2010

2010

2 3 4 14 15 16 17 19 20 21 36 41

GBS MBELLD DSSc DBA BBS Martin Clarke LLD BBS LLD BBS LLD BBS 10 # # * * 183 The Bank of New York Mellon BNY Mellon Shareowner Services PO Box 358516 Pittsburgh, PA 15252-8516, USA shrrelations@bnymellon.com http://www.galaxyentertainment.com 27 27 HK 0027.HK GXYEY (852) 3150 1111 (852) 3150 1100 ir@galaxyentertainment.com 2

85.71 61% 32.36 EBITDA 9.9 91% 4.73 6.08 153% 16.05 3

4.82 TM 43% TM TM TM 85.71 4.75 53.35 10.59 1.33 8.19 6.08 2.4 153% EBITDA 9.9 5.1891%EBITDA5.73 4

2009 2009 2009 2010 2010 2010 (%) (%) $2,620 $2,715 $5,335 $3,953 $4,618 $8,571 70% 61% EBITDA $243 $275 $518 $417 $573 $990 108% 91% EBITDA* 573 99 53 180 54 50 275 287 243 46 64 64 46 38 41 134 156 204 215 218 356 417 79 68 30 32 346 369 95 41 515 0-4 -84 Q3 08-80 -53-42 -36 Q4 08 Q1 09 Q2 09 Q3 09-101 Q4 09-50 Q1 10-78 Q2 10 * 5

58%400 77%44011.9% 17.9% 1,220 1,040 72.7 EBITDA EBITDA 5.15 EBITDA 8.844.19 111% 43% EBITDA 515 346 369 112 134 156 204 215 218 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 6

2,310 1,090112% 1,290 139% 2.8% 1,500.0 140 129 1,200.0 900.0 600.0 495 558 687 797 891 973 120 100 80 60 55 54 81 98 102 300.0 40 20 0 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 0 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 77% 9% 112% 26% 2009 2009 2009 2010 2010 2010 $55,000 $54,000 $109,000 $102,000 $129,000 $231,000 $1,700 $1,700 $3,400 $2,900 $3,600 $6,500 3.0% 3.2% 3.1% 2.9% 2.8% 2.8% 15.2% 16.5% 19% 5.23 2009 2009 2009 2010 2010 2010 $1,500 $1,390 $2,900 $1,500 $1,500 $3,000 $253 $187 $440 $287 $236 $523 16.8% 13.4% 15.2% 18.2% 14.8% 16.5% 7

7.6% 6.7% 6,3009,100 2009 2009 2009 2010 2010 2010 $452 $482 $934 $606 $601 $1,207 $30 $33 $63 $46 $45 $91 6.6% 6.8% 6.7% 7.7% 7.5% 7.6% 1.401.44 96% 86% 2010 2010 8

7.02 EBITDA 7,100 EBITDA7 8,400 EBITDA 1.63 5.961.1 6.08 EBITDA 95 163 64 110 Q2 09 Q2 10 1H 09 1H 10 9

9.875%2.812 21.93 90 TM EBITDA EBITDA EBITDA23% EBITDA 18% 23% 11% 13% TM TM TM TM TM 6001,50050 TM 10

TM 550,000 Banyan Tree Okura2,200 52,000 TM TM 8 50% 1,400900 50 TM 149 TM TM TM TM 11

TM TM 7,500 86.8081.69 6% 185.99 189.63 16.0535.16 46.0458.43 18%15% 12

1,4001,500 2.06 2.09 5,4005,400 8.768.556.31 2.50 900900 900900 6,500 6.2 13

15 35 34 34 2410 34 14

5 8,570,687 5,334,710 7(a) 2,610 192,582 15(b) (133,175) 627,857 191,267 (3,081,671) (1,806,507) (3,263,468) (1,861,640) (283,713) (295,924) (282,114) (260,662) (645,975) (543,083) (469,075) (400,981) 7(b) 414,106 1,177,619 8 (24,718) (113,997) 43,737 (24,607) 64,379 32,743 54 497,504 1,071,812 9 (15,111) (6,600) 482,393 1,065,212 474,975 1,059,197 7,418 6,015 482,393 1,065,212 11 12.1 26.9 10.4 26.9 15

