China Merchants Holdings (International) Company Limited Ports and Port-related Business 100% Fatten Investments Limited Shipping Airfreight 100% 100% 100% Full Space Investment Limited Foxtrot International Limited Orienture Investment Limited 10.98% 3.22% 3.1% 100% China Merchants (Nanshan) Holdings Limited 36.5% China Nanshan Dev. (Group) Inc. Shenzhen Chiwan Grossalan 58.8% WharfHoldingsLtd. 100% Investments Limited 1.3% 17.3% Shenzhen Chiwan 18.6% 51.8% Petroleurm Supply Base Co. Ltd. China Merchants Shekou 62.5% Holdings Co. Ltd. Shenzhen Cyber - Harbour Network 37.5% Co. Ltd. 50% Pacific Paradise Assets Ltd. 22.1% Modern Terminals Ltd. 40% MTL Chiwan Holdings Limited Hidoney Development Limited 24% 100% 16.7% 83.3% Chiwan Container Terminal Co., Ltd. 60% Easton Overseas Limited China Merchants Holdings (Pacific) Limited Fairtime Ltd. Ningbo China Merchants Int'l Container Company Ltd. 100% Market Ocean Holdings Limited 100% Ming Wah Universal (Bermuda) Co. Ltd. China Merchants Shekou Port Holdings Co. Ltd. China Merchants (SCT) Holdings Co. Ltd. 100% Eastem Option Ltd. 20% Asia Airfreight Terminal Co. Ltd. 100% 100% 100% 100% 100% Voctor Investments Limited 23.9% 25% 100% 40% 32.5% Shekou Container Terminals (Overseas) Co. Limited Zhangzhou Terminal Holdings Co. Ltd. 49% Zhangzhou China Merchants Port Co. Ltd. Shekou Container Terminals Ltd.
China Merchants Holdings (International) Company Limited Transportation and Infrastructure Business Successful Road Corporation 100% 100% 100% Goldington Limited China Merchants Infrastructure Investments (5) Ltd. Tunnel 100% High Fortune Group Ltd. 30% 40% 13% 13% Twinbridge Development Corp Zhangzhou Haiwei Construct Development Co. Ltd. Western Harbour Tunnel Co. Ltd. Hong Kong Tunnels and Highways Management Co. Ltd. 100% Shanghai Yixian Road & Bridge Development Co. Ltd. 100% 100% 100% 100% 100% 100% 100% Honey Venture Ltd. Beautiworld Int'l Ltd. Prestige Property Limited Cotter Int'l Ltd. Wharton Overseas Limited Reed Overseas Limited Speedway Venture Limited 60% 40% 40% 16.7% 16.7% 16.8% 60% Ningbo Ningzhenluo Joint Ventures Guangxi Guiliu Joint Ventures Guizhou Guihuang Joint Ventures Guangdong Luomei Joint Ventures Zhangzhou Tongda Road Dev. Co. Ltd. Zhejiang Yuyao Joint Ventures
China Merchants Holdings (International) Company Limited Industrial Manufacturing Business Container Soares Ltd. China Merchants Container Industry Co. Ltd 7.26% China International Marine Containers (Group) Ltd. Paint Product 100% 100% 100% 20.05% Hai Hong (Chemicals Industry) Co. Ltd. Hoi Hung HHH(BVI) Ltd. Hai Hong Industry (Shenzhen) Co. Ltd. Jinan Metallic Pigment Co. Ltd. 100% 100% 64% 35% Hempel-Hai Hong Coatings Co. Ltd. Property 100% 100% 100% Fair Oaks Development Ltd. 100% Pacific Point International Ltd. CMF Technology Fund I Ltd. Fully Profit Property Limited Universal Sheen Investment