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1083 2010

2 3 4 5 6 11 17 30 34 54 62 63 64 65 67 68 70

88 35 P.O. Box 309 Ugland House Grand Cayman KY1 1104 Cayman Islands 363 23 (852) 2963 3298 (852) 2561 6618 1083 www.towngaschina.com Butterfield Fulcrum Group (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 609 Grand Cayman KY1 1107 Cayman Islands 183 17M 183 17 1712 1716 2

63 2010 3

12 31 2006 2007 2008 2009 2010 2,642,916 3,195,434 4,409,198 2,905,953 2,981,420 (229,566) 241,391 361,126 414,214 626,248 (17,073) (37,013) (89,939) (102,071) (136,442) (246,639) 204,378 271,187 312,143 489,806 * (256,334) 144,504 202,282 265,090 435,797 9,695 59,874 68,905 47,053 54,009 (246,639) 204,378 271,187 312,143 489,806 (27.13) 8.36 10.33 13.54 19.93 N/A 8.30 10.32 13.52 19.93 12 31 2006 2007 2008 2009 2010 4,776,596 9,115,192 10,386,545 11,330,417 14,882,799 (2,737,591) (2,780,469) (3,473,711) (4,442,294) (5,747,672) 2,039,005 6,334,723 6,912,834 6,888,123 9,135,127 1,536,638 5,730,203 6,177,801 6,433,588 8,563,437 502,367 604,520 735,033 454,535 571,690 2,039,005 6,334,723 6,912,834 6,888,123 9,135,127 * 4

2010 2,981 2010 436 2009 2,906 2009 265 2008 4,409 2008 202 2007 3,195 2007 145 2006 2,643 2006 (256) 2010 6.0 2009 5.3 2008 4.8 2007 4.1 2006 3.3 2010 5

2010 2010 200947.2% 29.81 4.36 200964.4% 19.93 201010% 2015 300 2010 10 19 2011 3 1 6

2010 6 1 2010 11 25 2009 2010 2012 2010 7

2009 17 2010 4 2010 8

2011 2011 7% 2010 3.9%20158 % 20101,100 20152,600 (2010 2020 2011 2011 2011 2011 3 14 2010 2010 9

Annual Report 2010 11

2010 12 3129.81 200947.2% 4.3664.4%19.932009 47.2 % 2010 12 3129.81 20092.6% 2009 6 47.2% 201049.0 %15.34 22.86 2010 7 22.0%78.0% 6.95 200941.4%2010 191,000 201026.51 200926.45 2009 6 2010 26.51 200917.80 48.9% 60.5% 25.9 % 14.2% 38.9%2010 7 1.73 201018.88200911.76 20.2% 12

20092.5120103.16 950 20091.2720101.42 20091.3720101.8333.6% 38.4%196,000 17.1 % 20097,40020101.16 56.8%40.7%144,000 20.1% 2010 13

2010 12 3136.9611.192011 4.713.56 16.41 3.25 0.5 17.3% 2010 12 31 12.03 16.65 2010 12 3114.34 14

20102BBB Baa3 Baa3 2010 12 31 2010 12 312009 50.0% 2010 15

2010 17

2010 2010 2010 12 2010 2010 2010 18

2010 40.331.6 27.5% 5.559.1% 14.0%26.9% 2010 3 17 Hong Kong & China Gas (China) Limited 2010 4 29 2010 7 15 2010 7 15 2010 2010 19

4.85 24.76%2010 7 15 19.81% 40% 100% 50% 76% 98.85% 100% 100% 40% 20

2010 55 2011 5 1.5 2011 2010 21

1. 42.41%* 2. 100% 3. 100% 4. 95% 5. 100% 6. 60% 7. 40% 8. 100% 9. 80% 10. 100% * 25%50% 34.82%42.41% 22

2010 2010 23

2010 3 15 2010 24

31 56 2010 11 5 2010 9 15 5 2010 2010 25

2010 2010 (HSE)HSE 2009 20102010 10.10.102010 10 10 10 TIPS 26

2010 12 31 15,74499% 2010 8 20107 10 Superior Quality ServiceSQS 41 SQS 2010 47 SQS 5 12 302010 930 15100% 2010 27

2010 3020 2010 4 14 70150 2010 6 28

2010 10 3 2010 2011 3 11 2010 29

B.B.S., C. Eng., F.H.K.I.E., F.I.Mech.E., F.I.G.E.M., F.E.I., B.Sc.(Eng), M. Sc.(Eng) 60 2007 3 1 2005DHL 2006 C.M.A., A.C.S., A.C.I.S., M.B.A. 59 2007 3 1 34 30

J.P., C.Eng., F.H.K.I.E., F.I.G.E.M., F.I.Mech.E., F.E.I., F.C.I.B.S.E., B.Sc.(Eng), M.B.A. 592007 3 1 2000 2001 2004 2005 F.C.A., F.C.P.A., B.A.(Hons.) 54 2007 3 1 32 2010 31

FHKIHRM, DipEd, BA (Hons), MBA 602009 12 31 2006( ) GBS 75 2007 5 23 ( ) 3 ( 2009 3 19 ) 2009 4 16 2010 1 1 GBS, OBE, JP 61 2007 5 23 ARA Asset Management Limited () 3 ARA Asset Management (Fortune) Limited FCA, MA(Cantab), MBA, 36 2007 5 23 32

1. 2010 12 31XV 2. (a)3 (b) 3. 12 4. 2010 5 23 2013 5 222013 3 3 2010 33

2010 12 31 42 2010 12 3163 2009 2011 5 30 2011 5 30 2011 6 202011 5 25 2011 5 30 67 2010 12 31 4,587,000,00020093,324,000,000 2010 12 3154 17 34

