THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser.

If you have sold or transferred all your shares in Henderson Land Development Company Limited, you should at once hand this document to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

This document is for information purpose only.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document.

(Incorporated in Hong Kong with limited liability) (Stock Code: 12)

SUPPLEMENTARY INFORMATION TO SHAREHOLDERS

28 April 2010 TABLE OF CONTENTS

Page

LETTER FROM THE BOARD ...... 1

APPENDIX — PROPERTY VALUATIONS ...... 3

—i— LETTER FROM THE BOARD

(Incorporated in Hong Kong with limited liability) (Stock Code:12)

Executive Directors: Independent Non-executive Directors: Dr. the Hon. Lee Shau Kee (Chairman and Gordon Kwong Che Keung Managing Director) Professor Ko Ping Keung Lee Ka Kit (Vice Chairman) Wu King Cheong Colin Lam Ko Yin (Vice Chairman) Lee Ka Shing (Vice Chairman) Registered Office: John Yip Ying Chee 72-76/F, Alexander Au Siu Kee Two International Finance Centre Suen Kwok Lam 8 Finance Street, Central Lee King Yue Hong Kong Fung Lee Woon King Eddie Lau Yum Chuen Li Ning Patrick Kwok Ping Ho

Non-executive Directors: Sir Po-shing Woo Leung Hay Man Angelina Lee Pui Ling Lee Tat Man Jackson Woo Ka Biu (Alternate Director to Sir Po-shing Woo) 28 April 2010

To Shareholders

Dear Sir or Madam,

SUPPLEMENTARY INFORMATION TO SHAREHOLDERS

In order to provide more information to the shareholders of Henderson Land Development Company Limited (the “Company”), the Company has engaged, on a voluntary basis, DTZ Debenham Tie Leung Limited (“DTZ”), an independent professional property valuer, to value the property interests held by the Company and its subsidiaries and associates (the “Group”) as at 28 February 2010, which comprise all property interests of the Group in the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”) and Mainland China, whether held for investment or development purposes or otherwise (Note 1), but do not include the property interests of the listed associates of the Company. The valuation letter and summary of valuations from DTZ are set out in the appendix to this document and your attention is drawn to the appendix.

—1— LETTER FROM THE BOARD

Based on the above-mentioned valuation of property interests, there is a net unrealized surplus over the costs (including committed land costs) or book value (in case of investment properties) of the property interests attributable to the Group as at 28 February 2010 (Note 2), before tax adjustment (Note 3), of approximately HK$44,045 million (the “Property Revaluation Surplus”).

Besides property interests, the other item in the Group’s audited consolidated balance sheet as at 31 December 2009 that carries significant value is the long-term investment in the listed associates namely The Hong Kong and China Gas Company Limited, Hong Kong Ferry (Holdings) Company Limited and Miramar Hotel and Investment Company, Limited. Based on the market values of such listed associates of the Company as at 28 February 2010 (Note 4), there is an excess over the book value of its share of interest in such listed associates attributable to the Group of approximately HK$14,783 million (the “Shares in Listed Associates Market Value Surplus”).

The Property Revaluation Surplus together with the Shares in Listed Associates Market Value Surplus total approximately HK$58,828 million (the “Surpluses”). After taking into account the tax adjustment (Note 3), the after tax Surpluses will be approximately HK$49,439 million.

The Surpluses have not been and, except for the revaluation surplus of investment properties, will not be reflected in the audited financial statements of the Company according to current applicable Hong Kong Financial Reporting Standards.

Notes:

(1) Including properties in Mainland China for which contracts for their acquisition had been entered into and in respect of which Certificates for the Use of State-owned Land had not been obtained.

(2) According to the summary of valuations from DTZ set out in the appendix to this document, certain property interests of the Group (i.e. property interests in item nos. 2, 3, 8, 14, 16, 22-25, 29-33 of section 3.3; and item nos. 2 and 3 of section 4.2) in Mainland China have no commercial value as the respective Certificates for the Use of State-owned Land had not been obtained up to 28 February 2010. DTZ performed valuations on such properties on the assumption that the Certificates for the Use of State-owned Land had been obtained. Based on such valuations, there is a net unrealized surplus over the costs (including committed land costs) of such property interests attributable to the Group as at 28 February 2010 of approximately HK$1,229 million, which has been taken into account in the above statement.

(3) The tax adjustment represents the reversal of the deferred tax liabilities of approximately HK$8,245 million attributable to the Group as at 31 December 2009 provided on the revaluation of investment properties in Hong Kong in accordance with Hong Kong Accounting Standard 12 “Income taxes” issued by the Hong Kong Institute of Certified Public Accountants and an additional provision for potential tax liabilities of approximately HK$17,634 million attributable to the Group if the property interests of the Group (other than the property interests of listed associates) were to be sold at the revalued amount as at 28 February 2010.

(4) The market value of the three listed associates of the Company was computed with reference to the closing prices of the shares of the listed associates as quoted on The Stock Exchange of Hong Kong Limited on 28 February 2010.

Yours faithfully, For and on behalf of the Board Henderson Land Development Company Limited Lee Shau Kee Chairman

—2— APPENDIX PROPERTY VALUATIONS

The following is the valuation letter and summary of valuations prepared by DTZ, which is prepared for the purpose of inclusion in this document in connection with DTZ’s valuations attributable to the property interests of the Group (not including the property interests of the listed associates of the Company) as at 28 February 2010, setting out the basis of its valuations:

16th Floor Jardine House 1 Connaught Place Central Hong Kong

25 April 2010

The Directors Henderson Land Development Company Limited 72-76/F, Two International Finance Centre 8 Finance Street Central Hong Kong

Dear Sirs,

In accordance with your instructions for us to value the property interests which are held by Henderson Land Development Company Limited (“HLD”), its subsidiaries and associates (hereinafter together referred to as “the Group”) in Hong Kong and the People’s Republic of China (the “PRC”) as set out in the attached Summary of Valuations, which do not include the property interests of the listed associates of HLD, namely The Hong Kong and China Gas Company Limited, Hong Kong Ferry (Holdings) Company Limited and Miramar Hotel and Investment Company, Limited, we confirm that we have made relevant enquiries and obtained such further information as we consider necessary for the purpose of providing you with our opinion of values of such property interests as at 28 February 2010 (the “date of valuation”).

Our valuation of each property interest represents its market value which, in accordance with the HKIS Valuation Standards on Properties (First Edition 2005) published by the Hong Kong Institute of Surveyors, is defined as “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.”

Our valuation of each property interest excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback arrangement, special considerations or concessions granted by anyone associated with the sale, or any element of special value.

Unless otherwise stated, in the course of our valuation of each of the property interests in Sections 3 and 4, all of which are situated in the PRC, we have assumed that transferable land use right in respect of each of the property interests for its specific term at nominal annual land use fee has been

—3— APPENDIX PROPERTY VALUATIONS granted and that any premium payable has already been fully paid. We have relied on the advice given by the Group and its legal adviser on PRC Law, Commerce & Finance Law Offices, regarding the title to each of the property interests and the interests of HLD in each of the property interests. We have, with reference to the legal opinion of Commerce & Finance Law Offices, prepared our valuations on the basis that HLD has enforceable title to each of the property interests and has free and uninterrupted rights to use, occupy or assign each of the property interests for the whole of the unexpired term as granted.

No allowance has been made in our valuation for any charges, mortgages or amounts owing on the property interests nor any expenses or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the property interests are free from encumbrances, restrictions and outgoings of any onerous nature which could affect their values.

In valuing the property interests situated in Hong Kong the Government Leases of which expired before 30 June 1997, we have taken into account that under the provisions contained in Annex III of the Joint Declaration of the Government of the United Kingdom and the Government of the People’s Republic of China on the Question of Hong Kong as well as in the New Territories Leases (Extension) Ordinance such leases have been extended without premium until 30 June 2047 and that rents of 3% of the rateable values of the properties are charged per annum from the dates of extension.

