July 2063, vide Presentation No. 6565/2009, registered on 12 April 2009

(3) The subject property has been issued with a Certificate of Fitness for Occupation (CFO) vide Certificate No. A0364 dated 7 April 2004, in respect of the subject property.

(4) The property is zoned for industrial.

(5) Pua Kok Liang, Senoir Manager, 11 years of experience in the valuation of properties in Malaysia, video- inspected the property on 7 July 2021.

Valuation Report No. F21-002129-02 210/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VIII-A – Property interests held by the Group for operation in Malaysia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

3. No. 27, Taman Seri The property comprises mainly a As at the Valuation MYR170,000 Temin Fasa 1, double storey mid terraced Date, the ground floor of (MALAYSIAN RINGGIT 06050 Bukit shop/house the was tenanted with a ONE HUNDRED Kayu Hitam, montly rental is MYR600 SEVENTY THOUSAND) Kedah, The property stands on various whilst the first floor of Malaysia parcels of land of a total site area of the property is vacant. (100% interest approximately 149 sq m. The attributable to HS(M) 578, PT 501, property has a gross floor area of the Group: Locality of Pekan Baru 297.30 sq m. MYR170,000) Bukit Kayu Hitam, Bandar Bukit The subject property is located in a Kayu Hitam, mixed development known as District of Taman Seri Temin Fasa 1, Bukit Kubang Pasu, Kayu Hitam, Kedah. It is sited off Kedah the western (left) side of North- South Expressway travelling from Alor Setar towards Bukit Kayu Hitam Immigration, Customs, Quarantine and Security (ICQS) Complex. It is located about 48 kilometres north-east of the Alor Setar.

The land use rights of the property have been granted for a term due to expire on 21 July 2040 for commercial use at an annual government rent of MYR200.

Notes:

(1) The ownership particulars of the property and interest valued are as follows:

Property : No. 27, Taman Seri Temin Fasa 1, 06050 Bukit Kayu Hitam, Kedah

Lease Terms : 60 years sub-lease interest expiring on 21 July 2040

Registered Owner : Perbadanan Kemajuan Negeri Kedah

Annual Rent : MYR200 per annum

Major : The sub-lease interest is charged to Standard Chartered Bank Malaysia vide Encumbrances Presentation No. 1280/2009, registered on 12 April 2009

Valuation Report No. F21-002129-02 211/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to our land search conducted at the Kubang Pasu District Land Office on 7 July 2020, the salient details of the titles documents of the property are extracted as folows.

Title No. : HS(M) 578 Lot No. : PT 501 Mukim / District / State : Locality of Pekan Baru Bukit Kayu Hitam, Bandar Bukit Kayu Hitam, District of Kubang Pasu, Kedah Annual Rent : MYR200 Land Area (sq m) : 148.6449 square metres Tenure : 99 years leasehold interest expiring on 22 July 2080 Registered Proprietor : Perbadanan Kemajuan Negeri Kedah Category of Land Use : Building Date of Registration : 1 September 2005 Lease of Land : The whole land has been sub-leased to E.A.E. Freight Forwarding Sdn Bhd for a 60 years sub-lease interest commencing from 22 July 1981 to 21 July 2041, vide Presentation No. 1684/1987, registered on 22 July 19819

(3) The property is zoned for commercial use and category of land use is building.

(4) Pua Kok Liang, Senoir Manager, 11 years of experience in the valuation of properties in Malaysia, video-inspected the property on 5 July 2021.

Valuation Report No. F21-002129-02 212/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VIII-A – Property interests held by the Group for operation in Malaysia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

4. Kuok Pengangkutan The property comprises mainly one As at the Valuation MYR5,000,000 Sdn Bhd located at single-storey detached warehouse Date, the subject site is (MALAYSIAN RINGGIT No. 27, Jalan Angkasa annexed with a 2-storey office occupied. FIVE MILLION) Mas Utama, building, a single storey workshop, Kawasan Perindustrian and a guardhouse. (99.6% interest Tebrau 2 81100 attributable to Johor Bahru, The property with a land area of the Group: Johor Darul Takzim, approximately 8,093 sq m. The MYR4,980,000) Malaysia property has a gross floor area of 2,194.76 sq m with details as HSD 210910, follows:- Lot No. PTD 64092, Mukim of Tebrau, District of Johor Bahru, Use Gross Floor Area State of Johor (sq m) Darul Takzim, Malaysia Factory 1,524.00 Office 464.52 Workshop 196.95 Guard House 9.29 2,194.76

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area. Access to the other districts is further enhanced by Pasir Gudang Highway and Jalan Pandan.

The land use rights of the property have been granted for a term due to expire on 21 May 2053 for industrial use at an annual government rent of MYR3,300.

Valuation Report No. F21-002129-02 213/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) The ownership particulars of the property and interest valued are as follows:

Property : No. 27, Jalan Angkasa Mas Utama, Kawasan Perindustrian Terbau 2, 81100 Johor Bahru, Johor Darul Takzim, Malaysia

Lease Terms : 60-year leasehold interest expiring on 21 May 2053

Registered Owner : Perbadanan Johor

Annual Rent : MYR3,300 per annum

Major : Nil Encumbrances

(2) According to our land search conducted at Johor Darul Takzim Land Registry on 30 May 2021, the salient details of the titles documents of the property are extracted as folows.

Title No. : HS(D) 210910 Lot No. : PTD 64092 Mukim / District / State : Mukim of Tebrau Annual Rent : MYR3,300.00 Land Area (sq m) : 8,093 Tenure : 60-year leasehold interest expiring on 21 May 2053 Registered Proprietor : Perbadanan Johor Category of Land Use : Perindustrian Date of Registration : 22 May 1993

(3) The property is zoned for industrial.

(4) Haw Li Ping, Valuation Executive, 1 year of experience in the valuation of properties in Malaysia, inspected the property on 2 July 2021.

Valuation Report No. F21-002129-02 214/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VIII-A – Property interests held by the Group for operation in Malaysia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

5. Lot 8, Batu 10, The property comprises mainly a As at the Valuation MYR1,900,000 Federal Highway, four-storey terraced shop/office with Date, the property is (MALAYSIAN RINGGIT Sungai Way, a land area of 139.35 sq m subject to a lease dated ONE MILLION NINE 47300 Petaling Jaya, (approximately 1,500 sq ft). 22 October 2018 HUNDRED Selangor Darul Ehsan, entered between ABX THOUSAND) Malaysia The subject property has a gross Express (M) Sdn Bhd as floor area of 557.41 sq m owner and Purple Box (100% interest approximately (6,000 sq ft). Sdn Bhd as a tenant for attributable to a term of 3 years the Group: The immediate locality of the starting on 1 December MYR1,900,000) property is a prominet area district 2018 and ending on in Petaling Jaya where are 30 November 2021 at predominated by office a monthly rent of developments with commercial, MYR13,000. residential and communal facilities.

For tenure of the property, please see Note (1) below.

Notes：

(1) According to our land search conducted at the Selangor Darul Ehsan Land Registry on 15 June 2021, the salient details of the titles documents of the property are extracted as folows.

Title No. HS(D) 148047 Lot No. PT 8 Seksyen 1 Mukim / District / State Pekan Seaport, District of Petaling, Selangor Darul Ehsan Annual Rent MYR308.00 Land Area (sq m) 139.35 Tenure 99-year leasehold due to expire on 28 April 2070 Registered Proprietor ABX Express (M) Sdn Bhd Category of Land Use Building Date of Registration 9 November 2001

(2) The property is designated for commercial use as noted in the respective title deed.

(3) Lim Wei Jie, Valuation Executive, 2 years of experience in the valuation of properties in Malaysia, inspected the property on 7 July 2021.

Valuation Report No. F21-002129-02 215/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VIII-A – Property interests held by the Group for operation in Malaysia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

6. Lot 23, Batu 10, The property comprises mainly a As at the Valuation MYR1,900,000 Federal Highway, four storey mid terraced shop/office Date, the property is (MALAYSIAN RINGGIT Sungai Way, with a land area of 148.64 sq m subject to a lease dated ONE MILLION NINE 47300 Petaling Jaya, (approximately 1,600 sq ft). 22 October 2018 HUNDRED Selangor Darul Ehsan, entered between ABX THOUSAND) Malaysia The subject property has a gross Express (M) Sdn Bhd as floor area of 594.57 sq m owner and Purple Box (100% interest approximately (6,400 sq ft). Sdn Bhd as a tenant for attributable to a term of 3 years the Group: The immediate locality of the starting on 1 December MYR1,900,000) property is a prominet area district 2018 and ending on in Petaling Jaya where are 30 November 2021 at predominated by office a monthly rent of developments with commercial, MYR13,000. residential and communal facilities.