Ltd. 100% Fair Win Developments Ltd. Others 100% CMHI Caymans Inc. 46.5% 19.6% Dichain Systems Limited 100% Bestrain Investment Limited 40% Valspar Hai Hong Co. Ltd. 30% PPG Coatings ( Hong Kong ) Co. Ltd. PPG Hempel-Hai Hong Coatings (Shenzhen) Co. Ltd. 100% 100% 100% Valspar Hai Hong Coatings (Shenzhen) Co. Ltd. PPG Coatings ( Tianjin ) Co. Ltd. PPG Hempel-Hai Hong Coatings (Kunshan) Co. Ltd. 100% Hempel Coatings (Shenzhen) Co. Ltd. 100% Hempel-Hai Hong Coatings (Yan Tai) Co. Ltd. 100%
11,000 10,000 9,000 8,000 7,000 6,000 5,000 1997 1998 1999 2000 2001
32
130 130 8891 130130A130B 130
1(6)(a)132 1(6)(a)132137A 138 135 136135 135136
600 500 400 300 200 100 0 12000 11000 10000 9000 8000 7000 400 375 350 325 300
200 150 100 50 0 12000 10000 2000 2001 8000 6000 4000 2000 0 2000 2001 200 150 100 50 0 2000 2001
0 200 400 600 800 1,000 0 20000 30000 40000 50000 60000
1,206,105 975,099 (115,037) 860,062 (59,852 800,210 38.98 38.88 10,188,455 1,590,818 11,779,273 (773,963) (132,374) 10,872,930
% 100 1,200 900 75 1,000 800 750 600 50 600 450 25 400 200 300 150 1997 1998 1999 2000 2001 0 1997 1998 1999 2000 2001 0 1997 1998 1999 2000 2001 0.5 % 40.0 % 1,800 0.4 30.0 1,600 0.3 20.0 1,400 0.2 0.1 10.0 1,200 0 1997 1998 1999 2000 2001 1997 1998 2000 1999 2001 1,000 1997 1998 1999 2000 2001
15,000 11,000 6.0 9,000 5.0 10,000 7,000 4.0 5,000 1997 1998 1999 2000 2001 5,000 1997 1998 1999 2000 2001 3.0 1997 1998 1999 2000 2001 % 15 6 3,000 1,500 2,500 10 4 2,000 1,000 1,500 5 2 1,000 500 500 0 1997 1998 2000 1999 2001 0 0 1997 1998 1999 2000 2001 0 1997 1998 1999 2000 2001
% 15.0 0.40 0.30 10.0 0.20 5.0 0.10 1997 1998 1999 2000 2001 0 1997 1998 1999 2000 2001 1,600 1,000 1200 1,400 800 900 1,200 600 400 600 1,000 200 300 0 1997 1998 1999 2000 2001 0 0
3940 41 3 45 144,075,000 184,813,000 29 13 86 28 79B281,812,000 423,229,000 31 0.10 700,000 500,000 4.775 4.725 2,388,000 200,000 4.025-805,000 700,000 3,193,000
() () () 9197 29 2,000,000 350,000 30,000 1,470,000 320,000 350,000 60,000
29 18 (a) 80% 10% 11,199,000 0.5% 1.3.2000 5.054 2,500,000 500,000 2,000,000 19.9.2000 5.615 350,000 350,000 1.3.2000 5.054 2,000,000 530,000 1,470,000 1.3.2000 5.054 1,150,000 830,000 320,000 1.3.2000 5.054 350,000 350,000 4 1.3.2000 5.054 975,000 800,000 175,000 4 1.3.2000 5.054 1,950,000 350,000 1,600,000 4 1.3.2000 5.054 1,150,000 574,000 576,000 (I) 1.3.2000 5.054 3,500,000 506,000 500,000 2,494,000 (II) 19.9.2000 5.615 1,050,000 48,000 1,002,000 (III) 24.5.2001 5.630 750,000 12,000 738,000 (IV) 6.7.2001 5.610 700,000 700,000 6 1 6.00 2 5.75 3 5.93 4
(a) 5 2.5692.153 Black-ScholesBlack-Scholes 1. 2. 3. 4. 5. Bloomberg Professional 6. 250 Black-Scholes (b) (i) (ii) (iii) (1) 10% (iii)(2)(iii)(3) 10% 10% (2) 10% (iii)(5)(iii)(1) 10% 10% (3) 10% (iii)(5) (iii)(1) (iii)(2)
(b) (4) (a) (iii)4(b)(iii)(5) 12 1% (b) (iii)4(a) (iii)4(a) (iii)(5) (5) 30% 30% (iv) 10 (v) (vi) (vii) 10 (viii) 188,747,238 9.2%
