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1

2 (a) (b) 69

3

4 % Gold Asset Management Excellence Award Steve Maxwell Leadership Award

5 Mall Laing RailLondon Overground

6 London Overground

7 London Overground % % % % ,

8 3 London Overground Rail Operations Ltd LOROL London OvergroundLondon Overground 2012 LOROL 2006UITP UITP Sustainable Asset Management

9 2006 Convergence ACCA 2007 International Asset Management ConferenceGold Asset Management Excellence Award 1, /

10 2007

11 Laing Rail London Overground % % % % % % 3.3%

12 % 1, % 9, , % 25.3% 41.6% % % % Hello Kitty Hello Kitty 78

13 12.9% % % % % % , % TraxComm Limited % , Lansmart Ltd 11 1,

14 % , % % ,210 19,307Mall , , % ,121 9, ,851 81,457 93, , , , , , % % 8,1901,650 1,

15 Laing RailDeutsche Bahn group London Overground Rail Operations Ltd LOROLLondon Overground

16 Laing Rail London Overground Rail Operations Ltd LOROL London Overground Laing Rail LOROL London Overground11 11 LOROL % % % % % % % %55.3%

17 % % % % , , % % % 50%

18 , TW5 TW7 6,

19 2007 # ,115 6, ,575 3, ,912 5, ,304 5, ,216 11, ,180 7, ,571 5, , , ,050 28, ,685 91,014 76, , , ,243 10,175 9, ,100 2,595 2,513^ 3.3 3, (0.6) * * % 25.0% # ^

20 % 99.9%99.9% 99.8%99.9% % % % % 1, % %25.3% 41.6% Hello Kitty 48%

21 CoMET Asset Management Council Maintenance Engineering Society Gold Asset Management Excellence Award % % % % %

22 20,564 27, % % , % 11.2% 2.30 TraxComm Limited % % % Bangkok Mass Transit System Public Company Limited BTS % 106% 83.04

23 , % % % 15.6 Mall 21.7% 100% 5 91% Mall1 1295% 40, , , ,921 41,215 10, % ,1219, ,851 81,457 30,530 62, , ,000SOHO SOHO SOHO 820,254

24 , , % % 8,190 1,650 1,

25 Laing RailLondon Overground Rail Operations Ltd (LOROL)London Overground 49% Laing RailDeutsche Bahn grouplorol 6 London Overground 11 LOROL 7Transport for London TfL 7 LOROL London Overground 2012 London Overground 107.2LOROL

26 2,000 2 CoMET London Underground6 London Overground , / % % % % % % 1,0200.8% , % % % % % % % ,500 Mall 23.9%

27 % % 6.9% 8.3% 52.3% % % %55.3% % % %5.6% % ,900 9,700London Overground Rail Operations Ltd % % % % , ,

28 % % % 5.6% ,000

29 A-/A3 5Aa3 Aa Aa AA A-1+ AA AAa

30 2007* 2006* 2005* 2004* 2003* 2002* 2001* 2000* ,690 9,541 9,153 8,351 7,594 7,686 7,592 7,577 7,252 6,981 14,216 11,018 11,246 9,097 9,116 7,769 7,301 7,290 5,523 4,720 2,739 2,674 2,682 2,499 2,402 2,470 2,178 2,091 2,039 1,426 1,316 1,398 1,361 1,450 1,539 1, ,143 1, ,609 1,797 2,310 2,051 15,182 7,758 8,463 6,543 4,450 3,579 4,278 4,069 2,116 2,819 2,522 2,328 2,299 2,259 2,215 2,161 2, , , , , , ,119 98,126 92,565 87,250 82,104 34,050 28,152 28,264 30,378 32,025 33,508 31,385 27,203 23,177 16,897 10, ,682 3,584 4,638 5,061 6,226 8,411 10,403 13,776 15,970 91,014 76,767 69,785 61,892 57,292 53,574 53,893 50,355 45,115 42, , , ,770 4,521 4,600 4,669 4,730 4,836 4,756 4,943 5,132 5, ,105 1, , ,134 7,363 6,991 6,555 6,629 6,891 7,231 7,332 7,537 8,786 *

31 # 2007* 2006* 2005* 2004* 2003* 2002* 2001* 2000* , , , , , ,318 96,751 92,199 94,704 94,260 19,956 20,077 17,122 16,081 15,227 19,467 19,458 19,557 19,394 9, , , , , , , , , , ,602 8,243 10,175 9,576 8,493 8,015 6,849 8,457 9,022 10,349 10,396 3,928 11,100 2, ,595** 2,523 2,497 2,403 2,240 2,261 2,231 2,240 2,284 2,326 3, ^^ ^ ^ ^ 6 ^ ** ^^ % ^ # *

