2021 INTERIM RESULTS | ANALYST BRIEFING

12TH AUGUST 2021 DISCLAIMER

This presentation has been prepared by Swire Properties Limited (“the “Company”, and together with its subsidiaries, the “Group”) solely for information purposes and certain information has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, reasonableness or correctness of the information or opinions presented herein or any verbal or written communication in connection with the contents contained herein. Neither the Company nor any of its affiliates, directors, officers, employees, agents, advisers or representatives shall have any responsibility or liability whatsoever, as a result of negligence, omission, error or otherwise, for any loss howsoever arising in relation to any information presented or contained in this presentation. The information presented or contained in this presentation is subject to change without notice and shall only be considered current as of the date of this presentation.

This presentation may contain certain forward-looking statements that reflect the Company’s beliefs, plans or expectations about the future or future events. These forward‐looking statements are based on a number of assumptions, current estimates and projections, and are therefore subject to inherent risks, uncertainties and other factors beyond the Company’s control. The actual results or outcomes of events may differ materially and/or adversely due to a number of factors, including the effects of COVID-19, changes in the economies and industries in which the Group operates (in particular in Hong Kong and the Chinese Mainland), macro-economic and geopolitical uncertainties, changes in the competitive environment, foreign exchange rates, interest rates and commodity prices, and the Group’s ability to identify and manage risks to which it is subject. Nothing contained in these forward-looking statements is, or shall be, relied upon as any assurance or representation as to the future or as a representation or warranty otherwise. Neither the Company nor its directors, officers, employees, agents, affiliates, advisers or representatives assume any responsibility to update these forward‐looking statements or to adapt them to future events or developments or to provide supplemental information in relation thereto or to correct any inaccuracies.

This presentation is for information purposes only and does not constitute or form any part of, and should not be construed as, an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation, whether in Hong Kong, the Chinese Mainland, the United States, or elsewhere.

This presentation does not constitute, and should not be construed as, any recommendation or form the basis for any investment decisions regarding any securities of the Company. Potential investors and shareholders of the Company should exercise caution when investing in or dealing in the securities of the Company.

2 AGENDA

1. Results Highlights 2. Investment Portfolio Guy Bradley, 3. Trading Portfolio Chief Executive 4. Hotel Portfolio 5. Financial Highlights Fanny Lung, 6. Sustainable Development Finance Director 7. Prospects 8. Q&A

3 REBOUND, RESILIENCE AND RECOVERY

HK$ 1,984 M HK$ 3,716 M HK$ 4,513 M HK$ 49.21 per share 1H 2021 1H 2021 1H 2021 Equity attributable to +93% Reported profit +0.4% Recurring profit +20% Underlying profit -0.3% shareholders (1H 2020 at HK$1,029M) (1H 2020 at HK$3,702M) (1H 2020 at HK$3,753M) (Dec 2020 at HK$49.36 per share)

Resilient Gradual Robust Strategic Sustained HK office portfolio Recovery Chinese Mainland capital management dividend growth HK retail portfolio retail portfolio

98% Almost HK$ bn HK$ Taikoo Place / Pacific Place Fully Let (2) 77% 3.2 0.31 Attri. retail sales growth (3) Sales proceeds from Occupancy (1) First interim 2021 Dividend per share Positive 5-36% 38% EDEN, Singapore Reversions at Taikoo Place Rebound in retail sales Attri. retail gross rental 3.3% Reach & Rise, U.S.A First interim 2020 HK$ 0.30 per share A Large Anchor retail development Taikoo Shing car parking Stable Sixth spaces, HK tenant confirmed at Rental income Taikoo Li Qiantan Two Taikoo Place (excl. amortised concessions) to open in September 2021

(1) HK office overall portfolio occupancy: 96%. 4 (2) HK retail occupancy by malls: 96% at The Mall, Pacific Place; 100% at Cityplaza; 99% at Citygate Outlets and 100% others. (3) Retail sales for all the malls in our Chinese Mainland portfolio on an attributable basis, compared with the same period last year. KEY DEVELOPMENTS ENCOURAGING ACHIEVEMENTS IN 2021 IN ALL REGIONS

January March March EIGHT STAR STREET Empire City, HCMC EDEN Hong Kong Vietnam Singapore

▪ Sales launched ▪ Minority investment ▪ All 20 units sold (15.73%) ▪ 26 of 37 units pre-sold (1) ▪ Residential-led mixed- use development

Artist impression Artist impression May July August

Reach & Rise, Miami Zhangyuan, Sanlitun, U.S.A. Chinese Mainland Chinese Mainland

▪ Almost all remaining ▪ JV management co. ▪ Framework cooperation units sold (60%) for leasing and agreement ▪ Reach: 390 units all management ▪ Transformation of a sold ▪ Historic Zhangyuan BPTC (2) maintenance ▪ Rise: 388 of 390 units shikumen compound depot sold (1) revitalisation ▪ North of Taikoo Li ▪ Close to HKRI Taikoo Sanlitun Hui ▪ Further upgrading Sanlitun business circle (1) As at 10th August 2021. 5 5 (2) Beijing Public Transport Corporation STRATEGIC GROWTH ROADMAP

2021 2022 2023 2024 2025 & onwards GFA sq ft ▪ Two Taikoo Place ▪ 46-56 Queen’s Road East ▪ Wong Chuk Hang Station ▪ Wah Ha / Zung Fu Office Project (2) HK ▪ EIGHT STAR STREET (Pacific Place office extension) Package Four ▪ Quarry Bay Residential Project (3) +2.9 M Hong Kong ▪ Chai Wan Residential Project (4)