16(1) 10% 510,513,584 24.86% 1 1,045,177,584 50.90% 2 1,045,177,584 50.90% 3 1,091,337,351 53.15% 1. 1,045,177,584510,513,584 China Merchants Union (BVI) LimitedCMU 161,130,410Blue Sky International Investments LimitedBlue Sky 153,533,590Shinning Hope LimitedShinning Hope120,000,000Bluewater International Investments Limited Bluewater100,000,000 CMUBlue SkyShinning HopeBluewater 1,045,177,584 2. 1,045,177,584 3. 1,091,337,3511,045,177,584Orienture Holdings Company LimitedOrienture 46,159,767Orienture 1,091,337,351 (a) I.C.H. Industrial & Commercial Holdings ApSICH IHC ICH (i) 21,590 (i) 69,367 ICH (ii) 826 (i) (ii) 5% (b) 50% 280,847,000
(c) 849%51% 160,000,000 (d) (i) (ii) 100% (iii) (e) High Rated Holdings LimitedHigh Rated CMF Technology Fund I Ltd.CMF Technology CMF TechnologyCMF Technology18,600,000145,080,000 High Rated (f) 62.5%37.5% 7,060,000
(g) Top Chief Company Limited Top Chief Lovedays Investment Limited LovedaysTop ChiefLovedays Lovedays165,949,132Lovedays Lovedays5% LovedaysLovedays CMSKIZ44% CMSKIZShenzhen China Merchants Investment Consultant Company Limited SCMICCMSKIZ SCMIC SCMPSCMSKIZCMSKIZCMSKIZ SCMPS412,590,000183,090,00051% 229,500,000CMSKIZ SCMPSLovedays Top ChiefCMSKIZSCMIC LovedaysSCMPS51%SCMPS 100% (h) China Merchants Transportation Holdings Company Limited CMTHC102,600,000 CMTHCCMTHC (i) 35(a)(b)(c) (a)35(a)(b)(c) (i) (ii)
(iii) (iv) (v) 10,000,0003% 53.15% 3.9 110,000,000 20,000,000 16,012,500 7 35% 50% 9.7%31.0% 30% 5% 14
PricewaterhouseCoopers 22nd Floor, Prince s Building Central, Hong Kong Telephone: (852) 2289 8888 Facsimile: (852) 2810 9888 4585
3 1,206,105 1,381,860 (748,814) (893,630) 457,291 488,230 3 102,306 158,225 2(m) 27,166 5,165 66,546 4 47,611 (117,933) (114,480) (127,495) (130,724) 17 (100,000) 18 (39,559) (84,373) 5 206,941 431,035 6 (66,561) (101,949) 703,257 629,434 131,462 122,658 975,099 1,081,178 9 (115,037) (102,734) 860,062 978,444 (59,852) (100,376) 10 800,210 878,068 11 328,888 266,494 12 38.98 42.94 38.88 42.71
13 2,705,660 2,856,243 14 326,353 332,364 14 (158,817) 16 3,166,361 2,663,924 17 3,322,334 3,392,289 18 454,575 473,018 19 31,327 31,327 20 340,662 304,999 10,188,455 10,054,164 21 105,007 145,114 22 399,502 668,573 19 10,443 34,171 23 23,842 19,242 23 70,107 141,580 1,491,919 1,506,555 2,100,820 2,515,235 24 241,903 287,657 2,121 6,205 25 62,000 25 203,978 447,271 510,002 741,133 1,590,818 1,774,102 11,779,273 11,828,266 25 293,094 497,164 26 311,910 309,509 27 168,959 175,896 773,963 982,569 132,374 481,057 10,872,936 10,364,640 28 205,347 205,002 29 10,482,776 9,995,636 29 184,813 164,002 10,872,936 10,364,640
13 490 985 15 12,398,511 12,638,499 16 153,174 153,174 12,552,175 12,792,658 22 6,302 3,195 23 18,105 11,397 1,282,467 838,655 1,306,874 853,247 24 3,655 5,718 25 155,950 134,830 159,605 140,548 1,147,269 712,699 13,699,444 13,505,357 25 280,870 15 2,829,197 2,233,810 2,829,197 2,514,680 10,870,247 10,990,677 28 205,347 205,002 29 10,480,087 10,621,673 29 184,813 164,002 10,870,247 10,990,677
