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Chairman’s Statement

Revenue Hong Kong Hotels Hotels Outside of Hong Kong Others Total Hotel Revenue EBITDA Hong Kong Hotels Hotels Outside of Hong Kong Others Total Hotel Net Operating Income

Great Eagle Holdings Limited

Business Review

Hotels Division

The recovery in business and leisure travel gained momentum in 2010. The Hong Kong hotels moved from strength to strength as the strong growth in tourist arrivals continued, leading to healthy increases in occupancy rates at all three hotels. Gross revenue for Hong Kong rose 13.2% from HK$1,113.4 million in 2009 to HK$1,260.3 million in 2010. At the hotels outside of Hong Kong, the performance had been uneven at different countries. While London turned around solidly after the completion of a major renovation, our hotels in the U.S. generally lagged behind in terms of their pace of recovery. However revenue from our hotels outside of Hong Kong, coming off a low base of 2009, increased by 28.5% in 2010. Total revenue of the Hotels Division increased 22.4% year-on-year to HK$3,269.4 million in 2010.

EBITDA from the Hotels Division rose 53.8% year-on-year to HK$659.6 million in 2010. The major contributor was Hong Kong, which generated HK$412.5 million in 2010, a 17.9% growth over the prior year. At the hotels outside of Hong

1,260.3

1,113.4

+ 13.2%

1,997.4

1,554.1

+ 28.5%

11.7

3.1

+ 276.0%

3,269.4

2,670.6

+ 22.4%

412.5

349.9

+ 17.9%

235.4

76.6

+ 207.3%

11.7

2.4

+ 393.5%

659.6

428.8

+ 53.8%

Year ended 31 December

Change

2010

HK$ million

2009

HK$ million

(Restated)

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