Division 8.2 Reduction in market presence in the real estate finance business line

At 31 December 2010 HRE had closed the 12 sites listed below in the real estate finance business line:

1. (i)

   Berlin (sales section of the site);

2. (ii)

   Dortmund;

3. (iii)

   Hamburg;

4. (iv)

   Hong Kong;

5. (v)

   Copenhagen;

6. (vi)

   Lisbon;

7. (vii)

   Milan (sales section of the site);

8. (viii)

   Manchester;

9. (ix)

   Mumbai;

10. (x)

    Singapore;

11. (xi)

    Stockholm; and

12. (xii)

    Tel Aviv.