815144000
2408604000
-258180000
-35685000
1321550399
13216000
2689257000
-385180
-4000
212598000
2509044000
-566641000
-29034000
1595617550
15956000
3088768000
-471567
-5000
45387000
-11345000
675604000
25000
1521251000
-577166000
15026000
167286000
259521000
4884440000
934000
16056000
14990000
900472000
81915000
6496000
36000
441923000
0.01
4220000
115647000
673000
18010000
4884440000
3095730000
2523191000
1605658111
656742000
2671895000
202997000
2500000000
198000
8880000
2523191000
1528000
462084000
0.01
428155000
24241000
95629000
84000
8409186
-577166000
-11345000
1605658111
16056000
3095730000
-8409186
-84000
1653101002
42738000
-1034000
603119000
24000
2325980000
-282510000
23882000
306500000
6269980000
1240000
16531000
15258000
231497000
1505516000
81915000
27900000
1158024000
0.01
4220000
6000
1137000
70028000
6269980000
3223274000
2956155000
1653101002
599505000
2655429000
7300000000
12023000
364807000
3187652000
1846000
588719000
0.01
942968000
55301000
72858000
106000
10552328
-282510000
231497000
-1034000
1653101002
16531000
3223274000
-10552328
-106000
11807000
321000
3730000
-1143639000
498000
2516000
209025000
870000
-11000
1332873000
25000
1604920000
6662000
-112257000
-1220000
91882000
-308593000
11385000
-0.210
6225000
2457000
-640000
31824000
16853000
6914000
53033000
168142000
16757000
-308461000
1304634000
-1186000
41215000
383529000
937074000
-0.210
217496000
-272047000
-301810000
491000
27978000
383529000
130986000
-132000
-602546000
1465974019
28180000
3137000
6081000
1465974019
653350000
270691000
-649000
6357000
1130302000
-308461000
4107000
5974000
-1434000
1385906000
30559000
18395000
91648000
4427000
6914000
57237000
141864000
21735000
158332000
11877000
4004000
7040000
-36546000
-28000
1712000
2712000
12853000
22462000
2253000
-308461000
-11000
6662000
8297110
83000
2631000
263155335
26000
2614706
-11000
6662000
-301810000
-308461000
11807000
6831000
380898000
-25000
-26000
-2614706
25000
2528319
6045000
326000
80000
-190310000
404000
1074000
45795000
22944000
32000
2641976000
11000
2549464000
17657000
401955000
417000
-689000
18648000
-9605000
6043000
-0.007
64000
726000
-176000
93357000
32898000
81642000
-69137000
938000
33182000
551402000
-10525000
2550542000
-34000
83718000
197385000
-0.007
313065000
92512000
7164000
3563000
85183000
199830000
920000
229325000
1595552022
56679000
5565000
1595552022
17680000
592026000
1527000
16132000
1949024000
-10525000
-1914000
14302000
253000
2723618000
29802000
19522000
16885000
57237000
236306000
27116000
94190000
32679000
19776000
91000
3310000
-102117000
1992000
25000
-180000
5224000
80000
240000
-3811000
-10525000
32000
17657000
1254920
12000
88000
8785641
32000
17657000
7164000
-10525000
6045000
-12000
930000
-1000
804285
8000
-88000
-8785641
1000
43737
FY
MPEL
MELCO CROWN ENTERTAINMENT LTD
Yes
false
Large Accelerated Filer
2011
20-F
2011-12-31
0001381640
Yes
--12-31
-265000
8624000
4565000
-4310000
-5812000
777000
233000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>12.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>OTHER LONG-TERM
LIABILITIES</b></font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="85%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Interest rate swap
liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,278</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Deferred rent
liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,799</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,037</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other deposits
received</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">196</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">181</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payables for acquisition of
assets and liabilities (Note 22)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">22,905</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">27,900</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,496</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In connection with the
signing of the City of Dreams Project Facility in September 2007,
Melco Crown Gaming entered into floating-for-fixed interest rate
swap agreements to limit its exposure to interest rate risk. Eight
and six interest rate swap agreements entered in 2007 and 2008 were
expired during the years ended December 31, 2010 and 2011,
respectively. Melco Crown Gaming also entered into another three
interest rate swap agreements in 2009 that will expire in February
2012. Under the interest rate swap agreements, Melco Crown Gaming
pays a fixed interest rate ranging from 1.96% to 4.74% per
annum of the notional amount, and receives variable interest which
is based on the applicable HIBOR for each of the payment date. As
of December 31, 2011 and 2010, the notional amounts of the
outstanding interest rate swap agreements amounted to $127,892 and
$492,265, respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31, 2010
and before the amendment of the City of Dreams Project Facility on
June 30, 2011 as disclosed in Note 11, these interest
rate swap agreements were expected to remain highly effective in
fixing the interest rate and qualify for cash flow hedge
accounting. Therefore, there was no impact on the consolidated
statements of operations from changes in the fair value of the
hedging instruments. Instead, the fair value of the instruments
were recorded as assets or liabilities on the consolidated balance
sheets, with an offsetting adjustment to the accumulated other
comprehensive losses until the hedged interest expenses were
recognized in the consolidated statements of operations. As of
December 31, 2010, the Group estimated that $9,752 of the net
unrealized losses on the interest rate swaps would have been
reclassified from accumulated other comprehensive losses into
interest expenses over the next twelve months.</font></font></p>
<p style="margin-top:6px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Immediately after the
amendment of the City of Dreams Project Facility on June 30,
2011 as disclosed in Note 11, the interest rate swap agreements no
longer qualified for hedge accounting. Accordingly, the Group
reclassified the accumulated losses of $4,310 recognized in
accumulated other comprehensive losses prior to the discontinuance
of hedge accounting to the consolidated statements of operations.
Any subsequent changes in fair value of the interest rate swap
agreements will be recognized in the consolidated statements of
operations.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31, 2011
and 2010, the fair values of interest rate swap agreements were
recorded as interest rate swap liabilities, of which $363 and
$8,143 were included in accrued expenses and other current
liabilities, and nil and $2,278 were included in other long-term
liabilities, respectively.</font></font></p>
</div>
-585388000
4131000
3664000
69741000
36135000
-149000
3830847000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>19.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>COMMITMENTS AND
CONTINGENCIES</b></font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(a)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Capital
Commitments</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, the Group had capital commitments contracted for but not
provided mainly for the construction and acquisition of property
and equipment for City of Dreams and Studio City totaling
$60,643.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(b)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Lease Commitments and
Other Arrangements</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>Operating Leases —
As a lessee</b></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group leases office
space, Mocha Clubs sites and staff quarters under non-cancellable
operating lease agreements that expire at various dates through
June 2022. Those lease agreements provide for periodic rental
increases based on both contractual agreed incremental rates and on
the general inflation rate once agreed by the Group and its lessor.
During the years ended December 31, 2011, 2010 and 2009, the
Group incurred rental expenses amounting to $16,944, $15,373 and
$14,557, respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, minimum lease payments under all non-cancellable leases were
as follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="91%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Year ending
December 31,</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2012</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,105</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2013</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,272</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2014</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5,098</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2015</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,850</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2016</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,686</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Over 2016</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,145</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">43,156</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>As grantor of operating
and right to use arrangement</b></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group entered into
non-cancellable operating and right to use agreements mainly for
mall spaces in the City of Dreams site with various retailers that
expire at various dates through February 2022. Certain of the
operating and right to use agreements include minimum base fee and
operating fee with escalated contingent fee clauses. During the
years ended December 31, 2011, 2010 and 2009, the Group
received contingent fees amounting to $18,053, $12,801 and $5,547,
respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, minimum future fees to be received under all non-cancellable
operating and right to use agreements were as
follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="91%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Year ending
December 31,</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2012</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,359</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2013</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">10,602</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2014</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">9,835</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2015</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5,567</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2016</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,418</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Over 2016</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">163</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">38,944</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The total minimum future
fees do not include the escalated contingent fee
clauses.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(c)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Other
Commitments</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>Gaming
subconcession</b></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">On September 8, 2006,
the Macau Government granted a gaming subconcession to Melco Crown
Gaming to operate the gaming business in Macau. Pursuant to the
gaming subconcession agreement, Melco Crown Gaming has committed to
the following:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%"><font size="1"> </font></td>
<td width="5%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">i)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">To pay the Macau Government
a fixed annual premium of $3,744 (MOP30,000,000).</font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%"><font size="1"> </font></td>
<td width="5%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">ii)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">To pay the Macau Government
a variable premium depending on the number and type of gaming
tables and gaming machines that the Group operates. The variable
premium is calculated as follows:</font></td>
</tr>
</table>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="14%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">•</font></td>
<td width="1%" valign="top"><font size="1"> </font></td>
<td align="left" valign="top">
<p align="left"><font style="font-family:Times New Roman" size="2">$37 (MOP300,000) per year for each gaming table (subject to a
minimum of 100 tables) reserved exclusively for certain kind of
games or to certain players;</font></p>
</td>
</tr>
</table>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="14%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">•</font></td>
<td width="1%" valign="top"><font size="1"> </font></td>
<td align="left" valign="top">
<p align="left"><font style="font-family:Times New Roman" size="2">$19 (MOP150,000) per year for each gaming table (subject to a
minimum of 100 tables) not reserved exclusively for certain kind of
games or to certain players; and</font></p>
</td>
</tr>
</table>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="14%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">•</font></td>
<td width="1%" valign="top"><font size="1"> </font></td>
<td align="left" valign="top">
<p align="left"><font style="font-family:Times New Roman" size="2">$0.1 (MOP1,000) per year for each electrical or mechanical
gaming machine, including the slot machine.</font></p>
</td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%"><font size="1"> </font></td>
<td width="5%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">iii)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">To pay the Macau Government
a sum of 1.6% of the gross revenues of the gaming business
operations on a monthly basis, that will be made available to a
public foundation for the promotion, development and study of
social, cultural, economic, educational, scientific, academic and
charity activities, to be determined by the Macau
Government.</font></td>
</tr>
</table>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%"><font size="1"> </font></td>
<td width="5%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">iv)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">To pay the Macau Government
a sum of 2.4% of the gross revenues of the gaming business
operations on a monthly basis, which will be used for urban
development, tourist promotion and the social security of
Macau.</font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%"><font size="1"> </font></td>
<td width="5%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">v)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">To pay special gaming tax to
the Macau Government of an amount equal to 35% of the gross
revenues of the gaming business operations on a monthly
basis.</font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%"><font size="1"> </font></td>
<td width="5%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">vi)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">Melco Crown Gaming must
maintain two bank guarantees issued by a specific bank with the
Macau Government as the beneficiary in a maximum amount of $62,395
(MOP500,000,000) from September 8, 2006 to September 8,
2011 and a maximum amount of $37,437 (MOP300,000,000) from
September 8, 2011 until the 180th day after the termination
date of the gaming subconcession.</font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As a result of the bank
guarantees given by the bank to the Macau Government as disclosed
in Note 19(c)(vi) above, a sum of 1.75% of the guarantee amount
will be payable by Melco Crown Gaming quarterly to such
bank.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>Land concession
contracts</b></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Company’s
subsidiaries have entered into concession contracts for the land on
which our Altira Macau, City of Dreams and Studio City properties
and development projects are located. The title to the land lease
right is obtained once the related land concession contract is
published in the Macau official gazette. The contracts have a term
of 25 years, which is renewable for further consecutive periods of
10 years, subject to payment of a special contribution to be
defined by the Macau Government, and impose special development
conditions. The Company’s land holding subsidiaries are
required to i) pay an upfront land premium, which is recognized as
land use right in the consolidated balance sheet and a nominal
annual government land use fee, which is recognized as general and
administrative expense and may be adjusted every five years; and
ii) place a guarantee deposit upon acceptance of the land lease
terms, which is subject to adjustments from time to time in line
with the amounts paid as annual land use fee. During the land
concession term, amendments have been sought which have or will
result in revisions to the development conditions, land premium and
government land use fees.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><i>Altira
Macau</i></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In March 2006, the Macau
Government granted the Taipa Land on which Altira Macau is located
to Altira Developments Limited (“Altira Developments”),
an indirect subsidiary of the Company. The land premium of
approximately $18,685 was fully paid in July 2006, a guarantee
deposit of approximately $20 was paid upon acceptance of the land
lease terms in 2006 and government land use fees of approximately
$171 per annum are payable. As of December 31, 2011, the
Group’s total commitment for government land use fees for the
Altira Macau site to be paid during the remaining term of the land
concession contract was $3,282.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><i>City of
Dreams</i></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In August 2008, the Macau
Government granted the Cotai Land on which City of Dreams is
located to Melco Crown (COD) Developments and Melco Crown Gaming.
The initial land premium is approximately $105,091, of which
approximately $80,850 has been paid as of December 31, 2011
and the remaining amount of approximately $24,241, accruing with 5%
interest per annum, is due to be paid in three biannual
installments, and a guarantee deposit of approximately $424 was
also paid upon acceptance of the land lease terms in February 2008.
Melco Crown (COD) Developments and Melco Crown Gaming applied for
an amendment to the land concession contract in 2009 to increase
the total developable gross floor area and the purpose of such area
which required an additional land premium of approximately $32,118
was fully paid in March 2010, and government land use fees were
revised to approximately $1,185 per annum. This amendment process
was completed on September 15, 2010. As of December 31,
2011 and 2010, the total outstanding balance of the land premium
was included in accrued expenses and other current liabilities in
an amount of $15,960 and $15,191 and in land use rights payable in
an amount of $8,281 and $24,241, respectively. As of
December 31, 2011, the Group’s total commitment for
government land use fees for the City of Dreams site to be paid
during the remaining term of the land concession contract was
$25,569.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><i>Studio
City</i></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In October 2001, the Macau
Government granted the Studio City Land on which Studio City is
located to Studio City Developments Limited (formerly known as MSC
Desenvolvimentos, Limitada and East Asia Satellite Television
Limited) (“Studio City Developments”), an indirect
subsidiary of the Company. In accordance with the terms of the land
concession contract, a land premium of approximately $2,910 was
fully paid in 2005, a guarantee deposit of approximately $105 has
been provided and government land use fees of approximately $105
per annum are payable. Since 2005, the land concession contract has
been in the process of being amended.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In November 2006, the Macau
Government issued a proposed amendment which was accepted by Studio
City Developments that required an additional land premium of
approximately $70,581 and the government land use fees would be
revised to approximately $326 per annum during the development
period of Studio City and approximately $527 per annum after the
development period. An additional guarantee deposit of
approximately $326 was paid upon acceptance of the land lease terms
and conditions proposed by the Macau Government. Approximately
$23,561 of the additional land premium due was paid in 2006 and the
remaining amount of approximately $47,020 would be due in five
biannual installments, accrued with 5% interest per annum, with the
first installment to be paid within six months from the date the
amended contract would be published in the Macau official gazette.
The November 2006 proposed amendment was not published and since
that date other amendments have been requested and are in progress
with the Macau Government.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, the Group’s total outstanding balance of the land
premium of approximately $47,020 was included in land use rights
payable and the Group’s total commitment for government land
use fees for the Studio City site to be paid during the remaining
term of the land concession contract was approximately
$7,799.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>Service
agreements</b></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, the Group had other commitments contracted for but not
provided in respect of shuttle buses and limousines services mainly
for the operations of Altira Macau and the City of Dreams totaling
$2,237. Expenses for the shuttle buses and limousines services
during the years ended December 31, 2011, 2010 and 2009
amounted to $12,734, $12,709 and $10,653,
respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, the Group had other commitments contracted for but not
provided in respect of cleaning, maintenance, consulting, marketing
and other services mainly for the operations of Mocha Clubs, Altira
Macau and City of Dreams totaling $14,435. Expenses for such
services during the years ended December 31, 2011, 2010 and
2009 amounted to $23,994, $17,201 and $5,561,
respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, the Group had other commitments contracted but not provided
in respect of trademark and memorabilia license fees for operations
of City of Dreams hotels and casino totaling $6,678. Expenses for
the trademark and memorabilia license fees during the years ended
December 31, 2011, 2010 and 2009 amounted to $1,757, $1,610
and $889, respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, the Group had other commitments contracted for but not
provided in respect of fees for the operation of an entertainment
show in City of Dreams, which commenced performance in September
2010, totaling $20,667. Fees for the operation of the entertainment
show during the years ended December 31, 2011 and 2010
amounted to $8,076 and $2,349, respectively.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(d)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Guarantees</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, Melco Crown Gaming has issued a promissory note
(“Livrança”) of $68,635 (MOP550,000,000) to a bank
in respect of bank guarantees issued to the Macau Government as
disclosed in Note 19(c)(vi) to the consolidated financial
statements.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, the Group has entered into two deeds of guarantee with third
parties amounted to $35,000 to guarantee certain payment
obligations of the City of Dreams’
operations.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">During the year ended
December 31, 2009, the Group issued a bank guarantee to the
Macau Government amounted to $22,462 (MOP180,000,000) to guarantee
payment of the additional land premium of $32,118 payable to the
Macau Government for the increased developable gross floor area of
Cotai Land, where the City of Dreams site is located, as disclosed
in Note 8. The guarantee has been released as of December 31,
2010.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(e)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Litigation</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, the Group is currently a party to certain legal proceedings
which relate to matters arising out of the ordinary course of its
business. Management does not believe that the outcome of such
proceedings will have a material effect on the Group’s
financial position, results of operations or cash
flows.</font></font></p>
</div>
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>21.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>SEGMENT
INFORMATION</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group is principally
engaged in the gaming and hospitality business. The chief operating
decision maker monitors its operations and evaluates earnings by
reviewing the assets and operations of Mocha Clubs, Altira Macau,
City of Dreams and Studio City, which was acquired by the Group in
July 2011. Taipa Square Casino is included within Corporate and
Others. All revenues were generated in Macau.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>Total
Assets</b></font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="67%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Mocha Clubs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">174,404</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">145,173</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">144,455</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Altira Macau</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">577,145</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">571,504</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">575,477</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">City of Dreams</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,103,458</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,202,692</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,075,052</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Studio City</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">713,637</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Corporate and
Others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,701,336</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">965,071</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,067,861</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total consolidated
assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,269,980</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,884,440</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,862,845</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>Capital
Expenditures</b></font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="73%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended
December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Mocha Clubs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">23,558</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">13,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,448</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Altira Macau</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,662</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,784</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,712</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">City of Dreams</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">39,774</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">94,279</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">808,424</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Studio City</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">713,253</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Corporate and
Others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,387</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,457</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,152</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total capital
expenditures</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">785,634</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">119,660</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">828,736</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">For the years ended
December 31, 2011, 2010 and 2009, there was no single customer
that contributed more than 10% of the total
revenues.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group’s segment
information on its results of operations for the following years is
as follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="73%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended
December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">NET REVENUES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Mocha Clubs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">131,934</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">111,984</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">97,984</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Altira Macau</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,173,930</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">859,755</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">658,043</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">City of Dreams</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,491,383</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,638,401</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">552,141</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Studio City</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Corporate and
Others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">33,600</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">31,836</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">24,705</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total net
revenues</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,830,847</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,641,976</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,332,873</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">ADJUSTED PROPERTY EBITDA
<sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Mocha Clubs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">40,475</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">29,831</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">25,416</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Altira Macau</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">246,300</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">133,679</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">13,702</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">City of Dreams</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">594,440</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">326,338</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">56,666</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Studio City</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(300</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total adjusted property
EBITDA</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">880,915</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">489,848</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">95,784</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">OPERATING COSTS AND
EXPENSES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Pre-opening costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(2,690</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(18,648</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(91,882</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Development costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,110</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amortization of gaming
subconcession</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(57,237</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(57,237</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(57,237</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amortization of land use
rights</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(34,401</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(19,522</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(18,395</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Depreciation and
amortization</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(259,224</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(236,306</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(141,864</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Share-based
compensation</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(8,624</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(6,043</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(11,385</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Property charges and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,025</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(91</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(7,040</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Corporate and others
expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(71,494</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(59,489</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(40,028</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total operating costs and
expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(435,805</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(397,336</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(367,831</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">OPERATING INCOME
(LOSS)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">445,110</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">92,512</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(272,047</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">NON-OPERATING
EXPENSES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Interest income</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,131</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">404</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">498</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Interest expenses, net of
capitalized interest</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(113,806</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(93,357</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(31,824</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Reclassification of
accumulated losses of interest rate swap agreements from
accumulated other comprehensive losses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(4,310</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Change in fair value of
interest rate swap agreements</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,947</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amortization of deferred
financing costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(14,203</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(14,302</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(5,974</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Loan commitment
fees</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,411</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,811</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(2,253</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Foreign exchange (loss)
gain, net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,771</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,563</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">491</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Other income, net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,664</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,074</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,516</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Listing expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(8,950</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Loss on extinguishment of
debt</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(25,193</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Costs associated with debt
modification</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(3,310</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total non-operating
expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(157,902</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(102,117</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(36,546</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">INCOME (LOSS) BEFORE INCOME
TAX</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">287,208</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(9,605</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(308,593</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">INCOME TAX CREDIT
(EXPENSE)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,636</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(920</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">132</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">NET INCOME (LOSS)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">288,844</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(10,525</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(308,461</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">NET LOSS ATTRIBUTABLE TO
NONCONTROLLING</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">INTERESTS</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">5,812</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">NET INCOME (LOSS)
ATTRIBUTABLE TO MELCO</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">CROWN ENTERTAINMENT
LIMITED</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">294,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(10,525</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(308,461</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:6px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Note</font></font></p>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(1)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">“Adjusted property
EBITDA” is earnings before interest, taxes, depreciation,
amortization, pre-opening costs, development costs, share-based
compensation, property charges and others, corporate and other
expenses, and other non-operating income and expenses. The chief
operating decision maker uses Adjusted property EBITDA to measure
the operating performance of Mocha Clubs, Altira Macau, City of
Dreams and Studio City and to compare the operating performance of
its properties with those of its competitors.</font></td>
</tr>
</table>
</div>
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>11.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>LONG-TERM
DEBT</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Long-term debt consisted of
the following:</font></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 8px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="78%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">City of Dreams Project
Facility</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,131,805</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">2011 Credit
Facilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,014,729</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Senior Notes</font>
<font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">(1)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">593,166</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">592,443</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">RMB Bonds</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">364,807</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Deposit-Linked
Loan</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">353,278</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,325,980</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,724,248</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Current portion of
long-term debt</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(202,997</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,325,980</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,521,251</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2"><b>City of Dreams Project
Facility</b></font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">On September 5, 2007,
Melco Crown Gaming (the “Borrower”) entered into the
City of Dreams Project Facility with certain lenders in the
aggregate amount of $1,750,000 to fund the City of Dreams project.