32 ( 2011 3 16 ) ( 2011 3 16 ) 112 3.13 1 30 33 2010 35

2010 12 31 XV(a) XV79(b)XV352 (c) 31.12.2010 3,618,000 3,618,000 0.15% 3,015,000 3,015,000 0.12% 3,015,000 3,015,000 0.12% 3,015,000 3,015,000 0.12% 195,487,245 195,487,245 195,487,245 7.98% 1,600,000 1,600,000 1,600,000 0.07% 3,015,000 3,015,000 0.12% 136,858 136,858 136,858 0.00% 48,315 54,741 103,056 103,056 0.00% 21,434 21,434 21,434 0.00% 13,068 13,068 13,068 0.00% 195,487,245(i) Kenson Investment LimitedKenson 9,046,568(ii) Supreme All Investments LimitedSupreme All 186,440,677 Asia Pacific Promotion LimitedAsia Pacific Asia Pacific 195,487,245 36

2010 12 31 31.12.2010 01.01.2010 16.03.2007 16.03.2008 27.11.2015 1,085,400 3.811 1,085,400 0.04% 16.03.2007 16.03.2009 27.11.2015 1,085,400 3.811 1,085,400 0.04% 16.03.2007 16.03.2010 27.11.2015 1,447,200 3.811 1,447,200 0.06% 16.03.2007 16.03.2008 27.11.2015 904,500 3.811 904,500 0.04% 16.03.2007 16.03.2009 27.11.2015 904,500 3.811 904,500 0.04% 16.03.2007 16.03.2010 27.11.2015 1,206,000 3.811 1,206,000 0.05% 16.03.2007 16.03.2008 27.11.2015 904,500 3.811 904,500 0.04% 16.03.2007 16.03.2009 27.11.2015 904,500 3.811 904,500 0.04% 16.03.2007 16.03.2010 27.11.2015 1,206,000 3.811 1,206,000 0.05% 16.03.2007 16.03.2008 27.11.2015 904,500 3.811 904,500 0.04% 16.03.2007 16.03.2009 27.11.2015 904,500 3.811 904,500 0.04% 16.03.2007 16.03.2010 27.11.2015 1,206,000 3.811 1,206,000 0.05% 19.11.2004 31.12.2005 30.03.2011 904,500 3.483 904,500 0.04% 19.11.2004 31.12.2006 30.03.2011 904,500 3.483 904,500 0.04% 19.11.2004 31.12.2007 30.03.2011 1,206,000 3.483 1,206,000 0.05% 1. 2. 3. 2010 12 31 XV352 2010 37

(a) 2001 4 4 2009 3,618,0000% 20090.18% 20011.00 0.57 20020.475 50%2003 1 150%2004 1 12011 4 3 2001 4 20 (b) 2001 2001 4 4 2001 5 20012001 4 4 10 2001 310 2001 9,307,500200912,763,5000.38% 20090. 65% 200128 1.00 38

(b) 2001 2001 10% 2001 25% 200120052001 2001 (c) 2005 2005 4 26 2005 5 20052005 5 1810 2005 10 2005 200528 1.00 2005 200510% 2005 1%12 2005 2005 12 8 2010 39

(d) 2005 2005 11 28 2005 5 2005 2005 11 28 10 2005 10 2005 16,240,800200916,843,8000.66% 20090.86% 200528 1.00 2005 2005 10% 2005 1%12 40

04.04.2001 01.01.2003 03.04.2011 0.473 04.04.2001 01.01.2004 03.04.2011 0.473 2001 2001 13.11.2001 13.02.2002 13.02.2007 0.940 13.11.2001 13.05.2002 13.02.2007 0.940 13.11.2001 13.11.2002 13.02.2007 0.940 2004 19.11.2004 31.12.2005 30.03.2011 3.483 19.11.2004 31.12.2006 30.03.2011 3.483 19.11.2004 31.12.2007 30.03.2011 3.483 2005 2006 03.10.2006 04.10.2007 27.11.2015 2.796 03.10.2006 04.04.2008 27.11.2015 2.796 03.10.2006 04.10.2008 27.11.2015 2.796 2007 16.03.2007 16.03.2008 27.11.2015 3.811 16.03.2007 16.03.2009 27.11.2015 3.811 16.03.2007 16.03.2010 27.11.2015 3.811 2010 41

01.01.2010 31.12.2010 1 2007 16.03.2007 16.03.2008 27.11.2015 3.811 1,085,400 1,085,400 16.03.2007 16.03.2009 27.11.2015 3.811 1,085,400 1,085,400 16.03.2007 16.03.2010 27.11.2015 3.811 1,447,200 1,447,200 2007 16.03.2007 16.03.2008 27.11.2015 3.811 904,500 904,500 16.03.2007 16.03.2009 27.11.2015 3.811 904,500 904,500 16.03.2007 16.03.2010 27.11.2015 3.811 1,206,000 1,206,000 2007 16.03.2007 16.03.2008 27.11.2015 3.811 904,500 904,500 16.03.2007 16.03.2009 27.11.2015 3.811 904,500 904,500 16.03.2007 16.03.2010 27.11.2015 3.811 1,206,000 1,206,000 2007 16.03.2007 16.03.2008 27.11.2015 3.811 904,500 904,500 16.03.2007 16.03.2009 27.11.2015 3.811 904,500 904,500 16.03.2007 16.03.2010 27.11.2015 3.811 1,206,000 1,206,000 2004 19.11.2004 31.12.2005 30.03.2011 3.483 904,500 904,500 19.11.2004 31.12.2006 30.03.2011 3.483 904,500 904,500 19.11.2004 31.12.2007 30.03.2011 3.483 1,206,000 1,206,000 15,678,000 15,678,000 42

