19 SWIRE PROPERTIES ANNUAL REPORT 2024 CHIEF EXECUTIVE’S STATEMENT Dear Shareholders, As the Chairman has outlined, we have made substantial progress with our HK$100 billion investment plan since 2022. Our focus is now on execution and operational excellence to achieve our growth plans, to enhance profitability and to deliver long-term shareholder returns. Despite significant headwinds in both the office and retail sectors in Hong Kong and the Chinese Mainland, we achieved solid results in 2024. Our business remains resilient and we are well prepared for long-term growth. The latest phase of the Taikoo Place Redevelopment Project is now complete and we have set a new benchmark for the office sector in Hong Kong, alongside our flagship, mixed-use development, Pacific Place. In the Chinese Mainland, the past three years have been marked by high levels of investment activity. Our strong and diverse pipeline of residential, mixed-use and retail-led developments will extend over the next five years, as we continue to increase our gross floor area (“GFA”) in our core markets. In addition, our placemaking strategy has enabled us to support our established projects by acquiring adjacent land or buildings, enabling us to reinforce and enhance each location. Notwithstanding the current weak market conditions, our Company continues to set new standards for the industry and we are well-positioned to face the challenges that lie ahead. We remain committed to accelerating our digital transformation plans and adopting emerging technologies to promote innovation and increase efficiency. 2024 Financial Results at a Glance Our full year result was impacted by the subdued office market in Hong Kong, with a lack of new demand coupled with continuous new supply coming onstream. Our portfolios have continued to demonstrate their resilience, thanks to our strong placemaking attributes, achievements in sustainability, industry-leading amenities and innovative tenant engagement initiatives. Whilst our retail portfolio in Hong Kong experienced a solid recovery in 2023, the performance in 2024 was affected by macro-economic uncertainties. The ongoing trend of outbound travel and changes in tourist spending habits have negatively impacted the retail market. Nevertheless, our shopping malls are in high demand for our major retail tenants, and have achieved full occupancy. We continue to work on enhancing our retail trade mix to adapt to market changes. Our innovative marketing campaigns and loyalty programme initiatives are successfully attracting local shoppers and tourists to our malls. Our HK$100 billion investment plan underscores our commitment to responsible, long-term investments, and we have now been recognised as a global sustainability leader in our field.