2011

02 2011 04 06 08 12 21 22 2011 24 38 44 56 62 68 74 80 82 84 85 86 90 108 112 118 119 145 146 147 148 149 150 151 152 153 239

2011 334 104.7 1,979 11.9 % 45.4 % 6.81 218 99.9 % 17 5 56

12 18 49 10.2 % 5 11 21,295 2011

* 48 40 47 29 28 30 45 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 W 22 Four Seasons Place 23 24 25 8 26 27 28 29 30 31 32 33 34 35 36 37 23 56 34 2-10 38 39 40 41 C 42 D 52 53 43 44 45 46 47 48 49 50 51 360 19

41 42 01 02 03 04 53 05 07 44 46 49 50 27 31 33 35 36 38 39 23 24 26 34 09 10 12 13 15 17 08 11 14 21 22 20 43 25 32 37 18 06 51 16 52 * 2011

30 218.2 84 68 2011 3G 2011 2011 5 2011 5

29.5 33.4 14.2 14.0 13.1 15.0 17.1 155.7 159.3 176.5 181.7 197.9 17.6 18.8 10.7 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 12 18 2011 6 London Overground Rail Operations Limited 2011 18 2011

2012 1 1 (Mr. Jay Walder) 2011 12 31 2011 20.9% 104.68 19.9% 1.81 147.16 0.51 28.8% 0.76 2011 6 2.2%1997 40 2011 17 2011 2011 5 2011 5 2011 9 28 5.308,000 2011 6 16 2011

2011 8 17 2011 2020 20% 2011 2011 GRI G3 2011 100 7Train Friend 120 2006 350 5,600 2011206 25 6 10

2011 4 133 2005 800 2011 2011 9 (New Sustainability Champion) Corporate Knights 2011 (Global 100) 2011 9 1 2011 10 1 2011 9 1 2012 7 17 2012 7 16 2011 10 17 2011 2012 3 8 2011 11

2011 16.875 2011 6 2011 13.2% 334.23 121.24 11.1% 9.1% 9.7% 0.3 55.2% 2010 40.34 49.34 20.9% 104.68 1.8150.88 42.48 2010 40.74 147.16 2.55 0.51 0.7628.8% 2011 5 2011 6 2011 16.875 12

2011 12 31 2012 1 1 2011 13

2011135.09 2010 6.9% 2011 5.1% 16.875 13.66620105.2% 20111.039 20103.9% 2011 20105.9% 1,180 2011 2.09 5.2% 2011 5.1% 480 20105.2% 400 2011 2010 44.3% 2011 45.4% 65.3% 66.2% 55.0% 54.5% 21.6%21.8% 2011 133.57 2010 7.2% 93.00 69.6% 2.0% 6.81 2011 26.33 2010 5.9% 7.51 8.2%2011 6.73 201010.3% 2010 40 2011 2008 2011 4 2011 12 11 2011 3G 14

... 20.9% 104.68 1.81 2011 (APTA) 201019.9%34.22 11.0% 19.05 2011 20101,2541,294 53,88054,932 2011 8.93 2010 21.7% 2011 5.00 2010 72.4% 2G 13.1% 3.28 2011 49.34 11 2011 12 31 4,264 73%42 34 2011 10 2012 1 2011 7 2011 2011 5 404,500 128,400 2011 11 2011 32.15 20108.6% 2011 15

2010 9.4%30.16 16% 2011 12100% 18 2011 12 31 226,622 41,000 11,202 PopCorn 2011 10 Mall 2011 98% 5% 2011 2.0% 1.99 2011 4,200 86,162 360201113.0% 2.70 170 32%360 99% 2012 1 2011 1.05 2010 7.1% 2011 4,500 1,980 1,200 1.1722011 1.82 201044.4% 2011 5.88 20108.9% M e t r o T r a i n s Melbourne Pty. Ltd. (MTM) MTR Stockholm AB (MTRS) 122.79 2010 21.0% MTM 118.30 60.9% 4.49 3.7% MTM MTRS London Overground Rail Operations Limited (LOROL) Tunnelbanan Teknik Stockholm AB (TBT) 16

2011 1.16 20109,400 2011 10.65 2010 8.5 2011 3.774100 2011 6 20116,050 25.53 2011 8 20 1 206,167 1a 2011 2 LOROLLOROL National Rail AwardsSpecial Judges Award MTRS 3 2014 2011 4 2011 8 54 2011 5 7 2012 1 2.6 2011 5 2012 1 56 2011 17

26 2015 2011 9 7,000 2011 2011 2 17 5 2011 7 1511 11 (RDS-2U) 2010 49% 51% 2011 2012 13.2% 334.23 21.0% 9.1% 6.9% 19.9% 8.6% 7.9% 14.5% 212.99118.30 8.4% 11.1% 121.24 0.7 36.3% 0.3 55.2% 2011 49.34 18

2011 6.47 32.069.21 50.88 2.9728.212011 22.0% 147.16 2.5520.9% 104.68 1.81 2011 12 3110.0% 1,290.45 8.9% 6.9% 2011 12.8%11.9% 124.89 4.8% 110.2435.93 20.00 3.48 2011 149.65 151.62 100.43 7.95 4.2138.42 1.9710.00 19.79 27.822011161.00 0.51 0.25 0.760.1728.8% 2011 12 31 14,444 6,8512011 1,525 3.3% 40 2011 19

