The Board of Directors of Swire Properties Limited announced that: Ms. CHENG Lily Ka Lai has resigned as an Independent Non-Executive Director to pursue new opportunities, including her appointment as an Independent Non- Executive Director of Cathay Pacific Airways Limited; and Ms. YAN Yan has been appointed as an Independent Non-Executive Director, such resignation and appointment to take effect from the conclusion of the Company's 2024 Annual General Meeting to be held on 7th May 2024. Ms. Cheng has confirmed that she has no disagreement with the Board and that she is not aware of any matters relating to her resignation that needs to be brought to the attention of the shareholders of the Company. Ms. Yan, aged 60, has over thirty years of experience in real asset investment, development, and operations.

She is currently Managing Director of Rava Partners, an investment company that partners with entrepreneurs to build physical infrastructure in the growing sectors of Asia's economy, such as logistics /industrial, digital assets, life sciences /healthcare, education, and other specialised asset classes. She was Managing Director of Blackstone Asia from 2018 to 2020, during which time she focused on real asset investment and mergers and acquisitions. Prior to that, Ms. Yan held various positions with SOHO China, a commercial real estate developer in the Chinese Mainland from 1996 to 2018 where she served as the company's President, Chief Financial Officer and Chief Operating Officer, responsible for the company's management, business development and project acquisitions.

In the early part of her career, Ms. Yan had held various management roles in Henderson (China) Investment Co. Ltd. and the Sheraton Hotels group. Ms. Yan holds a bachelor's degree in civil engineering from Tianjin University.

In accordance with the Company's Articles of Association, Ms. Yan will hold office as a Director until the Annual General Meeting to be held in 2025 (and will be eligible for election). Thereafter she will retire at the third Annual General Meeting following her election and will be eligible for re-election. She has entered into a letter of appointment, which constitutes a service contract, with the Company for a term expiring on the date of the Annual General Meeting at which she will retire, which will be renewed for a term of three years upon each election or re-election (as the case may be).