01.01.2010 31.12.2010 2 04.04.2001 01.01.2003 03.04.2011 0.473 1,809,000 1,809,000 3.14 04.04.2001 01.01.2004 03.04.2011 0.473 1,809,000 1,809,000 3.14 2004 19.11.2004 31.12.2005 30.03.2011 3.483 2,924,550 361,800 2,562,750 3.73 19.11.2004 31.12.2006 30.03.2011 3.483 2,924,550 361,800 2,562,750 3.73 19.11.2004 31.12.2007 30.03.2011 3.483 3,899,400 482,400 3,417,000 3.73 2006 03.10.2006 04.10.2007 27.11.2015 2.796 482,400 180,900 301,500 3.65 03.10.2006 04.04.2008 27.11.2015 2.796 723,600 180,900 542,700 3.65 03.10.2006 04.10.2008 27.11.2015 2.796 964,800 241,200 723,600 3.73 2007 16.03.2007 16.03.2008 27.11.2015 3.811 603,000 603,000 16.03.2007 16.03.2009 27.11.2015 3.811 603,000 603,000 16.03.2007 16.03.2010 27.11.2015 3.811 804,000 804,000 17,547,300 5,427,000 12,120,300 33,225,300 5,427,000 27,798,300 1. 2. 3. 2010 43

44

2010 12 31 336 1,628,172,901 1 Rimmer (Cayman) LimitedRimmer 1,628,172,901 2 Riddick (Cayman) LimitedRiddick 1,628,172,901 2 Hopkins (Cayman) LimitedHopkins 1,628,172,901 2 1,628,172,901 2 31.12.2010 66.49% 66.49% 66.49% 66.49% 66.49% 1,628,172,901 2 66.49% Faxson Investment LimitedFaxson 1,628,172,901 2) 1,628,172,901 3 66.49% 66.49% 1,585,202,901 3) 64.73% 1,585,202,901 3 Asia Pacific 195,487,245 4) 195,487,245 4 Supreme All 186,440,677 4) 64.73% 7.98% 7.98% 7.61% 2010 45

1. Rimmer Riddick HopkinsXV 2 3 1,628,172,901 2. Rimmer Riddick Hopkins FaxsonRimmer Riddick HopkinsFaxsonXV 3 1,628,172,901 3. XV 1,585,202,901 (1) Planwise Properties Limited40,470,000(2) Superfun Enterprises Limited2,500,000 4. Kenson Supreme AllAsia Pacific XVKenson Supreme All 9,046,568 186,440,677 Asia Pacific Asia Pacific XV Kenson Supreme All Asia Pacific 2010 12 31 5% 2010 12 31 2010 12 31 XV2 3 46

2010 12 31 14A 3000 740 14A.38 36 2009 1 162009 1 16 2010 6 30 14A 2010 1 12010 6 304,300 49,369,0002009 1 16 2010 1 12010 5 11 (i) (ii) (iii) 2010 5 12 2010 47

2009 4 2 Top Diligent Limited2009 3 19 40% 30% 30% 4.19 2009 6 1 14A 2009 6 1 8,330360 (a) (b)(c) 48

14A.41 2010 12 31 32.8% 2 1220%747.2% 1 2010 12 3123 12 12010 12 2010 12 31 14A.41 2009 5 11 2009 6 4 2009 4 22009 4 23 2009 6 12010 12 31 2010 12 31 2010 5 12 (1) (2) 2010 49

(3) 2010 5 122013 4 30 2010 5 12 14A 14A 2010 5 122010 12 3131,000,000 35,591,00010,000,00011,481,00014,000,00016,073,000 2010 5 122010 12 31 2,874,0003,300,0004,395,0005,046,000 2010 5 12 2010 5 122010 12 31 (i) (ii) (iii) 50

2010 3 17 3.55485,000,000 14A 2010 4 292010 7 15 2010 3 172010 7 15 2010 4 7 36 2010 12 3129 576,000 2010 51

25% 39.83% 15.56%5% 30% 2010 12 31 2010 12 31 15,744 99% 39 52

2010 12 31 14 54 61 2010 12 31 2011 3 14 2010 53

200514 2010 12 31 10 ( 2011 3 16) ( 2011 3 16 ) 54

3.13 3 2010 12 31 2010 5 232013 5 22 2013 4 2010 55

2010 12 3114 4/4 4/4 4/4 4/4 4/4 2/4 2/4 4/4 4/4 4/4 56

13 2010 57

2010 12 31 2010 2010 2011 2010 2010 12 311 1/1 1/1 1/1 1/1 58

2010 12 31 2009 12 312010 6 306 2009 12 31 2010 12 312 2/2 1/2 2/2 10 2010 12 312010 2008 2010 59

2010 12 31 342010 2010 12 31 538 2010 (1) 2010 6 306 500,000 (2) 150,000 (3) 2010 12 31 60,000 710,000 62 60

2010 12 31 (www.towngaschina.com) 2010 4 292010 2010 2010 4 29 2010 61

63 148 2010 12 31 2010 12 31 2011 3 14 62

2010 2009 2,981,420 2,025,482 880,471 7 2,981,420 2,905,953 8 330,187 245,200 9 138,410 64,873 183,408 136,901 116,102 73,933 10 (141,859) (126,963) 11 626,248 393,944 13 (136,442) (91,625) 489,806 302,319 14 9,824 489,806 312,143 435,797 265,090 54,009 47,053 489,806 312,143 2009 15 73,464 39,167 16 19.93 13.54 19.93 13.52 16 19.93 13.57 19.93 13.55 2010 63

2010 2009 489,806 312,143 272,061 16,636 (11,541) 272,061 5,095 761,867 317,238 696,136 269,400 65,731 47,838 761,867 317,238 64

