SWIRE PROPERTIES ANNUAL REPORT 2023 Valuation of HK$M Investment Properties 300,000 250,000 200,000 150,000 Completed 100,000 Under development 50,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Gross Rental Income HK$M (After Deduction of 14,000 Rental Concessions) 12,000 10,000 Hong Kong Chinese 8,000 office Mainland 6,000 Hong Kong U.S.A. and retail elsewhere 4,000 Hong Kong 2,000 residential 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Underlying HK$M Operating Profit 27,000 24,000 21,000 18,000 15,000 12,000 Property Hotels 9,000 investment 6,000 3,000 Property Divestment 0 trading -3,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 31