The City of Dreams Project Facility consisted of a $1,500,000 term
loan facility (the “Term Loan Facility”) and a $250,000
revolving credit facility (the “Revolving Credit
Facility”). The Term Loan Facility would have matured on
September 5, 2014 and was subject to quarterly amortization
payments (the “Scheduled Amortization Payments”)
commencing on December 5, 2010. The Revolving Credit Facility
would have matured on September 5, 2012 or, if earlier, the
date of repayment, prepayment or cancellation in full of the Term
Loan Facility, and had no interim amortization payments. In
addition to the Scheduled Amortization Payments, the Borrower was
also subject to quarterly mandatory prepayments (the
“Mandatory Prepayments”) in respect of the following
amounts within certain subsidiaries of the Borrower (together with
the Borrower collectively referred to as the “Borrowing
Group”) including but not limited to: (i) 50% of the net
proceeds of any permitted equity issuance of any member of the
Borrowing Group; (ii) the net proceeds of any asset sales;
(iii) net termination proceeds paid under the Borrower’s
subconcession and certain contracts or agreements;
(iv) certain net proceeds or liquidated damages paid;
(v) insurance proceeds net of expenses to obtain such
proceeds; and (vi) excess cash as defined under a leverage
test.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Drawdowns on the Term Loan
Facility were subject to satisfaction of conditions precedent
specified in the City of Dreams Project Facility agreement,
including registration of the land concession and execution of
construction contracts, compliance with affirmative, negative and
financial covenants and the provision of certificates from
technical consultants. The Revolving Credit Facility was to be made
available on a fully revolving basis from the date upon which the
Term Loan Facility had been fully drawn, to the date that was one
month prior to the Revolving Credit Facility’s final maturity
date.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The indebtedness under the
City of Dreams Project Facility was guaranteed by the Borrowing
Group. Security for the City of Dreams Project Facility included: a
first-priority mortgage over all land where Altira Macau and City
of Dreams are located which are held by subsidiaries of the Company
(such mortgages also cover all present and any future buildings on,
and fixtures to, the relevant land); an assignment of any land use
rights under land concession agreements, leases or equivalent;
charges over the bank accounts in respect of the Borrowing Group,
subject to certain exceptions; assignment of the rights under
certain insurance policies; first priority security over the
chattels, receivables and other assets of the Borrowing Group which
are not subject to any security under any other security
documentation; first priority charges over the issued share capital
of the Borrowing Group and equipment and tools used in the gaming
business by the Borrowing Group; as well as other customary
security.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The City of Dreams Project
Facility agreement contained certain affirmative and negative
covenants customary for such financings, including, but not limited
to, limitations on incurring additional liens, incurring additional
indebtedness (including guarantees), making certain investments,
paying dividends and other restricted payments, creating any
subsidiaries and selling assets.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The City of Dreams Project
Facility also required the Borrowing Group to comply with certain
financial covenants, including, but not limited
to:</font></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">•</font></td>
<td valign="top" width="1%"><font size="1"> </font></td>
<td valign="top" align="left">
<p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">a consolidated leverage ratio, which cannot exceed 4.50 to 1.00
for the reporting periods ending December 31,
2010, March 31, 2011 and June 30, 2011, cannot
exceed 4.00 to 1.00 for the reporting periods ending
September 30, 2011, December 31, 2011 and
March 31, 2012, and cannot exceed 3.75 to 1.00 for the
reporting periods ending June 30, 2012 onwards;</font></p>
</td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">•</font></td>
<td valign="top" width="1%"><font size="1"> </font></td>
<td valign="top" align="left">
<p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">a consolidated interest cover ratio, which must be greater than
or equal to 2.50 to 1.00 for the reporting periods ending
December 31, 2010 and March 31, 2011, and must be greater
than or equal to 3.00 to 1.00 for the reporting periods ending
June 30, 2011 onwards; and</font></p>
</td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">•</font></td>
<td valign="top" width="1%"><font size="1"> </font></td>
<td valign="top" align="left">
<p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">a consolidated cash cover ratio, which must be greater than or
equal to 1.05 to 1.00 for the reporting periods ending
December 31, 2010 onwards.</font></p>
</td>
</tr>
</table>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">In addition, there were
provisions that limited or prohibited payments of certain dividends
and other distributions by the Borrowing Group to the Company. As
of December 31, 2010, the net assets of the Borrowing Group of
approximately $1,553,000 was restricted from being distributed
under the terms of the City of Dreams Project
Facility.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">In May 2010, the Borrower
entered into an amendment agreement to the City of Dreams Project
Facility (the “Amendment Agreement”). The Amendment
Agreement, among other things, (i) amended the date of the
first covenant test date to December 31, 2010;
(ii) provided additional flexibility to the financial
covenants; (iii) removed the obligation but retained the right
to enter into any new interest rate or foreign currency swaps or
other hedging arrangements; and (iv) restricted the use of the
net proceeds received from the issuance of the Senior Notes of
approximately $577,066 to repayment of certain amounts outstanding
under the City of Dreams Project Facility, including prepaying the
Term Loan Facility in an amount of $293,714 and the Revolving
Credit Facility in an amount of $150,352, with the remaining net
proceeds in an amount of $133,000 deposited in a bank account that
was restricted for use to pay future Scheduled Amortization
Payments commencing December 2010 as well as providing for a
permanent reduction of the Revolving Credit Facility of
$100,000.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Borrowings under the City
of Dreams Project Facility bore interest at the London Interbank
Offered Rate (“LIBOR”) or Hong Kong Interbank Offered
Rate (“HIBOR”) plus a margin of 2.75% per annum
until substantial completion of the City of Dreams project, at
which time the interest rate was reduced to LIBOR or HIBOR plus a
margin of 2.50% per annum. The City of Dreams Project Facility
also provided for further reductions in the margin if the Borrowing
Group satisfied certain prescribed leverage ratio tests upon
completion of the City of Dreams project.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">A total of $250,000
short-term deposits were placed by the Borrower in May and
September 2009 to replace the $250,000 letters of credit previously
provided to support the contingent equity commitment by the major
shareholders of the Company, Melco and Crown, which were to be
released upon the final completion for the City of Dreams project
(or earlier subject to lender determination that the full amount
was not required to meet remaining costs) and compliance with other
release conditions under the City of Dreams Project
Facility.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The Borrower had no draw
down on the Term Loan Facility and Revolving Credit Facility during
the year ended December 31, 2010. During the year ended
December 31, 2009, the Borrower drew down a total of $70,951,
which included $12,685 and HK$453,312,004 (equivalent to $58,266)
on the Term Loan Facility and a total of $199,740, which included
$32,469 and HK$1,301,364,572 (equivalent to $167,271), on the
Revolving Credit Facility, respectively.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The Borrower was obligated
to pay a commitment fee quarterly in arrears on the undrawn amount
of the City of Dreams Project Facility throughout the availability
period. Loan commitment fees on the City of Dreams Project Facility
amounting to $461 and $2,253 were recognized during the years ended
December 31, 2011 and 2009, respectively. During the year
ended December 31, 2010, the Borrower recognized a loan
commitment fee with credit amount of $3,811, which include a
commitment fee of $814 and a reversal of accrual not required of
$4,625.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">As of December 31,
2010, total outstanding borrowings relating to the City of Dreams
Project Facility was $1,131,805. Management believes the Group was
in compliance with all covenants of the City of Dreams Project
Facility as of December 31, 2010.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">In addition to the
prepayment of the Term Loan Facility and Revolving Credit Facility
in May 2010 in accordance with the Amendment Agreement as described
above, during the years ended December 31, 2011 and 2010, the
Borrower further repaid $89,158 and $35,693 and prepaid $20,896 and
$71,643 of the Term Loan Facility, according to the Scheduled
Amortization Payments and the Mandatory Prepayments, respectively.
During the year ended December 31, 2011, the Borrower also
made voluntary repayments of $7,022 before the amendment to the
City of Dreams Project Facility as described
below.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2"><b>2011 Credit
Facilities</b></font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">On June 30, 2011, the
City of Dreams Project Facility was further amended pursuant to an
amendment agreement entered into among the Borrower and certain
lenders under the City of Dreams Project Facility on June 22,
2011. The 2011 Credit Facilities, among other things:
(i) reduce the Term Loan Facility to HK$6,241,440,000
(equivalent to $802,241) (the “2011 Term Loan
Facility”) and increase the Revolving Credit Facility to
HK$3,120,720,000 (equivalent to $401,121) (the “2011
Revolving Credit Facility”), of which both are denominated in
Hong Kong Dollars; (ii) introduce new lenders and remove
certain lenders originally under the City of Dreams Project
Facility; (iii) extend the repayment maturity date;
(iv) reduce and remove certain restrictions imposed by the
covenants in the City of Dreams Project Facility; and
(v) remove MPEL (Delaware) LLC, a wholly owned subsidiary of
the Borrower, from the Borrowing Group (the “2011 Borrowing
Group”).</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The final maturity date of
the 2011 Credit Facilities is June 30, 2016. The 2011 Term
Loan Facility will be repaid in quarterly installments according to
an amortization schedule commencing on September 30, 2013.
Each loan made under the 2011 Revolving Credit Facility will be
repaid in full on the last day of an agreed upon interest period in
respect of the loan, generally ranging from one to six months, or
rolling over subject to compliance with certain covenants and
satisfaction of conditions precedent. The Borrower may make
voluntary prepayments in respect of the 2011 Credit Facilities in a
minimum amount of HK$160,000,000 (equivalent to $20,566), plus the
amount of any applicable break costs. The Borrower is also subject
to mandatory prepayment requirements in respect of various amounts
within the 2011 Borrowing Group, including but not limited to:
(i) the net proceeds received by any member of the 2011
Borrowing Group in respect of the compulsory transfer, seizure or
acquisition by any governmental authority of the assets of any
member of the 2011 Borrowing Group (subject to certain exceptions);
(ii) the net proceeds of any asset sale, subject to
reinvestment rights and certain exceptions, which are in excess of
$15,000; (iii) net termination, claim or settlement proceeds
paid under the Borrower’s subconcession or the 2011 Borrowing
Group’s land concessions, subject to certain exceptions;
(iv) insurance proceeds net of expenses to obtain such
proceeds under the property insurances relating to the total loss
of all or substantially all of the Altira Macau gaming business;
and (v) other insurance proceeds net of expenses to obtain
such proceeds under any property insurances, subject to
reinvestment rights and certain exceptions, which are in excess of
$15,000.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The indebtedness under the
2011 Credit Facilities is guaranteed by the 2011 Borrowing Group.
Security for the 2011 Credit Facilities remains the same as under
the City of Dreams Project Facility (although the terms of the
associated security documents have been amended for consistency
with the 2011 Credit Facilities) except for securities related to
MPEL (Delaware) LLC, which have been released.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The 2011 Credit Facilities
also contain affirmative and negative covenants customary for
financings of this type, with an additional covenant that the 2011
Borrowing Group must not enter into any contracts for the
construction or financing of an additional hotel tower in
connection with the development of City of Dreams except in
accordance with plans approved by the lenders in accordance with
the terms of the 2011 Credit Facilities. The 2011 Credit Facilities
remove the financial covenants under the City of Dreams Project
Facility, and replace them with, without
limitation:</font></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">•</font></td>
<td valign="top" width="1%"><font size="1"> </font></td>
<td valign="top" align="left">
<p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">a leverage ratio, which cannot exceed 3.00 to 1.00 for the
reporting periods ending September 30,
2011, December 31, 2011, March 31,
2012, June 30, 2012, September 30,
2012, December 31, 2012, March 31, 2013 and
June 30, 2013 and cannot exceed 2.50 to 1.00 for the reporting
periods ending September 30, 2013 onwards;</font></p>
</td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">•</font></td>
<td valign="top" width="1%"><font size="1"> </font></td>
<td valign="top" align="left">
<p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">total leverage ratio, which cannot exceed 4.50 to 1.00 for the
reporting periods ending September 30,
2011, December 31, 2011, March 31,
2012, June 30, 2012, September 30,
2012, December 31, 2012, March 31, 2013 and
June 30, 2013 and cannot exceed 4.00 to 1.00 for the reporting
periods ending September 30, 2013 onwards; and</font></p>
</td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">•</font></td>
<td valign="top" width="1%"><font size="1"> </font></td>
<td valign="top" align="left">
<p align="left"><font style="FONT-FAMILY: Times New Roman" size="2">interest cover ratio, which must be greater than or equal to
4.00 to 1.00 for the reporting periods ending September 30,
2011 onwards.</font></p>
</td>
</tr>
</table>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">There are provisions that
limit or prohibit certain payments of dividends and other
distributions by the 2011 Borrowing Group to the Company or persons
who are not members of the 2011 Borrowing Group (described in
further detail below under “Distribution of Profits”).
As of December 31, 2011, the net assets of the 2011 Borrowing
Group of approximately $1,896,000 was restricted from being
distributed under the terms of the 2011 Credit
Facilities.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Borrowings under the 2011