29 (1,631) 6,332 800,210 878,068 798,579 884,400 29 (116,504) 29 (3,791) 29 (643) 798,579 763,462
30 451,254 647,206 431,036 258,830 49,475 76,110 6,000 58,396 36,382 15,193 961 2,043 (308,077) (245,465) (64,160) (99,350) (21,930) (14,834) 129,687 50,923 (5,233) (7,247) (10,096) (9,822) (15,329) (17,069) (46,154) (342,362) Ming Wah Universal Bermuda Co., Ltd. (221,548) (120,429) (334,793) (342,354) (236,745) (3,953) (120,003) (32,500) (16,326) (5,927) (15,992) 167,654 2000 349,619 148,114 29,223 4,875 4,775 179 347 9,018 57,175 (203,885) (864,222) 361,727 (183,162) 31 331,263 125,771 3,307 20,987 808 (334,889) (426,666) (6,942) (4,514) (3,193) (324,037) 29,969 37,690 (153,193) 1,394,163 1,545,233 (1,934) 2,123 1,429,919 1,394,163 1,491,919 1,506,555 (62,000) (112,392) 1,429,919 1,394,163
1 9 14 26 28 29 30 31 32 2
2
2 (i) (ii) (iii) (iv)
2 (i) 30 20 30 1(a) 31 30 (ii) (iii)
2 (i) (ii) 28 28 27,166,000
2
2. 13 9 29 164,002,000142,973,000
3 674,460 830,765 474,759 494,481 27,664 29,031 29,222 27,583 1,206,105 1,381,860 49,475 76,110 28,594 9,737 7,945 58,396 961 2,043 15,331 11,939 102,306 158,225 1,308,411 1,540,085
3 474,759 494,481 29,222 27,583 674,460 830,765 27,664 29,031 1,206,105 1,381,860 233,469 248,961 28,269 56,208 66,036 115,776 23,795 14,010 351,569 434,955 (41,884 ) (38,823 ) 31,650 52,730 5,165 66,546 (100,000 ) (100,000 ) (39,559 ) (39,559 ) (84,373 ) 206,941 431,035 (66,561 ) (101,949 ) 513,483 467,625 189,774 161,809 703,257 629,434 (3,568 ) 136,003 123,390 (973) (732 ) 131,462 122,658 975,099 1,081,178 (115,037 ) (102,734 ) 860,062 978,444 (59,852 ) (100,376 ) 800,210 878,068 1,469,416 1,810,945 342,672 353,022 619,654 914,670 1,177,224 1,211,831 3,608,966 4,290,468 2,419,677 2,049,763 746,684 614,161 3,166,361 2,663,924 158,074 115,489 3,125,754 3,273,570 38,506 3,230 3,322,334 3,392,289 21,061 433,514 473,018 454,575 473,018 31,327 31,327 31,327 31,327 340,662 304,999 340,662 304,999 (158,817 ) (158,817 ) 1,523,867 1,413,374 12,289,275 12,569,399 413,556 420,563 50,493 56,709 219,058 512,889 1,713 51 684,820 990,212 599,145 733,490 1,283,965 1,723,702 5,704 6,515 9,015 5,704 15,530 223 462 5,927 15,992 102,929 87,797 230 477 13,385 13,406 25,573 25,230 142,117 126,910 6,129 6,668 148,246 133,578 1,405 6,079 5,231 7,484 5,231 139,559 139,559
3 86,895 58,386 32,766 18,011 1,177,230 1,213,396 223 9,477 573,079 755,390 77,292 157,716 962,320 1,266,127 5,704 6,515 71,372 73,603 8,042 10,267 474,759 494,481 233,469 248,961 1,469,416 1,810,945 1,206,105 1,381,860 351,569 434,955 3,608,966 4,290,468 5,927 15,992 (41,884) (38,823) 31,650 52,730 5,165 66,546 (100,000) (39,559) (84,373) 206,941 431,035 3,166,361 2,663,924 3,322,334 3,392,289 454,575 473,018 31,327 31,327 340,662 304,999 (158,817) 1,523,867 1,413,374 12,289,275 12,569,399 4