For tenure of the property, please see Note (1) below.

Notes:

(1) According to our land search conducted at the Selangor Darul Ehsan Land Registry on 15 June 2021, the salient details of the titles documents of the property are extracted as folows.

Title No. HS(D) 4018 Lot No. PT 23 Seksyen 1 Mukim / District / State Pekan Seaport, District of Petaling, Selangor Darul Ehsan Annual Rent MYR328.00 Land Area (sq m) 148.64 Tenure 99-year leasehold due to expire on 14 March 2071

Registered Proprietor ABX Express Sdn Bhd Category of Land Use Building Date of Registration 15 March 1972

(2) The property is designated for commercial use as noted in the respective title deed

(3) Lim Wei Jie, Valuation Executive, 2 years of experience in the valuation of properties in Malaysia, inspected the property on 7 July 2021.

Valuation Report No. F21-002129-02 216/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VIII-A – Property interests held by the Group for operation in Malaysia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

7. Nos. 52 & 52A, The site is an intermediate plot of The ground floor was MYR1,000,000 Jalan Melaka Raya 23, leasehold terraced commercial lot. tenanted whilst the first (MALAYSIAN RINGGIT Taman Melaka Raya, It is rectangular in shape and and second floors were ONE MILLION) 75000 Melaka, encompasses a surveyed land area unoccupied. Malaysia of 143 sq m (about 1,539 sq ft) as (100% interest obtained from the title deed. For details, please see attributable to Note (3) below. the Group: The subject property has a gross MYR1,000,000) floor area of 314.76 sq m approximately (3,388 sq ft).

The subject property is located within the commercial hub of Taman Melaka Raya.

For tenure of the property, please see Note (1) below.

Notes:

(1) According to our land search conducted at the Melaka Registry Office on 18 June 2021, the salient details of the titles documents of the property are extracted as folows.

Title No. PN 11635, Lot No. Lot 426 Mukim / District / State Town of Kawasan Bandar XL, District of Melaka Tengah, State of Melaka Annual Rent - Land Area 143 sq m Tenure 99-year leasehold due to expire on 7 July 2093 Registered Proprietor ABX Express (Melaka) Sdn. Bhd Category of Land Use Building Date of Registration -

(2) The property is designated for commercial use as noted in the respective title deed

(3) Nurul Aziah Binti Azhar, Valuation Executive, 2 years of experience in the valuation of properties in Malaysia, inspected the property on 27 June 2021.

Valuation Report No. F21-002129-02 217/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VIII-B – Property interests held by the Group for future development in Malaysia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Lot 3816 & Lot 3817, The subject site comprises two As at the Valuation MYR1,270,000 Locality of adjoining intermediate lots identified Date, the property was (MALAYSIAN RINGGIT Telaga Dalam, as Lot 3816 and Lot 3817, both vacant. ONE MILLION TWO Mukim of Sungai Laka, within Locality of Telaga Dalam, HUNDRED SEVENTY District of Mukim of Sungai Laka and District THOUSAND) Kubang Pasu, of Kubang Pasu, Kedah Darul Kedah Darul Aman, Aman as per title. Lot 3817 adjoins (100% interest Malaysia to Lot 3816 at the front portion in attributable to the eastern. The two lots the Group: collectively form a near rectangular MYR1,270,000) shape with a site area of 16,994 sq m.

The subject property is located in Locality of Telaga Dalam, Mukim of Sungai Laka, District of Kubang Pasu, Kedah Darul Aman. It is sited off the western side of North-South Expressway travelling from Alor Setar towards Bukit Kayu Hitam Immigration, Customs, Quarantine and Security (ICQS) Complex. It is located about 42 kilometres north- east of the Alor Setar.

For tenure of the property, please see Note (1) below.

Notes:

(1) The ownership particulars of the property and interest valued are as follows: Property : Geran Mukim 1412, Lot 3816 & Geran Mukim 1413, Lot 3817, both within Locality of Telaga Dalam, Mukim of Sungai Laka, District of Kubang Pasu, Kedah Darul Aman

Lease Terms : Interest in Perpetuity

Registered Owner : E.A.E Freight & Forwarding Sdn Bhd

Annual Rent : Lot 3816:- MYR2,519 Lot 3817:- MYR500

Major : Nil Encumbrances

Valuation Report No. F21-002129-02 218/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) Lumpur on 29 December 2020, the salient details of the titles documents of the property are extracted as folows.

Title No. : GM 1412 GM 1413 Lot No. : Lot 3816 Lot 3817 Mukim / District / State : Locality of Telaga Dalam, Mukim of Sungai Laka, District of Kubang Pasu, Kedah Darul Aman Annual Rent : MYR2,519 MYR500 Land Area (sq m) : 16,792 square metres 206 square metres Tenure : Interest in perpetuity Registered Proprietor : E.A.E Freight & Forwarding Sdn Bhd Category of Land Use : Perusahaan/Perindustrian Date of Registration : 25 October 2007

(3) The property is zoned for industrial

(4) Tan Wai Kim, Assistant Manager, 4 years of experience in the valuation of properties in Malaysia, video-inspected the property on 5 July 2021.

Valuation Report No. F21-002129-02 219/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VIII-B – Property interests held by the Group for future development in Malaysia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Lot 4073, Bandar The site is a corner lot, near The subject site is MYR2,300,000 Bukit Kayu Hitam, rectangular in shape having a title occupied. (MALAYSIAN RINGGIT District of land area of 25,050 sq m (269,636 TWO MILLION THREE Kubang Pasu, sq ft). HUNDRED Kedah Darul Aman, THOUSAND) Malaysia The site boundaries are generally demarcated by chain-link fencing (100% interest and metal decking sheet. The attributable to compound is fully improved with the Group: reinforced concrete. We also noted MYR2,300,000) that a temporary structure has been erected on the south-west of the subject site. As such, for the purpose of this valuation, we have excluded the aforesaid structure in our valuation.

For tenure of the property, please see Note (1) below.

Notes:

(1) The ownership particulars of the property and interest valued are as follows:

Property : Pajakan Negeri 2971, Lot 4073, Bandar Bukit Kayu Hitam, District of Kubang Pasu, Kedah Darul Aman

Lease Terms : 60 years sub-lease interest expiring on 19 September 2067

Registered Owner : Perbadanan Kemajuan Negeri Kedah (PKNK)

Annual Rent : MYR20,040

Major : The sub-lease interest is charged to Standard Chartered Bank Malaysia vide Encumbrances Presentation No. 24856/2010, registered on 29 December 2010

(2) According to our land search conducted at the Wilayah Persekutuan Registry of Title Office in Kuala Lumpur on 29 December 2020, the salient details of the titles documents of the property are extracted as folows.

Title No. : PN2971 Lot No. : Lot 4073 Mukim / District / State : Bandar Bukit Kayu Hitam, District of Kubang Pasu, Kedah Darul Aman Annual Rent : MYR20,040 Land Area (sq m) : 25,050 square metres Tenure : 99 years leasehold interest expiring on 19 July 2102 Registered Proprietor : Perbadanan Kemajuan Negeri Kedah (PKNK) Category of Land Use : Perindustrian Date of Registration : 4 June 2007

Valuation Report No. F21-002129-02 220/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) The property is zoned for industrial.

(4) Tan Wai Kim, Assistant Manager, 4 years of experience in the valuation of properties in Malaysia, video-inspected the property on 7 July 2021.

Valuation Report No. F21-002129-02 221/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group VIII-B – Property interests held by the Group for future development in Malaysia

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

3. PT545, Mukim 14, The property comprises mainly a As at the Valuation N/A Jalan Bagan Lallang, parcel of vacant land supporting Date, the property was (See Note (1)) 13400 Seberang Perai, facilities completed in between leased to East Asiatic Puala Pinang, 20011 Enterprise Sdn Bhd and Malaysia occupied by E.A.E. The property stands on various Freight Forwarding Sdn A parcel of Vacant Land parcels of land of a total site area of Bhd. held under Lot PT 545, approximately 24,099.07 sq m. Mukim 14, Seberang Perai Utara, The subject property is located in Pulau Pinang with a an industrial development known as Land Area measuring Kawasan Perindustrian Mak approximately 259,400 Mandin, Puala Pinang. It is sited off sq ft the western side of North-South Expressway travelling from Kawasan Perindustrian Seberang Perai towards Sungai Dua Toll Plaza. It is located about 25 km east of the George Town.

The land use rights of the property have been granted for a term due to expire on 30 November 2026.

