SJM2010_Chi_23.indd

(incorporated in Hong Kong with limited liability) ( 在 香 港 註 冊 成 立 的 有 限 責 任 公 司 ) Stock Code 股 份 代 號 : 880 Annual Report 年 報 2010

目 錄 8 10 11 12 20 22 24 26 31 52 65 66 67 69 70 71 73 131 132

大 事 回 顧 8 澳 門 博 彩 控 股 有 限 公 司 2010

大 事 回 顧 2010 澳 門 博 彩 控 股 有 限 公 司 9

財 務 摘 要 及 股 息 派 發 時 間 表 財 務 摘 要 截 至 2010 年 12 月 31 日 止 年 度 ( 百 萬 港 元, 每 股 金 額 除 外 ) 2009 12 31 57,195 34,066 606 410 EBITDA* 4,838 2,269 3,559 907 69.2 港 仙 66.2 港 仙 18.1 18.1 30 港 仙 9 * 股 息 派 發 時 間 表 事 項 2011 2011 期 間 / 日 期 / 時 間 2011 3 16 2011 4 21 2011 4 264 30 2011 4 27 2011 4 29 2011 4 292 30 2011 5 18 10 澳 門 博 彩 控 股 有 限 公 司 2010

概 覽 67.9%EBITDA 113.2% 292.4% 99% 1,830 57.8% 29.4%31.3% EBITDA2010 19.3%16.3% 153 2010 EBITDA 25.57 23.5% 7.8% 12.2% 38 39 2010 9 2011 2 73,856 30 2011 535 澳 門 博 彩 控 股 有 限 公 司 蘇 樹 輝 2011 3 16 2010 澳 門 博 彩 控 股 有 限 公 司 11

業 務 回 顧 集 團 經 營 業 績 截 至 12 月 31 日 止 年 度 2010 年 百 萬 港 元 2009 增 幅 57,653 34,353 67.8% 57,195 34,066 67.9% 3,559 907 292.4% EBITDA 1 4,838 2,269 113.2% EBITDA 8.5% 6.7% 1 2010 94.1% 31.6% 16.7% 2010 2010 1,828.57 31.3% 2009 29.4% EBITDA EBITDA 8.5% 2009 6.7% 2010 EBITDA14.8%2009 10.8% 2010 11.70 11.09 6,100 2009 12 4,800 1.74 1.26 2010 2.152009 1.98 12 澳 門 博 彩 控 股 有 限 公 司 2010

業 務 回 顧 截 至 以 下 日 期 止 三 個 月 2010 年 12 月 31 日 百 萬 港 元 ( 未 經 審 核 ) 2010 9 30 增 幅 16,842 14,095 19.5% 16,689 13,987 19.3% 1,125 867 29.8% EBITDA 1,428 1,178 21.2% EBITDA 8.5% 8.4% 2010 19.3% 16.3% 2010 12 31 EBITDA 經 營 業 績 貴 賓 博 彩 業 務 截 至 12 月 31 日 止 年 度 2010 年 2009 增 幅 38,862 20,017 94.1% 229,958 229,536 0.2% 1,334,035 718,849 85.6% 463 239 93.7% 2010 67.9% 58.8% 2010 12 31 507 33 2009 12 31 320 30 2010 12 31 14 94.1% 2009 2.78% 20102.91% 2010 澳 門 博 彩 控 股 有 限 公 司 13

業 務 回 顧 經 營 業 績 中 場 賭 枱 博 彩 業 務 截 至 12 月 31 日 止 年 度 2010 年 2009 增 幅 17,154 13,039 31.6% 36,460 29,978 21.6% 1,289 1,192 8.1% 2010 30.0% 2009 38.3% 2010 12 31 1,1832009 12 311,404 31.6% 經 營 業 績 角 子 機 及 其 他 博 彩 業 務 截 至 12 月 31 日 止 年 度 2010 年 2009 增 幅 1,179 1,010 16.7% 732 698 4.9% 4,407 3,955 11.4% 2010 2.1% 2009 3.0% 2010 12 31 4,147 2009 12 314,567 2010 12 31 15 4 2011 1 14 澳 門 博 彩 控 股 有 限 公 司 2010

業 務 回 顧 娛 樂 場 業 務 之 經 營 業 績 新 葡 京 娛 樂 場 2010 EBITDA 截 至 12 月 31 日 止 年 度 2010 年 2009 增 幅 15,579 9,436 65.1% 2,293 1,352 69.6% EBITDA 2,557 1,654 54.6% EBITDA 16.4% 17.5% 截 至 12 月 31 日 止 年 度 增 幅 / 2010 年 2009 ( 減 幅 ) 貴 賓 博 彩 業 務 11,295 5,900 91.4% 355,691 329,905 7.8% 414,316 190,167 117.9% 87 49 77.6% 中 場 博 彩 業 務 3,917 3,207 22.1% 44,348 35,908 23.5% 242 245 (1.2)% 角 子 機 業 務 367 329 11.6% 1,393 1,241 12.2% 721 726 (0.7)% 2010 澳 門 博 彩 控 股 有 限 公 司 15

業 務 回 顧 EBITDA 2010 26.4% 2009 25.8% 2010 9 38 3 9 29 2011 2 17 2010 29,373 1,000 2010 1.44 7,600 58,000 304,277 娛 樂 場 業 務 之 經 營 業 績 其 他 自 行 推 廣 娛 樂 場 及 角 子 機 中 心 截 至 12 月 31 日 止 年 度 2010 年 2009 * 增 幅 11,434 10,101 13.2% 643 141 356.0% EBITDA 891 261 241.4% EBITDA 7.8% 2.6% * 2009 2009 2.62 16 澳 門 博 彩 控 股 有 限 公 司 2010

業 務 回 顧 截 至 12 月 31 日 止 年 度 增 幅 / 2010 年 2009 ( 減 幅 ) 貴 賓 博 彩 業 務 7,660 7,781 (1.6)% 355,686 333,054 6.8% 265,039 290,649 (8.8)% 59 64 (7.8)% 中 場 博 彩 業 務 3,409 2,257 51.0% 25,941 26,204 (1.0)% 360 236 52.5% 2010 12 31 54 129 72 2010 12 31 198 2 653 173 569 400 2009 12 80,027 2010 澳 門 博 彩 控 股 有 限 公 司 17

