CLP Holdings 2020 Interim Results Analyst Briefing

3 August 2020 Disclaimer

Potential investors, analysts and shareholders of CLP Holdings Limited (the Company) and other recipients of this document are reminded that this document and any oral discussion made together with this document (the presentation) are provided for your information purposes only and you may not forward, publish, distribute, release or disseminate any part of the presentation directly or indirectly to any other person. It is important to note that the contents of the presentation have not been audited or independently verified. Maps included in the presentation are indicative only. They are provided for the purpose of showing the approximate location of the Company's assets, and do not purport to show the official political borders between different countries. Some comments, including comments relating to future events and our expectations about the performance of CLP's business, are based on a number of factors that we cannot accurately predict or control. We do not make, and expressly disclaim, any representations and warranties in respect of any matters contained in the presentation. We cannot provide any assurance that the information contained in the presentation is or will be accurate or complete and so they should not be relied on. We assume no liability whatsoever for any loss howsoever arising from use of, or in connection with, any of the information and data contained in this presentation. From time to time as circumstances change we may update our website at www.clpgroup.com and will update the Hong Kong Stock Exchange when relevant to comply with our continuous disclosure obligations. This presentation is not, and is not intended to be, for publication, distribution, release or dissemination, directly or indirectly, in or into any other jurisdiction which to do so would be restricted, unlawful or a breach of a legal or regulatory requirement. This presentation does not constitute a public offer for the purposes of any applicable law or an offer to sell or solicitation of any offer to purchase any securities or other financial instruments or any recommendation in respect of such securities or instruments. By attending or reading this presentation, you will be deemed to have agreed to the terms, obligations and restrictions set out herein.

2 Agenda

Performance Overview

Group Financial Performance

Performance by Business Units

Business Trends and Outlook

Questions and Answers

Appendices

3 Performance Overview

CLP donated 100,000 masks to underprivileged families through around 230 secondary schools as they prepared to resume class Business performance broadly in line with last year

Focus on business resilience, caring for our people and supporting communities

• High level of service and reliability while progressing infrastructure developments

• Stable earnings from diversified portfolio

• Lower demand and margins impacted by price regulation, generation marginally higher

• Business level underlying earnings (ACOI) broadly in line with last year

• Operating Earnings up 12% including non-cash fair value change

• Cautious outlook with focus on

✓ Operational resilience ✓ Cash flow

✓ Energy transition and meeting governments’ energy policy objectives

5 Higher earnings on fair value recognition, dividend maintained

Operating Earnings Operating Earnings Per Share HK$6,129m +12% HK$2.43 +12%

Second Interim Dividend First Interim Dividend HK$0.63 steady HK$0.63 steady

Total Earnings Total Earnings Per Share HK$6,010m N/A HK$2.38 N/A 1H2019 included the impairment of goodwill for EA

Credit Ratings Capital Investment (1) and Leverage S&P Moody’s SoC Capex HK$4.7bn CLP Holdings A A2 Other Capex HK$1.1bn CLP Power A+ A1 Net debt to total capital 28.7% CAPCO AA- A1 (1) On cash basis EnergyAustralia (EA) BBB+ -

6 Operating performance

Safety Reliability in Hong Kong (1) Average minutes lost pa (rolling 3 years) Total recordable injury rate Excluding Typhoon Mangkhut 1.26 -0.09 0.26 -0.08 Including Typhoon Mangkhut 10.03 -0.09

Customer Accounts Electricity Sales

Hong Kong 2.650m +27k Hong Kong (local sales) 15.7 TWh -1.2% Australia 2.434m -66k Australia 9.0 TWh -3.8%

Generation Performance Generation Capacity (2)

Electricity sent out (2) In operation 23.5 GW +0.3 41.4 TWh -1.5% Non-carbon Emitting (3) 6.0 GW +0.2 In construction 0.6 GW -0.2

(1) Unplanned customer minutes lost - average of the past 36 months (2) Equity basis as well as long-term capacity and energy purchase arrangements (3) Non-carbon emitting includes wind, hydro, solar and nuclear 7 Group Financial Performance

Black Point Power Station, Hong Kong Mitigated impact on earnings from COVID-19

HK$M 1H2020 1H2019 Change Revenue 38,701 43,838 12%

Operating Earnings Hong Kong electricity and related activities 3,853 3,689 4% Local electricity business 3,751 3,587 PSDC and Hong Kong Branch Line 102 102 Outside Hong Kong 2,738 2,258 21% Mainland China 1,253 1,174 India 108 120 Southeast Asia and Taiwan 183 140 Australia 1,194 824 Other earnings and unallocated items (462) (473) Operating Earnings 6,129 5,474 12% Items affecting comparability (1) (119) (6,381) Total Earnings 6,010 (907)

(1) Item affecting comparability in 1H2020 represented revaluation loss on investment property. 1H2019 represented the impairment of retail goodwill for EnergyAustralia. For details please refer to page 27 9 Reconciliation of Operating Earnings to ACOI

Adjusted Current Operating Income or ACOI HK$M 1H2020 1H2019 Change • ACOI equals EBIT excluding items affecting comparability and fair value adjustments, and Operating Earnings 6,129 5,474 12% includes the Group’s share in net earnings from (Attributable to CLP) joint ventures and associates Exclude: Fair value adjustments • Predominantly favourable mark-to-market Fair value 397 (660) movements of energy derivative contracts in adjustments EnergyAustralia mainly due to a significant reduction in forward energy prices Net finance costs (1) (880) (996) Net finance costs (1)

Income tax expense (1,576) (1,320) • Decrease in finance cost mainly attributable to reduced amount of perpetual capital securities Non-controlling and lower average rates (434) (414) interests Income tax expense • In line with higher operating profits ACOI 8,622 8,864 3% Non-controlling interests • CSG’s 30% share of CAPCO (1) Included the distribution to perpetual capital securities holders • CDPQ’s 40% share of CLP India

10 ACOI broadly in line with last year HK$M 1H2020 1H2019

Hong Kong electricity and related activities 5,603 5,393 Dependable performance, on track to deliver ~50% gas-fired generation in 2020 Mainland China 1,533 1,481 Diversified portfolio delivers reliable earnings India 499 539 Reliable asset performance, contribution from new transmission & solar assets Southeast Asia and Taiwan 183 140 Lower coal costs and higher generation at Ho-Ping

Australia 1,284 1,748 Earnings impacted by regulatory changes and margin pressures Other earnings and unallocated items (480) (437) Higher innovation and corporate costs

Total 8,622 8,864 3% decrease (or essentially flat after normalised for FX)

HK$m 10,000 8,864 79 8,642 215 42 8,622 Essentially flat on like-for-like (6) 8,000 (222) (326) (24) basis after adjusting for FX

6,000 Australia SEA & Taiwan 4,000 India Mainland China 2,000 Hong Kong Other earnings & unallocated items -0 1H2019 FX Normalised Hong Kong Mainland India SEA and Australia Unallocated 1H2020 1H2019 China Taiwan and others (2,000)

11 Performance by Business Units

Laiwu III Wind Farm, Shandong, Mainland China Dependable performance, on track to deliver ~50% gas-fired generation in 2020 HK$m 8,000 Hong Kong ACOI 210 5,603 Increase on 6,000 5,393 5,388 5 +4% like-for-like basis after adjusting for FX (5) 4,000

2,000

0 1H2019 FX Normalised Return on higher Others 1H2020 1H2019 fixed assets Operational Performance

High supply reliability >99.999% (1) Higher earnings predominantly reflecting Continue the journey to decarbonisation and investment in fixed assets lower emissions to meet Government’s Local sales down 1.2% with higher sales to energy policy objectives residential and lower sales to other sectors Capex incurred in 1H2020 (accrual basis) • T&D capex HK$1.9 bn Progress investments in major projects under Made significant progress in decarbonisation • Generation capex HK$2.3 bn the 5-year Development Plan for 2018-2023 and on track to contribute ~50% gas-fired generation in 2020 Pursue renewable energy and energy efficiency & conservation initiatives Development of CCGT units continuing. Offshore LNG terminal construction commenced Maintain highly reliable and secure power supply, while supporting our customers, Energy-from-waste project commissioned communities and employees Over 576,000 smart meters installed by end- June and a total of around 126MW applications for Feed-in Tariff approved

13 (1) Supply reliability based on average unplanned customer minutes lost per year Diversified portfolio delivers reliable earnings HK$m 2,000 Mainland China ACOI 86 Increase on 1,600 28 1,533 +5% like-for-like 1,481 1,454 basis after (14) 538 adjusting for FX 1,200 (27) (21)

800 870 Renewables 400 Nuclear Thermal 211 Others 0 (86) 1H2019 FX Normalised Nuclear Renewables Thermal Others 1H2020 (400) 1H2019 Operational Performance

Nuclear Nuclear Monitor the evolution of market • Daya Bay: Steady output • Contributed over half of Mainland China earnings regulations. Market competition anticipated • Yangjiang: Higher generation with Unit 6 in • Stable earnings from Daya Bay to continue with higher pressure on prices operation, partially offset by lower Q1 • Despite higher generation from Yangjiang CLP demand earnings were lower primarily due to lower VAT Continue to look for value-adding refunds and higher spent fuel levy renewable energy opportunities and further Renewables increase contribution from non-carbon • Solid underlying performance from Renewables generation diversified portfolio • Higher earnings mainly from CLP Laizhou II Wind • Laiwu III Wind connected to grid in June commissioned in June 2019 Continue to explore opportunities with • Continuing delay in payment of renewable strategic partners in smart energy Thermal national subsidies impacted cash flow businesses with focus in Greater Bay Area • Reliable operation, higher demand at Fangchenggang (FCG) offset by lower sent- Thermal out from other assets • Higher earnings mainly reflects higher sent-out and lower coal cost at FCG New opportunities • FCG Incremental Distribution Network commenced supply to customers in April 14 Reliable asset performance, contribution from new transmission and solar assets HK$m India ACOI 600 539 13 Decrease on 505 9 17 499 -1% like-for-like basis after 500 adjusting for FX (34) (45) 288 400

300

200 13 Renewables Transmission 100 198 Thermal 0 1H2019 FX Normalised Renewables Thermal Transmission Others 1H2020 1H2019 Operational Performance

Renewables Renewables Continue to pursue investments in non- carbon • Lower wind generation due to lower wind • Acquisition of two new solar projects offset assets under new partnership resources by lower wind generation Sidhpur wind project PPA signed in July • Solar generation in line with previous year • Improved collection of receivables, balance outstanding now HK$609m progress to construction and two new solar projects added Undertake major outage at Jhajjar. Lower Thermal capacity tariff to apply for full second half Thermal • Lower costs at Paguthan and Jhajjar, • Jhajjar: High availability of 98% over 1H20 partially offset by lower capacity revenue at Actively pursue overdue receivables for and availability of 91% for Apr 19 - Mar 20 Jhajjar renewable generation amid weakening • Deferral of planned annual overhaul of financial health of distribution companies Jhajjar to 4Q2020 due to COVID-19 Transmission • No operation at Paguthan plant • Full 6 months’ contribution from first asset

Transmission Others • Interest received on delayed payment from • Reliable operation with high availability renewable debtors in 2019

15 Lower coal costs and higher generation at Ho-Ping HK$m Southeast Asia and Taiwan ACOI 250 76

200 183 +30% Increase on like-for-like 141 33 basis after 150 140 1 (29) adjusting for FX

100 (5) Renewables 172 Thermal 50 Others

0 (22) (50) 1H2019 FX Normalised Renewables Thermal Opex & 1H2020 1H2019 Devex

Operational Performance

Renewables - Lopburi Renewables - Lopburi Explore renewable energy opportunities in • Good performance and utilisation • Lower earnings due to expiry of tax the region exemption Thermal - Ho-Ping • Good plant availability and high usage Thermal - Ho-Ping • Higher earnings reflecting higher generation and margin expansion as coal costs declined in 2020

Opex & Devex • Higher expenses due to partial recovery of development expenditure in 2019

16 Earnings impacted by regulatory changes and margin pressures HK$m Australia ACOI 2,500 Customer (303) 2,000 1,748 Enterprise 1,610 -20% Decrease on 1,500 210 1,284 (751) like-for-like (138) Energy basis after 2,338 adjusting for FX (5) 1,000 (531) 500

-0 1H2019 FX Normalised Customer Energy Enterprise 1H2020 (500) 1H2019 Customer Business

