JS&SHK, Swire Pacific and Swire Properties entered into the Tenancy Framework Agreement on 14th August 2014 to govern existing and future tenancy agreements between members of the JS&SHK Group, members of the Swire Pacific Group and members of the Swire Properties Group. Pursuant to the Tenancy Framework Agreement, members of the JS&SHK Group, members of the Swire Pacific Group and members of the Swire Properties Group will enter into tenancy agreements from time to time on normal commercial terms based on prevailing market rentals. The Tenancy Framework Agreement will be renewed on 1st October 2024 for the three years from 1st January 2025 and will terminate on 31st December 2027. Under its terms, the Tenancy Framework Agreement will be automatically renewed for successive periods of three years thereafter unless any party to it gives to the others notice of termination of not less than three months expiring on any 31st December. Reasons for, and benefits of, the Transactions: Swire Pacific and Swire Properties entered into the Tenancy Framework Agreement with JS&SHK in order to provide a consistent framework for individual tenancy agreements between the JS&SHK Group, the Swire Pacific Group and the Swire Properties Group and consider that such consistency will benefit Swire Pacific and Swire Properties. JS&SHK is a substantial shareholder of Swire Pacific and is therefore a connected person of Swire Pacific under the Listing Rules. JS&SHK and Swire Pacific are substantial shareholders of Swire Properties and are
therefore connected persons of Swire Properties under the Listing Rules.