業 務 回 顧 娛 樂 場 業 務 之 經 營 業 績 衛 星 娛 樂 場 及 角 子 機 中 心 2010 12 31 14 12 613 353 1,994 20101512010 12 31 截 至 12 月 31 日 止 年 度 2010 年 2009 # 增 幅 30,182 14,529 107.7% 1,087 56 1,841.1% EBITDA 1,164 246 373.2% EBITDA 3.9% 1.7% # 2009 2009 2.62 2010 截 至 12 月 31 日 止 年 度 增 幅 / 2010 年 2009 ( 減 幅 ) 貴 賓 博 彩 業 務 19,907 6,336 214.2% 172,051 137,590 25.0% 654,681 238,032 175.0% 317 126 151.6% 中 場 博 彩 業 務 9,828 7,575 29.7% 39,194 29,180 34.3% 687 711 (3.4)% 18 澳 門 博 彩 控 股 有 限 公 司 2010

業 務 回 顧 非 博 彩 業 務 2008 12 8 2010 BIB 1890 Wine Spectator Grand Award 2010 12 31 4.30 EBITDA 1.31 3.28EBITDA 7,100 409 2010 77.9% 57.2% 2010 12 94.2% 2010 1,95120091,990 51% 2010 1.36 2009 9,430 408 2010 71.3% 2009 47.5% 2010 12 81.9% 2010 4.58 2009 2.87 59.6% 1.23 1.48 2010 澳 門 博 彩 控 股 有 限 公 司 19

企 業 社 會 責 任 2010 教 育 20,000 2005 59 17 文 化 藝 術 2010 11 體 育 11 2010 FIA 2010 10 負 責 任 博 彩 2010 26 10 325 20 澳 門 博 彩 控 股 有 限 公 司 2010

企 業 社 會 責 任 2010 年 的 其 他 活 動 180 20 200 2010 9 13 100 2010 11 27 12 52010 55 12 2010 12 290 2010 12 2010 澳 門 博 彩 控 股 有 限 公 司 21

前 景 與 近 期 發 展 市 場 環 境 2010 24,965,411 2009 21,752,751 14.8% 2010 20.4% 13,229,058200910,989,533 2010 3 5,500 2011 2012 目 前 及 近 期 計 劃 2010 2011 新 葡 京 娛 樂 場 2010 930 2011 2 17 22 澳 門 博 彩 控 股 有 限 公 司 2010

前 景 與 近 期 發 展 葡 京 娛 樂 場 2010 回 力 海 立 方 娛 樂 場 2010 8 衛 星 娛 樂 場 2010 2010 14 十 六 浦 渡 假 村 2010 EBITDA 2009 6,850 2.07 2010 2 10 2011 51% 2005 EBITDA 新 葡 京 酒 店 EBITDA 2010 Robuchon a Galera2011 未 來 娛 樂 場 項 目 73,856 2010 澳 門 博 彩 控 股 有 限 公 司 23

2010 12 31151.751.72 2009 12 3193.3762.5% EBITDA 2009 1020 20102010 12 31 2.59 5.24 2010 12 3141.12 2010 12 31 1 1 2 2 5 5 25.3% 74.7% 0.0% 0.0% 100.0% 20102009 12 31 2010 12 312.892009 12 316.63 2010 12 31 58.32 7.58 2009 12 31 61.27 7.97 2010 12 311.72 2009 12 314.11 2010 12 319,3002009 12 312.44 2009 10 2010 12 31 2.59 2010 12 31 24 2010

2010 12 31 2010 12 31 2010 12 3119,5852009 12 3119,936 3512010 EBITDA EBITDA EBITDA 14.8% EBITDA 8.5% 2010 25

8920062009 2001 2010 1962 Euronext Estoril Sol, SGPS, S.A. 2008 4 29 1984 2010200320072001 (O.B.E.) Commandeur de l Ordre de la Couronne 26 2010

592006 20092008 2002 1976 30 Euronext Estoril Sol, SGPS, S.A. MACAUPORT Sociedade de Administração de Portos, S.A. 1991 2009 1973 2001IMC/Southern Cross University 20092005 5920062009 2002 1978 3019992002 2010 27

6920062001 2003 1981 19651981 1964 4920072009 20082007 2010 12 2005 20052009 20052009 56200720092008 2007 1998 Urbana-Champaign 652010 8 20041999 28 2010

8520062001 Commandeur de L ordre des Arts et des Lettres 2008 682008 2010 11 2009 9 20032009 19882002 1967 2002 702008 2010 11 200039 2003 Advanced Management Program (AMP) Queen Elizabeth House (Oxford) 2010 29

652008 20072008200520082000 19952007 632008 2010 19761984 200319972000 30 2010

2010 12 31 7 52 2010 12 3166 130 2010 10 13 2010 6 30 5 2009 6 30 2010 12 313020099 2011 4 29 2011 2011 5 18 2011 4 29 2011 2011 4 272011 4 29 2011 4 26 4 30183 17 1712 1716 2010 12 31131 2010 31

I. 34.1% (i) 7.7% (ii) 7.6% (iii) 6.8% (iv) Angel Playing Cards Co., Ltd. 6.3% (v) 49% 5.7% 5% II. 30% 32 2010

43 2010 12 3123.66 20095.04 2,050 2010 12 31 11,626 135,442 100% 23,066 126,500 51% 93 103 I 1 5 12 3 5,582.72 100% 7,585.72 100% 2010 33

2010 12 31 38 100 15 17 41 2009 10 28Champion Path Holdings LimitedChampion Path 202015 5.24381,679,3892010 12 31 1,740,600,0005.24 332,175,4882010 12 31259,400,000 2011 3 16144,500,000 90% Champion Path 90%Champion Path DB Trustees (Hong Kong) Limited 2011 4 28 Champion Path 2011 3 14 40 34 2010

2009 5 13 2009 5 13 10%500,000,000 325,100,000 5.9% 12 (a) 1% (b) (i) 0.1% (ii) 500 2010 35