• Supported residential and small business • Effective management of Energy portfolio Customer customers through the Australian during volatility from bushfires, weather • Emphasis on service excellence and customer bushfires and COVID-19 including through and COVID-19. Aggregate generation support, amidst COVID-19 restrictions offering assistance to those in financial marginally higher and units available at • Bad and doubtful debts arising from COVID- distress critical times 19 customer hardship will impact through • Retail electricity price caps imposed from • Higher generation at Mt Piper in 2Q2020 2H20 and 2021 1 July 2019 reduced margins compared to coal constraints in 2019 • Continued focus on uplifting compliance, • Higher energy procurement costs reduced • Preparations for major outage of Yallourn reducing costs and making it easy and margins compared with 2019 unit 1 during 2H, including provisions for effortless for our customers COVID-19 safe working conditions Energy • Customer account numbers declined 3% with strong competition in early 2020 • Progress made on flexible generation and • Focus on asset availability, including major storage options including proposed 250MW maintenance projects at Yallourn and Mt • Demand declined by 3.8% including the Kidston Pumped Hydro facility and peaking Piper in 2H impact of community-wide restrictions to gas fired generation at Tallawarra • Forward market prices declined significantly contain COVID-19 spread in 1H20, impacts likely through 2H20 & 2021 • Gas margin to tighten as gas supply contracts mature 17 Cash flow lower, modest increase in debt

Cash Flow Capital Investments Dividends paid

Cash from divestment HK$b HK$bn SoC Maintenance HK$bn Free Cash Flow Growth Others 10 10 10 Acquisitions

8 8 8 6.9 -9% 6.3 5.8 5.8 0.1 6 1.4 6 0.2 6 0.7 0.1 0.3 0.2 0.5 0.5 4 4 4 4.6 4.6 6.3 5.4 4.7 2 2 4.3 2

0 0 0 1H2019 1H2020 1H2019 1H2020 1H2019 1H2020 Net Debt Highlights of financing activities Credit Ratings S&P Moody’s Net Debt/Total Capital HK$bn A A2 60 60% CLP Holdings • CAPCO issued a USD350m Energy Transition Stable Stable 50 +10% 50% Bond with a coupon of 2.2% under the 48.3 Climate Action Finance Framework (CAFF) Thousands CLP Power A+ A1 40 44.0 40% and Medium Term Note (MTN) Programme Stable Stable to partly finance the construction of an Hong Kong 30 30% offshore LNG receiving terminal project 28.7% AA- A1 20 26.7% 20% • CLP Power Hong Kong Financing issued CAPCO Stable Stable US$750m 2.125% Notes due 2030 and 10 10% US$250m 2.500% Notes due 2035 under the MTN Programme BBB+ - 0 0% EnergyAustralia Stable 31 Dec 2019 30 Jun 2020 Details on Page 32 18 Business Trends and Outlook

EnergyAustralia’s new marketing campaign Decarbonisation journey continues to progress

First new CCGT gas-fired unit at Black Point on-line, Offshore LNG terminal commenced construction second under development with EPC contract awarded

Laiwu III (50MW) wind project in Installation of solar panels by Proposed pumped hydro site Shandong, Mainland China, CLPe Solutions at Hong Kong at Kidston, Queensland, 20 connected to the grid Air Cargo Terminal Limited Australia Enhance customer experience and operational excellence through digitalisation

Launched revamped CLP mobile app/web with customer-centric features to enhance customer e-journey

CLP e-Services available anytime and anywhere

Installing smart meters progressively since late 2018 to provide customers with a range of digitalised services

Leverage data analytics to understand customer behaviour so as to enhance customer experience with customised products and services

$ Demand Response programmes for residential and business customers implemented in Hong Kong and Australia of around 90MW & 50MW respectively

21 Focus • Delivery • Growth Hong Kong Deliver clean energy infrastructure and enhance customer experience

Mainland China Australia Explore Focus on opportunities in customer Greater Bay Area service, Climate Vision 2050 efficiency and Work towards our asset reliability decarbonisation goals

Utility of the Future Implement innovation initiatives SEA and India Taiwan Investments along the Business optimisation energy supply chain

22 Questions and Answers

CLP Laizhou II Wind Farm, Shandong, China Battery Storage Systems at Ballarat and Gannawarra, Victoria, Australia Tornado Solar Farm, Maharashtra, India (clockwise from top left) Appendices

Installation of solar panels by CLPe Solutions at Hong Kong Air Cargo Terminal Limited CLP Group – Financial Highlights – Additional Information Financial Information 1H2020 1H2019 Change Operating earnings (HK$M) 6,129 5,474 +12% Total earnings (HK$M) 6,010 (907) N/A

Operating earnings per share (HK$) 2.43 2.17 +12% Total earnings per share (HK$) 2.38 (0.36) N/A

Dividends per share (HK$) First interim dividend 0.63 0.63 - Second interim dividend 0.63 0.63 - Total interim dividends 1.26 1.26 -

Capex (HK$M) - Cash basis SoC Capex 4,722 4,260 +11% Other Capex 1,047 1,514 -31% 30 Jun 2020 31 Dec 2019 Leverage Net Debt (HK$M) 48,265 44,023 +10% Net Debt/Total Capital (%) 28.7% 26.7% +2%

25 CLP Group – Operating Highlights – Additional Information Operating Information 1H2020 1H2019 Change

Safety (Total Recordable Injury Rate) 0.26 0.34 -0.08 Electricity sent out (TWh) (1) 41.4 42.1 -1.5% Generation Capacity (GW) (1) Total in Operation 23.5 23.2 +0.3 Non-Carbon Emitting (2) 6.0 5.7 +0.2

Committed / Under Construction 0.6 0.8 -0.2

Customer Accounts (Thousand) Hong Kong 2,650 2,623 +27 Australia 2,434 2,500 -66 Hong Kong local electricity sales (TWh) 15.7 15.9 -0.2

Reliability in Hong Kong (minutes lost pa) (3) Excluding Typhoon Mangkhut 1.26 1.35 -0.09 Including Typhoon Mangkhut 10.03 10.12 -0.09

(1) Equity basis as well as long-term capacity and energy purchase arrangements (2) Non-carbon emitting includes wind, hydro, solar and nuclear (3) Unplanned customer minutes lost - average of the past 36 months 26 Items affecting comparability HK$M 1H2020 1H2019

Hong Kong Revaluation loss on investment property (119) -

Australia Impairment on retail goodwill (1) - (6,381) Items affecting comparability (119) (6,381)

Hong Kong Revaluation loss on investment property in 1H2020 • Relates to the retail portion of the Laguna Mall in Hong Kong

Australia Impairment of retail goodwill in 1H2019 • During the first half of 2019, the Default Market Offer and Victorian Default Offer were announced in Australia. These retail tariffs applied to customers on “standing offer tariffs” which resulted in a reduction in tariffs for these customers from 1 July 2019. In parallel, EnergyAustralia promoted new simple, lower cost energy plans to existing customers on market offers • These changes resulted in a decrease in earnings in EnergyAustralia’s Retail segment which will likely sustain into the future. Taking into account the potential impacts on retail earnings, an impairment of HK$6,381 million was recognised

(1) For more information on the impairment Scan or Click 27 CLP Group – Reconciliation of Operating Earnings and ACOI

Hong Kong Other earnings & HK$M electricity and Mainland China India SEA & Taiwan Australia Group total unallocated items related 2020 Interim results (as per Segment Operating Earnings 3,639 1,355 108 183 1,194 (350) 6,129 Information in Annual Report) Reallocation of PSDC & HK Branch Line 102 (102) - - - - - Reallocation of Other earnings 112 - - - - (112) - (as per Management Operating Earnings 3,853 1,253 108 183 1,194 (462) 6,129 Reporting in this presentation pack) Add back Non-controlling interests 355 5 74 - - - 434 Net finance costs/(income) * 523 119 227 - 32 (21) 880 Income tax expense 857 156 90 - 470 3 1,576 Fair value adjustments # 15 - - - (412) - (397) ACOI 5,603 1,533 499 183 1,284 (480) 8,622 2019 Interim results (as per Segment Operating Earnings 3,505 1,276 120 140 824 (391) 5,474 Information in Annual Report) Reallocation of PSDC & HK Branch Line 102 (102) - - - - - Reallocation of Other earnings 82 - - - - (82) - (as per Management Operating Earnings 3,689 1,174 120 140 824 (473) 5,474 Reporting in this presentation pack) Add back Non-controlling interests 337 13 64 - - - 414 Net finance costs* 583 133 233 - 13 34 996 Income tax expense 782 161 122 - 253 2 1,320 Fair value adjustments # 2 - - - 658 - 660 ACOI 5,393 1,481 539 140 1,748 (437) 8,864 * Including net fair value loss/(gain) on debt related derivative financial instruments, and other net exchange loss/(gain) on financing activities and distribution to perpetual capital securities holders # Including net fair value loss/(gain) on non-debt derivative financial instruments relating to transactions not qualifying as hedges and ineffectiveness of cash flow hedges

28 CLP Group – Cash Flow and Financial Structure HK$M 1H2020 1H2019 Cash Flow Cash Flow • Higher free cash flow mainly reflected favourable working capital EBITDAF 12,628 6,490 movements in Australia where lower deposits were required to Less: Items affecting comparability 119 6,381 meet derivative contracts’ settlement requirements Recurring EBITDAF 12,747 12,871 • Cash from divestment last year represented proceeds received from the sale of interested in CLP India Less: Movement in SoC items (432) (250) Less: Movement in working capital & others (3,963) (5,016) Capital Investments Funds from operations 8,352 7,605 • HK$4.7 billion SoC capex related to enhancement of transmission Less: Tax paid (1,858) (1,716) and distribution networks and generation facilities including construction of CCGT units and investment in Offshore LNG Terminal Less: Net finance costs paid (1,003) (1,109) • Growth capex mainly included our investments in wind project in Less: Maintenance capex (465) (528) Mainland China, as well as the capacity expansion to Mount Piper Add: Dividends from joint ventures & an associate 1,265 1,179 • Maintenance capex mainly represented enhancement works mainly Free Cash Flow 6,291 5,431 on Yallourn in Australia Cash from divestment - 1,449 • Acquisition of the two solar projects in India in 1H2020

(1) (1H2019: Acquisition of Meizhou solar) Capital Investments Net Debt/Total Capital • SoC capex (2) 4,722 4,260

(2) • Increase in the Group’s total debt to total capital and net debt to • Maintenance capex 465 528 total capital attributable to additional borrowings to fund capital • Growth capex (2) 248 251 expenditure supporting business growth (3) • Others 126 685 (1) Capital investments include fixed assets, right-of-use assets, investment • Acquisitions of businesses 208 50 property, intangible assets, investments in and advances to joint ventures and associates, and acquisition of businesses/assets Total 5,769 5,774 (2) Capital expenditure on fixed assets and right-of-use assets are further analysed into Dividend paid 4,598 4,598 • SoC capex - capital expenditure related to the SoC business End of period Jun 2020 Dec 2019 • Growth capex - capital expenditure for additional generation capacity • Maintenance capex - capital expenditure other than the above Net Debt (4) (HK$M) 48,265 44,023 (3) Capital investments on intangibles assets and investments in and advances Net Debt/Total Capital (%) 28.7% 26.7% to joint ventures and associates (4) Net of bank balance, cash and other liquid funds 29 CLP Group – Dividend(1) History CLP’s Dividends Policy aims to provide reliable and consistent ordinary dividends with steady growth when supported by our earnings whilst ensuring that a solid financial position can be maintained to fund our business growth. In line with our established practice, our ordinary dividends are paid four times a year in each of the quarters. 3.5 CLP Dividend 1989 – 1H2020

3.0

2.5 1.19 1.19 1.14 1.09 1.00 1.05 2.0

0.63 1.5 0.61 0.57 0.59 0.54 0.55

1.0 0.63 0.63 0.59 0.61 0.54 0.55 0.57

0.5

0.54 0.55 0.57 0.59 0.61 0.63 0.63

0.00

Q1 Q2 Q3 Final/ Q4 Special^Special (2)

(1) Dividend adjusted for one bonus share issued for every five existing shares in 1988, 1989, 1993 and 2001 (2) Special dividends mainly relate to major property development and one additional interim dividend due to change of accounting year in 1999

30 CLP Group – Financial Obligations at a Glance 30 Jun 2020 31 Dec 2019 HONG KONG HK$M HK$M Total borrowings of CLPH, CLPP, CAPCO & PSDC 45,559 41,378 Minus: Bank balances and liquid funds (3,637) (4,747) Net Debt 41,922 36,631

OVERSEAS Total borrowings of EnergyAustralia, India and Mainland China subsidiaries (non-recourse to CLPH) 10,878 10,971 Minus: Bank balance and liquid funds (4,535) (3,579) Net debt 6,343 7,392

CONSOLIDATED total borrowings 56,437 52,349 Minus: Consolidated bank balance and liquid funds (8,172) (8,326) Consolidated Net debt 48,265 44,023

Total Debt/Total Capital 32.0% 30.3% Net Debt/Total Capital 28.7% 26.7% Increase in the Group’s total debt to total capital and net debt to total capital attributable to additional borrowings to fund capital expenditure supporting business growth.