2010 2009 17 5,073,785 4,077,210 18 264,742 216,759 19 182,107 182,210 20 3,753,293 2,752,733 21 1,796,800 1,186,538 22 1,067,277 779,328 22 119,160 108,060 23 169,372 168,853 24 242,481 283,325 12,669,017 9,755,016 25 147,885 101,856 18 9,016 6,082 22 84,906 5,682 26 531,455 483,817 27 6,579 14,103 26 1,433,941 963,861 2,213,782 1,575,401 28 1,653,981 1,318,905 27 25,630 82,617 229,192 189,475 29 2,792,403 562,035 4,701,206 2,153,032 (2,487,424) (577,631) 10,181,593 9,177,385 30 471,365 471,365 29 432,321 1,731,337 31 142,780 86,560 1,046,466 2,289,262 9,135,127 6,888,123 2010 65

2010 2009 32 244,879 195,836 8,318,558 6,237,752 8,563,437 6,433,588 571,690 454,535 9,135,127 6,888,123 2011 3 1463148 66

33 33 2009 1 1 195,756 4,433,969 673,956 44,715 1,101 50,877 777,427 6,177,801 735,033 6,912,834 15,851 15,851 785 16,636 (11,541) (11,541) (11,541) 265,090 265,090 47,053 312,143 4,310 265,090 269,400 47,838 317,238 80 2,923 (755) 2,248 2,248 3,715 3,715 3,715 (1,101) (14,321) 15,422 (356,160) (356,160) (4,816) 4,816 17,286 (17,286) 31,682 31,682 13,729 13,729 (19,576) (19,576) (19,576) (17,587) (17,587) 80 (16,653) (1,856) (1,101) 2,965 2,952 (13,613) (328,336) (341,949) 2009 12 312010 1 1 195,836 4,417,316 678,266 42,859 53,842 1,045,469 6,433,588 454,535 6,888,123 260,339 260,339 11,722 272,061 435,797 435,797 54,009 489,806 260,339 435,797 696,136 65,731 761,867 543 9,406 (2,353) 7,596 7,596 48,500 1,416,200 1,464,700 1,464,700 620 620 620 17,867 (17,867) 33,770 33,770 35,890 35,890 (39,203) (39,203) (39,203) (18,236) (18,236) 49,043 1,386,403 (1,733) 17,867 (17,867) 1,433,713 51,424 1,485,137 2010 12 31 244,879 5,803,719 938,605 41,126 71,709 1,463,399 8,563,437 571,690 9,135,127 2010 67

2010 2009 11 626,248 414,214 (7,979) (11,695) (1,153) (15,966) (12,506) 139,292 125,930 (183,408) (136,901) (116,102) (74,492) (35,780) (27,871) 8,557 7,421 6,782 8,438 620 3,715 182,293 169,150 5,811 (666) (4,553) (458) 10,000 5,000 615,815 468,126 (27,725) (52,516) (56,904) (18,816) (34,396) (129,977) 81,080 13,149 294,820 356,968 (53,262) 10,336 819,428 647,270 (134,404) (122,158) (83,676) (64,060) 601,348 461,052 68

2010 2009 (718,593) (516,116) 35 (206,474) 40,000 34 (3,968) (224,678) (54,263) (53,436) (145,008) (4,592) (142,952) (35,808) (11,610) (84,906) (5,682) 127,378 45,129 84,902 31,998 35,518 17,809 35,780 27,871 7,979 11,695 18,926 4,705 7,706 (874,675) (836,015) (826,868) (43,865) (127,378) (39,203) (19,576) (18,236) (17,587) 1,666,536 504,505 31,001 35,890 13,729 7,596 2,248 698,337 470,455 425,010 95,492 963,861 863,882 45,070 4,487 1,433,941 963,861 2010 69

1. 2000 11 1622 14 2010 12 31 24.87 2010 12 31 27.92 16.65 16.41 2011 911.19 70

2. 2 32008 272008 39 17 5 2009 52008 32008 2010 1 1 32008 32008 32008 12 2010 71

2. 32008 32008 32008 32008 4,417,000 320080.20.2 17 200917 17 17 17 17 2010 1 1 5 5 55 72

2. 2010 1 1 7 2 1 3 7 3 9 4 12 5 24 6 32 7 6 14 2 19 1 2 3 4 5 6 7 2010 7 12011 1 1 2010 7 1 2011 7 1 2013 1 1 2012 1 1 2011 1 1 2010 2 1 92009 11 92010 11 939 9 39 2010 73

2. 92013 1 1 2013 12 319 9 3. 2010 1 1 74

3. 2010 1 1 12 19 2 5 2010 75

3. 2010 1 1 39 37 2010 1 1 76

3. 2010 1 1 2010 77

3. 2010 1 1 39 78

3. 39 36 36 2010 1 1 39 2010 79

3. 15 30 30 40 5 15 80

3. 2010 81

3. 82

3. 90 2010 83

3. 84

3. 2010 85

3. 86

3. 2010 1 1 2005 1 1 2005 1 1 2010 87

4. 3 2010 12 31 3,753,293,000 20092,752,733,00020 2010 12 31 45,504,000200929,385,000 2010 12 31173,427,000 200998,101,000 5. 29 30 88

5. 40% 2010 2009 (i) 3,696,089 2,764,737 (1,433,941) (963,861) 2,262,148 1,800,876 (ii) 8,563,437 6,433,588 26.4% 28.0% 17.3% 17.1% (i) 29 30 (ii) 6. 2010 2009 2,102,253 1,639,831 169,372 168,853 4,163,898 3,461,423 2010 89

