The Ritz-Carlton Hotel Company, L.L.C. or its affiliates (“RITZ-CARLTON”) have entered into an agreement with the developer, MAY21 Pty Ltd, a subsidiary of Far East Consortium, to manage the proposed hotel, The RITZ-CARLTON, Melbourne. This agreement may be terminated in certain circumstances such as default and in which case, the hotel will no longer be a RITZ-CARLTON branded hotel. The West Side Place apartments are not owned, developed, marketed, sold, managed or serviced by RITZ-CARLTON.