SWIRE PROPERTIES ANNUAL REPORT 2023 Brickell City Centre, Miami (1) GFA (sq. ft.) Attributable (100% Basis) Interest Completed Shopping centre 496,508 62.9% Future Development Brickell City Centre land 1,510,000 100% Total 2,006,508 (1) Represents leasable/saleable area except for the car parking spaces, roof top and circulation areas. Miami Market Outlook In Miami, retail sales at the Brickell City Centre mall are expected to benefit from an improved tenant mix and population growth in central Miami. Valuation of Investment Properties The portfolio of investment properties was valued at 31st December 2023 on the basis of market value (96% by value having been valued by Cushman & Wakefield Limited and 2% by value having been valued by another independent valuer). The amount of this valuation was HK$281,271 million, compared to HK$271,191 million at 31st December 2022. The increase in the valuation of the investment property portfolio primarily reflected the acquisition of subsidiary companies in the Chinese Mainland and the additions for the year, partly offset by a decrease in the fair value of the office investment properties in Hong Kong, the disposal of certain office floors in Hong Kong and foreign exchange translation losses in respect of the investment properties in the Chinese Mainland. Under HKAS 40, hotel properties are not accounted for as investment properties. The hotel buildings are included within property, plant and equipment. The leasehold land is included within right-of-use assets. Both are recorded at cost less accumulated depreciation or amortisation and any provision for impairment. Movement in HK$ Bn Investment Properties 288 286 +2.9 -4.0 284 +15.2 -1.2 282 281.3 At 1st January Net fair value Disposals 280 2023 gains in the 278 U.S.A. Net fair value Acquisition of Translation 276 losses in subsidiary differences 274 Hong Kong companies Net fair value Additions At 31st December 272 271.2 -3.0 gains in the 2023 270 Chinese Mainland 268 +0.1 +0.1 1st Jan 2023 31st Dec 2023 55