YNBY International Limited — Interim / Quarterly Report 2014

Feb 4, 2015

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

SWIRE PACIFIC LIMITED 太古股份有限公司

(Incorporated in Hong Kong with limited liability) (Stock Codes: 00019 and 00087)

SWIRE PROPERTIES LIMITED 太古地產有限公司

(Incorporated in Hong Kong with limited liability) (Stock Code: 1972)

Announcement

Quarterly Operating Statement of Swire Properties Limited Fourth Quarter 2014

This statement contains certain operating information about Swire Properties Limited in relation to the fourth quarter of 2014. The information has been prepared on the basis of internal management records. It has not been audited or reviewed by external auditors.

1. Completed Investment Properties

Office

	Principal Properties	Occupancy	Occupancy	Area Let (New and renewed tenancies) (For the year ended 31 Dec 2014)	Reversion(1) (For the year ended 31 Dec 2014) (including rent reviews)	Latest Rentals (Headline)
		(As at 31 Dec 2013)	(As at 31 Dec 2014)
	Hong Kong			(sq ft)		(HK$ psf) 1PP / 2PP: 95 – 110 3PP: 90 – 95 mid 40s – high 40s
	Pacific Place	91%	94%	201,128	+7%
	Cityplaza	97%	100%	284,955	+25%
	Taikoo Place(2)	99%	98%	545,464	+27%	low 40s – high 40s
	One Island East	100%	98%	171,117	+14%	mid 50s – high 60s
	Techno-centres(3)	100%	100%	61,061	+12%	mid 20s
	Overall HK Office	96%	97%	N/A	N/A	N/A
	Mainland China			(sq m)		(RMB psm)
	TaiKoo Hui Offices	89%(4)	100%(4)	22,832	N/A	mid 100s – high 100s
	ONE INDIGO	97%(4)	100%(4)	20,873	N/A	mid 200s – high 200s

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Retail

	Principal Properties	Occupancy	Occupancy	Retail Sales Growth (For the year ended 31 Dec 2014)
		(As at 31 Dec 2013)	(As at 31 Dec 2014)
	Hong Kong
	The Mall, Pacific Place	100%	100%	- 6.1%
	Cityplaza	100%	100%	- 0.4%(5)
	Citygate Outlets	100%	100%	+ 4.6%
	Mainland China
	Taikoo Li Sanlitun	94%(4)	95%(4)	+ 18.8%
	TaiKoo Hui Mall	99%(4)	99%(4)	+ 11.0%
	INDIGO Mall	96%(4)	95%(4)	+ 66.1%

Notes:

• (1) Reversion is the percentage increase in rent on lease renewals, entry into new leases and rent reviews.

• (2) Including PCCW Tower.

• (3) Excluding Somerset House.

• (4) Including space allocated to prospective tenants who have signed letters of intent.

• (5) The renovation at Cityplaza was completed in December 2014 and no adjustment has been made to the retail sales figures to reflect sales lost as a result of shop closures during renovation.

2. Investment Properties and Hotels Under Development

Principal Properties	GFA (100% basis)	Expected Completion	Development Status
Hong Kong TAIKOO PLACE APARTMENTS	(sq ft)		- Occupation Permit was issued in December 2014. - Interior fit-out work in progress. - Demolition work has been completed. - Design in progress. - Excavation and foundation works in progress.
	75,068	2014
Somerset House Redevelopment	~1,020,000	2018
Tung Chung Town Lot No. 11	~460,000(6)	2017
New Kowloon Inland Lot No. 6312	~555,000	2017
8 – 10 WongChuk HangRoad	~382,500	2018	- Design inprogress.
Mainland China	(sq m)
Daci Temple Project, Chengdu(7)	265,844	From 2014(8)	- The retail portion, Sino-Ocean Taikoo Li Chengdu, started to open in October 2014. - The office tower, Pinnacle One, was completed in December 2014. - Interior decoration, mechanical and electrical installation works for the hotel and serviced apartments, The Temple House, are in progress.

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	Dazhongli Project, Shanghai	321,198	From 2016(9)	- Foundation work has been completed. - Basement work in progress. - Above ground construction of the office towers, shopping mall and one of the hotels inprogress.
	Miami, Florida, USA	(sq ft)
	Brickell City Centre(10)	2,211,000 (Phase I) 1,820,000 (Phase II)	2015(11) To be determined	- Phase I, construction work in progress. - Phase II, development is being planned.