1.00 28 (a) (b) (c) 10 36 2010

2010 12 31 2010 1 1 2010 12 31 2009 2010 1 13 2.82 5,000,000 5,000,000 7 13 2019 1 12 2009 2010 1 13 2.82 35,000,000 (35,000,000) 7 13 2019 1 12 2009 2010 1 13 2.82 32,000,000 (32,000,000) 7 13 2019 1 12 2009 2010 1 13 2.82 3,000,000 3,000,000 7 13 2019 1 12 2009 2010 1 13 2.82 20,000,000 (20,000,000) 7 13 2019 1 12 2009 2010 1 13 2.82 3,000,000 3,000,000 7 13 2019 1 12 2010 2011 2 28 7.48 3,000,000 3,000,000 8 31 2020 2 27 2009 2010 1 13 2.82 1,000,000 1,000,000 7 13 2019 1 12 2010 2011 2 28 7.48 2,000,000 2,000,000 8 31 2020 2 27 2009 2010 1 13 2.82 500,000 (500,000) 7 13 2019 1 12 2009 2010 1 13 2.82 500,000 500,000 7 13 2019 1 12 2009 2010 1 13 2.82 500,000 500,000 7 13 2019 1 12 2009 2010 1 13 2.82 500,000 500,000 7 13 2019 1 12 101,000,000 5,000,000 (87,500,000) 18,500,000 2009 2010 1 13 2.82 39,800,000 (30,540,000) 9,260,000 7 13 2019 1 12 2009 2011 1 13 2.82 10,000,000 10,000,000 7 13 2019 1 12 2009 2012 1 13 2.82 10,000,000 10,000,000 7 13 2019 1 12 2010 2010 11 19 5.11 1,500,000 1,500,000 5 19 2019 11 18 2010 2010 11 26 5.03 500,000 500,000 5 26 2019 11 25 59,800,000 2,000,000 (30,540,000) 31,260,000 2009 2010 1 13 2.82 5,900,000 (3,100,000) 2,800,000 7 13 2019 1 12 2009 2010 4 7 4.48 1,200,000 (1,200,000) 10 7 2019 4 6 7,100,000 (4,300,000) 2,800,000 167,900,000 7,000,000 (122,340,000) 52,560,000 2010 37

a. 2009 7 1330,000,000 2010 1 13 2.85 2009 7 13 166,700,000 146,700,000 2010 1 132019 1 12 1.25819 10,000,000 2011 1 132019 1 12 1.28888 10,000,000 2012 1 132019 1 12 1.31545 b. 2009 10 74.53 2.28692 c. 2010 5 19 4.81 2.0728 d. 2010 5 26 4.83 2.0178 e. 2010 8 31 7.49 2.8926 f. 9.14 2010 8 30 38 2010

26 3011 97 2011 83(B)2011 3.13 2011 (i) (ii) I. Many Town Company Limited United Worldwide Investment S.A. 93.3% United Worldwide Investment S.A. 50% (i) 2008 6 18 2008 6 182020 3 31 2010 39

2009 2007 10 312008 6 232009 9 11 2010 12 312.06 2.66 729500 2009 8 1 1.84 2010 12 201120122013 12 31 3.003.153.31(i) (ii)2011 1 1 (iii) 2013 12 31 2008 6 26 2009 6 162009 9 112010 12 30 (ii) 2008 6 18 (i) (ii)(iii)(iv) (v) (vi)(vii)(viii) 20092009 2010 12 31 2009 6 (i)(ii) 20102009 2010 12 31 43 40 2010

(i)2011 6 17 (ii) 2010 12 312010 122011 1 12011 6 17 43 2011 2008 6 26 2009 3 252009 6 162010 12 30 (iii) 2008 6 18 2008 6 18(i) (ii) 2008 6 26 4,070 (iv) 2008 6 18 2002 4 1 2010 12 314.30 (i)2011 (ii) 2010 12201120122013 12 31421 2008 6 26 2010 12 30 2010 41

(v) Sky Reach Investments LimitedSky Reach Companhia de Aviação Jet Asia LimitadaJet Asia20072008 Sky Reach Jet Asia 10 Sky Reach Jet Asia 2009Sky Reach Credit Suisse Sky Reach Jet Asia Sky Reach 2009 20101.5 2010 12 31 Jet Asia 5,170 2010 12 201120122013 12 31 1.5 2008 6 26 2009 1 202009 7 302010 12 30 42 2010

2010 12 312011 1 1 2011 6 17201120122013 12 31 2010 12 31 2010 12 31 2011 1 1 2011 6 17 2011 12 31 2012 12 31 2013 12 31 e e e e a 77.9 187 86.1 a 6.1 42 19.3 a 59.8 115 52.9 107.5 134 61.7 184.8 758 348.9 16.8 35 16.1 58.5 98 45.1 b 184.2 266 300 315 331 c 430.3 917 400 200 100 d 51.7 150 150 150 150 a. 20092010 20102009 3 25 b. 2009 9 1120102.06 2.66 c. 2010 1 12010 12 31 4.30 d. 2009 1 2020092010 5,500 2009 7 30200920105,500 1.5 e. 2011 1 12011 6 17 201120122013 12 31 2010 12 30 2010 43

II. 20102010 12 13 2010 2 19 2009 10 2010 6 314A.11(4)(b)(ii) 50% 2010 6 32010 12 31 5.75 2010 12 13 A 14A.38 2010 6 2010 12 31740 2010 (1) (2) (3) (4) 43 2008 6 26 2009 3 252009 7 302009 9 11 44 2010

(a) (b) (c) 2011 3 16 2008 6 18 2010 12 31 4.30 2010 12 31 18,587,789 1.51%2010 12 31 Great Respect Limited 298,982,188 19.55% 2010 12 31 Lanceford Company LimitedLanceford3,127,107 0.25% 2010 45

2010 12 31 XV352 I. a 5,000,000 b c 0.09% 128,327,922 2.35% 96,452,922 1.77% 19,000,500 0.35% 3,000,000 0.06% b 19,000,500 3,000,000 0.41% 417,200,000 7.65% 3,000,000 b 3,000,000 b 3,000,000 b 500,000 b 500,000 b 500,000 b 0.06% 0.06% 0.06% 0.01% 0.01% 0.01% 46 2010

II. 100 100 0.36% a a 637 100 737 0.86% 1,004 1,004 1.18% STDM 1,000 0.01% a B 300,000 10.00% a. 2010 1 1 2010 12 26 STDM 3,049,987,500 2010 12 2655.92%STDM 99.99% 0.01%31.66%(4.84%) Lanceford26.82% 2011 12Lanceford 31.66% Lanceford 9,9982010 12 2799.98%4.84% Lanceford 2011 3 2010 47

b. c. 2010 12 31 5,454,515,488 2010 12 31 XV78XV 352 2010 12 31XV 336 b 5,000,000 0.09% a 417,200,000 7.65% 3,049,987,500 55.92% STDM 3,049,987,500 55.92% a. a b. 2010 12 31 5,454,515,488 2010 12 31 336 48 2010

51 51(b) 51(h) 2008 6 18 2011 3 162011 3 132011 2 28 STDM STDM 2010 12 31 2010 49

52 64 13.51B(1)20102010 12 31 20102010 12 31 2010 12 30 2010 12 112010 12 31 978 20104909202009430 20103408102009470 2010401802009140 2010 12 30 20101804102009230 2010456,000860,0002009404,000 2010 11 9 201083,000303,0002009220,000 2010 11 92010 12 31 3,00020,000 50 2010