20 5,10050,000 2011 5,892 2012 2012 2012 2012 3 8

2011 2010 13,509 12,635 6.9 3,422 2,853 19.9 3,215 2,961 8.6 12,279 10,144 21.0 998 925 7.9 12,124 10,917 11.1 4,934 4,034 22.3 17,058 14,951 14.1 14,716 12,059 22.0 10,468 8,657 20.9 197,873 181,665 8.9 23,168 21,057 10.0 10,724 10,749 (0.2) 128,859 117,150 10.0 (%) 36.3 37.0 (0.7) (%) 55.2 54.9 0.3 *(%) 11.9 12.8 (0.9) (%) 12.0 10.8 1.2 (%) 8.5 7.7 0.8 16.4 10.5 5.9 2.55 2.10 21.4 1.81 1.51 19.9 0.76 0.59 28.8 12 31 25.15 28.30 (11.1) 12 31 145,490 163,364 (10.9) 1,366.6 1,298.7 5.2 103,881 99,954 3.9 11,799 11,145 5.9 161,289 154,522 4.4 3,968 3,770 5.2 284.6 273.8 3.9 32.3 30.5 5.9 450.7 433.0 4.1 6.81 6.67 2.0 25.35 24.89 1.8 63.62 62.28 2.1 2.73 2.65 3.0 (%) 45.4 44.3 1.1 * 2011 21

2011 1 3 2 2,000 4 1,600 2011 133 Like 19,70016 5 MTR Mobile2011 6 2011 4 London Overground Rail Operation Limited 10 0.625% 22

7 2012 1 1 9 MIS Asia 10 11 8 54 x 2011-12 50 20,000 1,500 12 84 2011 23

$40 31 1,348 26

2011 135.09 2010 6.9% 2010 6 2011 6 2011 5.1% 16.875 13.66620105.2% 2011 2010 3.9% 1.039 2011 1,180 20105.9% 2011 2.09 5.2% 2011 5.1% 480 20105.2% 400 2011 2010 44.3% 2011 45.4% 65.3% 66.2%55.0% 54.5% 21.6% 21.8% 69.6% 2.0% 6.81 2011 26.33 2010 5.9% 7.51 8.2%2011 6.73 201010.3% 2011 1.52 2010 13.6% 2011 133.57 2010 7.2% 93.00 2011 27

2011 6 19 2.2% 201131 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 7.49 2007 1,688 13.2 7.67 7.58 7.69 7.84 2008 2009 2010 2011 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0 1,200 1,000 800 600 400 200 0 1980 1985 1990 1995 2000 2005 2011 21.6 21.2 21.5 21.5 8.05% 4.62% 4.26% 23.1 2011 120 MTR Mobile Google Android Apple ios 2007 2008 2009 2010 2011 28

2011 84 137 544 2010MTR Mobile 11 2011 99.7% 2010 2011 2010 2011 74 84 2010 73 83 64 70 201065 67 2011 9 30 547 40 2011 2011 12 2011 29

11 14 icentre Wi-Fi 2008 2011 42011 10 2011 2012 2011 12 22 2011 1 30

2011 31

2011 8 54 8 5 8 8 2012 2013 2013 2015 2012 2011 2012 2011 2012 32

45.4 11.4 15.0 25.1 3.1 44.3 3.3 11.3 26.0 15.1 2011 2010 2011201044.345.4 66.2 29.4 4.4 65.3 4.7 30.0 2011 2010 66.2 21.8 78.2 21.6 78.4 2011 2010 2011 33 201113 2011 11 2011 (APTA) 136 2014

99.9 99.9 99.9 99.8 93 77 62 65 = 100 100 100 2010 2009 69 65 2010 2009 = 100 3GWh2,100 129 39 (sun-savers) 2011 201123.11.6 0.5 45.6% 34

2011 2010 218.2 218.2 1,965 1,941 84 84 68 68 e 49 44 1,294 1,254 21,064 21,021 23,669 23,817 19.0 19.0 19.5 19.5 128 130 128 130 128 144 128 144 120 150 120 150 212 212 212 212 327 327 327 327 600 600 600 600 180 240 180 240 150 150 150 150 360 480 360 480 240 240 240 240 720 720 720 720 180 240 180 270 270 270 270 270 270 300 270 300 14 2010 * A B C D 1,399 909 706 1,119 1,410 632 2,348 1,634 1,585 470 622 1,214 754 505 253 180 138 469 350 199 724 565 243 101 119 275 119 84 175 200 229 439 201 277 301 480 215 115 94 425 65 101 82 106 132 270 147 242 166 424 300 66 93 244 58 89 * London Underground Limited New York City Transit Sistema de Transporte Colectivo Régie Autonome des Transports Parisiens Metro Régie Autonome des Transports Parisiens Réseau Express Régional Metropolitano de São Paulo Moscow Metro Metro de Madrid Metro de Santiago E F G H I J K L M 2011 35