482,393 1,065,212 (468) 1,857 12,794 (1,428) (3,065) 5,890 18,216 (2,636) 500,609 1,062,576 492,533 1,056,501 8,076 6,075 500,609 1,062,576 16

8,613,369 7,175,464 73,000 66,700 4,286,550 4,347,228 1,334,282 1,391,322 1,059,293 1,003,061 857 857 343,049 352,660 15,710,400 14,337,292 87,461 84,820 13 945,268 894,862 216,080 91,556 1,880 382 12,430 2,479 20,101 35,132 1,605,319 3,516,490 2,888,539 4,625,721 18,598,939 18,963,013 17

14 394,326 394,159 8,285,777 7,774,378 8,680,103 8,168,537 271,811 266,597 8,951,914 8,435,134 15 2,659,427 4,459,703 275,361 271,884 57,529 101,044 121,527 129,778 3,113,844 4,962,409 16 4,511,590 4,115,549 9,440 4,157 15 1,944,895 1,383,488 508 67,256 61,768 6,533,181 5,565,470 9,647,025 10,527,879 18,598,939 18,963,013 2 (3,644,642) (939,749) 18

575,899 711,621 (1,058,266) (476,401) (1,428,917) (924,296) (1,911,284) (689,076) 3,516,490 6,042,300 113 28 1,605,319 5,353,252 19

394,159 7,774,378 8,168,537 266,597 8,435,134 474,975 474,975 7,418 482,393 (468) (468) (468) 12,136 12,136 658 12,794 5,890 5,890 5,890 492,533 492,533 8,076 500,609 (2,862) (2,862) 167 1,559 1,726 1,726 17,307 17,307 17,307 394,326 8,285,777 8,680,103 271,811 8,951,914 393,817 6,617,467 7,011,284 262,616 7,273,900 1,059,197 1,059,197 6,015 1,065,212 1,857 1,857 1,857 (1,488) (1,488) 60 (1,428) (3,065) (3,065) (3,065) 1,056,501 1,056,501 6,075 1,062,576 16,539 16,539 (4,517) (4,517) 11,730 11,730 11,730 (21,286) (21,286) (21,286) 393,817 7,664,412 8,058,229 280,713 8,338,942 20

1. 10 16 1606 2. 34 36.45 90 (a) 2 3 5 8 1 7 27 36 38 39 17 21

2. (a) 27 3 27 3 273 (b) 19 9 1 27 34 3 7 22

3. 4. 5. 596,235 608,204 7,782,583 4,516,103 41,391 54,156 5,349 5,182 140,414 144,161 4,715 6,904 8,570,687 5,334,710 23

5. : 41,391,000 54,156,000 6. 24

` ` 6. 9,178,815 596,235 9,775,050 5 (1,248,111) (1,248,111) 41,391 41,391 2,357 2,357 7,974,452 596,235 8,570,687 EBITDA 872,836 162,683 (45,049) 990,470 7,250 (282,114) (24,718) 43,737 (15,111) (5,442) (133,175) (44,300) (15,031) (17,307) (15,976) (5,890) 482,393 25

` ` 6. 6,198,196 608,204 6,806,400 5 (1,529,558) (1,529,558) 54,156 54,156 3,712 3,712 4,726,506 608,204 5,334,710 EBITDA 450,925 109,953 (42,961) 517,917 17,616 (260,662) (113,997) (24,607) (6,600) (3,039) 627,857 191,267 21,225 (9,779) 7,968 148,385 (37,042) (11,297) 1,065,212 26

` ` 6. 15,850,107 2,725,865 22,967 18,598,939 9,101 1,050,192 1,059,293 857 857 5,784,621 1,156,929 2,705,475 9,647,025 16,311,283 2,596,784 54,946 18,963,013 8,210 994,851 1,003,061 857 857 8,530,191 792,754 1,204,934 10,527,879 8,001,443 4,748,311 399,338 323,761 169,906 262,638 8,570,687 5,334,710 27

6. 13,936,511 12,598,544 653,910 627,024 1,079,291 1,068,284 15,669,712 14,293,852 7. (a) 2,425 2,942 1,681 8,909 1,818 3,101 562 202 600 466 3,189 5,404 19,466 15,562 29,141 37,186 (15,031) 7,968 148,385 6,300 724 (957) (18,524) (26,531) 155,396 2,610 192,582 28