(1) ▪ (1) CM ▪ Taikoo Li Qiantan Zhangyuan Revitalisation ▪ INDIGO Phase Two (1) ▪ West (1) (by phases from 2022) Chinese Mainland (by phases) +2.3 M USA ▪ Brickell City Centre Phase Two U.S.A. / other future developments +2.0 M

SEA ▪ Empire City, Vietnam ▪ The River, Vietnam ▪ Savyavasa, Indonesia (by phases ~ 2026) South East Asia +1.9 M

▪ Strong balance sheet fueling future growth ▪ Exciting pipeline

Two Taikoo Place, HK Taikoo Li Qiantan, Shanghai INDIGO Phase Two, Beijing The River, HCMC, Vietnam ▪ Balanced growth from investment and trading properties

9.1 M sq ft Expected Attri. GFA to be

46-56 Queen’s Road East, HK Taikoo Li Sanlitun West, Beijing Empire City, HCMC, Vietnam Savyavasa, South Jakarta, Indonesia Completed from 2020

(1) Taikoo Li Qiantan was completed in 2020 and Taikoo Li Sanlitun West was completed in Jun 2021. Both are (4) Subject to agreement on land premium with the Hong Kong government. Hongscheduled Kong to open in 2H 2021. GFA of Zhangyuan revitalisation is not included above. (5) As at 12th August 2021 (2) Subject to the Company having successfully bid in a compulsory sale. (6) Expected years of completion are shown above 6 6 (3) Subject to the related joint venture having successfully bid in a compulsory sale and in accordance with applicable town planning controls. Two Taikoo Place

INVESTMENT PORTFOLIO HONG KONG OFFICE PORTFOLIO RESILIENCE – POSITIVE REVERSIONS AT TAIKOO PLACE AND OVERALL FIRM OCCUPANCY

HK$M 3,277 3,044 3,500 Loss of rental from 3,000 Cityplaza One 98% 2% HK$ 3,044 M 2,500 Taikoo Place & Vs 1H 2020 (excl. Cityplaza Attri. Gross Rental 2,000 Pacific Place One) 1,500

1,000 1% HK$ 171.3 bn 500 vs Dec 2020 Attri. Valuation - 1H 2020 1H 2021 Attributable Gross Rental Income One Island East / Other Taikoo Place Pacific Place One Taikoo Place Office Towers

98% Occupancy(1) Occupancy (1) 100% 96% Occupancy (1)

11% Reversion(2) Reversion (2) 10% 1% Reversion (2) $100-120 1/2 PP (3) mid low (3) 50s – 70s mid 40s – mid 50s (3) $90 3 PP (3)

(1) Occupancy as at 30th June 2021. 8 (2) Reversion is the percentage change in rent on lease renewals, entry into new leases and rent reviews. (3) Refers to latest monthly rentals in HK$ psf. HONG KONG RETAIL GRADUAL RECOVERY – REBOUND IN RETAIL SALES AND REDUCED CASH CONCESSIONS HK$M 1,336 1,167 1,400

1,200 1,000 Flattish HK$ 1,167 M Almost Fully let vs 1H 2020 (excl. 800 amortised Attri. Gross Rental concessions) 600

400

200 Amortised rental HK$ bn - concessions 2% 45.5 effects vs Dec 2020 Attri. Valuation (200) 1H 2020 1H 2021 Attributable Gross Rental Income

PP Mall Cityplaza Citygate

96% Occupancy(1) 100% Occupancy (1) 99% Occupancy (1)

Retail sales (2) (2) 36% 5% Retail sales 18% Retail sales (2)

(1) Occupancy as at 30th June 2021. (2) Retail sales year-on-year growth for the six months ended 30th June 2021. 9 CHINESE MAINLAND PORTFOLIO SIGNIFICANT CONTRIBUTION – LEVERAGING TAIKOO LI AND TAIKOO HUI BRANDS ▪ Chinese Mainland overall portfolio contributed 36% attributable gross rental income in 1H 2021. ▪ Chinese Mainland retail is the second largest rental contributor.

Attributable Gross Rental Income Chinese Mainland Attributable Gross Rental Income by Region HK$M 4,500 4,246 4,279 3,958 CM Resid. USA 4,000 CM Office 3% 3,311 1% 3,500 6% 2,099 2,338 33% 3,000 2,614 1,963 2,463 2,578 2,500 2,153 1,780 29% 36% Contribution from 42% CM Retail HK Office 2,000 1,327 Chinese Mainland 1,239 1,500 1,179 2,578 2,147 1,000 1,995 1,941 3% 1,531 16% 1,224 1,287 HK Resid. 2H 500 974 HK Retail 1H - 2014 2015 2016 2017 2018 2019 2020 2021 10 CHINESE MAINLAND RETAIL STRONG RENTAL GROWTH – ROBUST RETAIL SALES, STRONG LOCAL DEMAND AND RMB APPRECIATION

HK$M 2,108 2,000 95-100% 38% HK$ 2,108 M 1,529 Overall Occupancy vs 1H 2020 Attri. Gross Rental 1,500 (23% growth disregarding amortised rental 1,000 concessions and 9% RMB appreciation)

500 5% HK$ 47.6 bn - vs Dec 2020 Attri. Valuation 1H 2020 1H 2021 Attributable Gross Rental Income 100% Occupancy 98% Occupancy Taikoo Li Sanlitun 85% Retail sales INDIGO 6% Retail sales Beijing 95% Occupancy 96% Occupancy 66% Retail sales HKRI Shanghai Taikoo Hui 83% Retail sales Sino-Ocean Taikoo Li Chengdu 100% Occupancy Taikoo Hui 88% Retail sales

(1) Occupancy as at 30th June 2021. 11 (2) Retail sales year-on-year growth for the six months ended 30th June 2021. CHINESE MAINLAND RETAIL IMPRESSIVE TENANTS’ SALES – OVERALL RETAIL SALES GROWTH OF 77%(1) IN 1H 2021