Credit Facilities bear interest at HIBOR plus a margin ranging from
1.75% to 2.75% per annum as adjusted in accordance with the
leverage ratio in respect of the 2011 Borrowing Group. The Borrower
may select an interest period for borrowings under the 2011 Credit
Facilities of one, two, three or six months or any other agreed
period. The Borrower is obligated to pay a commitment fee quarterly
in arrears from June 30, 2011 on the undrawn amount of the
2011 Revolving Credit Facility throughout the availability period.
Loan commitment fee on the 2011 Credit Facilities amounting to $950
was recognized during the year ended December 31,
2011.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The Group accounted for the
amendment of the City of Dreams Project Facility as an
extinguishment of debt because the applicable future cash flows
under the 2011 Credit Facilities are more than 10% different from
the applicable future cash flows under the City of Dreams Project
Facility as of the amendment date, June 30, 2011. The Group
wrote off the unamortized deferred financing costs of $25,193 upon
the extinguishment of the City of Dreams Project Facility as loss
on extinguishment of debt in the consolidated statements of
operations for the year ended December 31, 2011 and the 2011
Credit Facilities was recognized at fair value upon the
extinguishment. In addition, the Group capitalized the third party
fee and related issuance costs in relation to the 2011 Credit
Facilities of $29,328 as deferred financing
costs.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">As of December 31,
2011, the 2011 Term Loan Facility has been fully drawn down and
HK$1,653,154,570 (equivalent to $212,488) under the 2011 Revolving
Credit Facility has also been drawn down, resulting in total
outstanding borrowings relating to the 2011 Credit Facilities of
HK$7,894,594,570 (equivalent to $1,014,729). Management believes
the Group was in compliance with all covenants of the 2011 Credit
Facilities as of December 31, 2011. As of December 31,
2011, HK$1,467,565,430 (equivalent to $188,633) of the 2011
Revolving Credit Facility remains available for future draw
down.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Senior
Notes</b></font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">On May 17, 2010, MCE
Finance Limited (“MCE Finance”) (formerly known as MPEL
Holdings Limited) issued and listed the Senior Notes on the
Official List of Singapore Exchange Securities Trading Limited
(“SGX-ST”). The purchase price paid by the initial
purchasers was 98.671% of the principal amount. The Senior Notes
are general obligations of MCE Finance, rank equally in right of
payment to all existing and future senior indebtedness of MCE
Finance and rank senior in right of payment to any existing and
future subordinated indebtedness of MCE Finance. The Senior Notes
are effectively subordinated to all of MCE Finance’s existing
and future secured indebtedness to the extent of the value of the
assets securing such debt. The Company and MPEL International
Limited (together, the “Senior Guarantors”), fully and
unconditionally and jointly and severally guaranteed the Senior
Notes on a senior secured basis. Certain other indirect
subsidiaries of MCE Finance, including Melco Crown Gaming (together
with the Senior Guarantors, the “Guarantors”), fully
and unconditionally and jointly and severally guaranteed the Senior
Notes on a senior subordinated secured basis. Upon entering of the
2011 Credit Facilities, the guarantees provided under the Senior
Notes were amended with the principal effect being that claims of
noteholders under the Senior Notes against subsidiaries of MCE
Finance that are obligors under the 2011 Credit Facilities will
rank equally in right of payment with claims of lenders under the
2011 Credit Facilities. The Senior Notes mature on May 15,
2018. Interest on the Senior Notes is accrued at a rate of
10.25% per annum and is payable semi-annually in arrears on
May 15 and November 15 of each year, commencing on
November 15, 2010.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The net proceeds from the
offering after deducting the original issue discount of
approximately $7,974 and underwriting commissions and other
expenses of approximately $14,960 was approximately $577,066. The
Group used the net proceeds from the offering to reduce the
indebtedness under the City of Dreams Project Facility by
approximately $444,066 and deposited the remaining $133,000 in a
bank account that was restricted for use to pay future City of
Dreams Project Facility Scheduled Amortization Payments commencing
December 2010. The restriction was released upon the amendment of
the City of Dreams Project Facility on June 30, 2011 as
described above. The Senior Notes have been reflected net of
discount under long-term debt in the consolidated balance
sheets.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">At any time after
May 15, 2014, 2015 and 2016 and thereafter, MCE Finance may
redeem some or all of the Senior Notes at the redemption prices of
105.125%, 102.563% and 100.000%, respectively, plus accrued and
unpaid interest, additional amounts and liquidated damages, if any,
to the redemption date.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Prior to May 15, 2014,
MCE Finance may redeem all or part of the Senior Notes at the
redemption price set forth in the related prospectus plus the
applicable “make-whole” premium described in the
related prospectus plus accrued and unpaid interest, additional
amounts and liquidated damages, if any, to the redemption
date.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Prior to May 15, 2013,
MCE Finance may redeem up to 35% of the principal amount of the
Senior Notes with the net cash proceeds from one or more certain
equity offerings at the redemption price of 110.25% of the
principal amount of the Senior Notes, plus accrued and unpaid
interest, additional amounts and liquidated damages, if any, to the
redemption date. In addition, subject to certain exceptions and as
more fully described in the related prospectus, MCE Finance may
redeem the Senior Notes in whole, but not in part, at a price equal
to 100% of their principal amount plus accrued interest and unpaid
interest, additional amounts and liquidated damages, if any, to the
date fixed by MCE Finance for redemption, if MCE Finance or any
Guarantor would become obligated to pay certain additional amounts
as a result of certain changes in withholding tax laws or certain
other circumstances. MCE Finance may also redeem the Senior Notes
if the gaming authority of any jurisdiction in which the Company,
MCE Finance or any of their respective subsidiaries conducts or
proposes to conduct gaming requires holders or beneficial owners of
the Senior Notes to be licensed, qualified or found suitable under
applicable gaming laws and such holder or beneficial owner, as the
case may be, fails to apply or becomes licensed or qualified within
the required period or is found unsuitable.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The indenture governing the
Senior Notes contains certain covenants that, subject to certain
exceptions and conditions, limit the ability of MCE Finance and its
restricted subsidiaries’ ability to, among other things:
(i) incur or guarantee additional indebtedness; (ii) make
specified restricted payments; (iii) issue or sell capital
stock; (iv) sell assets; (v) create liens;
(vi) enter into agreements that restrict the restricted
subsidiaries’ ability to pay dividends, transfer assets or
make intercompany loans; (vii) enter into transactions with
shareholders or affiliates; and (viii) effect a consolidation
or merger. As of December 31, 2011, MCE Finance was in
compliance with each of the financial restrictions and
requirements.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">MCE Finance has entered
into a registration rights agreement whereby MCE Finance has
registered the notes to be issued in an exchange offer for the
Senior Notes with the U.S. Securities and Exchange Commission in
August 2010 and with further amendments filed in October and
November 2010 in connection with the exchange offer, which
registration statement was effective on November 12,
2010.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The Group capitalized the
underwriting fee and related issuance costs in relation to the
Senior Notes of $14,585 as deferred financing
costs.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2"><b>RMB
Bonds</b></font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">On May 9, 2011, the
Company issued and listed the RMB Bonds of RMB2,300,000,000
(equivalent to $353,278 based on exchange rate on transaction date)
on SGX-ST. The RMB Bonds were priced at par. The RMB Bonds are
direct, general, unconditional, unsubordinated and unsecured
obligations of the Company, which will at all times rank equally
without any preference or priority among themselves and at least
equally with all of the Company’s other present and future
unsecured and unsubordinated obligations, save for such obligations
as may be preferred by provisions of law that are both mandatory
and of general application. The RMB Bonds mature on May 9,
2013 and the interest on the RMB Bonds is accrued at a rate of
3.75% per annum and is payable semi-annually in arrears on
May 9 and November 9 of each year, commencing on
November 9, 2011.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">At any time after
May 9, 2012, the Company may redeem in whole, but not in part,
the RMB Bonds at the principal amount, together with accrued
interest. The Company may also redeem the RMB Bonds in whole, but
not in part, at the principal amount together with accrued interest
in the event that: i) as a result of any change in the laws of the
Cayman Islands or any political subdivision or any authority
thereof or therein having power to tax, or any change in the
application or official interpretation of such law or regulation
after May 9, 2011, the Company satisfies the trustee that the
Company has or will be required to pay additional amounts in
respect of the RMB Bonds and such obligation cannot be avoided by
taking reasonable measures available to the Company; ii) if at any
time the gaming authority of any jurisdiction in which the Company
and its subsidiaries conducts or proposes to conduct gaming
requires that a person who is a holder or beneficial owner of the
RMB Bonds be licensed, qualified or found suitable under applicable
gaming laws and such holder or beneficial owner, as the case may
be, fails to apply or becomes licensed or qualified within the
required period or is found unsuitable; or iii) if immediately
before giving such notice, at least 90% in principal amount of the
RMB Bonds originally issued, including any further bonds issued
prior to the time of the notice, has already been previously
redeemed, or purchased and cancelled.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The indenture governing the
RMB Bonds contains certain negative pledge and financial covenants,
providing that the Company shall not create or permit to subsist
any security interest upon the whole or any part of the
Company’s present or future undertaking, assets or revenues
to secure any relevant indebtedness or guarantee of relevant
indebtedness without: (i) at the same time or prior thereto
securing the RMB Bonds equally and rateably therewith to the
satisfaction of the trustee under the RMB Bonds; or
(ii) providing such other security for the RMB Bonds as the
trustee may in its absolute discretion consider to be not
materially less beneficial to the interests of the holders of the
RMB Bonds or as may be approved by an extraordinary resolution of
bondholders. In addition, the Company is also required to comply
with certain financial covenants, including maintaining a specified
consolidated tangible net worth not to be less than $1,000,000 and
a maximum leverage ratio not to exceed 2.50:1.00.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The Company capitalized the
underwriting fee and related issuance costs in relation to the RMB
Bonds of $6,619 as deferred financing costs. Management believes
the Company was in compliance with all covenants of the RMB Bonds
as of December 31, 2011.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Deposit-Linked
Loan</b></font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">On May 20, 2011, the
Company entered into the Deposit-Linked Loan with a lender in an
amount of HK$2,748,500,000 (equivalent to $353,278 based on
exchange rate on transaction date), which was secured by a deposit
in an amount of RMB2,300,000,000 (equivalent to $353,278 based on
exchange rate on transaction date) from the proceeds of the RMB
Bonds as described above. The Deposit-Linked Loan matures on
May 20, 2013 or, if earlier, at any time with 30 days’
prior notice given to the lender, the Company may prepay the whole
or any part of not less than HK$500,000,000 (equivalent to $64,267)
of the Deposit-Linked Loan outstanding. The Deposit-Linked Loan
bears interest at a rate of 2.88% per annum and is payable
semi-annually in arrears on May 8 and November 8 of each
year, commencing on November 8, 2011. On the same date, the
Company entered into two RMB forward exchange rate contracts in an
aggregate amount of RMB52,325,000 (approximately $8,000) for
settlement of the RMB Bonds interest payable on November 9,
2011 at a rate of RMB1:HK$1.2096 and May 9, 2012 at a rate of
RMB1:HK$1.2187. During the year ended December 31, 2011, one
of the RMB forward contracts was settled on November 9, 2011
and as of December 31, 2011, the fair value of the remaining
forward exchange rate contract of $7 was recorded as forward
exchange rate contract receivable and included in prepaid expenses
and other current assets.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The Company capitalized the
underwriting fee and related issuance costs in relation to the
Deposit-Linked Loan of $800 as deferred financing costs. As of
December 31, 2011, the RMB Bonds proceeds held as a security
deposit of RMB2,300,000,000 (equivalent to $364,807), required to
be set aside for the duration of this debt were recorded as
non-current restricted cash in the consolidated balance
sheets.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Total interest on long-term
debt consisted of the following:</font></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 8px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="72%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Year Ended
December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Interest for City of Dreams
Project Facility *</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">13,269</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">39,157</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">50,824</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Interest for 2011 Credit
Facilities *</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">13,731</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Interest for Senior
Notes **</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">61,500</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">38,438</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Amortization of discount in
connection with issuance of</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">    Senior Notes **</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">723</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">417</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Interest for RMB
Bonds *</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,647</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Interest for Deposit-Linked
Loan *</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6,300</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">104,170</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">78,012</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">50,824</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Interest capitalized (Note
2(i))</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(3,157</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(11,823</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(37,374</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">101,013</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">66,189</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">13,450</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">*</font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Long-term debt repayable
within five years</font></td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 3px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">**</font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Long-term debt repayable
after five years</font></td>
</tr>
</table>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">During the years ended
December 31, 2011, 2010 and 2009, the Group’s average
borrowing rates were approximately 5.50%, 6.71% and 5.73% per
annum, respectively.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Scheduled maturities of the
long-term debt as of December 31, 2011 are as
follows:</font></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 8px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="88%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Year ending
December 31,</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">2012</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">2013</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">846,444</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">2014</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">256,717</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">2015</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">256,717</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">2016</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">372,936</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Over 2016</font>
<font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">(2)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">593,166</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,325,980</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The long-term debt are
repayable as follows:</font></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 8px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="78%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Within one year or on
demand</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">202,997</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">More than one year, but not
exceeding two years</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">846,444</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">294,383</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">More than two years, but
not exceeding five years</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">886,370</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">634,425</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">More than five years</font>
<font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">(1)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">593,166</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">592,443</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,325,980</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,724,248</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Less: Amounts due within
one year shown under current liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(202,997</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,325,980</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,521,251</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Notes</font></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">(1)</font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Net of unamortized issue
discount for the Senior Notes of approximately $6,834 and $7,557 as
of December 31, 2011 and 2010, respectively.</font></td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 3px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">(2)</font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Net of unamortized issue
discount for the Senior Notes of approximately $6,834 as of
December 31, 2011.</font></td>
</tr>
</table>
</div>
-267000
3385737000
6111000
744660000
723000
115442000
412000
2690000
287208000
8624000
0.182
3143000
827000
-426000
113806000
34194000
99592000
185992000
3950000
3947000
37803000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>17.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>EMPLOYEE BENEFIT
PLANS</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group provides defined
contribution plans for its employees in Macau, Hong Kong, the
United States of America and other jurisdictions.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><i>Macau</i></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Employees employed by the
Group in Macau are members of government-managed Social Security
Fund Scheme (the “SSF Scheme”) operated by the Macau
Government and the Group is required to pay a monthly fixed
contribution to the SSF Scheme to fund the benefits. The only
obligation of the Group with respect to the SSF Scheme operated by
the Macau Government is to make the required contributions under
the scheme.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><i>Hong
Kong</i></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Employees employed by the
Group in Hong Kong are members of Mandatory Provident Fund Scheme
(the “MPF Scheme”) operated by the Group. For these
employees, with exception of executive officers, the Group’s
and the employees’ contributions to the MPF Scheme are each
set at 5% of the employees’ relevant income up to a maximum
of HK$1,000 per employee per month. For executive officers, the
employees’ contributions to the MPF Scheme are set at 5% of
the employees’ salaries up to a maximum of HK$1,000 per
employee per month. The Group’s contribution to the MPF
Scheme is set at 10% of the employees’ base salaries. The
excess of contributions over the Group’s mandatory portion,
which is 5% of the employees’ salaries up to a maximum of
HK$1,000 per employee per month, are treated as the Group’s
voluntary contribution and are vested to executive officers at
10% per year with full vesting in 10 years. The Group’s
contributions to the MPF Scheme are fully and immediately vested to
the employees once they are paid. The MPF Scheme was established
under trust with the assets of the funds held separately from those
of the Group by independent trustees.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><i>United States of America
and Other Jurisdictions</i></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group’s United
States of America and other jurisdictions’ subsidiaries
operate a number of defined contribution schemes. Contributions to
the defined contribution schemes applicable to each year are made
at a certain percentage of the employees’ payroll and met the
minimum mandatory requirements.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">During the years ended
December 31, 2011, 2010 and 2009, the Group’s
contributions into the provident fund were $5,414, $5,070 and
$5,012, respectively.</font></font></p>
</div>
117076000
294656000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>3.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>ACCOUNTS RECEIVABLE,
NET</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Components of accounts
receivable, net are as follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="82%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Casino</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">385,898</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">293,976</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Hotel</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,691</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,438</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,686</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,597</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sub-total</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">393,275</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">301,011</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Less: allowance for doubtful
debts</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(86,775</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(41,490</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">306,500</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">259,521</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">During the years ended
December 31, 2011, 2010 and 2009, the Group has provided
allowance for doubtful debts of $36,871, $32,241 and $16,114 and
has written off accounts receivable of $932, $941 and $643,
respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Movement of allowance for
doubtful debts are as follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="76%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended
December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">At beginning of
year</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">41,490</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">24,227</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,113</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Additional
allowance</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">36,871</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">32,241</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">16,114</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Reclassified from (to)
long-term receivables, net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,414</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(14,978</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">At end of year</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">86,775</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">41,490</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">24,227</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group grants unsecured
credit lines to gaming promoters based on pre-approved credit
limits. The Group typically issues markers to gaming promoters with
a credit period of 30 days. There are some gaming promoters for
whom credit is granted on a revolving basis based on the
Group’s monthly credit risk assessment of such gaming
promoters. Credit lines granted to all gaming promoters are subject
to monthly review and settlement procedures. For other approved
casino customers, the Group typically allows a credit period of 14
days to 28 days on issuance of markers following investigations of
creditworthiness. An extended repayment term of typically 90 days
may be offered to casino customers with large gaming losses and
established credit history. The following is an analysis of
accounts receivable by age presented based on payment due date, net
of allowance:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="82%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Current</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">220,141</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">156,615</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">1-30 days</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">41,571</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">32,305</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">31-60 days</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,344</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,783</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">61-90 days</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,573</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,981</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Over 90 days</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">38,871</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">49,837</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">306,500</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">259,521</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>MELCO CROWN
ENTERTAINMENT LIMITED</b></font></p>
<p style="margin-top:12px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>ADDITIONAL
INFORMATION — FINANCIAL STATEMENTS SCHEDULE 1</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>FINANCIAL
INFORMATION OF PARENT COMPANY</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>BALANCE
SHEETS</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>(In thousands
of U.S. dollars, except share and per share data)</b></font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px">
 </p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="78%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1"><b>December 31,</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1"><b>2011</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1"><b>2010</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b>ASSETS</b></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CURRENT ASSETS</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Cash and cash
equivalents</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">77,805</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due from affiliated
companies</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,551</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,351</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due from
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">49,889</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">77,682</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Income tax
receivable</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Prepaid expenses and other
current assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5,966</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,722</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total current
assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">135,211</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">87,151</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">INVESTMENTS IN
SUBSIDIARIES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,415,113</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,734,880</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">LONG-TERM
PREPAYMENT</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">135</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">641</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">RESTRICTED CASH</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">364,807</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">DEFERRED FINANCING
COST</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5,159</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">TOTAL</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,920,425</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,822,672</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b>LIABILITIES AND
SHAREHOLDERS' EQUITY</b></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CURRENT
LIABILITIES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Accrued expenses and other
current liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,317</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,890</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Income tax
payable</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">67</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due to affiliated
companies</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">52</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">137</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due to
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">181,609</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">181,771</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due to
shareholders</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">36</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total current
liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">190,045</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">183,834</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">LONG-TERM DEBT</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">718,085</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">ADVANCE FROM A
SUBSIDIARY</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">LOANS FROM
SHAREHOLDERS</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">115,647</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b>SHAREHOLDERS'
EQUITY</b></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Ordinary shares at US$0.01
par value per share (Authorized – 7,300,000,000 and
2,500,000,000 shares as of December 31, 2011 and 2010 and
issued – 1,653,101,002 and 1,605,658,111 shares as of
December 31, 2011 and 2010, respectively)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">16,531</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">16,056</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Treasury shares, at US$0.01
par value per share (10,552,328 and 8,409,186 shares as of
December 31, 2011 and 2010, respectively)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(106</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(84</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Additional paid-in
capital</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,223,274</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,095,730</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Accumulated other
comprehensive losses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,034</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11,345</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Accumulated
losses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(282,510</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(577,166</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total shareholders'
equity</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,956,155</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,523,191</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">TOTAL</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,920,425</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,822,672</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p><font size="1"> </font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
 </p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>MELCO CROWN
ENTERTAINMENT LIMITED</b></font></p>
<p style="margin-top:12px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>ADDITIONAL
INFORMATION — FINANCIAL STATEMENTS SCHEDULE 1</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>FINANCIAL
INFORMATION OF PARENT COMPANY</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>STATEMENTS OF
OPERATIONS</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>(In thousands
of U.S. dollars, except share and per share data)</b></font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px">
 </p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="72%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended
December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">REVENUE</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">OPERATING
EXPENSES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">General and
administrative</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(19,474</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(14,985</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(21,089</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Property charges and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total operating
expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(20,474</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(14,985</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(21,089</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">OPERATING LOSS</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(20,474</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(14,985</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(21,089</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">NON-OPERATING INCOME
(EXPENSES)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Interest income</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,683</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">96</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Interest expenses, net of
capitalized interest</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(12,060</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(242</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(215</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amortization of deferred
financing cost</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,260</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Foreign exchange loss,
net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(293</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(41</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(115</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other income, net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">14,812</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,257</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">15,127</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Listing expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(8,950</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Share of results of
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">320,809</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(6,129</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(301,368</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total non-operating income
(expenses)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">315,741</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,851</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(286,475</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">INCOME (LOSS) BEFORE INCOME
TAX</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">295,267</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(10,134</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(307,564</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">INCOME TAX
EXPENSE</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(611</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(391</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(897</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">NET INCOME (LOSS)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">294,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(10,525</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(308,461</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
 </p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>MELCO CROWN
ENTERTAINMENT LIMITED</b></font></p>
<p style="margin-top:12px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>ADDITIONAL
INFORMATION — FINANCIAL STATEMENTS SCHEDULE 1</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>FINANCIAL
INFORMATION OF PARENT COMPANY</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>STATEMENTS OF
SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME
(LOSS)</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>(In thousands
of U.S. dollars, except share and per share data)</b></font></p>
<p style="font-size:12px;margin-top:0px;margin-bottom:0px">
 </p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="41%"></td>
<td valign="bottom" width="1%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="1%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="1%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="1%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="1%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="1%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="1%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="1%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="1%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Ordinary Shares</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Treasury Shares</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Additional<br />
Paid-in<br />
Capital</font></td>
<td valign="bottom" rowspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Accumulated</font><br />
<font style="font-family:Times New Roman" size="1">Other<br />
Comprehensive<br />
Losses</font></td>
<td valign="bottom" rowspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Accumulated<br />
Losses</font></td>
<td valign="bottom" rowspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Total</font><br />
<font style="font-family:Times New Roman" size="1">Shareholders'<br />
Equity</font></td>
<td valign="bottom" rowspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Comprehensive<br />
(Loss) Income</font></td>
<td valign="bottom" rowspan="2"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Shares</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Amount</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Shares</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">Amount</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">BALANCE AT
JANUARY 1, 2009</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,321,550,399</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">$13,216</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(385,180)</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">$(4)</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">$2,689,257</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">$(35,685)</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(258,180</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,408,604</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Net loss for the
year</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(308,461</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(308,461</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(308,461</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Foreign currency translation
adjustment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(11</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(11</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(11</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Change in fair value of
interest rate swap agreements</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,662</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,662</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,662</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Share-based
compensation</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">11,807</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">11,807</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Shares issued, net of
offering expenses</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">263,155,335</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,631</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">380,898</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">383,529</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Shares issued upon
restricted shares vested</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,297,110</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">83</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,831</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,914</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Shares issued for future
vesting of restricted shares</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,614,706</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">26</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(2,614,706</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(26</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Issuance of shares for
restricted shares vested</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,528,319</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">25</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(25</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">BALANCE AT DECEMBER 31,