7. (b) 169,592 171,652 52,732 52,732 5,970 6,424 7,746 5,481 4,010 4,010 131 227 41,933 20,136 8. 92,756 141,550 49,327 56,578 16,415 5,258 26,587 219 (14,595) 833 6,387 185,918 195,397 (161,200) (81,400) 24,718 113,997 29

9. 8,706 1,682 735 3,001 6 5,664 1,917 15,111 6,600 16.5% 16.5% 12% 25% 12% 25% 10. 11. 474,975 1,059,197 (43,737) 431,238 1,059,197 30

11. 3,941,931,902 3,938,169,361 22,822,581 5,104,388 171,979,234 4,136,733,717 3,943,273,749 12. 1,624,000,000 419,700,000 2,100,000500,000 9,400,0005,100,000 13. 341,820 415,506 513,660 414,048 49,572 25,243 12,217 7,951 27,999 32,114 945,268 894,862 3060 120180 31

13. 99,502 125,774 99,330 129,995 57,103 92,749 85,885 66,988 341,820 415,506 14. 0.10 9,000,000,000 900,000 3,938,169,361 393,817 3,420,000 342 3,941,589,361 394,159 1,666,662 167 3,943,256,023 394,326 32

14. 7,751,000 55,293,0001,666,662 3,065,334 49,807,000 0.5140 3,870,000 3,870,000 4.5900 14,200,000 14,200,000 4.5900 2,340,000 2,340,000 6.9720 2,612,500 2,612,500 6.9720 2,612,500 2,612,500 6.9720 5,225,000 5,225,000 3.3200 383,000 383,000 2.1600 3,483,332 3,483,332 2.1600 3,483,332 3,483,332 2.1600 3,483,336 3,483,336 3.6000 642,000 642,000 0.5140 110,000 110,000 4.5900 3,500,000 3,500,000 4.5900 1,330,000 1,330,000 6.9720 625,000 625,000 6.9720 625,000 625,000 6.9720 1,250,000 1,250,000 3.3200 4,503,000 4,718,000 2.1600 11,879,658 13,712,986 2.1600 13,379,654 13,712,986 2.1600 13,379,692 13,713,028 3.6000 5,993,000 6,210,000 2.9100 1,983,663 2.9100 1,983,663 2.9100 1,983,674 104,861,004 101,842,000 33

15. 369,900 20,980 1,688,424 155,443 2,058,324 176,423 b 2,972,300 1,130,910 1,077,224 3,189,234 4,225,947 c 1,415,088 1,617,244 4,604,322 5,843,191 (406,471) (1,342,045) a (1,538,424) (41,443) (1,944,895) (1,383,488) 2,659,427 4,459,703 (a) 4.50% 15 (b) 401,000,000 106,000,000 281,000,000 133,000,000 (c) 1,457,000,0001,415,000,000 (d) 90 34

16. 1,325,085 1,246,633 942,005 842,945 1,027,711 1,008,662 47,165 50,675 1,157,234 958,904 12,390 7,730 4,511,590 4,115,549 931,310 841,830 55,919 77,764 28,448 41,586 309,408 285,453 1,325,085 1,246,633 17. 3,402,677 937,194 3,980,547 3,947,994 35

(a) 24,087,632 2,181,518 395,362,426 (1) 2,565,675,923 (2) 2,987,307,499 75.76 32,906,896 407,558,099 (3) 2,546,842,504 (2) 2,987,307,499 75.76 3,745,000 3,745,000 0.09 12,939,722 2,974,367,777 (2) 2,987,307,499 75.76 250,000 250,000 0.01 250,000 250,000 0.01 2,800,000 2,800,000 0.07 Martin Clarke (1) Best Chance Investments Ltd.Super Focus Company Limited Sutimar Enterprises Limited Premium Capital Profits Limited Mark Liaison Limited Favor Right Investments Limited 80,387,837305,401106,716,107162,484,04713,308,1799,660,85522,500,000 (2) 1,313,887,206 XV 1,251,788,717 1,232,955,2981,660,480,571 (3) Recurrent Profits Limited114,504,039 Top Notch Opportunities LimitedTop Notch171,916,021Kentlake International Investments LimitedKentlake 60,000,00061,138,039 Top Notch Kentlake Top Notch Kentlake 36

