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04 Jul 2005

Calyon and Société Générale Select Pacific Place New Finance Tenants Reinforce Pacific Place's Position as Premium Commercial Location

Swire Properties (4 July, 2005) today announced that Société Générale and Calyon confirmed an additional 8,500 sq ft of office space at Three Pacific Place and 12,900 sq ft at Two Pacific Place, respectively.

This brings a total of over 330,000 sq ft of newly leased office space in Pacific Place over the past six months, 50% of which has been taken up by the finance and banking sector.

"Pacific Place has benefited from its position as the premium commercial hub and the growth of multinational companies' increasing business in Hong Kong," said Mr. Jolyon Culbertson, Director and General Manager of Swire Properties.

Société Générale Group, a leader in financial services in the euro-zone, has committed to occupy a total of over 75,000 sq ft on the top floors of Three Pacific Place, making it the largest tenant in the building.

Calyon, the corporate and investment bank of Credit Agricole Group, the French major banking group and second worldwide bank by equity size, will occupy a total of more than 76,000 sq ft at Two Pacific Place. This office expansion results from the merger of Credit Agricole Indosuez (CAI) and Credit Lyonnais (CL), which created Calyon in May 2004.

"The advanced building specifications and top-grade facilities of Pacific Place meet the specific needs of finance and banking industry to run their business in a reliable and hassle-free environment." added Mr. Culbertson.

"Three Pacific Place is the ideal address for our regional flagship headquarters." said Mr. Thierry Weidenmann, Chief Operating Officer, Société Générale Hong Kong. "Our group needs more space in Hong Kong as the base for our ambitious business expansion in Asia Pacific. Our staff will benefit from the hub location and added-value facilities of Pacific Place".

"Pacific Place is truly a world-class property conveniently located in a transportation hub, providing well-designed floor configuration and first-class technical capabilities for modern business operations", commented Mr. Giles Allein, CEO Asia Pacific of Calyon. "Therefore we have selected Two Pacific Place as our Hong Kong branch and regional hub for our 13-country network in Asia Pacific."

CLSA, the first brokerage house in the region and Calyon's investment banking arm is also located at One Pacific Place. This proximity has been an additional reason for their choice.

In addition to the expansion of Société Générale and Calyon, a number of other banks have recently arrived in Pacific Place: China Construction Bank; Industrial Bank of Korea and Mashreq Bank.

Further to these commitments, Deloitte Touche Tohmatsu committed to about 148,000 sq ft of One Pacific Place in March. The deal represents almost 20% of One Pacific Place and the largest single transaction of Grade-A offices in the Central Business District in the past 18 months.