5 776,000856,000 26,888 28,175 2,202 1,035 680 1,815 14 6,268 315 74,544 65,459 59,000 36,000 4,294 5,780 78,838 71,239 427,551 548,192 2,651 3,120 148,246 133,578 7,988 6,079 5,231 121 74 8,721 8,790 15,629 31,076 10,575 7,796 13 7,500 6 29,508 59,300 12,351 17,737 22,301 22,313 2,401 2,599 66,561 101,949 7 5%1,000 65
7 4,294,0005,780,000 59,00036,000 8 108 300 300 300 408 6,523 4,061 262 395 130 127 6,915 4,583 7,215 4,991 5.0545.615 4,140,00010,075,000350,000350,000 5.0 3,584,000175,000 5.054 1,000,000 13 12 1,000,0011,500,000 1 1,500,0012,000,000 1 2 2,000,0012,500,000 1 16 14
8 8(a) 3,452 3,730 327 448 76 122 3,855 4,300 1,000,000 1 1,000,0011,500,000 1 1 2,000,0012,500,000 1 2,500,0013,000,000 1 2 3 9 16%16% 50% 5,847 5,000 (137) (166) 5,535 12,661 11,245 17,495 64,898 59,502 37,036 25,796 1,858 (59) 115,037 102,734 10 169,853,000527,448,000 29
11 12 7.0 5.0 144,075 102,492 9.0 8.0 184,813 164,002 328,888 266,494 (a) 142,973,000164,002,0002(t) 29 (b) 9.0 800,210 878,068 22,301 22,313 822,511 900,381 2,053,031,000 2,044,984,000 489,000 1,122,000 61,997,000 61,997,000 2,115,517,000 2,108,103,000 13 14,000 1,521,263 2,188 1,847,875 91,785 22,108 10,737 3,509,956 (37) 4 (672) 1 (704) 8 125 1,517 3,140 1,137 5,927 (229) (248) (261) (738) 2,035 (2,035) 13,971 1,523,198 1,670 1,847,203 94,677 22,984 10,738 3,514,441 114,907 461,369 56,619 18,682 2,136 653,713 1 (241) (240) 32,737 102,929 8,305 2,284 1,991 148,246 7,500 7,500 (18) (191) (229) (438) 155,127 564,057 64,733 20,737 4,127 808,781 13,971 1,368,071 1,670 1,283,146 29,944 2,247 6,611 2,705,660 14,000 1,406,356 2,188 1,386,506 35,166 3,426 8,601 2,856,243
13 (a) 1,523,198 1,670 1,847,203 94,677 22,984 10,738 3,500,470 13,971 13,971 13,971 1,523,198 1,670 1,847,203 94,677 22,984 10,738 3,514,441 (b) 1,521,263 2,188 1,847,875 91,785 22,108 10,737 3,495,956 14,000 14,000 14,000 1,521,263 2,188 1,847,875 91,785 22,108 10,737 3,509,956 (c) 50 1,309,183 1,337,621 1050 8,314 16,311 1050 13,971 14,000 44,404 45,812 1,670 2,188 10 6,170 6,612 13,971 14,000 1,368,071 1,406,356 1,670 2,188 (d) (e) 300,354,600 316,828,00025
13 1,964 2,956 20 4,940 224 224 2,188 2,956 20 5,164 1,487 2,468 3,955 404 308 7 719 1,891 2,776 7 4,674 297 180 13 490 477 488 20 985 14 332,364 68 (165,085) 5 (6,079) 6,268 326,353 (158,817) 349,963 (165,085) (23,610) 6,268 326,353 (158,817) 349,884 (17,520) 332,364 15 1,789,674 1,789,674 10,608,837 10,848,825 12,398,511 12,638,499 2,829,197 2,233,810 29(d) CMHI Caymans Inc.CMHI Caymans Inc.40,960,000317,435,000 40,960,000 39
16 153,174 153,174 1,133,794 908,773 1,827,113 1,609,773 2,960,907 2,518,546 153,174 153,174 (9,750) 115,020 105,270 110,759 145,378 (10,575) 100,184 145,378 3,166,361 2,663,924 153,174 153,174 656,489 340,134 347,423 48,281 181,656,883 182,606,883 120,511,190120,511,190 40 17 2,030,010 1,899,773 1,392,324 1,492,516 (100,000) 3,322,334 3,392,289 41 31 12% 100,000,000
