2014AnnualResultsAnalystBriefing

19thMarch2015|HongKong

8,4719,739

4,820 1,330

0

5,000

10,000

15,000

NetinvestmentpropertyadjustmentsUnderlyingprofit

Financial Summary

RevenueDec2013:HK$51,437m

Dec2014:HK$61,301m

UnderlyingProfitDec2013:HK$8,471m

Dec2014:HK$9,739m

+15%

HK$M Total$13,291

Total$11,069

Attributable Profit

+19%

DividendsPerShareDec2013:HK$3.50perAshareHK$0.70perBshare

Dec2014:HK$3.90perAshareHK$0.78perBshare

CashGeneratedfromOperationsDec2013:HK$14,301m

Dec2014:HK$16,250m

+14%

EquityAttributabletotheCompanysShareholdersDec2013:HK$220,297m

Dec2014:HK$218,775m

1%

NetDebtDec2013:HK$50,505m

Dec2014:HK$58,624m

+16%

GearingRatioDec2013:19.2%

Dec2014:22.4%

+3.2%pts

+11%

Note:Underlyingprofitprincipallyadjustsforchangesinthevaluationofinvestmentproperties.

Dec2013 Dec2014

17%

2

3Financial SummaryMovement in Underlying Profit

8,471

9,739

+311

+760

+376 +54 (160) +131 (204)

8,000

8,500

9,000

9,500

10,000

2013Underlying

profit

Capitalprofitslessimpairments

Property Aviation Beverages MarineServices

Trading&Industrial

HeadOffice 2014Underlying

profit

HK$M

Financial SummaryProfit Bridge

4

Dec13 Dec14HK$M HK$M

Attributableprofit 13,291 11,069Less:adjustmentsinrespectofinvestmentproperties (4,820) (1,330)

UnderlyingprofitattributabletotheCompanysshareholders 8,471 9,739

Othersignificantitems:Profitonsaleofinvestmentproperties (21) (529)

Profitonsaleofproperty,plantandequipmentandotherinvestments

(197) (93)

Netimpairmentofproperty,plantandequipment,leaseholdlandandintangibleassets

161 254

Adjustedunderlyingprofit 8,414 9,371

SPOsoldfourvesselsin2013andthreevesselsin2014.

CathayPacificrecordedaprofitofHK$188mandHK$217min2013and2014respectivelyonsaleofaircraft.

PrimarilyonsaleoftwounitsatOPUSHONGKONG.

CathayPacificrecordedanimpairmentchargeofHK$270mprincipallyonA340aircraft.

Financial Summary5

HK$BnNetdebtat1stJanuary2014 50.5Cashfromoperations (16.2)Netdividendpaid 4.5Capexandinvestmentslessproceeds 16.1Netinterestpaid 2.3Taxpaid 1.4Netdebtat31stDecember2014 58.6 0

5

10

15

20

25

30

35

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Dec10 Dec11 Dec12 Dec13 Dec14

%HK$M

Totalequity Netdebt Gearingratio

GearingRatioNetDebtReconciliation

Dec14

FinancingDec10 Dec11 Dec 12 Dec13 Dec14

Netdebt(HK$M) 41,221 35,768 44,254 50,505 58,624

Gearing (%) 19.7% 15.4% 17.8% 19.2% 22.4%

Interest cover(underlying) times 10.3 10.4 6.7 5.5 6.1

Cash interestcover(underlying) times 8.3 8.4 5.4 4.5 4.9

Financial SummaryLiquidity

6

Dec13HK$M

Dec14HK$M Change %

Bank balancesandshorttermdeposits 11,288 10,115 10%

Totalundrawnfacilities

Committed 19,518 13,761 29%

Uncommitted 8,848 9,634 +9%

RefinancingProfileat31stDecember2014

HK$M

6,921

17,143

10,320 10,081 9,586

3,908 30

9,1666,909

1,330 350 646

16

50

1,711 325 325

325

487

487

1,175

487

5,000

10,000

15,000

20,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252029 20302034

RMB

NonRMB

0

PROPERTY

Property

PROPERTY

8Results HighlightsHK$M(SwireProperties100%basis)

