MANAGEMENT DISCUSSION & ANALYSIS REVIEW OF OPERATIONS HONG KONGHONG KONGCHINESE MAINLANDCHINESE MAINLAND U.S.A.U.S.A. Taikoo PlaceTaikoo PlaceOne TOne Taikaikoo Placeoo PlaceOxOxfforord Housed HouseTaikoo HuiTaikoo HuiTTaikoaikooo HHuuii TToowweerrs s 11 && 22Taikoo LiTaikoo Li TTaikaikoo Lioo Li Brickell City CentreBrickell City Centre 1,013,368 sf1,013,368 sf501,253 sf501,253 sf1,693,125 s1,693,125 sff Sanlitun NorSanlitun Northth and Cityplazaand CityplazaOne Island EastOne Island EastGUGUANGANGZHOUZHOUSanlitunSanlitun 552,532 sf552,532 sf MIAMI, FLORIDAMIAMI, FLORIDA PCCPCCW TW ToowwererBerkshirBerkshiree1,537,615 sf1,537,615 sf**MaMannddaaririnn Ori Orieentalntal,, 613,679 sf613,679 sfHouseHouseGGuuaanngzgzhhoouu BEIJINGBEIJING DorDorset Houseset House388,838 sf388,838 sf509,434 509,434 ssff TTaikaikoo Li Sanlitun Woo Li Sanlitun Westest 601,723 sf601,723 sfSeSerrvviced Aiced Appartmeartmentntss 293,405 sf293,405 sf BrickBrickell City Centrell City Centree Lincoln HouseLincoln House50,37650,376 ssff (Shopping Mall)(Shopping Mall) 333,529 sf333,529 sf 496,508 sf496,508 sf EASEAST T FFuuturturee RResidencesesidences DeDevvelopmentelopment 75,068 sf75,068 sf The OppositThe Opposite Housee House ~523,000 sf~523,000 sf rrTTai Kai Koo Staoo Stationtion 169,463 sf169,463 sf oo dd ii rr rr oo CC nn rr ee tt TTwwo Bricko Brickell City Centrell City Centree**** ss aa EE dd nn aa ll ss II TT ii aa nn hh ee ddEE aaaa ooss RRtt dd ggRR aa nnoo iiaa oo hhdd RR SS oo nn oo kk uu iiEASEAST Hong KT Hong Kongong tt aa ii TTTTaiaikkoooo HHuuii ll Tianhe RTianhe Roadoad nn aa WW199,633 sf199,633 sf(Shopping Mall)(Shopping Mall) SS ttee ss eett ll eeaaShipaiqiao StaShipaiqiao Stationtion rrnn ttdd SSss1,529,392 sf1,529,392 sf iiRR oooo aa HHddCityplazaCityplaza nn aa MM PP ii aa mm ii (Shopping Mall)(Shopping Mall) RR ii vv TTaikaikoo Lioo Li ee KingKing’s R’s Roadoad1,096,898 sf1,096,898 sf rr Quarry BayQuarry Bay Sanlitun SouSanlitun Southth MM ii aa mm thththth ii RR ii vv ee * * IncIncluding the 45luding the 45 t to 54o 54 floors floors tt rr ss 11 StaStationtion 776,909 sf776,909 sf WW thth SS ee ((eexxccept fept for the 49or the 49 floor) floor) DeDevvon House on House Cambridge HouseCambridge HouseTTwwo To Taikaikoo Placeoo Place uu nn ee vv disposed ofdisposed of. . 803,452 sf803,452 sf268,795 sf268,795 sf994,545 sf994,545 sfHKRI Taikoo Hui HKRI Taikoo Hui HKRI THKRI Taikaikoo Huioo HuiHKRI CentrHKRI Centre 1e 1 AA SS EE (Shopping Mall)(Shopping Mall) 1,178,493 sf1,178,493 sf 55 MMetretrororailail tt hh SS tt rr ee 1,039,407 sf1,039,407 sf BrickBrickell Staell Stationtion ee and ZHANGYUANand ZHANGYUAN SS tt EE 66 tt The Middle HouseThe Middle House hh SS tt rr ee HKRI CentrHKRI Centre 2e 2 SS ee SHANGHAISHANGHAIRResidencesesidences WW tt 88 tt 722,345 