Notes:

(1) The land use rights of the property are leased from the government without upfront payment but subject to monthly land rent. The land use rights are lacking marketability in the sales market but such rights are available for sub- lease. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property in existing status as at 30 June 2021 was MYR500,000 (MALAYSIAN RINGGIT FIVE HUNDRED THOUSAND) (100% interest attributable to the Group: MYR500,000).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to a Tenancy Agreement dated 5 April 2011 made between Majlis Perbandaran Seberang Perai (the Lessor/the Landlord) and East Asiatic Enterprise Sdn Bhd (the lessee/the tenant), the salient details of the the aforesaid Tenancy Agreement of the property are extracted as follows.

Address : PT545, Mukim 14, Jalan Bagan Lallang, 13400 Seberang Perai, Puala Pinang

Lot Number A parcel of Vacant Land held under Lot PT 545, Mukim 14, Seberang Perai Utara, Pulau Pinang with a Land Area measuring approximately 259,400 sq ft

Legal Interest to be : 15 years leasehold interest commencing from 1 December 2011 and expiring on 30 valued November 2026 (Lessee/Tenant Interest)

Land Area : 24,099.07 sq m (259,400 sq ft)

Lessor/ Landlord : Majlis Perbandaran Seberang Perai

Lease of Land The land has been leased to East Asiatic Enterprise Sdn Bhd for a 15 years leasehold interest commencing from 1 December 2011 and expiring on 30 November 2026

Remarks : We wish to drawn attention that we were not provided with the title particular nor a copy of title document of PT 545, Mukim 14, Seberang Perai Utara, Pulau Pinang. Our valuation is subject to this limitation.

(3) The property is zoned for industrial.

(4) Pua Kok Liang, Senoir Manager, 11 years of experience in the valuation of properties in Malaysia, video- inspected the property on 30 June 2021.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group IX– Property interest held by the Group for investment and operation in Singapore

Market value in existing state as at Property Description and tenure Particulars of occupancy 30 June 2021

1. 19 Greenwich Drive, The property is a warehouse/ The property is presently SGD65,700,000 Kerry Logistics logistics development with ramp- occupied as a warehouse and (SINGAPORE Centre, up driveway and direct loading/ logistics centre. According to DOLLARS SIXTY Singapore 534021 unloading facilities, comprising 4 information provided, the FIVE MILLION floors of warehouse and 8 floors of property is partially owner- SEVEN HUNDRED ancillary office. occupied and partially let to THOUSAND) various tenants. The current The property is located along occupancy rate is about 99.4%, (100% interest Greenwich Drive and including owner-occupied space. attributable to approximately 12 km. to the east the Group: of the city centre at Raffles Place. SGD65,700,000) The property is situated within Tampines LogisPark and the immediate locality generally comprises warehouse/ logistics developments. It has easy access to other parts of Singapore via Kallang – Paya Lebar Expressway and Tampines Expressway.

The property occupies a regular plot of land known as Land Lot 801N of Mukim 30, with a total site area of 20,299.9 sq m (218,506 sq ft). The land is generally flat and at access road level.

According to the architectural plans provided by the Group, the gross floor area is approximately 34,510 sq m (371,462 sq ft), subject to survey. The Temporary Occupation Permit was obtained on 26 December 2012.

Notes:

(1) The Certificate of Title states that the registered lessee of the property is Kerry Logistics Centre (Tampines) Pte Ltd, held under the Jurong Town Corporation’s (“JTC”) lease for a lease term of 30 years commencing from 16 October 2011 for warehouse logistics use only. The Legal Description is Lot 801N Mukim 30.

(2) According to our title search, the property is subject to a mortgage in favour of DBS Bank Ltd.

(3) According to information provided, a land premium of SGD9,735,880 (excluding GST) was paid on 4 August 2011 for the whole period of the lease and the annual land rent of SGD12 is temporarily waived.

(4) As per JTC letter dated 10 May 2016, the lessee has fulfilled the fixed investment criteria within the licence term for grant of the 30 years from 16 October 2011.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(5) Under the current Master Plan (2019 Edition), the property is zoned ‘Business 2’ and the permissible gross plot ratio for the subject site is 1.7. ‘Business 2’ in the Master Plan refers to areas used or intended to be used for clean industry, light industry, general industry, warehouse, public utilities and telecommunication uses and other public installations. Special industries such as manufacture of industry machinery, shipbuilding and repairing, may be allowed in selected areas subject to evaluation by the competent authority.

(6) Thomas Teh, Manager, SISV, 15 years of experience in the valuation of properties in residential, commercial and industrial properties, inspected the property on 15 June 2021.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group X – Property interests held by the Group for operation in Myanmar

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. KMTL Yawarthagyi The property comprises a dry As at the Valuation N/A Dryport (Yangon), port/logistics facility. The main Date, the property was (see Note (1)) Lot No. B, warehouse has a 10-metre internal operated by the Group Yangon - Mandalay clearance and various loading as a logistics centre. Railway Road docks, CFS and bonded Ywarthargyi, warehouses and the site has large East Dagon Township, hard stand areas for truck access Yangon Region, and egress. The buildings were Myanmar completed in 2018.

The property stands a parcel of land of a total site area of approximately 161,874 sq m (40 acres). The property has a gross floor area of 35,220 sq m.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for a term of a maximum of 70 years at an annual rent of USD220,000. The initial term is 50 years. The initial term expiry date is 3 April 2067.

Notes:

(1) No legal opinion of the property has been provided. It is uncertain whether the property is subject to non-alienation restriction and whether market value is applicable in the valuation. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property in existing state as at 30 June 2021 was USD26,200,000 (UNITED STATES DOLLARS TWENTY SIX MILLION TWO HUNDRED THOUSAND) (70% interest attributable to the Group: USD18,340,000).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to Myanmar Investment Commission permit issued 11 April 2017 (Permit No 1246/2017) KLN Singapore PTE LTD were granted the right to invest in a dry port facility for a period of 50 years on plot B Lot No. B, Yangon – Mandalay Railway Road, Ywarthargyi, East Dagon Township, Yangon Region, Myanmar.

(3) According to the land lease agreement dated 3 April 2017, KM Terminal and Logistics Limited was granted the right to lease the land at an annual rent of USD220,000. The land lease also imposes a distribution complex fee of 0.5% from commencement date till 34 years and 0.75% till the expiry of the initial term. There is a land lease premium of USD1,049,907 paid in 3 installments (30% 40% and 30%), based on the lease terms this payment has been made in full. The lease agreement also includes performance guarantee (PG) of 1% of the estimated construction costs which will be released back to the lessee by the lessor at completion of the works. Phase 2 has not been completed and we assume the PG is still held by the lessor. There is revenue fee which is 0.2% annually (from years 8-20) of the lessees aggregate annual revenue and has an escalation to 0.3% in year 21 to 35 and 0.5% from year 36 till the end of the initial lease term. The permitted use of the property is dry port.

(4) According to the land lease agreement dated 3 April 2017, KM Terminal and Logistics Limited was granted the right to lease the land and 3 possible 10 years extensions as set out in the BOT agreement.

(5) According to the build, operate, transfer agreement dated 3 April 2017, the lessee shall obtain all IEE approvals, permits and licenses from the relevant government authorities and the development will be constructed in 2 phases. The lessee has a maximum 2 years to complete construction phase 1 and a maximum of 3 years to complete stage 2.

(6) No legal opinion of the property is available. We have prepared our valuation on the following assumptions:-

(a) KM Terminal and Logistics Limited is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group X – Property interests held by the Group for operation in Myanmar

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. KMTL Myit Nge Dryport The property comprises a dry As at the Valuation N/A on Plot B1, Myit Nge port/logistics facility. The main Date, the property was (see Note (1)) Dryport (Mandalay), warehouse has a 10-metre internal operated by the Group Land Mark No. (1), (4), clearance and various loading as a logistics centre. C1+4-C12, Myint Nge, docks. There is separate office area Amarapura Township, of about 1,404 sq m and the site Mandalay Region, has large hard stand areas for truck Myanmar access and egress. The buildings were completed in 2018.

The property stands a parcel of land of a total site area of approximately 172,695.55 sq m (42.674 acres). The property has a gross floor area of 10,727 sq m.

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The land use rights of the property have been granted for a term of a maximum of 70 years at an annual rent of USD234,707. The initial term is 50 years. The initial term expiry date is 3 April 2067.