31 CLP Group – Credit Ratings

CLP Holdings CLP Power CAPCO EnergyAustralia S&P Moody’s S&P Moody’s S&P Moody’s S&P

Long term Rating

Foreign Currency A A2 A+ A1 AA- A1 BBB+ Outlook Stable Stable Stable Stable Stable Stable Stable

Local Currency A A2 A+ A1 AA- A1 BBB+ Outlook Stable Stable Stable Stable Stable Stable Stable

Short term Rating

Foreign Currency A-1 P-1 A-1 P-1 A-1+ P-1 - Local Currency A-1 P-1 A-1 P-1 A-1+ P-1 -

Between May and July 2020, S&P and Moody’s affirmed the credit ratings of CLP Holdings, CLP Power Hong Kong and CAPCO with stable outlooks.

32 CLP Group – Highlights of Financing Activities Pre-empt Financial Market Adversities • Quick actions to complete financings. Completed major financings for all CLP entities in Hong Kong early on, and achieved preferential terms for issuances of new bonds with different medium-to-long-term maturities For more information on CLP • CLP Holdings, CLP Power Hong Kong, and CAPCO also completed bank refinancing on Climate Action Finance Framework preferential terms with an aggregate amount of HK$8 billion CLP Holdings • Ample liquidity in the Group at 30 June 2020. Undrawn facilities HK$22.6 billion, bank balances HK$8.2 billion Scheme of Control – Climate Action Financing • Successful public bond issuance. CAPCO issued a US$350m (HK$2.7 billion) Energy Transition Bond at 2.2% fixed rate on 15 June, out of CAPCO’s Medium Term Note (MTN) programme and the CLP Climate Action Finance Framework (CAFF), to partially fund the offshore LNG terminal project. The bond was priced at a 1.625% margin over 10-year US Treasury Notes and received overwhelming support with more than US$1.7 billion of orders from global fund managers and ESG investors. • In addition, CAPCO executed an inaugural HK$3.3 billion medium-term Energy Transition Loan facility under the CAFF with a syndication of six banks at attractive rates cover the remainder of the budget for the offshore LNG terminal project Scheme of Control – Others • Landmark bonds issuance. On 22 June 2020, CLP Power Hong Kong issued a dual tranche of US$750 million (HK$5.8 billion) 10-year and US$250 million (HK$1.9 billion) 15-year bonds under its MTN Programme on the same day. The bonds carry 2.125% and 2.5% coupons respectively, which translate into 1.6% and 1.9% credit spreads over 10-year US Treasury Note. The two tranches received very strong support of more than US$3 billion and US$550 million orders, respectively, from global investors Mainland China • Continued financing at competitive terms. Obtained in-principle agreement of a RMB200 million (HK$219 million) 15-year non-recourse project loan facility for a solar project on competitive terms India • Supporting business portfolio expansion. Arranged a Rs 2.8 billion (HK$287 million) five-year project loan for a solar project, and refinanced Rs 2.7 billion (HK$277 million) bonds by five-year project loans for Jhajjar Power Limited, both at very competitive rates EnergyAustralia • Healthy liquidity position. Higher-than-budgeted cash inflows has resulted in bank balance of HK$2.6 billion equivalent with zero debt balance as at end-June 2020 33 CLP Group – Loan Balances by Type and Maturity

Proportion of debt on fixed and floating rate

Jun 2020 39% 46% 54% 61%

Dec 2019

Floating rate (2) Fixed rate

1) The maturity of revolving loans is in accordance with the maturity dates of the respective facilities instead of the current loan drawdown tenors 2) For floating rate borrowings, if assuming 1% increase in interest rate and based on outstanding debt balance as at 30 June 2020, the additional interest payment is around HK$220m per annum 3) CLP continues to obtain debt (re)financing at very cost effective interest rates. Some representative examples in 1H2020 are highlighted on page 33 (“CLP Group – Highlights of Financing Activities”) 34 Hong Kong – Growing Business Scale

Generation Transmission Distribution Retail

9,220 MW > 16,100 km of transmission and 235 primary and > 14,900 15,729 GWh sold and generation portfolio high voltage distribution lines secondary substations 2.65 million customer accounts

During 1H2020: • Local electricity sales decreased 1.2% to 15,729GWh as compared with 1H2019 • No. of customer accounts increased by 27k to 2,650k as compared with 1H2019 • Major infrastructure projects ongoing • Continued to make progress in the completion of a new 550MW gas-fired generation unit at Black Point Power Station which has been put into operation as a baseload unit in early July with further testing progressed to the final stage • The fifth unit of gas turbine upgrade project at Black Point Power Station completed with 25MW generation capacity added (125MW added in total) • Over 100 km of new transmission and high voltage distribution lines & 90 new substations added • The new CLP App was launched on 15 Apr, providing an end-to-end digital journey which facilitates our customers from joining us as part of the digital community, perform service transactions to get personalised EE&C information and latest offers We generate, transmit and distribute electricity to over 80% of Hong Kong’s population in Kowloon, the New Territories and on Lantau Island 35 Hong Kong – Electricity Sales and Capex Electricity Sales Capital Expenditure (Accrual basis)

GWh 1H2020 1H2019 Change HK$M 1H2020 1H2019 Change

CLP Power Hong Kong 1,854 1,982 (6.5%) Residential 4,361 3,977 9.7%

CAPCO 2,318* 1,903 21.8% Commercial 6,195 6,521 (5.0%)

Infrastructure & Total Capex 4,172 3,885 7.4% 4,396 4,609 Public Services (4.6%) * Including CAPCO’s 70% share in Hong Kong LNG Terminal Limited

HK$m Manufacturing 777 809 (4.0%) 10,000

9,000 Total Local Sales 15,729 15,916 (1.2%) 8,000

Sales Mix 7,000

Residential 6,000 5% Commercial 5,000 Infra & Public Services 5% 28% 4,000 Manufacturing 25% 28% 3,000 29% 2,000

1,000

0 1H2020 2014 2015 2016 2017 2018 2019 1H2020 Total of CLP 6,983 6,887 6,603 7,004 7,569 7,743 3,477 1H2019 41% CAPCO - JV partner 817 743 689 1,064 1,353 1,354 695 CAPCO - CLP's share 1,368 1,735 1,607 2,481 3,158 3,159 1,623 39% CLP Power 5,615 5,152 4,996 4,523 4,411 4,584 1,854 Total Capital Expenditure in line with Development Plan (DP) Capex incurred in 2018 DP from Oct 2018 to Jun 2020: HK$15.9 bn Note: Data Centres represent ~5% of load in 1H2020 Capex approved under the 2018 DP from Oct 2018 to Dec 2023: HK$52.9bn 36 Hong Kong – Tariff, Reliability & Environmental Improvement HK$/kWh Low Tariff Unplanned customer High Reliability 3.0 minutes lost per year 30 2.5 19 2.0 20 17

1.5 13 10.1 10 1.0 1.4 (1) 0.5 0 1.3 Singapore CLP Power Sydney London New York 0.0 (CBD) CLP Power Singapore London Sydney New York Remarks: Remarks: More Reliable Less Reliable Comparison based on average monthly domestic consumption of 275kWh (1) 2017-2019 average for CLP Power was 1.3 minutes excluding Super Typhoon Mangkhut Tariff and exchange rate in Jan 2020 impact (10.1 minutes including Super Typhoon Mangkhut) 2016-2018 average for all other cities; There are no overhead lines in Singapore Environmental Improvement Change Over 85% emissions reduction with 80% increase in electricity sales since 1990 100% 80% 60% 40% + 80% in Electricity Demand 20% 0% -20% -40% - Over 85% in Emissions -60% -80% -100% 1990 1995 2000 2005 2010 2015 2019

Sulphur Dioxide (SO2) Respirable Suspended Particulates (RSP) Nitrogen Oxide (NOx) Electricity Sales 37 Mainland China – Financials (HK$) HK$M Operating/Total Earnings ACOI 1H2020 1H2019 1H2020 1H2019 Renewables 341 316 538 537 - Wind 217 182 298 262 - Hydro 27 43 74 120 - Solar 97 91 166 155 Nuclear 804 845 870 916 - Daya Bay 469 446 494 469 - Yangjiang 335 399 376 447 Thermal 196 120 211 132 - Shandong (14) - (12) 2 - Guohua 6 (22) 7 (22) - Fangchenggang 204 142 216 152 Operating and development (88) (107) (86) (104) expenditure Operating earnings /ACOI 1,253 1,174 1,533 1,481 Total earnings 1,253 1,174

The average foreign exchange rates used to convert Mainland China Segment earnings to Hong Kong dollars are 1.15701 for 1H2019 and 1.09746 for 1H2020. Note that in the ACOI variance analysis presented in the Mainland China body of the presentation 1H2019 earnings are adjusted for changes in foreign exchange before year on year variance in underlying performance is illustrated.

38 Mainland China – Financials (Local Currency) RMB’M Operating/Total Earnings ACOI 1H2020 1H2019 1H2020 1H2019 Renewables 311 273 490 464 - Wind 198 157 272 226 - Hydro 25 37 67 104 - Solar 88 79 151 134 Nuclear 732 730 793 792 - Daya Bay 427 385 450 406 - Yangjiang 305 345 343 386 Thermal 179 104 192 114 - Shandong (13) - (11) 2 - Guohua 6 (19) 6 (19) - Fangchenggang 186 123 197 131 Operating and development (78) (90) expenditure (80) (92) Operating earnings /ACOI 1,142 1,015 1,397 1,280 Total earnings 1,142 1,015

Mainland China

39 Mainland China – Renewables and Generation HK$M 2,400 (1) Operating Earnings ACOI MW CLP capacity in Mainland China 2,000 10,000 1,481 1,533 1,600 1,174 1,253 8,000 537 538 1,200 341 316 6,000 800 870 845 804 916 4,000 400

0 120 196 132 211 2,000 (107) (88) (104) (86) -400 0 1H2019 1H2020 1H2019 1H2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Jun-20 Renewable Nuclear Thermal Others Thermal Nuclear Renewable PSDC Under construction Over 80% of earnings from non-carbon (1) CLP equity interest as well as long-term capacity and energy purchase rights • Economic growth slowed down due to the outbreak of COVID-19 pandemic. The operating environment remains challenging from reforms in macroeconomic policies in the energy sector • Fangchenggang’s contribution increased due to lower coal costs and lower competition from hydro power plants. The plant also benefitted from improved utilisation by repositioning as an integrated energy provider. Approval for direct unloading of import coal in Fangchenggang Power Station jetty also helped to reduce fuel costs • Earnings from Yangjiang were lower mainly due to lower VAT refund and higher spent fuel despite the commissioning of the sixth and final unit in July 2019 • Higher earnings from renewables due to CLP Laizhou II Wind commissioned in June 2019 as well as less grid curtailment for wind in northeast and solar in northwest • Total receivables relating to the unpaid renewables national subsidy from our subsidiaries increased to HK$1,589 million (Dec 2019: HK$1,268 million). While there are still delays in receiving subsidies we continue to receive payments and there is no history of default • Business development opportunities • Grid-connection of Laiwu III Wind (50MW) in Shandong in June 2020 on schedule despite COVID-19 outbreak • FCG Incremental Distribution Network (through TUS-CLP joint venture) began electricity supply to customers in April 2020. Electricity trading license granted in June, with the first retail customers secured 40 Mainland China – Market sales in 1H2020 Province Projects with Market Sales (Equity MW) Guangxi FCG thermal (1,806MW) Yunnan Xundian Wind (50MW) Xicun Solar (84MW) Dali Yang_er Hydro (50MW) JILIN Inner Zhungeer thermal (257MW) LIAONING GANSU Mongolia INNER MONGOLIA

HEBEI TIANJIN Sichuan Jiangbian Hydro (330MW)

SHANDONG Gansu Jinchang Solar (85MW)

SHAANXI JIANGSU Liaoning Suizhong thermal (564MW) Mazongshan Wind (12MW) SHANGHAI Qujiagou Wind (12MW) SICHUAN Jilin Qian’an Wind (99MW)

GUIZHOU Changling II Wind (22MW) Datong Wind (24MW) >90-100% market sales YUNNAN GUANGXI GUANGDONG Shuangliao Wind (48MW) >50-90% market sales Tianjin Panshan thermal (207MW) >20-50% market sales 20% or less market sales Hebei Sanhe thermal (220MW) No market sales Guangdong Yangjiang Nuclear (1,108MW) Note: Daya Bay Nuclear not included in the calculation of market sales ratio Shandong Shiheng thermal (370MW)

Market sales are prevailing in various forms in different provinces in China. Overall around 49% of our share of generation volumes were under market sales in 1H2020 (1H2019: 47%). Directionally market sales in China will continue to increase.