Dec13 Dec14 Change%

Attributableprofit 12,525 9,516 24%

Underlyingprofit 6,348 7,152 +13%

Valuationgainsoninvestmentproperties 6,211 1,956 69%

HK$M(Swire Pacificsshare) Dec13 Dec14

Change%

Attributableprofit 10,207 7,786 24%

Underlyingprofit 5,091 5,841 +15%

Key Highlights

UnderlyingattributableprofitincreasedbyHK$750mtoHK$5,841m.

PositiverentalreversionsatofficeandretailpropertiesinHongKong.

HigherrentalincomeatTaiKoo HuiinGuangzhouandTaikoo LiSanlitun inBeijing.

HigherprofitfrompropertytradingprincipallyreflectingsalesofunitsintheMOUNTPARKERRESIDENCES,ARGENTAandDUNBARPLACEresidentialdevelopmentsinHongKong.

ImprovedperformancesfromhotelsinHongKongandreducedlossesfromhotelsinMainlandChina.

PROPERTY

Movement in Underlying Profit (Swire Properties - 100% basis) 9

6,348

7,152

+152

+317

+259 +76

6,000

6,500

7,000

7,500

2013Underlyingprofit

IncreaseinprofitfromHKproperty

investment

IncreaseinprofitfromMainlandChina,USAandotherpropertyinvestment

Increaseinprofitfromtradingproperties

Increaseinprofitfromhotels

2014Underlyingprofit

HK$M

PROPERTY

Movement in Investment Properties 10

216.2

220.6

(0.6)

+4.3 (0.9)(0.3) +1.1

+0.8

210

215

220

225

1stJan2014 Translationdifference

Capex Disposals Othernettransfers

Netvaluationgainsin

MainlandChina

NetvaluationgainsinHongKong,USAand

others

31stDec2014

HK$Bn

RevaluationgainsofHK$1.9bnin2014(excludingtheGroupsshareofrevaluationmovementsofjointventureandassociatedcompanies).

TheincreaseinthevaluationoftheinvestmentpropertyportfolioprincipallyreflectshigherrentalincomeattheretailsmallsinHongKongandMainlandChina.

PROPERTY

Operating Statistics11

Occupancies at 31st Dec 2014

Occupancy rate (2)

Office and techno-centres(1),(3) 97%

TaiKoo Hui office 100%

ONE INDIGO 100%

Taikoo Li Sanlitun 95%

INDIGO Mall 95%

10 21

69

21 24

55

01020304050607080

2015 2016 2017andbeyond

%

Office

Retail

Hong Kong Lease Expiry Profile* at 31st Dec 2014

* Based on percentage of the total rental income attributable to the division for the month ended 31st December 2014.

Latest Rentals

HK$ per sq. ft.

One & Two Pacific Place 95-110

Three Pacific Place 90-95

Taikoo Place Low to high 40s

Techno-centres (1) Mid 20s

One Island East Mid 50s to high 60s

(1) Excluding Somerset House(2) Based on lettable area (3) Wholly-owned properties

PROPERTY

Future Developments 12

13,194 13,452 13,452 12,687 12,995 14,206 14,206 14,206 15,186

6,344 6,957 7,124 8,853 8,853

8,853 8,853 8,853 8,853 467 467 1,544 1,544

1,544 1,544 2,844 2,844

2,844

0

5,000

10,000

15,000

20,000

25,000

30,000

Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21

(000 sq. ft.)