(b) 2,000,000 2,000,000 0.5140 2,700,000 2,700,000 4.5900 590,000 590,000 4.5900 862,500 862,500 6.9720 862,500 862,500 6.9720 1,725,000 1,725,000 6.9720 1,150,000 1,150,000 2.1600 1,150,000 1,150,000 2.1600 1,150,000 1,150,000 2.1600 1,870,000 1,870,000 0.5140 6,000,000 6,000,000 4.5900 580,000 580,000 4.5900 1,250,000 1,250,000 6.9720 1,250,000 1,250,000 6.9720 2,500,000 2,500,000 6.9720 1,666,666 1,666,666 2.1600 1,666,666 1,666,666 2.1600 1,666,668 1,666,668 2.1600 270,000 270,000 4.5900 383,000 383,000 3.3200 642,000 642,000 3.6000 3,000,000 3,000,000 4.5900 400,000 400,000 4.5900 500,000 500,000 6.9720 500,000 500,000 6.9720 1,000,000 1,000,000 6.9720 666,666 666,666 2.1600 666,666 666,666 2.1600 666,668 666,668 2.1600 250,000 250,000 4.5900 250,000 250,000 4.5900 2,500,000 2,500,000 4.5900 Martin Clarke 37

110,000 110,000 0.5140 1,330,000 1,330,000 4.5900 625,000 625,000 6.9720 625,000 625,000 6.9720 1,250,000 1,250,000 6.9720 4,718,000 215,000 4,503,000 3.3200 13,712,986 1,666,662 166,666 11,879,658 2.1600 13,712,986 333,332 13,379,654 2.1600 13,713,028 333,336 13,379,692 2.1600 6,210,000 217,000 5,993,000 3.6000 2,583,663 600,000 1,983,663 2.9100 2,583,663 600,000 1,983,663 2.9100 2,583,674 600,000 1,983,674 2.9100 3,500,000 3,500,000 4.5900 3.42 -Black-Scholes) 1.29 2.912.9165% 2% 1.3% 1.8% 2.84 XV 38

City Lion Profits Corp. 2,987,307,499 (1) 75.76 ENB Topco 2 S.àr.l 2,975,899,499 (1), 3) 75.47 2,987,307,499 (1) 75.76 HSBC International Trustee Limited 1,313,887,206 (2) 33.32 Mark Liaison Limited 2,987,307,499 (1) 75.76 Permira Holdings Limited 2,975,899,499 (1),(4) 75.47 Premium Capital Profits Limited 2,987,307,499 (1) 75.76 Recurrent Profits Limited 2,987,307,499 (1) 75.76 Super Focus Company Limited 2,987,307,499 (1) 75.76 (1) City Lion Profits Corp. ENB Topco 2 S.àr.lMark Liaison Limited Permira Holdings Limited Premium Capital Profits Limited Recurrent Profits Limited Super Focus Company Limited XV 1,673,420,293 2,333,180,916 2,987,307,499 2,977,646,644 2,177,515,499 2,973,999,320 2,872,803,460 2,718,107,345 (2) HSBC International Trustee Limited 1,313,887,206 (3) ENB Topco 2 S.àr.l ENB Lux 2 S.àr.l (4) Permira Holdings Limited 39

(i) City Lion Profits Corp. HSBC International Trustee Limited 1,313,887,206 (ii) Mark Liaison Limited 9,660,855 (iii) Premium Capital Profits Limited 13,308,179 (iv) Super Focus Company Limited 269,200,154 (v) Recurrent Profits Limited 114,504,039 (vi) ENB Topco 2 S.àr.l. Permira Holdings Limited 642,718,583 (vii) City Lion Profits Corp. ENB Topco 2 S.àr.lMark Liaison Limited Permira Holdings Limited Premium Capital Profits Limited Recurrent Profits Limited Super Focus Company Limited XV 40

Galaxy Entertainment Finance Company Limited 9.875% 105,910,000 100%281,163,000 104.938% 2410 13.21 Galaxy Entertainment Finance (Galaxy Macau) Limited90 35% 100% 41

A.4.2 A.4.2 A.4.2 13.51B(1) BBS 874 702 8228 Guido Paolo Gamucci Gamucci 42