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MANAGEMENT DISCUSSION & ANALYSIS | REVIEW OF OPERATIONS HO‡† ‚O‡† CHI‡EE €I‡€‡D ŽŠŠ€Š Taikoo lace One Taikoo Place Oxford House Taikoo Hui TaikooHuiTowers “”’ Taikoo Li Taikoo i Brickell City Centre €0€338 s 0€3 s €­3€ s anlitun ‡orth and City la­a One Island East —˜†‚—™H•˜ Sanlitun ­3 s …I†…I šƒ•RI‘† PCCƒ Tower Berkshire €3 0€€ s andarin Oriental• 0€8 s House †uanghou BEIŒI‚— Dorset House 388838 s 0­3 s Taikoo i anlitun ƒest 0­0 s erviced €artments ­30 s Brickell Cit Centre incoln House 03 s hoing all­ 333­ s ­08 s E€T ˆuture „esidences Develoment 08 s The Oosite House ˆ3000 s r Tai Koo Station €­3 s o d i r r o C n r e t Two Brickell Cit Centre˜˜ s a E d n a l s I T i a n h d eE a a o s R t d R g o a n i a o h d R S o n o k u i E€T Hong ‚ong t a i T TaikooHui l Tianhe Road n a W €­­33 s hoing all­ S t e s e t l e a ShiŠai‹iao Station r n t d S s €­3­ s i R o o a H d Citlaa n a … P i a ‡ hoing all­ i R i “ Taikoo i e King’s Road €0­8­8 s r Quarry Bay anlitun outh … i a ‡ i R i “ e t r s Station ­0­ s W€ S e Devon House Cambridge House Two Taikoo Place u n e “ 803 s 8 ­ s ­­ s HKRI Taikoo Hui H‚„I Taikoo Hui H‚„I Centre “ † S hoing all­ €€­0€ s E …etrorail t hS t r e €€0 s Bri’kell Station e and HNGN S t E t The iddle House hS t r e H‚„I Centre ’ S e SH†‚—H†I „esidences W8 t t The ilveri One Citgate ‡ovotel Citgate Hong ‚ong €  3 s ­­0 s ino‘Ocean Taikoo i The Temle House hS t Sino-Ocean r e e Chengdu e t Hong ‚ong – €0 s 3 8 s ­­­€ s u Citygate n e “ i † S hoing Centre­ ‡ E a †aller The ukhothai i Taikoo Li … t h h t u S €3€3 s o t €3€­ s S r hanghai e The iddle e S t House  s Chengdu W­ t ˆuture €€€8€ s d hS …etro‡o“er a t o r Develoment d CHE‚—‘˜ i R e Eighth Street a s e i a o ’ t ” a a R ‘ l l P Station l ˆ€€0000 s g e k ’ n i i r ¢ B n a t‚ s e ‚orth ƒantau High„ay W dao T Ria a t T u h n i g R o e a d W — West ‚an¢ing E€T iami Three Brickell Cit Centre˜˜ Shi‡enyi Road Road Station g n u h C g n u … T e ¤ i T › u n n io t a t g S ™H†‚—–˜†‚ „ith gross loor area o S ™H€‡†šŽ€‡ t r e e t Citgate Outlets €3­ s ¥in’luding ’ar Šarking sŠa’es¦ ‰‰T„o Bri’kell City Centre and Three Bri’kell City Centre „ere sold in 00¡ 8038 s is oŠerated and ‡anaged Ÿy a ¢oint “enture The oi’e to„ers are no„ ‡anaged Ÿy S„ire ProŠerties¡ „hi’h is 0ž o„ned Ÿy S„ire ProŠerties¡ £ E†ST …ia‡i „as sold in 0€¡ The hotel and ser“i’ed aŠart‡ents are still ‡anaged Ÿy S„ire Hotels¡ S„ire ProŠerties does not ha“e an West ‚an¢ing Road Station o„nershiŠ interest in the ’o‡Šound¡ ChunŽi Road Station Three Pacific Place The Žer House One Conrad Hong ‚ong Island hangri‘a aciic lace   s €8 38 s Pacific Place ­0 s Hong ‚ong T€„ TŽDIO ‰ƒ arriott 83 s 0 8 s  3 s Hong ‚ong ­0 s INDIGO EI†HT T€„ T„EET I‡DI†O Phase Two E€T Bei–ing O‡E I‡DI†O Taikoo Li €38 s‰ BEIŒI‚— Žnder Develoment­ 3830€ s 8­0 € s P€CEŠ ‹Œ„E ˆ0€ s Qiantan Taikoo i Œiantan 8€3 s SH†‚—H†I hoing Centre­ €€88  s ’‹ Henness „oad To be renamed as H ˆive Pacific Place­ e n n e s s •riental SŠorts y R d o a d a o oR a €3­0 s i d ‹ Center Station Q n a u a e i e n Ž ‚otesœ s „ o a u y i †d‡iralty Œ uR ix Pacific Place Station y g —ross loor area igures are sho„n on a €00ž Ÿasis¡ n o ‰ šloor area sho„n in’luding the Žnder Develoment­ Three Pacific Place Pacific Place P€CIˆIC P€CE Two ‘ d These diagra‡s are not to s’ale and are or illustration ŠurŠoses only¡ a o tR s e I‡DI†O i W s g n a gross loor area o re‡aining ˆ3303 s Pedestrian ink hoing all­ €P€„T E‡T Pacific Place hoing all­ Œiangtai Station – These diagra‡s illustrate the ‡a¢or de“eloŠ‡ents o S„ire ProŠerties¡ šor details o other de“eloŠ‡ents residential units o €08€ s¡ Below †round­ €€€8 s 30  s ­€0 s ­ ­ s Šlease reer to the S’hedule o Prin’iŠal —rouŠ ProŠerties on Šages 0 to €¡

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