Regarding the properties which are under development, we have valued them on the basis that they will be developed and completed in accordance with the latest development proposals provided to us by the Group. We have assumed that all consents, approvals and licences from relevant government authorities for the proposed developments have been or will be obtained without onerous conditions or delays. We have also assumed that the design and construction of the proposed developments are in compliance with the local relevant planning and other regulations and have been or will be approved by all the relevant authorities. In arriving at our valuations, we have taken into account the estimations of the Group on the expended construction costs as well as the costs that will be expended to complete the developments.

In respect of other properties, we have generally valued them by direct comparison method by making reference to comparable sales evidence as available in the relevant market, or where appropriate by investment method by capitalizing the net incomes shown on the schedules provided to us by the Group with due provision for reversionary income potential.

In arriving the valuation of certain properties in the PRC which we have been advised by the Group that the Certificates for the Use of State-owned Land have not been issued yet, we have ascribed no commercial value to those properties.

We have relied to a very considerable extent on the information given by the Group and have accepted advice given to us on such matters as planning approvals, statutory notices, easements, tenure, particulars of occupancy, site and floor areas, number of parking spaces, identification of property interests, interests attributable to the Group, development proposals, construction costs estimations, development programs and all other relevant matters. Dimensions and measurements are based on the copies of documents or other information provided to us by the Group and are therefore

—4— APPENDIX PROPERTY VALUATIONS only approximations. No on-site measurement has been carried out. We have had no reason to doubt the truth and accuracy of the information provided to us by the Group which are material to the valuations. We were also advised by the Group that no material facts have been omitted from the information supplied.

We have not been provided with copies of the title documents relating to the property interests but have caused searches to be made at the appropriate Land Registries in respect of the property interests in Hong Kong. However, we have not searched the original documents to verify ownership or to ascertain amendments. All documents have been used for reference only.

We have, where possible, inspected the exterior of the property interests. However, no structural survey has been made, but in the course of our inspection, we did not note any serious defects. We are not, however, able to report whether the property interests are free of rot, infestation or any other structural defects. No test was carried out on any of the services. Regarding those properties which are held for future development or under development, we have not carried out any soil or site investigation. In undertaking our valuations, we have assumed that the properties are suitable for the developments as proposed and no extraordinary costs or delays will be incurred during construction.

Unless otherwise stated, all monetary amounts stated in our valuations are in Hong Kong dollars. The exchange rate adopted in our valuations is RMB1=HK$1.1373 which was the approximate prevailing exchange rate as at the date of valuation.

Finally and in accordance with our standard practice, we must state that this letter and summary of valuations are for the use only of the party to whom they are addressed and no responsibility is accepted to any third party for the whole or any part of their contents.

We enclose a summary of our valuations.

Yours faithfully, For and on behalf of DTZ Debenham Tie Leung Limited K.B. Wong Registered Professional Surveyor (General Practice Division) China Real Estate Appraiser M.R.I.C.S., M.H.K.I.S. Director

Note: Mr. K.B. Wong is a Registered Professinoal Surveyor who has over 25 years’ experience in valuation of properties in Hong Kong and over 20 years’ experience in valuation of properties in the PRC

—5— APPENDIX PROPERTY VALUATIONS

SUMMARY OF VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

1. Property interests held by the subsidiaries of HLD in Hong Kong

1.1 Fixed assets (other than investment properties)

1. 88 and 92 King Lam Street and 450,000,000 100 450,000,000 59-61 Wing Hong Street, Cheung Sha Wan, Kowloon

2. 24 Lee Chung Street, Chai Wan, 279,000,000 100 279,000,000 Hong Kong

3. 388-390 and 12-20 320,000,000 100 320,000,000 Marsh Road, Wanchai, Hong Kong

4. 14-30 King Wah Road, North 930,000,000 100 930,000,000 Point, Hong Kong

5. The whole of 4th and 6th Floors, 425,000,000 100 425,000,000 World-wide House, 19 Central, Central, Hong Kong

6. Newton Inn, 76-92 Chun Yeung 567,000,000 100 567,000,000 Street, , Hong Kong

7. Newton Place Hotel, 163 Wai 980,000,000 100 980,000,000 Yip Street, Kwun Tong, Kowloon

8. Newton Hotel Kowloon, 58-66 390,000,000 100 390,000,000 Boundary Street, Mongkok, Kowloon

9. Newton Hotel Hong Kong, 768,000,000 100 768,000,000 200-218 , North Point, Hong Kong

Sub-total: 5,109,000,000

—6— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

1.2 Held for investment

1. Golden Centre, 188 Des Voeux 1,253,000,000 100 1,253,000,000 Road Central, Sheung Wan, Hong Kong

2. Shopping Arcade including 37 1,641,000,000 100 1,641,000,000 Car Parking Spaces and 14 Lorry Parking Spaces, Citimall, 36-46 Tai Tong Road and 1 Kau Yuk Road, Yuen Long, New Territories

3. Commercial Development on 450,000,000 100 450,000,000 Ground, 1st, 2nd and 3rd Floors, 40 Car Parking Spaces on Basement 1 and 48 Car Parking Spaces and 16 Lorry Parking Spaces on Basement 2, Skyline Plaza, 88 Tai Ho Road, Tsuen Wan, New Territories

4. All Shops on Ground Floor, 87,000,000 100 87,000,000 Blocks A and B, Sunshine City, 18 On Shing Street, Ma On Shan, Shatin, New Territories

5. All the shops, Blocks C and D, 109,000,000 50 54,500,000 Sunshine City, 22 On Shing Street, Ma On Shan, Shatin, New Territories

6. Commercial Development and 417,000,000 100 417,000,000 Communal Areas and 186 Car Parking Spaces, Blocks N, P, Q and R, Sunshine City, 8 On Shing Street, Ma On Shan, Shatin, New Territories

—7— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

7. Interest attributable to the Group 4,665,034,180 100 4,665,034,180 at Shopping Arcade (including 2 Cinemas and Wet Market), Car Parking Spaces and Lorry Parking Spaces, Blocks E-H and J-M, Sunshine City, 18 On Luk Street, Ma On Shan, Shatin, New Territories

8. Shopping Arcade and 87 Car 3,455,000,000 77.55 2,679,352,500 Parking Spaces, , 21-27 Street, Shatin, New Territories

9. ING Tower, 308 Des Voeux Road 1,690,000,000 100 1,690,000,000 Central, Sheung Wan, Hong Kong

10. Shops on Ground and First 919,000,000 100 919,000,000 Floors, Kindergarten, Wet Market, Cinema and Plaza on Ground Floor, Lorry Parking Spaces and Car Parking Spaces on Ground and First Floors, Fanling Centre, 33 San Wan Road, Fanling, New Territories

11. The whole of Ground Floor, 1st, 1,740,000,000 100 1,740,000,000 2nd and 3rd Floors of Commercial Development, Town Square (currently known as City Landmark II), 67-95 Tsuen Wan Market Street, Tsuen Wan, New Territories

12. 85 Car Parking Spaces in 27,000,000 100 27,000,000 Basement, Town Square (currently known as City Landmark II), 67-95 Tsuen Wan Market Street, Tsuen Wan, New Territories

—8— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

13. All Shops and Food Plaza on 134,000,000 100 134,000,000 Ground Floor, Manhattan Plaza, 23 Sai Ching Street, Yuen Long, New Territories

14. Commercial Development and 1,007,000,000 60 604,200,000 217 Car Parking Spaces, Flora Plaza, 88 Pak Wo Road, Fanling, New Territories

15. 14 Lorry Parking Spaces and 96 24,000,000 85.02 20,404,800 Car Parking Spaces on Basement and 7 Lorry Parking Spaces and 161 Bicycle Storage Spaces on Level 1, Jade Plaza, 3 On Chee Road, Tai Po, New Territories

16. Tsun Ning Court, 25 La Salle 230,000,000 100 230,000,000 Road, Kowloon Tong, Kowloon

17. Shop Nos. 1 to 11 on Ground 221,000,000 100 221,000,000 Floor and Shop Nos. 1 to 2 on Lower Ground Floor, Fairview Height, 1 Seymour Road, Mid-Levels, Hong Kong