HongKong MainlandChina Others

(HK$M) Expenditure Commitments

2014 2015 2016 20172018&beyond 2014

HongKong 4,657 1,564 4,122 4,030 7,781 17,497MainlandChina 2,272 1,955 1,620 244 827 4,646USAandothers 2,051 1,707 290 1,997Tota l 8,980 5,226 6,032 4,274 8,608 24,140 *

Forecastyearofexpenditure

Profile of Capital Commitments for Investment Properties and Hotels at 31st December 2014

Completed Principal Property Investment Portfolio*Total Total Total Total Total Total Total Total Total

20,005 20,876 22,120 23,084 23,392 24,603 25,903 25,903 26,883

*Includingthedivision'sshareofthecapexandcapitalcommitmentsofitsjoint venturecompanies.

* Grossfloorarearepresents 100%ofspaceownedbyGroupcompaniesandthedivisionsattributableshareofspaceheldbyjointventureandassociatedcompanies.

Projects Expected completion date

Hong Kong

TAIKOO PLACE APARTMENTS 2014

Kowloon Bay Commercial Site 2017

Tung Chung Town Lot No.11 2017

Somerset House (Redevelopment) 2018

8 -10 Wong Chuk Hang Road 2018

Taikoo Place Phase 2B (Redevelopment)

2021(2016)

Mainland China

Daci Temple, Chengdu 2015

Dazhongli, Shanghai 2016

USA

Brickell City Centre 2015 / 2019

AVIATION

Aviation

AVIATION

Results Highlights 14

1,1791,418

469

430

(21) (26)

(500)

0

500

1,000

1,500

2,000

HK$M

CathayPacificgroup HAECOgroup Others

KeyFinancialData

Dec2014HK$M Change %

HAECOgroup

Revenue 11,927 +61%

Operatingprofit 509 +91%

Attributableprofit 430 8%

Shareofposttaxprofitsfromanassociated company

CathayPacificgroup 1,418 +20%

AttributableProfit

Total$1,627

Total$1,822

+12%

(21) (26)Dec2013 Dec2014

AVIATION

Cathay Pacific Group Highlights 15

KeyOperatingStatistics

Dec2014

Change%

Availabletonnekilometres (ATK)(M) 28,440 +8%

Revenuepassengers carried(000) 31,570 +6%

Passenger yield(HK) 67.3 2%

Cargo andmailcarried(Tonnes 000) 1,723 +12%

Cargo andmailyield(HK$) 2.19 6%

KeyFinancial Data

CXgroup(100%basis)Dec2014HK$M

Change%

Revenue 105,991 +5%

Passengerservices 75,734 +5%

Cargoservices 25,400 +7%

Others 4,857 3%

Attributable profit 3,150 +20%

KeyHighlights TheCathayPacificgroupreportedaprofitona100%basisofHK$3,150m,

comparedwithaprofitofHK$2,620min2013.

Theimprovementinthegroupsperformancewasmainlyduetobetterresultsfromsubsidiaryandassociate businesses,inparticularCathayPacificServicesandAirChinaCargo.

Passengerdemandwasreasonablyfirmthroughouttheyearandstrongduringseasonalpeakperiods.Strongcompetitionreducedyieldonregionalroutes.

Cargodemandimprovedinthesecondhalfoftheyear.Theimprovementincargocarriedwasoffsetinpartbyloweryield.

Overall,fuelcostsincreasedby6%,reflectinga1%riseinfuelcostsandafuelhedginglossofHK$911mfortheyear.SignificantunrealisedfuelhedginglossesofHK$14.3bnwerealsorecognisedinCathayPacificsbalancesheet.

AVIATION

HAECO Group Highlights16

KeyFinancial Data

AttributableProfit(100%basis)

Dec2014HK$M Change%

HAECOHongKong 103 +72%

HAECOAmericas (45) 29%

HAECOXiamen 89 1%

TEXL 166 +326%

HAESLandSAESL 267 43%

Others (7) 217

Total 573 8%

KeyOperatingStatistics

KeyHighlights InFebruary2014,theHAECOgroupacquiredTIMCOAviationServices,Inc.ThisbusinessbasedintheUSAandnow

tradingunderHAECOAmericascontributed3.66mairframeservicesmanhours.Itrecordedalossduetorestructuringandfinancecosts.