sf722,345 sf hh The SilvThe Silveri eri One CitygaOne CitygatteeNoNovvoottel Citygael Citygatte Hong Ke Hong Kongong147,323 sf147,323 sf TTaikaikoo Li Chengoo Li Chengdudu The TThe Temple Houseemple House SS tt Taikoo LiTaikoo Li rr ee ee ee tt Hong KHong Kong –ong –160,522 sf160,522 sf236,758 sf236,758 sf (Shopping Centr(Shopping Centree)) 299,941 sf299,941 sf uu CitygateCitygate nn ee vv AA SS ii EE mm aa MGallerMGalleryyThe SukhoThe Sukhothai thai 1,314,237 sf1,314,237 sf ii 77 MM tt ChengduChengdu hh hh tt uu SS oo tt 131,965 sf131,965 sf SS rr The MiddleThe MiddleShanghaiShanghai ee ee SS tt 328,625 sf328,625 sf CHENGDUCHENGDU WW HouseHouse 99 tt FFuuturturee hh MMetretromoveromover 247,958 sf247,958 sf dd SS aa tt oo rr DeDevvelopmentelopment dd RR ee Eighth StrEighth Streeteet ii ee aa ss ii aa oo cc tt zz aa aa RR DD ll PP ll StaStationtion ll ~1,510,000 sf~1,510,000 sf gg ee kk cc nn ii ii rr jj BB nn aa NN tt ss ee NorNorth Lantau Highwth Lantau HighwayayWWddaaoo TTRR iiaa aa tt TT uuhh nnii gg RR ooee aa ddWW ## WWest Nanjingest Nanjing EASEAST MiamiT Miami ThrThree Brickee Brickell City Centrell City Centree**** Shimenyi RShimenyi Roadoad RRoad Staoad Stationtion gg nn uu hh CC gg nn uu MMTT ee^^ ii TT^^ uu nnnn iioo tt aa tt ggSS ZHANGYUZHANGYUANAN, with gr, with gross floor aross floor areea of a of SSZHANGYUZHANGYUANAN tt rr ee ee ttCitygaCitygatte Oue Outletstlets1,630,820 sf (inc1,630,820 sf (including car parking spacluding car parking spaceses), ), ** ** TTwo Brickwo Brickell City Centrell City Centre and Thre and Three Brickee Brickell City Centrell City Centre were were sold in 2020. e sold in 2020. 803,582 sf803,582 sfis operis operaatted and managed and managed by a joint ventured by a joint venture e The officThe office te towers arowers are now manage now managed by Swired by Swire Pre Properoperties.ties. which is 60% owned by Swirwhich is 60% owned by Swire Pre Properoperties. ties. ## EASEAST Miami wT Miami was sold in 2021. The hotas sold in 2021. The hotel and serel and servicviced apared apartments artments are still manage still managed by Swired by Swire Hote Hotels.els. SwirSwire Pre Properoperties doties does not have an es not have an WWest Nanjing Rest Nanjing Road Staoad Stationtion ownership intownership intererest in the compound. est in the compound. Chunxi RChunxi Road Staoad Stationtion ThrThree Pacifee Pacific Placeic PlaceThe Upper HouseThe Upper HouseOne One Conrad Hong KConrad Hong KongongIsland Shangri-La Island Shangri-La Pacific PlacePacific Place627,657 sf627,657 sf158,738 sf158,738 sfPacifPacific Placeic Place555,590 sf555,590 sfHong KHong Kongong SSTTAR SAR STUDIOSTUDIOSJW MarrioJW Marriottt t 863,266 sf863,266 sf605,728 sf605,728 sf 52,273 sf52,273 sfHong KHong Kongong 525,904 sf525,904 sf ^^^^ ^^^^ INDIGOINDIGOINDIGO Phase TINDIGO Phase Twwo – Ofo – OffficeiceINDIGO Phase TINDIGO Phase Twwo – Hoo – HottelelEASEAST BeijingT BeijingONE INDIGOONE INDIGO NeNew Bund Prw Bund Proojecjectt NeNew Bund Prw Bund Proojecjectt EIGHT SEIGHT STTAR SAR STREETREETT(Under De(Under Devvelopmentelopment) ) (Under De(Under Devvelopmentelopment) ) 358,301 sf358,301 sf589,071 sf589,071 sfTaikoo LiTaikoo Li RResidential Tesidential Toowwer 1-4 er 1-4 OfOfffice Tice Toowwer 1 & 2 er 1 & 2 8,459 sf8,459 sf**BEIJINGBEIJING2,809,103 sf2,809,103 sf346,803 sf346,803 sfQiantan and Qiantan and 1,159,057 sf1,159,057 sf 1,352,228 sf1,352,228 sf SPSPAACES. 8QRECES. 8QRE 81,346 sf81,346 sf New Bund ProjectNew Bund Project TTaikaikoo Li Qiantan oo Li Qiantan SHANGHAISHANGHAI (Shopping Centr(Shopping Centree) ) 1,188,727 sf1,188,727 sf HH FivFive Pacife Pacific Placeic Placeee nn nn ee ss ss yy RRdd oo aa ddaa oo RR oo Oriental SporOriental Sports ts aa ii 145,390 sf145,390 sfqq QQnn uuaa eeii ee nnxx ss ww aauu yyii AAdmirdmiralty alty INDIGO Phase TINDIGO Phase Twwo – Ro – RetailetailJJ CentCenter Staer Stationtion NotNotes: es: dd Six PacifSix Pacific Placeic PlaceStaStationtion ^^^^ aa (Under De(Under Devvelopmentelopment) ) New Bund PrNew Bund Project is under oject is under oo GrGross floor aross floor areea figa figurures ares are shown on a 100% basis.e shown on a 100% basis. RR ^^^^ ~223,303 sf~223,303 sfThrThree Pacifee Pacific Placeic PlacePacifPacific Placeic PlacePPAACIFIC PLCIFIC PLAACECETwTwoo uu NeNew Bund Prw Bund Proojecjectt 889,608 sf889,608 sf yy * * Floor arFloor areea shown inca shown including the luding the INDIGOINDIGOdevelopment by a joint venturdevelopment by a joint venture e gg dd These diagrThese diagrams arams are not te not to scale and aro scale and are fe for illustror illustraation purtion purposes only.poses only. nn aa oo RR JiangJiangtai Statai Stationtion tt ss PPedestrian Linkedestrian Link(Shopping Mall)(Shopping Mall)APAPARARTTMENTSMENTSPacifPacific Placeic Place oo ee WW ii RRetail etail ss gg nn DD aa grgross floor aross floor areea of ra of remaining emaining ((BeloBelow Grw Groundound))711,182 sf711,182 sf443,075 sf443,075 sf695,510 sf695,510 sf(Shopping Mall) (Shopping Mall) which is 40% owned by which is 40% owned by YY 1,628,152 sf1,628,152 sf These diagrThese diagrams illustrams illustraatte the mae the major developments of Swirjor developments of Swire Pre Properoperties. For details of other developments,ties. For details of other developments, rresidential units of 5,608 sfesidential units of 5,608 sf. . 946,769 sf946,769 sfSwirSwire Pre Properoperties.ties. pleplease rase refefer ter to the Schedule of Principal Gro the Schedule of Principal Group Proup Properoperties on pagties on pages 211 tes 211 to 222.o 222.