6. 26 29 30 2% 2% 2% 2% 2010 2009 51,340 43,153 90

6. 25200925 25200925 2010 12 31 5,628,00020093,179,000 2010 12 31 2010 91

6. 1,643,000,0002009 12 31 550,000,000224,000,000255,000,000 22,000,0002009 12 3122,000,000 2,487,000,0001 1 1 3 31 1 5 5 2010 12 31 2010 126,222 156,062 53,209 335,493 335,493 106,686 106,686 106,686 25,630 25,630 25,630 2.00% 9,392 508,988 518,380 471,365 3.25% 1,041,728 618,650 390,730 2,051,108 1,996,917 2.79% 24,479 7,763 34,002 52,936 119,180 108,338 8.69% 45,076 1,169,530 1,214,606 1,119,469 283,017 1,242,866 1,858,544 933,720 52,936 4,371,083 4,163,898 92

6. 1 1 3 31 1 5 5 2009 12 31 2009 70,045 88,879 55,745 214,669 214,669 399,400 399,400 399,400 82,617 82,617 82,617 3.26% 14,806 528,251 543,057 471,365 2.18% 130,114 416,903 540,168 1,087,185 1,044,886 2.23% 22,521 4,963 55,284 68,578 151,346 138,831 8.69% 45,076 45,076 1,182,902 1,273,054 1,109,655 574,583 264,069 537,493 2,306,605 68,578 3,751,328 3,461,423 29 7. 2010 93

7. 2010 12 31 2,286,338 695,082 2,981,420 143,972 277,927 421,899 138,410 (91,712) 183,408 116,102 (141,859) 626,248 (136,442) 489,806 94

7. 2009 12 31 1,533,749 491,733 2,025,482 880,471 2,905,953 111,382 201,702 313,084 16,121 329,205 64,873 3,608 68,481 458 458 (67,884) (67,884) 136,901 136,901 73,933 559 74,492 (126,963) (476) (127,439) 393,944 20,270 414,214 (91,625) (10,446) (102,071) 302,319 9,824 312,143 197,632,0002009185,009,000 3 20102009 12 3110% 2010 95

8. 2010 2009 2,981,420 2,025,482 1,888,358 1,176,376 315,615 251,229 197,632 173,016 249,628 179,661 330,187 245,200 9. 2010 2009 2010 2009 2010 2009 35,780 27,871 35,780 27,871 7,979 10,731 964 7,979 11,695 64,811 1,121 64,811 1,121 1,153 1,153 664 2 666 4,553 4,553 9,151 5,548 9,151 5,548 6,815 6,958 6,815 6,958 96

10. 2010 2009 2010 2009 2010 2009 42,608 30,712 421 42,608 31,133 1,645 874 1,645 874 95,039 93,923 95,039 93,923 139,292 125,509 421 139,292 125,930 2,567 1,454 55 2,567 1,509 141,859 126,963 476 141,859 127,439 2010 97

11. 2010 2009 2010 2009 2010 2009 626,248 393,944 20,270 626,248 414,214 12 8,988 11,394 8,988 11,394 86 446 86 446 274,491 215,715 58,988 274,491 274,703 32,050 23,674 4,858 32,050 28,532 315,615 251,229 63,846 315,615 315,075 10,000 5,000 10,000 5,000 6,782 6,879 1,559 6,782 8,438 8,557 6,481 940 8,557 7,421 6,578 6,290 762 6,578 7,052 2,100,380 1,343,050 762,421 2,100,380 2,105,471 182,293 159,656 9,494 182,293 169,150 5,811 5,811 9,063 6,754 8,377 9,063 15,131 50,493 20,429 50,493 20,429 18,476 12,097 18,476 12,097 98

12. 9200910 2010 12 31 d d d 200 400 400 200 200 200 400 200 200 2,400 888 888 1,776 89 89 178 a 1,600 2,500 4,100 153 127 127 127 534 353 400 400 327 2,904 200 400 200 3,804 8,988 2009 12 31 b b b 200 400 400 200 200 400 200 2,000 643 845 200 128 845 2,661 37 84 10 7 84 222 a 1,386 1,866 3,252 916 763 763 54 763 3,259 680 1,116 400 400 963 3,278 400 210 189 3,758 11,394 2010 99

12. (a) (b) 2009 12 31 2009 12 312009 3 19 (c) b (d) 2011 1 1 78,000 (e) 2011 1 1 83,500 2010 12 315220093 320092 2010 2009 2,862 1,867 1,955 827 166 113 43 254 5,026 3,061 100

12. 2010 2009 1,000,0001,500,000 1 1 1,500,0012,000,000 1 1 2,000,0012,500,000 1 5 2010 12 31 13. 2010 2009 2010 2009 2010 2009 107,273 90,062 5,639 107,273 95,701 31 29,169 1,563 4,807 29,169 6,370 136,442 91,625 10,446 136,442 102,071 15% 25% 200915% 25% 2 312.5% 2009 7.5% 12.5%2012 2010 101

13. 2010 2009 626,248 393,944 25% 200925% 156,562 98,486 79,037 64,178 (24,300) (7,934) (3,923) (21,662) (5,783) (15,774) (9,258) (45,852) (34,225) (29,026) (18,483) (1,057) (1,155) 6,758 1,503 31,756 8,219 136,442 91,625 25% 2010200925% 45,504,000200929,385,000 2015 102

14. 2009 4 2 2009 6 4 2009 12 31 9,366 458 9,824 (515) 10,339 9,824 2009 12 31 7 880,471 16,121 9 3,608 559 10 (476) 19,812 458 11 20,270 13 (10,446) 9,824 2009 12 3145,891,000 762,00011,898,000 2010 103

