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363 6 17 18 19 30 66 69

....................................................... 1 1.................................................. 6 2.............................................. 7 3................................. 15 4.............................................. 15 5........................................... 16 6.............................................. 16 7.............................................. 17........................................... 18................................................. 19.... 31...................... 40.................... 59............................................ 61............................................. 66 i

1

1,222,000,000 66 69 (i) (ii) 100% 2

(i) (ii) (iii) 47.199 155 6 3

571 0.10 S.I. Shen-Yu Development Limited Hover Gains Limited 1,388,005,444 1 4

% SIIC CM Development Limited S.I. Infrastructure Holdings Limited 100% 0.88041 1 7.8 5

363 1. 1,222,000,000 1,388,005,000 6

14.075% 25% 14A (a) (b) (c) (d) (e) (f) 2. 7

1. 2. 1,388,005,444 1,222,000,000 1,388,005,000 (1) 8 (2) (1) 611,000,000694,002,500 (2) 3,015,000,000 1,169,294,000 8

52,898,000 1,222,192,000 1,388,224,000 14.61 (a) (b) (c) (d) (e) 9

(f) (g) (d) (f) (a) (b) (c) (a) (b) (c) (d) (e) (f) 10

14 8 1,388,005,444 1,388,005,451 1,200,000,0001,363,017,000 1,222,000,0001,388,005,000 366,600,000416,402,000 11

366,600,000416,402,000 488,800,000 555,202,000 100% 51.05% 100% 100% 100% 1. SIIC Capital (B.V.I.) Ltd. SIIC Treasury (B.V.I.) Ltd. 90.57% 2. 10,000 51.05% 3. 12

51.05% 100% 100% 100% 100% SIIC Capital (B.V.I.) Ltd. SIIC Treasury (B.V.I.) Ltd. 90.57% 47.199 7 349,180,000 396,615,000 13

1,750,000,000 1 1,388,005,452 14

31,000,000 35,211,000 187,000,000 1,169,294,000 1,328,140,000 4,544,787,000 5,162,184,000 3. 23%50% 4. 14.07 5% 25% 14A 15

5. 13.39(4) 66 69 3 551,247,371 51.05% 6. (a) 18 (b) 19 30 3 16

3 3 7. 17

363 6 17 19 30 19 30 3 18

18 39 14A 1,222,000,000 1,388,005,000 5% 25% 14 14A (i) 19

(ii) (iii) (i) (ii) (iii) (iv) (v) (vi) 1. (i) 20

369,983 58,720 2,961,994 439,868 1,735,920 266,937 587,776 53,500 1 446,690 256,056 938,802 828,916 476,975 266,595 393,556 332,781 2 4,322,141 174,505 5,280,547 264,285 2,725,964 122,210 2,914,720 508,467 3,293,486 966,150 3,551,309 487,875 1,832,490 379,156 1,683,119 760,619 8,432,300 1,455,431 12,732,652 2,020,944 6,771,349 1,034,898 5,579,171 1,655,367 1 2 24.8% 21

40% 50% (ii) 47.2 3 1 22.92 27.47 % 18.5% 19.9% 2 318.15 355.05 % 52.3 11.6 1 2 3 22

2,292 2,747 19.9% 159,252 921,900,000 3.85% 4.84% (iii) 13.0% 14.3% 9.0% 9.7% 15,988 18,322 21,192 24,953 30,067 21,782 11.0% 807 916 1,037 1,219 1,370 1,021 11.8% 1,500 1,831 2,165 2,574 3,002 2,392 14.2% 1,165 1,344 1,574 1,878 2,149 1,583 12.9% 476 538 613 736 887 720 12.7% 563 652 758 923 1,133 866 13.3% 269 307 345 412 510 379 13.4% % 10.1% 10.4% 11.6% 13.0% 9.0% 7.7% 14.2% 11.1% 12.0% 14.3% 9.7% 7.1% 14.8% 14.5% 14.9% 14.9% 12.5% 11.7% 14.5% 12.8% 13.9% 14.7% 10.1% 7.7% 13.3% 11.6% 12.8% 13.9% 12.7% 12.9% 11.2% 12.1% 13.2% 14.5% 13.4% 12.5% 12.2% 11.5% 12.2% 15.6% 14.3% 13.4% 12.5% 10.1% 12.7% 13.4% 14.3% 23

7% (iv) 2010 2010 7,000 24

(v) 22,700,000 135,000,000 100% (i) (ii) 25

3. 1,222,000,000 3,015,000,000 (i) 1,169,290,000 (ii) 2,944,470,00070,530,000 (iii)(ii) 17,630,000 1,222,200,000 (a) (b) 26