32 A %

33

34 / /8 4/4 4/4 4/4 4/ /8 7/8 6/8 8/8 7/8 7/8 5 1/1 5 1/1 8/8

35

36

37 2007 4/4 4/4 2 3/ /3 3/3 1/1 1 1/

38 / /2 1/

39

40

41 2002Sarbanes-Oxley Sarbanes-Oxley

42 % 30%

43 ,017 5 Retention Bonus Scheme RBSRetention Bonus Scheme RBS (a)

44 (b) RBS RBS (c) (d) (e) (i) (ii) , ,001 1,000, ,000,001 1,500, ,500,001 5,000, ,000,001 5,500, ,500,001 6,000, ,000,001 6,500, ,000,001 10,500, ,500,001 11,000,

45 CDC CorporationChina.com Inc. HSBC Private Equity (Asia) Limited Inchcape plc CBE GKN PLC University College of Swansea, Wales1970 (Calgary) (Dubai International Financial Centre Authority) (Noble Group Limited) (Unisys)

46 (Asia Pacific Advisory Board)

47 () Wesleyan (PBM)

48 Royal Dutch ShellShell Eastern Petroleum (Pte) Ltd Shell Duke Energy International Duke Energy Asia Limited 1996 PowerGen plc (Central Electricity Generating Board) Kensington University (Institution of Mechanical Engineers) Chartered Institute of Personnel and Development (U.K.)2007 Asset Management Council (Steve Maxwell Leadership Award)

49 A B C D London Overground 7 50%107.2 E F G H I J K L M 49% %

50 [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][ ] (i) (ii) [ ][ ] i [ ][ ](ii) [ ] 45 46

51 A B C D E F G (1) 10% ,500,000,0005,548,613,951 62,443,084 A 2,562, B 129,

52 C 39,183, D 20,568, ,500,000,0005,611,057, % 0.1% ISO 9001:2000

53 XV571 * * * 50,369 50, ,000 ( 1) 418,017 ( 2) 1,138, ,790 4, ,712 1, , ,000 ( 1) 46,960 (i) 217,500 ( 3) (ii) 170,000 ( 1) 55,037 2,541 (i) 321,000 ( 3) (ii) 170,000 ( 1) 23,000 23,000 ( 4) (i) 1,043,000 ( 5) (ii) 170,000 ( 1) 46,000 2,500 (i) 1,066,000 ( 5) (ii) 130,000 ( 1) 170,000 ( 1) 170,000 ( 1) ( 7) 160,000 ( 6) 225, , , ,419, ,244, , , ,371 2, ,017 XV , ,000 Linsan Investment Ltd ,000 XV ,000 7 *

54 3B(i) / / /9/2000 1,066,000 5/4/ /9/ , ,500 20/9/2000 1,066,000 5/4/ /9/ , ,000 20/9/ ,409,000 5/4/ /9/2010 7,291,000 2,562, ,728, % 3B(ii) / / /8/2003 1,066,000 14/7/ /7/2013 1,043, ,043,000 22/3/2007 1,066,000 19/3/ /3/2017 1,066, ,066,000 1/8/ ,200 14/7/ /7/ ,200 66, , /1/ ,000 9/1/2007 9/1/ ,000 31,500 31, , /9/ ,000 9/9/2006 9/9/ ,000 31, ,000 23/9/ ,000 9/9/2006 9/9/ ,000 71, ,000 31/3/ ,000 20/3/ /3/ ,000 31, ,000 4/7/ ,000 19/6/ /6/ ,000 31, ,000 17/11/ ,000 13/11/ /11/ ,000 31,500 31, , /10/ ,000 29/9/ /9/ ,000 31, ,000 12/5/ ,500 25/4/ /4/ ,500 89, ,500 15/5/ ,000 25/4/ /4/ ,000 71, ,000 12/5/ ,000 2/5/2007 2/5/ ,000 71, , %

55 3B(iii)2007 / / /12/ ,000 10/12/ /12/ , ,000 12/12/ ,000 10/12/ /12/ , ,000 13/12/ ,000 10/12/ /12/ , ,000 12/12/ ,000 10/12/ /12/ , ,000 12/12/ ,000 10/12/ /12/ , ,000 12/12/ ,000 10/12/ /12/ , ,000 12/12/ ,000 10/12/ /12/ , ,000 12/12/ ,000 10/12/ /12/ , ,000 11/12/ ,000 10/12/ /12/ , ,000 12/12/2007 1,750,000 10/12/ /12/2014 1,750, ,750,000 13/12/ ,000 10/12/ /12/ , ,000 14/12/2007 1,005,000 10/12/ /12/2014 1,005, ,005,000 15/12/ ,000 10/12/ /12/ , ,000 17/12/ ,000 10/12/ /12/ , ,000 18/12/ ,000 10/12/ /12/ , ,000 19/12/ ,000 10/12/ /12/ , ,000 20/12/ ,000 10/12/ /12/ , ,000 21/12/ ,000 10/12/ /12/ , ,000 22/12/ ,000 10/12/ /12/ , ,000 24/12/ ,000 10/12/ /12/ , ,000 28/12/ ,000 10/12/ /12/ , ,000 31/12/ ,000 10/12/ /12/ , ,000 2/1/ ,000 10/12/ /12/ , ,000 3/1/ ,000 10/12/ /12/ , ,000 4/1/ ,000 10/12/ /12/ , ,000 7/1/ ,000 10/12/ /12/ , , %