2011 98.5% 99.5% 99.9% 98.5% 99.5% 99.9% 98.5% 99.5% 99.9% 98.5% 99.5% 99.9% 98.5% 99.5% 99.9% 98.5% 99.0% 99.9% 98.5% 99.0% 99.9% 98.5% 99.0% 99.9% 98.0% 99.0% 99.7% 98.0% 99.0% 99.9% 98.0% 99.0% 99.8% 98.0% 99.0% 99.8% 98.0% 99.0% 99.9% 500,000 1,841,882 500,000 3,292,956 8,000 14,076 98.0% 99.0% 99.5% 98.0% 99.0% 99.8% 98.0% 99.0% 99.6% 99.0% 99.7% 97.0% 99.0% 99.6% 97.0% 99.0% 99.7% 97.0% 99.0% 99.6% 99.0% 99.9% 36

2011 97.0% 99.0% 99.8% 97.0% 99.0% 99.9% 97.0% 99.0% 99.9% 99.0% 99.9% 98.0% 99.0% 99.9% 98.0% 99.0% 99.9% 98.0% 99.0% 99.9% 98.5% 99.5% 99.7% 98.5% 99.5% 99.9% 98.5% 99.5% 99.9% 97.0% 99.9% <3 0 90.0% 99.9% 98.5% 99.9% 99.0% 100.0% 99.0% 99.8% 99.0% 100.0% 99.0% 100.0% 2011 37

3G 200 40

201019.9%34.22 11.0% 19.05 20101,254 20111,294 29 201053,880 201154,932 MTR Shops MTR Shops MTR Shops 2011 41

2011 icentreswi-fi 1,440 115 233 593 499 2,750 107 356 741 1,546 2,578 103 273 597 1,605 2,853 113 290 734 2007 2008 2009 2010 1,716 3,422 124 500 2011 893 1,905 2011 8.93 2010 21.7% 44,733 21,064 23,669 2011 5 Power Station 200170 32 2011 5 Power Station Galaxy 42

2011 5.00 2010 72.4% 2G 13.1% 3.28 3G 153G 2011 43

86,162 226,622 2011 5 532,900 46

2011 2010 11 2011 2.65 2006 8 2012 2013 6.20 2011 10 2017 2019 4.29 2012 1.34 2012 1 2018 1.39 2.37 2008 9 2013 3.47 0.97 2012 0.84 2012 3.48 9.36 23.56 1.92 61.84 2011 49.34 2011 12 31 4,264 73% 42 34 2011 12 31 98% 99% 2011 9 C 2011 9 1,16893%2011 2011 10 1,02892%2011 2011 11 201127.5% 2011 112 2011 10 2012 1

2011 1 2011 5 5 191 58 36 290 232 58 290 1,603-1,613 42-52 1,655 367 213 580 0.9 90 90.9 90.9 90.9 119 119 119 119 190 62 252 0.2 91 91.2 128 128 358 47 405 2011 7 2011 2011 5 404,500 128,400 2011 11 2011 32.15 20108.6% 2010 9.4%30.16 16%2011 12 31 12100% 18 2011 12 31 226,622 41,000 11,202 PopCorn 2011 10 ELEMENTS 3D Best Floral Decoration Award for Luxury Shopping Malls 20112011 i-catch iphone App2011 48

Mall2011 1218,398 2011 12 3198%2010 97% 5% 20112.0% 1.99 2011 12 4,200 86,162 2011 31 360 360 2011 13.0% 2.70 170 32% 36099% 2011 49

360 360 360 2012 1 2011 1.05 2010 7.1% 2011 9 United Group Limited 2011 10 2011 12 50

86,162 744,725 54 50.5 3,600 48 3,200 42 2,800 36 2,298 2,400 2,080 30 1,893 2,000 1,689 24 18 12 1,148 1,600 1,200 800 6 400 0 2007 2008 2009 2010 2011 0 20.3 14.4 6.0 6.0 14.7 18.8 60.5 59.3 2011 2010 2011 51

2011 4,500 1,980 1,200 1.17220111.82 201044.4% 2011 5.88 20108.9% 80,000 58,130 20,000 5,000 2007 2 2011-2012 309,696 800 2006 1 2010-2012 128,544 1,000 2007 11 2013 89,792 193 670 2008 4 2012 C D # 119,116 2010 3 119,512 25,000 2006 8 # 113,064 2008 9 2014 2012-2013 2013 # # # 214,700 2011 10 26,660 1,000 66,114 11,210 2012 1 2017-2019 2018 52

1 2 6 10 1 1 3 1,025,220 1,035,220 39,500 49,500 190,480 62,000 91,051 205 357,500 47,000 2013-2017 2012 2012 2015-2020 2020 2017 2017 2024 2 128,400 2015-2018 2021 1. 2. 2011 53

2011 12 31 39,462 19,329 11,224 18,772 1,216 29,069 920 70 100% 36 100% 2,629 7,636 540 39,404 292 100% 100% 286 50% 13,219 100% 1,252 100% 45,344 5,113 100% 1,045 81% 7,596 100% 1 6 12,045 100% 1 1,596 100% * 391 100% 800 2 100% * 3,100 2,784 6,111 8,985 1,950 993 136 651 415 220 50 16 1 50 126 1,308 54 10 450 898 20 32 421 22 100% 100% 50% 50% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 70% 70% 100% 100% 100% 51% 51% 51% 51% 81% 81% 100% 100% 100% 100% 100% 100% 100% 100% 54

