2025 2026 70% 80% 60% 50% 40% 30% 10% 20% 0 Office Lease Expiry Profile (At 31st December 2024) 2027 and later 39 SWIRE PROPERTIES ANNUAL REPORT 2024 Two Taikoo Place was 69% leased at 31st December 2024. Appleby, La Prairie and LVMH became tenants. There are six other office towers at Taikoo Place (including PCCW Tower, in which we have a 50% interest). These offices were 91% let at 31st December 2024. Colt and F&F became tenants. AXA XL Insurance, LVMH and Quality Healthcare leased more space, while Ince & Co. relocated within the same portfolio. Amway Hong Kong, Baroque HK, BSI, CTBAT, Currenxie, GODIVA, Heng An Standard Life, HKEX, H-Kore, Joint Dynamics, Lenovo, LyondellBasell, Nikoyo (HK), OnTheList, Oreana Financial Services, RDM Asia, RELX (Greater China), Suntory Trading Hong Kong, The Walt Disney Company and Triton Limited renewed their leases. South Island Place The offices were 96% let at 31st December 2024. Tenants include KPMG, Fleet Management Limited, the Competition Commission and SCMP. The Group has a 50% interest in the development. Hong Kong Office Market Outlook Although there are signs of slight recovery of Hong Kong’s financial market due to interest rate cuts and gentle increase in IPO activities, the office market in Hong Kong is expected to remain subdued in 2025 as a result of the uncertainty of economic environment and corporate cost-cutting measures that hinder the growth of demand for office space. Weak demand and huge supply will continue to exert downward pressure on rents. Nevertheless, the ‘flight-to-quality’ trend continues to be prevalent and remains a critical office selection criterion by prospective tenants who favour new office buildings such as Two Taikoo Place and Six Pacific Place. Our successful placemaking strategy (which continues to offer thriving office community) and prioritisation on sustainability, health and safety, and the well-being of tenants’ employees, are highly valued by existing and potential tenants. The office portfolios in Pacific Place and Taikoo Place are well-positioned to continue to be the preferred choices of office locations when the market picks up. The following chart shows the percentage of attributable gross rental income from the office properties in Hong Kong, for the month ended 31st December 2024, derived from leases expiring in the periods with no committed renewals or new lettings. Tenancies accounting for approximately 14.6% of the attributable gross rental income in the month of December 2024 are due to expire in 2025, with tenancies accounting for a further 13.1% of such rental income due to expire in 2026.