(i) (ii) (iii) (iv) EBITDA 31,000,000 EBITDA 27

EBITDA EBITDA EBITDA 1 177 33,703 3,910 16,354 8.6 2.1 576 30,272 3,886 15,237 7.8 2.0 995 8,807 1,536 5,812 5.7 1.5 EBITDA EBITDA 1,222 280.5 1,222 4.36 1.0 2 1 A 2 EBITDA 187,000,000 EBITDA (i) EBITDA (ii) 4. 28

(i) (ii) (iii) 800,000,000 13,660,000,000 12,860,000,000 33,950,000,000 24,460,000,000 8,690,000,000 800,000,000 2.36% 1,222,000,000 1,388,010,0002,190,000,000 6.2% 26.5 29

(i) (ii) 50% (iii) (iv) (v) (vi) (i) (ii) (iii) 30

16 31

32

33

12.4% = WACC + WACC WACC = (E/V) * Re + (D/V) * Rd * (1-Tc) Re = Rd = E = D = V = E + D E/V = D/V = Tc = WACC (CAPM) CAPM E(R) = Rf + (Rm-Rf) E(R) = Rf = = Rm = (Rm-Rf) = 34

1 3.51 2 1.883 3 10.86 4 7.35 17.35 5 5.94 6 25.0 WACC 7.8 4.6 12.4 1. 10 2. = * [1 + (1 ) * (D/E)] 3. 4. = 5. = 6. 11.4% 13.4% 11.4% 3,222,000,000 12.4% 3,015,000,000 13.4% 2,827,000,000 35

3,015,000,000 MSc, MHKIS, MRICS 36

47.199 3 28 14 2 3,015,000,000 G50 37

(1) (i) : (ii) : (iii) : K13+120 K60+319 47.199 (iv) : 47.199 (v) : 1,200,000,0001,200,000,000 (vi) : (vii) : 15,000,000 (viii) : (2) 83,949 42,638 149,503 85,875 159,252 92,190 (3) 310226000925729 1,200,000,0001,200,000,000 (4) 1,200,000,000 (5) (i) 38

(ii) (6) 39

138 2 16 1606-07 40

1 2001 4 2002 12 2006 9 2008 1 47.2 1) 2009 2027 2) 41

2 2008 2008 GDP GDP GDP 42

( ) 2009-2027 3 2009 2027 43

GDP 1 2009 2027GDP 2009~10 2010~15 2015~20 2020~25 2025~27 8% 10% 8% 6% 5% 9% 11% 8% 6% 5% 8% 10% 8% 6% 5% 8% 10% 8% 6% 5% 10% 13% 9% 7% 6% 10% 13% 9% 7% 6% 8% 10% 8% 6% 5% 9% 10% 8% 6% 5% 9% 10% 8% 6% 5% 10% 11% 8% 6% 5% 8% 14% 10% 7% 7% 9% 14% 10% 7% 7% 9% 13% 9% 6% 5% 10% 12% 9% 6% 5% 8% 9% 7% 5% 4% 8% 10% 8% 6% 4% 9% 11% 8% 6% 4% 8% 10% 8% 5% 4% 9% 12% 8% 5% 4% 8% 10% 8% 5% 4% 8% 10% 8% 5% 4% 8% 8% 5% 4% 3% 2009 1) 44

2) 2020 2003-2020 3) A8 2008 2010 4) 5) 2010 2010 2015 6) 45

2 3 2 2008 69,199 85,530 31,550 2009 (1) 80,631 99,848 35,514 16.5% 2010 (2) 83,949 103,543 38,163 4.1% 2011 90,991 112,608 41,258 8.4% 2012 101,706 126,033 46,306 11.8% 2013 (3) 105,706 130,995 49,935 3.9% 2014 118,149 146,606 56,033 11.8% 2015 (4) 129,403 160,783 61,610 9.5% 2016 138,832 172,514 63,849 7.3% 2017 (5) 144,059 179,185 66,169 3.8% 2018 145,851 181,741 68,574 1.2% 2019 147,666 184,334 68,778 1.2% 2020 149,503 186,963 71,757 1.2% 2021 150,897 188,956 72,546 0.9% 2022 152,304 190,969 73,342 0.9% 2023 153,724 193,004 74,148 0.9% 2024 155,157 195,060 74,962 0.9% 2025 156,604 197,139 75,786 0.9% 2026 157,922 199,035 76,573 0.8% 2027 159,252 200,950 77,369 0.8% 1 2 3 46