100% 66% 83% 88% 85% 6% 80%

60%

40% 73%

20% 36% 23% 26% 15% 20% 6% 11% 0% 2019 2020 1H 2021 2019 2020 1H 2021 2019 2020 1H 2021 2019 2020 1H 2021 2019 2020 1H 2021 -18% -12% -20% Sino-Ocean Taikoo Li HKRI Taikoo Hui, Taikoo Hui, Taikoo Li Sanlitun, INDIGO, Chengdu Shanghai Guangzhou Beijing Beijing

12 (1) Overall retail sales growth of all the malls in the Chinese Mainland on an attributable basis. (2) Retail sales year-on-year growth for the six months ended 30th June 2021. CHINESE MAINLAND OFFICE LARGELY STEADY PERFORMANCE WITH IMPROVED OCCUPANCY

HK$M 500 388 431 400 88-99% 11% HK$ 431 M 300 Overall Occupancy vs 1H 2020 Attri. Gross Rental

200

100 HK$ 14.3 bn - Flattish 1H 2020 1H 2021 vs Dec 2020 Attri. Valuation Attributable Gross Rental Income

Taikoo Hui, INDIGO, HKRI Taikoo Hui, Guangzhou Beijing Shanghai

96% Occupancy (1) Occupancy (1) 88% 99% Occupancy (1) (2) low s high s (2) mid 100s – low 200s 200 – 200 mid 300s – mid 400s (2)

(1) Occupancy as at 30th June 2021. 13 (2) Refers to latest monthly rentals in RMB psm. TAIKOO LI QIANTAN, SHANGHAI SIXTH DEVELOPMENT IN CHINESE MAINLAND OPENING SOON

* 1.2 M sq ft 3-line metro > 80% 50:50 JV GFA Interchange Station Sept Pre-leasing 2021 86,000 sq ft O pen - plan > 200 green area Lanes-driven opening shops Lujiazui + Swire

14 * On a 100% basis TAIKOO LI QIANTAN, SHANGHAI FOCUSING ON WELLNESS AND SUSTAINABILITY

15 TAIKOO LI SANLITUN WEST, BEIJING ADDING ~ 20% RETAIL AREA TO EXISTING TAIKOO LI SANLITUN

0.3 M sq ft Extension 2H 2021 100% Refurbished GFA to Taikoo Li Sanlitun opening Pre-leasing

16 ZHANGYUAN REVITALISATION, SHANGHAI LEVERAGING OUR TRACK RECORD IN URBAN REGENERATION

0.6 M sq ft * 43 shikumen blocks Leasing & 60:40 JV Above ground GFA 170 historical bldgs Revitalisation Management office | resid. | hotels | retail with Shanghai Jing’an Real 28 different styles Estate (Group) Co., Ltd

HKRI Taikoo Hui

Zhangyuan

17 * On a 100% basis. Above ground GFA of 0.6M sq ft, below ground GFA of 0.8M sq ft. DUAL GROWTH ENGINES

Expected Attributable GFA of Completed Property Portfolio (incl. Hotels) (‘000 sq ft) 16% 18% Hong Kong Portfolio (vs 2020) Chinese Mainland Portfolio (vs 2020)

15,000 14,597 13,818 779 11,151 218 218 11,000 9,722 13,000 12,582 1,000 1,000 9,466 1,429 256 256 11,000 9,000 619 619 619

9,000 12,582 12,600 12,600 7,000 8,847 8,847 8,847 7,000

5,000 5,000 2020 2024F 2028F onwards 2020 2024F 2028F onwards

Existing Portfolio 46-56 QRE (Pacific Place office extension) Existing Portfolio Taikoo Li Sanlitun West Two Taikoo Place Wah Ha / Zung Fu Office (1) Taikoo Li Qiantan INDIGO Phase Two

18 (1) Subject to the Company having successfully bid in a compulsory sale. EIGHT STAR STREET

TRADING PORTFOLIO HONG KONG TRADING PORTFOLIO ENCOURAGING PRE-SALE PROGRESS, CONTINUOUS RESIDENTIAL PIPELINE Expected Residential GFA Completions in Hong Kong (100% Basis) GFA (‘000 sq ft)

694 946,000 sq ft (Attributable basis) 638 400 31

2022 2024 Beyond 2025

Wong Chuk Hang Station Package Four 25% Interest Exp. Completion (2024) Foundation works EIGHT STAR STREET in progress

37 Residential units 26 Pre-sold (1) Chai Wan Inland Lot No. 88 (2)

Exp. Completion (2022) 80% Interest Land acquisition in 2019 Superstructure & interior fitting out works in progress 983-987A King’s Road / 16-94 Pan Hoi Street, Quarry Bay (3)

> HK$39,000 psf Average selling price 50% Interest Compulsory sale application submitted in 2018

(1) As at 10th August 2021. 20 (2) Subject to agreement on land premium with the Hong Kong government. (3) Subject to the related joint venture having successfully bid in a compulsory sale and in accordance with applicable town planning controls. OVERSEAS TRADING PORTFOLIO EDEN AND ALMOST ALL REACH & RISE SOLD OUT, 3 PROJECTS UNDERTAKEN IN SOUTH EAST ASIA

Ho Chi Minh City, Vietnam Jakarta, Indonesia Singapore Miami, U.S.A.