Notes:

(6) Excluding public transport terminus of approximately 74,000 sq ft to be built and handed over to the Government upon completion.

(7) Including the office tower, Pinnacle One, which has been developed for trading purposes.

(8) The Temple House and Pinnacle One are expected to open in 2015.

(9) The development is expected to open in phases commencing from 2016.

(10) Including the residential portion, which is being developed for trading purposes.

(11) The development is expected to open in phases commencing from 2015.

3. Trading Properties

	Trading Properties	GFA (100% basis)	Expected Completion	Expected Handover	Development Status
	Hong Kong AREZZO 160 South Lantau Road, Cheung Sha 100 Caine Road (formerly known as 2 Castle Road)	(sq ft)	2015 2015		- Occupation Permit was issued in January 2015. - Interior and exterior finishing works in progress.
		165,792		2015
		64,410		2015
		195,533	2016	2017	- Superstructure work in progress.

	Trading Properties Being Sold or Pre-sold (As at 2 Feb 2015) Hong Kong	Saleable Area(12) (100% basis) (sq ft)	Total Units	Units Sold / Pre-sold	Average Sale Price(13) (based on saleable area)
					(HK$ psf)
	AZURA	6,923	126	122(14)	30,787
	ARGENTA	7,921	30	27(15)	32,470
	DUNBAR PLACE	1,830	53	52(16)	22,231
	MOUNT PARKER RESIDENCES	14,897	92	84(17)	24,011
	AREZZO	62,279	127	78(18)	27,297
	Miami, Florida, USA	(sq ft)			(US$ psf)
	REACH, Brickell City Centre	168,365	390	299(19)	634
	RISE,Brickell CityCentre	509,558	390	43(20)	672

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Notes:

• (12) Represents the saleable area of the remaining unsold units.

• (13) Excluding carparks.

• (14) The profit from the sale of 119 units was recognised before 2014. The profit from the sale of three units was recognised in 2014.

• (15) The profit from the sale of 12 units was recognised in 2013. The profit from the sale of 15 units was recognised in 2014.

• (16) The profit from the sale of 52 units was recognised in 2014.

• (17) The profit from the sale of 82 units was recognised in 2014 and the profit from the sale of the remaining two units is expected to be recognised in the first half of 2015.

• (18) The profit from the sale of 78 units is expected to be recognised in 2015.

• (19) The profit from the sale of 299 units, three of which are still subject to statutory rights of rescission, is expected to be recognised in 2015 and/or 2016.

• (20) The profit from the sale of 43 units, 13 of which are still subject to statutory rights of rescission, is expected to be recognised in 2016.

Investors are advised to exercise caution in dealing in shares of Swire Pacific Limited and Swire Properties Limited.

As at the date of this announcement, the Directors of Swire Pacific Limited are:

Executive Directors: J.R. Slosar (Chairman), G.M.C. Bradley, I.K.L. Chu, M. Cubbon, J.B. Rae-Smith, I.S.C. Shiu, A.K.W. Tang;

Non-Executive Directors: Baroness Dunn, P.A. Johansen, M.B. Swire, S.C. Swire; and Independent Non-Executive Directors: T.G. Freshwater, C.K.M. Kwok, C. Lee, R.W.M. Lee, M.C.C. Sze and M.M.T. Yang.

As at the date of this announcement, the Directors of Swire Properties Limited are:

Executive Directors: J.R. Slosar (Chairman), G.M.C. Bradley, M.M.S. Low, D.C.Y. Ho and G.J. Ongley;

Non-Executive Directors: M. Cubbon, P. Healy, R.S.K. Lim and M.B. Swire; Independent Non-Executive Directors: S.E. Bradley, J.C.C. Chan, P.K. Etchells, S.T. Fung and S.C. Liu.

By Order of the Board By Order of the Board SWIRE PACIFIC LIMITED SWIRE PROPERTIES LIMITED 太古股份有限公司 太古地產有限公司 David Fu David Fu Company Secretary Company Secretary Hong Kong, 4th February 2015 Hong Kong, 4th February 2015

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