For immediate release

5th May, 2003

Following a board meeting today (5th May, 2003), the Swire Pacific Board has announced that it has reaffirmed the recommended final dividends for 2002 at HK$0.90 per 'A' share and HK$0.18 per 'B' share. The recommended dividends are subject to shareholders' approval at the AGM due to be held on 15th May 2003.

Cathay Pacific has today announced a reduction in its recommended 2002 final dividend from HK$0.56 per share to HK$0.28 per share. The directors of Swire Pacific have noted the impact of this change but, having also reviewed the wider business situation, are of the opinion that the SARS epidemic is not currently having a material adverse impact on Swire Pacific's non-aviation business.

"Swire Pacific has a strong balance sheet and adequate access to funding. The HK$432 million reduction in the dividend it will receive from Cathay Pacific will not significantly affect its financial position," says Martin Cubbon, Group Finance Director of Swire Pacific.

Swire Pacific holds 46.19% of Cathay Pacific.

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