HAECOHongKongcontinuedtosufferfromlabourshortages,althoughtheseeasedinthesecondhalfoftheyear.

TEXLrecordedsignificantlyhigherprofitsasaresultofmoreenginesoverhauled.

HAESLsprofit,includingthatderivedfromitsinterestinSAESL,decreasedduetofewerenginesoverhauled.

240250260270280290300310320330340

0123456789

10

Dec10 Dec11 Dec12 Dec13 Dec14

Manhours(Million)

AirframeservicesmanhourssoldHAECOXiamenAirframeservicesmanhourssoldHAECOAmericasAirframeservicesmanhourssoldHAECOHongKongLineservicesmovementshandledHAECOHongKong

Movementshandled(Averageperday)

BEVERAGES

Beverages

BEVERAGES

(29)43

415 395

177 18522 23217 208

(100)

0

100

200

300

400

500

600

700

800

900

USATaiwanHongKongMainlandChinaCentralCosts

Results Highlights 18AttributableProfit

Total$802

Total$854

KeyHighlights

Excludingnonrecurringprofitsin2013and2014,attributableprofitincreasedby6%.Nonrecurringprofitsin2014wererecognisedondisposalofavailableforsaleinvestments.

Salesvolumeincreasedby3%,principallyreflectingtheassumptionofnewfranchiseterritoriesintheUSAandmodestvolumegrowthinMainlandChina.

ResultsinMainlandChinabenefitedfromlowrawmaterialcostsandanimprovedsalesmix.Rawmaterialcostsremainedlowinallotherterritories.

KeyOperatingHighlightsKeyFinancial DataDec2014HK$M Change%

Operating profit 1,095 +27%

Shareofposttaxprofitsfromjointventure andassociatedcompanies

291 27%

Attributableprofit 854 +6%

+6%

Dec2013 Dec2014

HK$M

BEVERAGES

59%

17%

3%3%

18%

Sparkling Juice Tea Otherstill Water

60%

15%

2%4%

19%

Volume Analysis 19

MainlandChina HongKongRevenue*

HK$17,043m

AttributableProfit

HK$395m

SalesVolume*

816m u/c

Revenue

HK$2,164m

AttributableProfit

HK$185m

SalesVolume

65mu/c

Taiwan USARevenue

HK$1,415m

AttributableProfit

HK$23m

SalesVolume

55mu/c

Revenue

HK$4,948m

AttributableProfit

HK$208m

SalesVolume

108m u/c

Segment Information

Overallsalesvolumeincreasedby3%to1,044millionunitcases,comparedwithanincreaseof2%in2013.

*AttributabletotheBeveragesDivisionssevenCocaCola franchisesinMainlandChina.

VolumebyCategory

Dec2013

Dec2014

VolumeProgression

67% 70%72%

75%77% 78%

79% 79% 80% 78%9%9%

8%7%

7% 7%7% 7% 6% 6%

9%7%

7%7%

7% 6%6% 6% 6% 5%

15%14%

13%

11%9% 9%

8% 8% 8% 11%

0

200

400

600

800

1,000

1,200

05 06 07 08 09 10 11 12 13 14

USATaiwanHongKongMainlandChina

Millionunitcases

14

MARINE SERVICES

Marine Services

MARINE SERVICES

Results Highlights 21

64 31

1,2431,041

0

200

400

600

800

1,000

1,200

1,400HK$M

SPOHUD

KeyHighlights

SPOsprofits decreasedby16%toHK$1,041mcomparedwithprofitsofHK$1,243min2013.

SPOsresultswereaffectedbydifficultmarketconditionsinthesecondhalfoftheyearfollowingthesubstantialdecreaseintheoilprice.