18 291,320 267,920 252,709 252,654 544,029 520,574 (49,895) (47,556) (39,559) 454,575 473,018 31 12% 39,559,000 83,000,000 33.4% a 12,000,000 16.8% b 340,000,000 40% c 12,000,000 25% d
18 (a) 33.4% (b) 16.8% 1,700,000 (i) (ii) (c) 40% 6,400,000 6,400,000 (d) 25% 300,0008.5%
19 31,327 31,327 21,581 10,443 10,368 2,222 10,443 34,171 20 21 1 51,935 83,771 1,032 945 52,040 60,398 105,007 145,114 146,0001,829,000258,000 1,126,000 22 196,166,000 248,334,00060 0-30 97,817 108,167 31-60 29,480 23,217 61-120 35,765 45,389 120 33,104 71,561 196,166 248,334 23
24 89,074,000117,779,000 0-30 58,018 82,723 31-60 22,236 19,058 61-120 8,678 7,302 120 142 8,696 89,074 117,779 25 26 216,225 227,806 342,847 716,629 155,950 415,700 559,072 944,435 155,950 415,700 265,978 447,271 155,950 134,830 48,902 204,014 191,666 99,221 131,808 89,204 144,971 161,342 559,072 944,435 155,950 415,700 (62,000) (203,978) (447,271) (155,950) (134,830) (265,978) (447,271) (155,950) (134,830) 293,094 497,164 280,870 13(e) 317,435 323,325 (5,890) 317,435 317,435 7,926 10,525 (2,401) (2,407) (192) 5,525 7,926 311,910 309,509 40,960,00040,960,0007%7 5.1207.74971.00 0.1 100%
27 28 0.1 3,000,000,000 3,000,000,000 300,000 300,000 2,050,022,388 1,995,159,824 205,002 199,516 46,159,767 4,616 7,377,452 738 1,150,345 115 (i) 4,150,000 175,000 415 17 (ii) (700,000) (70) 2,053,472,388 2,050,022,388 205,347 205,002 (i) 5.0545.634,150,000 0.1 (ii) 700,0000.1 (iii) 5.054 13,575,000 (4,090,000) (1,076,000) 8,409,000 5.615 1,400,000 (48,000) 1,352,000 5.63 750,000 (12,000) 738,000 5.61 700,000 700,000
29 7,685,949 (195,619) 8,602 72,248 1,491,416 9,062,596 9 2(t) 142,973 142,973 7,685,949 (195,619) 8,602 72,248 1,634,389 9,205,569 284,484 284,484 45,462 45,462 5,775 5,775 867 867 (76) (76) (116,504) (116,504) 5,021 5,021 113,901 (17,228) (2,134) 94,539 (3,791) (3,791) (643) (643) 6,332 6,332 2,426 (2,426) 878,068 878,068 (142,973) (142,973) 11 (102,492) (102,492) 20,826 (20,826) 8,022,461 (197,635) (2,294) 93,366 2,079,738 9,995,636 164,002 164,002 8,022,461 (197,635) (2,294) 93,366 2,243,740 10,159,638 8,022,461 (171,796) (7,053) 60,605 1,479,282 9,383,499 (25,839) 4,259 30,335 627,550 636,305 500 2,426 136,908 139,834 8,022,461 (197,635) (2,294) 93,366 2,243,740 10,159,638
29 8,022,461 (197,635) (2,294) 93,366 2,079,738 9,995,636 9 2(t) 164,002 164,002 8,022,461 (197,635) (2,294) 93,366 2,243,740 10,159,638 20,593 20,593 (21) (21) 70 (70) (3,123) (3,123) (1,631) (1,631) 800,210 800,210 11 (164,002) (164,002) 11 (144,075) (144,075) 30,575 (30,575) 8,043,033 (197,635) 70 (3,925) 123,941 2,517,292 10,482,776 184,813 184,813 8,043,033 (197,635) 70 (3,925) 123,941 2,702,105 10,667,589 8,043,033 (171,796) 70 (7,444) 66,802 1,697,130 9,627,795 (25,839) 3,019 51,148 778,410 806,738 500 5,991 226,565 233,056 8,043,033 (197,635) 70 (3,925) 123,941 2,702,105 10,667,589
