2026 年 4 月 1 日 Dear Registered Shareholder, Sands China Ltd. (the "Company") - Attendance at the 2026 Annual General Meeting by Electronic Means The Annual General Meeting (the "AGM") of the Company will be held virtually through an online platform at http://meetings.computershare.com/SandsChina_AGM2026 (the "Online Platform") on Friday, May 15, 2026 at 11:00 a.m. You will be able to attend the AGM through the Online Platform, access the live audio broadcast, cast your vote and submit questions in written f ...

( 於開曼群島註冊成立的有限公司 ) (股份代號：1928) 通 知 信 函 致非登記股東 1： 金沙中國有限公司（「本公司」） – 2025 年度報告及通函載有股東週年大會通告（統稱「本次公司通訊」）以及 2025 環境、社會及管治報告 （「2025 環境、社會及管治報告」）之刊發通知 如對本函內容有任何疑問，請致電香港股份過戶登記處電話熱線+852 2862 8688，辦公時間為星期一至五 （公眾假期除外）上午 9 時正至下午 6 時正。 承 董 事 會 命 金 沙 中 國 有 限 公 司 韋狄龍 公 司 秘 書 2026 年 4 月 1 日 附註： 如本函件的中英文版本有任何歧義，概以英文版本為準。 1. 本函件乃致本公司之非登記股東（「非登記股東」指其股份存放於中央結算及交收系統 ( 中央結算系統 ) 的人士或公司，並已透過香港中央結算 有限公司不時向本公司發出通知，表示有意收取公司通訊）發出。如果 閣下已出售或轉讓所持有的本公司股份，則無需要理會本函件及其 回條。 2.公司通訊指本公司發出或將予發出以供其任何證券的持有人參照或採取行動的任何文件，包括但不限於 (a) 董事會報告、年度賬目連同核數師 ...

( 於開曼群島註冊成立的有限公司 ) (股份代號：1928) 通 知 信 函 致 登 記 股 東 ： 金沙中國 有 限 公 司 （「 本 公 司 」） – 2025 年 年 度 報 告 、 通 函 載 有 股 東 週 年 大 會 通 告 及 委 任 代 表 表 格 （ 統 稱 「 本 次 公 司 通 訊 」） 以 及 2025 環 境 、 社 會 及 管 治 報 告 （「 2025 環 境 、 社 會 及 管 治 報 告 」） 之刊發通知 本 公 司 的 本 次 公 司 通 訊 及 2025 環 境 、 社 會 及 管 治 報 告 英 文 及 中 文 版 已 刊 載 於 本 公 司 網 站 www.sandschina.com 「 投 資 者 關 係 」 一 欄 及 香 港 交 易 所 披 露 易 網 站 www.hkexnews.hk。 倘 若 閣 下 希 望 收 取 本 次 公 司 通 訊 及 ╱ 或 2025 環 境 、 社 會 及 管 治 報 告 之 印 刷 本 ， 請 閣 下 向 本 公 司 的 香 港 股 份 過 戶 登 記 處（「 香港股份過戶 登 記 處 」），香 港 中 央 證 券 登 記 ...

SANDS CHINA LTD. 金沙中國有限公司 本委任代 表表格涉 及的股份 數目 （附註1） | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 省覽本公司及其附屬公司截至二零二五年十二月三十一日止年度的經審核綜合財務報 | | | | | 表及本公司董事（「董事」）與核數師的報告。 | | | | 2. | 宣派截至二零二五年十二月三十一日止年度的末期股息每股0.50港元。 | | | | 3. | (a) 重選王英偉博士為執行董事。 | | | | | (b) 重選鄭君諾先生為執行董事。 | | | | | (c) 重選Victor Patrick Hoog Antink先生為獨立非執行董事。 | | | | | (d) 重選Patrick Sydney Dumont先生為非執行董事。 | | | | | (e) 重選鍾潔儀女士為獨立非執行董事。 | | | | | (f) 授權董事會（「董事會」）釐定各董事薪酬。 | | | | 4. | 續聘德勤‧關黃陳方會計師行為核數師並授權董事會釐定其薪酬。 | | | | 5 ...

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢股票經紀或其他註冊證券 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的金沙中國有限公司股份全部售出或轉讓，應立即將本通函連同隨附的委 任代表表格提供予買主或受讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便 轉交買主或受讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 SANDS CHINA LTD. 金沙中國有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1928） 建議重選退任董事 及 建議授出購回股份及發行新股份的一般授權 及 股東週年大會通告 金 沙 中 國 有 限 公 司 謹 訂 於 二 零 二 六 年 五 月 十 五 日（星 期 五）上 午 十 一 時 正 透 過 網 上 平 台 http://meetings.computershare.com/SandsChina_AGM2026以虛擬方式舉行股東週年大會，召開 大會之通告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 5. 「動議： (a) 在下文第5(b)項的規限下，一般及無條件授予董事一般授權，以根據所有適用 的法例、規則及規例，於有關期間（定義見下文）內行使本公司的一切權力以在 香港聯合交易所有限公司（「聯交所」）或在證券及期貨事務監察委員會及聯交 所就此目的認可而本公司股份可能在其上市的另一證券交易所購回本公司的 股份； 1 1. 省覽本公司及其附屬公司截至二零二五年十二月三十一日止年度的經審核綜合財 務報表及本公司董事（「董事」）與核數師的報告。 2. 宣派截至二零二五年十二月三十一日止年度的末期股息每股0.50港元。 3. (a) 重選王英偉博士為執行董事； (b) 重選鄭君諾先生為執行董事； (c) 重選Victor Patrick Hoog Antink先生為獨立非執行董事； (d) 重選Patrick Sydney Dumont先生為非執行董事； (e) 重選鍾潔儀女士為獨立非執行董事；及 (f) ...