2011 12 31 50 2047 6 30 2051 11 11 2052 10 21 2052 3 27 2057 12 1 2052 5 16 2011 12 31 380 40% 6,042* 330 117 40% 18 71% 24 70% 146 20% 548 1,299 4,539 2,000 4,295 3,000 1,000 114,515 337 52.93% * 12 37 239 15 309 36 745 81 40% 40% 38.5% 38.5% 35% 50% 55% 55% 55% 55% 93% 93% 93% 93% 93% 31% 31% 31% 2011 12 31 86,162 744,725 2011 55

58

7,000 2011 3 2014 2011 4 2011 8 54 2011 12 2011 2011 5 2.6 2015 2011 5 2012 1 2011 7 2011 2011 5 7 2012 1 2011 59

26 2015 2011 5 11 2011 9 2011 10 2011 15% 14% 2011 1 2011 10 11 6 2011 2011 5 17 2011 12 2011 7 1511 11 2012 60

2011 4 2011 9 2011 10 12 A1 (RDS-2U) 126.52 669 2010 1 16 45.90 2011 2 18 3 7 2.6 26 11 6 2011 61

664.5 2011 6 16 LOROL 64

49% 60% Metro Trains Melbourne Pty. Ltd. (MTM) MTR Stockholm AB (MTRS) 50% MTRS Tunnelbanan Teknik Stockholm AB (TBT) 50% London Overground Rail Operations Limited (LOROL) MTM MTRS 122.79 2010 21.0% MTM 118.30 60.9% 4.49 3.7% MTM MTRSMTM MTRS MTM MTRS 4.00 5,500 LOROL TBT 20111.16 2010 9,400 2011 10.65 2010 8.5 2010 12 30 2011 2011 3.774 100 2011 9 28 5.3 114 380,000 8,000 2011 10 2015 2011 6 16 2011 65

99.92% 99.66% 20116,050 25.53 2011 8 18 20 206,167 2010 7 2010 49% 51% 2011 2012 1a 2011 2 LOROL LOROL 2011 4 2011 8 21 9 17 LOROL 97.0% 95.85% 2011 4 1 2012 3 31 94.0% 12 LOROL2011 92%2010 7% 9% National Rail Awards 2011 (Transport for London) LOROL London Overground Special Judges Award MTRS 2011 94.4%201093.5%6 98% 2010 2011 66

MTRS 94% 2011 99.8% 2011 2 2011 5 87.13% 98.60% London Overground # 49% 49% 100% 50% 100% 60% 49% ^ * 2009 9 2010 12 2010 7 2011 6 2007 11 2009 11 2009 11 2012 30 10 30 7 8 8 25 24 11 5 10 28 22 4.5 16 55 100 212 31 112 110 372 48 # ^ 2010 7 * MTR Stockholm Mantena AS50% 2011 67

50,000 5,100 6 2.4 3.3% 70

2011 12 3121,295 2011 1,525 2010602011121 15 2011 3.3% 800 2011 2011 10 2011 71

2008 2011 22 2011 2011 5,892 6 2011 Welcome to My Home 17.4 0.1 6.6 8.1 16.5 8.9 7.0 0.1 2011 67.5 67.8 2010 0.83 0.80 0.75 0.75 2011 2010 2009 2008 72

9 100 2011 5,100 50,000 2011 2011 73

2011 334 2011 29.5 10.1 33.4 12.3 18.6 9.8 21.3 11.8 10.7 0.3 1.7 1.5 7.2 17.6 0.7 2.6 2.7 2007 2008 11.6 18.8 1.0 0.8 2.7 2.6 11.7 2009 2010 0.9 3.0 2.9 12.6 1.0 3.2 3.4 13.5 2011 4.8 0.3 0.3 0.2 0.4 3.6 8.3 0.6 0.2 0.3 0.6 6.6 9.3 1.0 0.2 0.4 0.7 0.3 6.7 0.2 0.7 2007 2008 2009 2010 0.1 0.8 0.7 0.3 6.8 2011 0.9 0.4 7.4 2011 2011 7.2% 133.57 5.2% 3.9% 5.9% 2.0% 1.8% 2.1% 7.3% 5.9% 8.2% 93.0026.337.51 10.3% 6.73 1.52 2011 6.9% 135.09 7.8% 73.54 2011 61.55 5.9% 2011 2G34.22 19.9% 13.9% 3G 3.58 21.8% 2011 30.64 19.7% 9.4% 2.0% 2011 32.158.6% 30.16 1.99 10.2% 7.212011 24.94 8.1% 2011 60.9% 4.49 MTRS 5,500 2010600MTM 22.7% 4.00 2011 6 16 2010 7 2011 6,800 6,200 600 2010 4,100 74