18. City Landmark I, 68 Chung On 3,344,000,000 74.96 2,506,662,400 Street, Tsuen Wan, New Territories

19. Winning Centre, 29 Tai Yau 299,000,000 100 299,000,000 Street, San Po Kong, Kowloon

20. Commercial Development with 443,500,000 100 443,500,000 224 Car Parking Spaces, The Tolo Place, Sunshine City, 628 Sai Sha Road, Ma On Shan, Shatin, New Territories

21. AIA Tower, 183 Electric Road, 3,850,500,000 94.56 3,641,032,800 North Point, Hong Kong

—9— AIA Tower, North Point (Hong Kong) Phase 2 Shopping Arcade, Tseung Kwan O (Hong Kong) APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

22. Commercial Development, 346,000,000 100 346,000,000 Dawning Views, 23 Yat Ming Road, Fanling, New Territories

23. Shop Nos. 1 to 29 on Ground 156,000,000 100 156,000,000 Floor, Shop Nos. 1 to 13, Restaurant on 1st Floor, La Cité Noble, 1 Ngan O Road, Tseung Kwan O, New Territories

24. Dragon Centre, 79 Wing Hong 538,000,000 100 538,000,000 Street and 108-110 King Lam Street, Cheung Sha Wan, Kowloon

25. Commercial Development, Metro 1,823,000,000 100 1,823,000,000 City Phase III, The Metropolis, 8 Mau Yip Road, Tseung Kwan O, New Territories

26. Commercial Development, Metro 6,810,000,000 100 6,810,000,000 City Phase II, 8 Yan King Road, Tseung Kwan O, New Territories

27. 579 Nathan Road, Mongkok, 271,000,000 100 271,000,000 Kowloon

28. The Club on Lower and Upper 8,200,000 100 8,200,000 Ground Floors, Floral Tower, 1-9 Mosque Street (also known as 22 Robinson Road), Mid-Levels, Hong Kong

29. 24 Garden Houses in Casa 405,000,000 100 405,000,000 Marina I, 28 Lo Fai Road, Tai Po, New Territories

30. 36 Garden Houses in Casa 540,000,000 100 540,000,000 Marina II, 1 Lo Ping Road, Tai Po, New Territories

—10— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

31. Portion of The Beverly Hills 708,600,000 90.1 638,448,600 Phase 1, Tai Po Town Lot No. 161, Tai Po, New Territories

32. Shop on Basement, Shops Nos. 1 142,300,000 100 142,300,000 to 14 on Ground Floor, Shops on the 1st and 2nd Floors and 72 Private Car Parking Spaces, 3 Lorry Parking Spaces and 11 Motor Cycle Parking Spaces, Paradise Square, 3 Kwong Wa Street, Mongkok, Kowloon

33. Library and Adjacent Spaces on 3,500,000 100 3,500,000 Block A and Nursery and Adjacent Spaces on Block B on Level 3, Greenwood Garden, 7-11 Sha Kok Street, Shatin, New Territories

34. 20th Floor, 9 Queen’s Road 247,000,000 100 247,000,000 Central, Central, Hong Kong

35. Commercial Development of The 92,000,000 100 92,000,000 Sherwood, 8 Fuk Hang Tsuen Road, Lam Tei, Tuen Mun, New Territories

36. Commercial Development and 102,000,000 100 102,000,000 Car Park, CentreStage, 108 , Sheung Wan, Hong Kong

37. Manulife Financial Centre, 6,347,000,000 88.503 5,617,285,410 223-231 Wai Yip Street, Kwun Tong, Kowloon

38. 78 Hung To Road, Kwun Tong, 382,000,000 100 382,000,000 Kowloon

39. The Pivot, 52 Hung To Road, 375,000,000 100 375,000,000 Kwun Tong, Kowloon

—11— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

40. All Shop Units on Level Three, 2,714,000,000 100 2,714,000,000 the Remaining Parts at Level One and various Car Parking Spaces on Levels One and Two of the Podium, Shatin Centre, 2-16 Wang Pok Street, Shatin, New Territories

41. Shops Units on Levels One to 2,125,000,000 100 2,125,000,000 Three of the Shopping Podiums of North and South Wings, the External Walls of the Podium and Car Parking Spaces Nos. 1 to 78 on Basement and Bicycle Parking Spaces Nos. 1 to 64 on Level One, Trend Plaza, 2 Tuen Lung Street, Tuen Mun, New Territories

42. Eva Court, 36 MacDonnell Road, 1,735,000,000 100 1,735,000,000 Mid-Levels, Hong Kong

43. Kowloon Building, 555 Nathan 802,000,000 100 802,000,000 Road, Mongkok, Kowloon

44. The whole of Well Tech Centre, 359,600,000 100 359,600,000 9 Pat Tat Street, San Po Kong, Kowloon

45. The whole of Big Star Centre, 8 245,900,000 100 245,900,000 Wang Kwong Road, Kowloon Bay, Kowloon

46. International Trade Centre, 712 936,000,000 100 936,000,000 Prince Edward Road East, San Po Kong, Kowoon

47. Car Park A on 1st Floor, 400,000 100 400,000 Kingsland Court, 66B-C , Mid-Levels, Hong Kong

—12— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

48. Commercial Development, The 142,000,000 100 142,000,000 Sparkle, 500 Tung Chau Street, Cheung Sha Wan, Kowloon

49. Commercial Development, Cité 236,000,000 100 236,000,000 33, 27-35 Lai Chi Kok Road, Mongkok, Kowloon

50. 17 units and 109 parking spaces 2,455,000,000 60 1,473,000,000 at 39 , Mid-Levels, Hong Kong

51. 89 car parking spaces and 70 30,200,000 50 15,100,000 motorcycle parking spaces at , 8 Fuk Lee Street, Taikoktsui, Kowloon

Sub-total: 53,003,420,690

1.3 Agricultural and building lots held for future development

1. Interest attributable to the Group 7,026,000,000 100 7,026,000,000 in various agricultural and building lots in Yuen Long, New Territories

2. Interest attributable to the Group 660,000,000 100 660,000,000 in various agricultural and building lots in Tai Po, New Territories

3. Interest attributable to the Group 1,928,900,000 100 1,928,900,000 in various agricultural and building lots in Tuen Mun, New Territories

4. Interest attributable to the Group 4,246,400,000 100 4,246,400,000 in various agricultural and building lots in North District, New Territories

—13— The Beverly Hills, Tai Po (Hong Kong) Manulife Financial Centre, Kwun Tong (Hong Kong) APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

5. Interest attributable to the Group 21,000,000 100 21,000,000 in various agricultural and building lots in Shatin, New Territories