金沙中國 2025 年概況 2 金沙中國 2025年環境、社會及管治報告 參與企業可持續發展評估（CSA）1 ，並獲納 入道瓊斯領先（DJBIC）指數，包括道瓊斯 領先全球指數和亞太區指數 入選標普全球（S&P Global）《可持續發展 年鑒 2025》中國版及國際版，在企業可持 續發展評估中均獲最佳 1% 的評分，並首次 在中國版年鑑中獲得「行業最佳進步獎」 憑藉超越行業特定績效要求的優異表現，在 ISS ESG 企業評級中被評為 B+ 級，獲授予 「優秀（ Prime）」等級 獲得 MSCI ESG「A」級評級 入選富時社會責任指數系列（FTSE4Good 指數系列） 榮獲香港中文大學「企業可持續發展指數」 五項認可，其中四項指數更晉身三甲之列， 包括「香港企業可持續發展指數」、「粵港 澳大灣區企業可持續發展指數」、「大中華 企業可持續發展指數」以及「全球（亞太 區）企業可持續發展指數」。在所有五項指 數中取得最高「典範者」評級，更首度獲頒 「香港企業可持續發展指數十週年卓越成就 奬──最佳進步奬」 持續透過環境報告的最高標準 CDP 進行披 露，在 CDP 氣候變化方面被評為 A 級，以 及在水安全方 ...