4 5 6 3 2008 954,044 34,918 2009 (1) 1,079,089 39,387 12.8% 2010 (2) 1,168,170 42,638 8.3% 2011 1,265,498 46,191 8.3% 2012 1,421,107 52,013 12.6% 2013 (3) 1,634,107 59,645 14.7% 2014 1,834,263 66,951 12.2% 2015 (4) 2,017,447 73,637 10.0% 2016 2,166,365 79,289 7.7% 2017 (5) 2,251,071 82,164 3.6% 2018 2,282,384 83,307 1.4% 2019 2,314,132 84,466 1.4% 2020 2,346,322 85,875 1.7% 2021 2,371,565 86,562 0.8% 2022 2,397,079 87,493 1.1% 2023 2,422,868 88,435 1.1% 2024 2,448,934 89,631 1.4% 2025 2,475,281 90,348 0.8% 2026 2,500,385 91,264 1.0% 2027 2,525,743 92,190 1.0% 47

1 2 3 4 5 6 48

4 4.1 2002 30.74 2006 9 14 2008 12.2 2003 2008 4 2003 552.87 (18.0) 2004 810.05 (26.4) 2005 810.05 (26.4) 2006 858.05 (26.4) 671.4 9 14 15 2007 1,019.3 (22.7) 1,352.8 2008 974.3 (21.7) 1,600 2.2 2009 * 4.2 49

2009 52003 2008 2003 1,280 (31.2) 30.7441 2004 1,280 (31.2) 2005 1,280 (31.2) 2006 1,397 (31.2) 914 15 2007 2,026 (36.2) 2008 2,570 (36.2) 2008 1 2.2 2009 (1) 60% (2) * 4.3 20092027 2008 2008 50

1. 60% 20092,57036.2 2013 31.2 362 10 2. 30 3360% 40% 2009 990 2009 2027 3% 3. 55%2003 2008 252009 1,180 201331.2 390 51

4. 15 2011 2013 2015 4.86 536 3,216322 2013 390 80.67 2%1.6 20132.2 188.82% 3.8 5.35% 2,633 2013 3,055 360 5%18 52

6 a. 4 115 4 b. 25 CQF-40 1,600 c. 4 160 5 6 d. SB 200 e. 65 f. 4,000 g. 250 h. 100 2009 (1) JTG B06-2007 JTG/T B06-01-2007 TG/T B06-02-2007 53

5 15 2013 480 600 3 20142027 54

6 10% 7-1 7-2 7-3 7-4 7-1 2008 2009 2010 2011 2012 2013 1. 3,560.0 3,624.0 3,689.8 3,757.7 4,189.6 2,570.0 1.0 2,570.0 2,616.3 2,663.9 2,713.0 3,125.5 990.0 1.0 990.0 1,007.7 1,025.9 1,044.7 1,064.1 2. 2,048.1 2,087.2 2,116.4 2,185.9 2,775.1 1,180.00 1.0 1,290.3 1,329.4 1,358.6 1,428.1 1,907.6 757.8 757.8 757.8 757.8 867.5 a. 115.0 41,000.0 0.0 0.0 0.0 0.0 0.0 b. 1,600.0 322.0 51.5 51.5 51.5 51.5 62.4 c. 160.0 16,000.0 256.0 256.0 256.0 256.0 352.0 d. 200.0 3,800.0 76.0 76.0 76.0 76.0 76.0 e. 65.0 2,633.0 17.1 17.1 17.1 17.1 19.9 f. 4,000.0 18.0 7.2 7.2 7.2 7.2 7.2 g. 250.0 1.0 250.0 250.0 250.0 250.0 250.0 h. 100.0 1.0 100.0 100.0 100.0 100.0 100.0 3. 480 600 11.0 21.2* 0.0 0.0 0.0 0.0 0.0 4. 204.8 208.7 211.6 218.6 277.5 5,812.9 5,919.9 6,017.8 6,162.2 7,242.2 2009 * 55

7-2 2008 2014 2015 2016 2017 2018 1. 4,268.1 4,349.0 4,432.2 4,518.0 4,606.4 2,570.0 1.0 3,184.1 3,244.5 3,306.6 3,370.6 3,436.6 990.0 1.0 1,084.0 1,104.5 1,125.6 1,147.4 1,169.8 2. 2,869.6 3,503.3 3,571.9 3,636.8 3,707.3 1,180.0 1.0 2,002.1 2,076.9 2,145.5 2,210.4 2,280.9 867.5 1,426.4 1,426.4 1,426.4 1,426.4 a. 115.0 48,600.0 0.0 558.9 558.9 558.9 558.9 b. 1,600.0 390.0 62.4 62.4 62.4 62.4 62.4 c. 160.0 22,000.0 352.0 352.0 352.0 352.0 352.0 d. 200.0 3,800.0 76.0 76.0 76.0 76.0 76.0 e. 65.0 3,055.0 19.9 19.9 19.9 19.9 19.9 f. 4,000.0 18.0 7.2 7.2 7.2 7.2 7.2 g. 250.0 1.0 250.0 250.0 250.0 250.0 250.0 h. 100.0 1.0 100.0 100.0 100.0 100.0 100.0 3. 480 600 / 11.0 21.2* 2,142.9 2,142.9 2,142.9 2,142.9 2,142.9 4. 287.0 350.3 357.2 363.7 370.7 9,567.6 10,345.5 10,504.2 10,661.4 10,827.3 2009 * 56