20102010 12 31 2010 11 9 201066,000286,0002009220,000 2010 11 92010 12 31 6,00040,000 2010 9 10 2266 2010 9 30 199 2011 1 1 1313 201090,000320,0002009230,000 2010100,000840,0002009740,000 2011 2011 3 16 2010 51

2010 2010 5 31 E.1.2 2010 2010 8 30 52 2010

26 30 (i) (ii) 10% 2011 4 292011 9783(B) 2011 3 25 2010 53

(i) (a) (b) (ii) (i) (ii) (iii) 3.13 54 2010

2009 7 13.51B 14 2010 55

2010 12 31 1/6 1 6/6 2/2 2/2 6/6 6/6 4/6 1 2/2 2/2 5/6 1 2/2 2010 8 30 3/6 2 3/6 1 2010 11 9 6/6 5/5 0/2 4 2/2 2010 11 9 6/6 1/5 3 2/2 2/2 6/6 5/5 2/2 2/2 6/6 5/5 2/2 2/2 56 2010

1 96(K) 2 2010 8 302010 12 31 3 2010 11 92010 12 31 4 2010 11 92010 12 31 2008 6 2010 11 9 2010 57

(i) (ii) 2010 56 (i) 2009 12 31 2010 6 30 2010 3 312010 9 30 (ii) (iii) (iv) (v) 2011 (vi) (vii) (viii) 58 2010

2008 6 2010 11 9 2010 12 31 (i) 2009 5 13 (ii) (iii) 2010 59

56 2010 5 31 2011 50 2008 6 60 2010

2010 12 31 (i) (a)(b) (c) (ii) 97 2011 (iii) 83(B) 2011 (iv) (v) 3.13 2011 56 20103 319 30 2010 61

65 2010 2010 2010 7.8 2010 3.7 2010 0.7 0.1 0.4 12.7 (i)(ii)(iii) (iv) (i) (ii)(iii) (iv) (v) 62 2010

(i) (ii)(iii) (iv) (v) 15 2010 12 31 2010 63

2010 5 31 1 32 3201 3205ir@sjmholdings.com 20 10 2010 5 31 3 168 2001 2009 12 31 http://www.sjmholdings.com 2011 3 16 64 2010

661302010 12 31 141 2010 12 31 2011 3 16 P181 2011 3 16 2010 65

2010 12 31 2010 2009 57,653.3 34,352.8 8 57,195.0 34,065.8 (22,089.9) (13,219.5) 35,105.1 20,846.3 458.3 287.0 (216.4) (164.8) 147.9 123.3 (25,130.4) (13,318.1) (6,627.1) (6,755.6) 9 (215.4) (197.7) 4.9 (13.5) 5.5 5.4 10 3,532.4 812.3 12 (17.6) (17.5) 3,514.8 794.8 3,559.4 906.7 (44.6) (111.9) 3,514.8 794.8 14 69.2 18.1 14 66.2 18.1 66 2010

2010 12 31 2010 2009 15 9,486.0 10,139.6 17 804.9 845.8 18 39.5 45.8 19 290.4 289.2 20 74.0 67.4 21 73.2 67.7 22 5.5 5.5 23 122.6 168.1 24 304.5 329.2 25 144.2 26 145.6 145.6 27 1,000.0 11,490.4 13,103.9 55.9 52.1 28 1,258.2 1,233.3 29 246.0 132.0 30 546.7 23.3 31 20.0 20.0 32 14.3 14.3 25 156.7 33 56.2 28.4 26 26.4 265.4 27 5,036.7 400.0 10,138.6 7,937.1 17,399.0 10,262.6 34 10,020.8 6,895.0 35 29.1 36 13.3 37 23.5 33.3 38.8 38.8 38 1,040.0 1,040.0 40 218.7 11,370.9 8,020.4 6,028.1 2,242.2 17,518.5 15,346.1 2010 67

2010 12 31 2010 2009 37 304.5 329.2 38 3,072.0 4,102.0 39 966.6 807.3 40 1,588.2 4,343.1 6,826.7 13,175.4 8,519.4 41 5,454.5 5,000.0 7,683.2 3,454.7 13,137.7 8,454.7 37.7 64.7 13,175.4 8,519.4 66130 2011 3 16 68 2010

2010 12 31 2010 2009 15 3.2 4.2 16 4,359.3 4,367.5 27 1,000.0 4,362.5 5,371.7 15.0 5.8 35 1,093.2 2,980.3 1,747.6 27 4,063.3 400.0 526.2 902.2 7,445.3 4,288.3 0.5 0.8 35 413.2 1,958.5 413.7 1,959.3 7,031.6 2,329.0 11,394.1 7,700.7 41 5,454.5 5,000.0 43 5,939.6 2,700.7 11,394.1 7,700.7 2010 69

2010 12 31 2009 1 1 5,000.0 1,627.4 659.7 7,287.1 149.2 7,436.3 906.7 906.7 (111.9) 794.8 173.9 173.9 173.9 395.2 395.2 395.2 (8.2) (8.2) (8.2) 27.4 27.4 13 (300.0) (300.0) (300.0) 173.9 387.0 (300.0) 260.9 27.4 288.3 2009 12 31 5,000.0 1,627.4 173.9 387.0 1,266.4 8,454.7 64.7 8,519.4 3,559.4 3,559.4 (44.6) 3,514.8 122.3 379.8 (155.2) 346.9 346.9 332.2 1,449.9 (336.8) 1,445.3 1,445.3 (0.3) (0.3) (0.3) 47.7 47.7 47.7 17.6 17.6 13 (716.0) (716.0) (716.0) 454.5 1,829.4 (107.5) (336.8) (716.0) 1,123.6 17.6 1,141.2 2010 12 31 5,454.5 3,456.8 66.4 50.2 4,109.8 13,137.7 37.7 13,175.4 70 2010

2010 12 31 2010 2009 3,532.4 812.3 (73.5) (36.0) 97.6 145.0 42.0 36.0 75.8 16.7 (1.5) (1.4) (13.3) (14.5) (4.9) 13.5 (5.5) (5.4) 6.3 6.3 1,170.4 1,109.0 14.5 6.1 40.2 39.9 53.6 (27.8) (15.3) 47.7 173.9 4,954.0 2,286.1 (3.8) (8.7) (143.5) (272.7) 3,477.1 2,074.8 8,283.8 4,079.5 (17.6) (16.8) 8,266.2 4,062.7 57.2 36.4 1.5 1.4 (811.6) (1,344.0) 3.2 0.3 (34.6) (26.8) (1.2) (7.5) (114.0) (132.0) (523.4) (18.7) 106.0 21.5 12.5 4.0 239.0 3.4 (3,636.7) (1,400.0) (4,702.1) (2,862.0) 2010 71