Sub-total: 13,882,300,000

1.4 Held under development / for future development

1. A domestic unit on Conduit 11,000,000 100 11,000,000 Road, Mid-Levels, Hong Kong

2. A domestic unit on Robinson 8,500,000 100 8,500,000 Road, Mid-Levels, Hong Kong

3. A domestic unit on Seymour 3,800,000 100 3,800,000 Road, Mid-Levels, Hong Kong

4. A building on Seymour Terrace, 46,000,000 100 46,000,000 Mid-Levels, Hong Kong

5. Interest attributable to the Group 65,900,000 100 65,900,000 in various units on Kennedy Road, Mid-Levels, Hong Kong

6. A building on , 40,000,000 100 40,000,000 Wanchai, Hong Kong

7. A tenement building on Stewart 35,800,000 50 17,900,000 Road, Wanchai, Hong Kong

8. Various domestic units and 37,500,000 100 37,500,000 parking spaces on Moreton Terrace, Causeway Bay, Hong Kong

9. Various shop and domestic units 21,200,000 100 21,200,000 on King’s Road, North Point, Hong Kong

10. Various units on Lee Chung 1,500,000 100 1,500,000 Street, Chai Wan, Hong Kong

11. Various units on Hillwood Road, 40,000,000 100 40,000,000 Tsimshatsui, Kowloon

—14— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

12. Two buildings on Ferry Street, 14,000,000 100 14,000,000 Yaumatei, Kowloon

13. A building on Nathan Road, 87,600,000 70 61,320,000 Yaumatei, Kowloon

14. Various units on Nathan Road, 15,000,000 100 15,000,000 Mongkok, Kowloon

15. A unit on Wing Hong Street, 3,600,000 100 3,600,000 Cheung Sha Wan, Kowloon

16. A unit on Peace Avenue, 4,200,000 100 4,200,000 Mongkok, Kowloon

17. Various units on Hung Fook 6,000,000 100 6,000,000 Street, Tokwawan, Kowloon

18. Various units and parking spaces 60,000,000 100 60,000,000 on Ng Fong Street, San Po Kong, Kowloon

19. A unit on Hoi Bun Road, Kwun 30,000,000 100 30,000,000 Tong, Kowloon

20. Various units on Chung On 14,000,000 100 14,000,000 Street, Tsuen Wan, New Territories

21. A domestic unit on Ting Kok 1,500,000 100 1,500,000 Road, Tai Po, New Territories

22. A domestic unit in Sha Lan 2,200,000 100 2,200,000 Villas, 189 Sam Mun Tsai Road, Tai Po, New Territories

23. A site on Temple Street, 30,000,000 100 30,000,000 Yaumatei, Kowloon

24. Interest attributable to the Group 9,930,550,000 100 9,930,550,000 at Sha Tin Town Lot No. 502, Lok Wo Sha, Ma On Shan, New Territories

—15— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

25. Interest attributable to the Group 3,140,000,000 100 3,140,000,000 in Lot No. 5369 in Demarcation District No. 116, Tai Tong, Shap Pat Heung, Yuen Long, New Territories

26. 210 Gloucester Road, 22-32 1,150,000,000 100 1,150,000,000 Marsh Road and 377 Jaffe Road, Wanchai, Hong Kong

27. A vacant site on , 320,000,000 100 320,000,000 The Peak, Hong Kong

28. Fanling Sheung Shui Town Lot 135,000,000 100 135,000,000 No. 76, Fanling, New Territories

29. Jade Suites, 590-600 Canton 200,000,000 100 200,000,000 Road, Yaumatei, Kowloon

30. 75-81 Sa Po Road, Kowloon 138,000,000 100 138,000,000 City, Kowloon

31. Interest attributable to the Group 369,000,000 100 369,000,000 at 30-38 Po Tuck Street and 36 Clarence Terrace, Sai Ying Pun, Hong Kong

32. Interest attributable to the Group 270,000,000 100 270,000,000 at 186-188 Tai Po Road, Shamshuipo, Kowloon

33. Interest attributable to the Group 675,000,000 100 675,000,000 at Hoi On Building, 11-33 Li Tak Street, Taikoktsui, Kowloon

34. Interest attributable to the Group 271,000,000 100 271,000,000 at Keung Fu Building, 45-49 Boundary Street and 189-195 Sai Yeung Choi Street North, Mongkok, Kowloon

35. Interest attributable to the Group 458,000,000 100 458,000,000 at 1-7A Gordon Road, Causeway Bay, Hong Kong

—16— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

36. Interest attributable to the Group 278,000,000 100 278,000,000 at 62-76 Main Street Ap Lei Chau, Ap Lei Chau, Hong Kong

37. Interest attributable to the Group 1,530,000,000 100 1,530,000,000 at Western Court, 450-456G Queen’s Road West, Sai Ying Pun, Hong Kong

38. Interest attributable to the Group 726,000,000 100 726,000,000 at Matauwai Apartments, 57-69 Ma Tau Wai Road, 2-20 Bailey Street and 18A-30 Sung Chi Street, Hunghom, Kowloon

39. Interest attributable to the Group 391,000,000 100 391,000,000 at 50-64 Ma Tau Kok Road and 162-168 Pau Chung Street, To Kwa Wan, Kowloon

40. A building on Fuk Wing Street, 20,000,000 100 20,000,000 Shamshuipo, Kowloon

41. Interest attributable to the Group 2,540,000,000 100 2,540,000,000 in various buildings in Mid-Levels, Hong Kong

42. Interest attributable to the Group 370,000,000 100 370,000,000 in various buildings in North Point, Hong Kong

43. Interest attributable to the Group 620,000,000 100 620,000,000 in various buildings in Shamshuipo, Kowloon

44. Interest attributable to the Group 506,000,000 100 506,000,000 in various buildings in Taikoktsui, Kowloon

45. Interest attributable to the Group 326,000,000 100 326,000,000 in various buildings in Homantin, Kowloon

—17— , Mid-Levels (Hong Kong) Green Lodge, Yuen Long (Hong Kong) APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

46. Interest attributable to the Group 198,000,000 100 198,000,000 in various buildings in Aberdeen, Hong Kong

47. Yau Tong Marine Lot Nos. 6 to 361,000,000 80 288,800,000 11, Yau Tong, Kowloon

Sub-total: 25,385,470,000

1.5 Held for sale

1. Various units at Brilliant Garden, 25,900,000 100 25,900,000 250 Castle Peak Road, San Hui, Tuen Mun, New Territories

2. A unit at Beautiful Garden, 11 700,000 100 700,000 Chui Lok Street, Tai Po, New Territories

3. A unit at Ching Fai Terrace, 4-8 2,900,000 100 2,900,000 , North Point, Hong Kong

4. Various units at Cheong Sing 500,000 100 500,000 Building, 3 Wang Fat Path, Yuen Long, New Territories

5. Various units and parking spaces 309,400,000 100 309,400,000 at Casa Marina I, 28 Lo Fai Road and at Casa Marina II, 1 Lo Ping Road,Tai Po, New Territories

6. Various units at City Regalia, 36,700,000 100 36,700,000 198 Yee Kuk Street, Shamshuipo, Kowloon

7. Various units at CentreStage, 108 69,900,000 100 69,900,000 Hollywood Road and 1-17 , Sheung Wan, Hong Kong

8. A parking space at CentrePlace, 500,000 100 500,000 1 High Street, Sai Ying Pun, Hong Kong

—18— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

9. Various units at Cité 33, 33 Lai 184,600,000 100 184,600,000 Chi Kok Road, Mongkok, Kowloon

10. 21 units at 39 Conduit Road, 39 2,675,000,000 60 1,605,000,000 Conduit Road, Mid-Levels, Hong Kong

11. Various parking spaces at 22,400,000 100 22,400,000 Dawning Views, 23 Yat Ming Road, Fanling, New Territories

12. A unit at Elgar Mansion, 41-43 200,000 100 200,000 Fort Street, North Point, Hong Kong

13. Various parking spaces at 2,400,000 60 1,440,000 Evergreen Place, 18 Ma Fung Ling Road, Yuen Long, New Territories

14. Various units at Finery Park, 7 79,200,000 100 79,200,000 Yuk Nga Lane, Tseung Kwan O, New Territories

15. Various parking spaces at Flora 10,600,000 60 6,360,000 Plaza, 88 Pak Wo Road, Fanling, New Territories

16. Interest attributable to the Group 8,853,000 100 8,853,000 in various units at Florence Plaza, 23 Cheung Wah Street, Cheung Sha Wan, Kowloon

17. Various units at Fu Yan Court, 18,500,000 100 18,500,000 23 Sai Wan Ho Street, Sai Wan Ho, Hong Kong

18. Two parking spaces at 400,000 100 400,000 Greenfield Terrace, 26 Ho Man Tin Hill Road, Homantin, Kowloon

—19— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

19. Various parking spaces at Garden 4,200,000 100 4,200,000 Rivera, 20-30 Tai Chung Kiu Road, Shatin, New Territories

20. Various parking spaces at 7,300,000 100 7,300,000 Greenery Plaza, 3 Chui Yi Street, Tai Po, New Territories

21. Various parking spaces at Green 3,700,000 100 3,700,000 Leaves Garden, 15-17 Yuen Chau Kok Road, Shatin, New Territories