The River Empire City Savyavasa EDEN Reach & Rise

20% Interest 15.73% Minority interest 50% Interest 100% Interest 100% Interest Residential units 525 Luxury apartments Mixed-use (Residential-led) > 400 Residential units 20 Residential units 780 Exp. Completion (2022) Exp. Completion Exp. Completion (2024) ALL SOLD 778 units sold by phases (2021-2026) (Two remaining Rise units (1) > 90% Pre-sold available for sale) (1) > 45% Pre-sold (1) 0.8 M sq ft 7.1 M sq ft 1.1 M sq ft (100% basis) (100% basis) (100% basis)

1.85 M sq ft 21 (1) As at 10th August 2021. (Attributable basis) The Upper House

HOTELS HOTEL PORTFOLIO RETURNED TO PROFITABILITY AT OPERATING LEVEL

▪ Trading conditions were challenging in HK due to COVID-19 and associated travel restrictions. ▪ Better business performance in the Chinese Mainland and U.S.A. with higher RevPAR and occupancy. ▪ Returned to an EBITDA profit (1) of HK$4M at managed hotels in 1H 2021, compared with a loss of HK$98M in 1H 2020. ▪ Resulted in lower underlying losses. ▪ The Silveri Hong Kong – MGallery (2) at Citygate is expected to open, subject to COVID-19 conditions, later this year.

The Middle House

(1) For managed hotels – including restaurants and taking into account central costs. 23 (2) 20% owned. Taikoo Li Sanlitun

FINANCIAL HIGHLIGHTS UNDERLYING PROFIT HIGHER UNDERLYING PROFIT ON DISPOSAL GAINS AND BUSINESS IMPROVEMENTS

Underlying Profit HK$M Non-recurring ▪ Underlying profit increased by 20%, reflecting the sale of car parking spaces at 24,130 Recurring Taikoo Shing. ▪ Recurring underlying profit recorded a marginal increase of 0.4%, reflecting higher 16,497 12,679 retail rental income in Chinese Mainland and reduced losses from hotels, largely offset by lower retail rental income in Hong Kong and loss of rental income from 5,590 3,753 4,513 Cityplaza One.

7,633 7,089 51 797 3,702 3,716 Movement in Underlying Profit HK$M 2019 2020 1H 2020 1H 2021 746 (152) 17 149

By Segment (HK$M) 1H 2020 1H 2021 Change Property investment 4,060 3,908 3.7% 3,753 4,513 Property trading (45) (28) n.m. Hotels (313) (164) n.m. Recurring Underlying Profit 3,702 3,716 0.4% Sale of investment properties 51 797 n.m. Underlying Increase in Decrease in Decrease in Decrease in Underlying profit profit from profit from losses from losses from profit Underlying Profit 3,753 4,513 20.3% 1H 2020 sale of props trading props hotels 1H 2021 investment investment props 25 * 2021 Interim Results Summary is included in the Appendix. RENTAL INCOME MAINTAINING RENTAL GROWTH – INCREASING CONTRIBUTION FROM CHINESE MAINLAND PORTFOLIO

Attributable Gross Rental Income HK$M 14,117 14,058 HK Office ▪ Loss of rental from the disposal of Cityplaza One. 7% ▪ Disregarding Cityplaza One, attributable rental income decreased by 2%. ▪ Positive rental reversions at Taikoo Place. Firm overall occupancy.

▪ Lower base rents and higher amortised rental concessions. 6,439 6,468 HK Retail 13% ▪ Partly offset by higher turnover rents due to increased retail sales. ▪ Disregarding amortised rental concessions, attributable rental income was flat. 7,207 6,957 ▪ Retail sales increased significantly. CM Retail 2,539 2,569 ▪ Strong local demand due to travel restrictions outside Chinese Mainland. 3,044 38% 3,277 ▪ Disregarding RMB appreciation and amortised rental concessions, attributable rental income increased by 23%.

3,352 3,420 1,167 1,336 CM Office ▪ Largely steady performance. 2,108 11% ▪ Demand improved in Beijing and Shanghai but was weak in Guangzhou. 1,529 830 794 957 807 388 431 427 457 Others ▪ Strong recovery in Brickell City Centre in Miami. 2019 2020 1H 2020 1H 2021 7% ▪ Demand for residential investment properties in Hong Kong was primarily local.

HK$ 7,207 M 4% Attributable * Reported gross rental income was HK$6,197M, comprising HK$2,874M for HK office, HK$1,116M for HK retail, HK$1,538M for Chinese Mainland retail, HK$189M for Chinese Mainland office and HK$480M other rental income. vs 1H 2020 Gross Rental Income 26 DIVIDEND RETURN SUSTAINED DIVIDEND GROWTH

Dividend Per Share HK$ / Share ▪ Our policy continues to be to deliver sustainable growth in dividends to our shareholders and to 0.91 0.88 pay out approximately half of our underlying profit 0.84 in ordinary dividends over time. 0.77 0.71 ▪ Full year (2016-2020) CAGR at 6.4%

0.59 0.61 0.57 0.52 0.48

HK$ 0.31 0.29 0.30 0.31 3.3% 2nd 0.23 0.25 0.27 Dividend per share vs 1st Interim 1st Interim 2021 1st 2020

2016 2017 2018 2019 2020 2021

27 INVESTMENT PROPERTIES VALUATION INCREASE IN CHINESE MAINLAND PORTFOLIO VALUATION OFFSET BY DECREASE IN HK PORTFOLIO VALUATION

Movement in Investment Properties Valuation* (excl hotels and investment properties held under JVCs) ▪ The decrease in the valuation in the HK$M investment property portfolio was mainly 266,831 268,000 (2,525) 1,628 (310) (219) 504 265,909 due to a decrease in the valuation of the 266,000 retail and office investment properties in Hong Kong, partially offset by an increase 264,000 in the valuation of the investment 262,000 properties in the Chinese Mainland. 260,000 ▪ There was no change in the capitalisation 258,000 rate. 256,000

254,000

252,000 HK$ 265,909 M 250,000 0.3% 31st Dec 2020 Net fair value Net capital Net transfers Disposals Translation 30th Jun 2021 Investment Props Valuation 31st Dec 30th Jun vs Dec 2020 2020 losses expenditures differences 2021 (Jun 2021)