41 India – Financials HK$ Local Currency 1H2020 1H2019 1H2020 1H2019 HK$M HK$M Rs M Rs M Renewables 288 345 2,756 3,081 Thermal (Jhajjar) 258 283 2,468 2,528 Thermal (Paguthan) (60) (89) (574) (795) Transmission 13 - 124 - ACOI 499 539 4,774 4,814

Renewables 96 124 918 1,107 Thermal (Jhajjar) 109 94 1,043 840 Thermal (Paguthan) (29) (38) (277) (339) Transmission 6 - 57 - Profits attributable to CDPQ (74) (60) (708) (536) Operating/Total earnings 108 120 1,033 1,072

The average foreign exchange rates used to convert Indian Segment earnings to Hong Kong dollars are 0.11197 for 1H2019 and 0.10452 for 1H2020. Note that in the ACOI variance analysis presented in the body of the India presentation 1H2019 earnings are adjusted for changes in foreign exchange before year on year variance in underlying performance is illustrated. 42 India – Broadening the portfolio Recent acquisitions of solar and power transmission assets HK$M 700 • CLP India increased the size of its solar energy portfolio by Operating Earnings ACOI more than 70% after it signed an agreement to acquire three 600 539 solar farms with a combined capacity of 122MW in Telangana Renewables 499 500 Transmission in February 2020. A combined capacity of 30MW & 50MW respectively, were transferred to CLP India in March and April 400 Thermal 345 288 2020. The share transfer of the remaining project of 42MW is 300 expected to conclude in 3Q2020 200 13 • In 2019, CLP India agreed to buy three transmission projects. 120 108 The first project of 240km in Madhya Pradesh State was 100 74 58 194 198 transferred to CLP India in November 2019 and has achieved 4 0 46 46 100% availability since the acquisition. In May 2020 CLP India 1H2019 1H2020 1H2019 1H2020 was notified that certain regulatory conditions precedent associated with the acquisition of the second transmission 1H2020 renewables ACOI including asset had not been met and the planned transaction was contribution from new solar projects acquired. terminated. The third and final asset of 251km in Manipur, Operating Earnings are net of CDPQ share Nagaland and Assam States is expected to be taken over by CLP India in the second half of 2020 after the commissioning Expanding our renewable generation portfolio of the project is complete • Power purchase agreement for Sidhpur wind project in Gujarat was signed in July 2020 while contractual discussion with EPC contractor are in advance stage • Total receivables relating to revenue from our renewable energy projects decreased to HK$609 million (Dec 2019: HK$805 million). While there are delays in receiving revenue we continue to receive payments and there is no history of default • Our partnership with CDPQ has brought long-term strategic backing & additional resources to support continuing growth • We are actively exploring further potential opportunities for acquisitions and investments in renewable energy and transmission, as the Government continues to implement energy industry reforms

43 Southeast Asia & Taiwan – Financials

HK$ Local Currency 1H2020 1H2019 1H2020 1H2019 HK$M HK$M M M ACOI Thermal 172 94 NT$665 NT$371 Renewables 33 39 THB137 THB156 Operating expenditure (9) (9) - - Development expenditure (13) 16 - - Total 183 140 Operating earnings Thermal 172 94 NT$665 NT$371 Renewables 33 39 THB137 THB156 Operating expenditure (9) (9) - - Development expenditure (13) 16 - - Total 183 140

The average foreign exchange rates used to convert SEA & Taiwan Segment earnings to Hong Kong dollars are 0.2489 and 0.2531 for 1H2019 and 0.2445 and 0.2584 for 1H2020 for Thai Baht and New Taiwan Dollars SEA & Taiwan respectively. Note that in the ACOI variance analysis presented in the body of the presentation 1H2019 earnings are adjusted for changes in foreign exchange before year on year variance in underlying performance is illustrated 44 Australia – Financials

HK$ Local Currency 1H2020 1H2019 1H2020 1H2019 HK$M HK$M A$M A$M EBITDAF (before items affecting 2,267 2,655 444 478 comparability) Depreciation & Amortisation (983) (907) (192) (163) ACOI Customer (Retail) (1) (303) 248 (59) 45 Energy (Wholesale) (1) 2,338 2,311 458 416 Enterprise (Corporate) (751) (811) (147) (146) Total 1,284 1,748 252 315 Fair value adjustments (2) 412 (658) 81 (119) Net finance costs (32) (13) (6) (2) Income tax expense (470) (253) (92) (46) Operating Earnings 1,194 824 235 148 Impairment of goodwill - (6,381) - (1,176) Total earnings 1,194 (5,557) 235 (1,028)

1H2019 HK$ Local Currency (A$M) Previous Current Previous Current Reallocation Reallocation reporting Reporting reporting Reporting Customer (Retail) 470 (222) 248 85 (40) 45 Energy (Wholesale) 2,173 138 2,311 391 25 416 Enterprise (Corporate) (895) 84 (811) (161) 15 (146) ACOI (1) 1,748 - 1,748 315 - 315 (1) Retail hedging portfolio and sales to Commercial & Industrial customers transferred from Energy to Customer and centrally managed projects transferred from Enterprise to relevant Customer or Energy segment in 2020, 2019 restated. (2) Fair value adjustments have been mainly driven by falling forward prices which favourably impact contracts to sell energy. Australia The average foreign exchange rates used to convert Australian Segment earnings to Hong Kong dollars are 5.5454 for 1H2019 and 5.1068 for 1H2020. Note that in the ACOI variance analysis presented in the body of the presentation 1H2019 earnings are adjusted for changes in foreign exchange before year on year variance in underlying performance is illustrated. 45 Australia – Customer Operations Customer Account Numbers 1H2020 1H2019 (000s) Electricity Gas Total Electricity Gas Total Mass Market 1,594.5 829.7 2,424.2 1,639.6 847.7 2,487.3 Commercial & Industrial 9.7 0.3 9.9 12.7 0.3 13.0 Total Account Numbers 1,604.2 830.0 2,434.1 1,652.3 848.1 2,500.3 Weighted Average Mass Market (1) 1,600.9 834.5 2,435.4 1,658.5 858.0 2,516.5

1H2020 1H2019 Sales Volume & Revenue Electricity (TWh) Gas (PJ) Electricity (TWh) Gas (PJ) Mass Market 4.9 14.6 4.9 14.9 Commercial & Industrial 4.0 5.0 4.4 6.1 Total Sales Volume 9.0 19.6 9.3 21.0 Sales Revenue (A$m) 2,005.9 452.1 2,146.7 495.7

Customer Customer Customer Churn and Accounts (million) Churn Accounts (millions) 30% 3.0 • Mass Market Customer accounts 25% 2.5 have fallen, with the rate of decline marginally reducing from 34,200 in 20% 2.0 2H2019 to 32,000 in 1H2020 15% 1.5 • Churn rates have reduced, following Government-implemented retail 10% 1.0 electricity price caps from 1 July 5% 0.5 2019 and COVID-19

0% 0.0 VIC NSW SA QLD Total Rest of Market Churn 1H2019 Rest of Market Churn 1H2020 EA Churn 1H2019 EA Churn 1H2020 Account Numbers

(1) Weighted Average Mass Market is the average accounts of our mass market customer base during the period 46 Note: Individual items and totals are rounded to the nearest appropriate number. Some totals may not add down the page due to rounding of individual components Australia – Customer Operations

Supporting customers experiencing hardship - 53% of bills issued in 1H2020 Vulnerability calls have increased 65% were E-bills due to COVID-191 - Compared with 1% in 1H2015 - Improving 7pts since 1H2019

20 Ombudsman 25.6pts improvement in complaints/10k accounts customer satisfaction - 67% reduction since 2015 since 2015

Over quarter of a million customers opted in to Go Neutral Third annual StartUpBootCamp – EnergyAustralia’s certified accelerator program held carbon neutral program for - Participants across 9 countries and all continents electricity customers. - Program held virtually amidst COVID19 Go Neutral expanded to gas customers in 1H2020

1. Difference between vulnerability calls received in the last two weeks of February 2020 compared to the last two weeks of June 2020. 47 Australia – Wholesale Market Conditions

• Wholesale prices have fallen sharply in 2020 driven by higher Year Ahead SWAP Prices (1) 120 generation availability, increasing renewables and the impact of COVID-19 on demand and outage timing 100 • Despite an overall declining trend in wholesale prices, periods of volatility with high & negative pricing were experienced 80 • AEMO forecasts NEM solar & wind capacity to increase from 17GW in 2019 to 27GW in 2025 (2) increasing the importance of 60 flexibility and reliability in peak periods • We continue to focus on the flexibility and reliability of existing

SWAP Price $/MWh Price SWAP 40 plant and assets to complement renewables • New 30MW fast-start gas unit now on-line at Hallett 20 NSW • Offtake signed for 250MW pumped hydro facility in QLD VIC 0 • Progress Tallawarra B to final investment decision in 2H2020 Jan-15 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 • Major outages at Yallourn and Mt Piper in 2H2020

Vic SWAP Prices (1) Queensland Intraday Price Profile - 1 May 2020 110 4,500 200

4,000 150 100 3,500 100 90 3,000 50

MWh 80 2,500 00

2,000 -50 $/MWh 70

Generation MW Generation 1,500 -100 SWAP Price $/ Price SWAP 60 1,000 -150

500 -200 50 0 -250 12:30 2:30 4:30 6:30 8:30 10:30 12:30 2:30 4:30 6:30 8:30 10:30 40 AM AM AM AM AM AM PM PM PM PM PM PM Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 CAL 2020 CAL 2021 CAL 2022 Rooftop PV (LHS) Utility Solar (LHS) $/GWh (RHS) Negative Prices (RHS) (1) Prices presented are the calendar year flat contract price 48 (2) AEMO Market Data CLP Group – Generation Portfolio – 30 Jun 2020 19,304 Equity MW and 4,785MW Long Term Purchase (total 24,089MW)

HONG KONG total 7,593MW* AUSTRALIA total 5,332MW* Operational Operational Castle Peak 4,108 / 4,108* (c) Yallourn 1,480 / 1,480 (c) Black Point (c) 2,625 / 2,625* (g) Mount Piper 1,400 / 1,400 (c) Penny's Bay 300 / 300* (d) (a) Hallett 233 / 233 (g) Energy-from-Waste (d) 10 / 10* (ws) Newport 500 / 500 (g) Mainland Under Construction Jeeralang 440 / 440 (g) China Black Point - D1 550 / 550* (g) Tallawarra 420 / 420 (g) Taiwan Wind Projects 803 / 560* (w) India Hong MAINLAND CHINA total 8,990* MW Solar Project # 362 / 294* (s) Thailand Kong Operational Wilga Park 22 / 4 (g) Daya Bay 1,968 / 1,577* (n) Yangjiang 6,516 / 1,108 (n) INDIA Total 1,890 MW Pumped Storage 1,200 / 600* (p) Operational Fangchenggang I & II 2,580 / 1,806 (c) Jhajjar 1,320 / 792 (c) SZPC 3,060 / 900 (c) Paguthan 655 / 393 (g) Guohua 7,470 / 1,248 (c) Wind Projects 924 / 555 (w) Hydro Projects 509 / 489 (h) Solar Project # (b) 250 / 150 (s) Wind Projects 1,403 / 885 (w) # TAIWAN total 264 MW Solar Projects 328 / 328 (s) Operational Australia Under Construction Ho-Ping 1,320 / 264 (c) Wind Project 50 / 50 (w)

• Station Name Gross MW / CLP Equity MW THAILAND total 21 MW * including long-term capacity and energy purchase Operational # Solar projects in AC output Lopburi Solar # 63 / 21 (s)

Fuel Source: (c) – coal-fired (g) – gas-fired (w) – wind (h) – hydro (n) – nuclear (d) – diesel (s) – solar (ws) –Energy-from-waste (p) - Pumped Storage