29 7,685,949 2,339,985 555,273 10,581,207 9 29(d) (557,000) (557,000) 2(t) 142,973 142,973 7,685,949 2,339,985 141,246 10,167,180 284,484 284,484 45,462 45,462 5,775 5,775 867 867 (76) (76) 10 155,948 155,948 557,000 557,000 (185,500) (185,500) 527,448 527,448 (142,973) (142,973) 11 (102,492) (102,492) 8,022,461 2,339,985 259,227 10,621,673 164,002 164,002 8,022,461 2,339,985 423,229 10,785,675 8,022,461 2,339,985 444,727 10,807,173 9 29(d) (185,500) (185,500) 2(t) 164,002 164,002 8,022,461 2,339,985 423,229 10,785,675 20,593 20,593 (21) (21) 10 169,853 169,853 70 (70) (3,123) (3,123) 11 (164,002) (164,002) 11 (144,075) (144,075) 8,043,033 2,339,985 70 96,999 10,480,087 184,813 184,813 8,043,033 2,339,985 70 281,812 10,664,900
29 (a) (b) (c) 281,812,000 423,229,000 (d) 9 185,500,000557,000,000 30 206,941 431,035 155,730 138,809 100,000 39,559 10,575 7,500 7,796 121 74 (49,475) (76,110) (7,945) (58,396) (680) (1,815) (28,594) (9,737) (27,166) (961) (2,043) (5,165) (66,546) 84,373 40,106 (22,333) (23,520) 97,710 (4,173) 14,644 (4,600) 2,001 74,797 3,055 (31,796) 104,689 451,254 647,206
31 7,885,465 924,682 312,800 653,289 474,210 2,764 1,433 331,263 884 289,100 46,200 (76) 5,890 (5,890) (426,666) 2,599 100,376 (14,834) 3,307 (202,654) (419,571) 125,771 (4,514) (59,860) 8,227,463 832,043 309,509 481,057 175,896 (82) 28 5 21,008 (70) (21) (334,889) 2,401 59,852 (21,930) Ming Wah Universal Bermuda Co., Ltd. (386,633) (6,942) 8,248,380 497,072 311,910 132,374 168,959 32 33,696,000
33 753 13,255 191,251 4,951 4,963 750 12,930 5,701 17,893 34 39,680 57,047 59,938 70,998 59,938 70,998 3,900 3,900 3,900 3,900 317,435 317,435 63,838 74,898 420,953 449,380
35 (a) (iii) 16,058 16,701 (b) (iv) 4,526 2,448 (i) 1,313 846 (iii) 3,826 4,144 (iii) 7,751 8,073 (i) 3,447 6,643 (iii) 30 112 (ii) 12,492 14,095 (a)(b) (i) (ii) (iii) (iv) (c) 546 78
35 (d) 169,831 302,478 428 428 (e) 188,537 5,180 1,122 3,012 47,591 145,765 36 37 38 39 CMHI Caymans Inc. 2 100% Cotter International 1 100% Limited Fair Oaks Development 2 100% Limited Finstead Shipping 500 100% Limited
39 2 100% 100% * # 30,700,000 64% * 106,000,000 64% * # 40,000,000 64% * # 40,000,000 64% * # 20,000,000 64% * # 20,000,000 Island Tanker No. 1 10,000 100% Shipping Inc. Island Tanker No. 2 10,000 100% Shipping Inc. Island Tanker No. 3 10,000 100% Shipping Inc. Island Tanker No. 4 10,000 100% Shipping Inc. New Alliance 5,000 100% Shipping Inc. New Amity 5,000 100% Shipping Inc. * 7,730,640 60% * 6,329,440 60%
39 Reed Overseas 1 100% Limited 100 100% Wharton Overseas 1 100% Limited * # 40 20% 7.26% 20.05% * B China Merchants Holdings 23.9% (Pacific) Limited* 18.62%** * 36.5% *