Notes:

(1) No legal opinion of the property has been provided. It is uncertain whether the property is subject to non-alienation restriction and whether market value is applicable in the valuation. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property in existing state as at 30 June 2021 was USD9,675,000 (UNITED STATES DOLLARS NINE MILLION SIX HUNDRED SEVENTY FIVE THOUSAND) (70% interest attributable to the Group: USD6,772,500).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to Myanmar Investment Commission permit issued 11 April 2017 (Permit No 1247/2017) KLN Singapore PTE LTD were granted the right to invest in a dry port facility for a period of 50 years on plot B1 Myit Nge Dryport (Mandalay), LandMark No. (1), (4), C1+4-C12, Myint Nge, Amarapura Township, Mandalay Region, Myanmar.

(3) According to the build, operate and transfer agreement (BOT) dated 3 April 2017, Kerry Logistics Network (Singapore) PTE LTD was granted the right to lease the land at an annual rent of USD234,707. The land lease also imposes a distribution complex fee of 0.5% for 34 years. There is a land lease premium of USD1,120,093 paid in 3 installments (30% 40% and 30%), based on the lease terms this payment has been made in full. The lease agreement also includes performance guarantee to be released back to the lessee by the lessor. Phase 2 has not been completed and we assume the fee is still held by the lessor. There is revenue fee which is 0.25% annually (from years 8-20) of the lessee’s aggregate annual revenue and has an escalation to 0.3% in year 21 to 35 and then 0.5% in year 36 to the end of the initial lease term.

(4) According to the land lease agreement dated 3 April 2017, KM Terminal and Logistics Limited was granted the right to lease the land and 3 possible 10 years extensions as set out in the BOT agreement. The permitted use of the property is dry port.

(5) According to the build, operate, transfer agreement dated 3 April 2017, the lessee shall obtain all IEE approvals, permits and licenses from the relevant government authorities and the development will be constructed in 2 phases. The lessee has a maximum 2 years to complete construction phase 1 and a maximum of 3 years to complete stage 2.

(6) No legal opinion of the property is available. We have prepared our valuation on the following assumptions:-

(a) KM Terminal and Logistics Limited is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-A – Property interests held by the Group for operation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Warehouse located at The property comprises of a parcel of As at the Valuation Date, INR118,000,000 Survey Nos. 57/1 land with a site area of approximately the property is occupied by (INDIAN RUPEES ONE and 57/4, 21,213 sq m on which an office multiple tenants for storage HUNDRED EIGHTEEN Sedarapet Mian Road, building, a warehouse building and a purposes on a short-term MILLION) Karasoor Village, security cabin were constructed in agreement. Villianoor, 2004. (50% interest Pondicherry, The property is situated in land attributable to India – 605 111 categorised for industrial use where the Group: infrastructure is provided. The INR59,000,000) immediate locality comprises of low- rise industrial facilities. Public transport is readily available in the area. Access to the other micro markets is connected by Sedarapet main road. The subject property is located 15 km from Pondicherry Airport, 17 km from Pondicherry Railway station and 20 km from Pondicherry Bus Terminus.The neighbourhood profile is defined by industrial and vacant lands.

The total built up area (“BUA”) of the property is approximately 8,660 sq m with details as follows:

Type of BUA property (sq m)

Office Building 453 Security Room 40 Warehouse 8,167 Building Total: 8,660

The property is held in freehold.

Notes:

(1) According to sale document No. 1540/2003 approved by Puducherry Authority dated 30 January 2003, the land use rights of the property comprising a total site area of 21,213 sq m are vested for industrial use to Indev Logistics Pvt. Ltd. (a 50% owned subsidiary of the Company).

(2) According to approved building plan issued by Pondicherry Planning Authority on 18 August 2004, the Built-up area of the subject property is 8,660 sq m. The age of the property is 17 years.

(3) The property is categorised under industrial use.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(4) The uses of the land of the property is in compliance with the permitted uses of the government.

(5) To be noted that the subject property has been occupied by multiple storage companies. As mentioned by the Company, the lease agreement is for short intervals and the rates are variable based on the space required by the tenants on time to time basis.

(6) Ms. R Nanmadhi, Bachelor’s in civil engineering and Master’s in construction management, Assistant Manager in C&W India office, 3.2 years of experience in the valuation of properties in India inspected the property on 12 June 2021

(7) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. Is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-A – Property interests held by the Group for operation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Warehouse located at The property comprises of a parcel As at the Valuation INR470,000,000 Survey Numbers 127, of land with a site area of Date, the property was (INDIAN RUPEES 137 (part), approximately 14,924 sq m on occupied by the FOUR HUNDRED Bommasandra which an Administrative building company for industrial SEVENTY MILLION) Industrial Estate, and main warehouse building were operation purposes. Bonmmasandra constructed in 2009. (50% interest Jigani Link Road, attributable to Bangalore, The property situated in land the Group: Karnataka, categorised for industrial use INR235,000,000) India – 560099 where infrastructure is provided. The immediate locality comprises of low-rise industrial and warehousing facilities. Public transport is readily available in the area. Access to the other micro markets is connected by Bommasandra-Jigani Link road.

The subject property is located at 30 km from Bangalore Bus Terminus, 32 km from Bangalore railway station and 63km from Bangalore airport. Neighborhood profile is dominated by warehousing and industrial settlements.

The total built up area of the property is approximately 7,400 sq m with details as follows:

Type of BUA property (sq m)

Warehouse 6,734 Admin 666 Total 7,400

The property is held in freehold.

Notes:

(1) According to sale deed no. JGN – 1 – 03977 – 2010-11 approved by Office of the Sub-Registrar – Jigani dated 23 December 2010, the land use rights of the property comprising a total site area of 14,924 sq m are vested for industrial/ warehousing activity to Indev Logistics Pvt. Ltd. (a 50% owned subsidiary of the Company).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to the approved plan issued on 22 February 2008, the building ownership of the property with a total built up area of approximately 7,400 sq m is vested in M/S Continental Container Freight Stations. The age of the property is 12 years.

(3) The property is categorised under industrial use.

(4) The uses of the land of the property is in compliance with the permitted uses of the government.

(5) Mr. Amit Mishra, Bachelor’s in Civil Engineering and Master’s in Construction Project Management, Assistant Manager in C&W India office,3 years of experience in the valuation of properties in India inspected the property on 16 June 2021.

(6) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. Is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-A – Property interests held by the Group for operation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

3. Warehouse located at The property comprises of a parcel As at the Valuation N/A Plot nos. B-7(Part), of land with area 79,035 sq m on Date, the property (See Note (6)) B-8, A-11(Part), which an office building, a was occupied by the SIPCOT warehouse building and a security company for industrial Industrial Park, cabin were constructed in 2009. operation purposes. Irungattukottai, Kancheepuram The property is situated in land District, categorised for industrial use where Tamil Nadu, infrastructure is provided. The India – 602 109 immediate locality comprises of industrial and warehousing settlements. Public transport is readily available in the area. Access to the other micro markets is connected by NH48(Chennai – Bangalore Highway). Directions: North – 40m wide SIPCOT internal road, West and East – 25m wide SIPCOT intermal road and South – another property. The property is located at 27 km from Chennai Airport, 47km from Chennai Railway station and 36 km from Perungalathur bus terminus.

The total built up area of the property is approximately 28,340 sq m with details as follows:

Planned use BUA (sq m)

Office 3,206 Building and Security room Main Shed 25,134 Building Total: 28,340

The land has been leased for 99 years from 26 December 2006 from SIPCOT (State Industries Promotion Corporation of Tamilnadu) which is a Govt. initiate to promote industrial sector. Number of years of usage is 15 years.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) According to lease document No. 1234/2007 dated 26 December 2006 authorised by SIPCOT, the land use rights of the property comprising a total site area of 79,035 sq m are vested for industrial use to Indev Logistics Pvt. Ltd. (a 50% owned subsidiary of the Company).

(2) According to the approved plan issued by Sriperumbudur Authority on 24 August 2007 the total built up area of the subject property is 28,340 sq m. The age of the property is 12 years.

(3) The property is categorised under industrial use.

(4) The uses of the land of the property is in compliance with the permitted uses of the government.

(5) According to SIPCOT authorities, the company would require paying a differential fee to SIPCOT at the time of transfer of leasehold rights by existing lessee to prospective lessee (third party). In addition, it was observed that the differential charges would be computed on the basis of original allotment rate and current allotment rate (as prescribed by SIPCOT). A concession of 50% would be given in the event of property being put to intended use for more than 5 years. As per details provided to us, we understand that the subject property has been under operation for more than 5 years and the same has been considered while estimating the differential fee payable to SIPCOT which is INR 202,800,000.