28 * Valuation before initial leasing costs. NET DEBT AND GEARING STRONG BALANCE SHEET

Net Debt Reconciliation (HK$M) Financial Ratios * 2017 2018 2019 2020 Jun 2021 Net debt at 31st December 2020 (6,605) Total equity (HK$M) 259,378 281,291 288,911 290,680 289,849 Net rental, fee receipts and proceeds from property trading / development 9,140 Net debt (HK$M) 35,347 29,905 15,292 6,605 9,010 and disposals of investment props Gearing 13.6% 10.6% 5.3% 2.3% 3.1% Capex – PP&E and props investment and (1,670) development cost for props trading Underlying interest 10.7 12.6 48.2 33.5 26.4 cover (x) Cashflow from JVCs, associates and Underlying cash (4,660) 7.5 9.7 31.5 20.1 14.5 other investments interest cover (x) Dividends paid to the Company’s (3,569) shareholders 3.1% Tax paid (681) 2.3% Gearing

Other net cash paid (999)

Sub-total (9,044)

Lease liabilities 34 21,232 16,917 Net debt at 30th June 2021 (9,010) HK$ M 3.1% Cash 9,010 Gearing Net Debt 6,605

Dec 2020 Jun 2021 29 * Financial ratios as at respective Dec year-ends except for June 2021. MATURITY PROFILE AND LIQUIDITY Maturity Profile of Available Committed Facilities (at 30th Jun 2021)

Total 33,066 2,800 12,737 700 1,100 3,940 4,583 2,140 4,262 - 804 HK$M Dec 2020 Jun 2021

Drawn 25,466 950 8,887 200 1,100 2,540 4,583 2,140 4,262 - 804 Cash 21,232 16,917 Undrawn - committed 11,751 7,600 HK$M RCL / Term Loans Bonds 32,983 24,517 3,883 Undrawn - uncommitted 758 739 33,741 25,256

USD Fixed : Floating 19% 8,854 82% : 18% 300 1,940 Currency HKD 4,583 4,262 Profile 81% 2,500 200 2,000 2,140 Fitch “A” 500 1,100 804 2H 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Moody’s “A2”

▪ During 1H 2021, we have repaid term and revolving loan facilities aggregating HK$2.2 bn. 31 % HK$ 33,066 M HK$ 24,517 M Green Financing Available Cash & Undrawn Committed Facilities Committed Facilities

30 CAPITAL COMMITMENTS

Profile of Capital Commitments for Investment Properties and Hotels – at 30th Jun 2021

HK$M Expenditure Forecast Expenditure Total Commitments* Commitments relating to JVCs Six months Six months 2022 2023 2024 & At 30th Jun 2021 At 30th Jun 2021 ended 30th ending 31st later Jun 2021 Dec 2021

Hong Kong 1,245 3,736 3,606 941 4,101 12,384 58

Chinese Mainland 313 1,067 343 706 3,195 5,311 4,273

U.S.A. 6 2 - - - 2 -

Total 1,564 4,805 3,949 1,647 7,296 17,697 4,331

* The capital commitments represent the Group’s capital commitments of HK$13,366 M plus the Group’s share of the capital commitments of joint venture companies of HK$4,331 M. The Group is committed to funding HK$356 M of the capital commitments of joint venture companies.

31 Fighting Climate Change “We’re All in”

Sustainable ESG Update for SUSTAINABLE DEVELOPMENT Development Investors (Jun 2021) Report 2020 RENEWABLE ENERGY GENERATION AND PROCUREMENT GREEN AND CLEAN ENERGY TO SUPPORT NET ZERO EMISSIONS

Offsite Renewable Energy Procurement Onsite Renewable Energy Generation in 2020

~57,690,000 kWh (1)

Taikoo Hui, Guangzhou Sourced offsite 100% renewable electricity since Jul 2021 INDIGO, Beijing Taikoo Hui, Guangzhou

~40,700,000 kWh (1)

Sino-Ocean Taikoo Li Chengdu / The Temple House Taikoo Li Sanlitun, Beijing One Taikoo Place, Hong Kong Sourced offsite 100% renewable electricity since 2020 and 2021 respectively Continue to adopt on and off-site renewable energy

33 (1) Estimated annual renewable electricity consumption covering both landlord and tenants PLACES IMPACT REPORT TAIKOO LI SANLITUN CONTRIBUTES TO A VIBRANT MIXED-USE COMMUNITY

Read the Add QR report online code now!

Four Dimensions of Place

Key Findings VIBRANCY LIVELIHOOD

International Points of interests Local residents and brands often have grown visitors have a open their first exponentially WELLBEING RESILIENCE strong connection to regional store at Taikoo Li Taikoo Li

34 TENANT ENGAGEMENT JOINTLY ADVANCE ENVIRONMENTAL PERFORMANCE THROUGHOUT TENANCY LIFECYCLE

Smart Waste Reduction Pilot Green Kitchen initiative

Participating Offices (Swire + Tenants) k+ Floor Area F&Bs recognised with Green Kitchen Awards 15 322 (sq ft) 42 (since launch in 2018)

Green Performance Pledge (GPP) How it works?