40 * 35% 22.1% * PPG* 30% 32.5% * 25.3% 40% * * ** 6,285,544 8,337,998 537,957 414,563 3,131,439 2,836,059 2,628,186 3,316,457 (1,792,334) (2,979,520) (979,208) (725,070) 1037 10
41 (i) 55,317,800 40% 90,737,370 40% 92,563,400 40% 84,661,600 40% 84,692,600 40% 84,126,200 40% 83,443,000 40% 67,552,000 40% 92,453,900 40% 66,732,800 40% 73,232,200 40% 49,317,000 40% (ii) 11,761,300 60% 11,372,100 60% 10,204,320 60% 10,201,600 60%
41 (iii) 54,304,000 60% 79,696,000 60% 65,624,000 60% (iv) 64,376,000 60% 26,345,000 60% 98,924,000 60% CMF Technology Fund I Limited 40,000,000 46.5% 1,680,000 19.6%* Twinbridge Development Corporation 10,000 30% 240,000,000 49% *
41 (a) (b) 1090% 15100% (c) 90%85%70%65%60%50% 125,368 116,544 45,142 46,980 2,552,652 2,592,493 95,416 93,239 (4,013) (8,651) (1,196,680) (1,275,955)
100%
1. 2. 3. 4. 5. (a) (c)57b (b) (a) (c) (a) 20%(i) (ii) (iii)
(d) (i) (ii) (iii) 6. (a) (b) (b) (a) 10%
(c) (i) (ii) (iii) 7. 56 56 10% 8. (a) 1(6)(a) (a) (b) 130 130. 21 130B130A
(c) 130A 130A. 130B (d) 130B 130B. 130130A (e) 132 132. (f) 135 (g) 136 136.
(h) 137A 137A. (i) 138 138. 1. 2. 168-20038 3. 18317 4. 5757B 5. 6 6. 8
6 822 684 136 2 1,688-11,000 83.3% 16.5% 0.2% 21 774 754 20 0 1,300-17,000 97.4% 2.6%
95
Portfolio of Toll RoadS City of Shanghai* Zhejiang Province* Fujian Province Guangdong Province Guangxi Zhuang Autonomous Region* Guizhou Province* CHINA * Toll roads operating without any minimum income guarantee Guihuang Luomei Guiliu Section operated by CMHI CHINA MERCHANTS HOLDINGS (INTERNATIONAL) COMPANY LIMITED
Shanghai Yixian Yangtze River Outer ring road Shanghai Railway Station Inner ring road Zhangzhou Section operated by CMHI Hangzhou Bay Yuyao City Shaoxing City Yuyao Ningzhenluo Ningzhenluo Highway Section operated by CMHI Yuyao Highway Ningbo Shanghai Zhangxia Shanghai CHINA MERCHANTS HOLDINGS (INTERNATIONAL) COMPANY LIMITED
CMHI Portfolio of Toll Roads Portfolio of PortS 1 Hong Kong Special Administrative Region 2 Shenzhen City 3 Fujian Province Northern Hub China Tianjin Dalian Qingdao Shanghai Yangshan Ningbo Haixing Port Chiwan Wharf 2 Southern Hub Central Hub 2 Shenzhen Xiamen 3 Jinmen 1 Hong Kong Taiwan Provinc New Territories Right Fortress 35,000 35,000 20,000 15,000 Oil Base Berth Area Commerical Berth Area (-10.6) 475m ( 12.0) 35,000t 35,000t Left Fortress Fuel & Gas Terminals MTL * Hong Kong International Airport Lantau Island Chiwan Container Terminal (CCT) * 2 * Formerly known as Kaifeng Terminal CHINA MERCHANTS HOLDINGS (INTERNATIONAL) COMPANY LIMITED
Kowloon Hong Kong Jiangxi Province Guangdong Province Fujian Province Land for warehousing Land for wharfs Xiamen Jetty 3 Jinmen 3 Taiwan Province Fujian Province Jetty 2 Jetty 1 2 Dapan Shoal Current Facility Phase 2 Phase 3 West CT8 East CT8 MTL Container Terminals CT9 (New Terminal to be built) Feeder Berth CT7 CT6 CT9 Tsing Yi CT4 CT3 CT2 CT1 CT5 Kwai Chung 1 CHINA MERCHANTS HOLDINGS (INTERNATIONAL) COMPANY LIMITED