15. 39,203,000200919,576,0002009 12 31 2008 12 31 2010 12 31 2009 16. 2010 2009 435,797 265,090 2,186,260 1,957,714 284 2,896 2,186,544 1,960,610 2010 2009 435,797 265,605 104

16. 2009 12 31 (0.03) (0.03) 2009 12 31 (515) 2010 105

17. 2009 1 1 410,296 3,064,777 712,680 207,404 4,395,157 948 6,068 1,590 450 9,056 19,848 84,576 37,731 373,961 516,116 16,223 124,004 4,877 24,698 169,802 (74,555) (38,151) (288,784) (3,512) (405,002) (1,685) (334) (10,387) (220) (12,626) 31,365 261,928 34,600 (327,893) 2009 12 31 402,440 3,502,868 492,307 274,888 4,672,503 18,482 147,084 23,767 18,427 207,760 25,865 88,175 79,602 524,951 718,593 18,482 181,711 53,767 40,096 294,056 (3,286) (983) (28,857) (33,126) 41,080 250,286 10,901 (302,267) 2010 12 31 503,063 4,169,141 631,487 556,095 5,859,786 2009 1 1 48,293 346,814 188,618 583,725 142 881 309 1,332 18,045 96,500 54,605 169,150 (21,136) (8,599) (123,593) (153,328) (463) (204) (4,919) (5,586) 2009 12 31 44,881 435,392 115,020 595,293 3,267 20,161 7,597 31,025 19,471 105,676 57,146 182,293 (1,873) (58) (20,679) (22,610) 2010 12 31 65,746 561,171 159,084 786,001 2010 12 31 437,317 3,607,970 472,403 556,095 5,073,785 2009 12 31 357,559 3,067,476 377,287 274,888 4,077,210 106

18. 2010 2009 222,841 228,020 9,526 2,061 35,808 11,610 28,513 48,949 (14,373) (60,378) (8,557) (7,421) 273,758 222,841 264,742 216,759 9,016 6,082 273,758 222,841 2010 107

19. 2009 1 1 217,193 482 (10,024) 2009 12 31 207,651 7,836 2010 12 31 215,487 2009 1 1 21,917 30 8,438 (4,944) 2009 12 31 25,441 1,157 6,782 2010 12 31 33,380 2010 12 31 182,107 2009 12 31 182,210 2010 12 31 20 30 108

20. 2009 1 1 2,491,871 88 260,774 2009 12 31 2,752,733 103,876 896,684 2010 12 31 3,753,293 2010 2009 Hong Kong & China Gas (Qingdao) Limited 337,534 325,260 Hong Kong & China Gas (Zibo) Limited 363,027 349,826 Hong Kong & China Gas (Yantai) Limited 245,179 236,263 Hong Kong & China Gas (Weifang) Limited 141,075 135,945 Hong Kong & China Gas (Weihai) Limited 280,859 270,646 Hong Kong & China Gas (Taian) Limited 248,488 239,452 Hong Kong & China Gas (Maanshan) Limited 294,943 284,218 Hong Kong & China Gas (Anqing) Limited 279,556 269,390 300,523 289,595 23,284 22,437 228,402 220,096 28,176 27,151 * 791,195 66,054 39,435 85,563 82,454 3,753,293 2,752,733 * 2010 109

20. 8% 20098%4% 6% 2009 4% 6% 4% 6% 20094% 6% 2010 12 31 21. 2010 2009 1,214,306 859,871 582,494 326,667 1,796,800 1,186,538 2010 12 31 2010 2009 26% 26% 43% 43% 110

21. 2010 2009 40% 40% 42% 48% 48% 27% 27% 2010 2009 7,249,443 5,214,816 (3,713,884) (2,894,735) 3,535,559 2,320,081 4,785,869 4,274,899 466,883 366,933 213,589,000(2009103,156,000 2010 111

22. 2010 2009 742,735 572,147 287,451 169,775 37,091 37,406 1,067,277 779,328 84,906 5,682 119,160 108,060 204,066 113,742 2010 12 31 2010 2009 50% 50% 50% 50% 50% 50% 50% 50% 50% 112

22. 2010 2009 50% 50% 50% 50% 50% 50% 2010 12 31 2010 2009 448,221 278,411 1,646,728 1,147,304 756,943 402,917 270,729 243,470 1,180,289 741,950 1,064,187 667,458 2010 113

22. 2010 2009 2010 2009 37,650,000 37,650,000 2014 12 6.12% 34,812 31,534 35,000,000 35,000,000 2014 7 6.12% 33,121 30,023 42,530,000 42,530,000 2013 7 6.12% 42,226 38,344 10,550,000 10,550,000 2016 2 6.12% 9,001 8,159 5,000,000 2010 6 5.31% 5.31% 5,682 52,000,000 2011 1 5.84% 5.84% 61,321 5,000,000 2011 1 4.25% 4.25% 5,896 15,000,000 2011 10 4.25% 4.25% 17,689 204,066 113,742 102,118,0002009102,118,000 23. 2010 2009 169,372 168,853 114

24. 2009 12 3135 379,000,0002010 6540,000,000179,000,000 2015 6 2015 6 15 65,000,000 3 2010 2009 242,481 283,325 39,321 39,321 281,802 322,646 9,151,00020095,548,000 25. 2010 2009 62,279 38,300 85,606 63,556 147,885 101,856 2010 115

26. 2010 2009 173,427 98,101 39,321 39,321 225,043 128,459 93,664 90,558 * 127,378 531,455 483,817 * 127,378,000 173,427,000200998,101,000 0 180 2010 2009 0 90 168,772 90,784 91 180 1,362 1,504 181 360 3,293 5,813 173,427 98,101 2,759,0002009819,000 116