60% of new office leases and renewals in wholly- Commit Establish baseline Take action Recognise tenants’ owned portfolios sign a GPP to collaborate on performance to meet agreed SD good performance sustainability goals

35 GREEN FINANCING PREFERRED FINANCING STRATEGY

~31% 2025 TARGET: Achieve a minimum of 50% of of our current bond and bond and loan facilities from green loan facilities come from financing green financing (1)

2018 2019 2020 2021

st st Launched four more green bonds Named a Top 10 company green bond in Hong Kong that sustainability-linked loan in 1 1 (totalling HK$1,934M) globally for our green bond obtained the Green Finance Hong Kong with the interest rate reporting work, by the Climate Certification from HKQAA partly reflecting year-on-year SD Secured a HK$1 bn green loan Bonds Initiative (US$500M) performance improvements facility (HK$500M) Launched three more sustainability- linked loans (totalling HK$3 bn)

36 (1) At June 2021 HKRITaikoo Taikoo Place Hui

PROSPECTS ACCELERATE DIGITALISATION

Effective Customer Engagement~0.6 M sq ft GFA Greater Efficiency through Stronger Synergies with Partners with Digital Enablers Smarter Processes via Digital Connections Powerful CRM Strategy AI & Big data Partnership with Tsinghua University through Data Analytics Capability the Joint Research Centre for Building Energy x Advanced is used to optimise building operations - Smart Efficiency and Sustainability x Innovative Digital Communication Energy Management Platform

EDEN +75 % +45 % CRM captured revenue (1) CRM members (1)

Smart Waste Reduction Pilot

15 offices joining by using IoT scales to monitor waste disposal New Pacific Place mobile App Sino-Ocean Taikoo Li 1st Hong Kong Enhanced Loyalty Programme – Chengdu CRM 2.4x Average Daily App Users (2) Gamification 5G business hubs (3) 9.7x more engagement on App Pacific Place (new) Taikoo Place

(1) Represents the year-on-year growth of overall CRM Revenue and members for all malls (except Citygate) for the six months ended 30th June 2021. (2) Represents the year-on-year growth of average daily users for the first 3 weeks since the launch of new app. 38 (3) Represents the year-on-year growth of app content page view for the first 3 weeks since the launch of new app. NEW VENTURES AND TECH APPLICATIONS

Technology sourcing and innovation targeting the scaled application of cutting-edge technology

Corporate Venture Tech Experimentation Fund Capital Programme

US$50M venture fund investing in Innovation & Collaboration global Series A – C companies 50+ Tech Trials across the organisation over the past 3 years

Office-of- Robotics & IoT The Cave at EIGHT STAR STREET, the first residential the-future virtual apartment viewing experience in Hong Kong Smart Hotel retail technologies Artificial intelligence Blockchain Real Estate Tech Virtual reality Property & buildings Construction Cloud software mgmt tech Energy Data analytics efficiency Automation Virtual reality experience at the Experience Lounge at Taikoo Li Qiantan

39 PROSPECTS GROWING OUR BUSINESS WITH GREAT FUNDAMENTALS AND A BALANCED PORTFOLIO

❑ Signs of economic recovery maintaining its momentum.

❑ Business expected to continue to improve in 2H 2021. ▪ HK office leasing momentum to pick up gradually. Taikoo Li Qiantan ▪ Mixed HK retail sentiment but gradual recovery of retail sales expected. INDIGO Phase Two Artist Impression ▪ Optimistic about Chinese Mainland retail market supported by strong local demand.

❑ Two retail developments, Taikoo Li Qiantan and Taikoo Li Sanlitun West, opening in 2H 2021.

❑ Well-positioned for our growth strategy in core markets with exciting pipeline.

40 HKRI Taikoo Hui

Q&A South Island Place

APPENDIX 2021 INTERIM RESULTS SUMMARY THE ROAD TO BUSINESS RECOVERY

HK$M 1H 2020 1H 2021 Change Revenue 6,551 9,068 38% Valuation losses on investment properties (2,621) (2,525) n.m. Operating profit 1,473 2,467 67% Underlying profit 3,753 4,513 20% Recurring underlying profit 3,702 3,716 0.4% Reported profit 1,029 1,984 93% Underlying earnings per share (HK$) 0.64 0.77 20% Recurring underlying earnings per share (HK$) 0.63 0.64 0.4% Reported earnings per share (HK$) 0.18 0.34 93% First interim dividend per share (HK$) (1) 0.30 0.31 3% HK$M Dec 2020 Jun 2021 Change NAV attributable to the Company’s shareholders (2) 288,736 287,851 0.3% Net debt 6,605 9,010 36% Gearing ratio 2.3% 3.1% 0.8%pt NAV per share (HK$) 49.36 49.21 0.3%

(1) First interim dividend for 2021 was declared on 12th August 2021 and will be paid on 5th October 2021. 43 (2) NAV refers to total equity attributable to the Company’s shareholders. KEY BUSINESS STRATEGIES SUSTAINABLE GROWTHHong IN SHAREHOLDER Kong VALUE PortfolioIN THE LONG TERM Map ▪ Continue to create long-term value by conceiving, designing, developing, owning and managing transformational mixed-use and other projects in urban areas.

▪ Maximise the earnings and value of our completed properties through active asset management and by reinforcing our assets through enhancement, redevelopment and new additions. ▪ Continue with our luxury and high-quality residential property activities.

▪ Remain focused principally on Hong Kong and the Chinese Mainland.