2009</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,595,617,550</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">15,956</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(471,567</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(5</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,088,768</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(29,034</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(566,641</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,509,044</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(301,810</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Net loss for the
year</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(10,525</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(10,525</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(10,525</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Foreign currency translation
adjustment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">32</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">32</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">32</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Change in fair value of
interest rate swap agreements</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">17,657</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">17,657</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">17,657</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Share-based
compensation</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,045</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,045</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Shares issued upon
restricted shares vested</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,254,920</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">12</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(12</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Shares issued for future
vesting of restricted shares and exercise of share
options</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,785,641</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">88</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(8,785,641</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(88</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Issuance of shares for
restricted shares vested</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">43,737</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Exercise of share
options</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">804,285</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">930</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">938</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">BALANCE AT DECEMBER 31,
2010</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,605,658,111</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">16,056</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(8,409,186</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(84</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,095,730</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(11,345</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(577,166</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,523,191</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">7,164</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Net income for the
year</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">294,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">294,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">294,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Foreign currency translation
adjustment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(149</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(149</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(149</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Change in fair value of
interest rate swap agreements</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,111</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,111</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,111</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Change in fair value of
forward exchange rate contracts</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">39</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">39</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">39</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Reclassification to earnings
upon discontinuance of hedge accounting</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,310</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,310</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,310</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Share-based
compensation</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,624</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,624</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Shares issued upon
restricted shares vested</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">310,575</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(3</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Shares issued for future
vesting of restricted shares and exercise of share
options</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,920,386</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">69</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(6,920,386</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(69</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Issuance of shares for
restricted shares vested</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">941,648</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">9</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(9</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Exercise of share
options</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,835,596</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">38</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,912</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,950</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Issuance of shares for
conversion of shareholders' loans</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">40,211,930</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">403</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">115,020</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">115,423</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">BALANCE AT DECEMBER 31,
2011</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,653,101,002</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">$16,531</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(10,552,328)</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">$(106)</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">$ 3,223,274</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,034</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(282,510</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,956,155</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">304,967</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
 </p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>MELCO CROWN
ENTERTAINMENT LIMITED</b></font></p>
<p style="margin-top:12px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>ADDITIONAL
INFORMATION — FINANCIAL STATEMENTS SCHEDULE 1</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>FINANCIAL
INFORMATION OF PARENT COMPANY</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>STATEMENTS OF
CASH FLOWS</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>(In thousands
of U.S. dollars)</b></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
 </p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="69%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended
December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM OPERATING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net income (loss)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">294,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(10,525</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(308,461</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Adjustments to reconcile net
income (loss) to net cash (used in) provided by operating
activities:</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Share-based
compensation</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,624</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,043</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,385</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amortization of deferred
financing cost</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,260</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Share of results of
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(320,809</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,129</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">301,368</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Changes in operating assets
and liabilities:</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due from affiliated
companies</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(200</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,351</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Income tax
receivable</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">265</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Prepaid expenses and other
current assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,819</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,821</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11,885</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Long-term
prepayment</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">506</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">537</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">537</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Accrued expenses and other
current liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5,907</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,412</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,605</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Income tax
payable</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(585</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(909</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due to
shareholders</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(261</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">14</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,973</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due to affiliated
companies</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(85</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,483</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">67</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:5.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due to
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(142</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,435</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash (used in) provided
by operating activities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11,098</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,623</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11,476</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM INVESTING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Change in restricted
cash</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(353,278</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advances to
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(330,680</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(25,777</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,023,370</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Repayment of advance to a
subsidiary</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,126</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due from
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,825</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(13,006</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">522,661</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash used in investing
activities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(674,657</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(38,783</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(500,709</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM FINANCING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payment of deferred
financing cost</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(6,899</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from long-term
debt</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">706,556</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advance from a
subsidiary</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from exercise of
share options</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,565</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from issue of share
capital</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">383,529</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash provided by
financing activities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">760,362</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">383,529</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">74,607</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(31,160</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(128,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">34,358</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">163,014</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH AND CASH EQUIVALENTS AT
END OF YEAR</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">77,805</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">34,358</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
 </p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>MELCO CROWN
ENTERTAINMENT LIMITED</b></font></p>
<p style="margin-top:12px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>ADDITIONAL
INFORMATION — FINANCIAL STATEMENTS SCHEDULE 1</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>FINANCIAL
INFORMATION OF PARENT COMPANY</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>NOTES TO
FINANCIAL STATEMENTS SCHEDULE 1</b></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><b>(In thousands
of U.S. dollars, except share and per share data)</b></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
 </p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">1.</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">Schedule 1 has been provided
pursuant to the requirements of Rule 12-04(a) and 4-08(e)(3) of
Regulation S-X, which require condensed financial information as to
financial position, changes in financial position and results and
operations of a parent company as of the same dates and for the
same periods for which audited consolidated financial statements
have been presented when the restricted net assets of the
consolidated and unconsolidated subsidiaries together exceed 25
percent of consolidated net assets as of end of the most recently
completed fiscal year. As of December 31, 2011 and 2010,
approximately $1,896,000 and $1,553,000, respectively of the
restricted net assets were not available for distribution, and as
such, the condensed financial information of the Company has been
presented for the years ended December 31, 2011, 2010 and
2009.</font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
 </p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">2.</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">Basis of
presentation</font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2">The condensed
financial information has been prepared using the same accounting
policies as set out in the Company’s consolidated financial
statements except that the parent company has used equity method to
account for its investments in subsidiaries.</font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
 </p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">3.</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">Long-term debt</font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2">The Company
issued the RMB Bonds and obtained the Deposit-Linked Loan during
the year ended December 31, 2011 as disclosed in Note 11 to
the Group’s consolidated financial statements.</font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2">Scheduled
maturities of the long-term debt of the Company as of
December 31, 2011 are as follows:</font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
 </p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="90%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Year ending
December 31,</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2012</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">2013</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">718,085</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">718,085</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
3679423000
238000
103009000
90268000
0.184
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>1.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>COMPANY
INFORMATION</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Melco Crown Entertainment
Limited (the “Company”) was incorporated in the Cayman
Islands on December 17, 2004 and completed an initial public
offering of its ordinary shares in the United States of America in
December 2006. The Company’s American depository shares
(“ADS”) are traded on the NASDAQ Global Select Market
under the symbol “MPEL”. On December 7, 2011, the
Company completed a dual primary listing in the Hong Kong Special
Administrative Region of the People’s Republic of China
(“Hong Kong”) and listed its ordinary shares on the
Main Board of The Stock Exchange of Hong Kong Limited
(“SEHK”) by way of introduction, under the stock code
of “6883”.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Company together with
its subsidiaries (collectively referred to as the
“Group”) is a developer, owner and, through its
indirect subsidiary, Melco Crown Gaming (Macau) Limited
(“Melco Crown Gaming”), operator of casino gaming and
entertainment resort facilities focused on the Macau Special
Administrative Region of the People’s Republic of China
(“Macau”) market. The Group currently owns and operates
City of Dreams — an integrated resort development which
opened in June 2009, Taipa Square Casino which opened in June 2008,
Altira Macau (formerly known as Crown Macau) — a casino and
hotel resort which opened in May 2007, and Mocha Clubs —
non-casino-based operations of electronic gaming machines which
have been in operation since September 2003. The Group also holds
Studio City — an integrated resort comprising entertainment,
retail and gaming facilities to be developed in
Macau.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31, 2011
and 2010, the major shareholders of the Company are Melco
International Development Limited (“Melco”), a company
listed in Hong Kong, and Crown Limited (“Crown”), an
Australian-listed corporation.</font></font></p>
</div>
-25193000
350862000
445110000
299155000
-1771000
111656000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>4.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>PROPERTY AND EQUIPMENT,
NET</b></font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="78%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Cost</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Buildings</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,439,117</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,439,425</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Furniture, fixtures and
equipment</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">403,577</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">381,231</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Plant and gaming
machinery</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">147,084</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">131,104</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Leasehold
improvements</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">179,089</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">147,530</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Motor vehicles</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,273</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,309</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sub-total</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,173,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,103,599</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Less: accumulated
depreciation</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(730,313</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(481,040</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sub-total</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,442,827</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,622,559</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Construction in
progress</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">212,602</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">49,336</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Property and equipment,
net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,655,429</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,671,895</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31, 2011
and 2010, construction in progress in relation to City of Dreams
included interest paid or payable on loans from shareholders, the
City of Dreams Project Facility and interest rate swap agreements,
amortization of deferred financing costs and other direct
incidental costs capitalized (representing insurance, salaries and
wages and certain other professional charges incurred) which
amounted to $7,551 and $7,820, respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, construction in progress in relation to Studio City included
interest paid or payable on the RMB Bonds and other direct
incidental costs capitalized (representing insurance, salaries and
wages and certain other professional charges incurred) which
amounted to $15,628.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">During the years ended
December 31, 2011, 2010 and 2009, additions to property and
equipment amounted to $236,555, $119,660 and $828,736, respectively
and disposals of property and equipment at carrying amount were
$655, $207 and $5,279, respectively.</font></font></p>
</div>
220224000
-1636000
716101000
1604213324
-1081000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>13.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>FAIR VALUE
MEASUREMENTS</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The carrying values of the
Group’s financial instruments, including cash and cash
equivalents, restricted cash, accounts receivable, other current
assets, long-term deposits, long-term receivables, amounts due from
(to) affiliated companies and shareholders, accounts payable, other
current liabilities, the 2011 Credit Facilities, the Deposit-Linked
Loan, loans from shareholders, land use rights payable, interest
rate swap agreements, forward exchange rate contract and debt
instruments approximate their fair values, except for the Senior
Notes and the RMB Bonds. The estimated fair value, based on quoted
market price, of the Senior Notes was approximately $651,630 and
$693,750 as of December 31, 2011 and 2010, respectively, and
of the RMB Bonds was approximately $352,079 as of December 31,
2011. As of December 31, 2011 and 2010, the Group did not have
any non-financial assets or liabilities that are recognized or
disclosed at fair value in the consolidated financial statements.
The Group’s financial assets and liabilities recorded at fair
value have been categorized based upon the fair value in accordance
with the accounting standards. The following fair value hierarchy
table presents information about the Group’s financial assets
and liabilities measured at fair value on a recurring basis as of
December 31, 2011 and 2010:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="54%"></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="8%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Quoted Prices<br />
In Active<br />
Market for<br />
Identical<br />
Assets<br />
(Level 1)</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Significant<br />
Other<br />
Observable<br />
Inputs<br />
(Level 2)</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Significant<br />
Unobservable<br />
Inputs<br />
(Level 3)</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Total<br />
Fair Value</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><i>Forward exchange rate
contract receivable</i></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">December 31,
2011</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><i>Interest rate swap
liabilities</i></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">December 31,
2011</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">363</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">363</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">December 31,
2010</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">10,421</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">10,421</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Authoritative literature
provides a fair value hierarchy, which prioritizes the inputs to
valuation techniques used to measure fair value into three broad
levels. The level in the hierarchy within which the fair value
measurement in its entirety falls is based upon the lowest level of
input that is significant to the fair value measurement as
follows:</font></font></p>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">•</font></td>
<td width="1%" valign="top"><font size="1"> </font></td>
<td align="left" valign="top">
<p align="left"><font style="font-family:Times New Roman" size="2">Level 1 — inputs are based upon unadjusted quoted prices
for identical instruments traded in active markets.</font></p>
</td>
</tr>
</table>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">•</font></td>
<td width="1%" valign="top"><font size="1"> </font></td>
<td align="left" valign="top">
<p align="left"><font style="font-family:Times New Roman" size="2">Level 2 — inputs are based upon quoted prices for similar
instruments in active markets, quoted prices for identical or
similar instruments in markets that are not active and model-based
valuation techniques for which all significant assumptions are
observable in the market or can be corroborated by observable
market data for substantially the full term of the assets or
liabilities.</font></p>
</td>
</tr>
</table>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">•</font></td>
<td width="1%" valign="top"><font size="1"> </font></td>
<td align="left" valign="top">
<p align="left"><font style="font-family:Times New Roman" size="2">Level 3 — inputs are generally unobservable and typically
reflect management’s estimates of assumptions that market
participants would use in pricing the asset or liability. The fair
values are therefore determined using model-based techniques that
include option pricing models, discounted cash flow models and
similar techniques.</font></p>
</td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The fair value of these
interest rate swap agreements and forward exchange rate contract
approximates the amounts the Group would pay if these contracts
were settled at the respective valuation dates. Fair value is
estimated based on a standard valuation model that projects future
cash flows and discounts those future cash flows to a present value
using market-based observable inputs such as interest rate yields
and market forward exchange rates. Since significant observable
inputs are used in the valuation model, the interest rate swap
arrangements and the forward exchange rate arrangement are
considered as Level 2 items in the fair value
hierarchy.</font></font></p>
</div>
61840000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>15.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>INCOME TAX (CREDIT)
EXPENSE</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Company and certain
subsidiaries are exempt from tax in the Cayman Islands or British
Virgin Islands (“BVI”), where they are incorporated,
however, the Company is subject to Hong Kong Profits Tax on profits
from its activities conducted in Hong Kong. Certain subsidiaries
incorporated or conducting businesses in Hong Kong, Macau, the
United States of America and other jurisdictions are subject to
Hong Kong Profits Tax, Macau Complementary Tax, income tax in the
United States of America and in other jurisdictions, respectively,
during the years ended December 31, 2011, 2010 and
2009.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Pursuant to the approval
notices issued by Macau Government dated June 7, 2007, Melco
Crown Gaming has been exempted from Macau Complementary Tax on
income generated from gaming operations for five years commencing
from 2007 to 2011 and will continue to benefit from this exemption
for another five years from 2012 to 2016 pursuant to the approval
notices issued by Macau Government in April 2011.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Macau Government has
granted to Altira Hotel Limited (“Altira Hotel”) and
Melco Crown (COD) Hotels Limited (“Melco Crown (COD)
Hotels”) the declaration of utility purpose benefit in 2007
and 2011, respectively, pursuant to which they are entitled to a
property tax holiday, for a period of 12 years, on any immovable
property that they own or have been granted for Altira Macau, Hard
Rock Hotel and Crown Towers Hotel. Under such tax holiday, they
will also be allowed to double the maximum rates applicable
regarding depreciation and reintegration for purposes of assessment
of Macau Complementary Tax. The Macau Government has also granted
to Altira Hotel and Melco Crown (COD) Hotels a declaration of
utility purposes benefit on specific vehicles purchased, pursuant
to which they are entitled to a vehicle tax holiday provided there
is no change in use or disposal of those vehicles within 5 years
from the date of purchase.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The provision for income tax
consisted of:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="82%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Income tax provision for
current year:</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Macau Complementary
Tax</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">223</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">165</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">190</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Hong Kong Profits
Tax</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">822</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">473</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">731</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Profits tax in other
jurisdictions</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">161</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">65</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sub-total</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,206</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">703</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">921</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td height="16"></td>
<td height="16" colspan="4"></td>
<td height="16" colspan="4"></td>
<td height="16" colspan="4"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Under (over) provision of
income tax in prior years:</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Macau Complementary
Tax</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(18</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Hong Kong Profits
Tax</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">142</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">351</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Profits tax in other
jurisdictions</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(21</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sub-total</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">124</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">353</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td height="16"></td>
<td height="16" colspan="4"></td>
<td height="16" colspan="4"></td>
<td height="16" colspan="4"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Deferred tax (credit)
charge:</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Macau Complementary
Tax</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,779</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">166</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,537</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Hong Kong Profits
Tax</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(185</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">58</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">131</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Profits tax in other
jurisdictions</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sub-total</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,966</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">228</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,406</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total income tax (credit)
expense</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,636</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">920</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(132</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">A reconciliation of the
income tax (credit) expense to income (loss) before income tax per
the consolidated statements of operations is as
follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="73%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended
December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Income (loss) before income
tax</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">287,208</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(9,605</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(308,593</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Macau Complementary Tax
rate</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">% </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">% </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">% </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Income tax expense (credit)
at Macau Complementary Tax rate</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">34,465</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,153</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(37,031</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Effect of different tax
rates of subsidiaries operating in other jurisdictions</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">242</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">169</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">235</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Under (over) provision in
prior years</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">124</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">353</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Effect of income for which
no income tax expense is payable</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(575</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(258</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(633</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Effect of expense for which
no income tax benefit is receivable</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,191</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,868</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,978</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Effect of tax holiday
granted by Macau Government</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(69,677</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(28,069</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Losses that cannot be
carried forward</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">15,639</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Change in valuation
allowance</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">21,594</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">22,374</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">18,327</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,636</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">920</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(132</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Macau Complementary Tax and
Hong Kong Profits Tax have been provided at 12% and 16.5% on the
estimated taxable income earned in or derived from Macau and Hong
Kong, respectively during the years ended December 31, 2011,
2010 and 2009, if applicable. Profits tax in other jurisdictions
for the years ended December 31, 2011 and 2010 were provided
mainly for the profits of the representative offices and branches
set up by a subsidiary in the region where they operate. No
provision for profits tax in other jurisdictions for the year ended
December 31, 2009 was made as the representative offices and
branches incurred tax losses where they operate. No provision for
income tax in the United States of America for the years ended
December 31, 2011, 2010 and 2009 was provided as the
subsidiaries incurred tax losses.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Melco Crown Gaming was
granted a tax holiday from Macau Complementary Tax on casino gaming
profits by the Macau Government in 2007. In April 2011, this tax
holiday for Melco Crown Gaming was extended for an additional 5
years through 2016. During the years ended December 31, 2011
and 2010, Melco Crown Gaming reported net income and had the Group
been required to pay such taxes, the Group’s consolidated net
income attributable to the Company for the year ended
December 31, 2011 would have been decreased by $69,677, and
basic and diluted net income attributable to the Company per share
would have reported reduced income of $0.043 per share; and the
Group’s consolidated net loss attributable to the Company for
the year ended December 31, 2010 would have been increased by
$28,069, and basic and diluted net loss attributable to the Company
per share would have reported additional loss of $0.018 per share.
Melco Crown Gaming reported net loss during the year ended
December 31, 2009, thus, there was no impact on the
Group’s basic and diluted net loss attributable to the
Company per share. Melco Crown Gaming’s non-gaming profits
remain subject to the Macau Complementary Tax and its casino
revenues remain subject to the Macau special gaming tax and other
levies in accordance with its gaming subconcession
agreement.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The effective tax rates for
the years ended December 31, 2011 and 2010 were negative rates
of 0.6% and 9.6%, respectively, and the effective tax rate for the
year ended December 31, 2009 was a positive rate of 0.04%.
Such rates differ from the statutory Macau Complementary Tax rate
of 12% primarily due to the effect of change in valuation allowance
for the years ended December 31, 2011, 2010 and 2009 and the
effect of tax holiday granted by the Macau Government as described
in the preceding paragraphs during the years ended
December 31, 2011 and 2010 and the impact of net loss of Melco
Crown Gaming during the year ended December 31,
2009.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The deferred tax assets and
liabilities as of December 31, 2011 and 2010 consisted of the
following:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="82%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Deferred tax
assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net operating loss carried
forwards</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">60,782</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">47,183</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Depreciation and
amortization</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">24</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sub-total</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">60,806</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">47,183</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Valuation
allowance</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Current</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(17,816</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(6,968</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Long-term</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(42,966</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(40,190</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sub-total</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(60,782</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(47,158</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total net deferred tax
assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">24</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">25</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Deferred tax
liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Land use rights</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(68,552</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(16,209</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Intangible assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(505</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(505</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Unrealized capital
allowance</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(971</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,296</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total net deferred tax
liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(70,028</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(18,010</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31, 2011
and 2010, valuation allowance of $60,782 and $47,158 were provided,
respectively, as management does not believe that it is more likely
than not that these deferred tax assets will be realized. As of
December 31, 2011, adjusted operating tax loss carry forwards,
amounting to $148,470, $178,100 and $179,953 will expire in 2012,
2013 and 2014, respectively. Adjusted operating tax loss carried
forwards of $57,563 has expired during the year ended
December 31, 2011.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Deferred tax, where
applicable, is provided under the liability method at the enacted
statutory income tax rate of the respective tax jurisdictions,
applicable to the respective financial years, on the difference
between the consolidated financial statements carrying amounts and
income tax base of assets and liabilities.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Undistributed earnings of
subsidiaries are accounted for as a temporary difference, except
that deferred tax liabilities are not recorded for undistributed
earnings of foreign subsidiaries that are considered indefinitely
reinvested in foreign jurisdictions. The Company has a plan for
reinvestment of undistributed earnings of its foreign subsidiaries
as of December 31, 2011, which demonstrates such earnings will
be indefinitely reinvested in the applicable jurisdictions. As
such, no deferred tax liabilities have been
recorded.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">An evaluation of the tax
positions for recognition was conducted by the Group by determining
if the weight of available evidence indicates it is more likely
than not that the positions will be sustained on audit, including
resolution of related appeals or litigation processes, if any.
