FOR IMMEDIATE RELEASE

5th November 2003

Three Pacific Place, a natural extension of Pacific Place, was topped out today (Wednesday, 5 November 2003).

Located at the hub of Hong Kong, with seamless access to Admiralty MTR station and other parts of Pacific Place via an air-conditioned, travelator-equipped underground pedestrian link, this Grade-A commercial development offers tenants unparalleled accessibility and convenience.

Due for completion in mid 2004, Three Pacific Place reflects the continuing vision of this renowned and highly popular complex, inheriting its proven pedigree.

"Opening in phases between 1988 and 1991, Pacific Place dramatically extended the Central District and introduced a new dimension to the Admiralty area. We certainly hope that this state of the art, 38-storey, 644,000 sq ft office building will not only re-inforce the area as a major commercial district but also act as a catalyst to rejuvenate and re-energise the surrounding areas. This has been our experience not only here at Pacific Place but also in our other multiphase projects such as Island East. We look forward to continuing the tradition," said Keith Kerr, Managing Director of Swire Properties Ltd.

By combining sophisticated architecture, state-of-the-art technology, superb building facilities and world class management, Swire Properties developments empower their tenants with the greatest flexibility to run their business in their own ways, fulfilling the Company's objective to achieve original, forward-looking operational excellence.

The topping out ceremony was performed by Mr Keith Kerr and Mr Jolyon Culbertson of Swire Properties, and Mr Martin Hadaway and Mr Thomas Ho of Gammon Skanska. A showfloor on level three of Three Pacific Place displays the actual style of premises to be handed over to tenants, complete with finished ceilings and floors, lobby and washrooms. Another show suite, visualising the completed extension of the Pacific Place complex, is located on level thirty-six of Two Pacific Place.

Pacific Place currently comprises more than five million sq ft of space in four towers above a retail podium. The towers consist of Grade-A office space, five-star serviced apartments, a professionally equipped conference centre and three five-star hotels. Being an integral part of the Pacific Place complex, Three Pacific Place will offer tenants exquisite dining, shopping, living and parking facilities under one roof.

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Visit Three Pacific Place website: www.threepacificplace.com.hk

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