Financing Summary of Cash Flows Six months ended Year ended 30th June 31st December 2024 2023 2023 HK$M HK$M HK$M Net cash from/(used in) businesses and investments Cash generated from operations 3,701 4,221 7,492 Dividends received 80 34 34 Tax paid (530) (370) (963) Net interest paid (806) (511) (1,118) Net cash used in investing activities (1,161) (6,761) (13,861) 1,284 (3,387) (8,416) Cash paid to shareholders and net repayment of external debt Net increase in borrowings 1,879 7,309 15,135 Capital contribution from a non-controlling interest and advances from an associated company 1,657 – 16 Principal elements of lease payments (39) (38) (82) Dividends paid (4,262) (4,024) (6,004) (765) 3,247 9,065 Increase/(Decrease) in cash and cash equivalents 519 (140) 649 Medium Term Note Programme In 2012, Swire Properties MTN Financing Limited, a wholly-owned subsidiary of the Company, established a US$3 billion Medium Term Note (“MTN”) Programme. The aggregate nominal amount of the MTN Programme was increased to US$4 billion in 2017. Notes issued under the MTN Programme are unconditionally and irrevocably guaranteed by the Company. At 30th June 2024, the MTN Programme was rated A by Fitch and (P)A2 by Moody’s, in each case in respect of notes with a maturity of more than one year. The MTN Programme enables the Group to raise money directly from the capital markets. Under the MTN Programme, notes may be issued in United States dollars or in other currencies, in various amounts and for various tenors. 47