22. Various parking spaces at 600,000 100 600,000 Greenview Garden, 1-3 Chui Tin Street, Shatin, New Territories

23. Kindergarten on L2, Greenland 15,100,000 100 15,100,000 Garden, 15 Shek Pai Tau Road, Tuen Mun, New Territories

24. Various parking spaces at Garden 1,260,000 100 1,260,000 , 11-13 On King Street, Shatin, New Territories

25. Commercial House, Greenery 7,800,000 70 5,460,000 Crest, 33 Cheung Shek Road, Cheung Chau, New Territories

26. A parking space at Granville 160,000 100 160,000 Garden, 18 Pak Tin Street, Tai Wai, Shatin, New Territories

27. Various units at Grand 114,700,000 27 30,969,000 Waterfront, 38 San Ma Tau Street, To Kwa Wan, Kowloon

28. Various units at Hang Wai 12,500,000 100 12,500,000 Industrial Centre, 6 Kin Tai Street, Tuen Mun, New Territories

—20— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

29. Various parking spaces at 450,000 100 450,000 Hamford Court, 335 Prince Edward Road West, Kowloon Tong, Kowloon

30. Various units and parking spaces 43,300,000 100 43,300,000 at Houston Industrial Building, 32-40 Wang Lung Street, Tsuen Wan, New Territories

31. A unit and various parking 36,600,000 100 36,600,000 spaces at Hoover Court, 7-9 Macdonnell Road, Mid-Levels, Hong Kong

32. Various units and parking spaces 116,400,000 50 58,200,000 at Block B, Hop Yick Plaza, 2-38 Mau Tan Street, 16-20 Hop Choi Street, 23-27 Tai Tong Road and 1-49 Yuen Long New Street, Yuen Long, New Territories

33. Various units at 11, 12, 12A, 1,514,000,000 44.42 672,518,800 12B Headland Road, Island South, Hong Kong

34. A unit at Jade Plaza, 3 On Chee 720,000 100 720,000 Road, Tai Po, New Territories

35. Various units at Keybond 2,200,000 100 2,200,000 Commercial Building, 38 Ferry Street, Yaumatei, Kowloon

36. Various units at Blocks C and D 8,400,000 100 8,400,000 Lai Kwan Court, 438 Castle Peak Road, Shamshuipo, Kowloon

37. Various units at Lagoon Court, 13,200,000 100 13,200,000 18 Plover Cove Road, Tai Po, New Territories

—21— Hill Paramount, Shatin (Hong Kong) International Finance Centre, Central (Hong Kong) APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

38. Various parking spaces at La 31,460,000 100 31,460,000 Cité Noble, 1 Ngan O Road, Tseung Kwan O, New Territories

39. Various parking spaces at 9,900,000 100 9,900,000 Manhattan Plaza, 23 Sai Ching Street, Yuen Long, New Territories

40. Various parking spaces at The 83,000,000 100 83,000,000 Metropolis, Metro City Phase III, 8 Mau Yip Road, Tseung Kwan O, New Territories

41. Various parking spaces at Metro 211,300,000 100 211,300,000 City Phase II, 8 Yan King Road, Tseung Kwan O, New Territories

42. Various units and parking spaces 79,250,000 80 63,400,000 at Metropolitan Rise, 28 Ma Tau Kok Road, To Kwa Wan, Kowloon

43. Various parking spaces at Towers 24,730,000 100 24,730,000 1 and 2 of Newton Harbour View, 2 Shau Kei Wan Main Street East, Shau Kei Wan, Hong Kong

44. Various units and parking spaces 136,000,000 100 136,000,000 at Plover Cove Garden, 3 Plover Cove Road, Tai Po, New Territories

45. Various parking spaces at Park 2,700,000 90 2,430,000 View Garden, 8 Pik Tin Street, Shatin, New Territories

46. Various units at Prosper Centre, 3,300,000 100 3,300,000 29 Sau Fu Street, Yuen Long, New Territories

—22— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

47. Various units at Progress 6,700,000 100 6,700,000 Commercial Building, 7-17 Irving Street, Causeway Bay, Hong Kong

48. Various units and parking spaces 117,180,000 63.484 74,390,551 at Palatial Crest, 3 Seymour Road, Mid-Levels, Hong Kong

49. Various parking spaces at Blocks 28,270,000 75.01 21,205,327 1 to 9, Parkland Villas, 1 Tuen On Lane, Tuen Mun, New Territories

50. Various parking spaces at Phases 311,400,000 24.5926 76,581,356 I and II, , 9 Tong Tak Street, Tseung Kwan O, New Territories

51. Two parking spaces at Royal 500,000 100 500,000 Court, 9M Kennedy Road, Mid-Levels, Hong Kong

52. Various units at Royal 138,000,000 100 138,000,000 Commercial Centre, 56 Parkes Street, Yaumatei, Kowloon

53. Various units at Royal Terrace, 69,800,000 100 69,800,000 933 King’s Road, North Point, Hong Kong

54. A parking space at Silver Star 400,000 100 400,000 Court, 22-26 Village Road, Happy Valley, Hong Kong

55. Various parking spaces at Shun 1,600,000 55 880,000 Fat Industrial Building, 17 Wang Hoi Road, Kowloon Bay, Kowloon

56. Various parking spaces at St. 3,500,000 100 3,500,000 Louis Mansion, 20-22 MacDonnell Road, Mid-Levels, Hong Kong

—23— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

57. Interest attributable to the Group 25,750,000 100 25,750,000 in various parking spaces at Blocks A to D, Sunshine City, 18 and 22 On Shing Street, Ma On Shan, New Territories

58. Various parking spaces at Phases 600,000 44 264,000 I to IV, Sereno Verde, 99 Tai Tong Road, Yuen Long, New Territories

59. Various parking spaces at 17,550,000 75 13,162,500 Splendid Place, 39 Road, , Hong Kong

60. Various parking spaces at The 2,250,000 100 2,250,000 Fortune Gardens, 11 Seymour Road, Mid-Levels, Hong Kong

61. Various parking spaces at The 6,960,000 100 6,960,000 Rainbow Garden, 351 Castle Peak Road, Castle Peak Bay, Tuen Mun, New Territories

62. Two units at Tsui On Court, 71 3,690,000 100 3,690,000 Pokfulam Road, Sai Ying Pun, Hong Kong

63. Two units at Top Jade Mansion, 870,000 100 870,000 608 Canton Road, Yaumatei, Kowloon

64. Two parking spaces at Block A, 560,000 100 560,000 Tycoon Court, 8 Conduit Road, Mid-Levels, Hong Kong

65. Various parking spaces at The 5,400,000 100 5,400,000 Gracedale, 23 Yuk Sau Street, Happy Valley, Hong Kong

66. Two units at The City Culture, 9,760,000 100 9,760,000 38A Ko Shan Road, Hunghom, Kowloon

—24— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

67. Various units and parking spaces 1,978,570,000 90.1 1,782,691,570 at Phase I, The Beverly Hills, Tai Po Town Lot No. 161, Tai Po, New Territories

68. Various parking spaces at The 49,370,000 100 49,370,000 Sherwood, 8 Fuk Hang Tsuen Road, Lam Tei, Tuen Mun, New Territories

69. Various parking spaces at The 150,000 100 150,000 Verdancy, 50 Tan Kwai Tsuen, Hung Shui Kiu, Yuen Long, New Territories

70. Various units and parking spaces 4,632,000,000 90.1 4,173,432,000 at Phase III, The Beverly Hills, Tai Po Town Lot No. 161, Tai Po, New Territories

71. Various units and parking spaces 243,000,000 100 243,000,000 at The Sparkle, 500 Tung Chau Street, Cheung Sha Wan, Kowloon

72. Various parking spaces at Valiant 5,250,000 100 5,250,000 Park, 52 Conduit Road, Mid-Levels, Hong Kong

73. Various parking spaces at 16,000,000 100 16,000,000 Vantage Park, 22 Conduit road, Mid-Levels, Hong Kong

74. A unit at Winning Commercial 990,000 100 990,000 Building, 46-48 Hillwood Road, Tsimshatsui, Kowloon

75. Various units at Wing On 1,070,000 100 1,070,000 Building, 202-208 Fuk Wah Street, Shamshuipo, Kowloon

76. Various parking spaces at Wing 1,800,000 100 1,800,000 Fat Industrial Building, 12 Wang Tai Road, Kowloon Bay, Kowloon

