SWIRE PROPERTIES ANNUAL REPORT 2023 Attributable Net Debt The chart below illustrates, by entity, the Group’s attributable net debt (in HK$ million): Swire Properties (935) Swire Properties (Finance) Swire Properties MTN 13,403 Financing 21,547 Consolidated Net Debt H.K. Chinese Mainland U.S.A. and other 36,679 Entities Entities Entities (245) (306) 3,215 H.K. Chinese Mainland U.S.A. and other Attributable JV/Asso JV/Asso JV/Asso Net Debt of Joint 3,444 3,403 64 Venture and Associated Companies (“JV/Asso”) 6,911 Debt in Joint Venture and Associated Companies In accordance with Hong Kong Financial Reporting Standards, the net debt of the Group reported in the consolidated statement of financial position does not include the net debt of its joint venture and associated companies. These companies had the following net debt positions at the end of 2023 and 2022: Net Debt of Portion of Net Debt Joint Venture and Attributable to Debt Guaranteed by Associated Companies the Group the Group 2023 2022 2023 2022 2023 2022 HK$M HK$M HK$M HK$M HK$M HK$M Hong Kong Entities 10,228 10,402 3,444 3,472 2,408 2,408 Chinese Mainland Entities 7,042 15,171 3,403 7,532 1,449 1,203 U.S.A. and other Entities 86 542 64 461 139 570 Total 17,356 26,115 6,911 11,465 3,996 4,181 If the attributable portion of the net debt in joint venture and associated companies were to be added to the Group’s net debt, gearing would rise to 15.1%. 89