SPOsoverallaveragefleetutilisationratefellby2.3percentagepointsto86.6%.

Charterhireratesroseby15%toUS$30,100perdayreflectingthedeliveriesofnew, typicallyhigherspecificationvessels.

Swire PacificOffshoregroup

Dec2014HK$M Change%

Revenue 7,234 +15%

Operatingprofit 1,320 12%

Attributable profit 1,041 16%

Total$1,307 Total

$1,072

AttributableProfit KeyFinancialData

18%

Dec2013 Dec2014

MARINE SERVICES

SPO Movement in Attributable Profit

1,2431,041

+744

+246 (48) (925)

(219)

1,000

1,500

2,000

2,500

2013Attributable

profit

Increaseinrevenuefromadditionalcapacity

Increaseinrevenuefromexistingfleet

Decreaseinrevenuefromvesselsales

Increaseinoperatingcosts

Others 2014Attributable

profit

HK$M

22

MARINE SERVICES

SPO Outlook 23SPOFleetGrowth

ProfileofCapitalCommitments at31stDecember2014

Expenditure Commitments(HK$M) 2014 2015 2016 2017 2018 at31stDec2014AnchorHandl ingTugSupplyVessels andPlatformSupplyVessels 2,978 2,114 1,134 1,081 4,329ConstructionandSpecia l i s tVessels 234 173 3 3 179

Otherfixedassets 74 208 136 92 233 669

Tota l 3,286 2,495 1,273 1,176 233 5,177

Forecastperiodofexpenditure

Additions Disposals Yearend

Vesselclass 2013 2015 2016 2017

AnchorHandlingTugSupplyVessels 43 3 40 LargeAnchorHandlingTugSupplyVessels 18 5 23 1 PlatformSupplyVessels 8 1 9 4 2 3LargePlatformSupplyVessels 4 3 7 1 1 3ConstructionandSpecialistVessels 9 9 Total 82 9 3 88 6 3 6

2014

Vesselsexpectedtobereceivedin

Note:SPOsfleetincludesonePSVandoneCSVcharteredfromexternalparties.

TRADING & INDUSTRIAL

Trading & Industrial

TRADING & INDUSTRIAL

13982

715

57213

206

230

(125)(14)

(31)

(73)

(1)

(5)

(15)

(25)

(200)

(100)

0

100

200

300

400

500

600HK$M

Otheractivities SwireSustainableBusinessgroupSwirePacificColdStoragegroup CampbellSwireAkzoNobelSwirePaints TaikooMotorsgroupSwireFoodsgroup SwireRetailgroup

25

AttributableProfit KeyHighlights

TaikooMotorsgroup

TaikooMotorsgroup

HigherattributableprofitreflectedhighersalesvolumeandthereleaseofprovisionsfordealerincentivesinTaiwan.

Dec2013 Dec2014

Results Highlights

+78%

Total$237

Total$423

AkzoNobelSwirePaintsAkzoNobelSwirePaints

Higherattributableprofitduetoincreasedsalesvolume.Grossmarginsweresimilarto2013.

SwireRetailgroup

SwireRetailgroup

LowerattributableprofitprincipallyasaresultofthereplacementofSwireResourcesColumbiaChinadistributorshipwithanassociatefrom1stJanuary2014.

CampbellSwire

CampbellSwire

Reducedlossesfollowingrestructuringofthebusinessduringtheyear.

SwirePacificColdStorage

group

SwirePacificColdStorage

group

Higherlossesreflectingstartupcostsofthebusiness.

SwireFoodsgroup

SwireFoodsgroup

HigherattributableprofitreflectstheinclusionoftheresultsofChongqingNewQinyuan BakeryCo.Ltd,acquiredinDecember2014.

PropertyPositiveFactors NegativeFactors

NomajorleasesexpiringatPacificPlaceandhighoccupancyexpectedatpropertiesinQuarryBayinHongKong.