Uncertain tax benefits associated with the tax positions were
measured based solely on the technical merits of being sustained on
examinations. The Group concluded that there was no significant
uncertain tax position requiring recognition in the consolidated
financial statements for the years ended December 31, 2011,
2010 and 2009 and there is no material unrecognized tax benefit
which would favorably affect the effective income tax rate in
future periods. As of December 31, 2011 and 2010, there were
no interest and penalties related to uncertain tax positions
recognized in the consolidated financial statements. The Group does
not anticipate any significant increases or decreases to its
liability for unrecognized tax benefit within the next twelve
months.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The income tax returns of
the Company and its subsidiaries remain open and subject to
examination by the tax authorities of Hong Kong, Macau, the United
States of America and other jurisdictions until the statute of
limitations expire in each corresponding jurisdiction. The statute
of limitations in Hong Kong, Macau and the United States of America
are 6 years, 5 years and 3 years, respectively.</font></font></p>
</div>
268000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>16.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>SHARE-BASED
COMPENSATION</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group adopted a share
incentive plan in 2006 (“2006 Share Incentive Plan”) to
attract and retain the best available personnel for positions of
substantial responsibility, to provide additional incentives to
employees, Directors and consultants and to promote the success of
its business. Under the 2006 Share Incentive Plan, the Group may
grant either options to purchase the Company’s ordinary
shares or restricted shares (Note: The restricted shares, as named
in respective grant documents, are accounted for as nonvested
shares). The plan administrator would determine the exercise price
of an option and set forth the price in the award agreement. The
exercise price may be a fixed or variable price related to the fair
market value of the Company’s ordinary shares. If the Group
grants an incentive share option to an employee who, at the time of
that grant, owns shares representing more than 10% of the voting
power of all classes of the Company’s share capital, the
exercise price cannot be less than 110% of the fair market value of
the Company’s ordinary shares on the date of that grant. The
term of an award shall not exceed 10 years from the date of the
grant. The maximum aggregate number of shares which may be issued
pursuant to all awards under the 2006 Share Incentive Plan
(including shares issuable upon exercise of options) is 100,000,000
over 10 years, with a maximum of 50,000,000 over the first
five years, which the Board of Directors of the Company approved
the removal of the maximum limit of 50,000,000 shares issued over
the first five years and the shareholders of the Company approved
this removal at the general meeting held in May 2009. The new share
incentive plan (“2011 Share Incentive Plan”) as
described below was effective immediately after the listing of the
Company’s ordinary shares on the Main Board of SEHK on
December 7, 2011 and no further awards may be granted under
the 2006 Share Incentive Plan on or after such date as all
subsequent awards will be issued under the 2011 Share Incentive
Plan. As of December 31, 2011 and 2010, nil and 63,347,487
shares out of 100,000,000 shares remained available for the grant
of share options or restricted shares under the 2006 Share
Incentive Plan.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">On October 6, 2011, the
Group adopted the 2011 Share Incentive Plan to promote the success
and enhance the value of the Company by linking personal interests
of the members of the Board, employees and consultants to those of
the shareholders and by providing such individuals with incentive
for outstanding performance to generate superior returns to the
shareholders and such adoption was conditional upon the listing of
the Company’s ordinary shares on the Main Board of SEHK on
December 7, 2011. Under the 2011 Share Incentive Plan, the
Group may grant various share based awards, including but not
limited to, options to purchase the Company’s ordinary
shares, share appreciation rights, restricted shares, etc. The term
of such awards shall not exceed 10 years from the date of the
grant. The maximum aggregate number of shares which may be issued
pursuant to all awards under the 2011 Share Incentive Plan is
100,000,000 over 10 years, which could be raised up to 10% of the
issued share capital upon shareholders’ approval. As of
December 31, 2011, 100,000,000 shares remain available for the
grant of various share based awards as no award had been granted or
agreed to be granted under the 2011 Share Incentive
Plan.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group granted ordinary
share options to certain personnel under the 2006 Share Incentive
Plan during the years ended December 31, 2011 and 2010 with
the exercise price determined at the closing price of the date of
grant. These ordinary share options became exercisable over
different vesting periods ranging from immediately vested on date
of grant to four years with different vesting scale. The ordinary
share options granted expire 10 years after the date of grant,
except for options granted in the exchange program, described
below, which have a range of 7.7 to 8.3 years’
life.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">During the year ended
December 31, 2009, the Board of Directors of the Company
approved a proposal to allow for a one-time share option exchange
program, designed to provide eligible employees an opportunity to
exchange certain outstanding underwater share options for a lesser
amount of new share options to be granted with lower exercise
prices. Share options eligible for exchange were those that were
granted on or prior to April 11, 2008 under the 2006 Share
Incentive Plan. A total of approximately 5.4 million eligible
share options were tendered by employees, representing 94% of the
total share options eligible for exchange. The Group granted an
aggregate of approximately 3.6 million new share options in
exchange for the eligible share options surrendered. The exercise
price of the new share options was $1.43, which was the closing
price of the Company’s ordinary share on the grant date. No
incremental share option expense was recognized for the exchange
because the fair value of the new options, using Black-Scholes
valuation model, was approximately equal to the fair value of the
surrendered options they replaced. The significant assumptions used
to determine the fair value of the new options includes expected
dividend of nil, expected stock price volatility of 87.29%,
risk-free interest rate of 2.11% and expected average life of 5.6
years.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">During the year ended
December 31, 2009, the Group settled bonus provision related
to the year ended December 31, 2008 to employees with
approximately 6.4 million restricted shares granted and vested
on the same date in 2009. The total fair value of those restricted
shares amounted to $6,914.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group has also granted
restricted shares to certain personnel under the 2006 Share
Incentive Plan during the years ended December 31, 2011, 2010
and 2009. These restricted shares have a vesting period ranging
from immediately vested on date of grant to four years. The grant
date fair value is determined with reference to the market closing
price at date of grant.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group uses the
Black-Scholes valuation model to determine the estimated fair value
for each option grant issued, with highly subjective assumptions,
changes in which could materially affect the estimated fair value.
Expected volatility is based on the historical volatility of a peer
group of publicly traded companies. Expected term is based upon the
vesting term or the historical of expected term of publicly traded
companies. The risk-free interest rate used for each period
presented is based on the United States of America Treasury yield
curve at the time of grant for the period equal to the expected
term.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The fair value per option
was estimated at the date of grant using the following
weighted-average assumptions (excludes options granted in share
option exchange program):</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="85%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Expected dividend
yield</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Expected stock price
volatility</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">81.87</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">% </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">79.24</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">% </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">74.60</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">% </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Risk-free interest
rate</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2.07</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">% </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.78</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">% </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.45</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">% </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Expected average life of
options (years)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5.1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5.5</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5.5</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><i>Share
Options</i></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">A summary of share options
activity under the 2006 Share Incentive Plan as of
December 31, 2011, and changes during the years ended
December 31, 2011, 2010 and 2009 are presented
below:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="92%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="53%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Number<br />
of Share<br />
Options</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Weighted-<br />
Average<br />
Exercise<br />
Price per Share</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Weighted-<br />
Average<br />
Remaining<br />
Contractual<br />
Term</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Aggregate<br />
Intrinsic<br />
Value</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Outstanding at
January 1, 2009</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">22,270,246</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2.14</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Granted</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,792,536</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.07</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Granted under option
exchange program</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,612,327</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.43</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Exercised</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Forfeited</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,809,419</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.93</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Expired</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(104,738</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4.58</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Cancelled under option
exchange program</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(5,418,554</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4.39</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Outstanding at
December 31, 2009</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">22,342,398</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.26</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Granted</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,266,174</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.17</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Exercised</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(804,285</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.17</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Forfeited</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(5,169,216</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.27</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Expired</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(181,578</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4.48</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Outstanding at
December 31, 2010</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">20,453,493</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.22</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Granted</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5,150,946</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2.52</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Exercised</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(3,835,596</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.03</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Forfeited</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(783,423</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.52</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Expired</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(68,958</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4.40</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Outstanding at
December 31, 2011</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">20,916,462</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.55</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7.54</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">35,367</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Exercisable at
December 31, 2011</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,007,541</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">                1.25</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">            6.88</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">            22,290</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">A summary of share options
vested and expected to vest under the 2006 Share Incentive Plan at
December 31, 2011 are presented below:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="92%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="49%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Vested</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Number<br />
of Share<br />
Options</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Weighted-<br />
Average<br />
Exercise<br />
Price per Share</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Weighted-<br />
Average<br />
Remaining<br />
Contractual<br />
Term</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Aggregate<br />
Intrinsic Value</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Range of exercise prices per
share ($1.01 - $5.06) (Note)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,007,541</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">                1.25</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">            6.88</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">            22,290</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Note: 6,961,784 share
options vested during the year ended December 31, 2011 of
which 68,958 share options expired.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="50%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Expected to Vest</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Number<br />
of Share<br />
Options</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Weighted-<br />
Average<br />
Exercise<br />
Price per Share</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Weighted-<br />
Average<br />
Remaining<br />
Contractual<br />
Term</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Aggregate<br />
Intrinsic Value</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Range of exercise prices per
share ($1.01 - $4.69)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">9,908,921</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">                1.89</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">            8.26</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">            13,077</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The weighted-average fair
value of share options granted (excludes options granted in the
share option exchange program) during the years ended
December 31, 2011, 2010 and 2009 were $1.67, $0.84 and $0.67,
respectively. 3,835,596 and 804,285 share options were exercised
and proceeds amounted to $3,950 and $938 were recognized during the
years ended December 31, 2011 and 2010, respectively. The
total intrinsic value of share options exercised for the years
ended December 31, 2011 and 2010 were $8,348 and $767,
respectively. No share options were exercised during the year ended
December 31, 2009 and therefore no cash proceeds was
recognized.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, there was $9,183 unrecognized compensation costs related to
unvested share options and the costs were expected to be recognized
over a weighted-average period of 2.03 years.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><i>Restricted
Shares</i></font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">A summary of the status of
the 2006 Share Incentive Plan’s restricted shares as of
December 31, 2011, and changes during the years ended
December 31, 2011, 2010 and 2009 are presented
below:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="72%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Number of<br />
Restricted<br />
Shares</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Weighted-<br />
Average Grant<br />
Date Fair Value</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Unvested at January 1,
2009</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,538,076</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2.02</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Granted</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,071,741</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.09</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Vested</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(10,825,445</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.61</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Forfeited</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(538,341</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.61</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Unvested at
December 31, 2009 and January 1, 2010</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,246,031</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.41</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Granted</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,463,151</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.38</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Vested</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,298,657</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.67</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Forfeited</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(761,466</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.27</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Unvested at
December 31, 2010 and January 1, 2011</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,649,059</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.31</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Granted</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,908,383</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2.52</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Vested</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,252,223</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.07</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Forfeited</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(302,716</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1.97</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Unvested at
December 31, 2011</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,002,503</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">                2.22</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The total fair values at
date of grant of the restricted shares vested during the years
ended December 31, 2011, 2010 and 2009 were $1,339, $2,166 and
$17,433, respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, there was $6,033 of unrecognized compensation costs related
to restricted shares and the costs are expected to be recognized
over a weighted-average period of 2.12 years.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The impact of share options
and restricted shares for the years ended December 31, 2011,
2010 and 2009 recognized in the consolidated financial statements
were as follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="72%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended
December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">    2011    </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">    2010    </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">    2009    </font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Share options</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5,570</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,439</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5,169</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Restricted shares</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,054</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,606</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,638</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total share-based
compensation expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,624</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,045</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,807</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Less: share-based
compensation expenses capitalized in construction in
progress</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(422</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Share-based compensation
recognized in general and administrative expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,624</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,043</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,385</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>20.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>RELATED PARTY
TRANSACTIONS</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">During the years ended
December 31, 2011, 2010 and 2009, the Group entered into the
following significant related party transactions:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="40%"></td>
<td valign="bottom" width="4%"></td>
<td width="37%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom" nowrap="nowrap">
<p style="border-bottom:1px solid #000000;width:75pt"><font style="font-family:Times New Roman" size="2">Related companies</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" align="center" style="border-bottom:1px solid #000000">
<p style="margin-top:0px;margin-bottom:1px" align="center">
<font style="font-family:Times New Roman" size="2">Nature of
transactions</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top" colspan="14">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><i>Transactions with
affiliated companies</i></font></p>
</td>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><i>  </i></font></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Chang Wah Garment
Manufacturing Company Limited (“Chang Wah”)</font>
<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Operating and office supplies expenses</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">175</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Purchase of property and equipment</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">150</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Chin Son, Limited</font>
<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(2)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Purchase of property and equipment</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,756</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Crown's
subsidiary</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Consultancy fee capitalized
in construction in progress</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,312</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Consultancy fee recognized as expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">461</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">298</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">761</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Management fees expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">45</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Office rental expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">13</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Purchase of property and equipment</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">307</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">74</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Service fee expense</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(5)</sup></font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(24</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">48</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Traveling expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Other service fee income</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">43</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">14</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">767</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Rooms and food and beverage income</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Lisboa Holdings
Limited</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(2)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Office rental expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,493</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,106</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,105</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Melco’s subsidiaries
and its associated companies</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Advertising and promotional expenses</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">9</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Consultancy fee expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">509</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">570</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">540</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Management fees expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">14</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">14</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Network support fee expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">28</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Office rental expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">533</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">533</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">485</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Operating and office supplies expenses</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">68</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">160</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">33</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Purchase of property and equipment</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">186</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,287</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">55,021</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Repairs and maintenance expenses</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">236</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">87</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Service fee expense</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(6)</sup></font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">502</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">524</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">646</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Other service fee income</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">307</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">254</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">129</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Rooms and food and beverage income</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">221</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">13</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Melco Crown Entertainment
Charity Association (“MCE Charity
Association”)</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"> (3)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Donation expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">120</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">MGM Grand Paradise<br />
Limited (“MGM”)</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(2)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Office rental expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">155</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Operating and office supplies expenses</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Purchase of property and equipment</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">37</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Shuffle Master Asia
Limited</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:2.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">(“Shuffle
Master”)</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(4)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Operating and office supplies expenses</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">31</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Purchase of property and equipment</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,200</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Shun Tak Holdings Limited
and its subsidiaries (referred to as “Shun Tak
Group”)</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(2)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Advertising and promotional expenses</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">126</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Office rental expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">124</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">212</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">131</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Operating and office supplies expenses</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">20</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">18</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">18</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Purchase of property and equipment</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Traveling expense</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(7)</sup></font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,794</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,750</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,058</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Rooms and food and beverage income</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">445</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">64</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sky Shuttle
Helicopters<br />
Limited (“Sky Shuttle”)</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(2)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Traveling expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,008</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,433</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">852</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sociedade de Jogos de<br />
Macau S.A. (“SJM”)</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(2)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Office rental expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">158</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">206</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Traveling expense
capitalized in construction in progress</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(7)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Traveling expense recognized
as expense</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(7)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">482</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sociedade de Turismo e
Diversões de Macau, S.A. (“STDM”) and its
subsidiaries (together with STDM referred to as “STDM
Group”)</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"> (2)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Advertising and promotional expenses</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">116</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">75</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">85</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Office rental expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">807</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">259</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">259</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Service fee expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">113</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">54</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Traveling expense
capitalized in construction in progress</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(7)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">65</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Traveling expense recognized
as expense</font> <font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(7)</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">115</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">792</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">739</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top" colspan="3">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><i>Transactions with
shareholders</i></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Crown</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Interest charges capitalized
in construction in progress</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Interest charges recognized as expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">97</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">86</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">77</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Other service fee income</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Rooms and food and beverage income</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">39</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Melco</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Interest charges capitalized
in construction in progress</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">765</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Interest charges recognized as expense</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">174</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">156</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">138</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Other service fee income</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">23</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">Rooms and food and beverage income</font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">15</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">39</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:6px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Notes</font></font></p>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(1)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">A company in which a
relative of Mr. Lawrence Ho, the Company’s Chief
Executive Officer, had beneficial interest until end of December
2009.</font></td>
</tr>
</table>
<p style="font-size:3px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(2)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">Companies in which a
relative/relatives of Mr. Lawrence Ho has/have beneficial
interests.</font></td>
</tr>
</table>
<p style="font-size:3px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(3)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">An association of which
certain subsidiaries of the Company are directors.</font></td>
</tr>
</table>
<p style="font-size:3px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(4)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">Companies in which the
Company’s former Chief Operating Officer, who resigned this
position in May 2009, was an independent non-executive director of
its parent company.</font></td>
</tr>
</table>
<p style="font-size:3px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(5)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">The negative amount
including reversal of over-accrual of related expense during the
year.</font></td>
</tr>
</table>
<p style="font-size:3px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(6)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">The amounts mainly represent
the Company’s reimbursement to Melco’s subsidiary for
service fees incurred on its behalf for rental, office
administration, travel and security coverage for the operation of
the office of the Company’s Chief Executive
Officer.</font></td>
</tr>
</table>
<p style="font-size:3px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(7)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">Traveling expenses including
ferry and hotel accommodation services within Hong Kong and
Macau.</font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(a)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Amounts Due From
Affiliated Companies</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The outstanding balances
arising from operating income received or prepayment of operating
expenses as of December 31, 2011 and 2010 are as
follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="86%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Melco's subsidiaries and its
associated companies</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,744</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,464</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Shun Tak Group</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">102</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">64</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,846</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,528</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The maximum amounts
outstanding due from Melco’s subsidiaries during the years
ended December 31, 2011 and 2010 were $1,841 and $1,757,
respectively. The maximum amounts outstanding due from
Melco’s associated companies during the years ended
December 31, 2011 and 2010 were $4 and $5,
respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The maximum amounts
outstanding due from Shun Tak Group during the years ended
December 31, 2011 and 2010 were $236 and $64,
respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The outstanding balances due
from affiliated companies as of December 31, 2011 and 2010 as
mentioned above are unsecured, non-interest bearing and repayable
on demand.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(b)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Amounts Due To Affiliated
Companies</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The outstanding balances
arising from operating expenses as of December 31, 2011 and
2010 are as follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="87%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Crown's
subsidiary</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">18</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">99</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Melco's subsidiaries and its
associated companies</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">179</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">134</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">MCE Charity
Association</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">120</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Shun Tak Group</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">304</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">276</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">SJM</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">113</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Sky Shuttle</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">302</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">STDM Group</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">101</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">164</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,137</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">673</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The outstanding balances due
to affiliated companies as of December 31, 2011 and 2010 as
mentioned above are unsecured, non-interest bearing and repayable
on demand.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(c)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Loans From
Shareholders</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Melco and Crown provided
loans to the Company mainly for working capital purposes, for the
acquisition of the Altira Macau and the City of Dreams sites and
for construction of Altira Macau and City of
Dreams.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2010, the outstanding loan balance due to Melco amounted to
HK$578,577,752 (approximately $74,367), was unsecured, interest
bearing at 3-month HIBOR per annum and at 3-month HIBOR plus
1.5% per annum only during the period from May 16, 2008
to May 15, 2009 and repayable in May 2012. As of
December 31, 2010, the outstanding loan balance due to Crown
amounted to HK$321,157,031 (approximately $41,280), was unsecured,
interest bearing at 3-month HIBOR per annum and repayable in May
2012.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">On November 18, 2011,
Melco and Crown agreed to convert their respective shareholder
loans into equity. They entered into a series of agreements,
pursuant to which, on November 29, 2011 (the
“Capitalization Date”):</font></font></p>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="14%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">•</font></td>
<td width="1%" valign="top"><font size="1"> </font></td>
<td align="left" valign="top">
<p align="left"><font style="font-family:Times New Roman" size="2">Melco transferred by novation HK$180,000,000 (approximately
$23,136) of the outstanding loan balances owed to Melco by the
Company to Crown. On completion of the novation, the Company was
indebted to Melco in the sum of HK$398,577,752 (approximately
$51,231) and Crown in the sum of HK$501,157,031 (approximately
$64,416).</font></p>
</td>
</tr>
</table>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="14%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">•</font></td>
<td width="1%" valign="top"><font size="1"> </font></td>
<td align="left" valign="top">
<p align="left"><font style="font-family:Times New Roman" size="2">Each of Melco and Crown agreed to convert outstanding loan
balances owed by the Company to them into shares. The Company
issued a total of 40,211,930 ordinary shares in connection with the
shareholder loan conversion, based on a conversion price of $2.87
per share.</font></p>
</td>
</tr>
</table>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The maximum amount of
outstanding loan balances due to Melco and Crown during the years
ended December 31, 2011 and 2010 was HK$578,577,752
(approximately $74,367) and HK$501,157,031 (approximately $64,416),
respectively.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(d)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Amounts Due From/To
Shareholders</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, the outstanding balance due from Melco of $6, arising from
operating income received. As of December 31, 2010, the
outstanding balance was a payable to Melco of $23, mainly related
to interest payable on the outstanding loan balances. These amounts
were unsecured, non-interest bearing and repayable on
demand.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The amounts of $13 due to
Crown as of December 31, 2010, related to interest payable on
the outstanding loan balances, were unsecured, non-interest bearing
and repayable on demand.</font></font></p>
</div>
1616854682
557910000
706556000
318000
18247000
2698981000
288844000
9359000
14203000
-2967000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>10.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>ACCRUED EXPENSES AND
OTHER CURRENT LIABILITIES</b></font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="82%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Construction costs
payable</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">13,316</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">14,218</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Customer deposits and ticket
sales</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">42,832</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">50,143</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Gaming tax
accruals</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">169,576</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">137,299</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Interest expenses
payable</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,180</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,635</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Interest rate swap
liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">363</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,143</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Land use right
payable</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">15,960</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">15,191</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Operating expense and other
accruals</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">100,161</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">79,232</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other gaming related
accruals</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">19,643</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">15,065</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Outstanding gaming chips and
tokens</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">187,978</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">131,158</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payables for acquisition of
assets and liabilities (Note 22)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">26,710</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">588,719</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">462,084</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>9.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>ACCOUNTS
PAYABLE</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The following is an aged
analysis of accounts payable presented based on payment due
date:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="85%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Within 30 days</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">9,551</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,431</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">31-60 days</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">755</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">319</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">61-90 days</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,196</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">37</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Over 90 days</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">521</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">93</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,023</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">8,880</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
3930439000
-4310000
15271000
34401000
237309000
14630000
52000
57237000
259224000
70000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>5.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>GAMING SUBCONCESSION,
NET</b></font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="80%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Deemed cost</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">900,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">900,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Less: accumulated
amortization</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(300,495</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(243,258</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Gaming subconcession,
net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">599,505</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">656,742</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The deemed cost was
determined based on the estimated fair value of the gaming
subconcession contributed by a shareholder of the Company in 2006.