201155.2% 201171% 60 50 40 30 20 10 55.2* 36.3 24.7 2007 2008 2009 2010 2011 14.5 8.3 1.3 1.3 3.6 14.2 4.7 0.1 2.0 2.4 5.0 13.3 3.6 2007 2008 2009 0.4 2.0 2.3 5.0 15.2 0.3 4.0 0.2 2.3 2.6 5.8 2010 17.2 0.4 4.9 2011 0.1 2.5 3.1 6.2 360 8,500 51.1% 2010 2011 43.1% 1.23 11.1% 121.24 20112010 37.0%36.3% 201054.9%201155.2% 2011 22.3% 49.34 2.8% 32.06 6.47 20104,500 12.0% 132.05 2011 25.5% 9.21 2010 4.3% 3.1% 2011 50.88 2.97 113.7% 2010 20118,400 19.7% 176.69 28.21 2011 22.0% 148.48 147.16 20102.10 20112.55 42.48 104.6842.25 62.43 20101.51 2011 1.81 0.51 0.25 0.76 0.1728.8% 2011 75

2011105 2011 1,521 35 30 33.4 133.0 15.3 38.1 131.6 15.5 38.1 138.2 19.4 41.0 144.1 21.5 45.3 152.1 23.9 51.5 25 20 17.1 79.6 78.0 77.8 77.3 76.7 15 10 5 0 10.5 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2011 12 31 1,290.45 2010 10.0% 8.9% 1,978.73 6.9% 688.28 80.11 1,520.68 2011 10.57 2011 12 31 35.66 80.39 126.52 28.36119.64 18.21201137.57 9.0339.64 2G 201019.7510.00 27.66161.00 44.56 21.11 231.68 8.30 157.02 151.05 19.50 6 12.3310 12 10 9.11 164.02 3.28 440.62 106.77 7.04 2011 12 31 117.09 1,288.59201012.8% 201111.9% 76

2011 28.7 10.9 5.2 12.3 18.1 10.4 3.6 28.7 12.3 0.8 2.8 0.6 1.1 0.2 2.0 2.8 0.2 0.1 0.4 2010 2011 2010 2011 3.0 3.6 6.2 18.1 10.0 0.8 4.3 2011 60 20 16.4 45 15 30 10 15 5 11.9 0 0 2007 2008 2009 2010 2011 2011 4.8% 124.89 6.38 5.22 21.03110.24 1.1% 35.9320.00 2011 149.65 2011 100.43 21.02 50.28 13.85 13.30 7.95 4.21 38.42 2011 151.62 1.9710.00 19.79 2011 12 31 27.82 161.00 2011 0-0.25% 0.38 1.4 2011 2011 77

2011 12 31 2011 12 31 2 22 5 43 36 46 55 3 3 42 51 2011 2010 24 14 4 13 83 71 21 62 6102 0.625% 1210 2010 210.57 2011 231.68 20104.3% 3.1%9,600 1.33 201012.379.21 78

2011 12 31 8 AA+a-1+ (50-80) 57.2 (30-60) 42.8 (40-70) 51 (30-60) 49 (0-10) 0.0 (0-15) 0.0 10 AAAA-1+ (10-40) 44.0 (20-50) 32.1 (20-50) 23.9 (90-100) 100 (0-10) 0.0 6 15 6 Aa1P-1 20122014 455 325 55 75 20122013 2014 210 123 122 2011 190.74 2012 * * A-1+/A-1+ AAA/AAA -/P-1 Aa1/Aa1 a-1+ AA+ * 2011 79

2011 2010 2009 2008 2007 # 2006 2005 2004 2003 2002 33,423 29,518 18,797 17,628 10,690 9,541 9,153 8,351 7,594 7,686 17,058 14,951 13,069 14,009 14,229 11,032 11,259 9,110 9,116 7,769 3,206 3,120 2,992 2,944 2,752 2,688 2,695 2,512 2,402 2,470 921 1,237 1,504 1,998 1,316 1,398 1,361 1,450 1,539 1,125 4,248 3,402 2,336 99 6,609 1,797 2,310 2,051 14,848 12,172 9,639 8,280 15,182 7,758 8,463 6,543 4,450 3,579 10,468 8,657 7,303 8,185 8,571 5,962 6,140 4,492 4,450 3,579 4,396 3,405 2,977 2,715 2,522 2,328 2,299 2,259 2,215 2,161 2.55 2.10 1.69 1.47 2.72 1.41 1.55 1.23 0.85 0.70 197,873 181,665 176,494 159,338 155,668 120,421 113,666 106,674 102,366 101,119 23,168 21,057 23,868 31,289 34,050 28,152 28,264 30,378 32,025 33,508 10,724 10,749 10,625 10,656 10,685 403 605 167 156 515 1,682 3,584 4,638 5,061 6,226 128,859 117,150 106,387 97,801 91,014 76,767 69,875 61,892 57,292 53,574 (%) 36.3 37.0 50.6 53.0 55.4 54.7 55.9 54.4 49.3 52.2 (%) 55.2 54.9 53.5 53.0 55.4 54.7 55.9 54.4 49.3 52.2 (%) 36.8 35.7 35.2 35.0 33.4 31.6 31.4 29.0 27.7 25.6 (%) 11.9 12.8 25.8 42.1 48.5 36.3 39.9 48.6 55.2 59.3 (%) 12.1 13.0 26.1 42.5 49.2 36.7 40.3 48.9 62.6 67.4 16.4 10.5 7.1 6.0 9.0 6.7 7.6 6.1 5.6 4.5 1,486 1,362 1,319 1,235 1,530 823 810 792 793 824 144 144 137 125 138 82 82 67 61 62 9,244 9,026 8,789 8,708 8,937 4,521 4,600 4,669 4,730 4,836 2,109 1,794 1,365 995 942 260 242 362 398 546 1,282 1,291 1,242 1,170 1,141 832 688 660 642 618 179 212 239 197 135 112 83 6,851 6,672 7,059 1,646 1,311 733 486 5 5 5 21,295 20,501 20,150 14,076 14,134 7,363 6,991 6,555 6,629 6,891 80