RetailpropertiesinHongKongremainfullyletanddemandforretailspaceatprimelocationsisexpectedtoremaingood.

Tradingprofitsareexpected,principallyoncompletionofsalesofpresoldunitsinHongKongandonthesaleofthepresoldofficetowerinChengdu.

RetailersarecautiousaboutexpandinginBeijingandGuangzhou.

SubstantialsupplyofnewofficespaceinBeijingandGuangzhouisexpectedtoputofficerentsunderpressure.

Aviation

Beverages

MarineServices

Trading&Industrial

26Prospects

PropertyPositiveFactors NegativeFactors

Improvementincargodemandhascontinuedintothefirstquarterof2015.

Lowerfuelpriceswillreducefuelcostsfortheairline(butthisbenefitisinpartoffsetbyfuelhedginglosses).

ThefinancialpositionoftheCathayPacificgroupremainsstrong.

CathayPacificwilltakedeliveryofninenewaircraftin2015.

HAECOHongKongsairframemaintenancecapacityisexpectedtoincreasein2015.

TEXLisexpectedtocontinuetoperformwell.

Highlycompetitiveoperatingenvironment,inparticularforpassengersbusiness,makesithardtomaintainyield.

HAESLisexpectedtocontinuetobeaffectedbyreduceddemandforengineoverhaulservices.

Aviation

Beverages

MarineServices

Trading&Industrial

27Prospects

PropertyPositiveFactors NegativeFactors

SparklingsalesinMainlandChinaareexpectedtobenefitfromexpansionoftheproductrangeandincreasedinvestmentindistributionequipment.

RawmaterialpricesinMainlandChinaareexpectedtoremainlow.

HongKongisexpectedtomaintainitsstrongmarketpositionandexpanditsproductrange.

USAwillbenefitfromafullyearscontributionfromfranchiseterritoriesassumedin2014.

StaffcostsareexpectedtoputpressureonmarginsinMainlandChina.

CapacityconstraintsandlabourshortagesinHongKongareproblems.

Aviation

Beverages

MarineServices

Trading&Industrial

28Prospects

PropertyPositiveFactors NegativeFactors

SPOsmodernandincreasinglyhighspecificationfleetiswellplacedtomeetavailabledemandparticularlyforvesselscapableofoperatingindeeperwaters.

Thelowoilpriceisexpectedtoreduceoffshoreexplorationactivityintheshortrun,whichislikelytoaffectSPOsresults.

Aviation

Beverages

MarineServices

Trading&Industrial

29Prospects

PropertyPositiveFactors NegativeFactors

SwireFoodswillbenefitfromafullyearscontributionfromQinyuanBakery.

Akzo NobelSwirePaintsexpectstocontinuetoexpanditsdistributionnetworkinMainlandChina.

TheretailmarketinHongKongremainshighlycompetitive.Increasedcostsarelikelytoputpressureonmargins.

TaikooMotorsexpectssalesofvehiclestodecreasefollowingtheendoftheVolkswagenandkodaimporterships in2014.

Aviation

Beverages

MarineServices

Trading&Industrial

30Prospects

Appendix

Todevelopandstrengthenthetradingandindustrialbusinesseswhichitoperates.

TomaintainandstrengthenSPOspositionasaleaderintheoffshoreenergysupplyindustry.

Appendix - Corporate Structure 32

StrategicobjectivePubliclyQuoted

SwirePacificLimited(Ashares:00019;Bshares:00087)

40%(HKG)/30%36%(PRC)AkzoNobelSwirePaints

Tobealeadingdeveloper,ownerandoperatorofmixedusecommercialpropertiesinHongKongandMainlandChina.

TodevelopandstrengthenHongKongasahubforaviationservices,includingpassenger,cargoandaircraftengineeringservices.

Tobuildaworldclassbottlingsystemwhichisrecognisedasafirstclassemployer,afirstclassentitywithwhichtodobusinessandafirstclasscorporatecitizeninallterritorieswhereitdoesbusiness.

