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Shareholding Structure

The simplified shareholding structure of Shui On Land Limited ("SOL") as of 8 November 2010:

Shui On Group
(Note 1)
New Rainbow Investments Limited
(Note 2)
HSBC Investor
(Note 3)
Public
Shareholders
48.22%
2.63%
3.06%
46.09%
SOL

Notes:
1) Shui On Company Limited and its subsidiary companies (excluding SOCAM and its subsidiaries).
2) A wholly owned subsidiary of Shui On Construction and Materials Limited ("SOCAM").
3) This refers to HSBC Securities Investments (Asia) Limited.
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