(6) According to SIPCOT authorities, assignment of the leasehold interest is subject to payment of a differential fee. The leasehold interest is currently not freely transferable. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property for management reference as existing status is INR529,000,000 (INDIAN RUPEES FIVE HUNDRED TWENTY NINE MILLION) (50% interest attributable to the Group: INR264,500,000).

(7) Ms. R Nanmadhi, Bachelor’s in civil engineering and Master’s in construction management, Assistant Manager in C&W India office, 3.2 years of experience in the valuation of properties in India inspected the property on 11 June 2021.

(8) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-A – Property interests held by the Group for operation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

4. Warehouse located at The property comprises of a parcel As at the Valuation INR148,000,000 Survey Nos. 961/2B2, of land with a site area of Date, the property is (INDIAN RUPEES ONE 2B3, 2B1C, 2B1A, approximately 19,593.90 sq m on occupied by the HUNDRED FORTY 2B1B, Harbour which an office building, a godown, company for operation. EIGHT MILLION) Express Road, labor room, toilet block, generator Melavattam Village, room and a security cabin were (50% interest Tuticorin, constructed in between 2000 and attributable to Chidambaranar 2006. the Group: District, INR74,000,000) Tamil Nadu, The property is situated in land India - 628 002 categorised for industrial use where infrastructure is provided. The immediate locality comprises of low-rise industrial facilities and vacant land. Public transport is readily available in the area. Access to the other micro markets is connected by Harbor Express Road. The subject property is located 13 km from Tuticorin Airport, 7.5 km from Tuticorin railway station, and 7.8 km from Tuticorin Bus stand. The neighbourhood mostly consists of low-rise industrial developments.

The total built up area of the property is approximately 3,451.81 sq m with details as follows:

Planned use BUA (sq m)

Godown & 3,451.81 Office Buildings Total: 3,451.81

The property is held in freehold.

Notes:

(1) According to sale deed document No. 3723/2010 dated 29 October 2010 approved by Tuticorin Authority, the land use rights of the property comprising a total land area of 19,593.90 sq m are vested for industrial use to Indev Logistics Pvt. Ltd. (a 50% owned subsidiary of the Company).

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(2) According to the pproved plan issued by Thoothukudi Local Planning Authority on 18 August 2004, the total built up area of the subject property is 1,262.3 sq m. The total site area of the property is 19,593.90 sq m as per the approved building plan. The age of the property is 21 years.

(3) The property is categorised under industrial use.

(4) The uses of the land of the property is in compliance with the permitted uses of the government.

(5) Mr. S Tertius, Bachelor’s in civil engineering and master’s in real estate and Infrastructure, Manager in C&W India Office, 8.7 years of experience in the valuation of properties in India inspected the property on 16 June 2021.

(6) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-A – Property interests held by the Group for operation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

5. Warehouse and Office The property comprises of a parcel of As at the Valuation Date, INR343,000,000 located at Survey land with a total area of approximately the property was occupied (INDIAN RUPEES Nos.171/1 and 129, 25,009.5 sq m on which an office by the company for THREE HUNDRED Ring Road, building, security building and operation purposes. FORTY THREE Chettipalayam Village, canteen, Godown-1, Genset Building MILLION) Tirupur Taluk, and Toilet, Godown-2 and Warehouse Coimbatore District, were constructed between 2001 and (50% interest Tamil Nadu, 2017. attributable to India - 641652 the Group: The property is situated in land INR171,500,000) categorised for industrial use where infrastructure is provided. The immediate locality comprises of mixed-use development and vacant lands. Public transport is readily available in the area. Access to the other micro markets is connected by Ring Road. The subject property is located 9.7 km form Tirupur Railway station and 6.6 km from Tirupur New bus stand. The neighbourhood mostly consists of mixed-use developments and vacant lands.

The total built up area of the property is approximately 6,102.50 sq m with details as follows:

Planned use BUA (sq m)

Security 328.8 Building and Canteen Office 332.77 Godown 1 1,967.77 Genset 30.1 Building Godown 2 1,451.98 Warehouse 1,871.99 Total: 6,102.50

The property is held in freehold.

Valuation Report No. F21-002129-02 238/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) According to sale deed document No. 2310/2004 dated 25 March 2004 approved by Tirupur Authority, the land use rights of the property comprising a total land area of 25,009 sq m are vested for industrial use to Indev Logistics Pvt. Ltd. (a 50% owned subsidiary of the Company).

(2) According to the Approved plan issued by Tirupur local planning Authority on 11 September 2018 the site area of the property is 25,009 sq m/261,283 sq ft and the total built up area is 6,102.5 sq m. The age of the property is 20 years.

(3) The property is categorised under industrial use.

(4) The uses of the land of the property is in compliance with the permitted uses of the government.

(5) Mr. S Tertius, Bachelor’s in Civil Engineering and Masters in Real Estate and Infrastructure, Manager in C&W India Office, 8.7 years of experience in the valuation of properties in India inspected the property on 19 June 2021.

(6) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 239/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-A – Property interests held by the Group for operation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

6. Office and Godown The property comprises of a parcel of As at the Valuation Date, INR136,000,000 located at land with a land area of approximately the property was currently (INDIAN RUPEES ONE Survey No. 214, 12,747.59 sq m on which an office occupied by the Company HUNDRED THIRTY SIX No. 15A, building, Godown, Toilet Block, for operation purposes. MILLION) Andankoil West Village, Watchman shed, 2-wheeler and 4- Karur Taluk, wheeler parking shed were (50% interest Karur District, constructed in 2004. attributable to Tamil Nadu, the Group: India - 639002 The property is situated in land INR68,000,000) categorised for industrial use where infrastructure is provided. The immediate locality comprises of mixed-use development and vacant lands. Public transport is readily available in the area. Access to the other micro markets is connected by Karur-Erode Highway. The subject property is located 10 km from karur railway station and 12 km from karur new bus stand. Neighbourhood mostly consists of mixed-use developments and vacant lands.

The total built up area of the property is approximately 1,607.6 sq m with the following details as follows:

Planned use BUA (sq m)

Office 249.72 Godown 1170.57 Toilet Block 39.76 Watchman 9.29 Shed 2-wheeler 76.55 parking shed 4-wheeler 61.68 parking shed Total: 1,607.60

The property is held freehold.

Valuation Report No. F21-002129-02 240/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) According to sale document No. 5767/2003 issued by Karur local Authority dated 10 December 2003, the land use rights of the property comprising a total site area of 3.15 acres, 12,747 sq m are vested for industrial use to Indev Logistics Pvt. Ltd. (a 50% owned subsidiary of the Company).

(2) According to the approved plan issued by Karur Local Planning Authority on 10 February 2004, the total built up area of the subject property is 1,607.6 sq m. The age of the property is 17 years.

(3) The property is categorised under industrial use.

(4) The use of the land of the property is in compliance with the permitted uses of the government.

(5) Mr. S Tertius, Bachelor’s in civil engineering and Master’s in real estate and Infrastructure, Manager in C&W India Office, 8.7 years of experience in the valuation of properties in India inspected the property on 18 June 2021.

(6) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 241/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-A – Property interests held by the Group for operation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

7. Container Freight The property comprises of a parcel of land As at the Valuation INR771,000,000 Station located at with a site area of approximately 86,296 Date, the property was (INDIAN RUPEES Somathane Village, sq m (21.32 acres) on which an office occupied by the SEVEN HUNDRED Kone-Savla building, a warehouse structure and a Company for container SEVENTY ONE Rasayani Road, security cabin were constructed in 2012. freight station operation MILLION) Panvel Taluka, purpose. Raigad District, A container freight station (CFS) is a (50% interest Navi Mumbai, distribution facility where import and attributable to India – 410 206 export shipments are consolidated and the Group: de-consolidated. CFSs are located near INR385,500,000) ports and major inland distribution cities. The subject property comprises of one warehouse and structures of total built up area of approximately 3,779 sq m while the majority of the land area is occupied by containers only.

The property is situated in land categorised for industrial use where infrastructure is provided. The immediate locality comprises of logistics parks, open container yards and warehouses. Public transport is readily available in the area. Access to the other micro markets is connected by National Highway No 4. The subject property is located 9 km from Panvel Bus Depot and 10 km from Panvel Railway Station. The neighbourhood profile is defined by industrial and residential developments.

The total built up area of the property is approximately 3,779 sq m with the following details as follows:

Planned use BUA (sq m) Office 300 Security Room 48 Pump Room 24 Generator Room 41 Main Shed Building 3,366 Total: 3,779

The property is held in freehold.

Valuation Report No. F21-002129-02 242/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) According to land sale deed agreements received from the company, the land use rights of the property comprising a total site area of 86,296 sq m (21.32 acres) are vested for industrial use to M/S Indev Logistics Pvt. Ltd. (a 50% owned subsidiary of the Company).