2010 12 31 2010 2009 (92.7) (162.7) (716.0) (300.0) 346.9 (0.3) 2,000.0 (41.5) 29.1 (34.5) (93.0) 10.0 318.0 (1,040.0) (1,020.0) 134.9 188.5 (1,362.6) 889.3 2,201.5 2,090.0 1 1 7,937.1 5,847.1 12 31 10,138.6 7,937.1 10,138.6 7,937.1 72 2010

2010 12 31 1. 1 32 3201 3205 2. 272008 39 2 32008 17 5 2008 5 2009 1 320082010 1 1 272008 2010 1 1 3200827 200832008272008 32008 272008 2010 73

2010 12 31 2. 17 200917 17 17 17 2010 1 1 17 5 5 5 2010 3 12 6 242009 4 32 1 7 5 9 7 4 14 19 2 1 2010 2 1 2 2010 7 1 3 2010 7 12011 1 1 4 2011 1 1 5 2011 7 1 6 2012 1 1 7 2013 1 1 74 2010

2010 12 31 2. 92009 11 9 2010 11 939 9 39 9 3. 3.1 2010 75

2010 12 31 3. 3.1 2010 1 1 3.2 3.3 3.4 76 2010

2010 12 31 3. 3.4 3.5 3.6 2010 77

2010 12 31 3. 3.6 2540 310 25% 7.6% 50% 25% 20% 10% 3.7 3.8 78 2010

2010 12 31 3. 3.9 3.10 3.11 3.12 (a) (i) 2010 79

2010 12 31 3. 3.12 (a) (ii) (iii) (iv) (v) 80 2010

2010 12 31 3. 3.12 (a) (v) (b) (i) (ii) 2010 81

2010 12 31 3. 3.12 (b) (iii) (c) (d) 82 2010

2010 12 31 3. 3.12 (e) (i) 37(ii) 18 (f) 3.13 2010 83

2010 12 31 3. 3.14 3.15 84 2010

2010 12 31 3. 3.16 (a) (b) 3.17 (a) 2010 85

2010 12 31 3. 3.17 (b) 3.18 4. 2010 12 317,320 20096,7702010 12 313,4302009 3,430 5. 86 2010

2010 12 31 6. (a) (b) 2010 2009 2010 2009 17,778.5 11,570.6 7,443.9 5,285.3 56.2 28.4 5.5 5.5 17,840.2 11,604.5 7,443.9 5,285.3 12,884.5 12,852.2 413.7 1,959.3 328.0 362.5 13.3 13,212.5 13,228.0 413.7 1,959.3 3 (c) 36 49 2010 87

2010 12 31 6. (c) 84% 200988% 49 29 73% 200967% 40 88 2010

2010 12 31 6. (d) 100 2009100 1002009100 2010 2009 45.7 14.4 1002009100 2010 89

2010 12 31 6. (d) 1002009100 2010 2009 5.2 9.0 (e) 10% 200910% 10% 200910% 2010 2009 5.6 2.8 (f) 90 2010

2010 12 31 6. (f) 3 3 6 6 1 1 2010 12 31 1,890.7 41.9 19.2 1,951.8 1,951.8 4,325.1 4,325.1 4,325.1 830.4 357.9 92.9 1,281.2 1,281.2 29.1 29.1 29.1 4.8% 1,223.9 1,223.9 966.6 3.78% 7.1 9.2 18.3 355.0 389.6 328.0 6(f)(i) 2.04% 269.8 279.4 555.3 3,121.0 4,225.5 4,112.0 6(f)(ii) 5.82% 292.3 292.3 218.7 6(f)(iii) 49 92.6 92.6 29 4.0 4.0 4,450.8 2,998.0 688.4 685.7 4,992.2 13,815.1 13,212.5 2009 12 31 1,206.8 20.9 11.9 1,239.6 1,239.6 2,725.9 2,725.9 2,725.9 972.1 306.3 70.8 1,349.2 1,349.2 5.08% 1,089.0 1,089.0 807.3 5.73% 19.4 10.0 20.2 417.4 467.0 362.5 6(f)(i) 1.68% 270.4 280.3 557.8 4,204.0 5,312.5 5,142.0 6(f)(ii) 5.82% 2,253.6 2,253.6 1,588.2 6(f)(iii) 49 243.7 243.7 13.3 29 118.0 118.0 3,087.6 2,468.7 617.5 660.7 7,964.0 14,798.5 13,228.0 2010 91

2010 12 31 6. (f) 3 3 6 6 1 1 2010 12 31 0.5 0.5 0.5 413.2 413.2 413.2 6(f)(iii) 49 259.4 259.4 672.6 0.5 673.1 413.7 2009 12 31 0.7 0.1 0.8 0.8 1,958.5 1,958.5 1,958.5 6(f)(iii) 49 2,000.0 2,000.0 3,958.5 0.7 0.1 3,959.3 1,959.3 (i) (ii) 40 (iii) 7 2009 1 1 92 2010

2010 12 31 6. (g) 40 (h) 1 3 1 2 3 2010 12 31 56.2 56.2 2009 12 31 28.4 28.4 2010 93

2010 12 31 6. (h) (i) (ii) (iii) 1 21 3 7. (i) (ii) 8 94 2010

2010 12 31 7. (a) 2010 2009 2010 2009 57,195.0 34,065.8 4,088.0 1,509.2 458.3 287.0 149.0 125.6 607.3 412.6 (446.3) (532.1) (149.0) (125.6) 458.3 287.0 57,653.3 34,352.8 3,641.7 977.1 (147.5) (172.0) 27.8 15.3 4.9 (13.5) 5.5 5.4 3,532.4 812.3 3 2010 95

2010 12 31 7. (b) 2010 2009 15,658.5 12,102.7 7,239.3 7,669.3 22,897.8 19,772.0 74.0 67.4 73.2 67.7 4,719.3 2,359.8 1,125.1 1,099.6 28,889.4 23,366.5 1,800.0 2,225.0 2,312.0 2,917.0 4,112.0 5,142.0 9,821.6 6,427.7 238.5 479.0 10,060.1 6,906.7 14,172.1 12,048.7 218.7 1,588.2 1,323.2 1,210.2 15,714.0 14,847.1 (i) (ii) (iii) (iv) 96 2010