(a) Additional turbine achieved commercial operation on in Apr 2020. (b) CREPL and DSPL acquired in Mar and Apr 2020 respectively. (c) Gas turbine upgrade of Black Point Power Station Unit C5. (d) Commercial operation was achieved in Mar 2020. 49 CLP Group – Renewable Generation Portfolio – 30 Jun 2020 2,517 Equity MW and 825 MW Long Term Purchase (total 3,342MW) HONG KONG total 10 MW - 14% of CLP total generation portfolio Operational AUSTRALIA total 854 MW* West New Territories Landfill 10/10 Operational Wind 560 MW MAINLAND CHINA total 1,752 MW Solar 294 MW Operational Waterloo 111 /56* Wind 885 MW Cathedral Rocks 64 /32 Hydro 489 MW Mainland China Boco Rock 113 /113* Solar 328 MW Taralga 107 /107* Weihai I & II 69 /31 Mortons Lane 20 /20* Nanao II & III 60 /15 Shuangliao I & II 99 /48 Gullen Range 276 /166* Hong India Kong Hong Bodangora 113 /68* Kong Datong 50 /24 Thailand Gannawarra Solar # 50 /50* Laizhou I 41 /18 Ross River Solar # 116 /93* Changling II 50 /22 Manildra Solar # 46 /46* Guohua Wind 395 /194 Coleambally Solar # 150 /105* Qujiagou 50 /12 Mazongshan 50 /12 INDIA Total 705 MW Qian'an I & II 99 /99 Operational Penglai I 48 /48 Wind 555 MW Chongming I 48 /14 Solar 150 MW Laiwu I & II 99 /99 Khandke 50 /30 Xundian I 50 /50 Samana I & II 101 /60 Australia Sandu I 99 /99 Saundatti 72 /43 Wind projects (w) CLP Laizhou I & II 99 /99 Theni I & II 100 /60 Jiangbian Hydro 330 /330 Harapanahalli 40 /24 Hydro projects (h) Huaiji Hydro 129 /110 Andhra Lake 106 /64 Solar project (s) Dali Yang_er Hydro 50 /50 Sipla 50 /30 Energy-from-waste (ws) Jinchang Solar # 85 /85 Bhakrani 102 /61 Xicun I & II Solar # 84 /84 Mahidad 50 /30 Sihong Solar # 93 /93 Jath 60 /36 Huai’an Solar # 13 /13 Tejuva 101 /60 THAILAND total 21 MW Lingyuan # 17 /17 Chandgarh 92 /55 Operational Meizhou # 36 /36 Veltoor Solar # 100 /60 Lopburi Solar # 63 /21 Under Construction Gale Solar # 50 /30 Wind 50 MW Tornado Solar # 20 /12 • Station Name Gross MW / CLP Equity MW * including long-term capacity and energy purchase Laiwu III 50 /50 # CREPL Solar 30 /18 # Solar projects in AC output DSPL Solar # 50 /30 50 CLP Group – Generation Capacity(1) by Fuel Mix – 30 Jun 2020

24,089 MW Attributable to CLP Group

Total Operational Under construction Capacity by MW % MW % MW % Energy Type (a) + (b) (a) (b) Coal 11,997 50% 11,997 50% - - Gas 5,165 21% 4,615 19% 550 2% Nuclear 2,685 11% 2,685 11% - - Wind 2,049 9% 1,999 8% 50 <1% Hydro 489 2% 489 2% - - Solar 793 3% 793 3% - - Others 910 4% 910 4% - -

Total 24,089 100% 23,489 98% 600 2%

(1) Equity basis as well as long-term capacity and energy purchase arrangements Note: Individual items and totals are rounded to the nearest appropriate number. Some totals may not add down the page due to rounding of individual components

51 CLP Group – Energy Sent Out – 1H2020

Energy Sent Out(1) TWh 25 CLP 2020 Interim Generation as Sent Out(1)

20 1H2020

16.5 49% 16.0 24% 21% 1H2019 15 57% 13.0 13.3 1% 2% 1% 5% 2% 9.3 10 5% 14% 9.3 1H2019: 42.1 TWh 19% 1H2020: 41.4 TWh 5 2.5 1.8 0.8 0.9 0

-5 1H2019 1H2020 1H2019 1H2020 1H2019 1H2020 1H2019 1H2020 1H2019 1H2020 Hong Kong Mainland China India Southeast Asia & Australia Taiwan Pumped Storage Nuclear Coal Gas Wind Solar Hydro Others

(1) Equity basis as well as long-term capacity and energy purchase arrangements 52 Additional Resources

(1) To be published in August 2020

53 CLP Holdings

Thank you CLP Holdings Investor Presentation Introductory Pack

August 2020 Disclaimer

2 Focus • Delivery • Growth

✓ Our investment strategy is based on 3 principles Focus on business activities and initiatives that best utilise our core competencies Delivery based on the potential of our investments Growth to generate additional value for our shareholders ✓ This strategy is also driven by our Climate Vision 2050 which expresses our commitment to decarbonisation and digitalisation on our journey to becoming a Utility of Future

Dividends Market Non-carbon Emitting per share (HK$) Capitalisation* (HK$bn) Generation Capacity*# (GW) Q1 Q2 Q3 Q4 Nuclear Wind 6.0 224 Hydro Solar 202 207 1.19 1.19 1.09 1.14 4.0 1.00 1.05 180 170 166 0.61 0.63 0.54 0.55 0.57 0.59 2.2 0.63 0.54 0.55 0.57 0.59 0.61

0.54 0.55 0.57 0.59 0.61 0.63

2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2007 2013 2019

* As end of each year # including long-term capacity and energy purchase arrangements 3 Assets diversified by geography, activities and technology Revenue in 2019 Market Capitalisation HK$86bn Over HK$207bn Over 5.1 million (about US$11bn) (~US$26bn as at 31 Dec 19) customer accounts 2.7 million 2.4 million in Australia MAINLAND in Hong Kong CHINA P.31 Over 16,300 km transmission lines

INDIA Coal 50% P.35

HONG KONG 11,997 MW P.23 Hydro 2% Gas 21%

Retail SE ASIA & Generation capacity 489 MW 5,165 MW Transmission & Distribution TAIWAN Wind P.37 more than Solar Solar 3% 24,000 Nuclear 11% Hydro # Gas AUSTRALIA MW Coal P.38 793 MW 2,685 MW Nuclear Wind 9% Pumped Storage Renewables Others e.g. oil, landfill, gas reserves 14% Others e.g. landfill, oil 2,049 MW 3,342 MW 4%, 910 MW For more information on For more information on # including long-term capacity and energy the diversified assets company profile purchase arrangements As at 30 Jun 2020 4 Business Units – Capabilities along the Value Chain Hong Kong 2019 Operating earnings: HK$7,659m Operating Earnings by Business Units HKD'm Total Assets: HK$133.1bn 16,000 Australia Hong Kong G T D R 14,000 S 12,000 SEA Mainland China 10,000 India Operating earnings: HK$2,277m 8,000 Total Assets: HK$33.0bn Mainland 6,000 China G T D R Mainland China S 4,000 Hong Kong 2,000 India Unallocated Operating earnings: HK$263m - 2014 2015 2016 2017 2018 2019 -2,000 Total Assets: HK$14.5bn G T D R India S Total Assets by Business Units HKD'm Southeast Asia & Taiwan 250,000 Operating earnings: HK$335m 200,000 Australia Total Assets: HK$2.0bn Southeast Asia G T D R SEA & Taiwan S 150,000 India China Australia Hong Kong 100,000 Operating earnings: HK$1,566m Unallocated

Total Assets: HK$34.9bn 50,000 Australia G T D R S -0 Current operations 2014 2015 2016 2017 2018 2019

Potential Opportunities G: Generation R: Retail – Mass Market Retail S: Smart Energy Services T: Transmission D: Distribution 5 Dividend# History and Shareholding by Category

CLP’s Dividends Policy aims to provide reliable and consistent ordinary dividends with steady growth when supported by our earnings whilst ensuring that a solid financial position can be maintained to fund our business growth. In line with our established practice, our ordinary dividends are paid four times a year in each of the quarters. Shareholding by Category CLP Dividend# 1990 - 1H2020 HK$ 3.02 3.08 3.00 2.91 2.80 29% 2.70 35% 2.62 2.50 1.19 As at 31 Dec 2019 1.19 1.14 1.09 1.00 1.05 2.00 36%

Interests associated with Kadoorie Family 0.63 1.50 Institutional Investors 0.61 0.57 0.59 Retail investors 0.54 0.55

1.00 0.63 0.63 0.59 0.61 0.54 0.55 0.57

0.50

0.54 0.55 0.57 0.59 0.61 0.63 0.63

Q1 Q2 Q3 Final/ Q4 Special^ Source: Bloomberg # Dividend adjusted for one bonus share issued for every five existing shares in 1993 and 2001 For more information: ^ Special dividends include special cash dividends and one additional interim dividend due to change of accounting year in 1999

6 Lower cash flow in 2019, modest increase in debt

Cash Flow Capital Investments Dividends paid

HK$bn HK$bn HK$b Cash from divestment SoC Maintenance Free Cash Flow Growth Others 25 25 24.2 25 Acquisitions 2.4 -11% 21.5 20 1.4 20 20

15 15 15 1.2 12.0 -2% 11.9 0.2 21.8 0.5 1.2 10 20.0 10 0.7 0.6 10 1.2 1.1 +4% 7.8 5 5 8.7 5 7.5 8.4

0 0 0 2018 2019 2018 2019 2018 2019

Net Debt Operating Return on Equity * Credit Ratings# S&P Moody’s Net Debt/Total Capital HK$bn A A2 60 60% 14% CLP Holdings Stable Stable +2% -2.4% 50 50% 12% 12.8% 10%

Thousands 40 40% CLP Power A+ A1 43.2 44.0 10.4% Stable Stable 8% Hong Kong 30 30% 6% 20 25.5% 26.7% 20% AA- A1 4% CAPCO Stable Stable 10 10% 2% 0 0% 0% BBB+ - EnergyAustralia 31 Dec 2018 31 Dec 2019 2018 2019 Stable * Operating Earnings/Average Shareholders’ fund # As at Jun 2020 7 Financial Summary

Free Cash Flows Capital Investment Dividend per share Dividends pay-out % (1) HK$'b HK$'b HK$ 30 30 Cash from divestment SoC capex Maintenance 4.0 80% Growth 25 Free Cash Flow 25 Others 3.5 70% Acquisitions 3.0 60% 20 20 2.5 50% 15 15 2.0 40% 10 10 1.5 30% 1.0 20% 5 5 0.5 10% -0 0 0 - 0.0- 0% 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Net Debt Operating Return Credit Rating History Net Debt/Total Capital (%) On Equity (%) (by S&P)

HK$'b Rating 80 40% 14% 8 CAPCO AA- /Aa3 7 CLP Power 12% A+ /A1 60 30% 6 10% A /A2 CLP Holdings 8% 5 40 20% A- /A3 4 EnergyAustralia 6% BBB+ /Baa1 3 20 10% 4% BBB /Baa2 2 2% BBB- /Baa3 1 0- 0%- 0%- Update for Jun 2020 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 -1 2014 2015 2016 2017 2018 2019 1H2020

(1) Based on Operating Earnings 8 Hong Kong – providing a greener and smarter future Hong Kong has ambitious objectives under its Climate Action Plan 2030+ to change the fuel mix of electricity generation Hong Kong

25% 25% 25% 2015 48% 2020 2030

27% 50%

Natural Gas Non-fossil fuels Coal Source: Hong Kong’s Climate Action Plan 2030+ Our Development Plan capex of HK$52.9 billion helps meet this challenge: • 5 years from Oct 2018 to Dec 2023 • Meets fuel mix & environmental objectives • Supports infrastructure growth • Integrates renewables initiatives • Addresses energy security • Encourages energy efficiency & conservation

19 9 Australia – intense competition and volatile prices Customer Churn below Market Average Customer GW Supply & Demand Tightening TWh Churn Account (million) 55 215

40% 3.2 Customer (Retail) Rest of Market Churn 1H2019 Rest of Market Churn 1H2020 50 210 EA Churn 1H2019 EA Churn 1H2020 30% Account Numbers 2.4 45 205 Australia 40 200

20% 1.6 35 195 Wind, Solar & Other (LHS) 30 Hydro (LHS) 190 10% 0.8 Gas (LHS) Energy (Wholesale) 25 Coal (LHS) 185 Operational Demand (RHS) 20 180 0% 0.0 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 VIC NSW SA QLD Total Source: Data from AEMO’s Electricity Market Management System (EMMS)

Improving Efficiency $/MWh Year Ahead Swap Prices Paper Bill E-Bill 120 100% NSW Swap VIC Swap 100 Drought 80% 80 Carbon scheme 60% 60

40% 40

20 Closure of Hazelwood power 20% station announced 0 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H2015 1H2016 1H2017 1H2018 1H2019 1H2020 Source: Australian Securities Exchange Improving Service Level NSW Swap Prices 120 80 8,000 Ombudsman Complaints/10k acct (LHS) 100 Ombudsman Complaints volumes (RHS) 60 6,000 80 60 40 4,000

40 SWAP Price $/MWh 20 2,000 20 CAL 2019 CAL 2020 CAL 2021 CAL 2022 0 0 0 Jan-18 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 1H2015 1H2016 1H2017 1H2018 1H2019 1H2020 Source: Australian Securities Exchange

Update for Jun 2020 10 CLP’s vision is to be the leading responsible energy Vision provider in the Asia-Pacific region, from one generation to the next.

In a changing world, our mission is to produce and supply energy with minimal environmental impact to create Mission value for shareholders, customers, employees and the wider community.

Our values guide us in fulfilling our mission Value and turning CLP’s vision into reality.

Our commitments are the promises that we make to our stakeholders about Commitments Appendix 1: the way in which we Environment, will uphold our values.