The gaming subconcession is amortized on a straight-line basis over
the term of the gaming subconcession agreement which expires in
June 2022. The Group expects that amortization of the gaming
subconcession will be approximately $57,237 each year from 2012
through 2021, and approximately $27,135 in 2022.</font></font></p>
</div>
94182000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>23.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>CONDENSED CONSOLIDATING
FINANCIAL INFORMATION</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In May 2010, MCE Finance
(the “Issuer”), an indirect subsidiary of the Company
(the “Parent”), issued the Senior Notes as disclosed in
Note 11.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Issuer and all
subsidiary guarantors except Melco Crown Gaming are 100% directly
or indirectly owned by the Parent guarantor. Certain Macau laws
require companies limited by shares (<i>sociedade anónima</i>)
incorporated in Macau to have a minimum of three shareholders, and
all gaming concessionaires and subconcessionaires to be managed by
a Macau permanent resident, the managing director, who must hold at
least 10% of the share capital of the concessionaire or
subconcessionaire. In accordance with such Macau laws,
approximately 90% of the share capital of Melco Crown Gaming is
indirectly owned by the Parent. While the Group complies with the
Macau laws, Melco Crown Gaming is considered an indirectly 100%
owned subsidiary of the Parent for purposes of the consolidated
financial statements of the Parent because the economic interest of
the 10% holding of the managing director is limited to, in
aggregate with other class A shareholders, MOP1 on the winding up
or liquidation of Melco Crown Gaming and to receive an aggregate
annual dividend of MOP1. The City of Dreams Project Facility, the
2011 Credit Facilities and the gaming subconcession agreement
significantly restrict the Parent’s, the Issuer’s and
the subsidiary guarantors’ ability to obtain funds from each
other guarantor subsidiary in the form of a dividend or
loan.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Condensed consolidating
financial statements for the Parent, Issuer, guarantor subsidiaries
and non-guarantor subsidiaries as of December 31, 2011 and
2010, and for the years ended December 31, 2011, 2010, and
2009 are presented in the following tables. Information has been
presented such that investments in subsidiaries, if any, are
accounted for under the equity method and the principal elimination
entries eliminate the investments in subsidiaries and intercompany
balances and transactions. Additionally, the guarantor and
non-guarantor subsidiaries are presented on a combined
basis.</font></font></p>
<p style="margin-top:6px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>CONDENSED CONSOLIDATING
BALANCE SHEETS</b></font></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>December 31,
2011</b></font></font></p>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="42%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Parent</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Issuer</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Guarantor<br />
Subsidiaries </font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Non-<br />
guarantor<br />
Subsidiaries</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Elimination</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Consolidated</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1"><b>ASSETS</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">CURRENT ASSETS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Cash and cash
equivalents</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">77,805</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,014,033</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">66,186</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,158,024</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Accounts receivables,
net</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">306,500</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">306,500</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amounts due from affiliated
companies</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,551</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">299</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">46</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(50</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,846</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amount due from a
shareholder</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Intercompany
receivables</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">49,889</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">7,822</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">59,500</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">171,217</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(288,428</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Inventories</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">15,258</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">15,258</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Prepaid expenses and other
current assets</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">5,966</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">43</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">15,027</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,846</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">23,882</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total current
assets</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">135,211</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">7,865</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,410,623</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">240,295</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(288,478</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,505,516</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">PROPERTY AND EQUIPMENT,
NET</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,481,176</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">174,253</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,655,429</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">GAMING SUBCONCESSION,
NET</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">599,505</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">599,505</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">INTANGIBLE ASSETS,
NET</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,220</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,220</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">GOODWILL</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">81,915</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">81,915</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">INVESTMENT IN
SUBSIDIARIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,415,113</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,599,928</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,114,259</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">381,420</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(10,510,720</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">ADVANCE TO ULTIMATE HOLDING
COMPANY</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LONG-TERM PREPAYMENT,
DEPOSITS AND OTHER ASSETS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">135</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">71,742</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">981</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">72,858</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">RESTRICTED CASH</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">364,807</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">364,807</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">DEFERRED TAX
ASSETS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">24</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">24</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">DEFERRED FINANCING
COSTS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">5,159</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">11,637</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">25,942</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">42,738</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LAND USE RIGHTS,
NET</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">408,630</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">534,338</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">942,968</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">TOTAL</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,920,425</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,619,430</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">9,198,012</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,387,451</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(10,855,338</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,269,980</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1"><b>LIABILITIES AND
SHAREHOLDERS’</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">    <b>EQUITY</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">CURRENT
LIABILITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Accounts payable</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">12,023</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">12,023</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Accrued expenses and other
current liabilities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,317</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,046</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">519,114</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">53,242</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">588,719</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Income tax
payable</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">67</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,173</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,240</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Intercompany
payables</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">181,609</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">73,254</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">33,565</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(288,428</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amounts due to affiliated
companies</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">52</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,032</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">103</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(50</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,137</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total current
liabilities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">190,045</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,046</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">605,423</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">88,083</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(288,478</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">603,119</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LONG-TERM DEBT</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">718,085</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">593,166</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,014,729</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,325,980</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">OTHER LONG-TERM
LIABILITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,986</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">22,914</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">27,900</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">DEFERRED TAX
LIABILITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">16,900</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">53,128</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">70,028</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">ADVANCE FROM
ULTIMATE</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">    HOLDING COMPANY</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,066,119</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">341,934</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,408,053</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LOAN FROM INTERMEDIATE
HOLDING COMPANY</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">580,630</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(580,630</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">ADVANCE FROM IMMEDIATE
HOLDING COMPANY</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">ADVANCE FROM A
SUBSIDIARY</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LAND USE RIGHTS
PAYABLE</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,281</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">47,020</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">55,301</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1"><b>SHAREHOLDERS’
EQUITY</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total Melco Crown
Entertainment Limited shareholders’ equity</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,956,155</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,018,218</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">5,900,944</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">778,232</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(8,697,394</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,956,155</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Noncontrolling
interests</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">231,497</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">231,497</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">TOTAL</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,920,425</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,619,430</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">    9,198,012</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">    1,387,451</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(10,855,338</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">    6,269,980</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>CONDENSED CONSOLIDATING
BALANCE SHEETS</b></font></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>December 31,
2010</b></font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="38%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Parent</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Issuer</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Guarantor<br />
Subsidiaries </font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Non-<br />
guarantor<br />
Subsidiaries</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Elimination</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Consolidated</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1"><b>ASSETS</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">CURRENT ASSETS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Cash and cash
equivalents</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">410,767</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">27,958</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">441,923</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Restricted cash</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">167,286</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">167,286</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Accounts receivable,
net</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">259,521</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">259,521</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amounts due from affiliated
companies</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,351</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">167</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">60</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(50</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,528</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Intercompany
receivables</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">77,682</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,099</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">32,198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">174,481</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(292,460</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Income tax
receivable</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Inventories</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">14,990</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">14,990</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Prepaid expenses and other
current assets</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,722</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">9</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">9,048</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,247</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">15,026</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total current
assets</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">87,151</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,108</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">893,977</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">203,746</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(292,510</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">900,472</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">PROPERTY AND EQUIPMENT,
NET</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,660,069</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">11,826</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,671,895</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">GAMING SUBCONCESSION,
NET</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">656,742</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">656,742</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">INTANGIBLE ASSETS,
NET</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,220</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,220</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">GOODWILL</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">81,915</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">81,915</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">INVESTMENTS IN
SUBSIDIARIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,734,880</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,254,958</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,058,120</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,301</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(9,054,259</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LONG-TERM
PREPAYMENT,</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">    DEPOSITS AND OTHER ASSETS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">641</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">94,470</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">518</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">95,629</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">DEFERRED TAX
ASSETS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">25</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">25</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">DEFERRED FINANCING
COSTS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">13,452</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">31,935</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">45,387</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LAND USE RIGHTS,
NET</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">428,155</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">428,155</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">TOTAL</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,822,672</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,276,518</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,909,603</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">222,416</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(9,346,769</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4,884,440</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1"><b>LIABILITIES AND
SHAREHOLDERS’ EQUITY</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">CURRENT
LIABILITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Accounts payable</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,880</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,880</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Accrued expenses and other
current liabilities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,890</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,270</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">441,641</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">10,283</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">462,084</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Income tax
payable</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">934</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">934</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Current portion of long-term
debt</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">202,997</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">202,997</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Intercompany
payables</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">181,771</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">19</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">93,329</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">17,341</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(292,460</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amounts due to affiliated
companies</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">137</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">510</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">76</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(50</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">673</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amounts due to
shareholders</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">36</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">36</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total current
liabilities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">183,834</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">8,289</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">747,357</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">28,634</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(292,510</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">675,604</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LONG-TERM DEBT</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">592,443</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">928,808</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,521,251</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">OTHER LONG-TERM
LIABILITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,476</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">20</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">6,496</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">DEFERRED TAX
LIABILITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">17,818</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">192</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">18,010</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">ADVANCE FROM ULTIMATE
HOLDING COMPANY</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,047,648</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">11,254</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,058,902</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LOAN FROM INTERMEDIATE
HOLDING COMPANY</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">578,617</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(578,617</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LOANS FROM
SHAREHOLDERS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">115,647</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">115,647</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">LAND USE RIGHT
PAYABLE</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">24,241</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">24,241</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1"><b>SHAREHOLDERS’
EQUITY</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total shareholders’
equity</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,523,191</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,675,786</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">5,558,638</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">182,316</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(7,416,740</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,523,191</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">TOTAL</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,822,672</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">2,276,518</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">    8,909,603</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">    222,416</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(9,346,769</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">    4,884,440</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"><font size="1"> </font></font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>CONDENSED CONSOLIDATING
STATEMENTS OF OPERATIONS</b></font></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>For the year ended
December 31, 2011</b></font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="35%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Parent</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Issuer</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Guarantor<br />
Subsidiaries </font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Non-<br />
guarantor<br />
Subsidiaries</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Elimination</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Consolidated</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">OPERATING
REVENUES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Casino</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,679,423</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,679,423</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Rooms</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">105,565</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(2,556</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">103,009</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Food and beverage</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">68,409</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(6,569</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">61,840</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Entertainment, retail and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">96,085</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">47</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(9,965</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">86,167</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Gross revenues</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,949,482</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">47</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(19,090</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,930,439</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Less: promotional
allowances</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(99,592</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(99,592</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Net revenues</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,849,890</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">47</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(19,090</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,830,847</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">OPERATING COSTS AND
EXPENSES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Casino</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(2,701,999</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,018</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(2,698,981</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Rooms</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(18,631</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">384</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(18,247</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Food and beverage</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(34,699</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">505</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(34,194</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Entertainment, retail and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(71,151</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">12,747</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(58,404</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">General and
administrative</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(19,474</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(182</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(216,640</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(61,162</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">77,234</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(220,224</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Pre-opening costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,556</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,138</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">4</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(2,690</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Development costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,110</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,110</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amortization of gaming
subconcession</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(57,237</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(57,237</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Amortization of land use
rights</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(19,525</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(14,876</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(34,401</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Depreciation and
amortization</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(257,414</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,810</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(259,224</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Property charges and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(25</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,025</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total operating costs and
expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(20,474</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(182</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(3,378,877</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(80,096</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">93,892</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(3,385,737</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">OPERATING (LOSS)
INCOME</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(20,474</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(182</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">471,013</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(80,049</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">74,802</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">445,110</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">NON-OPERATING INCOME
(EXPENSES)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Interest (expenses) income,
net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(8,377</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,290</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(101,502</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,086</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(109,675</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Reclassification of
accumulated losses of interest rate swap agreements from
accumulated other comprehensive losses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(4,310</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(4,310</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Change in fair value of
interest rate swap agreements</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,947</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,947</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Other finance
costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(2,260</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,815</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(11,539</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(15,614</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Foreign exchange loss,
net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(293</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,445</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(33</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1,771</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Other income, net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">14,812</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">182</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">63,472</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(74,802</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">3,664</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Listing expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(8,950</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(8,950</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Loss on extinguishment of
debt</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(25,193</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(25,193</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Share of results of
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">320,809</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">332,536</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(653,344</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">Total non-operating income
(expenses)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">315,741</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">332,193</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(140,043</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">62,353</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(728,146</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(157,902</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">INCOME (LOSS) BEFORE INCOME
TAX</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">295,267</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">332,011</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">330,970</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(17,696</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(653,344</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">287,208</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">INCOME TAX (EXPENSE)
CREDIT</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(611</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">915</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,332</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">1,636</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">NET INCOME (LOSS)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">294,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">332,011</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">331,885</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(16,364</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(653,344</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">288,844</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">NET LOSS ATTRIBUTABLE TO
NONCONTROLLING INTERESTS</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">5,812</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">5,812</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="1">NET INCOME (LOSS)
ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">294,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">332,011</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">331,885</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(16,364</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">(647,532</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="1">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="1">294,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="1">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>CONDENSED CONSOLIDATING
STATEMENTS OF OPERATIONS</b></font></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>For the year ended
December 31, 2010</b></font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="38%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Parent</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Issuer</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Guarantor<br />
Subsidiaries </font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Non-<br />
guarantor<br />
Subsidiaries</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Elimination</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Consolidated</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">OPERATING
REVENUES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Casino</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,550,542</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,550,542</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Rooms</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">86,165</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,447</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">83,718</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Food and beverage</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">61,738</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(5,059</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">56,679</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Entertainment, retail and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">33,692</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">194</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,207</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">32,679</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Gross revenues</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,732,137</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">194</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(8,713</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,723,618</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Less: promotional
allowances</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(81,642</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(81,642</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net revenues</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,650,495</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">194</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(8,713</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,641,976</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">OPERATING COSTS AND
EXPENSES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Casino</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,951,336</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,312</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,949,024</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Rooms</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(16,674</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">542</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(16,132</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Food and beverage</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(33,263</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">365</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(32,898</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Entertainment, retail and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(25,332</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5,556</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(19,776</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">General and
administrative</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(14,985</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(19</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(197,478</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(47,268</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">59,920</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(199,830</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Pre-opening costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(18,972</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">324</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(18,648</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amortization of gaming
subconcession</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(57,237</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(57,237</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amortization of land use
rights</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(19,522</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(19,522</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Depreciation and
amortization</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(234,427</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,879</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(236,306</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Property charges and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(91</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(91</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total operating costs and
expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(14,985</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(19</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,554,332</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(49,147</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">69,019</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,549,464</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">OPERATING (LOSS)
INCOME</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(14,985</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(19</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">96,163</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(48,953</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">60,306</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">92,512</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">NON-OPERATING INCOME
(EXPENSES)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Interest (expenses) income,
net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(236</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">759</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(93,499</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">23</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(92,953</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other finance
costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,134</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(9,357</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(10,491</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Foreign exchange (loss)
gain, net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(41</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(179</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,042</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,741</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,563</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other income, net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,257</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">19</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">391</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">49,713</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(60,306</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,074</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Costs associated with debt
modification</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(3,310</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(3,310</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Share of results of
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(6,129</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(7,298</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">13,428</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total non-operating income
(expenses)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,851</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(7,833</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(103,734</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">51,477</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(46,878</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(102,117</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">(LOSS) INCOME BEFORE INCOME
TAX</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(10,134</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(7,852</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(7,571</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,524</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">13,428</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(9,605</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">INCOME TAX
EXPENSES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(391</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(166</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(363</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(920</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">NET (LOSS) INCOME</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(10,525</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(7,852</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(7,737</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,161</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">13,428</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(10,525</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>CONDENSED CONSOLIDATING
STATEMENTS OF OPERATIONS</b></font></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>For the year ended
December 31, 2009</b></font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="34%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Parent</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Issuer</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Guarantor<br />
Subsidiaries </font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Non-<br />
guarantor<br />
Subsidiaries</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Elimination</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Consolidated</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">OPERATING
REVENUES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Casino</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,304,634</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,304,634</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Rooms</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">42,598</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,383</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">41,215</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Food and beverage</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">29,450</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,270</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">28,180</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Entertainment, retail and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">10,103</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,773</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,877</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Gross revenues</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,386,785</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(880</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,385,906</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Less: promotional
allowances</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(53,033</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(53,033</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net revenues</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,333,752</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(880</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,332,873</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">OPERATING COSTS AND
EXPENSES</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Casino</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,130,887</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">585</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,130,302</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Rooms</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(6,402</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">45</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(6,357</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Food and beverage</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(16,936</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">83</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(16,853</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Entertainment, retail and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(4,283</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">279</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(4,004</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">General and
administrative</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(21,089</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(122,884</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(22,584</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">35,571</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(130,986</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Pre-opening costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(91,994</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(530</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">642</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(91,882</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amortization of gaming
subconcession</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(57,237</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(57,237</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amortization of land use
rights</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(18,395</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(18,395</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Depreciation and
amortization</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(139,875</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,989</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(141,864</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Property charges and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(4,185</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,855</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(7,040</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total operating costs and
expenses</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(21,089</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,593,078</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(27,958</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">37,205</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,604,920</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">OPERATING LOSS</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(21,089</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(259,326</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(27,957</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">36,325</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(272,047</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">NON-OPERATING (EXPENSES)
INCOME</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Interest (expenses) income,
net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(119</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(31,208</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(31,326</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other finance
costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(8,227</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(8,227</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Foreign exchange (loss)
gain, net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(115</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">711</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(98</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(7</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">491</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Other income, net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">15,127</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">303</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">23,404</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(36,318</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,516</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Share of results of
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(301,368</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(296,065</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(216</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">597,649</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Total non-operating
(expenses) income</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(286,475</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(296,065</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(38,637</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">23,307</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">561,324</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(36,546</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">LOSS BEFORE INCOME
TAX</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(307,564</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(296,065</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(297,963</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(4,650</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">597,649</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(308,593</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">INCOME TAX (EXPENSES)
CREDIT</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(897</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,536</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(507</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">132</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">NET LOSS</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(308,461</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(296,065</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(296,427</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(5,157</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">597,649</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(308,461</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>CONDENSED CONSOLIDATING
STATEMENTS OF CASH FLOWS</b></font></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>For the year ended
December 31, 2011</b></font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="42%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Parent</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Issuer</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Guarantor<br />
Subsidiaries </font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Non-<br />
guarantor<br />
Subsidiaries</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Elimination</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Consolidated</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM OPERATING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash (used in) provided
by operating activities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11,098</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">166</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">741,867</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">13,725</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">744,660</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM INVESTING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advances to
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(330,680</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">330,680</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Repayment of advance to a
subsidiary</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,126</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11,126</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due from
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,825</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,825</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advance to ultimate holding
company</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advance to a
subsidiary</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Acquisition of
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(290,058</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(290,058</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Changes in restricted
cash</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(353,278</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">167,286</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(185,992</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Acquisition of property and
equipment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(73,791</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(16,477</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(90,268</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payment for land use
right</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(15,271</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(15,271</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Deposits for acquisition of
property and equipment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(3,962</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(3,962</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payment for entertainment
production costs</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(70</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(70</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from sale of
property and equipment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">233</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">233</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash (used in) provided
by investing activities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(674,657</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">18,285</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(362,675</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">433,659</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(585,388</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM FINANCING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advance from ultimate
holding company</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">330,680</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(330,680</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Repayment of advance from
ultimate holding company</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11,126</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,126</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amount due to ultimate
holding company</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">386</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,439</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,825</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advance from immediate
holding<br />
company .</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advance from a
subsidiary</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(56,140</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Principal payments on
long-term debt</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(117,076</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(117,076</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payment of deferred
financing costs</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(6,899</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(166</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(29,070</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(36,135</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from long-term
debt</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">706,556</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">706,556</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from exercise of
share options</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,565</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">4,565</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash provided by (used
in) financing activities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">760,362</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(166</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(156,886</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">388,259</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(433,659</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">557,910</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">EFFECT OF FOREIGN EXCHANGE
ON CASH AND CASH EQUIVALENTS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,081</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,081</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">NET INCREASE IN CASH AND
CASH EQUIVALENTS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">74,607</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">603,266</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">38,228</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">716,101</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">410,767</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">27,958</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">441,923</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH AND CASH EQUIVALENTS AT
END OF YEAR</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">77,805</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,014,033</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">66,186</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,158,024</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>CONDENSED CONSOLIDATING
STATEMENTS OF CASH FLOWS</b></font></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>For the year ended
December 31, 2010</b></font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="38%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Parent</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Issuer</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Guarantor<br />
Subsidiaries </font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Non-<br />
guarantor<br />
Subsidiaries</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Elimination</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Consolidated</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM OPERATING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash provided by (used
in) operating activities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,623</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(238</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">383,056</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,514</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">401,955</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM INVESTING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advances to
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(25,777</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(577,441</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">603,218</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due from
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(13,006</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">13,006</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Acquisition of property and
equipment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(196,624</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(761</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(197,385</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Deposits for acquisition of
property and equipment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(5,224</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(5,224</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payment for entertainment
production costs</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(27,116</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(27,116</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Changes in restricted
cash</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">65,799</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,338</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">69,137</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payment for land use
right</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(29,802</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(29,802</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from sale of
property and equipment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">80</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">80</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash (used in) provided
by investing activities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(38,783</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(577,441</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(192,887</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,577</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">616,224</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(190,310</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM FINANCING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payment of deferred
financing costs</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(14,346</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(8,598</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(22,944</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advance from ultimate
holding company</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">25,777</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(25,777</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amount due to ultimate
holding company</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">323</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,684</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(13,006</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advance from intermediate
holding company</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">577,441</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(577,441</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from long-term
debt</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">592,026</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">592,026</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Principal payments on
long-term debt</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(551,402</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(551,402</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash provided by
financing activities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">577,679</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">43,541</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,684</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(616,224</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">17,680</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">NET (DECREASE) INCREASE IN
CASH AND CASH EQUIVALENTS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(31,160</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">233,710</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">26,775</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">229,325</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">34,358</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">177,057</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,183</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">212,598</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH AND CASH EQUIVALENTS AT
END OF YEAR</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,198</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">410,767</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">27,958</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">441,923</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>CONDENSED CONSOLIDATING
STATEMENTS OF CASH FLOWS</b></font></font></p>
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2"><b>For the year ended
December 31, 2009</b></font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="40%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Parent</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Issuer</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Guarantor<br />
Subsidiaries </font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">(1)</sup></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Non-<br />
guarantor<br />
Subsidiaries</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Elimination</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Consolidated</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM OPERATING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash used in operating
activities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11,476</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(100,062</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(719</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(112,257</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM INVESTING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advances to
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,023,370</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,023,370</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amounts due from
subsidiaries</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">522,661</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(522,661</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Acquisition of property and
equipment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(934,961</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,113</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(937,074</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Deposits for acquisition of
property and equipment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,712</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,712</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Prepayment of entertainment
production costs</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(21,735</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(21,735</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Changes in restricted
cash</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(165,108</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(3,034</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(168,142</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payment for land use
right</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(30,559</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(30,559</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Refund of deposit for
acquisition of land interest</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,853</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,853</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from sale of
property and equipment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,729</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,730</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash (used in) provided
by investing activities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(500,709</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,151,346</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,707</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">500,709</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,143,639</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH FLOWS FROM FINANCING
ACTIVITIES</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Payment of deferred
financing costs</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(870</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(870</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Advance from ultimate
holding company</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,012,114</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,256</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,023,370</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Amount due to ultimate
holding company</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(499,309</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(23,352</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">522,661</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from issue of share
capital</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">383,529</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">383,529</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Proceeds from long-term
debt</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">270,691</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">270,691</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Net cash provided by (used
in) financing activities</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">383,529</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">782,626</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(12,096</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(500,709</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">653,350</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">NET DECREASE IN CASH AND
CASH EQUIVALENTS</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(128,656</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(468,782</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(5,108</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(602,546</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">163,014</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">645,839</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,291</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">815,144</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">CASH AND CASH EQUIVALENTS AT
END OF YEAR</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">34,358</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">177,057</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,183</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">212,598</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Note</font></font></p>
<p style="font-size:6px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(1)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2">The guarantor subsidiaries
column includes financial information of Melco Crown Gaming which
is not 100% owned by the Parent</font></td>
</tr>
</table>
</div>
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>7.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>LONG-TERM PREPAYMENT,
DEPOSITS AND OTHER ASSETS</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Long-term prepayment,
deposits and other assets consisted of the
following:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="84%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Entertainment production
costs</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">68,553</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">68,483</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Less: accumulated
amortization</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(9,141</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(2,283</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Entertainment production
costs, net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">59,412</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">66,200</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Deposit and other</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">11,143</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,085</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Long-term receivables,
net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,303</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">17,344</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Long-term prepayment,
deposits and other assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">72,858</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">95,629</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Entertainment production
costs represent the amount incurred and capitalized for the
entertainment show in City of Dreams, which commenced performance
in September 2010. The Group expects that amortization of
entertainment production costs will be approximately $6,855 each
year from 2012 through 2019, and approximately $4,572 in
2020.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Long-term receivables, net,
represent casino receivables from casino customers where settlement
is not expected within the next year. Aging of such balances are
all over 90 days and include allowance for doubtful debts of $6,564
and $14,978 as of December 31, 2011 and 2010, respectively.
