MANAGEMENT DISCUSSION & ANALYSIS | REVIEW OF OPERATIONS INDIGO BEIJING Retail sales and gross rental income (after deduction of stores or upgraded to their latest concept stores in 2022 rental concessions) at Taikoo Hui decreased by 11% and including Louis Vuitton Maison and The Hall Restaurant, 8% respectively in 2022. There were improvements to the Balenciaga, Boucheron, Cartier Masion, Dior Couture and tenant mix. The mall was 99% let at 31st December 2022. The World of Ralph Lauren. INDIGO, Beijing Retail sales and gross rental income (after deduction of INDIGO mall is in the Jiangtai area in the Chaoyang district rental concessions) at Sino-Ocean Taikoo Li Chengdu of Beijing. It is directly linked to the Beijing Metro Line 14 decreased by 15% and 9% respectively. The development and is near the airport expressway. i.t, Massimo Dutti, Muji, is reinforcing its position as a premium shopping and Tesla, SISYPHE bookstore, BHG Market Place and a seven- leisure destination. The development was 95% let at house with 1,000-seat CGV cinema are tenants. adidas 31st December 2022. women, HOKA ONE ONE, HUAWEI, moodytiger, New HKRI Taikoo Hui, Shanghai Balance 1906, OVV, Saucony, Uniqlo, % Arabica and HKRI Taikoo Hui is on Nanjing West Road in the Jing’an WANXIEHUI became tenants in 2022. The mall has become district of Puxi, Shanghai. It has excellent transport a significant fashion and lifestyle shopping centre in north- connections, being next to the Nanjing West Road metro east Beijing. station (which serves three metro lines) and near the Retail sales at INDIGO decreased by 26% in 2022. There Yan’an Expressway. were improvements to the tenant mix. The mall was 100% HKRI Taikoo Hui is our second Taikoo Hui development in let at 31st December 2022. the Chinese Mainland. Starbucks Reserve Roastery, Atelier Sino-Ocean Taikoo Li Chengdu Cologne, Bremont, COS, diptyque, dunhill, Ermengildo Sino-Ocean Taikoo Li Chengdu is in the Jinjiang district of Zegna, Guerlain, Golden Goose, IWC, i.t, Kenzo, Lululemon, Chengdu and is part of the Chunxi Road/Daci Temple MARNI MARKET, Max Mara, Nio, SPACE, Tesla, The shopping district. It is our second Taikoo Li project in the Cheesecake Factory, Shanghai Club, Ho Hung Kee and a Chinese Mainland. Apple, Balenciaga, Gucci, Dior, Hermès, city’super supermarket are tenants. CANADA GOOSE, I.T, Tiffany & Co., Muji, Fangsuo bookstore, Olé Supermarket drivepro lab, FIVE GUYS, Fook Luk House, GAGA, LOEWE, and a 1,720-seat Palace-j’aime cinema are tenants. Despite MOOSE KNUCKLES, self-portrait, Theory, UNDEFEATED and COVID-19 resurgence in Chengdu, 85 brands opened new Venchi became tenants in 2022. 50