(2) According to the approved plan issued by Collector of Raigad Authority on 16 January 2012, the building ownership of the property with a total built up area of 40,672 sq ft (3,779 sq m) vested on M/S Indev Logistics Pvt. Ltd. The age of the property is 9 years.

(3) The property comes under Green Zone 1 and as per the amended provisions of Section 63 of the MTAL act. (under the Maharashtra Act No. 1 of 2016 01/01/2016) used for industrial purpose.

(4) The uses of the land of the property is in compliance with the permitted uses of the government.

(5) Mr. Akshay Kapile, Bachelors in Electronics and Telecommunication Engineering and Master of Business Administration, Assistant Manager in C&W India Office, 2.2 years of experience in the valuation of properties in India inspected the property on 11 June 2021.

(6) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 243/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-A – Property interests held by the Group for operation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

8. An Inland The property comprises of a land parcel with The property is currently INR463,000,000 Container Depot site area of 60,702 sq m on which three occupied by the company (INDIAN RUPEES (Warehouse) warehouse, Admin building, Facility and for warehousing and FOUR HUNDRED located at Survey Service rooms and Security cabin was storage facility uses. SIXTY THREE nos. 169/36, constructed in 2016. MILLION) Dhrub Village, Mundra Taluka, An Inland Container Depot otherwise known (50% interest Pragpar Mundra as ICDs is fundamentally a container storage attributable to Port Highway, facility away from any main port. They are the Group: Adani Ports and usually equipped for handling and temporary INR231,500,000) Special Economic storage of containerized cargo as well as Zone Limited, adhoc materials and empties. Shipping Gujarat, companies use ICDs to store and move India - 370421 containers before and after transporting them to the main port which helps hinterland customers to have accesss to the port services more conveniently and closer to their premises.

The property is situated in Adani Ports and Special Economic Zone and Free Trade Warehousing Zone, Mundra, Gujarat, India. The immediate locality comprises of Warehouses, Logistics and Container Yards. Public transport is readily available in the area. Access to the other micro markets is connected by Mundra Gandhi Dham Highway. The Subject property is located 7 Km away from Mundra Bus Depot and 4 km away from Dhrub Railway Station. The neighbourhood profile is defined by warehouses and vacant land.

The total built up area of the property is approximately 12,917 sq m with details as follows:

BUA Planned use (sq m)

Admin 325 Building Warehouse 1 5,895 Warehouse 2 5,114 Warehouse 3 1,379 Facility and 204 Service room

Total: 12,917

Valuation Report No. F21-002129-02 244/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-A – Property interests held by the Group for operation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

8. (cont’d) The land use rights has been leased to the ------company by Adani Ports and Special Economic Zone limited for warehousing and storage facility use expiring on 27 December 2045.

Notes:

(1) According to Lease Deed document no. 7954 dated 28 December 2015 the land use rights of the property comprising a total site area of 6,53,423 sq ft (equivalent to 60,702 sq m) is granted to M/s Indev Logitics Private limited (a 50% owned subsidiary of the Company) for warehousing and storage facility use. As per the Free Trade Warehousing Zone lease deed, the lessee (Indev Logistics Private Limited) has received a letter of approval from the Development Commissioner for the proposed unit to be set-up by lessee in Free Trade Warehousing Zone SEZ.

The terms of rental payments at the start of the lease was INR 80 per square meter per annum with 20% escalation in every 3 years and INR18 per square meter per annum maintenance chargers on 60,702 sq m. Apart from the regular rentals and maintenance the company has also paid non-refundable initial one-time deposit of INR 202,106,000 towards land acquisition.

(2) As per the Lease Deed, the property (Land) is Notified in Special Economic Zone and Free Trade Warehousing Zone Area.

(3) The use of the land of the property is in compliance with the permitted uses of the government.

(4) Mr. Pulkit Dubey, Bachelor’s in civil engineering, Associate in C&W India office, 3.9 years of experience in the valuation of properties in India inspected the property on 14 June 2021.

(5) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 245/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-B – Property interests held by the Group for owner occupation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Commercial Office The property is a four-storey office As at the Valuation Date, INR161,000,000 located at Survey built on a parcel of land with a site the property is occupied by (INDIAN RUPEES ONE No. 81/41, area of approximately 345.5 sq m. the company for office and HUNDRED SIXTY ONE Thambu Chetty Street, The office building was constructed storage purposes. MILLION) Chennai, in 2005. India – 600 001 (50% interest The property is situated in land attributable to categorised for commercial use where the Group: infrastructure is provided. The INR80,500,000) immediate locality comprises of mixed-use development. Public transport is readily available in the area. Access to other micro markets are through Thambu Chetty street.

The subject property is located 22 km from Chennai International Airport, 4.3km from Chennai Central Railway station and 15 km from Koyambedu Bus Terminus.The neighbourhood profile mostly consists of mixed-use developments. Most of the mixed-use developments in the micro market are occupied by the owners for their office or storage purpose.

The total ground floor area of the property is approximately 1,115.24 sq m.

The property is held in freehold.

Notes:

(1) According to sale document No. 337/2010 approved by Chennai Authority dated 27 July 2010, the land use rights of the property comprising a total site area of 345.5 sq m are vested for commercial use to Indev Logistics Pvt. Ltd. (a 50% owned subsidiary of the Company).

(2) According to the approved plan issued by Chennai Planning Authority on 4 August 1994, the total ground floor area of the subject property is 1,115.24 sq m. The age of the property is 16 years.

(3) The property is categorised under commercial use.

(4) The uses of the land of the property is in compliance with the permitted uses of the government.

(5) Ms. R Akshaya, Bachelor’s in Architecture and Master’s in Planning, Management Trainee in C&W India office, 1 year of experience in Architecture and valuation of properties in India inspected the property on 16 June 2021.

Valuation Report No. F21-002129-02 246/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 247/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-B – Property interests held by the Group for owner occupation in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Office located at The property comprises of double As at the Valuation Date, INR33,000,000 Survey No. 1461 storey office cum godown built on a the property was occupied (INDIAN RUPEES (GLRS No. 360) at land with a site area of approximately by the company for office THIRTY THREE Plot No. 28, V.G.P. 342.8 sq m. The godown cum office and storage purposes. MILLION) Murphy Square, building was constructed in 2003. 2nd Cross Street, (50% interest St. Thomas Mount, The property is situated in a land attributable to Cantonment Area, categorised for commercial use where the Group: Chennai, infrastructure is provided. The INR16,500,000) India - 600 016 immediate locality comprises of mixed-use development. Public transport is readily available in the area. Access to the other micro markets is connected by GST Road.

The subject property is located 4.6 km from Chennai International Airport, 17km from Chennai Central Railway station and 10 km from Koyambedu Bus Terminus.The neighbourhood profile mostly consists of mixed-use developments and cantonment area. Most of the mixed-use developments in the micro market are occupied by the owners for their office or storage purpose.

The total gross floor area of the property is approximately 171.4 sq m.

The property is held in freehold.

Notes:

(1) According to sale document No. 1178/2002 approved by Chennai Authority dated 26 July 2002 the land use rights of the property comprising a total site area of 342.8 sq m are vested for commercial use to Indev Logistics Pvt. Ltd. (a 50% owned subsidiary of the Company).

(2) According to the approved plan issued by Chennai Planning Authority on 14 February 2003, the total Gross Floor area of the subject property is 171.4 sq m. The age of the property is 18 years.

(3) The property is categorised under commercial use.

(4) The uses of the land of the property is in compliance with the permitted uses of the government.

(5) Ms. R Akshaya, Bachelor’s in Architecture and Master’s in planning, Management Trainee in C&W India office, 1 year of experience in Architecture and valuation of properties in India inspected the property on 16 June 2021.

Valuation Report No. F21-002129-02 248/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(6) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 249/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XI-C – Property interest held by the Group for future development in India

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Plot nos. 17 and 18, The property comprises of a parcel of As at the Valuation Date, INR82,000,000 Ammavaripalli, land with total area of 6.01 acres the property was at (INDIAN RUPEES Industrial Park, (24,316 sq m) located in excavation stage. EIGHTY TWO Penukonda, Ammavaripalli Industrial Park with the MILLION) Anantapur, total future leasable area of Andhra Pradesh, warehouse with approximately 9,290 (50% interest India - 515164 sq m. attributable to the Group: The property is situated in an existing INR41,000,000) industrial park where infrastructure is provided. The property is surrounded by the major warehouse developments and has good connectivity to other cities through Bangalore – Hyderabad National Highway.