56 ,066, ,870,0006,403, (%) ( ) () () 22/3/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ A XV

57 B % % % ,301,750, %

58 ,115 6,523 1,741 1,542 1,834 1,476 10,690 9,541 (1,802) (1,653) (576) (539) (99) (65) (130) (120) (521) (511) (86) (80) (410) (410) (540) (345) (268) (267) (183) (192) (163) (158) (4,778) (4,340) 5,912 5,201 8,304 5,817 14,216 11,018 (2,739) (2,674) (193) 11,284 8,344 (1,316) (1,398) 8,011 2, ,265 9,169 (3,083) (1,411) 15,182 7,758 15,180 7,759 2 (1) 15,182 7, ,740 1,554 2,522 2,328 HK$2.72 HK$1.41 HK$2.72 HK$

59 ,723 22,539 79,444 84,404 15, , , ,066 3, , ,167 1,894 3,532 3, , , ,114 5,412 3, ,541 27, , ,682 12,574 9,453 64,631 43,635 91,037 76,786 39,828 38,639 51,186 38,128 91,014 76, ,037 76,

60 HKFRS HKAS HKFRS 7HKAS 1 HKFRS 7 HKAS 1 HK(IFRIC) ) ) A

61 2 B % , ,

62 3 A (i) * * ,000

63 3 A * (a) ,066,

64 3 A (b) , , , , , , , ,000 (ii) 418,017XV , ,000XV ,000 (iii) 1615, ,060 (iv) B (i) ,066, , (i) ,000 (ii) ,000

65 3 B (ii) ,066,000 (i) ,000 (ii) , , ,066,000 (i) ,000 (ii) ,000 (iii) , , ,

66 ,115 6,523 1, ,741 1,542 1,258 1,050 8,856 8,065 2,613 2,047 1,834 1,476 1,226 1,109 10,690 9,541 3,839 3,156 8,304 5,817 12,143 8,973 (666) (629) (193) (1,316) (1,398) 8,011 2, (3,083) (1,411) 15,182 7,758 5 A ,539 19,892 2,840 4, ,011 2,178 (58) ,723 22,539

67 5 B ,989 46,544 57,767 4, , ,387 1,431 * (42) (49) (91) (4) (371) (375) (61) A 58 (4,027) (3,969) 5D ,238 (1,272) ,240 46,471 58,820 1, ,568 46,471 58,820 1, , ,240 2, ,864 22,937 26, ,279 2,718 * (1) (3) (4) (2) (337) (339) (52) (52) (12) ,236 24,888 29, ,240 42,235 33,932 1,037 79, ,705 46,188 56,339 3, , ,152 2,221 (20) (370) (2) (392) D , (906) ,989 46,544 57,767 4, ,205 46,544 57,767 4, , ,989 1, ,492 21,018 24, ,249 2,674 (8) (330) (338) (45) (45) ,864 22,937 26, ,989 42,680 34,830 4,905 84,404 *

68 5 C * 3,924 3,924 10,687 10, , , , ,250 * D B (71) (71) (1,199) (5) , (1,199) (5) ,500 1,

69 ,902 27, (10) ,148 71, ,107 1,107 (13) (13) (2) (2) 2006 (1,554) (1,554) 2007 (782) (782) ,180 15, ,029 27,188 1,170 (25) ,992 85, ,780 27, ,698 64, ,090 1,090 (18) (18) (17) (17) (2) (2) (1,535) (1,535) 2006 (774) (774) ,759 7, ,902 27, (10) ,148 71, www.mtr.com.hk

70 CF(1) 141CF(1) Hong Kong Standards on Assurance Engagements (a) (b)

71 Level 1 Programme 10:1 JP Morgan Depositary Receipts 4 New York Plaza, 13th Fl. New York, NY (852) (852) HK 66 HK Level 1 Programme MTRJY JP Morgan Depositary ReceiptsLevel 1 Programme ,611,057,035 4,301,750, % 1,309,306, % , (852) (852) (852) [email protected]

72 Concept & Design: YELLOW CREATIVE (HK) LIMITED

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