Social & Governance Policies & Codes CLP’s Value Framework Our five Policy Statements and our Code of Conduct serve as the mechanism we use to incorporate our values and commitments into everyday practices. CLP’s Sustainability Principles

• Sustainability has always been integral to CLP. • Our Value Framework reflects the moral compass of CLP, articulating our values, vision, mission and commitments. • Our Sustainability Principles align CLP’s business strategy with material sustainability issues we face. They are also supportive to several United Nations Sustainable Development Goals (SDGs). • The Sustainability Principles cover four focus areas: • Our Community • Our People • Our Environment • Economic Sustainability

For more information on: Standard ESG Disclosure

12 Building a ‘Utility of the Future’ The materiality assessment was conducted in 2018, and involved extensive desk-based research, review of internal strategy papers, a close examination of CLP company policies, and interviews with internal subject matter experts across CLP. In 2019, additional external stakeholder interviews were conducted to gauge feedback on the key material topics and to identify areas of improvement. The following material ESG topics were prioritised:

Responding to climate change

Harnessing the power of technology

Reinforcing cyber resilience and data protection

Building an agile, inclusive & sustainable workforce

13 Responding to climate change

14 Harnessing the power of technology

15 Reinforcing cyber resilience and data protection

16 Building an agile, inclusive and sustainable workforce

17 Our People – Senior Leadership Team*

From the right: From the left:

Geert Herman August Peeters Richard Kendall Lancaster Executive Director & Chief Financial Officer Chief Executive Officer

Yuen So Siu Mai Betty Chiang Tung Keung Group Director & Vice Chairman – CLP Power Hong Kong Managing Director – CLP Power Hong Kong

David Christopher Smales Chan Siu Hung Chief Operating Officer Managing Director – China

David John Simmonds Catherine Leigh Tanna Group General Counsel & Chief Administrative Officer, Company Secretary Managing Director – EnergyAustralia

Chong Wai Yan Quince Rajiv Ranjan Mishra Chief Corporate Development Officer Managing Director – India

Eileen Burnett-Kant Chief Human Resources Officer

Full particulars of Senior Management, including their qualification, directorships in the subsidiary companies of CLP Holdings, other major * As per 2019 Annual Report appointments and past experience are available on our website: 18 Climate Vision 2050 Our past and projected carbon intensity The trajectory of the CLP Group’s projected carbon intensity is in line with our 2019 business plan and long-term decarbonisation strategy. Key commitments under the updated Climate Vision 2050 • No additional coal-fired power generation kg CO2/kWh

1.00 2010 • Phase out remaining coal-fired assets by 2050 0.80 • Strengthen our targets at least every 5 years

0.90 kg CO2/kWh

0.80 2020 0.60 0.70 kg CO /kWh 2 2030

0.60 0.50 kg CO2/kWh 2019 0.50 2040 0.62 0.34 kgCO /kWh 0.40 Actual carbon intensity 2 kg CO2/kWh Retire Castle Peak A 2050 0.30 Projected carbon intensity 0.15 (with capacity & energy purchase) kg CO2/kWh 0.20 Retire Science Based Target - below 2°C Yallourn

0.10 Phase out all coal-fired Decarbonisation targets generation Reduced use of Castle Peak B 0.00- 2007 2010 2020 2030 2040 2050 19 Our Environment Financial Metrics and Generation by Activity • CLP’s integrated business includes energy retailing, transmission and distribution (T&D) and generation • Approximately half of our earnings are contributed by our energy retailing and T&D businesses • Nearly 50% of our generation portfolio is zero emission or gas-fired

100% Generation Capacity*

90% 4% 11% 4% 80% 11% Dec 2019 70% 14%13% Dec 2018 51%50% 60%

50% 21% 21% 40% 30% Energy Sent-Out* 20% 22% 10% 20% Dec 2019 0% 8% Dec 2018 9% 2018 2019 2018 2019 2018 2019 60%55% 12% Revenue ACOI # Fixed Assets & Interests in JV/ Associates ^ 14%

# Before unallocated expense ^ Included fixed assets, right-of-use assets/ leasehold land and land use rights, investment properties and interest in and loan to JV and Associates * Equity basis as well as long-term capacity and energy purchase arrangements 20 Key Sustainability Ratings & Awards 2019 Ratings Awards

Climate Change: B Sustainability Reporting Award and Gold Award

Company Score: 73 (Electric utilities industry avg: 45) Best ESG Materiality Reporting Award - Greater China

Overall Scores: 3.7 Best Corporate Governance Awards - Sustainability and Social Responsibility Reporting Award

HKQAA Rating : AA- Sustainability Reporting Award and Hong Kong Sustainability Award

Overall: AA ESG Report of the Year, Best in ESG and Best in Reporting Awards

21 Appendix 2: Business Units Background

Yangjiang Nuclear Power Station, Guangdong, China Hong Kong

Guangzhou Pumped Storage Power Station

Daya Bay Nuclear Shenzhen - China Power Station Hong Kong

CLP has a vertically-integrated business in Hong Kong, which is the core of our operation.

Shekou The electricity supply in Hong Kong is regulated through the Scheme of Control West New Territories Landfill (SoC) Agreement which is a contract signed New Territories Black Point between CLP and the Government. The Power Station current SoC runs for over 15 years from 1 Castle Peak Power Station October 2018 to 31 December 2033, with 8% Kowloon return on average net fixed assets and more Penny’s Bay Power Station frequent Fuel Cost Adjustment. We generate, distribute and provide a world- Lantau Island class electricity supply with a reliability rate of over 99.999% to 2.7 million customers, via over 16,100 km of transmission and high voltage distribution lines. A multi-fuel generation portfolio of 7,593 MW provides Coal Power Gas Power Nuclear Power Hydro Power Diesel Oil Landfill 132kV Circuit 132kV Submarine Cable 400kV Circuit power for our customers.

 Vertically Integrated Business The first 5-year Development Plan under the  62% of Group Assets current SoC was approved in July 2018  7,593 MW generation capacity in HK territory, including long-term requiring expenditure of HK$52.9 billion over capacity and energy purchase 5.25 years, a 30% increase in annualised As at 30 Jun 2020 For more information on the expenditure. 23 Scheme of Control Agreement: 23 Generation Portfolio*

Castle Peak Power Station - (4,108/4,108 MW) - Castle Peak A – 1,400 MW, Castle Peak B – 2,708 MW - Coal-fired with gas option Hong Kong - Coal is mainly imported from Indonesia For more information on our presence in Hong Kong: Black Point Power Station (3,175/3,175 MW) - Natural gas-fired - Gas import from Mainland China and Central Asia - New gas unit (550MW) to operate to help deliver fuel mix change target in 2020 Hong Kong

Penny’s Bay Power Station West New Territories (300/300 MW) Landfill (WENT) - Diesel-fired (10MW/10MW) - Back-up facility - Landfill gas-to-energy

Powering over 80% of Hong Kong’s population

Guangdong Daya Bay Nuclear Power Station (1,968/1,577 MW) - Located in Guangdong - Proportion of supply to Hong Kong is 80% Mainland China Guangzhou Pumped Storage Power Station (1,200/600 MW) - Located in Guangdong - CLP wholly owns Hong Kong Pumped Storage Development Company (PSDC), which has contractual rights to use 600MW generation capacity As at 30 Jun 2020 * Including long-term capacity and energy purchase 24 Annual Electricity Sales and Capex

Electricity Sales Capital Expenditure (Accrual basis)

GWh 2019 2018 Change HK$M 2019 2018 Change Hong Kong Residential 9,451 9,191 2.8% CLP Power HK 4,584 4,411 3.9%

4,513* 4,511 - Commercial 13,584 13,425 1.2% CAPCO

Infrastructure & Total Capex 9,097 8,922 2.0% Public Services 9,586 9,342 2.6% * Including CAPCO’s 70% share in Hong Kong LNG Terminal Limited 1,663 1,704 Manufacturing (2.4%) 10,000 9,000 Total Local Sales 34,284 33,662 1.8% 8,000 7,000 Export Sales - 556 (100%) HK$M 6,000 5,000 Total Sales 34,284 34,218 0.2% 4,000 Sales Mix 3,000 GWh 35,000 2,000 Residential 30,000 1,000 25,000 Commercial 0 20,000 2014 2015 2016 2017 2018 2019 15,000 Total of CLP 6,983 6,887 6,603 7,004 7,569 7,743 Infrastructure & 10,000 CAPCO - JV partner 817 743 689 1,064 1,353 1,354 Public Services 5,000 CAPCO - CLP's share 1,368 1,735 1,607 2,481 3,158 3,159 - Manufacturing CLP Power 5,615 5,152 4,996 4,523 4,411 4,584 2015 2016 2017 2018 2019 Total Capital Expenditure in line with Development Plan (DP) Capex incurred in 2018 DP from Oct 2018 to Dec 2019: HK$11.7bn Local sales compound annual growth rate = 0.9% Capex approved under the 2018 DP from Oct 2018 to Dec 2023: HK$52.9bn

25 Tariff, Energy Cost, Fuel Mix and Gas Volume

HK¢/kWh 140 Tariffs HK$M Energy Cost Average Net Tariff 121.8 20,000 120 18,645 +1% 18,793 296 237 Hong Kong 100 Basic Tariff 91.0 15,000 80 6,750 6,787 Others 60 10,000 Nuclear # 40 Fuel Cost Adjustment 30.8 Gas 20 6,986 Special Rebate (1.2) 5,000 8,115 Coal 0 4,613 3,654 -20 0 # According to the rate announced in the annual tariff review. During the year, the Fuel Cost 2018 2019 Adjustment is automatically adjusted on a monthly basis to reflect changes in actual price of fuel used.

Fuel Mix Gas Volume (based on MWh generated/purchased) Gas volume to further increase in 2020

1% Coal WEP II Gas 35% 36% Gas 35% 38% Wenchang Gas Nuclear Short Term South China Sea Gas Others (e.g. Oil) Yacheng Gas 2019

2018 26%

29%

2012 2013 2014 2015 2016 2017 2018 2019

26 Current Development Plan 2018-2023 Allocation of capital investment Total Investment of HK$52.9 billion (Oct 2018 – Dec 2023) Key projects • One additional CCGT D2 together with remaining cost of Hong Kong D1 (approved in 2016) Maintaining Lowering Carbon & • Enhancement of existing gas generation facilities Reliability (38%) Emissions (30%) • Offshore LNG Terminal • Enhancement of Clean Energy Transmission System • Installation of generation units at West New Territories Landfill • Advanced Metering Infrastructure (AMI) Meeting Demand Smart City & • Smart City and Digital Developments (24%) DigitalizationDigitalisation (8%) Original Dev Plan Forecasts Year 2018 2019 2020 2020 2021 2022 2023 (HKȼ/kWh) Actual (Q4) Actual Actual Development Plan Forecast announced in July 2018 Basic Tariff 91.0 92.2 93.4 96.5 99.1 101.9 Change - +1.3% + 2.6% + 3.3% + 2.7% + 2.8% Fuel Clause Charge 27.8 30.8 32.4 36.2 37.4 37.4 Change - +10.8% +16.5% +11.7% +3.3% - Rent & Rates Special Rebate (1.1) - * (1.2) - - - - Average Net Tariff 117.7 118.8 121.8 125.8 132.7 136.5 139.3 Change - - +2.5% +5.9% +5.5% +2.9% +2.1% Year-end balance ($m) Actual Actual Revised est. Development Plan Forecast announced in July 2018 Tariff Stabilisation Fund 941 1,478 482 462 455 438 423 Fuel Clause Account 901 1,131 -759 -767 -614 7 24

* Special Rent & Rates Rebate at 1.1 cents per unit was discontinued starting 18 February 2019 when the refund received from Government in 2018 was used up 27 Gas-fired Generation Capacity Expansion

• New gas-fired generation units Unit D1 now in operation • 1st unit now in operation, 2nd Hong Kong unit approved and design commenced • 200MW upgrade plan for existing units • 25MW for each of the eight existing units • 125MW completed to Jun 2020 • Offshore LNG Terminal to support diversification and security of gas source

Approved Unit D2 550MW Unit ~550MW D1 being 200MW Unit D2 approved Upgrade of 8 existing units commissioned Upgrade in progress 2500 MW base capacity

• Additional gas capacity will help facilitate Hong Kong Offshore LNG retirement Castle Peak A Power Station Terminal Project

28 Hong Kong Offshore LNG Terminal Project

Black Point Power Station (BPPS)

Hong Kong

Proposed location for HK Lamma Power Offshore LNG Terminal Station (LPS)