The property is accessible through (proposed) Industrial Park road which connects to Hyderabad to Bangalore National Highway (NH44). The subject property is located at a distance of 4 km from KIA(Ammavaripalli) manufacturing plant, 10km from Penukoda bus terminus and 66 km from Anantapur city.

Property is part of Ammavaripalli Industrial Park and all surroundings areas are Industrial developments including warehouses.

The property is held in freehold.

Notes:

(1) According to the sales agreement (Document No: Lr.No.M(AM)/IP-Ammavaripalli /KILPL/P.No. 17and18 /2019) dated 3 August 2019, the land is purchased from Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC) use rights of the property comprising a total site area of 24,316 sq m and the property is vested to Kerry Indev Logistics Pvt Ltd (a 50% owned subsidiary of the Company) for industrial use.

(2) The property is zoned for industrial use.

(3) The uses of the land of the property is in compliance with the permitted uses of the government.

(4) Mr. Chakrapani G, MBA, Manager of C&W India office, 2 years of experience in the valuation of properties in India, inspected the property on 11 June 2021.

Valuation Report No. F21-002129-02 250/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(5) We have prepared our valuation on the following assumptions:-

(a) Indev Logistics Pvt. Ltd. is in possession of a proper legal title to the property and is entitled to transfer the property at no extra land premium or other onerous payment payable to the government;

(b) all land premium, costs of public utilities, ancillary infrastructure fees and compensation for resettlement of any original residents to make way for the development have been fully settled;

(c) the design and construction of the proposed development are in compliance with the local planning regulations and have been approved by the relevant authorities; and

(d) the property may be disposed of freely to the purchasers at nil encumbrances.

Valuation Report No. F21-002129-02 251/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XII - Property interest held by the Group for operation in Uzbekistan

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. House 47, The property consists mainly of two one- As at the valuation date, USD550,000 Abdulla storey buildings: one office building the property is occupied (UNITED STATES Kakhhora Street, (Liter B) and the other - a production by the company for DOLLARS FIVE Tashkent, workshop (warehouse) (Liter A). The operation. HUNDRED FIFTY Yakkasaray year of construction is in about 2000. THOUSAND) District, Republic of There is a security building (Liter V) and (51% interest Uzbekistan a shed at the warehouse (Liter A-1), attributable to which are not registered and without the Group: documents but indicated in the technical USD280,500) passport. The territory is fenced and there are containers on it.

The property is located on a land plot with a total area of 0.2926 hectares. (equal to 2,926 sq m).

The property has a gross floor area of 1,288 sq m with details as follows:

Type of property GFA (sq m)

Office 284 Production workshop 1,004 Total: 1,288

The undocumented property has a gross floor area of 134 sq m with details as follows:

Type of property GFA (sq m)

Security building 12 Shed 122 Total: 134

Valuation Report No. F21-002129-02 252/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XII - Property interest held by the Group for operation in Uzbekistan

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. (cont’d) The property is located in the city center, ------with developed infrastructure. In the immediate vicinity there are administrative buildings, the Embassy of the Republic of Tajikistan, Hotel Empire, the Grand Tashkent Hotel, the GOVD polyclinic. Public transport is easily accessible in the area.

The land is held on the right of permanent use.

Notes:

(1) According to the Certificate of registration of rights to a land plot No. O'Y 213827 dated 24 September 2010 issued by the Tashkent city administration of land resources and the state cadastre, the land plot (cadastral number No. 10050202020004) with a total area of 2,926 sq m, belongs to JV LLC ‘CHERAT Co LTD’ (100% subsidiary of the Company) on the right of permanent use. The certificate was issued on the basis of the Decision of the Khakim No. 126 dated 1 May 1996.

(2) According to the Certificate of Registration of Rights to Buildings and Structures No. TA 1054143 dated 24 September 2010 issued by the Tashkent City Administration of Land Resources and State Cadastre, two buildings (register No. 5-320 / 2010) with a total area of 1,288 sq m, belongs to JV LLC ‘CHERAT Co LTD’ on the right of ownership. The certificate was issued on the basis of the Decision of Hakim No. 694 dated 20 August 2004.

(3) The property is zoned for office building and production workshop.

(4) According to the Certificate of state registration of a legal entity No. 002698 dated 22 November 2006 (register No. 002698-11), issued by the Ministry of Justice of the Republic of Uzbekistan, the Company can carry out unscheduled loading and unloading and forwarding operations and services to the population.

(5) The company has a Certificate of Conformity No. 010619 dated 25 December 2018, registered in the State Register UZ.AMT.06.MAI.303.013069 for freight forwarding services.

(6) According to the technical passport of 2010 and a visual inspection, structures were built on the territory of the land plot - security (Liter V) and a shed (Liter A-1). However, in the technical passport, these structures are indicated with all parameters as built, but indicated as - without documents.

(7) Semyon Yurchenko, MRICS, Associate Director of C&W Kazakhstan office, 14 years of experience in the valuation of properties in global wide, inspected the property on 8 June 2021.

Valuation Report No. F21-002129-02 253/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XIII – Property interests held by the Group for operation in the United Arab Emirates

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Plot FB-67, The property comprises a single- As at the Valuation N/A Dubai Logistics City, storey industrial warehouse with Date, the property was (See Note (3)) Dubai, supporting administration offices occupied by the Group UAE constructed over the ground plus a for operation as a mezzanine completed in 2014. logistics centre. There is also the benefit of a services outbuilding constructed over the ground floor only.

The property stands on a single parcel of land of a total site area of approximately 10,000.00 sq m. The property has a built up area of 5,805 sq m.

Type of property BUA (sq m)

Warehouse 4,799 Loading Dock 521 Administration Offices 400 Services Outbuilding 85 Total: 5,805

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities.

The land is hold under a Lease and Development Agreement expiring on 14 May 2036.

Notes:

(1) The property is held leasehold under a Lease and Development Agreement by E-Freight International LLC (‘tenant’) from Dubai Aviation City Corporation (‘owner’) for a period of 25 years from 15 May 2011 to 14 May 2036 at a rent of AED 398,565 per annum which can be reviewed by the owner every five years. The property totals 10,000.00 sq m (a 100% owned subsidiary of the Company).

(2) The permitted use of the property is as per the tenant’s DWC Free Zone Licence. The Free Zone Licence (Number 3169) held by Kerry Logistics Middle East LLC (Branch) allows for activities of general warehousing, air cargo services, sea cargo services, sea shipping lines agents, customs broker and cargo packaging.

Valuation Report No. F21-002129-02 254/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) The leasehold interest is currently not freely transferable. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property in existing status as at 30 June 2021 was AED10,620,000 (ARAB EMIRATES DIRHAMS TEN MILLION SIX HUNDRED TWENTY THOUSAND) (74% interest attributable to the Group: AED7,858,800).

(4) Richard Rayner MRICS, 7 years of experience in the valuation of properties in the UAE, inspected the property on 14 June 2021.

(5) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) The property has an unregistered lease for a period of 25 years and the tenant is given the right to build and construct on the leased property which legally should be considered as a musataha and requires registration in the Real Estate Register with DLD but in practice, Dubai Aviation City Corporation does not register such leases with the DLD.

(b) E-Freight International LLC cannot assign or transfer these leases through the DLD because they are not registered in the Real Estate Register.

(c) Following the expiry of the lease term, the land and all of the structures and buildings constructed thereon shall be returned to the landlord pursuant to the term of the lease.

Valuation Report No. F21-002129-02 255/263

Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XIII - Property interests held by the Group for operation in the United Arab Emirates

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

2. Plot FB-68, The property comprises an As at the Valuation N/A Dubai Logistics City, industrial warehouse over ground Date, the property was (See Note (3)) Dubai, and mezzanine floor and supporting occupied by the Group UAE administration offices over for operation as a basement, ground and two logistics centre. mezzanines completed in 2019. There is also the benefit of external services buildings including two guardrooms, an LV room and an electrical sub-station constructed over the ground floor only.

The property stands on a single parcel of land of a total site area of approximately 10,000.00 sq m. The property has a built up area of 5,887 sq m as follows:

Type of property BUA (sq m)

Warehouse 5,052 Administration Offices 505 Services 238 Services Outbuildings 92 Total: 5,887

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities.

The land is hold under a Lease and Development Agreement expiring on 29 June 2040.

Notes:

(1) The property is held leasehold under a Lease and Development Agreement by E-Freight International LLC (Branch) (‘tenant’) from Dubai Aviation City Corporation (‘owner’) for a period of 25 years from 30 June 2015 to 29 June 2040 at a rent of AED 372,000 per annum which can be reviewed by the owner every five years. The property totals 10,000 sq m (a 100% owned subsidiary of the Company).