—25— World Financial Centre, Chaoyang District (Beijing) Centro, Zhabei District (Shanghai) APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

77. A unit at Wing Hing Industrial 1,220,000 100 1,220,000 Building, 83-89 Chai Wan Kok Street, Tsuen Wan, New Territories

78. Two parking spaces at Wing 1,000,000 100 1,000,000 Fung Industrial Building, 40-50 Sha Tsui Road, Tsuen Wan, New Territories

79. Various units and parking spaces 615,000,000 9.1288 56,142,120 at Wonderland Villas, 369 Wah King Hill Road, Kwai Chung, New Territories

80. A unit and various parking 23,000,000 85 19,550,000 spaces at Winsome Park, 42 Conduit Road, Mid-Levels, Hong Kong

81. A unit at Welland Plaza, 188 290,000 100 290,000 Nam Cheong Street, Shamshuipo, Kowloon

82. A unit at Wealth House, 108 2,000,000 100 2,000,000 Castle Peak Road, Shamshuipo, Kowloon

83. Various units and parking spaces 384,000,000 100 384,000,000 at Win Plaza, 9 Sheung Hei Street, San Po Kong, Kowloon

84. A parking space at Yuen Fat 700,000 100 700,000 Industrial Building, 25 Wang Chiu Road, Kowloon Bay, Kowloon

85. Various units and parking spaces 81,500,000 100 81,500,000 at Suncrest Tower, 1-11 Monmouth Terrace, Mid-Levels, Hong Kong

—26— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

86. Various units and parking spaces 423,400,000 100 423,400,000 at Green Lodge, 23 Ma Fung Ling Road, Yuen Long, New Territories

87. Various units and parking spaces 399,000,000 100 399,000,000 at 8 Royal Green, 8 Ching Hiu Road, Sheung Shui, New Territories

88. Various units at Hill Paramount, 3,724,000,000 100 3,724,000,000 18 Hin Tai Street, Shatin, New Territories

89. Various parking spaces at 10,000,000 100 10,000,000 Mackenny Court, 65-73 Macdonnell Road and 40B-40D Kennedy Road, Mid-Levels, Hong Kong

90. An industrial unit on Wang Lung 6,500,000 100 6,500,000 Street, Tsuen Wan, New Territories

91. A domestic unit on Yin Chong 1,650,000 100 1,650,000 Street, Mongkok, Kowloon

92. Various units on Shanghai Street, 28,000,000 100 28,000,000 Yaumatei, Kowloon

Sub-total: 15,729,140,224

2. Property interests held by associates and jointly-controlled entities of HLD in Hong Kong

2.1 Fixed assets (other than investment properties)

1. Interest attributable to the Group 2,073,126,000 100 2,073,126,000 at Four Seasons Hotel, International Finance Centre (IFC) Complex, 1 Harbour View Street and 8 Finance Street, Central, Hong Kong

—27— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

2. Novotel Citygate Hong Kong, 839,000,000 20 167,800,000 , Lantau Island, New Territories

3. Club House, 303 Pontoons, 75 221,000,000 40 88,400,000 Hardstand Spaces and 377 Car Parking Spaces, Marina Cove, Hebe Haven, Sai Kung, New Territories

Sub-total: 2,329,326,000

2.2 Held for investment

1. The shopping centre, Marina 96,000,000 40 38,400,000 Cove, Hebe Haven, Sai Kung, New Territories

2. Hollywood Plaza, 610 Nathan 3,032,000,000 33.3333 1,010,665,656 Road, Mongkok, Kowloon

3. Various shop units and parking 990,800,000 24.59 243,637,720 spaces at Park Central, 9 Tong Tak Street, Tseung Kwan O, New Territories

4. Garage (Carparks on Level 4 and 83,000,000 50 41,500,000 Level 5), The Grand Panorama, 10 Robinson Road, Mid-Levels, Hong Kong

5. Various parking spaces at 5,200,000 50 2,600,000 Section H and the Remaining Portion of Section A of Quarry Bay Inland Lot No. 8, Quarry Bay, Hong Kong

6. Various shop units and parking 169,800,000 25 42,450,000 spaces at Park Central, 9 Tong Tak Street, Tseung Kwan O, New Territories

—28— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

7. Various shop units and parking 152,000,000 25 38,000,000 spaces at Central Heights, 9 Tong Tak Street, Tseung Kwan O, New Territories

8. Two shop units and various 38,100,000 20 7,620,000 parking spaces at Fortune Plaza, 4 On Chee Road, Tai Po, New Territories

9. Interest attributable to the Group 19,939,127,450 100 19,939,127,450 at International Finance Centre (IFC) Complex, (excluding Levels 33 to 52, 55, 56 and 77 to 88, Two IFC and Four Seasons Hotel), 1 Harbour View Street and 8 Finance Street, Central, Hong Kong

10. The commercial and office 3,243,000,000 20 648,600,000 accommodations and 1,156 car parking spaces of Citygate, 20 Tat Tung Road, Tung Chung, Lantau Island, New Territories

Sub-total: 22,012,600,826

2.3 Agricultural and building lots held for future development

1. Interest attributable to the Group 600,000 100 600,000 in an agricultural lot in Ho Chung, Sai Kung, New Territories

2. Interest attributable to the Group 114,000,000 100 114,000,000 in an agricultural lot in San Tin, Yuen Long, New Territories

3. Interest attributable to the Group 123,100,000 100 123,100,000 in various agricultural lots in Lam Tei, Tuen Mun, New Territories

—29— Henderson Metropolitan, Huangpu District (Shanghai) - artist’s impression

All renderings and plans are for reference only and may be varied according to the final approval of the Government. Arch of Triumph, Xingsha Town (Changsha) - artist’s impression

All renderings and plans are for reference only and may be varied according to the final approval of the Government. APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

4. Interest attributable to the Group 1,464,000,000 100 1,464,000,000 in various agricultural and building lots in Nam Sang Wai, Yuen Long, New Territories

Sub-total: 1,701,700,000

2.4 Held under development / for future development

1. Interest attributable to the Group 200,000,000 100 200,000,000 in various buildings in Tsimshatsui, Kowloon

2. 45-47 , 1-5 Tun 940,000,000 19.1 179,540,000 Wo Lane and 4-7 Ezra’s Lane, Central, Hong Kong

3. Various shops and domestic units 140,000,000 50 70,000,000 on D’Aguilar Street, Central, Hong Kong

4. 19-21 , 214,000,000 50 107,000,000 Aberdeen, Hong Kong

5. Interest attributable to the Group 320,500,000 100 320,500,000 in a building in Mid-Levels, Hong Kong

6. Interest attributable to the Group 287,300,000 100 287,300,000 in Yau Tong Marine Lot Nos. 5, 36, 37, 38, 41, 42 and 43 and Section B of Yau Tong Marine Lot No. 22 and the Extension thereto and Yau Tong Marine Lot Nos. 23, 24 and the Extension thereto, Yau Tong, Kowloon

7. A development site in Quarry 1,234,000,000 10 123,400,000 Bay, Hong Kong

Sub-total: 1,287,740,000

—30— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

2.5 Held for sale

1. A residential unit and parking 23,800,000 50 11,900,000 space on King’s Park Hill, King’s Park Hill Road, Homantin, Kowloon

2. Various units and parking spaces 16,360,000 45 7,362,000 at Royal Green, 18 Ching Hiu Road, Sheung Shui, New Territories

3. Various parking spaces at Tai Po 3,200,000 50 1,600,000 Garden, Tai Po Town Lot No. 60, Tai Po, New Territories

4. Various parking spaces at 3,500,000 50 1,750,000 Beverly Hill, 6 Broadwood Road, Happy Valley, Hong Kong

5. Various shops and parking 87,000,000 25 21,750,000 spaces at Aegean Coast, So Kwun Wat, Tuen Mun, New Territories

6. Various parking spaces at Royal 135,000,000 50 67,500,000 Peninsula, 8 Hung Lai Road, Hunghom, Kowloon

7. Various units and parking spaces 454,130,000 50 227,065,000 at , 38 Tai Hong Street, Sai Wan Ho, Hong Kong

8. Various parking spaces at Park 30,800,000 25 7,700,000 Central, 9 Tong Tak Street, Tseung Kwan O, New Territories

9. Commercial development and 351,000,000 20 70,200,000 379 residential private car parking spaces, Tung Chung Crescent, Tung Chung, Lantau Island, New Territories

