Review of Operations The chart below shows the mix of the tenants of the office properties by the principal nature of their businesses (based on internal classifications) as a percentage of the office area at 30th June 2024. Office Area by Tenants’ Businesses 2.9% (At 30th June 2024) 6.7% 7.2% 27.9% Banking/Finance/ Technology/Media/ Real estate/Construction/ Securities/ Telecoms Property development/ 15.1% Investment Architecture Trading Pharmaceutical Others manufacturing Professional services 15.7% 24.5% At 30th June 2024, the top ten office tenants (based on attributable gross rental income in the six months ended 30th June 2024) together occupied approximately 44% of the Group’s total attributable office area in the Chinese Mainland. The office towers of Taikoo Hui in Guangzhou, ONE INDIGO in Beijing and the office towers of HKRI Taikoo Hui in Shanghai were 91%, 84% and 96% let, respectively, at 30th June 2024. Chinese Mainland Office Market Outlook In Guangzhou, aggressive leasing strategies adopted by landlords combined with significant new office supply in decentralised areas are expected to put further downward pressure on rents. In Beijing, despite there being limited new supply in core areas, rents are expected to be under pressure given weak demand. However, quality buildings with good credentials are expected to be well-positioned for a recovery once demand improves. In Shanghai, new supply and existing vacant stock is expected to exert downward pressure on office rents. Overall, all cities continue to experience negative market sentiment due to economic uncertainties which are causing tenants to remain cautious. Office rents are expected to decline in the second half of 2024 and have yet to bottom out. 34 Swire Properties Limited Interim Report 2024