During the year ended December 31, 2011, long-term
receivables, net, amounting to $17,344 including corresponding
allowance for doubtful debts of $9,697 were reclassified to
current; and current accounts receivable, net amounting to $2,303
including corresponding allowance for doubtful debts of $1,283 were
reclassified to non-current. Reclassifications to current accounts
receivable, net, are made when conditions support that it is
probable for settlement of such balances to occur within one
year.</font></font></p>
</div>
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>8.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>LAND USE RIGHTS,
NET</b></font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="80%"></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="4%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Altira Macau —
Medium-term lease (“Taipa Land”)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">141,543</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">141,543</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">City of Dreams —
Medium-term lease (“Cotai Land”)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">376,122</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">376,122</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Studio City —
Medium-term lease (“Studio City Land”)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">549,079</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,066,744</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">517,665</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Less: accumulated
amortization</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(123,776</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(89,510</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Land use rights,
net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">942,968</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">428,155</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Land use rights are recorded
at cost less accumulated amortization. Amortization is provided
over the estimated lease term of the land on a straight-line basis.
The expiry dates of the leases of the land use rights of Altira
Macau, City of Dreams and Studio City are March 2031, August
2033 and October 2026, respectively. The land use right of Studio
City was acquired upon acquisition of assets and liabilities as
disclosed in Note 22.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In November 2009, Melco
Crown (COD) Developments Limited (“Melco Crown (COD)
Developments”), an indirect subsidiary of the Company, and
Melco Crown Gaming accepted in principle the initial terms for the
revision of the land lease agreement from the Macau Government and
recognized additional land premium of $32,118 payable to the Macau
Government for the increased developable gross floor area of Cotai
Land in Macau, where the City of Dreams site is located. In March
2010, Melco Crown (COD) Developments and Melco Crown Gaming
accepted the final terms for the revision of the land lease
agreement and fully paid the additional premium to the Macau
Government. The land grant amendment process was completed on
September 15, 2010.</font></font></p>
</div>
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>14.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>CAPITAL
STRUCTURE</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">On May 1, 2009, the
Company issued 67,500,000 ordinary shares and 22,500,000 ADSs,
representing a total of 135,000,000 ordinary shares in aggregate,
to the public in a follow-on offering with net proceeds after
deducting the offering expenses amounted to
$174,417.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">On August 18, 2009, the
Company issued an additional 42,718,445 ADSs, representing
128,155,335 ordinary shares, to the public in a further follow-on
offering with net proceeds after deducting the offering expenses
which amounted to $209,112.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Pursuant to the
Company’s extraordinary general meeting held on
October 6, 2011, an increase in the authorized share capital
from 2,500,000,000 ordinary shares of a nominal or par value of
US$0.01 each to 7,300,000,000 ordinary shares of a nominal or par
value of US$0.01 each was approved.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">On November 29, 2011,
the Company issued a total of 40,211,930 ordinary shares to Melco
and Crown for shareholders’ loan conversion as disclosed in
Note 20(c).</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In connection with the
Company’s restricted shares granted as disclosed in Note 16,
310,575, 1,254,920 and 8,297,110 ordinary shares were vested and
issued during the years ended December 31, 2011, 2010 and
2009, respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Company issued
6,920,386, 8,785,641 and 2,614,706 ordinary shares to its
depository bank for issuance to employees upon their future vesting
of restricted shares and exercise of share options during the years
ended December 31, 2011, 2010 and 2009 respectively. 941,648,
43,737 and 2,528,319 of these ordinary shares have been issued to
employees upon vesting of restricted shares and 3,835,596, 804,285
and nil of these ordinary shares have been issued to employees upon
exercise of share options during the years ended December 31,
2011, 2010 and 2009, respectively. The balance of 10,552,328,
8,409,186 and 471,567 ordinary shares continue to be held by the
Company for future issuance as of December 31, 2011, 2010 and
2009, respectively.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31,
2011, 2010 and 2009, the Company had 1,642,548,674, 1,597,248,925
and 1,595,145,983 ordinary shares issued and outstanding,
respectively.</font></font></p>
</div>
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>18.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>DISTRIBUTION OF
PROFITS</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">All subsidiaries
incorporated in Macau are required to set aside a minimum of 10% to
25% of the entity’s profit after taxation to the legal
reserve until the balance of the legal reserve reaches a level
equivalent to 25% to 50% of the entity’s share capital in
accordance with the provisions of the Macau Commercial Code. The
legal reserve sets aside an amount from the subsidiaries’
statements of operations and is not available for distribution to
the shareholders of the subsidiaries. The appropriation of legal
reserve is recorded in the subsidiaries’ financial statements
in the year in which it is approved by the board of directors of
the relevant subsidiaries. As of December 31, 2011 and 2010,
the balance of the reserve amounted to $3 in each of those
years.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The City of Dreams Project
Facility contained restrictions on payment of dividends by the
Borrowing Group which applied until the City of Dreams Project
Facility was amended on June 30, 2011. There was a restriction
on paying dividends during the construction phase of the City of
Dreams project. Upon completion of the construction of the City of
Dreams, the relevant subsidiaries were only be able to pay
dividends if they satisfied certain financial tests and
conditions.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The 2011 Credit Facilities
contain restrictions which apply on and from June 30, 2011 on
paying dividends to the Company or persons who are not members of
the 2011 Borrowing Group, unless certain financial tests and
conditions are satisfied. Dividends may be paid from
(i) excess cash flow as defined in the 2011 Credit Facilities
generated by the 2011 Borrowing Group subject to compliance with
the financial covenants under the 2011 Credit Facilities; or
(ii) cash held by the 2011 Borrowing Group in an amount not
exceeding the aggregate cash and cash equivalents investments of
the 2011 Borrowing Group as at June 30, 2011 subject to a
certain amount of cash and cash equivalents being retained for
operating purposes and, in either case, there being no event of
default continuing or likely to occur under the 2011 Credit
Facilities as a result of making such payment.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The indenture governing the
Senior Notes also contains certain covenants that, subject to
certain exceptions and conditions, restrict the payment of
dividends for MCE Finance and its restricted
subsidiaries.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">During the years ended
December 31, 2011, 2010 and 2009, the Company did not declare
or pay any cash dividends on the ordinary shares. No dividends have
been proposed since the end of the reporting
period.</font></font></p>
</div>
86167000
58404000
1025000
8950000
-157902000
1142000
-1000
-379000
3962000
778000
48473000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>6.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>GOODWILL AND INTANGIBLE
ASSETS, NET</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Goodwill relating to Mocha
Clubs and other intangible assets with indefinite useful lives,
representing trademarks of Mocha Clubs, are not amortized. Goodwill
and intangible assets arose from the acquisition of Mocha Slot
Group Limited and its subsidiaries by the Group in
2006.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">To assess potential
impairment of goodwill, the Group performs an assessment of the
carrying value of the reporting units at least on an annual basis
or when events occur or circumstances change that would more likely
than not reduce the estimated fair value of those reporting units
below their carrying value. If the carrying value of a reporting
unit exceeds its fair value, the Group would perform the second
step in its assessment process and record an impairment loss to
earnings to the extent the carrying amount of the reporting
unit’s goodwill exceeds its implied fair value. The Group
estimates the fair value of those reporting units through internal
analysis and external valuations, which utilize income and market
valuation approaches through the application of capitalized
earnings, discounted cash flow and market comparable methods. These
valuation techniques are based on a number of estimates and
assumptions, including the projected future operating results of
the reporting unit, discount rates, long-term growth rates and
market comparable.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Trademarks of Mocha Clubs
are tested for impairment at least annually or when events occur or
circumstances change that would more likely than not reduce the
estimated fair value of trademarks below its carrying value using
the relief-from-royalty method. Under this method, the Group
estimates the fair value of the trademarks through internal and
external valuations, mainly based on the incremental after-tax cash
flow representing the royalties that the Group is relieved from
paying given it is the owner of the trademarks. These valuation
techniques are based on a number of estimates and assumptions,
including the projected future revenues of the trademarks
calculated using an appropriate royalty rate, discount rate and
long-term growth rates.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group has performed
annual tests for impairment of goodwill and trademarks in
accordance with the accounting standards regarding goodwill and
other intangible assets. No impairment loss has been recognized
during the years ended December 31, 2011, 2010 and
2009.</font></font></p>
</div>
1110000
1411000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>2.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES</b></font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(a)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Basis of Presentation and
Principles of Consolidation</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The consolidated financial
statements have been prepared in conformity with accounting
principles generally accepted in the United States of America
(“U.S. GAAP”).</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The consolidated financial
statements include the accounts of the Company and its
subsidiaries. All intercompany accounts and transactions have been
eliminated on consolidation.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(b)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Use of
Estimates</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The preparation of
consolidated financial statements in conformity with U.S. GAAP
requires management to make estimates and assumptions that affect
certain reported amounts of assets and liabilities, revenues and
expenses and related disclosures of contingent assets and
liabilities. These estimates and judgments are based on historical
information, information that is currently available to the Group
and on various other assumptions that the Group believes to be
reasonable under the circumstances. Accordingly, actual results
could differ from those estimates.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(c)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Fair Value of Financial
Instruments</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Fair value is defined as the
price that would be received to sell the asset or paid to transfer
a liability (i.e. the “exit price”) in an orderly
transaction between market participants at the measurement date.
The Group estimated the fair values using appropriate valuation
methodologies and market information available as of the balance
sheet date.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(d)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Cash and Cash
Equivalents</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Cash and cash equivalents
consist of cash on hand, demand deposits and highly liquid
investments which are unrestricted as to withdrawal and use, and
which have maturities of three months or less when
purchased.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Cash and cash equivalents
are placed with financial institutions with high-credit ratings and
quality.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(e)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Restricted
Cash</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The current portion of
restricted cash consists of cash deposited into bank accounts
restricted for repayment of the Group’s senior secured credit
facility (the “City of Dreams Project Facility”) and
payment of City of Dreams project costs in accordance with the City
of Dreams Project Facility. The non-current portion of restricted
cash represents RMB2,300,000,000 3.75% bonds, due 2013 (the
“RMB Bonds”) proceeds deposited into a bank account for
securing a long-term deposit-linked loan facility (the
“Deposit-Linked Loan”) as disclosed in Note
11.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(f)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Accounts Receivable and
Credit Risk</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Financial instruments that
are potentially subject the Group to concentrations of credit risk
consist principally of casino receivables. The Group issues credit
in the form of markers to approved casino customers following
investigations of creditworthiness including its gaming promoters
in Macau which receivable can be offset against commissions payable
and any other value items held by the Group to the respective
customer and for which the Group intends to set-off when required.
As of December 31, 2011 and 2010, a substantial portion of the
Group’s markers were due from customers residing in foreign
countries. Business or economic conditions, the legal
enforceability of gaming debts, or other significant events in
foreign countries could affect the collectability of receivables
from customers and gaming promoters residing in these
countries.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Accounts receivable,
including casino, hotel, and other receivables, are typically
non-interest bearing and are initially recorded at cost. Accounts
are written off when management deems it is probable the receivable
is uncollectible. Recoveries of accounts previously written off are
recorded when received. An estimated allowance for doubtful debts
is maintained to reduce the Group’s receivables to their
carrying amounts, which approximates fair value. The allowance is
estimated based on specific review of customer accounts as well as
management’s experience with collection trends in the casino
industry and current economic and business conditions. Management
believes that as of December 31, 2011 and 2010, no significant
concentrations of credit risk existed for which an allowance had
not already been recorded.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(g)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Inventories</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Inventories consist of
retail merchandise, food and beverage items and certain operating
supplies, which are stated at the lower of cost or market value.
Cost is calculated using the first-in, first-out, average and
specific identification methods. Write downs of potentially
obsolete or slow-moving inventory are recorded based on
management’s specific analysis of
inventory.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(h)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Property and
Equipment</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Property and equipment are
stated at cost less accumulated depreciation. Impairment losses and
gains or losses on dispositions of property and equipment are
included in operating income (loss). Major additions, renewals and
betterments are capitalized, while maintenance and repairs are
expensed as incurred.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">During the construction and
development stage of the Group’s casino gaming and
entertainment resort facilities, direct and incremental costs
related to the design and construction, including costs under the
construction contracts, duties and tariffs, equipment installation,
shipping costs, payroll and payroll-benefit related costs,
depreciation of plant and equipment used, applicable portions of
interest and amortization of deferred financing costs, are
capitalized in property and equipment. The capitalization of such
costs begins when the construction and development of a project
starts and ceases once the construction is substantially completed
or development activity is suspended for more than a brief
period.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Depreciation and
amortization expense related to capitalized construction costs and
other property and equipment is recognized from the time each asset
is placed in service. This may occur at different stages as casino
gaming and entertainment resort facilities are completed and
opened.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Property and equipment and
other long-lived assets with a finite useful life are depreciated
and amortized on a straight-line basis over the asset’s
estimated useful life. Estimated useful lives are as
follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="84%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="51%"></td>
<td valign="bottom" width="3%"></td>
<td width="46%"></td>
</tr>
<tr>
<td valign="bottom" nowrap="nowrap" style="border-bottom:1px solid #000000">
<p style="margin-top:0px;margin-bottom:1px"><font style="font-family:Times New Roman" size="2">Classification</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" align="center" style="border-bottom:1px solid #000000">
<p style="margin-top:0px;margin-bottom:1px" align="center">
<font style="font-family:Times New Roman" size="2">Estimated Useful
Life</font></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Buildings</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">7 to 25 years or over the
term of the land use right agreement, whichever is
shorter</font></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Furniture, fixtures and
equipment</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">2 to 10 years</font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Plant and gaming
machinery</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">3 to 5 years</font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Leasehold
improvements</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">10 years or over the lease term, whichever is
shorter</font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Motor vehicles</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">5 years</font></td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(i)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Capitalization of
Interest and Amortization of Deferred Financing
Costs</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Interest and amortization of
deferred financing costs incurred on funds used to construct the
Group’s casino gaming and entertainment resort facilities
during the active construction period are capitalized. Interest
subject to capitalization primarily includes interest paid or
payable on loans from shareholders, the City of Dreams Project
Facility, interest rate swap agreements, $600,000 10.25% senior
notes, due 2018 (the “Senior Notes”), the RMB Bonds,
the Deposit-Linked Loan and the City of Dreams Project Facility
amended on June 30, 2011 (the “2011 Credit
Facilities”). The capitalization of interest and amortization
of deferred financing costs ceases once a project is substantially
complete or development activity is suspended for more than a brief
period. The amount to be capitalized is determined by applying the
weighted-average interest rate of the Group’s outstanding
borrowings to the average amount of accumulated capital
expenditures for assets under construction during the year and is
added to the cost of the underlying assets and amortized over their
respective useful lives. Total interest expenses incurred amounted
to $116,963, $105,180 and $82,310, of which $3,157, $11,823 and
$50,486 were capitalized for the years ended December 31,
2011, 2010 and 2009, respectively. Additionally, amortization of
deferred financing costs of nil, nil and $4,414 were capitalized
for the years ended December 31, 2011, 2010 and 2009,
respectively.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(j)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Gaming Subconcession,
Net</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The gaming subconcession is
capitalized based on the fair value of the gaming subconcession
agreement as of the date of acquisition of Melco Crown Gaming in
2006, and amortized using the straight-line method over the term of
agreement which is due to expire in June 2022.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(k)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Goodwill and Intangible
Assets, Net</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Goodwill represents the
excess of acquisition cost over the fair value of tangible and
identifiable intangible net assets of any business acquired.
Goodwill is not amortized, but is tested for impairment at the
reporting unit level on an annual basis, and between annual tests
when circumstances indicate that the carrying value of goodwill may
not be recoverable. An impairment loss is recognized in an amount
equal to the excess of the carrying amount over the implied fair
value.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Intangible assets other than
goodwill are amortized over their useful lives unless their lives
are determined to be indefinite in which case they are not
amortized. Intangible assets are carried at cost, less accumulated
amortization. The Group’s finite-lived intangible asset
consists of the gaming subconcession. Finite-lived intangible
assets are amortized over the shorter of their contractual terms or
estimated useful lives. The Group’s intangible assets with
indefinite lives represent Mocha Clubs trademarks, which are tested
for impairment on an annual basis or when circumstances indicate
that the carrying value of the intangible assets may not be
recoverable.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(l)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Impairment of Long-Lived
Assets (Other Than Goodwill)</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group evaluates the
recoverability of long-lived assets with finite lives whenever
events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. Recoverability of assets
to be held and used is measured by a comparison of the carrying
amount of an asset to the estimated undiscounted future cash flows
expected to be generated by the asset. If the carrying amount of an
asset exceeds its estimated future cash flows, an impairment charge
is recognized in the amount by which the carrying amount of the
asset exceeds its fair value. During the year ended
December 31, 2009, an impairment loss amounting to $282 was
recognized to write off gaming equipment due to the reconfiguration
of the casino at Altira Macau to meet the evolving demands of
gaming patrons and target specific segments, and an impairment loss
amounting to $2,855 was recognized to write off the construction in
progress carried out at the Macau Peninsula site following
termination of the related acquisition agreement. These impairment
losses were included in “Property Charges and Others”
in the consolidated statements of operations.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(m)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Deferred Financing
Costs</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Direct and incremental costs
incurred in obtaining loans or in connection with the issuance of
long-term debt are capitalized and amortized over the terms of the
related debt agreements using the effective interest method.