—31— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

10. 170 residential private car 26,000,000 20 5,200,000 parking spaces, Seaview Crescent, 8 Tung Chung Waterfront Road, Tung Chung, Lantau Island, New Territories

Sub-total: 422,027,000

Total of Hong Kong property interests: 140,862,724,740

3. Property interests held by the subsidiaries of HLD in the PRC

3.1 Fixed assets (other than investment properties)

1. Units 407, 507 and 607, 1,700,000 100 1,700,000 B-Building 11, Buxin Garden, Buxin Road, Luohu District, Shenzhen, Guangdong Province

2. Apartment No. 7-6-7 on Level 2, 2,500,000 100 2,500,000 Block 6-31, Lilac Garden, Legend Garden Villas, 89 Capital Airport Road, Chaoyang District, Beijing

3. Property interests held by 36,400,000 53.33 19,412,120 Mengyin Xinhua Stone Material Co., Ltd.

Sub-total: 23,612,120

3.2 Held for investment

1. Office Tower II, The Grand 2,718,100,000 100 2,718,100,000 Gateway, No. 3 Hongqiao Road, Xuhui District, Shanghai

2. Commercial podium and car 99,000,000 100 99,000,000 parks, Everwin Garden, No. 521 Wanping Road South, Xuhui District, Shanghai

—32— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

3. Remaining portions of 20,100,000 100 20,100,000 commercial podium, Fortune Park, Lot Nos. B118-6 and B118-7, Caitian Nan Road, Haibin Plaza, Futian District, Shenzhen, Guangdong Province

4. Commercial podium and car 1,325,000,000 100 1,325,000,000 parks, Hengbao Garden, Nos. 133-147 Baohua Road, Liwan District, Guangzhou, Guangdong Province

5. Commercial podium, car parks 2,252,400,000 100 2,252,400,000 and various office units, Beijing Henderson Centre, No. 18 Jianguomennei Avenue, Dongcheng District, Beijing

6. World Financial Centre, No. 1 7,836,000,000 100 7,836,000,000 East 3rd Ring Middle Road, Chaoyang District, Beijing

7. Centro, No. 568 Hengfeng Road, 1,364,800,000 100 1,364,800,000 Zhabei District, Shanghai

8. Interest attributable to the Group 61,500,000 100 61,500,000 at Levels 1 and 2 of Commercial Podium, Basement Mezzanine Level and Basement Level, Yuandong Garden, Lot No. B217-16, Hongling Road Central, Futian District, Shenzhen, Guangdong Province

Sub-total: 15,676,900,000

3.3 Held under development / for future development

1. Lot Nos. 147-2 and 147-3, 671,000,000 100 671,000,000 Tianmu Road West, Zhabei District, Shanghai

—33— Xuzhou Lakeview Development, New Town District (Xuzhou) - artist’s impression

All renderings and plans are for reference only and may be varied according to the final approval of the Government. Shenyang International Finance Centre, Shenyang Finance & Trade Development Zone (Shenyang) - artist’s impression

All renderings and plans are for reference only and may be varied according to the final approval of the Government. APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

2. Fortune Garden, Junction of No commercial 100 No commercial Tongfu Road and Tongqing value value Road, Haizhu District, (See Note (1)) (See Note (1)) Guangzhou, Guangdong Province

3. Block A of a proposed No commercial 96.4 No commercial development, Yuexiu District, value (See Note value (See Note Guangzhou, Guangdong Province (1)) (1))

4. Block B of a proposed 841,600,000 90 757,440,000 development, Yuexiu District, Guangzhou, Guangdong Province

5. Block C of a proposed 648,300,000 100 648,300,000 development, Yuexiu District, Guangzhou, Guangdong Province

6. Henderson Metropolitan, Lot No. 4,549,200,000 100 4,549,200,000 155, Nanjing Road East, Huangpu District, Shanghai

7. Lot No. 688, Nanjing Road 1,922,000,000 100 1,922,000,000 West, Jingan District, Shanghai

8. Lot Nos. RJ-6 and RJ-7, Yuexiu No commercial 95 No commercial District, Guangzhou, Guangdong value value Province (See Note (2)) (See Note (1)) (See Note (1))

9. Site on the Huadi Section 5,004,100,000 100 5,004,100,000 Fangcun Avenue, Liwan District, Guangzhou, Guangdong Province

10. Arch of Triumph, Kaiyuan Road, 1,188,500,000 99 1,176,615,000 Xingsha Town, Changsha, Hunan Province

11. 2 parcels of land located at 653,900,000 90.5 591,779,500 Laodaohe Town, Kaifu District, Changsha, Hunan Province

12. Lot No. 2006-5, north of 772,200,000 100 772,200,000 Xiaoxiang Road, west of Hanyuan Road, east of Dalong Lake, New Town District, Xuzhou, Jiangsu Province (Xuzhou Lakeview Development)

—34— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

13. Shenyang International Finance 820,000,000 100 820,000,000 Centre, Lot C-13, Youhao Avenue, Shenhe District, Shenyang, Liaoning Province

14. Shenyang International Finance No commercial 100 No commercial Centre, Lot C-14, north of value value Huigong Street, Shenhe District, (See Note (1)) (See Note (1)) Shenyang, Liaoning Province

15. 3 parcels of land located at 998,500,000 100 998,500,000 Shenbei Road, Huishan Economic and Technological Zone, Shenbei New District, Shenyang, Liaoning Province

16. 4 parcels of land located at Nos. No commercial 100 No commercial 4-7 Pubei Road North, Huishan value value Economic and Technological (See Note (1)) (See Note (1)) Development Zone, Shenbei New District, Shenyang, Liaoning Province

17. A parcel of land located at 1,421,600,000 100 1,421,600,000 Huilong Binjiang Road, Chongqing Economic and Technological Development Zone, Nanan District, Chongqing (Project in Chongqing Nan An District)

18. A parcel of land located at 870,000,000 100 870,000,000 Erlang Technology City, Gaoxin District, Chongqing (Project in Chongqing Gaoxin District)

19. A parcel of land, west of Jingxi 445,800,000 100 445,800,000 Middle Road, Yicheng, Yixing, Jiangsu Province (Island Palace)

—35— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

20. Lots B1 and F, west of Dongjiu 4,037,400,000 100 4,037,400,000 Avenue, Chengdong New District, Yixing, Jiangsu Province

21. Lot No. 3, District F, west of 1,273,800,000 100 1,273,800,000 Yuanhetang, south of Chunshen Hu Road, Xiangcheng District, Suzhou, Jiangsu Province

22. Lot Nos. 1-2, District F, No commercial 100 No commercial west of Yuanhetang, south of value value Chunshen Hu Road, Xiangcheng (See Note (1)) (See Note (1)) District, Suzhou, Jiangsu Province

23. Lots Nos. 1-2, District D, No commercial 100 No commercial west of Yuanhetang, south of value value Chunshen Hu Road, Xiangcheng (See Note (1)) (See Note (1)) District, Suzhou, Jiangsu Province

24. Lots G1, G2 and G3, south of No commercial 100 No commercial Chunshen Hu West Road, value value Xiangcheng District, Suzhou, (See Note (1)) (See Note (1)) Jiangsu Province

25. Nos. 2 and 3, west of Chengqu No commercial 100 No commercial Secondary School, north of value value Chunshen Hu Road, Xiangcheng (See Note (1)) (See Note (1)) District, Suzhou, Jiangsu Province

26. Lot No. 2007G50, No. 40 932,600,000 90.1 840,272,600 Dongjingcun, Qixia District, Nanjing, Jiangsu Province

27. Lot No. 2008G14, west of Xuefu 1,404,600,000 100 1,404,600,000 Road, Qixia District, Nanjing, Jiangsu Province

28. A parcel of land located at No. 814,300,000 100 814,300,000 299 Jinhua North Road, Xincheng District, Xian, Shaanxi Province (Project on Jin Hua North Road)

