A 2

18 2006 2 28 1

A 2

... 4... 6... 7... 8... 10... 11... 19... 23... 33 3

A A A 12 2006 3 7 2007 3 6 1 2007 3 6 1 4

5

6 1 2 3 580996 JTP1 4 600009 G 5 6 7 567,718,836 10 7.5 8 0 / 9 13.60 / 10 1:1 1 1 A 11 12 2006 3 7 2007 3 6 12 13 1 2007 3 6 1 14 2006 3 7 15 16 30.89 19.31 15.45 11.59 17

10 7.5 567,718,836 [2006]5 567,718,836 2006 3 7 JTP1 580996 7

1 2 3 A A 4 8

5 6 7 8 1996 9 A 9

10 7.5 567,718,836 10

1 2 3 4 5 567,718,836 10 7.5 6 0 / 7 13.60 / 8 1:1 1 1 A 9 10 2006 3 7 2007 3 6 12 11 1 2007 3 6 1 12 2006 3 7 13 14 30.89 19.31 15.45 11.59 15 11

12 A = A / A = A / A A = A / A 1 100 0.001 100 2 580996 3 JTP1 4 100 5 582996 6 ES070306 7 2006 3 7 8 567,718,836 9 5

Black-Scholes 1 X 13.60 2 T 1 3 R 2.25% 4 30.55% 2006 1 6 100% 5 S=13.21 2006 1 6 100% Black-Scholes ( / 12.21 12.71 13.21 13.71 14.21 / 2.15 1.89 1.65 1.44 1.25 1 2 Black-Scholes 3 = + - 125% = - - 125% 13

Shanghai International Airport Co., Ltd. 600009 1,926,958,448 1998 2 18 900 900 201202 (021)68341609 (021)68341615 www.shairport.com ir@shairport.com 1,170,000,000-1,170,000,000 0 1,170,000,000-1,170,000,000 0 14

0 +1,026,177,895 1,026,177,895 0 +1,026,177,895 1,026,177,895 A 756,958,448 +143,822,105 900,780,553 756,958,448 +143,822,105 900,780,553 1,926,958,448 0 1,926,958,448 1 2005 9 30 2004 12 31 2003 12 31 2002 12 31 9,129,486,738 8,184,907,890 7,236,552,305 6,879,269,695 373,866,854 270,345,263 971,777,512 1,414,623,355 8,755,619,884 7,914,562,627 6,264,774,793 5,464,646,340 2 2005 9 30 2004 2003 2002 1,945,634,685 2,352,017,414 1,782,044,840 1,701,037,569 1,033,753,102 1,291,646,856 647,318,066 632,878,060 0.536 0.670 0.349 0.448 11.81% 16.32% 10.33% 11.58% 4.10% 3.30% 13.43% 20.56% 3 2005 9 30 2004 2003 2002 1,085,028,875 1,007,866,246 957,408,541 1,001,506,860-1,472,750,753-1,706,766,404-38,995,440-541,810,929-193,137,396-218,027,230-291,038,340-220,735,019-580,859,274-916,927,388 627,374,761 238,960,912 1 20 20 2005 12 8 2006 1 6 106.81 15

2 60 60 2005 10 13 2006 1 6 36.41% 3 2005 1 6 2006 1 6 139.74 8.91 4 2005 1 6 2006 1 6 17.58 / 2005 8 11 12.90 / 2005 12 5 5 / 2005 2006 1 2 3 4 5 6 7 8 9 10 11 12 1 6 15.60 15.56 16.40 16.78 14.98 16.90 17.07 16.45 15.68 14.85 13.95 14.42 15.91 1 www.shairport.com 2 www.sse.com.cn 3 18 021 50554618 021 50328888 16

1 2 28 010 65051166 010 65051156 88 25 021 50498946 021 50498947 61 021-63391438 021-63391438 1 12 021-68841200 021-68841219 17

2 9 021-63211678 021-63214824 3 021-51151582 021-62686767 4 585 021-63370888 021-63370782 135 13901928003 13901920306 021-62551642 18

1 567,718,836 2 40% 30.89 3 4 ( ) 5 40% 6 7 6 19

1 56771.88 2 25% 193100 3 4 ( ) 5 25% 6 7 6 1 567,718,836 20

2 20% 15.45 3 4 ( ) 5 20% 6 7 6 1 567,718,836 2 15% 11.59 3 4 ( ) 21

5 15% 6 7 6 22

1 2 Shanghai Airport (Group) Company,Ltd. 3 18 4 5 18 6 201206 7 8 1997 6 9 9 10 021 50554618 11 021 50328888 12 chenh@shairport.com dongjun@sharport.com 13 www.shanghaiairport.com 1 2 2004 3591.1 193.6 32.6 2004 12 31 2,122,970.60 1,192,696.38 2004 413,864.62 43,652.99 " " 23

1,170,000,000, 60.72% 58 1985 1998 0 1998 2003 55 1992 2000 0 2000 52 1997 1998 0 1998 2003 2003 55 1997 1998 0 1998 55 1997 1998 0 1998 57 1999 2003 0 2003 51 1994 2003 0 2003 45 1997 1998 17160 1998 2004 2004 61 1995 2000 0 2001 2005 2005 24

