*As of December 31, 2020, Phoenix has managed over US$12.4 billion¹ of gross real estate assets; comprised of approximately US$7.6 billion of current assets (including approximately US$6.6 billion¹ of assets solely managed by Phoenix and approximately US$0.9 billion¹ of assets co-managed by Phoenix and joint venture partners); as well as approximately US$4.8 billion¹ of gross real estate assets sold or realized which are no longer under management by Phoenix. This is the estimated market value of Phoenix Group’s current assets and includes both equity (such as undrawn capital commitment, cash and cash equivalents, etc.) and debt (excluding short-term loan or subscription line in the amount of approximately US$296.1 million). Please refer to Legal & Regulatory for detailed explanation of Market Value.