The Hongkong and Shanghai Hotels, Limited provided unaudited earnings guidance for the six months ended 30 June 2024. For the six months, the Board anticipates that the Group will record a loss attributable to shareholders in the region of HKD450 million for the six months ended 30 June 2024 as compared to a profit attributable to shareholders of HKD 94 million for the same period last year. The unfavourable result for the six months ended 30 June 2024, as compared to the prior year, is principally due to: 1. A reduction of approximately 22% in combined EBITDA (excluding the EBITDA on sale of The Peninsula Residences London) achieved by the Group as The Peninsula New York is under renovation, the newly opened Peninsula hotels in London and Istanbul still require time to ramp up to a stabilised stage of operation, and they have experienced weak markets in a number of the other hotels.

2. An increase in depreciation of approximately 40% mainly attributed to The Peninsula London which opened in September 2023. 3. An increase in net financing charges of approximately 180% as the Group is no longer capitalising interest on borrowings relating to The Peninsula London project following the opening of the hotel, as well as higher interest rates. 4. A revaluation loss of the Group's investment properties by approximately HKD 140 million for the six months ended 30 June 2024 as compared to a revaluation gain of HKD 222 million for the same period last year.