Aviation Beverages Marine Services T&IProperty

82%SwireProperties

(Stockcode:01972)

45%CathayPacific

Airways(Stockcode:00293)

75%HAECO

(Stockcode:00044)

87.5% 100%Swire

Beverages

100%SwirePacificOffshore

50%HUD

100%SwireRetailgroup

100%TaikooMotorsgroup

100%SwireFoodsgroup

40%CampbellSwire

SustainablegrowthinshareholdervalueoverthelongtermSustainablegrowthinshareholdervalueoverthelongterm

EquityattributabletotheCompanysshareholdersperA

share:HK$145.40

UnderlyingProfit:HK$9,739m

AttributableProfit:HK$11,069m

17% +15%

EarningsperAshare:HK$7.36

17% 0.7%

At31stDecember2014

100%SwirePacificColdStoragegroup

7.7%50%SwireSustainableBusinessgroup

AkzoNobelSwirePaintsManufactureanddistributionofpaintinHongKongandMainlandChina

AkzoNobelSwirePaintsManufactureanddistributionofpaintinHongKongandMainlandChina

SwirePacificColdStoragegroupProvisionofcoldstorageandwarehousingservicesinMainlandChina

SwirePacificColdStoragegroupProvisionofcoldstorageandwarehousingservicesinMainlandChina

SwireFoodsgroup: TaikooSugarPackagingandsellingsugarandotherproductsinHongKongandMainlandChina CampbellSwireAjointventurewithTheCampbellSoupCompany.DistributessoupandbrothproductsinMainlandChina SwireFoodsAcquisitionofa65%interestinQinyuanBakery

SwireFoodsgroup: TaikooSugarPackagingandsellingsugarandotherproductsinHongKongandMainlandChina CampbellSwireAjointventurewithTheCampbellSoupCompany.DistributessoupandbrothproductsinMainlandChina SwireFoodsAcquisitionofa65%interestinQinyuanBakery

TaikooMotorsgroup DistributionandretailingofmotorvehiclesinTaiwan,HongKong,MainlandChinaandMalaysia

TaikooMotorsgroup DistributionandretailingofmotorvehiclesinTaiwan,HongKong,MainlandChinaandMalaysia

SwireRetailgroup: SwireResourcesgroupDistributionandretailingoffootwear,apparelandrelatedaccessoriesinHongKong,MacauandMainlandChina SwireBrandsgroupInvestmentsinbrandowningcompanies

SwireRetailgroup: SwireResourcesgroupDistributionandretailingoffootwear,apparelandrelatedaccessoriesinHongKong,MacauandMainlandChina SwireBrandsgroupInvestmentsinbrandowningcompanies

PropertyTradingHongKong AZURA ARGENTA AREZZO DUNBARPLACEMOUNTPARKERRESIDENCESUSA Miami Reach&Rise

PropertyTradingHongKong AZURA ARGENTA AREZZO DUNBARPLACEMOUNTPARKERRESIDENCESUSA Miami Reach&Rise

HotelsHongKong TheUpperHouse EASTHongKongMainlandChina TheOppositeHouse EAST,Beijing TheMandarinOriental,GuangzhouUSAMandarinOriental,MiamiUKBrighton,Bristol,CheltenhamandExeter

HotelsHongKong TheUpperHouse EASTHongKongMainlandChina TheOppositeHouse EAST,Beijing TheMandarinOriental,GuangzhouUSAMandarinOriental,MiamiUKBrighton,Bristol,CheltenhamandExeter

33

Appendix - Corporate Structure

Aviation Beverages MarineServices T&IProperty

SwirePacificLimited

CathayPacificgroupAirlines CathayPacific Dragonair AirHongKong(60%) AirChina(20%)