• The Offshore LNG Terminal is a critical infrastructure project that will improve Hong Kong’s energy security and diversity of gas supply, and provide access to the competitive international market. The Project was approved by the HKSAR Government on 4 July 2018 as part of its approval of the 2018 – 2023 Development Plan. • Consists of a floating storage and regasification unit (FSRU) vessel and an offshore jetty that is connected by subsea pipelines to the Black Point and Lamma Power Stations. The FSRU vessel is a dedicated facility with specialized equipment that will be moored at the jetty. • In October 2018, the Environmental Protection Department granted the permit for the proposed development of the offshore LNG terminal, after completing the review of the environmental impact assessment study. • The Foreshore and Sea-bed (Reclamations) Ordinance (FSRO) was authorised on 1 November 2019 and the gazette was published by Lands Department on 8 November 2019. • Agreements on LNG supply and FSRU vessel chartering have been entered into. • Engineering Procurement and Construction (EPC) contracts were awarded in January 2020, putting the project on track to start construction in 2020. 29 Greater Bay Area

Height: 2019 GDP (US$ billion) Colour: 2019 Population (Pop.) (million) National significance < 3 Guangzhou • Key element of China’s blueprint GDP: $343bn Shenzhen 3 - 5.9 GDP: $390bn Foshan Pop.: 15m Hong Kong for innovation, development & Hong Kong Dongguan Pop.: 13m 6 - 8.9 GDP: $156bn GDP: $366bn GDP: $137bn economic reforms leveraging Pop.: 8m Pop.: 7m > 9 Pop.: 8m Zhaoqing Huizhou capabilities and connecting GBA cities GDP: $33bn GDP: $61bn • GDP US$ 1.7 trillion, population 73 million. Pop.: 4m 3 Pop.: 5m Comparison of Bay Areas: Jiangmen 2019 GDP(US$bn) GDP: $46bn Zhongshan Pop. (m) Pop.: 5m GBA 1 GDP: $45bn Zhuhai 4 1,679 73 Pop.: 3m GDP: $50bn 2 Pop.: 2m 2 San Francisco 947 8 Macau GDP: $54bn New York 1,7722 19

Pop.: 1m 3 Key Connecting Infrastructure 1 Tokyo 1,774 44 1 HK-Zhuhai-Macao Bridge 2 HK Section of High Speed Rail Network, and 7th land boundary crossing 3 Second Humen Bridge 4 Shenzhen-Zhongshan bridge 1: 2019 figure 2: 2018 figure 3. 2017 figure Source: Census and Statistics Department of Hong Kong, Statistics and Census Service of Macau, and the statistics bureaux of Source: Government statistical departments in the relevant jurisdictions, the relevant PRD cities, Hong Kong Trade Development Council (HKTDC), 6 July 2020 HKTDC, 6 July 2020 Hong Kong’s Position • Most open and international GBA city, with dual advantages of "one country, two systems” • International financial, transportation, trade centre & professional services • Enhances regional economic development of the GBA, particularly in those industries where Hong Kong demonstrates strengths Supporting Infrastructure Highlights • Guangzhou-Shenzhen-Hong Kong Express Rail Link • Hong Kong-Zhuhai-Macao Bridge • Liantang/Heung Yuen Wai Boundary Control Point • Research infrastructure and facilities by Hong Kong Science and • Hong Kong-Shenzhen Innovation and Technology Technology Parks Corporation to enhance support for its tenants Park in the Lok Ma Chau Loop and incubates • Clean Energy Transmission System Enhancement 30 Mainland China

 Generation Business, 14% of Group Assets  8,990 MW generation capacity, including long-term capacity and energy purchase As at 30 Jun 2020 2019 ACOI Mainland China HK$m Non-carbon >90% 3,000 Jilin 2,500 Inner Liaoning Coal Mongolia 2,000 Hebei Tianjin Solar 1,500 Wind Coal Power Gansu Shandong 1,000 Hydro Hydro Power Jiangsu 500 Nuclear Nuclear Power Shanghai OPEX & DEVEX Solar Power Sichuan 0 2018 2019 Wind Power -500 Guizhou

Guangxi Non-carbon emitting portfolio* in Mainland China Yunnan MW Guangdong 5,000

4,000 ✓ CLP is one of China’s largest external independent 3,000 power producers 2,000 ✓ Generation diversified by geography & fuel type 1,000 0 ✓ Growth potential in smart energy opportunities, especially in Southern China and Greater Bay Area Nuclear Under construction - Nuclear ✓ Earnings predominantly from non-carbon generation Renewables Under construction - Renewables Update for Jun 2020 * Including long-term capacity and energy purchase 31 Generation Portfolio* Wholly-owned Majority-owned Equally/ Minority-owned (2,452/1,852 MW) (2,709/1,916 MW) (19,924/5,223 MW) Mainland China

Wind Coal Coal For more information: •Wind Projects (544/544 MW) •Fangchenggang I •Guohua (7,470/1,248 MW) (1,260/882 MW) •SZPC (3,060/900 MW) •Fangchenggang II (1,320/924 MW)

Hydro Hydro Nuclear •Jiangbian (330/330 MW) •Huaiji (129/110 MW) •Daya Bay (1,968/1,577 MW) •Dali Yang_er (50/50 MW) – 25% equity; currently •Guangzhou Pumped Storage purchasing 80% of output Power Station •Yangjiang (6,516/1,108 MW) (1,200/600 MW)# – 17% equity, all units operational (Unit 6 in operation since Jul 2019)

Solar Wind •Jinchang (85/85MW) •Other wind projects •Xicun I & II (84/84 MW) (910/391 MW) •Sihong (93/93 MW) •Huai’an (13/13 MW) •Lingyuan (17/17 MW) •Meizhou (36/36 MW)

# CLP wholly owns Hong Kong Pumped Storage Development Company (PSDC), which has contractual rights to use 600MW generation capacity * Including long-term capacity and energy purchase As at 30 Jun 2020 32 On-grid Tariffs

On-grid tariffs in the electricity market in China are determined by the National Development and Reform Commission (NDRC).

• Four-tier tariffs which vary by region depending on wind resource • Daya Bay: Tariff determined by a formula based on Mainland China • RMB 0.47 - 0.70/kWh, for projects approved before 2018 operating costs and calculation of profits with • RMB 0.40 - 0.57/kWh for projects approved in 2018 reference to capacity factors • RMB 0.34 - 0.52/kWh as guided tariff for projects approved in 2019 • Yangjiang: Benchmark tariff adjusted from • RMB 0.29 - 0.47/kWh as guided tariff for projects approved from RMB0.43/kWh to RMB0.4153/kWh effective Jul 2019; 1 Jan 2020 20% output subject to competitive discount process • Tariff for new wind projects set by competitive bidding Nuclear

Wind • Additional De-NOx, De-SOx and dust-removal tariffs depending on individual plants • A wide range of tariffs may apply depending on the individual • Replacement of coal benchmark tariff by a base tariff project, seasonality and time of the day plus a floating adjustment effective 1 Jan 2020 Hydro Coal CLP Mainland China 2019 • Three-tier tariffs which vary by region depending on solar resource Approximate % Allocation of Market Sales • RMB 0.80 - 1/kWh, incl. national subsidies, for projects approved in or before 2016 • RMB 0.55 - 0.85/kWh for projects approved in or before 2017 and put into operation on or before 30 Jun 2018 • RMB 0.50 - 0.70/kWh for projects put into operation during 1 Jul 43% 49% 51% 2018 to 30 Jun 2019 57% 2019 • RMB 0.40 – 0.55/kWh as guided tariff for projects approved after Market Sales 2018 1 Jul 2019 • Tariff for new solar projects set by competitive bidding Planned Sales • Market sales in 2019 predominately related to Solar Fangchenggang coal-fired power station in Guangxi 33 Climate Policy and National Carbon Market China has set ambitious climate change targets 2020 2030 Mainland China • Reduce CO2 emissions per unit of GDP by 40- • Reduce CO2 emissions per unit of GDP 45% compared to 2005 level by 60-65% compared to 2005 level • Increase share of non-fossil fuel energy to 15% • By 2030: Increase share of non-fossil fuel • 9% of power generation from non-hydro energy to 20% renewables • Peak CO2 emissions National Emission Trading Scheme (ETS) /Carbon market Renewable Energy Certificates (RECs) and Renewable Portfolio Standards (RPS) • In 2017, the Chinese Government announced launch of national • A market-based mechanism which allows certain RE operators ETS and draw up a Work Plan with the target to initiate a national to earn their subsidy portion of tariffs through the issuance of carbon market by end of 2020 RECs • The national ETS starts with the power sector and will eventually • RECs commenced on a voluntary basis in 2017 with the price cover other emitting sectors on a step-by-step basis capped at the level of RE subsidy • The initial market will cover more than 1,700 enterprises with an • While the scheme has been in operation for three years, a driver estimated total emission of over 3 billion tons of CO₂ of demand to help set a market-based price for RECs is yet to • Free allocation is expected to be the main methodology. The emerge Government is finalising the allowance allocation plan, which use • The National Energy Administration released RPS policy “RE output-base benchmarks for covered entities’ power and heat Usage Protection Mechanism“ in May 2019 to boost renewable generation power demand. The policy sets RE targets for each province and • The allowance allocation and compliance period are on an annual will carry out compliance assessment from 2020 basis. Generators emitting beyond their allocation will need to • The mandated entities (retailers and end-users) are allowed to procure the shortfall from the trading market fulfil their obligations through consumption of renewable power • Renewable energy (RE) projects may benefit from selling China or purchasing RECs Certified Emission Reductions (CCERs), whereas coal & gas will • In May 2020, the Government announced the final RE targets generally need to buy for 2020 and will begin monitoring compliance performance in • We continue to monitor the opportunities and impact arise from provinces the new policy • We continue to monitor opportunities and impacts of the policy

34 India

 Generation Business 2019 Annual ACOI  6% of Group Assets  1,890 MW generation capacity HK$M As at 30 Jun 2020 1,200 India 5

800 687 33% Jhajjar Tejuva New Delhi 400 67% <1%

Sipla 339 Bhakrani Assam Nagaland 0 Chandgarh 2019 Thermal Transmission Renewables Manipur Sidhpur Madhya Pradesh MW Renewable Portfolio in India Samana 1,200 Paguthan India Mahidad Gale Tornado 800 Mumbai Khandke Andhra Lake DSPL 400 Jath CREPL Coal Power Veltoor Saundatti 0 Gas Power Harapanahalli 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Jun-20 Wind Wind- CDPQ Under Construction - Wind Wind Power Solar Solar-CDPQ Under Construction - Solar Solar Power ✓ CLP has invested in renewables for over a decade Update for Jun 2020 Transmission Theni Project* ✓ Portfolio diversified by fuel and location Potential Projects ✓ Growth opportunities are increasingly competitive ✓ Strategic partnership with Caisse de dépôt et placement du Québec (CDPQ) * Indicative locations of transmission assets; do not has strengthened our ability to capture new investment opportunities across purport to show exact locations the value chain in India’s power sector 35 Asset Portfolio

Jhajjar (1,320/792MW) • Power Purchase Agreement for Sidhpur was executed - 2x660MW supercritical coal-fired units - Return based on availability with Solar Energy Corporation of India Limited (SECI) India in July 2020 Paguthan (655/393MW) - Combined-cycle gas-fired power plant • Although both economic growth and electricity demand - PPA ended Dec 2018, generation on call in India have slowed, CLP India remains confident in the Solar Projects (250/150MW) power market, particularly for low-carbon projects as the Return based on fixed tariff for 25 years country undergoes an energy transition. • Veltoor (100/60MW) • Gale (50/30MW) • Tornado (20/12MW) For more information: • CREPL (30/18MW) • DSPL (50/30MW)

Wind Projects (924/555MW) Return based on fixed tariff per individual power purchase agreement Transmission Projects (240km) • Khandke (50/30MW) • Bhakrani (102/61MW) • STPL - operational (240km) • Samana I & II (101/60MW) • Mahidad (50/30MW) - Intra-state, Madhya Pradesh • Saundatti (72/43MW) • Jath (60/36MW) • • Theni I &II (100/60MW) • Tejuva (101/60MW) KMTL* - under construction (251km) - Inter-state, Manipur – Nagaland – Assam • Harapanahalli (40/24MW) • Chandgarh (92/55MW) • Andhra Lake 106/64MW) • Sidhpur * (251/151MW) • Sipla (50/30MW) * Potential Projects: Capacity of these projects is not included in portfolio totals 36 As at 30 Jun 2020 36 Southeast Asia and Taiwan

 Generation Business, 1% of Group Assets  285 MW generation capacity For more information: As at 30 Jun 2020 Southeast Asia Ho-Ping Taiwan & Taiwan

Chiang Mai ✓ Stable earnings from existing projects in Thailand and Taiwan Thailand ✓ Exploring renewable and smart energy opportunities

Lopburi Bangkok Ho-Ping (1,320/264MW) • Coal-fired • 20% equity interest • Return based on availability and output Taiwan