2011 2010 2009 2008 2007 # 2006 2005 2004 2003 2002 254,407 253,067 247,930 245,856 128,041 115,784 114,449 114,364 112,823 103,318 19,603 19,833 19,643 19,891 19,956 20,077 17,122 16,081 15,227 19,467 10,166 9,586 8,950 8,984 755 1,366,587 1,298,714 1,218,796 1,205,448 915,755 866,754 857,954 833,550 770,419 777,210 103,881 99,954 94,016 93,401 8,243 11,799 11,145 9,869 10,601 10,175 9,576 8,493 8,015 6,849 8,457 161,289 154,522 143,489 137,730 11,100 43,956 40,883 37,522 34,736 2,757 3,787 3,244 2,921 3,220 285 3,968 3,770 3,544 3,514 2,662 2,523 2,497 2,403 2,240 2,261 285 274 258 255 @ 32 31 27 29 28 26 23 22 19 23 451 433 402 385 @ 126 118 107 99 @ 10 9 8 9 @ 10.9 10.9 10.7 10.4 7.9 7.7 7.6 7.7 7.7 7.6 29.4 29.4 29.5 29.4 29.5 29.7 30.4 30.2 29.7 29.9 2.8 2.8 2.9 3.0 3.0 4.5 4.5 4.6 4.6 4.6 63 60 57 55 58 58 57 56 53 57 18 17 15 16 15 14 15 15 13 13 45 45 46 46 45 (%) 45.4 44.3 42.6 42.0 26.7 25.0 25.2 24.8 24.3 23.5 45.9 43.2 40.8 40.9 47.9 48.3 48.1 45.8 43.2 46.8 23.1 21.5 21.5 21.2 21.6 22.1 22.8 22.3 22.5 22.9 22.8 21.7 19.3 19.7 26.3 26.2 25.3 23.5 20.7 23.9 7.99 7.86 7.74 7.83 7.55 7.48 7.31 7.09 7.11 7.31 4.02 3.91 4.08 4.07 3.40 3.43 3.47 3.45 3.71 3.57 3.97 3.95 3.66 3.76 4.15 4.05 3.84 3.64 3.40 3.74 ^ 1,769 1,592 1,539 1,514 989 826 748 701 641 690 ^ 1.19 1.13 1.16 1.16 1.05 0.94 0.86 0.83 0.82 0.88 44 46 60 42 26 23 31 25 33 24 ^ 164 165 146 136 6 ^ 1.02 1.07 1.02 0.99 0.54 7 5 11 5 0 # 2007 12 2 2007 3,364,000 @ 2007252,000377,000 92,000 9,000 ^ 2011 81

28 2011 300 2011 50,000 2002 2010 2010MerComm, Inc.2011 (ARC)31 2,100 2010 2010 23FinanceAsia 2011 82

2012 2011 2011 2011 2012 2012 (852) 2993 2111 (852) 2798 8822 3 8 5 3 5 8 5 9 5 1 4 5 29 8 9 12 31 J.P. Morgan Chase Bank, N.A.Level 1 Programme 2010 0.59 2011 0.25 2011 0.51 Level 1 Programme 1:10 66 JPMorgan Chase & Co. P.O. Box 64504 St. Paul, MN 55164-0504 U.S.A. 0066.HK 66HK Level 1 Programme MTRJY 2011 183 17M 2011 12 31 2011 12 31 5,784,871,250 4,434,552,207 (76.7%) 1,350,319,043 (23.3%) 1 1,454.90 http://www.mtr.com.hk 120 35 110 30 100 25 90 20 2011 1 6 12 9 5 183 17M (852) 2862 8555 (852) 2529 6087 (852) 2881 8888 investor@mtr.com.hk 2011 83

30 30 2006 2011 50 30 84

10 56 2020 20% 15 (COP15) 202040-45% 10 2002 2006 (UITP) 2006 (CoMET) 14 (Design Standards Manual) 2011 2000 GRI G3 (CoMET) 2011 9 (New Sustainability Champion) Corporate Knights 2011 (Global 100) 2011 85

44 (BEAM) 60% 20% 8% 2011 84 94% 2011 137 20101285442010 400 2,000 20%400 2010 2011 293 88

2011 120 Friend 100 Train 2011 1,525 800 Friend 2011 2065,600 2011 MTR Mobile iphone ipad Android Facebook 2011 2011 89

14 20112010 2011 10 28 2011 12 31 A.4.22010 20112011 (www.mtr.com.hk) 87 88 8 2008 2011 A.4.2 2012 12 31 2012 4 1 2012 4 1 2012 1 2012 4 1 2012 4 1 90