7-3 2008 2019 2020 2021 2022 2023 1. 4,697.4 4,791.1 4,887.7 4,987.1 5,089.5 2,570.0 1.0 3,504.5 3,574.4 3,646.5 3,720.7 3,797.1 990.0 1.0 1,192.9 1,216.7 1,241.2 1,266.4 1,292.4 2. 3,780.1 3,830.5 3,835.8 3,845.1 3,854.4 1,180.0 1.0 2,353.7 2,404.1 2,409.4 2,418.7 2,428.0 1,426.4 1,426.4 1,426.4 1,426.4 1,426.4 a. 115.0 48,600.0 558.9 558.9 558.9 558.9 558.9 b. 1,600.0 390.0 62.4 62.4 62.4 62.4 62.4 c. 160.0 22,000.0 352.0 352.0 352.0 352.0 352.0 d. 200.0 3,800.0 76.0 76.0 76.0 76.0 76.0 e. 65.0 3,055.0 19.9 19.9 19.9 19.9 19.9 f. 4,000.0 18.0 7.2 7.2 7.2 7.2 7.2 g. 250.0 1.0 250.0 250.0 250.0 250.0 250.0 h. 100.0 1.0 100.0 100.0 100.0 100.0 100.0 3. 480 600 11.0 21.2* 2,142.9 2,142.9 2,142.9 2,142.9 2,142.9 4. 378.0 383.1 383.6 384.5 385.4 10,998.4 11,147.6 11,250.0 11,359.6 11,472.2 2009 * 57

7-4 2008 2024 2025 2026 2027 1. 5,195.0 5,303.7 5,415.7 5,530.9 2,570.0 1.0 3,875.8 3,956.9 4,040.5 4,126.5 990.0 1.0 1,319.2 1,346.8 1,375.2 1,404.4 2. 3,867.8 3,873.2 3,882.6 3,892.0 1,180.0 1.0 2,441.4 2,446.8 2,456.2 2,465.6 1,426.4 1,426.4 1,426.4 1,426.4 a. 115.0 48,600.0 558.9 558.9 558.9 558.9 b. 1,600.0 390.0 62.4 62.4 62.4 62.4 c. 160.0 22,000.0 352.0 352.0 352.0 352.0 d. 200.0 3,800.0 76.0 76.0 76.0 76.0 e. 65.0 3,055.0 19.9 19.9 19.9 19.9 f. 4,000.0 18.0 7.2 7.2 7.2 7.2 g. 250.0 1.0 250.0 250.0 250.0 250.0 h. 100.0 1.0 100.0 100.0 100.0 100.0 3. 480 600 11.0 21.2* 2,142.9 2,142.9 2,142.9 2,142.9 4. 386.8 387.3 388.3 389.2 11,592.5 11,707.1 11,829.5 11,955.0 2009 7 * 80,631 159,252 98 142.1 18.6 13.1% 39 26 BEcon, MA, CMILT 58

1B 29(2) 59

60

1. 2. (a) XV XV7 8 352 (i) 622,000 0.06% 586,000 0.05% 333,000 0.03% 679,000 0.06% 195,000 0.02% (ii) 23,400 0.01% 61

(b) XV2 3 551,528,855 51.08% 1 563,000 0.05% 8,657,000 0.80% 58,312,865 5.40% (1) SIIC Capital (B.V.I.) Ltd. SIIC Treasury (B.V.I.) Ltd. 466,644,37180,000,0001,632,0001,542,0001,161,000 103,00095,00060,00010,000281,484 (2) (c) 62

XV XV7 8 352 3. 4. 5. 6. 7. 63

8. 155 6 (a) (b) 9. (a) (b) 64

(c) (d) (e) 10. (a) (b) (c) 18 (d) 19 30 (e) (f) (g) (h) 65

363 1. (a) B A (b) (a) (a) 66

2. (a) B C (b) (a) (a) 3. (a) E 67

D (b) (a) (a) 4. (1) (2) (3) 68

(4) (5) (6) 48 (7) (8) (9) 69