Financial Performance - Total net revenue for the year ended December 31, 2025, was $7,440,000,000, an increase of 5.1% from $7,080,000,000 in 2024[7] - The group's profit decreased to $896,000,000, down 14.3% from $1,050,000,000 in 2024[7] - Adjusted property EBITDA was $2,310,000,000, a slight decline of 0.7% compared to $2,330,000,000 in 2024[7] - In 2025, Macau's total gaming gross revenue is projected to be MOP 247.4 billion (approximately USD 30.87 billion), representing a 9.1% increase from 2024[26] - The net revenue from the gaming segment was $5,580,000,000, an increase of 4.4% compared to $5,350,000,000 for the previous year, driven primarily by increased table gaming and slot machine revenues[81] - Hotel revenue reached $853,000,000, marking a 10.2% increase from $774,000,000 in the prior year, indicating strong demand for hotel accommodations[80] - The shopping mall segment generated $521,000,000 in revenue, up 5.7% from $493,000,000, reflecting effective tenant management and leasing strategies[80] - The company reported that approximately 9.4% of table gaming was conducted on a credit basis as of December 31, 2025[78] - The company's profit for the year ended December 31, 2025, was $896 million, a decline of 14.3% compared to $1,050 million for the year ended December 31, 2024[109] Visitor Trends - Visitor numbers to Macau exceeded 40,000,000 in 2025, up from approximately 35,000,000 in 2024 and 28,000,000 in 2023[10] - The number of visitors to Macau in 2025 is expected to reach approximately 40 million, a 14.7% increase compared to 2024[26] - The total number of visitors from mainland China to Macau increased by approximately 18.5% for the year ending December 31, 2025, compared to the same period in 2024[71] Investments and Developments - The company has invested approximately $17,000,000,000 to support Macau's economic diversification and enhance its status as a leading leisure and business tourism destination[11] - The company plans to invest about $4,500,000,000 in capital and operational investments in Macau during the current gaming license period until 2032[11] - The company aims to leverage its integrated resort business model to support Macau's diversification and capitalize on the growth in tourism and entertainment demand[14] - The investment plan includes projects aimed at attracting foreign visitors, enhancing entertainment offerings, and upgrading facilities to support Macau's growth as a tourism destination[54] - The company has committed to invest at least MOP 35,840,000,000 (approximately USD 4,470,000,000) in Macau, with MOP 33,390,000,000 (approximately USD 4,170,000,000) allocated for non-gaming projects, to be completed by December 2032[54] Operational Highlights - The company operates nearly 30 million square feet of interconnected facilities, making it the largest integrated resort operator in Macau[19] - The company has 10,829 luxury suites and hotel rooms, including 19 exclusive villas, and operates 160 restaurants and dining establishments[19] - The company operates a total of 10,487 hotel rooms and suites across its properties, including 2,841 at Venetian Macau and 4,426 at Londoner Macau[33] - The total gaming area across all properties is approximately 1,459,000 square feet, featuring 1,680 gaming tables and 3,700 slot machines[33] - The company operates a high-speed ferry service, "Cotai Water Jet," connecting Hong Kong and Macau, facilitating visitor access[32] - The company has a fleet of 140 shuttle buses, providing frequent service every 5 to 10 minutes during peak hours[48] Competition and Market Position - The company faces competition from other licensed operators in Macau, including Galaxy Entertainment and Wynn Resorts[29] - The company is collaborating with the Macau government to ensure its investment plan aligns with the region's economic development strategy[54] - The company aims to attract high-profit mid-market gaming customers while providing luxury facilities and high-level services to VIP and premium customers[27] - The company is subject to ongoing qualification reviews by the Macau government for shareholders and key personnel holding 5% or more of VML's equity[57] Regulatory and Compliance Issues - The company has been granted a gaming license for a ten-year contract effective from January 1, 2023, with an annual fee starting at MOP 750 per square meter for the first three years, increasing to MOP 2,500 per square meter for the remaining seven years[53] - The gaming license is set to expire on December 31, 2032, and if not renewed, the company may be prohibited from conducting gaming operations in Macau[65] - The company is subject to a special gaming tax of 35% on gross gaming revenue, with additional payments required if the average gross gaming revenue falls below certain thresholds[66] - The company must comply with anti-corruption laws, and any violations could lead to severe financial consequences[151] Risks and Challenges - The company’s business is particularly sensitive to economic downturns affecting consumer discretionary spending[146] - Factors such as economic conditions, concerns over pandemics, and geopolitical instability may adversely affect demand for the company's luxury facilities and services[146] - The company faces significant risks from natural disasters, political unrest, and infectious disease outbreaks, which can adversely affect visitor numbers and overall operations[147] - Existing debt obligations may impose significant operational and financial restrictions on the company, including limitations on additional borrowing and asset disposals[152] - The company may need to seek additional financing for planned and future development projects, which will depend on global economic conditions and credit market availability[156] Legal Matters - The company is involved in ongoing litigation with claims amounting to approximately $371,000,000, with further claims potentially increasing to $11,930,000,000[131][133] - The Macau Intermediate Court dismissed the plaintiff's appeal against the Macau Primary Court's ruling on April 28, 2022, citing malicious litigation[138] - The court ruled that AAEC's shareholders automatically replaced AAEC as the plaintiff, and they failed to submit the appeal statement in a timely manner[141] Cybersecurity and Data Security - The company faces significant risks related to data security and privacy compliance, which may lead to reputational damage and operational impacts[180] - The company relies heavily on third-party service providers for data management, increasing vulnerability to cyberattacks and information security breaches[183] - Past incidents of cyberattacks on the parent company LVS highlight the potential for more frequent and severe global cybersecurity threats[183] - The company’s insurance coverage may not be sufficient to cover all potential losses, particularly from large-scale disasters or cyber-related incidents[187]

Industry Outlook - Morgan Stanley expects Macau gaming stocks to underperform the market in the short term, forecasting a 6% growth in Macau gaming revenue for the year, while EBITDA is projected to grow only 2%, which is below market expectations and shows a year-on-year decline [1][2] - The growth in gaming revenue is anticipated to slow down in the second half of the year due to base effect impacts, with the mass market remaining weak [1] Cost and Promotional Pressures - The industry is experiencing increased promotional incentives and ongoing non-gaming expenditures, contributing to structural cost pressures, particularly in reinvestment focused on high-end mass market [1] Earnings Forecast Revisions - Market earnings estimates are being revised downward, which will exert pressure on EBITDA forecasts for the year [1] Investment Preferences - Morgan Stanley has downgraded its industry view from "attractive" to "in line with expectations," predicting a slowdown in year-on-year gaming revenue growth starting in May, with negative EBITDA growth expected in the second and third quarters [2] - The firm prefers Sands China (01928) and Melco Resorts & Entertainment (MLCO.US) among gaming stocks, while downgrading Galaxy Entertainment (00027) and Wynn Macau (01128) to "in line with the market" [2]

Group 1 - Morgan Stanley expects Macau gaming stocks to underperform the market in the short term, forecasting a 6% growth in Macau gaming revenue for this year, with EBITDA growth only at 2%, which is below market expectations and shows a year-on-year decline [1] - The slowdown in gaming revenue growth in the second half of the year is attributed to base effect impacts, along with continued weakness in the mass market segment [1] - Increased promotional incentives in the industry and ongoing non-gaming expenditures are contributing to the cost pressures, particularly in reinvestment, which are structural in nature [1] Group 2 - The firm's outlook on the industry has been downgraded from "attractive" to "in line with expectations," anticipating a slowdown in year-on-year gaming revenue growth starting in May, with negative EBITDA growth expected in the second and third quarters [1] - Morgan Stanley prefers Sands China (01928) and Melco Resorts & Entertainment (MLCO.US) among the stocks, while downgrading Galaxy Entertainment (00027) and Wynn Macau (01128) to "in line with the market" [1]