CargoTerminal CathayPacificServices

OtherOperations CathayPacificCateringServices Hong KongAirportServices

No.ofAircraft:200

CathayPacificgroupAirlines CathayPacific Dragonair AirHongKong(60%) AirChina(20%)

CargoTerminal CathayPacificServices

OtherOperations CathayPacificCateringServices Hong KongAirportServices

No.ofAircraft:200

SwireBeveragesHastherighttomanufacture,marketanddistributeproductsofTheCocaColaCompany

HongKongNo.ofBottlingPlants:1

MainlandChinaNo.ofBottlingPlants:11

TaiwanNo.ofBottlingPlants:2

USANo.ofBottlingPlants:2

SwireBeveragesHastherighttomanufacture,marketanddistributeproductsofTheCocaColaCompany

HongKongNo.ofBottlingPlants:1

MainlandChinaNo.ofBottlingPlants:11

TaiwanNo.ofBottlingPlants:2

USANo.ofBottlingPlants:2

HAECOgroup

HAECOHongKong HAECOAmericas HAECOXiamen(58.6%) HAESLandSAESL(45%and9%) TEXL(67.6%)

HAECOgroup

HAECOHongKong HAECOAmericas HAECOXiamen(58.6%) HAESLandSAESL(45%and9%) TEXL(67.6%)

SwirePacificOffshoreOperatesafleetofoffshoresupportvesselsservicingtheenergyindustryineverymajoroffshoreproductionandexplorationregionoutsidetheUSA

No.ofVessels:88

No.ofVesselsonOrder:15

SwirePacificOffshoreOperatesafleetofoffshoresupportvesselsservicingtheenergyindustryineverymajoroffshoreproductionandexplorationregionoutsidetheUSA

No.ofVessels:88

No.ofVesselsonOrder:15

HUDgroupShiprepairandharbourtowageservicesinHongKong

No.ofVessels:19

HUDgroupShiprepairandharbourtowageservicesinHongKong

No.ofVessels:19

Trading

Industrial

At31stDecember2014

SwireSustainableBusinessgroup: SwireWasteManagementProvisionofwastemanagementservicesinHongKong SwireSustainabilityFundInvestmentinearlystagecompaniesdevelopingtechnologies

SwireSustainableBusinessgroup: SwireWasteManagementProvisionofwastemanagementservicesinHongKong SwireSustainabilityFundInvestmentinearlystagecompaniesdevelopingtechnologies

FutureDevelopmentsHongKong KowloonBayCommercialSiteMainlandChina Daci Templeproject Dazhongli projectUSA Brickell CityCentre

FutureDevelopmentsHongKong KowloonBayCommercialSiteMainlandChina Daci Templeproject Dazhongli projectUSA Brickell CityCentre

InvestmentPropertiesHongKong PacificPlace TaikooPlace CitygateMainlandChina TaikooLiSanlitun INDIGO TaiKooHui

InvestmentPropertiesHongKong PacificPlace TaikooPlace CitygateMainlandChina TaikooLiSanlitun INDIGO TaiKooHui

2014AnnualResultsAnalystBriefing

19thMarch2015|HongKong

2014 Annual Results Analyst BriefingFinancial SummaryAttributable ProfitMovement in Underlying ProfitProfit BridgeFinancingLiquidity

Property DivisionResults HighlightsMovement in Underlying Profit (Swire Properties - 100% basis)Movement in Investment PropertiesOperating StatisticsFuture Developments

Aviation DivisionResults HighlightsCathay Pacific Group HighlightsHAECO Group Highlights

Beverages DivisionResults HighlightsVolume Analysis

Marine Services DivisionResults HighlightsSPO - Movement in Attributable ProfitSPO Outlook

Trading & Industrial DivisionResults Highlights

ProspectsProperty DivisionAviation DivisionBeverages DivisionMarine Services DivisionTrading & Industrial Division

AppendixCorporate Structure (1/2)Corporate Structure (2/2)

2014 Annual Results Analyst Briefing