2012 1 19982003 2009 11 2009 122012 12 2010 12 2011 12 31 2011 7 22 2012 1 1 (Search Panel) (New York Metropolitan Transportation Authority) 8 76.6% 2011 5 62011 2011 85 87 88 2011 2012 120 2011 91

2012 1 2012 1 1 94 2012 4 2012 2011 2012 4 1 97 2012 4 1 2012 4 2012 4 1 2012 1 112 115 2012 1 92

91 115 117 92 2012 1 2012 1 1 5% 3 1(3) 2011 93

96 2011 2011 London Overground(Stockholm) (Melbourne) 2011 2 529 2011 7 5 14 A.2.7 2012 4 1 91 2011 8 9 2012 7 17 2011 2011 9 12011 9 1 2011 10 1 2011 3 3 94

2011 7 4 4 5 1 2 1 7/7 4/4 1/1 2/2 1/1 5/7 1 4/4 2/4 1 7/7 4/4 1/1 2/2 0/1 3/7 2 0/4 2 0/1 5/5 1/1 0/1 2 5/7 1/4 3/5 3 1/2 1/1 7/7 4/4 1/1 2/2 1/1 7/7 4/4 5/5 1/1 1/1 6/7 4/4 4/4 4/5 1/1 6/7 3/4 4/4 1/1 1/1 7/7 4 4/4 1/1 1/2 1/1 7/7 4/4 3/4 4/5 1/1 7/7 3/3 1/1 2011 8 31 1/1 5 2011 9 1 1/1 6 2011 9 30 1/1 7 1 2 2 2 3 1 4 2 5 2011 9 1 6 2011 10 7 2011 10 1 2011 10 2011 95

130 144 93 93 8 8 8 91 8 8 96

96 2012 4 1 2011 2012 87 88 2002 10 (BT Asia Pacific) 1998 1981 1999 200999.99% 2009 2012 2012 2012 4 1 2011 85 2012 2011 10 2012 1 2012 1 2011 9 1 2011 9 12011 10 1 92 2011 97

2011 12 31 2011 12 31 2011 12 31 105 2011 10 18 2011 98

2011 902012 4 1 2012 1 2011 2012 2011 2010 12 31 2011 2010 2011 (Management Letter) 2010 2011 2012 2012 2011 2011 2010 12 31 2010 2010 2010 2008 2010 2011 99

95 2012 4 1 902012 1 2011 20102010 2010 2011 11 1 2012 1 1 2011 7 2011 9 1 2011 9 1 2011 10 1 2012 3 5 2011 108 111 95 100

902012 4 1 2012 1 2012 4 2012 1 92 20112011 7 5 2012 1 1 112 113 95 2011 10 * * 2011 9 7 2012 7 17 86 89 2011 2011 2010 2011 101

8 4 102

2010 2011 2011 2012 2011 12 31 2011 103

1995 2012 2008 2008 12 2011 10 104

16710D 20115 6 3 6 2012 5 3 2010 2010 2010 360 London Overground 2011 2011 105

2011 2011 2011 2011 2.2% 2010 99.7% 40 2007 6 2.2% 1997 2010 16 120 14% 2011 12 31 2010 7 2010 12 2011 67 2007 10 3 4 94 2011 3 31 106

(1) 2010 12 31 (2) 2010 12 31 0.45 (3) (a) (b) (c) (d) (4) (5) * (6) * (7) 5 6 5 * * 21 28 2012 4 1 2012 4 1 82 83 2011 107

2012 4 1 2011 100 11 108

15% 30% 2011 2 1 2011 109

2011 2007 2007 2007 2007 2007 6 7 2007 2011 2011 12 31 11 53 2011 12 31 2011 12 31 222,161 2012 1 45,556,802.01 Retention Bonus Scheme RBS (a) 426 1999 3 31 (b) RBS RBS RBS 2002 12 31 (c) 110

(d) 2008 4 1 (e) 1999 4 1 2011 12 31 (i) 11 2011 2010 4.4 4.2 36.9 34.6 18.2 18.3 2.5 1.6 62.0 58.7 (ii) 2011 2010 0 500,000 10 10 500,001 1,000,000 1 1,000,001 1,500,000 2 1 1,500,001 2,000,000 2 5,000,001 5,500,000 1 5,500,001 6,000,000 2 6,000,001 6,500,000 2 1 6,500,001 7,000,000 1 3 7,500,001 8,000,000 1 1 13,500,001 14,000,000 1 14,500,001 15,000,000 1 21 19 2012 3 5 2011 111

602003 7 1998 China.com Inc. 2011 9 15 Swiss Reinsurance Company Limited 19921997 1997 7 12002 6 1993 1994 CBE1999 20081978 2006 Inchcape plc. HSBC Private Equity (Asia) LimitedCDC Corporation 2011 10 2CDC Software Corporation 2012 1 22 2012 1 31 61 2003 2011 12 8 2012 1 1 53 2012 1 1 20 (New York Metropolitan Transportation Authority) 2001 2007 (Transport for London) 2007 2009 (McKinsey & Company) (Binghamton) Harpur 112