Approximately $14,203, $14,302 and $10,388 were amortized during
the years ended December 31, 2011, 2010 and 2009,
respectively, of which a portion was capitalized as mentioned in
Note 2(i).</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(n)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Land Use Rights,
Net</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Land use rights are recorded
at cost less accumulated amortization. Amortization is provided
over the estimated lease term of the land on a straight-line
basis.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(o)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Revenue Recognition and
Promotional Allowances</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group recognizes revenue
at the time persuasive evidence of an arrangement exists, the
service is provided or the retail goods are sold, prices are fixed
or determinable and collection is reasonably
assured.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Casino revenues are measured
by the aggregate net difference between gaming wins and losses less
accruals for the anticipated payouts of progressive slot jackpots,
with liabilities recognized for funds deposited by customers before
gaming play occurs and for chips in the customers’
possession.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group follows the
accounting standards for reporting revenue gross as a principal
versus net as an agent, when accounting for operations of Taipa
Square Casino and Grand Hyatt Macau hotel. For the operations of
Taipa Square Casino, given the Group operates the casino under a
right to use agreement with the owner of the casino premises and
has full responsibility for the casino operations in accordance
with its gaming subconcession, it is the principal and casino
revenue is therefore recognized on a gross basis. For the
operations of Grand Hyatt Macau hotel, the Group is the owner of
the hotel property, and the hotel manager operates the hotel under
a management agreement providing management services to the Group,
and the Group receives all rewards and takes substantial risks
associated with the hotel business, it is the principal and the
transactions of the hotel are therefore recognized on a gross
basis.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Rooms, food and beverage,
entertainment, retail and other revenues are recognized when
services are performed. Advance deposits on rooms and advance
ticket sales are recorded as customer deposits until services are
provided to the customer. Minimum operating and right to use fee,
adjusted for contractual base fee and operating fee escalations,
are included in entertainment, retail and other revenues and are
recognized on a straight-line basis over the terms of the related
agreement.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Revenues are recognized net
of certain sales incentives which are required to be recorded as a
reduction of revenue; consequently, the Group’s casino
revenues are reduced by discounts, commissions and points earned in
customer loyalty programs, such as the player’s club loyalty
program.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The retail value of rooms,
food and beverage, entertainment, retail and other services
furnished to guests without charge is included in gross revenues
and then deducted as promotional allowances. The estimated cost of
providing such promotional allowances for the years ended
December 31, 2011, 2010 and 2009 is reclassified from rooms
costs, food and beverage costs, entertainment, retail and other
services costs and is included in casino expenses as
follows:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="76%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended
December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Rooms</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,696</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">10,395</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,778</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Food and beverage</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">28,653</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">27,870</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">17,296</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Entertainment, retail and
others</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,510</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">5,545</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">3,448</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">47,859</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">43,810</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">27,522</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(p)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Point-loyalty
Programs</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group operates different
loyalty programs in certain of its properties to encourage repeat
business from loyal slot machine customers and table games patrons.
Members earn points based on gaming activity and such points can be
redeemed for free play and other free goods and services. The Group
accrues for loyalty program points expected to be redeemed for cash
and free play as a reduction to gaming revenue and accrues for
loyalty program points expected to be redeemed for free goods and
services as casino expense. The accruals are based on
management’s estimates and assumptions regarding the
redemption value, age and history with expiration of unused
points resulting in a reduction of the accruals.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(q)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Gaming
Tax</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group is subject to
taxes based on gross gaming revenue in Macau. These gaming taxes
are determined from an assessment of the Group’s gaming
revenue and are recorded as an expense within the
“Casino” line item in the consolidated statements of
operations. These taxes totaled $1,948,652, $1,362,007 and $737,485
for the years ended December 31, 2011, 2010 and 2009,
respectively.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(r)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Pre-opening
Costs</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Pre-opening costs, consist
primarily of marketing expenses and other expenses related to new
or start-up operations and are expensed as incurred. The Group
incurred pre-opening costs in connection with Studio City since its
acquisition by the Group in July 2011 as disclosed in Note 22 and
City of Dreams prior to its opening in June 2009, and continues to
incur such costs related to the remaining portion of City of
Dreams, Studio City and other one-off activities related to the
marketing of new facilities and operations.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(s)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Advertising
Expenses</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group expenses all
advertising costs as incurred. Advertising costs incurred during
development periods are included in pre-opening costs. Once a
project is completed, advertising costs are mainly included in
general and administrative expenses. Total advertising costs were
$31,556, $45,267 and $29,018 for the years ended December 31,
2011, 2010 and 2009, respectively.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(t)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Foreign Currency
Transactions and Translations</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">All transactions in
currencies other than functional currencies of the Company during
the year are remeasured at the exchange rates prevailing on the
respective transaction dates. Monetary assets and liabilities
existing at the balance sheet date denominated in currencies other
than functional currencies are remeasured at the exchange rates
existing on that date. Exchange differences are recorded in the
consolidated statements of operations.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The functional currencies of
the Company and its major subsidiaries are the United States
dollars and Hong Kong dollars or the Macau Patacas, respectively.
All assets and liabilities are translated at the rates of exchange
prevailing at the balance sheet date and all income and expense
items are translated at the average rates of exchange over the
year. All exchange differences arising from the translation of
subsidiaries’ financial statements are recorded as a
component of comprehensive (loss) income.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(u)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Share-based Compensation
Expenses</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group issued restricted
shares and share options under its share incentive plan during the
years ended December 31, 2011, 2010 and
2009.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group measures the cost
of employee services received in exchange for an award of equity
instruments based on the grant-date fair value of the award and
recognizes that cost over the service period. Compensation is
attributed to the periods of associated service and such expense is
being recognized on a straight-line basis over the vesting period
of the awards. Forfeitures are estimated at the time of grant, with
such estimate updated periodically and with actual forfeitures
recognized currently to the extent they differ from the
estimate.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Further information on the
Group’s share-based compensation arrangements is included in
Note 16.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(v)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Income
Tax</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group is subject to
income taxes in Hong Kong, Macau, the United States of America and
other jurisdictions where it operates.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Deferred income taxes are
recognized for all significant temporary differences between the
tax basis of assets and liabilities and their reported amounts in
the consolidated financial statements. Deferred tax assets are
reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that some portion or all of
the deferred tax assets will not be realized. The components of the
deferred tax assets and liabilities are individually classified as
current and non-current based on the characteristics of the
underlying assets and liabilities. Current income taxes are
provided for in accordance with the laws of the relevant taxing
authorities.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group’s income tax
returns are subject to examination by tax authorities in the
jurisdictions where it operates. The Group assesses
potentially unfavorable outcomes of such examinations based on
accounting standards for uncertain income taxes. These accounting
standards utilize a two-step approach to recognizing and measuring
uncertain tax positions. The first step is to evaluate the tax
position for recognition by determining if the weight of available
evidence indicates it is more likely than not that the position
will be sustained on audit, including resolution of related appeals
or litigation processes, if any. The second step is to measure the
tax benefit as the largest amount which is more than 50% likely,
based solely on the technical merits, of being sustained on
examinations.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(w)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Net income (loss)
attributable to the Company per share</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Basic net income (loss)
attributable to the Company per share is calculated by dividing the
net income (loss) attributable to the Company by the
weighted-average number of ordinary shares outstanding during the
year.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Diluted net income (loss)
attributable to the Company per share is calculated by dividing the
net income (loss) attributable to the Company by the
weighted-average number of ordinary shares outstanding adjusted to
include the potentially dilutive effect of outstanding share-based
awards.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<p style="margin-top:0px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The weighted-average number
of ordinary and ordinary equivalent shares used in the calculation
of basic and diluted net income (loss) attributable to the Company
per share consisted of the following:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="58%"></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="2%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">Year Ended
December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2009</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Weighted-average number of
ordinary shares outstanding used in the calculation of basic net
income (loss) attributable to the Company per share</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,604,213,324</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,595,552,022</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,465,974,019</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Incremental weighted-average
number of ordinary shares from assumed exercise of restricted
shares and share options using the treasury stock method</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">12,641,358</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Weighted-average number of
ordinary shares outstanding used in the calculation of diluted net
income (loss) attributable to the Company per share</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,616,854,682</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,595,552,022</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">1,465,974,019</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">During the year ended
December 31, 2011, 5,547,036 outstanding share options as at
December 31, 2011 were excluded from the computation of
diluted net income attributable to the Company per share as their
effect would have been anti-dilutive. During the years ended
December 31, 2010 and 2009, the Company had securities which
would potentially dilute basic net loss attributable to the Company
per share in the future, but which were excluded from the
computation of diluted net loss attributable to the Company per
share as their effect would have been anti-dilutive. Such
outstanding securities consist of restricted shares and share
options which result in an incremental weighted-average number of
9,377,509 and 13,931,088 ordinary shares from the assumed
conversion/exercise of these restricted shares and share options
using the treasury stock method for the years ended
December 31, 2010 and 2009, respectively.</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(x)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Accounting for Derivative
Instruments and Hedging Activities</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">The Group uses derivative
financial instruments such as floating-for-fixed interest rate swap
agreements and forward exchange rate contracts to manage its risks
associated with interest rate fluctuations in accordance with
lenders’ requirements under the City of Dreams Project
Facility and exchange rate fluctuations for the interest payment of
the RMB Bonds. The Group accounts for derivative financial
instruments in accordance with applicable accounting standards. All
derivative instruments are recognized in the consolidated financial
statements at fair value at the balance sheet date. Any changes in
fair value are recorded in the consolidated statement of operations
or in accumulated other comprehensive losses, depending on whether
the derivative is designated and qualifies for hedge accounting,
the type of hedge transaction and the effectiveness of the hedge.
The estimated fair values of interest rate swap agreements and
forward exchange rate contracts are based on a standard valuation
model that projects future cash flows and discounts those future
cash flows to a present value using market-based observable inputs
such as interest rate yields and market forward exchange
rates.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Further information on the
Group’s outstanding financial instruments arrangements on
forward exchange rate contracts and interest rate swap agreements
as of December 31, 2011 and 2010 are included in Note 11 and
Note 12, respectively.</font></font></p>
<p style="font-size:1px;margin-top:8px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(y)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Accumulated Other
Comprehensive Losses</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">Accumulated other
comprehensive losses represent foreign currency translation
adjustment and changes in the fair value of the forward exchange
rate contracts and interest rate swap agreements. On June 30,
2011, the Group amended the City of Dreams Project Facility and the
accumulated losses of interest rate swap agreements were
reclassified to earnings as the interest rate swap agreements no
longer qualified for hedge accounting immediately after the
amendment of the City of Dreams Project Facility. Further
information on the amendment of the City of Dreams Project Facility
is included in Note 11.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">As of December 31, 2011
and 2010, the Group’s accumulated other comprehensive losses
consisted of the following:</font></font></p>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="83%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">December 31,</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="2">2010</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Foreign currency translation
adjustment</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,073</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(924</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Change in the fair value of
the forward exchange rate contracts</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">39</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Change in the fair value of
interest rate swap agreements</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(10,421</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:1px solid #000000"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(1,034</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">(11,345</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">) </font></td>
</tr>
<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
<td valign="bottom"> </td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td valign="bottom">
<p style="border-top:3px double #000000"> </p>
</td>
<td> </td>
</tr>
</table>
<p style="font-size:8px;margin-top:0px;margin-bottom:0px">
<font style="font-family:Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%"><font size="1"> </font></td>
<td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2">(z)</font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Recent Changes in
Accounting Standards</b></font></td>
</tr>
</table>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In May 2011, the Financial
Accounting Standards Board (“FASB”) issued guidance
regarding fair value measurement amendments to align the principles
for fair value measurements and the related disclosure requirements
under U.S. GAAP and International Financial Reporting Standards
(“IFRS”). The FASB also clarified existing fair value
measurement and disclosure requirements, and expanded disclosure
requirements for fair value measurements. The guidance is effective
on a prospective basis for the Group on January 1, 2012 and is
not expected to have a material impact on the Group’s
financial position, results of operations and cash
flows.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In June 2011, the FASB
issued an accounting standard update to revise the manner in which
entities present comprehensive income in their financial
statements. This guidance amends existing presentation and
disclosure requirements concerning comprehensive income, most
significantly by requiring that comprehensive income be presented
with net income in a continuous statement, or in a separate but
consecutive statement. Furthermore, the accounting standards update
prohibits an entity from presenting other comprehensive income and
losses in a statement of changes in equity. In December 2011, the
FASB issued an accounting standards update to defer the requirement
that was originally included in the June 2011 accounting standard
update for an entity to present reclassifications between other
comprehensive income or loss and net income or loss. This
accounting standards update (as modified) is effective on a
retrospective basis for the Group on January 1, 2012, and will
result in changes to the presentation of comprehensive net income
in the Group’s consolidated financial statements, but will
have no effect on the Group’s financial position, results of
operations and cash flows.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In September 2011, the FASB
issued amended accounting guidance related to goodwill impairment
testing. The amended guidance permits an entity to first
assess qualitative factors before calculating the fair value of a
reporting unit in the annual two-step quantitative goodwill
impairment test required under current accounting standards. If it
is determined that it is more likely than not that the fair value
of a reporting unit is not less than its carrying value, further
testing is not needed. The amended guidance is effective for the
Group on January 1, 2012 and is not expected to have a
material impact on the Group’s financial position, results of
operations and cash flows.</font></font></p>
<p style="margin-top:8px;margin-bottom:0px; margin-left:8%">
<font style="font-family:Times New Roman" size="2"><font style="font-family:Times New Roman" size="2">In December 2011, the FASB
issued an accounting standard update related to disclosures about
offsetting assets and liabilities. The amendments require that a
company disclose information about offsetting and related
arrangements to enable users of financial statements to understand
the effect of those arrangements on its financial position. The
amendments enhance current disclosures by requiring improved
information about financial instruments and derivative instruments
that are either (i) offset in accordance with current
accounting guidance or (ii) subject to an enforceable master
netting arrangement or similar agreement, irrespective of whether
they are offset in accordance with current accounting guidance. We
do not expect the provisions of this guidance, which are effective
a retrospective basis for the Group on January 1, 2013, to
have a material impact on the Group’s financial position,
results of operations and cash flows, as its requirements are
disclosure-only in nature.</font></font></p>
</div>
-39000
115423000
290058000
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>22.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>ACQUISITION OF
SUBSIDIARIES</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">On June 16, 2011, the
Company entered into a share purchase agreement and through its
indirect subsidiary, MCE Cotai Investments Limited (“MCE
Cotai”), to acquire from an affiliate of eSun Holdings
Limited (“eSun Holdings”), an independent third party,
a 60% equity interest in Studio City International Holdings Limited
(formerly known as Cyber One Agents Limited) (“Studio City
International Holdings”) (together with its direct and
indirect subsidiaries, the “Studio City Group”), which
is the developer of Studio City. The total consideration under the
share purchase agreement and related transaction documents is
$360,000 which include i) a payment to an affiliate of eSun
Holdings for its entire 60% interest in, and a shareholder’s
loan extended to, the Studio City Group at $200,000 and $60,000,
respectively; where $65,000 and $195,000 were paid by the Group in
June 2011 and July 2011, respectively, and ii) a payment of
$100,000 in cash in three installments of $50,000, $25,000 and
$25,000 over two years commencing upon the closing of the
transaction on July 27, 2011 to New Cotai Holdings, LLC (the
noncontrolling shareholder who owns 40% interest in Studio City
International Holdings), for transferring to the Studio City Group
the shares of other entities that own rights to develop the gaming
areas of Studio City. The first installment of $50,000 was settled
by the Group in August 2011, the second installment of $25,000 will
be payable in July 2012 and the remaining installment of $25,000
will be payable in July 2013.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">On July 27, 2011, the
Group completed the acquisition of 60% equity interest in the
Studio City Group. The Studio City Group did not have any operation
and revenue before the acquisition. The Group principally acquired
a parcel of land and related construction in progress through the
acquisition of the Studio City Group and this transaction was
accounted for as acquisition of assets and
liabilities.</font></font></p>
<p style="MARGIN-TOP: 8px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%">
<font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The net assets acquired in
the transaction are as follows:</font></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 8px">
<font style="FONT-FAMILY: Times New Roman" size="2"> </font></p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="81%"></td>
<td valign="bottom" width="13%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">Amount recognized<br />
at the date of<br />
acquisition</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Net assets
acquired:</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Cash and cash
equivalents</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">35,818</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Prepaid expenses and other
current assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">72</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Deposits</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">432</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Land use right,
net</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">549,079</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Construction in
progress</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">139,201</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Accrued expenses and other
current liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(10,939</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Land use right
payable</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(47,020</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Deferred tax
liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(54,985</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Noncontrolling
interests</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(237,309</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Net assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">374,349</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Total consideration
satisfied by:</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Cash paid</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">310,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Payables for acquisition of
assets and liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">45,964</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">355,964</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Direct costs incurred for
acquisition of assets and liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18,385</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">374,349</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
</table>
</div>
294656000
-5812000
-5812000
237309000
-4310000
-149000
6111000
-39000
310575
3000
69000
6920386
403000
40211930
-4310000
-149000
6111000
304967000
294656000
-39000
8624000
-3000
3912000
-9000
115020000
3835596
38000
-69000
-6920386
9000
941648
0001381640
mpel:TreasurySharesMember
2011-01-01
2011-12-31
0001381640
us-gaap:AdditionalPaidInCapitalMember
2011-01-01
2011-12-31
0001381640
us-gaap:ComprehensiveIncomeMember
2011-01-01
2011-12-31
0001381640
us-gaap:CommonStockMember
2011-01-01
2011-12-31
0001381640
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2011-01-01
2011-12-31
0001381640
us-gaap:NoncontrollingInterestMember
2011-01-01
2011-12-31
0001381640
us-gaap:RetainedEarningsMember
2011-01-01
2011-12-31
0001381640
2011-01-01
2011-12-31
0001381640
mpel:TreasurySharesMember
2010-01-01
2010-12-31
0001381640
us-gaap:AdditionalPaidInCapitalMember
2010-01-01
2010-12-31
0001381640
us-gaap:ComprehensiveIncomeMember
2010-01-01
2010-12-31
0001381640
us-gaap:CommonStockMember
2010-01-01
2010-12-31
0001381640
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2010-01-01
2010-12-31
0001381640
us-gaap:RetainedEarningsMember
2010-01-01
2010-12-31
0001381640
2010-01-01
2010-12-31
0001381640
mpel:TreasurySharesMember
2009-01-01
2009-12-31
0001381640
us-gaap:AdditionalPaidInCapitalMember
2009-01-01
2009-12-31
0001381640
us-gaap:ComprehensiveIncomeMember
2009-01-01
2009-12-31
0001381640
us-gaap:CommonStockMember
2009-01-01
2009-12-31
0001381640
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2009-01-01
2009-12-31
0001381640
us-gaap:RetainedEarningsMember
2009-01-01
2009-12-31
0001381640
2009-01-01
2009-12-31
0001381640
mpel:TreasurySharesMember
2011-12-31
0001381640
us-gaap:AdditionalPaidInCapitalMember
2011-12-31
0001381640
us-gaap:CommonStockMember
2011-12-31
0001381640
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2011-12-31
0001381640
us-gaap:NoncontrollingInterestMember
2011-12-31
0001381640
us-gaap:RetainedEarningsMember
2011-12-31
0001381640
2011-12-31
0001381640
mpel:TreasurySharesMember
2010-12-31
0001381640
us-gaap:AdditionalPaidInCapitalMember
2010-12-31
0001381640
us-gaap:CommonStockMember
2010-12-31
0001381640
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2010-12-31
0001381640
us-gaap:RetainedEarningsMember
2010-12-31
0001381640
2010-12-31
0001381640
mpel:TreasurySharesMember
2009-12-31
0001381640
us-gaap:AdditionalPaidInCapitalMember
2009-12-31
0001381640
us-gaap:CommonStockMember
2009-12-31
0001381640
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2009-12-31
0001381640
us-gaap:RetainedEarningsMember
2009-12-31
0001381640
2009-12-31
0001381640
mpel:TreasurySharesMember
2008-12-31
0001381640
us-gaap:AdditionalPaidInCapitalMember
2008-12-31
0001381640
us-gaap:CommonStockMember
2008-12-31
0001381640
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2008-12-31
0001381640
us-gaap:RetainedEarningsMember
2008-12-31
0001381640
2008-12-31
iso4217:USD
shares
iso4217:USD
shares
The treasury shares represent new shares issued by the Company and held by the depository bank to facilitate the administration and operations of the Company's share incentive plan. These shares are to be delivered to the Directors, eligible employees and consultants on the vesting of restricted shares and upon the exercise of share options.