26. 2010 2009 0 90 1,589 294 91 180 73 59 181 360 1,097 466 2,759 819 2010 2009 8,039 3,039 10,000 5,000 18,039 8,039 0.1% 5.5% 20090.1% 5.5% 2010 2009 481,299 186,992 2010 117

27. 28. 2010 2009 335,493 214,669 947,491 560,695 67,319 198,479 a 127,378 289,251 217,099 b 14,427 585 1,653,981 1,318,905 (a) (b) 2010 2009 0 90 246,840 117,864 91 180 18,549 33,394 181 360 19,426 35,830 360 50,678 27,581 335,493 214,669 118

29. 2010 2009 a 1,996,917 1,044,886 a 108,338 138,831 a b 1,119,469 1,109,655 3,224,724 2,293,372 2,792,403 562,035 20,856 1,435,843 365,002 233,784 46,463 61,710 3,224,724 2,293,372 (2,792,403) (562,035) 432,321 1,731,337 (a) HK$ 000 HK$ 000 0.74% 2% 1,530,524 800,000 4.31% 5.02% 231,723 52,841 0.73% 17,620 17,747 * 4.68% 5.23% 234,670 192,045 2.49% 4.87% 51,494 84,859 1.12% 39,224 36,225 8.69% 1,119,469 1,109,655 3,224,724 2,293,372 * 2010 119

29. (b) 2004 9 238.25 2011200,000,000 8.252008 9 23 108.25% 35% 8.69% 2011100% 2010 12 31 141,000,0002009141,000,000 2010 12 31 147,437,000 1,142,634,0002009153,338,000 30. 1.25 2010 2009 277,615,000 2013 42014 5 2.13% 277,615 277,615 2009 20092013 4 2009 277,615,000 2014 5 3.26% 25,000,000 2012 12 1.81% 193,750 193,750 2009 20092012 2009 25,000,000 12 3.26% 471,365 471,365 120

31. 2009 1 1 50,408 10,059 60,467 24,487 24,487 (4,807) (4,807) 31 12 43 (1,849) 8,219 6,370 2009 12 31 24,487 48,590 13,483 86,560 12,552 10,989 23,541 760 2,030 720 3,510 (983) (1,604) 31,756 29,169 2010 12 31 36,816 49,016 56,948 142,780 3,405,00020093,135,000 32. 2010 12 31 0.10 3,000,000,000 300,000 0.10 2,448,787,330 244,879 2010 121

32. 2009 1 12009 12 312010 12 31 3,000,000,000 300,000 2009 1 1 1,957,556,330 195,756 a 804,000 80 2009 12 312010 1 1 1,958,360,330 195,836 b 5,427,000 543 c 485,000,000 48,500 2010 12 31 2,448,787,330 244,879 (a) (b) (c) 2009 12 312.796 804,000 0.10 2010 12 310.4732.796 3.4833,618,000603,0001,206,000 0.10 2010 12 31485,000,000 0.10 34 33. 122

34. 2010 2010 7Hong Kong & China Gas (China) Limited 485,000,000 0.10 1,464,700,000 4,417,000 281,715 24,068 176,863 165,680 39,522 8,559 25,593 111,738 (106,673) (4,594) (20,852) 701,619 25,593,00025,593,000 2010 123

34. 2010 28,114,000 1,464,700 28,114 (701,619) 791,195 111,738 194,078,000 43,188,000 2010 973,001,00060% 73,001,000 124

34. 2010 2,520 36 71 4,331 4,665 (36) (8) 11,579 4,331,0004,331,000 4,632,000 73,001 4,632 (11,579) 66,054 2010 125

34. 2010 73,001 (4,665) 68,336 470,000 2010 758,898,00095% 58,898,00047,417,00011,481,000 126

34. 2010 9,821 4,409 872 16,502 47 (4,653) (952) (2,870) (2,689) 20,487 16,502,00016,502,000 1,024,000 58,898 1,024 (20,487) 39,435 2010 127

34. 2010 47,417 (47) 47,370 4,457,000 845,000 2010 1 1 3,154,341,000536,855,000 2010 1 1 128

34. 2009 2009 4286,848,000100% 21,292 38,268 59,560 559 8,758 9,317 7,942 7,942 2,610 2,610 26,466 26,466 2,106 2,106 (3,822) (3,822) (25,715) (25,715) (11,712) (11,712) 31,438 35,314 66,752 220,096 286,848 171,848 115,000 286,848 171,848 (26,466) 145,382 2010 129

34. 2009 87,216,000 13,743,000 2009 568,026,00060% 27,905 27,458 55,363 2,514 17,807 20,321 4,455 4,455 40,364 40,364 3,670 3,670 (7,343) (7,343) (30,737) (30,737) (977) (977) (5,672) (5,672) (11,319) (11,319) 34,179 33,946 68,125 (27,250) 27,151 68,026 40,815 27,211 68,026 40,815 (3,670) 37,145 130

34. 2009 27,576,000 8,470,000 2009 12 3138,647,000 18,298 2,649 20,947 7,125 3,173 10,298 814 814 984 984 340 340 1,785 1,785 (4,160) (4,160) (1,456) (1,456) 25,186 4,366 29,552 (4,432) 13,527 38,647 9,670 28,977 38,647 9,670 (1,785) 7,885 2010 131

34. 2009 9,756,000 1,053,000 100% 35,735,000 23,774 10,158 33,932 9,013 9,013 1,187 1,187 730 730 136 136 1,469 1,469 (496) (496) (5,508) (5,508) (3,575) (3,575) 26,730 10,158 36,888 (1,153) 35,735 35,735 35,735 (1,469) 34,266 2009 1 1 2,950,000,000 322,649,000 2009 1 1 132