▪ Manage our capital base conservatively. Taikoo Hui

44 PROPERTY PORTFOLIO AT A GLANCE A LEADING PROPERTY DEVELOPER, OWNER AND OPERATOR

Investment Props / Hotels Office Retail Hotels (1) Residential / Under Total Attributable Investment Props / Attributable GFA (M sq ft) Serv. Apts Planning Hotels by Region (GFA M sq ft) Completed Hong Kong 8.7 2.5 0.8 0.6 - 12.6 USA Chinese Mainland 2.9 5.4 1.2 0.2 - 9.7 2.4 U.S.A. - 0.3 0.5 0.1 - 0.9 9% Sub-Total (A) 11.6 8.2 2.5 0.9 - 23.2 CM 27.3 HK Under Development or Held for Future Development 11.1 13.8 41% M sq ft Hong Kong 1.2 - - - - 1.2 50% Chinese Mainland - - - - 1.4 1.4 U.S.A. - - - - 1.5 (2) 1.5 Sub-Total (B) 1.2 - - - 2.9 4.1 TOTAL = (A) + (B) 12.8 8.2 2.5 0.9 2.9 27.3 Attributable Attributable Trading Props Completed Prop Under Development / Total Investment Portfolio Trading Portfolio Attributable GFA (M sq ft) Held for Sale Held for Development 27.3 M sq ft 4.5 M sq ft Hong Kong - 0.7 0.7 Total Attributable Property Portfolio U.S.A. and elsewhere - 3.8 3.8 Total - 4.5 4.5 31.8 M sq ft

As at 30th Jun 2021 (1) Hotels are accounted for in the financial statements under property, plant and equipment and, where applicable, the leasehold land portion is accounted for under right-of-use assets. 45 (2) This property is accounted for under properties held for development in the financial statements. GEOGRAPHICAL ANALYSIS TOWARDS A MORE BALANCED PORTFOLIO

Attributable Gross Rental Income by Region Net Asset Employed

Hong Kong Chinese Mainland U.S.A. Hong Kong Chinese Mainland U.S.A. and elsewhere

1H 2021 61% 36% 3% JUN 2021 80% 18% 2%

FY 2020 67% 30% 3% D E C 2020 81% 16% 3%

Completed Investment Properties GFA (excl. Hotels)

Hong Kong Chinese Mainland U.S.A.

JUN 2021 57% 41% 2%

D E C 2020 58% 40% 2% As at 30th June 2021

46 LEASE EXPIRY PROFILE ONLY SMALL PROPORTION OF HONG KONG LEASES EXPIRING IN 2H 2021

Lease Expiry Profile as at 30th Jun 2021 Hong Kong Portfolio Chinese Mainland Portfolio

54.4% 68.3% 60.5% 79.1%

27.9% 25.0% 27.7% 17.4% 17.7% 3.5% 4.0% 14.5% Office Retail Office Retail 2023+ ▪ Top 10 office tenants occupied approx. 21% office area in HK. ▪ Diverse tenant base. 2022 ▪ Top 10 retail tenants occupied approx. 26% retail area in HK ▪ Lease expiry profile well spread-out. 2H 2021

47 TENANT MIX A BALANCED TENANT PROFILE

Jewellery & Fashion & Others Watches Accessories 20.9% 1.8% 29.5% Fashion and Accessories Jewellery and 39.6% Watches Supermarkets 2.9% Food & 5.5% Chinese Beverages Cinemas Cinemas Mainland 19.8% HK Retail 4.9% 4.2% Retail

Ice Rink Supermarkets 0.9% 5.6% Department Stores 13.4% Others 24.9% Food and Beverages 26.1% Others Others 11.1% Real Estate - 9.9% related Financial Financial 5.8% Institutions Institutions Trading 30.8% 39.2% 17.1%

Professional HK Office Services Chinese 13.2% Mainland Real Estate- Office related 7.6% TMT 15.2% TMT Professional Trading 48 9.9% Services 25.1% 15.1% HONG KONG PROJECTS REINFORCING THE TWOHong GLOBAL BUSINESS Kong DISTRICTS Portfolio Map Taikoo Place Pacific Place

Two Taikoo Place Artist Impression

Two Taikoo Place Wah Ha / Zung Fu 46 – 56 Queen’s Road East redevelopment

▪ ~ 1M sq ft GFA ▪ ~ 779,000 sq ft GFA ▪ Pacific Place office extension

▪ 100% owned ▪ 100% owned ▪ ~ 218,000 sq ft GFA

▪ Superstructure works in progress ▪ Compulsory sale applications ▪ 100% owned submitted in 2018 ▪ Exp. Completion 2022 ▪ Basement works in progress

▪ Exp. Completion 2023

49 CHINESE MAINLAND PROJECTS SCALING UP INVESTMENTHong AND ASSET Kong REINFORCEMENT Portfolio IN BEIJING AND Map SHANGHAI Beijing Shanghai

Two TaikooArtist Place Impression Artist Impression

Taikoo Li Sanlitun West INDIGO Phase Two Taikoo Li Qiantan Zhangyuan Revitalisation

* ▪ Taikoo Li Sanlitun retail extension ▪ INDIGO extension ▪ ~ 1.2M sq ft GFA ▪ Revitalising historic Zhangyuan Shikumen Compound ▪ ~ 256,000 sq ft GFA ▪ ~ 4.1M sq ft GFA * ▪ 50% owned ▪ Leasing and management ▪ 100% owned ▪ over 2x current INDIGO ▪ Opening in 2H 2021 ▪ ~ 1.4M sq ft GFA * ▪ Opening in 2H 2021 ▪ 35% owned ▪ pre-leasing > 80% (above ground 0.6M sq ft / below ground 0.8M sq ft) ▪ Excavation works in progress ▪ JV management company - 60% owned ▪ Phased opening in late 2025 and 2027 50 * On a 100% basis HONG KONG PORTFOLIO MAP

Completed Investment Props (incl. Investment Props under Development Hong(100% basis) Kong Portfolio Map Hotels) (100% basis)

5.47 M sq ft GFA 0.22 M sq ft GFA Pacific Place 46-56 Queen’s Road East

4.1 M (Attri. basis)

Completed Investment Props (incl. Investment Props under Development Hotels) (100% basis) (100% basis)

7.45 M sq ft GFA 1.0 M sq ft GFA Taikoo Place Two Taikoo Place & Cityplaza

6.9 M (Attri. basis)

51 HONG KONG PORTFOLIO MAP Hong Kong Portfolio Map

Completed Investment Props (incl. Hotels) (100% basis)