1 40% 25% 25

20% 15% 2002-2004 [2003] 21222 [2004] 21386 [2005] 21594 1 2002-2004 2002 2003 2004 1 2,456,258,435.57 3,792,399,795.58 4,257,863,302.77 2 570,965,251.04 246,304,351.23 124,265,779.00 3 82,254,525.00 80,000,000.00 4 8,196,320.00 5,820,090.00 10,364,579.00 5 6 667,078,035.16 1,088,972,276.23 766,196,170.24 7 239,057,057.77 45,547,815.36 173,077,224.08 8 62,015,780.41 111,535,140.69 83,061,099.09 9 10 11 12 257,166,711.24 190,213,499.32 58,633,894.99 13 14 15 4,352,710.94 3,301,615.64 2,512,928.18 16 17 18 26

19 4,265,090,302.13 5,566,349,109.05 5,555,974,977.35 20 217,903,871.69 231,974,727.61 827,440,453.02 21 1,000,000.00 230,974,727.61 826,440,453.02 22 218,903,871.69 1,000,000.00 1,000,000.00 * 23 12,114,527.09 24 231,974,727.61 839,554,980.11 25 13,222,274,906.79 13,758,591,496.03 13,200,879,873.12 26 2,522,723,677.88 3,282,222,880.38 3,697,045,749.19 27 10,699,551,228.91 10,476,368,615.65 9,503,834,123.93 28 29 10,699,551,228.91 10,476,368,615.65 9,503,834,123.93 30 2,808,163.20 31 575,621,164.79 674,407,756.92 1,778,078,003.08 32 156,600.31 33 34 11,275,172,393.70 11,153,584,535.77 11,282,068,727.32 35 2,892,834,725.56 3,625,981,886.75 3,525,701,942.46 36 0.00 37 392,533,262.61 369,076,543.84 26,075,337.43 38 39 40 330,000.00 41 42 3,285,367,988.17 3,995,058,430.59 3,552,107,279.89 43 44 19,044,534,555.69 20,946,966,803.02 21,229,705,964.67 45 140,400,000.00 366,000,000.00 75,000,000.00 46 250,280,000.00 503,580,000.00 0.00 47 245,209,699.34 217,385,615.97 688,386,359.28 48 36,629,105.42 561,471,930.77 206,596,546.38 49 34,573,599.86 12,178,134.75 13,745,587.11 50 39,071,295.29 1,464,489.81 14,336,377.20 51 103,012,184.41 8,964.41 96,926.78 52 53 40,792,403.09 107,058,104.78 171,388,792.46 54 66,441,141.02 81,304,025.96 2,492,279.79 55 1,151,658,111.28 1,075,860,566.36 1,342,521,208.08 56 25,295,420.76 39,766,078.74 26,888,360.53 57 58 59 12,295,330.33 282,354,503.33 12,386,637.33 60 441,697.42 61 2,145,658,290.80 3,248,432,414.88 2,554,280,772.36 62 4,041,907,700.35 3,280,649,442.23 3,362,069,630.30 63 752,945,443.00 604,493,061.00 64 16,961,528.17 83,311,552.17 7,331,913.19 65 27

66-364,300,658.34-324,045,333.35-276,953,877.69 67 0.00 0.00 68 4,447,514,013.18 3,644,408,722.05 3,092,447,665.80 69 70 6,593,172,303.98 6,892,841,136.93 5,646,728,438.16 * 71 2,667,567,214.58 3,235,007,925.64 3,656,013,731.53 72 4,690,000,000.00 4,690,000,000.00 4,690,000,000.00 73 4,690,000,000.00 4,690,000,000.00 4,690,000,000.00 74 75 76 77 78 79 80 4,297,536,647.41 5,836,691,309.07 6,583,485,730.30 81 1,102,016,488.23 1,223,644,354.55 1,335,284,140.68 82 467,657,773.28 510,740,872.71 556,848,841.73 * - 83 2,932,780.09-9,593,474.22-13,856,090.32 84-302,825,318.42-921,624,448.95-667,949,985.68 85 86 87 9,783,795,037.13 10,819,117,740.45 11,926,963,794.98 88 89 9,783,795,037.13 10,819,117,740.45 11,926,963,794.98 90 19,044,534,555.69 20,946,966,803.02 21,229,705,964.67 2 2002-2004 2002 2003 2004 1 4,181,814,577.49 5,880,360,928.61 4,138,646,214.29 2 3 4 5 4,181,814,577.49 5,880,360,928.61 4,138,646,214.29 6 2,779,860,961.57 3,784,896,588.23 1,634,185,785.85 7 8 72,874,452.42 113,422,138.01 154,028,441.70 9 10 11 12 13-14 1,329,079,163.50 1,982,042,202.37 2,350,431,986.74-15 175,655,676.58 77,233,409.93 911,731.06 16 81,333,753.10 113,042,754.11 76,892,259.45 17 746,088,306.10 955,348,793.01 952,578,643.68 28

