10 Feb 2001

Swire Properties Arbitration Award Appeal

Swire Properties Ltd. (Swire Properties), a wholly-owned subsidiary of Swire Pacific Limited, announce that after closely reviewing the initial arbitration award, based on legal advice, submitted an application on 10 February 2001 to the Hong Kong High Court for leave to appeal on a point of law regarding the Government's right to charge premium for the commercial gross floor area so far constructed at Taikoo Shing.

The company considers it to be inappropriate to comment further on this matter until the outcome of that application and any subsequent appeals are known.

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