119 SWIRE PROPERTIES ANNUAL REPORT 2024 The Directors submit their report together with the audited financial statements for the year ended 31st December 2024, which are set out on pages 138 to 204. Principal Activities The principal activities of Swire Properties Limited and its subsidiaries (collectively referred to as the “Group”) are: (i) property investment, that is the development, leasing and management of commercial, retail and some residential properties; (ii) property trading, that is the development and construction of properties, principally residential apartments, for sale; and (iii) investment in and operation of hotels. The principal activities of the Company’s principal subsidiary, joint venture and associated companies are shown on pages 202 to 204. An analysis of the Group’s performance for the year by reportable business segment and geographical area is set out in note 8 to the financial statements. Consolidated Financial Statements The consolidated financial statements incorporate the financial statements of the Group together with the Group’s interests in joint venture and associated companies. Details of the joint venture and associated companies are provided in notes 20 and 21 to the financial statements. Dividends The Directors have declared a second interim dividend of HK$0.76 per share which, together with the first interim dividend of HK$0.34 per share paid in October 2024, amount to full year dividend of HK$1.10 (2023: HK$1.05) per share. The second interim dividend will be paid on Thursday, 8th May 2025 to shareholders registered at the close of business on the record date, being Thursday, 3rd April 2025. Shares of the Company will be traded ex-dividend as from Tuesday, 1st April 2025. The Company’s dividend policy is to deliver sustainable growth in dividends and to pay out approximately half of our underlying profit in ordinary dividends over time. Closure of Register of Members The register of members will be closed on Thursday, 3rd April 2025, during which day no transfer of shares will be effected. In order to qualify for entitlement to the second interim dividend, all transfer forms accompanied by the relevant share certificates must be lodged with the Company’s share registrars, Computershare Hong Kong Investor Services Limited, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong, for registration not later than 4:30 p.m. on Wednesday, 2nd April 2025. To facilitate the processing of proxy voting for the annual general meeting to be held on 13th May 2025, the register of members will be closed from 8th May 2025 to 13th May 2025, both days inclusive, during which period no transfer of shares will be effected. In order to be entitled to attend and vote at the annual general meeting, all transfer forms accompanied by the relevant share certificates must be lodged with the Company’s share registrars, Computershare Hong Kong Investor Services Limited, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong, for registration not later than 4:30 p.m. on Wednesday, 7th May 2025. Business Review A fair review of the Group’s business, a description of the principal risks and uncertainties facing the Group, particulars of important events affecting the Group that have occurred since the end of the financial year and an indication of the likely future development of the Group’s business (including, in each case to the extent necessary for an understanding of the development, performance or position of the Group’s business, key performance indicators) are provided in the sections of this annual report headed Chairman’s Statement, Chief Executive’s Statement, Key Business Strategies, Review of Operations, Financial Review and Financing and in the notes to the financial statements. To the extent necessary for an understanding of the development, performance or position of the Group’s business, a discussion of the Group’s environmental policies and performance and an account of the Group’s key relationships with its employees, customers and suppliers and others that have a significant impact on the Group and on which the Group’s success depends are provided in the section of this annual report headed Sustainability Review, and a discussion of the Group’s compliance with the relevant laws and regulations that have a significant impact on the Group is provided in the sections of this annual report headed Sustainability Review, Corporate Governance, Risk Management and Directors’ Report. Detailed information on the Group’s sustainability performance is provided in the Sustainability Report 2024 of the Company. DIRECTORS’ REPORT