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(2) The permitted use of the property is as per the tenant’s DWC Free Zone Licence. The Free Zone Licence (Number 3169) held by Kerry Logistics Middle East LLC (Branch) allows for activities of general warehousing, air cargo services, sea cargo services, sea shipping lines agents, customs broker and cargo packaging.

(3) The leasehold interest is currently not freely transferable. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property in existing status as at 30 June 2021 was AED12,990,000 (ARAB EMIRATES DIRHAMS TWELVE MILLION NINE HUNDRED NINETY THOUSAND) (74% interest attributable to the Group: AED9,612,600).

(4) Richard Rayner MRICS, 7 years of experience in the valuation of properties in the UAE inspected the property on 14 June 2021.

(5) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) The land has an unregistered lease for a period of 25 years and the tenant is given the right to build and construct on the leased property which legally should be considered as a musataha and requires registration in the Real Estate Register with DLD but in practice, Dubai Aviation City Corporation does not register such leases with the DLD.

(b) E-Freight International LLC cannot assign or transfer these leases through the DLD because they are not registered in the Real Estate Register.

(c) Following the expiry of the lease term, the land and all of the structures and buildings constructed thereon shall be returned to the landlord pursuant to the term of the lease.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XIII - Property interests held by the Group for operation in the United Arab Emirates

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

3. Building S604, The property comprises two As at the Valuation N/A Plot S60408, adjoining single-storey industrial Date, the property was (See Note (3)) Jebel Ali Free Zone, warehouses and supporting occupied by the Group Dubai, administration offices constructed for operation as a UAE over the ground floor plus a logistics centre. mezzanine completed in 2008.

The property stands on a single parcel of land with a total site area of approximately 10,330.00 sq m. The property has a built up area of 6,461 sq m as follows:

Type of property BUA (sq m)

Warehouse 5,419 Loading Dock 517 Administration Office 525 Total: 6,461

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities.

The land is hold under a Lease Agreement expiring on 4 September 2029.

Notes:

(1) The property is held leasehold under a Lease Agreement by Kerry Logistics Middle East LLC (‘tenant’) from Jebel Ali Free Zone FZE (‘lessor’) for a period of 10 years from 5 September 2019 to 4 September 2029 at a rent of AED 516,500 per annum which can be reviewed by the lessor every five years. The property totals 10,330.00 sq m (a 100% owned subsidiary of the Company).

(2) The property is zoned for industrial use as per the Trakhees Affection Plan.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

(3) The leasehold interest is currently not freely transferable. Therefore, market value is not applicable in the valuation.

For the Group’s management reference, however, we have conducted an assessment on a non-market value basis known as investment value which, according to the International Valuation Standards, which the HKIS Valuation Standards follow, is defined as “the value of an asset to the owner or a prospective owner for individual investment or operational objectives”. Investment value is an entity-specific basis of value which reflects the benefits received by an entity from holding the asset and, therefore, does not necessarily involve a hypothetical exchange. It must be emphasized that investment value is not market value.

Having regard to the above, the investment value of the property in existing status as at 30 June 2021 was AED9,040,000 (ARAB EMIRATES DIRHAMS NINE MILLION FORTY THOUSAND) (74% interest attributable to the Group: AED6,689,600).

(4) Richard Rayner MRICS, 7 years of experience in the valuation of properties in the UAE, inspected the property on 14 June 2021.

(5) We have been provided with a legal opinion on the property prepared by the Company’s legal adviser, which contains, inter alia, the following information:

(a) The land has an unregistered lease for a period of 10 years and the tenant is given the right to build and construct on the leased property which legally should be considered as a musataha and requires registration in the Real Estate Register with DLD but in practice, JAFZA policy does not allow registration of such leases with the DLD.

(b) E-Freight International LLC cannot assign or transfer these leases through the DLD because they are not registered in the Real Estate Register.

(c) Following the expiry of the lease term, the land and all of the structures and buildings constructed thereon shall be returned to the landlord pursuant to the term of the lease.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XIV – Property interest held by the Group for operation in Sweden

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Viran 7, The property comprises mainly one As at the Valuation SEK124,000,000 Segloravägen 26, warehouse/logistics building Date, the property was (SVENSK KRONA ONE 504 64 Borås, erected in 2005, with a connected occupied by the Group HUNDRED TWENTY Sweden office addition made in between for operation. FOUR MILLION) 2010 and 2011, and a connected warehouse addition in between (100% interest 2013 and 2014, including low bay attributable to premises with its own loading the Group: docks. An additional mezzanine SEK124,000,000) floor was erected in part of the warehouse area in between 2014 and 2015.

The property stands on a parcel of land with a total site area of approximately 22,047 sq m. The property has a gross floor area of 12,759 sq m with details as follows:

Type of GFA property (sq m)

Warehouse 7,894 Mezzanine/ 3,851 low bay warehouse Office 1,014 Total: 12,759

There are approximately 67 parking spots (inclusive of two charging stations).

The property is situated in an existing industrial area where infrastructure is provided. Surroundings mainly comprise logistics and warehouse facilities and is considered a prime location for the property type. Public transport is available via bus (15 min to Borås city centre). The area is located along Road 40, one of the main logistics routes in Sweden.

The property is held in freehold.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

Notes:

(1) According to the land registry details, The property is a freehold owned by Kerry Logistics (Sweden) AB (reg. no. 556308-6288) (a wholy owned subsidiary of the Company).

(2) Property regulations are detailed in a city plan (Stadsplan: Viared – 1583K-P676), which was brought into law on 3 June 1977. The city plan stipulates industrial use. For the property, a total of 70 % of´the site area can be built on and the maximum building height allowed is 12 m. The time for implementation has passed but the plan remains valid until such a time as a new zoning plan is developed. No such zoning plan is currently expected and would furthermore be unlikely to impact the value of the property. The current use is in accordance with the prevailing zoning plan.

(3) The property is burdened by 6 easements regarding water pipes, drainage pipes and telecommunications cables. This is considered normal and the easements are not considered to impact the value of the property.

(4) Peter W-O Berglin, MRICS, Head of Valuation & Strategic Advisory at C&W Gothenburg office, 8 years of experience in the valuation of properties in Sweden, inspected the property on 17 June 2021.

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Kerry Logistics Network Limited Valuation Date Portfolio Valuation 30 June 2021

VALUATION REPORT

Group XV – Property interest held by the Group for operation in Netherlands

Market value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2021

1. Diamantlaan 4,4A, 4B, The property comprises a plot of As at the Valuation EUR3,900,000 4C and Smaragdlaan land on which a business premises Date, approximately (EURO THREE 16, 16A, 16B, is situated. The building consists of 77% of the GFA was MILLION NINE Hoofddorp, warehouse and office space, as used by Kerry Logistics HUNDRED Haarlemmermeer, well as low bay storage. The and is considered as THOUSAND) Netherlands property features sufficient on-site owner-occupied. The parking as well. The property is rest of the space, (100% interest mostly in use by an consisting of attributable to affiliate/subsidiary of the landlord Diamantlaan 4 office the Group: and partly let/vacant to third parties. space was let to third EUR3,900,000) The year of construction is parties. 165 sq m office approximately 1992 (Based on space was vacant. Bagviewer).

The property is located at business park De President in Hoofddorp and is held in freehold.

The property stands on a parcel of of land of a total site area of approximately 4,535 sq m. The property has a gross floor area of 4,048 sq m and total leasable floor area (“LFA”) of 3,907 sq m with details as follows:-

Type of LFA property (sq m)

Office 1,524 Warehouse 2,043 high Storage 340 Total: 3,907

The property is situated in an existing industrial area where infrastructure is provided. The immediate locality generally comprises low rise industrial facilities. Public transport is readily available in the area.

The property is held in freehold.

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Notes:

(1) According to the land registry details plot Haarlemmermeer AL 927 is being held in freehold by Kerry Adco Logistics B.V. (a wholy-owned subsidiary of the Company) and was transferred on 22 December 2020 with title deed Hyp4 80099/8.

(2) The plots with zoning ‘Business purposes’ are designated, among others, for the use of: - businesses up to category 4.1; - offices; - (social) services;

The maximum plot ratio is 60% and the maximum building height is 12 meters.

The current use is in accordance with the prevailing zoning plan.

(3) Sander Hoeke MSc MRE MRICS RT, Partner of C&W Netherlands office, 11 years of experience in the valuation of properties in Netherlands, inspected the property on 3 June 2021.

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