FOR IMMEDIATE RELEASE

29th August 2003

Hong Kong, 29 August, 2003 - Swire Pacific Limited today announced that wholly-owned subsidiary Swire Finance Limited has signed a HK$2,300 million Revolving Credit Facility (the "Facility") with a group of fifteen international and local banks. The size of the Facility was increased from the original HK$2,000 million following the strong demand and oversubscription during syndication.

HSBC and Standard Chartered Bank are the Mandated Coordinating Arrangers for the Facility.

The proceeds of the Facility will be used for general corporate funding requirements of the Swire Pacific Group. The Facility has a final maturity of five years and carries an interest rate of HIBOR plus 0.32%.

Martin Cubbon, Group Finance Director, commented, "We are pleased with the strong response to this financing and the participation of a geographically well diversified spread of leading banks in the Hong Kong loan syndication market. It reflects the confidence of the banking community in our company."

The Swire Pacific Group is a leading conglomerate in Hong Kong with five core business divisions including property, aviation, beverages, marine services, and trading & industrial. The Group's principal areas of operation are in the Asia Pacific region and centre on the Greater China area.

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