1.33 M sq ft GFA Citygate

0.27 M (Attri. basis)

52 CHINESE MAINLAND – BEIJING PORTFOLIO Completed Investment Props (incl. Hotels) (100% basis) Hong Kong PortfolioINDIGO Mall Map ONE INDIGO Retail occupancy 98% 1.74 M sq ft GFA EAST, Beijing Retail sales growth 6% Taikoo Li Sanlitun INDIGO Phase Two Office occupancy 88% (under development)

Artist Impression

Completed Investment Props (incl. Investment Props under Development Hotels) (100% basis) (100% basis) The Opposite House TKL Sanlitun South 1.89 M sq ft GFA M sq ft GFA Occupancy 100% 4.08 TKL Sanlitun North INDIGO INDIGO Phase Two TKL Sanlitun West (to open in 2021) Retail sales growth 85%

0.94 M (50% basis) 1.43 M (35% basis) 53 CHINESE MAINLAND – GUANGZHOU & CHENGDU PORTFOLIO Completed Investment Props (incl. Hotels) (100% basis) Hong Kong Portfolio Map 3.84 M sq ft GFA Taikoo Hui, Sino-Ocean Taikoo Li Occupancy 95% Guangzhou The Temple House Retail sales growth 66% 3.72 M (97% basis)

Completed Investment Props (incl. Hotels) (100% basis) Taikoo Hui Retail occupancy 100% Taikoo Hui Towers 1&2 Retail sales growth 88% 1.66 M sq ft GFA Mandarin Oriental Guangzhou Office occupancy 96% Sino-Ocean Taikoo Li Chengdu 54 0.83 M (50% basis) CHINESE MAINLAND – SHANGHAI PORTFOLIO Completed Investment Props (incl. Hotels) (100% basis) Hong Kong Portfolio Map 3.54 M sq ft GFA HKRI Taikoo Hui, Taikoo Li Qiantan (to open in Sep 2021) Pre-leasing > 80% Shanghai 1.77 M (50% basis)

Completed Investment Props Taikoo Hui Mall (100% basis) HKRI Centre 1&2 Retail occupancy 96% The Middle House Retail sales growth 83% 1.24 M sq ft GFA The Sukhothai Shanghai Office occupancy 99% Taikoo Li Qiantan The Middle House Residences 55 0.62 M (50% basis) MIAMI, U.S.A. PORTFOLIO

Completed Investment Props (incl. Hotels) (100% basis)

0.83 M sq ft GFA Brickell City Centre

0.6 M (Attri. Basis)

Shopping Mall Retail occupancy (1) 97% EAST, Miami Retail sales growth 71%

Under planning (100% basis)

1.97 M sq ft GFA One Brickell City Centre / Other developments

56 (1) Including space allocated to prospective tenants who have signed letters of intent. HOTEL PORTFOLIO

Managed Hotels No. of Rooms Interest Owned but Non-managed Hotels No. of Rooms Interest (100% basis) (100% basis) Hong Kong The Upper House 117 100% Hong Kong Island Shangri-La Hong Kong 561 20% EAST, Hong Kong 345 100% JW Marriott Hotel Hong Kong 608 20% Headland Hotel (1) 501 0% Conrad Hong Kong 513 20% Chinese The Opposite House, Beijing 99 100% Novotel Citygate Hong Kong 440 20% Mainland EAST, Beijing 369 50% The Silveri Hong Kong - MGallery 206 20% Chinese The Temple House, Chengdu (2) 142 50% Mandarin Oriental, Guangzhou (3) 287 97% Mainland The Middle House, Shanghai (2) 213 50% The Sukhothai, Shanghai 201 50% U.S.A. EAST, Miami (3) 352 100% U.S.A. Mandarin Oriental, Miami 326 75% Sub-Total 2,138 Sub-Total 3,142

2,138 Total managed rooms

(1) Headland Hotel is owned by Airline Property Limited, a wholly-owned subsidiary of Cathay Pacific Airways Limited. (2) Comprising one hotel tower and one serviced apartment tower. 57 (3) Including serviced apartments in a hotel tower. SUSTAINABLE DEVELOPMENT SETTING NEW KPIS FOR 2025 AND 2030

SD Vision: Achieved Established “To be the leading SD performer in our industry globally by 2030” 80+ 40+ KPIs for 2020 milestone new KPIs for 2025 and 2030

The first real estate developer in Hong Kong and the Chinese mainland to commit to

and support the transition to a net-zero emissions economy by 2050

Green financing constitutes ~30% of current bond and loan facilities

58 BUSINESS OUTLOOK

HK ▪ Resilient office portfolio with high occupancy. CM ▪ Optimistic about Chinese Mainland retail market as supported Office ▪ Leasing activity to show a gradual pick up. Retail by strong local consumption. ▪ Continue to reinforce and expand our two core portfolios ▪ Strong demand for luxury brands in Guangzhou and Chengdu. in Taikoo Place and Pacific Place. Steady growth in Shanghai. Continuous recovery in Beijing. ▪ Exciting pipeline of investment opportunities in first tier cities and emerging first-tier cities including GBA region. HK ▪ Mixed retail market in Hong Kong. Retail ▪ But further relaxation of COVID-19 restrictions should help to boost retail sales. CM ▪ Improving office demand in Beijing and Shanghai. Office ▪ Modest recovery in Guangzhou office market.

▪ Improving residential sentiment in Hong Kong. Trading ▪ Outlook for hotels in Hong Kong remains challenging. ▪ Positive prospects in luxury residential markets in Hotels Indonesia and Vietnam. ▪ Businesses in the Chinese Mainland and U.S.A. continue to recover.

▪ Strategic capital management driving future growth. Capital ▪ Accelerating sustainable leadership and digital transformation of our business.

59 © Swire Properties Limited