35. 2009 6 4 Panva LPG Investment Holdings Limited Panva LPG Investment Holdings Limited 2009 6 4 251,674 60,378 5,080 34,027 1,135 149,701 32,247 172,969 246,474 (9,530) (184,631) (16,612) (8,765) (4,807) 729,340 (356,160) (11,541) 361,639 458 362,097 40,000 322,097 362,097 40,000 (246,474) (206,474) 2015 6 3 2010 133

36. 2010 2009 30 471,365 471,365 9,307 15,095 2,508 1,685 5,046 3,943 b 1,181 a 847 4,572 a 725 1,432 a 316 313 b 22,547 229 a 284 a 1,959 176 c 494 113 (a) (b) (c) 34 134

37. 2010 2009 7,712 6,950 7,159 7,119 4,187 684 19,058 14,753 20 38. 2010 2009 57,144 29,083 61,321 3,774 22,211 2010 135

39. 2001 4 4 2011 4 3 2005 4 26 2005 5 182005 2005 11 28 2005 11 28 2005 20052005 5 182005 11 28 10 2005 2005 10 200528 1 136

39. 2009 12 31 3,618,000 3,618,000 3,618,000 2004a 15,265,950 (2,502,450) 12,763,500 12,763,500 2006b 4,180,800 (804,000) (1,206,000) 2,170,800 2,170,800 2007b 14,673,000 14,673,000 8,803,800 37,737,750 (804,000) (3,708,450) 33,225,300 27,356,100 3.246 2.796 3.260 3.255 3.165 2010 12 31 3,618,000 (3,618,000) 2004a 12,763,500 (1,206,000) 11,557,500 11,557,500 2006b 2,170,800 (603,000) 1,567,800 1,567,800 2007b 14,673,000 14,673,000 14,673,000 33,225,300 (5,427,000) 27,798,300 27,798,300 3.255 1.400 3.617 3.617 2010 3 18361,8002010 3 311,447,200 2010 6 73,618,000 3.693.75 3.03 2010 137

39. 2010 12 31100,557,000 200985,787,000 2004a 19.11.2004 30% 31.12.2005 30.03.2011 3.483 30% 31.12.2006 30.03.2011 3.483 40% 31.12.2007 30.03.2011 3.483 2006b 03.10.2006 30% 04.10.2007 27.11.2015 2.796 30% 04.04.2008 27.11.2015 2.796 40% 04.10.2008 27.11.2015 2.796 2007b 16.03.2007 30% 16.03.2008 27.11.2015 3.811 30% 16.03.2009 27.11.2015 3.811 40% 16.03.2010 27.11.2015 3.811 2010 12 31 620,00020093,715,000 a. 2004 b. 2006 2007 138

40. 12% 25% 2010 12 31 31,782,000200928,247,000 2010 12 31 446,0002009507,000 41. 80% 100%61,321,00080,448,000 2010 139

42. 20102009 12 31 2010 2009 Hong Kong & China Gas (Anqing) Limited / 1 100% 100% Hong Kong & China Gas 100% 100% (Maanshan) Limited / 1 Hong Kong & China Gas (Qingdao) Limited / 1 100% 100% Hong Kong & China Gas (Taian) Limited / 1 100% 100% Hong Kong & China Gas (Weifang) Limited / 1 100% 100% Hong Kong & China Gas (Weihai) Limited / 1 100% 100% Hong Kong & China Gas (Yantai) Limited / 1 100% 100% Hong Kong & China Gas (Zibo) Limited / 1 100% 100% Towngas China Group Limited 12,821 100% 100% 140

42. 2010 2009 15,000,000 100% 80% 80% 280,000,000 2009 97,824,900 100% 100% 10,000,000 90% 90% 89,248,000 China Overlink Holdings Co., Limited 1 100% 100% 85% 85% 40,000,000 100% 100% 20,000,000 2010 141

42. 2010 2009 14,000,000 100% 15,000,000 100% 100% 100% 10,000,000 90% 90% 77,200,000 4,010,000 100% 100% 2009 1,010,000 100% 100% 53,000,000 142

42. 2010 2009 95% 10,000,000 Hong Kong & China Gas (Dalian) Limited 100 100% Hong Kong & China Gas (Hangzhou) Limited / 1 100% Hong Kong & China Gas (Huzhou) Limited / 1 100% Hong Kong & China Gas (Tongxiang) Limited / 1 100% Hong Kong & China Gas (Yingkou) Limited / 1 100% 3,500,000 100% 100% 2,100,000 100% 100% 2010 143

42. 2010 2009 3,500,000 100% 100% 10,500,000 98.85% 100% 100% 10,000,000 51% 51% 100,000,000 60% 10,000,000 6,400,000 100% 144

42. 2010 2009 5,440,000 100% 100% 100% 10,000,000 7,070,000 100% 100% 100% 100% 90,000,000 70% 70% 10,000,000 90% 90% 3,590,000 2010 145

42. 2010 2009 90% 90% 10,000,000 2009 4,900,000 60% 60% 30,000,000 90% 90% 73,500,000 80% 80% 10,000,000 61.67% 61.67% 128,561,800 2009 80,000,000 100% 100% 20,000,000 8,000,000 100% 100% 146

42. 2010 2009 TCCL (Finance) Limited 1 100% 12,480,000 80% 80% 7,000,000 76% 1 100% 200,000,000 100% 100% 99.5% 99.5% 10,000,000 100% 100% 22,000,000 60% 60% 12,000,000 2010 147

42. 2010 2009 60% 60% 11,500,000 100% 100% 50,000,000 9,400,000 100% 90% 90% 12,500,000 100% 100% 18,810,000 90% 90% 18,890,000 148

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