中期報告 2007 / 2008

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Clarendon House, Church Street Hamilton HM11 Bermuda 30-38 8 B (852) 2487 5211 (852) 2480 4214 group@termbray.com.hk www.termbray.com.hk 28 26 (852) 2980 1768 (852) 2528 3158 0093 2

8,638,000 14,004,000 21 3,425,000 3,268,000 8,638,000 14,004,000 440 4.8%228 207 3

6 4

65 7 51% 5

Termbray Oilfield Services Limited Termbray Oilfield Services Termbray Oilfield Services 30,000,000 Termbray Oilfield Services (i) Termbray Oilfield Services 51% 225,000,000231,390,000(ii) Termbray Oilfield Services 49% (a) Termbray Oilfield Services 49%(b) 49% 6

King Shine King Shine 1.20133,692,000 111,410,000i 6.46% ii 6.07% 7

352 1,372,752,780 1,372,752,780 79.60% 1,372,752,780 1,372,752,780 79.60% 1,372,752,780 (a) Lee & Leung (B.V.I.) Limited1,019,752,780Lee & Leung (B.V.I.) LimitedFirst Trend Management LimitedLee & Leung Family Unit Trust Lee & Leung Family Unit Trust HSBC International Trustee LimitedLee & Leung Family TrustLee & Leung Family Trust Lee & Leung Family Trust (b) 96,000,000 0.80 120,000,000 120,000,000 (c) Lee & Leung (B.V.I.) Limited 233,000,000 8

1,000 250,000 5,000 7,000 1,500 250,000 3,000 352 9

336 5% Lee & Leung (B.V.I.) 1,252,752,780 72.64% Limited 1 First Trend Management 1,252,752,780 72.64% Limited 1 Lee & Leung Family Unit Trust HSBC International Trustee 1,252,752,780 72.64% Limited 1 Lee & Leung Family Trust Cosmo Telecommunication 151,202,960 8.77% Inc. 2 Jing Xiao Ju 151,202,960 8.77% East Glory Trading 103,397,540 6.00% Limited 3 Master Winner Limited 103,397,540 6.00% 3 Yuan Qinghua 103,397,540 6.00% 10

(1) 1,252,752,780 (a) Lee & Leung (B.V.I.) Limited1,019,752,780 (b) Lee & Leung (B.V.I.) Limited 233,000,000 Lee & Leung (B.V.I.) LimitedFirst Trend Management LimitedLee & Leung Family Unit Trust Lee & Leung Family Unit Trust HSBC International Trustee Limited Lee & Leung Family TrustLee & Leung Family Trust Lee & Leung Family Trust (2) Cosmo Telecommunication Inc. Jing Xiao Ju (3) East Glory Trading Limited Master Winner LimitedMaster Winner LimitedYuan Qinghua 5% 1 (i) (ii) (iii) 11

10% 1%1% 14 A.2.1 12

A.4.2 4(g) 10 13

16 26 34 34 2410 14

34 15

3,425 3,268 3 (991) (906) 2,434 2,362 4 14,987 13,389 (2,544) 1,618 162 2,870 (6,336) (6,170) 5 8,703 14,069 6 (65) (65) 8,638 14,004 8 0.50 0.84 0.82 16

7,588 8,107 66,975 67,273 3,531 3,585 13(b) 2,024 2,024 80,118 80,989 108,866 105,934 9 6,424 5,543 8,904 2,461 598 598 260,531 225,537 153,928 187,977 13(a) 465 465 225,656 223,983 765,372 752,498 2,656 2,710 1,160 1,165 10 3,173 3,173 14(b) 929 716 3,309 3,244 11,227 11,008 754,145 741,490 834,263 822,479 11 137,971 137,971 695,876 684,092 833,847 822,063 416 416 834,263 822,479 17

133,171 132,550 2,537 515,572 783,830 416 784,246 2,418 2,418 2,418 14,004 14,004 14,004 2,418 14,004 16,422 16,422 4,800 10,860 15,660 15,660 137,971 143,410 4,955 529,576 815,912 416 816,328 137,971 143,410 8,058 532,624 822,063 416 822,479 3,146 3,146 3,146 8,638 8,638 8,638 3,146 8,638 11,784 11,784 137,971 143,410 11,204 541,262 833,847 416 834,263 18

24,186 49,072 14,930 13,304 (46,673) (82,339) 10,203 204,980 (13) (836) (21,553) 135,109 15,660 2,633 199,841 223,983 16,187 (960) 907 225,656 216,935 225,656 216,935 19

16 34 1 1 7 1 7 29 2 8 2 3 9 4 10 5 11 2 6 1 2 3 4 5 6 20

23 1 8 1 12 2 13 3 14 19 2 1 2 3 3,425 3,268 2,434 2,362 3,425 3,268 15,149 17,877 (8,880) (6,170) 8,703 14,069 (65) (65) 8,638 14,004 21

6,092 5,143 2,967 3,961 5,559 4,172 369 113 14,987 13,389 298 299 532 763 54 53 17.5% 17.5% 22

8,638 14,004 1,724,643 1,667,594 32,623 1,724,643 1,700,217 594 233 3,670 2,848 4,264 3,081 2,160 2,462 6,424 5,543 23

3,173 13(c) 1,724,643 137,971 1 1%1% 1,926,000 24

(a) (b) (c) 465,000 465,000 141,000 172,0002,024,000 2,024,000 (a) (b) (c) (d) 120,000 180,000 929,000 716,000 120,000 720,000 720,000 3,343,0003,423,000 25

(a) (b) 7 51% Termbray Oilfield Services Limited Termbray Oilfield Services Termbray Oilfield Services30,000,000 Termbray Oilfield Services (i) Termbray Oilfield Services 51%225,000,000 231,390,000(ii)Termbray Oilfield Services 49%(a) Termbray Oilfield Services 49%(b) 49% 1.20 133,692,000 (a) (b) 26