Taiwan Stock Exchange Corp.

The Taiwan Stock Exchange Corporation held its 557th Listing Review Committee meeting on July 11th, 2012. The Committee approved the application of Sino Horizon Holdings Limited and concluded as follows：

1.It is advised that the Board of Directors directs of the Company to follow the Taiwan Stock Exchange Corporation Rules Governing the Particulars to be Described in the Prospectus for the Initial Listing of Securities, and to disclose in the Special Particulars to be described section of the prospectus the following information：

(1)The changes in the operational performance over the past three years (From 2008 to 2010) and the applying year (2011 & 2012Q1) .

(2)According to the latest financial report, the debt to asset ratio was 60%, and the operating cash flow were all negative during the past five fiscal years, and the sum of investment property, long-term prepaid rent and inventory was over NTD 55.8 billion. As it is essential for the company to continue capital investment for property development in the future, while the real-estate tightening policy in the mainland is still in place. Please evaluate the financial and operating risks in the future and state the measures to deal with such risks.

(3)The reason for selling the subsidiary of Bestget, the name of the purchaser, the rights and obligations of the vendor, purchaser and the warrantors, the basis of the consideration, the transaction progress, the terms of the vendor loan agreement, the accounting treatment, the impact to finance and operation, and to evaluate the use of sales proceeds.

(4)China battled the high housing prices since 2010, please state the differences of land ownerships between China and Taiwan, the supply and demand of the China market, the comparison with peer companies in China, market positioning, the way to increase the additional value of product and competitive advantages.

(5)The cash balances as of 2009 and 2010 were NT $1.73 billion and NT $2.38 billion, while the cash balances as of 2011 and 2012 Q2 were NT $9.3 billion and NT $11.5 billion, please state the reason for high cash holding and the detailed use planning.

2.Please promise to disclose the information about the policies change of China’s real estate and the impact to Company.

3.As a foreign issuer applying for initial offering, Sino Horizon Holdings Limited is required to include the declaration letters of the company and its Directors and President – all of which must be notarized by the District Court in Taiwan or Taiwan foreign agencies – in the Special Particulars to be Described section of the prospectus.

Sino Horizon Holdings Limited 's information is listed as below：:

1. Company Address：Walker House, 87Mary Street, George Town, Grand Cayman KY1-9005, Cayman Islands

2. Paid-in capital at the time of application for listing：NT$16,813.62 millions

3. Chairman：Chang Hung Pen

4. Underwriter：Fubon Securities Corp.

5. Profit before tax: (In thousands)

(1) For the year ended 31 December 2008: NT$722,857

(2) For the year ended 31 December 2009: NT$460,874

(3) For the year ended 31 December 2010: NT$1,792,560

(4) For the year ended 31 December 2011: NT$6,247,432

(5) For the first quarter ended 31 March 2012: NT$1,724,445

6. Earnings per common share:

(1) For the year ended 31 December 2008: NT$0.28

(2) For the year ended 31 December 2009: NT$0.12

(3) For the year ended 31 December 2010: NT$0.57

(4) For the year ended 31 December 2011: NT$3.02

(5) For the first quarter ended 31 March 2012: NT$0.49

7. Major business：real estate development, commercial property leasing, and property management, etc.

8. Sales Markets : Mainland China 100%

9. Proportion of shares held by the Board of Directors：9 seats on the Board, comprising 50% of the total shares outstanding (as of Mar.31, 2012)