2010 12 31 7. (c) 2010 2009 338.1 1,068.4 195.6 653.6 2.0 4.9 535.7 1,726.9 667.3 627.2 506.9 486.4 2.5 1.7 1,176.7 1,115.3 2.2 6.0 12.3 0.1 14.5 6.1 37.8 55.1 9.9 118.8 47.7 173.9 36.2 56.2 44.2 65.5 135.0 76.0 215.4 197.7 25.7 5.9 0.3 1.5 47.5 28.6 73.5 36.0 10% 2010 97

2010 12 31 8. 2010 2009 38,861.8 20,016.7 17,153.9 13,039.1 1,177.6 1,008.3 1.7 1.7 57,195.0 34,065.8 9. 2010 2009 (81.4) (123.7) (17.2) (23.3) (42.0) (36.0) (75.8) (16.7) (216.4) (199.7) 1.0 2.0 (215.4) (197.7) 98 2010

2010 12 31 10. 2010 2009 11 74.3 163.6 73.4 63.5 (19.8) (14.4) 53.6 49.1 27.7 46.8 3,471.1 3,174.5 3,498.8 3,221.3 3,626.7 3,434.0 7.8 8.6 4.9 6.0 12.7 14.6 53.6 6.3 6.3 1,170.4 1,109.0 14.5 6.1 40.2 39.9 298.9 323.0 1.1 0.1 339.1 364.1 1.9 8.3 1.5 1.4 27.8 15.3 13.3 14.5 17.2 23.3 51.3 12.1 5.0 0.6 73.5 36.0 2010 99

2010 12 31 11. 2010 2009 24.3 0.4 24.7 24.3 5.9 30.2 9.2 2.8 12.0 4.3 41.2 45.5 8.1 2.7 10.8 3.8 0.9 37.6 42.3 1.8 0.3 2.1 1.4 3.5 4.9 3.3 0.8 1.7 5.8 1.7 0.6 23.5 25.8 0.9 0.3 1.2 0.4 3.5 3.9 0.1 5.9 6.0 6.0 4.0 10.0 6.0 1.2 7.2 0.3 0.5 0.8 0.3 0.5 0.6 1.4 0.3 0.3 0.2 0.6 0.8 0.3 0.3 0.2 0.6 0.8 0.3 0.3 0.2 0.6 0.8 54.9 1.3 18.1 74.3 42.8 2.0 118.8 163.6 2009 2010 2009 10.5 10.6 21.2 11.8 31.7 22.4 100 2010

2010 12 31 12. 2010 2009 (17.5) (17.5) (0.1) (17.6) (17.5) 2007 12 8 200720112011 2008 12 22007 2011 1,8001,750 1,75020091,750 12% 2010 2009 % % 3,532.4 812.3 (423.9) (12.0) (97.5) (12.0) 482.5 13.7 200.3 24.7 1.2 (1.0) (0.1) 5.1 0.1 3.8 0.5 (18.1) (0.5) (33.7) (4.2) (55.3) (1.5) (72.2) (8.9) 8.5 0.2 0.4 (17.5) (0.5) (17.5) (2.2) (0.1) (0.1) (17.6) (0.5) (17.5) (2.2) 2010 101

2010 12 31 13. 2010 2009 20086 300.0 20099 453.8 20105 262.2 716.0 300.0 2011 3 1630 16.43 5,477,572,965 14. 2010 2009 3,559.4 906.7 75.8 3,635.2 906.7 2010 2009 5,145,389,186 5,000,000,000 68,643,549 16,461,819 277,503,528 346,147,077 16,461,819 5,491,536,263 5,016,461,819 2009 12 31 102 2010

2010 12 31 15. 2009 1 1 4,055.3 326.2 3,642.5 531.0 2,371.9 9.1 13.7 507.2 11,456.9 34.6 915.5 94.3 86.0 2.6 586.1 1,719.1 (9.3) (34.4) (0.1) (43.8) 225.7 180.2 223.0 (628.9) 2009 12 31 4,281.0 360.8 4,728.9 625.3 2,646.5 11.6 13.7 464.4 13,132.2 42.8 26.9 271.6 30.4 20.4 6.6 135.8 534.5 (11.6) (17.3) (19.3) (2.7) (50.9) 542.9 57.3 (600.2) 2010 12 31 4,866.7 387.7 5,046.2 638.4 2,647.6 15.5 13.7 13,615.8 2009 1 1 154.9 280.4 695.1 285.4 493.0 3.9 8.3 1,921.0 193.5 43.2 452.7 115.4 300.9 1.9 1.4 1,109.0 (5.2) (32.2) (37.4) 2009 12 31 348.4 323.6 1,142.6 400.8 761.7 5.8 9.7 2,992.6 213.3 21.1 548.5 111.9 271.8 2.5 1.3 1,170.4 (8.4) (17.3) (7.5) (33.2) 2010 12 31 561.7 344.7 1,682.7 495.4 1,026.0 8.3 11.0 4,129.8 2010 12 31 4,305.0 43.0 3,363.5 143.0 1,621.6 7.2 2.7 9,486.0 2009 12 31 3,932.6 37.2 3,586.3 224.5 1,884.8 5.8 4.0 464.4 10,139.6 2010 12 31 31.93200933.63 2020 2010 103

2010 12 31 15. 2009 1 1 0.3 0.2 0.5 0.8 3.4 4.2 2009 12 31 1.1 3.6 4.7 0.4 0.4 (0.1) (0.1) 2010 12 31 1.5 3.5 5.0 2009 1 1 0.1 0.1 0.2 0.2 0.4 2009 12 31 0.3 0.2 0.5 0.2 1.2 1.4 (0.1) (0.1) 2010 12 31 0.5 1.3 1.8 2010 12 31 1.0 2.2 3.2 2009 12 31 0.8 3.4 4.2 16. 2010 2009 3,972.3 3,972.3 387.0 395.2 4,359.3 4,367.5 52 104 2010

2010 12 31 17. 2010 2009 1 1 845.8 886.5 0.3 (0.7) (1.1) (40.2) (39.9) 12 31 804.9 845.8 18. 2009 1 12009 12 312010 12 31 63.2 2009 1 1 11.1 6.3 2009 12 31 17.4 6.3 2010 12 31 23.7 2010 12 31 39.5 2009 12 31 45.8 10 2010 105

2010 12 31 19. 2009 1 1 281.7 7.5 2009 12 31 289.2 1.2 2010 12 31 290.4 20. 2010 2009 25.0 25.0 6.8 6.8 42.2 35.6 74.0 67.4 49% 106 2010

2010 12 31 20. 2010 2009 431.3 766.1 (280.2) (628.5) 151.1 137.6 74.0 67.4 348.6 982.6 13.5 5.7 * 4.9 (13.5) * 2010 12 3117020091,630 21. 2010 2009 39.7 39.7 33.5 28.0 73.2 67.7 49% 50% 3,43020093,430 2010 107