—36— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

29. A parcel of land located at No commercial 100 No commercial Yingchengzi, Tiedong District, value value Anshan, Liaoning Province (See Note (1)) (See Note (1))

30. A parcel of land located at the No commercial 100 No commercial east of Yuanlin Road, Tiedong value value District, Anshan, Liaoning (See Note (1)) (See Note (1)) Province

31. A parcel of land at Jinshitan No commercial 100 No commercial Centre District, Dalian value value Development Zone, Dalian, (See Note (1)) (See Note (1)) Liaoning Province

32. 2 parcels of land situated at the No commercial 100 No commercial north of Lancangjiang Road and value value the south of Changjiang Road, (See Note (1)) (See Note (1)) Tieling, Liaoning Province

33. 3 parcels of land situated at Nos. No commercial 100 No commercial 1, 2 and 3 Lianhua Lake East, value value Tieling, Liaoning Province (See Note (1)) (See Note (1))

Sub-total: 29,018,907,100

3.4 Held for sale

1. Remaining portions of residential 15,100,000 100 15,100,000 tower and office tower, Everwin Garden, No. 521 Wanping Road South, Xuhui District, Shanghai

2. Remaining portions of residential 13,500,000 100 13,500,000 tower, commercial podium and car parks, Fortune Park, Lot Nos. B118-6 and B118-7, Caitian Road, Futian District, Shenzhen, Guangdong Province

3. Remaining portions of residential 25,000,000 100 25,000,000 towers, Hengbao Garden, Nos. 133-147 Baohua Road, Liwan District, Guangzhou, Guangdong Province

—37— Project in Chongqing Nan An District, Nan An District (Chongqing) - artist’s impression

All renderings and plans are for reference only and may be varied according to the final approval of the Government. Project on Jin Hua North Road, Jin Hua North Road (Xian) - artist’s impression

All renderings and plans are for reference only and may be varied according to the final approval of the Government. APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

4. Remaining portions of state 317,300,000 100 317,300,000 apartments and office towers, Beijing Henderson Centre, No. 18 Jianguomennei Avenue, Dongcheng District, Beijing

5. Commercial podium, remaining 203,500,000 80 162,800,000 portions of residential towers and car parks of Hengli Bayview, Lot No. 210 Fangcun Avenue Central, Liwan District, Guangzhou, Guangdong Province

6. Various residential units at 5,900,000 100 5,900,000 Yuandong Garden, Lot B217-16, Hongling Road Central, Futian District, Shenzhen, Guangdong Province

Sub-total: 539,600,000

4. Property interests held by associates and jointly-controlled entities of HLD in the PRC

4.1 Held for investment

1. Car parks, Regent Place, No. 433 19,000,000 30 5,700,000 Yanan Road West, Jingan District, Shanghai

2. Commercial podium and car 740,400,000 75 555,300,000 parks, Shanghai Skycity, No. 547 Tianmu Road West, Zhabei District, Shanghai

Sub-total: 561,000,000

4.2 Held under development / for future development

1. Plot Nos. 2 and 3, La Botanica, 2,479,300,000 50 1,239,650,000 east of Chan River, Baqiao District, Xian, Shaanxi Province

—38— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

2. Plot Nos. 1 and 4, La Botanica, No commercial 50 No commercial east of Chan River, Baqiao value value District, Xian, Shaanxi Province (See Note (1)) (See Note (1))

3. Lots A1, B1, B2, C1 and C2, No commercial 30 No commercial south of Shuanggui Road, north value value of Niusha Road, east of Second (See Note (1)) (See Note (1)) Ring Road and west of Sha River, Chengdu, Sichuan Province

Sub-total: 1,239,650,000

4.3 Held for sale

1. Remaining portions of office and 244,900,000 75 183,675,000 apartments, Shanghai Skycity, No. 547 Tianmu Road West, Zhabei District, Shanghai

2. Remaining portions of residential 15,900,000 30 4,770,000 tower, Regent Place, No. 433 Yanan Road West, Jingan District, Shanghai

Sub-total: 188,445,000

Total of the PRC property interests: 47,248,114,220

Grand Total: 188,110,838,960

Note (1): No commercial values have been ascribed to the following properties because the respective Certificates for the Use of State-owned Land have not yet been granted. However, assuming that the respective Certificates for the Use of Sate-owned Land of those properties have been obtained, the market values as at 28 February 2010 for those properties would be:

3.3-2. Fortune Garden, Junction of 341,200,000 100 341,200,000 Tongfu Road and Tongqing Road, Haizhu District, Guangzhou, Guangdong Province

—39— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

3.3-3. Block A of a proposed 773,400,000 96.4 745,557,600 development, Yuexiu District, Guangzhou, Guangdong Province

3.3-8. Lot Nos. RJ-6 and RJ-7, 318,400,000 95 302,480,000 Yuexiu District, Guangzhou, Guangdong Province (see Note (2))

3.3-14. Shenyang International 653,900,000 100 653,900,000 Finance Centre, Lot C-14, north of Huigong Street, Shenhe District, Shenyang, Liaoning Province

3.3-16. 4 parcels of land located at 848,400,000 100 848,400,000 Nos. 4-7 Pubei Road North, Huishan Economic and Technological Development Zone, Shenbei New District, Shenyang, Liaoning Province

3.3-22. Lot Nos. 1-2, District F, 1,621,800,000 100 1,621,800,000 west of Yuanhetong, south of Chunshen Hu Road, Xiangcheng District, Suzhou, Jiangsu Province

3.3-23. Lot Nos. 1-2, District D, 113,700,000 100 113,700,000 west of Yuanhetong, south of Chunshen Hu Road, Xiangcheng District, Suzhou, Jiangsu Province

3.3-24. Lots G1, G2 and G3, south of 1,806,000,000 100 1,806,000,000 Chunshen Hu West Road, Xiangcheng District, Suzhou, Jiangsu Province

3.3-25. Nos. 2 and 3, west of 440,100,000 100 440,100,000 Chengqu Secondary School, north of Chunshen Hu Road, Xiangcheng District, Suzhou, Jiangsu Province

—40— APPENDIX PROPERTY VALUATIONS

Capital value in existing state Capital value in Interest attributable to existing state as attributable the Group as at at 28 February to the 28 February Property interest 2010 Group 2010 HK$ % HK$

3.3-29. A parcel of land located at 1,247,600,000 100 1,247,600,000 Yingchengzi, Tiedong District, Anshan, Liaoning Province

3.3-30. A parcel of land located at the 772,200,000 100 772,200,000 east of Yuanlin Road, Tiedong District, Anshan, Liaoning Province

3.3-31. A parcel of land at Jinshitan 416,300,000 100 416,300,000 Centre District, Dalian Development Zone, Dalian, Liaoning Province

3.3-32. 2 parcels of land situated at 101,200,000 100 101,200,000 the north of Lancangjiang Road and the south of Changjiang Road, Tieling, Liaoning Province

3.3-33. 3 parcels of land situated at 950,800,000 100 950,800,000 Nos. 1,2 and 3 Lianhua Lake East, Tieling, Liaoning Province

4.2-2. Plot Nos. 1 and 4, La 777,900,000 50 388,950,000 Botanica, east of Chan River, Baqiao District, Xian, Shaanxi Province

4.2-3. Lots A1, B1, B2, C1 and C2, 4,401,400,000 30 1,320,420,000 south of Shuanggui Road, north of Niusha Road, east of Second Ring Road and west of Sha River, Chengdu, Sichuan Province

Note (2): Due to a change in circumstances, the property cannot be transferred to the joint venture enterprise to which a wholly-owned subsidiary of HLD is a joint venture partner. HLD and its subsidiary would either retain the interest in the property through public bidding or in the event that the property is bid by a third party otherwise, recover the amount of approximately HK$237 million paid by its subsidiary subject to approval by the relevant authority of the Guangzhou City Government.

—41—