Lopburi (63/21MW) • Solar • 33.3% equity interest • Return based on utilisation Coal Power Solar Power Thailand

37 Australia

✓ Integrated energy business serving 2.4 million customer accounts across southeast Australia ✓ Asset portfolio includes coal, gas and wind generation with Australia For more information scan or click an extensive range of long term renewables contracts

Ross River Coal (2,880/2,880MW) Gas Resources • Yallourn (1,480/1,480MW) • Narrabri gas project (2C • Mount Piper (1,400/1,400MW) contingent resource of up to Qld 1,794/359PJ) Australia 0.1M Gas Generation (1,615/1,597MW)

Brisbane • Hallett (233/233MW) • Tallawarra (420/420MW) • Newport (500/500MW) • Wilga Park (22/4MW) SA • Jeeralang (440/440MW) 0.1M Wilga Park NSW Narrabri Gas 1.4M Project Hallett Wind (693/560MW) Bodangora Mount Piper • Cathedral Rocks (64/32 MW) • Gullen Range (276/166MW)* Waterloo Manildra • Mortons Lane (20/20MW)* • Boco Rock (113/113MW) * Coleambally Sydney Cathedral Adelaide Tallawarra • Waterloo (111/56MW)* • Taralga (107/107MW) * Rocks Gannawarra Taralga Vic Gullen Range • Bodangora (113/68MW)* Coal Power 0.8M Boco Rock Gas Power Melbourne Yallourn Mortons Lane Battery Storage (55MW /80MWh) Wind Power Jeeralang Solar (362/294MW) Solar Power Ballarat Newport • Gas Reserve • Gannawarra (50/50 MW)* Gannawarra (25 MW/50 MWh) Retail Accounts • Ballarat (30 MW/30 MWh) Battery Storage • Ross River (116/93MW)* As at 30 Jun 2020 • Manildra (46/46MW)*  Generation & Retail Business  16% of Group Assets • Coleambally (150/105MW)*  5,332 MW generation capacity * Including long-term capacity and energy purchase arrangements 38 Retail Market Conditions EnergyAustralia Churn vs Market Churn Customer Churn Customer Account (million) 40% 3.2 Rest of Market Churn 1H2019 Rest of Market Churn 1H2020 • Devastating bushfires in Australia’s EA Churn 1H2019 EA Churn 1H2020 Australia 30% Account Numbers 2.4 eastern states over the summer were followed by the COVID-19 pandemic 20% 1.6 significantly raising demand for customer support in the energy industry. In 10% 0.8 response EnergyAustralia: • Expanded the EnergyAssist hardship 0% 0.0 VIC NSW SA QLD Total programme EnergyAustralia E-billing Update Paper Bill E-Bill 100% • Launched the Rapid Business Assist

80% programme to provide support to small businesses. 60% • Automation and digitisation remain key drivers of 40% efficiency improvements and cost reduction 20% • Ombudsman complaints have continued to 0% 1H2015 1H2016 1H2017 1H2018 1H2019 1H2020 decline, despite increased call volumes arising Ombudsman Complaints from the current economic conditions. 80 8,000 Ombudsman Complaints/10k acct (LHS) EnergyAustralia will continue to focus on 60 Ombudsman Complaints volumes (RHS) 6,000 extending appropriate support to customers. 40 4,000 • Increasing bad and doubtful debts provisions as 20 2,000 economic challenges arising from COVID-19

0 0 become more apparent in 2H2020 and 2021. 1H2015 1H2016 1H2017 1H2018 1H2019 1H2020 Update for Jun 2020 39 Wholesale Market Conditions

GW NEM Generational Capacity and Operational Demand TWh • Wholesale prices fell sharply in 1H2020 driven by 55 215 higher generation availability, increasing 50 210 renewables and the impact of COVID-19 on Australia demand and maintenance outages 45 205 • Despite an overall declining trend in wholesale prices, 40 200 periods of volatility and high pricing were experienced, particularly in the first quarter 35 195 Wind, Solar & Other (LHS) • Continued renewables penetration is likely to increase the 30 Hydro (LHS) 190 importance of flexibility and reliability in peak periods Gas (LHS) 25 Coal (LHS) 185 • The significant decline in forward market prices will likely Operational Demand (RHS) impact through 2H2020 and 2021 200 1800 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 • EnergyAustralia continues to focus on the flexibility and Source: Data from AEMO's Electricity Market Management System (EMMS) reliability of our existing plants and assets as well as on delivering our flexible generation strategy Year Ahead Swap Prices $/MWh NSW Swap Prices 120 120 NSW Swap VIC Swap

100 100 Drought 80 Carbon scheme 80

60 60

40 40

Closure of Hazelwood power $/MWh Price SWAP 20 station announced 20 CAL 2019 CAL 2020 CAL 2021 CAL 2022 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Jan-18 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Source: Australian Securities Exchange Update for Jun 2020 40 Value Creation • A sharp correction in EnergyAustralia’s earnings occurred in 2019 resulting from constraints at our main Mt Piper and Yallourn generation facilities and the re- regulation of retail electricity prices Australia • EnergyAustralia will continue to invest A$m Annual ACOI 900 12%

in value creation during this complex 800 10% period of price re-regulation 700 • Investing in processes and systems to 600 8% 500 make it easier and effortless for our 6% 400

customers to manage their accounts and 300 4%

access 200 2% • New products and services 100 - 0% • Continued focus on uplifting compliance 2014 2015 2016 2017 2018 2019 • Focus on optimise generation availability ACOI ROIC % and performance A$m Actuals 2014 2015 2016 2017 2018 2019 2019 Adj(3) • Evaluating flexible capacity opportunities ACOI (before tax) 285 372 423 682 837 428 606 to support the integration of renewable ACOI (post-nominal tax) 199 261 296 476 586 300 424 Invested Capital (Avg.) (1) 6,037 5,686 5,065 5,178 5,453 5,030 5,030 generation ROIC (2) 3.3% 4.6% 5.9% 9.2% 10.7% 6.0% 8.4% • EnergyAustralia will continue to drive process efficiency and improved customer experience to increase customer satisfaction and restore returns for investors (1): Average Invested Capital consists of net fixed assets, net working capital, equity investments and intangibles, excluding deferred tax assets & liabilities, financial assets, cash and cash equivalents, and short and long-term debt. Asset values are based on written down and post-impairment positions. (2): Return on Invested Capital = ACOI (post-nominal tax) / Invested Capital (Average). Note that ACOI is adjusted for nominal tax payable at 30%.

41 Appendix 3: Group Financials

Black Point Power Station, Hong Kong Annual Group Financial Performance HK$M 2019 2018 Change Revenue 85,689 91,425 6%

Operating Earnings Hong Kong electricity and related activities 7,659 8,785 13% Local electricity business 7,448 8,558 PSDC and Hong Kong Branch Line 211 192 Sales to Guangdong - 35 Outside Hong Kong 4,441 6,199 28% Mainland China 2,277 2,163 India 263 572 Southeast Asia and Taiwan 335 162 Australia 1,566 3,302 Other earnings and unallocated items (979) (1,002) Operating Earnings 11,121 13,982 20% Items affecting comparability (1) (6,464) (432) Total Earnings 4,657 13,550 66%

(1) Item affecting comparability in 2019 represented the impairment of retail goodwill for EnergyAustralia and revaluation loss on investment property. 2018 represented the provision for Paguthan’s deemed generation receivables and revaluation gain on investment property. 43 Annual Adjusted Current Operating Income (ACOI)

HK$M 2019 2018 Change Adjusted Current Operating Income or ACOI ▪ ACOI equals EBIT excluding items affecting Operating Earnings 11,121 13,982 20% comparability and fair value adjustments, and (Attributable to CLP) includes the Group’s share in net earnings from joint ventures and associates Exclude: Fair value adjustments Fair value ▪ Predominantly negative fair value adjustments on (176) (68) adjustments energy derivative contracts in EnergyAustralia due to increasing forward energy prices Net finance costs (1) (2,033) (2,107) Net finance costs # ▪ Lower finance costs mainly attributable to lower Income tax expense (2,787) (4,014) average total borrowings offset by higher market interest rates Non-controlling (885) (827) interests Income tax expense ▪ In line with decrease in profit in particular Australia ACOI 17,002 20,998 19% and SoC business Non-controlling interests ▪ CSG’s 30% share of CAPCO (1) Included the distribution to perpetual capital securities holders ▪ CDPQ’s 40% share of CLP India in 2019

44 Annual Adjusted Current Operating Income (ACOI)

HK$M 2019 2018

Hong Kong electricity and related activities 11,407 12,826 Full year of lower permitted rate of return

Mainland China 2,830 2,670 Contributions mainly from non-carbon

India 1,031 1,385 Lower earnings driven by the end of Paguthan PPA

Southeast Asia and Taiwan 335 161 Higher energy tariff and lower coal costs at Ho-Ping

Australia 2,331 4,885 Earnings impacted by regulatory changes, competition & operational challenges

Other earnings and unallocated items (932) (929) New business initiatives offset by FX impact

Total 17,002 20,998 19% decrease (or -17% normalized for FX)

HK$m 22,000 20,998 20,597 -17% 324 174 Decrease on (401) like-for-like (313) 17,002 basis after 18,000 (1,441) adjusting for FX (2,228) (111) 14,000 Australia SEA & Taiwan 10,000 India Mainland China 6,000 Hong Kong Other earnings & unallocated items 2,000 0 (2,000) 2018 FX Normalised Hong Kong Mainland India SEA and Australia Unallocated 2019 2018 China Taiwan and others

45 Financial Capital

Loan Balance - Type Currency of Bond Funding

Money Market Line Medium Term Notes/ Private Placement/ Bonds AUD JPY USD HKD INR Term Loans Export Credit Loan HK$M HK$M 60,000 30,000 30,000

50,000 25,000 25,000

34% 31% 40,000 20,000 20,000

30,000 15,000 15,000

20,000 10,000 52% 10,000 54%

5,000 5,000 10,000 4%

10% 100% 11% 96% 4% 100% 4% 100% 0 0 0 CLP Power CAPCO CLP India 1 CLP Power CAPCO CLP India1 2015 2016 2017 2018 2019 Hong Kong Hong Kong

Dec2018 2014 2019 Note: All foreign currency bonds issued by CLP Power HK and CAPCO were swapped back to HK dollars to fully mitigate exchange rate risk. The Group engaged in new financing activities during the year in support of the operation and business growth. In addition, we continue to solicit re-financing at competitive terms. CLP CAFF & Credit Ratings CLP Climate Action Finance Framework (CAFF) For more information • Launched by CLP Group in 2017 to support the transition to a low carbon economy by attracting on CAFF socially responsible, sustainable financings, to support qualified investments that reduce the carbon content of energy generated and increase the efficiency of energy usage For more information on Credit Ratings • Updated in 2020 to reflect the increased climate- related commitments made by CLP Group in its updated Climate Vision 2050 published in December 2019 and the broader range of financial transactions that CLP Group is considering to raise funding for its climate actions Rating 8 AA- /Aa3 7 • Climate Action Finance Transactions entered into by A+ /A1 CAPCO under CLP CAFF: 6 A /A2 • US$500m Energy Transition Bond (3.25% due 5 2027) in July 2017 for CCGT project A- /A3 4 • HK$170m New Energy Bond (2.8% due 2044) in BBB+ /Baa1 July 2019 for WENT landfill energy-from-waste 3 project BBB /Baa2 2 • US$350m Energy Transition Bond (2.2% due 2030) BBB- /Baa3 in June 2020 for offshore LNG terminal project 1 • HK$3.3bn medium-term Energy Transition -1 2014 2015 2016 2017 2018 2019 Jun 2020 S&P CLP CLP revolving facility in June 2020 for offshore LNG CAPCO EnergyAustralia terminal project Moody's Holdings Power

Update for Jun 2020 47 Relative Performance

% Total Returns - CLP vs HSI and BWEI (2015 to 30 June 2020) (Base: 31 December 2014 = 0%) 80

-20 2015 2016 2017 2018 2019 Jun 2020

CLP Holdings Hang Seng Index (HSI) Bloomberg World Electric Index (BWEI) Source: Bloomberg

Total Returns = capital gain plus dividends, and assuming dividends are reinvested at the prevailing price Update for Jun 2020 CLP Holdings Limited listed on the Stock Exchange of Hong Kong (00002) • Constituent of the HSI, BWEI & Dow Jones Sustainability Asia Pacific Index • One of the eligible stocks included in Southbound Trading through Shanghai – Hong Kong Stock Connect and Shenzhen – Hong Kong Stock Connect • Traded over the counter in the form of American Depositary Receipts in the U.S. (ADR code CLPHY) • Five-year total shareholder return of 47%, or compound average growth rate of 7.9% per annum. 48 Additional Resources

(1) To be published in August 2020 49 Notes

Thank you 50