2010 12 31 21. 2010 2009 60.2 54.3 (21.3) (20.9) 38.9 33.4 7.1 7.5 5.5 5.4 22. 23. 2010 2009 48 65.5 65.5 57.1 102.6 122.6 168.1 24. 37 Companhia de Aviação Jet Asia Limitada Jet Asia2.29% 6.10% 20092.28% 6.68% 108 2010

2010 12 31 25. 2010 12 31 12 26. 2010 12 311.46 20091.462007 4 1 1802020 3 31 2.91 2010 12 311002009 2010 12 31 30200930 2010 12 31 2,51020092.65 12 2010 12 31 0.08% 1.11% 20090.05% 0.52% 27. 2010 12 310.44% 1.47% 20090.2% 0.63% 418 2009612 20091.25%18 2009 12 311.25%182010 12 31 0.45% 1.47% 20090.2% 0.63%418 2009612 2010 109

2010 12 31 28. 2010 2009 744.9 733.8 189.0 113.9 102.7 86.3 221.6 299.3 1,258.2 1,233.3 2010 2009 0 30 670.9 617.1 31 60 0.4 61 90 0.3 9.1 90 73.7 107.2 744.9 733.8 110 2010

2010 12 31 28. 2010 2009 1 1 24.5 24.5 53.6 12 31 78.1 24.5 7,81020092,450 2010 2009 56.4 126.7 4.4 9.5 68.0 42.0 128.8 178.2 29. 2009 10 22 SJM SJM SJM (100%)2.5 51% SJM 2010 111

2010 12 31 29. 2.5 2.6%2.8% 2.9% 20092.8% SJM 0.1% 2010 12 31 2.4620091.32 30. 51(b) 12 31. 12 32. 12 33. 34. 2010 2009 1,951.8 1,239.6 2,117.9 1,325.2 4,325.1 2,725.9 61.4 78.3 222.0 562.3 292.5 237.5 484.5 194.1 104.0 106.7 52.3 17.6 409.3 407.8 10,020.8 6,895.0 112 2010

2010 12 31 34. 2010 2009 0 30 1,925.2 1,176.5 31 60 5.0 26.7 61 90 1.0 6.4 90 20.6 30.0 1,951.8 1,239.6 90 2010 2009 161.0 95.1 55.5 341.1 317.7 265.7 534.2 701.9 35. 12 2010 113

2010 12 31 36. 2009 12 312010 4920102009 12 31 2010 12 312009 12 31 40 37. 2010 2009 2010 2009 34.6 49.6 23.5 33.3 36.6 40.3 25.7 23.6 109.9 121.0 83.8 79.2 208.5 256.1 195.0 226.4 389.6 467.0 328.0 362.5 (61.6) (104.5) 328.0 362.5 (23.5) (33.3) 304.5 329.2 2010 12 31Sky Reach Investments LimitedSky Reach Jet Asia 10 Jet Asia Jet Asia 2010 12 31 2.29% 6.10% 2009 2.28% 6.68% Jet AsiaSky Reach 114 2010

2010 12 31 37. 2009 8,4507,15020092009 12 31 Jet Asia Jet Asia 2010 2010 12 31Jet Asia 3.28 20093.633.0520093.29 242,35020093,330 38. 2010 2009 1,040.0 1,040.0 3,072.0 1,040.0 3,062.0 4,112.0 5,142.0 (1,040.0) (1,040.0) 3,072.0 4,102.0 2010 12 313 1.4% 2.1% 1.7% 2.4% 20091.5% 5.9% 2010 12 31 58.32200961.27 7.5820097.97 (i) (ii) (iii) 38.46200954.11 (iv) 2010 115

2010 12 31 39. 2010 12 319.6720098.07 12.24200910.894.8% 2009 5.08% 40. 2009 10 28 Champion Path Holdings LimitedChampion Path 20 2015 10 28 (a) (b) (c) 2009 12 87 15.35 112.68% 2011 4 28Champion Path 2% Champion Path 2011 4 28 3.95 16.05 5.82% 116 2010

2010 12 31 40. 2009 12 31 2011 4 28 2009 10 28 1,604.8 (33.3) 1,571.5 16.7 2009 12 31 1,588.2 75.8 (1,445.3) 2010 12 31 218.7 2009 10 282010 6 1 20092010 5 31 5.24 2010 1% 2010 12 315.98200921.61 2010 117

2010 12 31 41. 1 2009 1 12009 12 31 15,000,000,000 15,000.0 5,000,000,000 5,000.0 122,340,000 122.3 332,175,488 332.2 2010 12 31 15,000,000,000 15,000.0 5,454,515,488 5,454.5 122,340,0002.82 4.48121,140,000 1,200,000 1 17.415.24 332,175,488 5.24 42. 2009 5 13 2019 5 13 969 28 1 (i) (ii) (iii) 10% 30% 118 2010

2010 12 31 42. 12 1% (a) 0.1% (b) 500 2010 5 192010 5 262010 8 31 5 21,500,000 500,000 5,000,000 5.115.037.48 5 2010 12 31 2009 1 1 2009 2009 12 31 2010 2010 2010 12 31 2009 7 13 2009 7 13 2010 1 12 2010 1 13 2019 1 12 2.82 101,000,000 101,000,000 (87,500,000) 13,500,000 2010 8 31 2010 8 31 2011 2 27 2011 2 28 2020 2 27 7.48 5,000,000 5,000,000 2009 7 13 2009 7 13 2010 1 12 2010 1 13 2019 1 12 2.82 39,800,000 39,800,000 (30,540,000) 9,260,000 2009 7 13 2009 7 13 2011 1 12 2011 1 13 2019 1 12 2.82 10,000,000 10,000,000 10,000,000 2009 7 13 2009 7 13 2012 1 12 2012 1 13 2019 1 12 2.82 10,000,000 10,000,000 10,000,000 2010 5 19 2010 5 19 2010 11 18 2010 11 19 2019 11 18 5.11 1,500,000 1,500,000 2010 5 26 2010 5 26 2010 11 25 2010 11 26 2019 11 25 5.03 500,000 500,000 2009 7 13 2009 7 13 2010 1 12 2010 1 13 2019 1 12 2.82 5,900,000 5,900,000 (3,100,000) 2,800,000 2009 10 7 2009 10 7 2010 4 6 2010 4 7 2019 4 6 4.48 1,200,000 1,200,000 (1,200,000) 167,900,000 167,900,000 7,000,000 (122,340,000) 52,560,000 2.83 2.83 6.80 2.84 3.35 2010 119