18 149,156,923.43 98,898,658.80 118,997,516.34 19 20 21 22-23 528,155,857.45 891,985,406.38 1,202,875,298.33-24 24,805,610.16 48,869,936.91 251,569,737.71 25 26 120,542.10 29,458,495.67 1,748,833.71 27 28 4,414,566.54 8,962,128.06 31,616,613.77 29 30 31 32 33 34 35 48,823,086.20 51,010,156.20 79,566,734.38 36 37 38 39 40 41-42 508,673,490.05 928,265,810.82 1,408,243,749.14 43 198,089,685.45 227,779,166.04 226,529,243.45 * 44 513,220,776.75 655,366,157.94 749,447,175.16 * 45 2,932,780.09 6,660,694.13 4,262,616.10-46 -199,704,192.06 51,781,180.97 436,529,946.63 47 291,480,961.71-771,013,774.97-921,624,448.95 48 49-281,730,519.17 74,607,705.32 50-189,953,749.52-719,232,594.00-410,486,797.00 51 58,173,630.35 60,450,600.17 66,491,794.56 52 54,697,938.55 46,478,653.18 72,007,609.37 53 5,912,601.60 15,651,490.34 54 31,302,980.67 55 15,651,490.34 56 57 58 59 60-302,825,318.42-832,074,448.95-611,592,162.28 61 62 131,882.27 63 29

64 89,550,000.00 56,160,000.00 65 65,941.13 66-302,825,318.42-921,624,448.95-667,949,985.68 + 67 68 69 70 71 72 73 74 3 2002-2004 2002 2003 2004 1 2 4,060,529,789.13 6,772,450,954.40 9,492,140,697.93 3 1,506,390.47 30,766,530.10 2,117,158.64 4 0.00 406,851,897.80 5 4,062,036,179.60 6,803,217,484.50 9,901,109,754.37 6 2,360,227,640.15 3,645,060,726.75 5,788,155,606.68 7 488,421,633.66 782,012,512.78 974,356,307.99 8 311,521,783.41 346,343,841.22 444,950,108.05 9 154,247,932.55 133,808,640.74 788,761,761.36 10 3,314,418,989.77 4,907,225,721.49 7,996,223,784.08 11 747,617,189.83 1,895,991,763.01 1,904,885,970.29 12 13 310,400,000.00 778,500,000.00 222,546,962.10 14 15 79,582,527.00-156,936,110.04 178,882,532.74 16 33,994,717.00 70,889,698.37 75,782,951.32 17 122,856,749.10 301,319,701.47 18 423,977,244.00 815,310,337.43 778,532,147.63 19 414,369,422.24 670,256,162.24 1,281,671,237.78 20 857,398,205.15 478,237,870.23 154,594,670.75 21 22 200,111,314.57 64,001,687.01 23 1,271,767,627.39 1,348,605,347.04 1,500,267,595.54 24-847,790,383.39-533,295,009.61-721,735,447.91 25 26 299,096,200.00 40,300,000.00 2,046,860.00 27 523,255,991.04 611,000,000.00 98,000,000.00 28 734,284,212.44 521,409,454.95 540,888,423.81 29 1,556,636,403.48 1,172,709,454.95 640,935,283.81 30 462,500,000.00 765,385,345.61 612,577,055.99 30

31 619,960,249.43 500,955,867.01 295,634,588.80 32 14,625,975.64 63,424,648.60 33 1,082,460,249.43 1,280,967,188.26 971,636,293.39 34 474,176,154.05-108,257,733.31-330,701,009.58 35 360,460.40-6,003.38 16,251.66 36 374,363,420.89 1,254,433,016.71 852,465,764.46 37 1. 38 39-199,704,192.06 34,545,481.20 436,529,946.63 * 40 513,220,776.75 654,061,697.04 749,447,175.16 * 41 2,932,780.09 6,660,694.13 4,262,616.10 42 5,656,222.52 28,750,872.65-4,198,260.47 43 613,025,689.38 762,607,866.05 730,478,802.04 44 165,264,210.95 76,512,522.81 84,422,721.51 45 38,401,504.17 36,600,014.67 42,913,092.15 46 46,600.71 1,051,095.30 10,678,878.19 47 12,196,380.18 14,470,657.98-8,306,204.49 48-262,415.11 497,367.11-25,805,633.30 49 204,954.51 205,116.12 50 146,046,305.32 108,512,027.84 114,203,247.89 51-517,987,293.84-48,869,936.91-251,569,737.71 52 0.00 0.00 5,470.91 53 157,016,628.12 55,805,062.92 40,404,637.89 54-34,994,296.46-311,016,876.20-173,812,024.51 55-147,376,150.71 488,919,650.17 163,551,358.38 56 0.00 0.00 57 747,617,189.83 1,895,991,763.01 1,904,885,970.29 2. 58 59 543,128,997.00 60 61 62 3. 63 64 2,456,258,435.57 3,659,969,795.58 4,254,933,302.77 65 2,081,895,014.68 2,405,536,778.87 3,402,467,538.31 66 67 68 374,363,420.89 1,254,433,016.71 852,465,764.46 31

1 2 2 7 3 2 4 1 2 50554618 50328888 32

33

34