2010 12 31 42. 9.1 27,560,000 2009 2010 5 192010 5 262010 8 31310 1001,450 2009 7 132009 10 7 2.11270 (Black-Scholes Options Pricing Model) (Binomial Options Pricing Model) 2009 7 13 2009 10 7 2010 5 19 2010 5 26 2010 8 31 166,700,000 1,200,000 1,500,000 500,000 5,000,000 6 30 6 6 6 6 2.82 4.32 5.11 5.03 7.48 5-6 5 9.5 9.5 9.5 2.82 4.48 5.11 5.03 7.48 1.79 1.79 1.81 66.46% 65.07% 56.77% 56.16% 49.56% 1.74%-1.94% 1.695% 2.47% 2.35% 1.89% 3.26% 1.12% 1.76% 1.79% 1.87% 2008 7 2010 1.791.81 2010 4,770 9602009 1.741.19 3,81020095,510 120 2010

2010 12 31 43. 2009 1 1 1,627.4 332.0 1,959.4 173.9 173.9 395.2 395.2 13 (300.0) (300.0) 472.2 472.2 2009 12 31 1,627.4 173.9 395.2 504.2 2,700.7 2009 (8.2) (8.2) 379.8 (155.2) 224.6 1,449.9 (336.8) 1,113.1 (0.3) (0.3) 47.7 47.7 13 (716.0) (716.0) 2,578.0 2,578.0 2010 12 31 3,456.8 66.4 50.2 2,366.2 5,939.6 2011 3 15 9.71 2011 3 31 2010 121

2010 12 31 44. 2010 12 31 14.79200912.23 2010 2009 2010 142.1 2011 416.2 479.3 2012 601.3 601.3 2013 461.2 1,478.7 1,222.7 45. 20108,01020097,740 2009 5,780 20097,410 46. 2010 2009 2010 2009 2.5 2.5 204.0 219.4 10.0 10.0 595.4 647.4 44.1 46.7 261.7 469.7 56.6 59.2 1,061.1 1,336.5 1 13 122 2010

2010 12 31 46. 255 2004 11 2020 3 31 (i) 60 40% (ii) 30%) 2010 12 31 8.68 200911.44 2010 2009 4.7 4.7 1.9 6.6 6.6 11.3 47. 2010 2009 118.7 252.9 170.0 410.3 2010 12 31 2,2202009 12 315.86 2010 123

2010 12 31 48. 2004 9,710 1.85 2010 12 316,55020096,550 4,61020094,610 49. 2010 2009 67.3 60.7 67.3 0.9 25.3 500.0 86.5 335.0 89.9 89.9 92.6 560.7 243.7 425.8 2009 10 28 20 2015 10 282010 12 312.59200920 124 2010

2010 12 31 50. 5% 2003 7 1 2010 125

2010 12 31 51. (a) 2010 2009 A A 51(c) 77.9 76.9 51(c) 6.1 6.4 51(c) 59.8 76.0 51(c) 107.5 82.7 51(c) 184.8 239.7 51(c) 16.8 23.3 51(c) 58.5 67.5 51(d) 184.2 111.1 51(e) 51.7 115.9 A 51(f) 40.7 42.7 51(g) 17.8 11.2 51(g) 21.1 21.3 A A 51(h) 575.2 A 51(g) 33.9 51(g) 19.8 51(g) 32.1 13.5 993.3 118.3 119.6 312.4 42.2 43.8 38.7 48.4 11.7 49.2 10.5 52.6 1.5 24.7 37.2 51.4 150.9 724.6 2.7 19.8 14.4 15.3 126 2010

2010 12 31 51. (b) 2002 2002 2002 4 1 2008 6 18 2010 12 31 4.3020092,430 (c) (d) (e) (f) 2008 6 18 51(a) 2008 6 18 2020 3 31 51(a) 37 2010 12 31 5,17020091.16 2008 6 18 (i) (ii) 51(a) 2010 127

2010 12 31 51. (g) 14A.31(2) 14A.33(3) (h) (i) 2010 2 19 2009 10 1 2020 3 3121 14A.11(4)(b)(ii) 2010 6 3 50% 38 (i) (ii) 8.60 (i) (ii) (iii) (iii) (iv) 2007 11 STDM (a) (b) 2008 6 26 128 2010

2010 12 31 52. 2010 2009 Brilliant Sky Investments Limited 1 100% 100% Champion Path Holdings Limited 1 100% 100% ( Champion Path ) 100 100% 100% 100 100% 100% 1 100% 100% 100 25,000 5 25,000 1,000 100% 100% 51% 51% 51% 51% 51% 51% 51% Sky Reach Investments Limited 1 100% 100% A 2.7 B 3,000 100% 100% 52(a) 52(a) 25,000 100% 100% 2 100% 100% SJM 100 100% 100% 2010 129

2010 12 31 52. (a) (b) (c) (d) AB 90% 10% A AA B B BB 1 100% Champion Path Champion Path 2009 20 2010 12 31 2.59200920 130 2010

12 31 2006 2007 2008 2009 2010 34,196.3 32,227.1 28,165.0 34,352.8 57,653.3 34,196.3 32,146.6 27,992.4 34,065.8 57,195.0 2,644.0 1,493.4 672.2 812.3 3,532.4 (220.1) (0.2) (16.7) (17.5) (17.6) 2,423.9 1,493.2 655.5 794.8 3,514.8 2,423.9 1,533.5 796.1 906.7 3,559.4 (40.3) (140.6) (111.9) (44.6) 2,423.9 1,493.2 655.5 794.8 3,514.8 12 31 2006 2007 2008 2009 2010 11,708.9 18,039.4 18,920.6 23,366.5 28,889.4 (6,872.7) (11,479.3) (11,484.3) (14,847.1) (15,714.0) 4,836.2 6,560.1 7,436.3 8,519.4 13,175.4 2007 12 312008 6 26 2010 131

2010 8 30 2010 11 9 2010 11 9 1 32 3201 3205 (852) 3960 8000 (852) 3960 8111 http://www.sjmholdings.com ir@sjmholdings.com 2008 7 16 880 1,000 João Nuno Riquito & Associados Advogados 183 17 1712 1716 (852) 2862 8555 (852) 2865 0990 http://www.computershare.com.hk 132 2010

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SJM HOLDINGS LIMITED 澳 門 博 彩 控 股 有 限 公 司 Suites 3201 3205, 32nd Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong 香 港 中 環 港 景 街 1 號 國 際 金 融 中 心 一 期 3 2 樓 3 2 0 1 3 2 0 5 室 http://www.sjmholdings.com