(Templeton College) Taubman (Taubman Center) (Massachusetts Institute of Technology) (Department of Civil and Environmental Engineering) (Visiting Committee) 2012 7 1 (American Public Transit Association)(APTA) 2011 10 (International Association of Public Transport)(UITP)2011 10 632009 7 10 2011 8 17 2011 4 4 2011 6 28 2011 5 27 2011 9 1 2008 11 112005 2005 532004 2001 21 2011 113

2011 4 1 2011 2 28 731991 63 2010 7 9 Grosvenor Group Limited 2012 2 6 1971 1983 62 2007 12 18 2011 10 21 10 11 66 2007 12 18 2011 1 1 19952007 67 2002 10 (BT Asia Pacific) 1998 51 2009 8 17 8 1983 512007 7 1 8 1983 55 2007 7 1 2007 7 10 Wesleyan 114

2002 7 1 112 113 63 1998 8 1989 1985 1971 60 2010 2 1 3020032008 2003 2011 7 11 50 2011 1 1 1995 (University of Southampton) (University of London) (University College London) 2005 (University of Pennsylvania)(the Wharton Advanced Management Programme) 1989 (Institution of Mechanical Engineers, United Kingdom) (Institution of Occupational Safety and Health) 51 2008 5 2002 2 2008 5 1 1982 19851986 2011 3 31 Mandarin Oriental International Limited2012 3 1 6219882011 8 30 2011 9 1 39 2011 9 1 2004 8 2011 115

116

2010 12 Metronet Rail SSL Limited CMS Cameron M c K e n n a (University of Oxford) (Hertford College) (Guildford) 2009 (University of Michigan) (Senior Executive Programme in Asia) 2010(Stanford University) (Stanford Executive Programme) 6019912011 9 202011 10 1 47 2011 10 1 2004 8 2011 7 1 2009 Acciona, S.A. 20 (University of the West of EnglandBristol Polytechnic)2006 (INSEAD) (International Executive Programme) (Royal Institution of Chartered Surveyors) 47 2011 9 1 1999 11 2011 8 2004 2005 (University of Oxford) (Oxford/HKU Senior Executive Programme in Corporate Leadership) (London Business School) (Proteus Executive Education) (University of Michigan) (Senior Executive Programme in Asia) 115 117 59 1976 1994 1985(The Chartered Institute of Transport) (The Chartered Institute of Logistics and Transport) (Chartered Institute of Public Relations) 2012 1 15 2011 12 8 2011 117

118

2011 12 31 A B C D London Overground 50% 5112 E Stockholm Metro 50:50 Stockholm Metro 110 F Metro Trains Melbourne 60% 15 372 G H I J K L M N O P 49% 30 2824 10 2211 Q 30 20.5 15 2011 119

R 2011 8 206,167 2010 3 25 2012 5 14 0.51 2012 5 29 2010 12 2011 12 31 2011 7 22 2012 1 1 (New York Metropolitan Transportation Authority) 91 2011 5 6 2012 2011 85 2012 97 112 115 (i) (ii) (iii) 2011 12 31 2012 7 17 2011 9 302011 8 31 2011 9 1 2011 9 12011 10 1 2012 1 1 120

2011 92011 10 7 2009 12 2004 2012 7 17 115 117 104 105 A B C D E F G 2000 8.08(1) 10% 2011 12 31231.682010 210.5742 2011 12 31 147 238 10 80 81 23 25 27 2011 121

50 51 2010 12 31 65 65 5,772,563,031 12,308,219 A 792,200 50A 9.7520.66 B 1,172,500 2007 50A 18.3026.5226.8527.60 C 10,343,519 2010 12 31 0.45 2011 12 31 65 65 5,784,871,250 2011 12 31 54 55 270 2011 133 5.5 30.4 0.2% 0.1% 2011 12 31 22.06 42C 122

ISO 9001:2008 XV 571 352 2011 12 31 * * * 52,330 52,330 0.00090 2,130,000 1 222,161 2,352,161 0.04066 2 1,675 1,675 3,350 0.00006 1,712 1,712 0.00003 5,153 5,153 0.00009 126,106 680,000 1 425,000 1 2,283 425,000 1 23,000 23,000 3 680,000 1 5 13,400 270,000 1 6 219,500 1 7 600 (i) 22,000 4 (ii) 238,000 1 806,106 0.01393 425,000 0.00735 427,283 0.00739 726,000 0.01255 283,400 0.00490 219,500 0.00379 260,600 0.00450 2011 123

* * * 8 300,000 300,000 0.00519 1 2007 2 222,161 XV2011 12 31 222,161 2012 1 45,556,802.01 2011 12 3120 25.0125 3 23,000Linsan Investment Ltd. 4 5 2011 9 1 6 2011 9 1 7 2011 10 1 8 2012 1 1XV300,000 2014 6 30300,000 35%2013 10 31 * 18 124

11B(i) 53A(i) 2011 1 1 2011 12 31 1/8/2003 1,066,000 14/7/2004 14/7/2013 417,500 417,500 9.75 25.55 15/5/2006 213,000 25/4/2007 25/4/2016 22,000 20.66 22,000 1/8/2003 495,200 14/7/2004 14/7/2013 108,200 108,200 9.75 29.16 23/9/2005 213,000 9/9/2006 9/9/2015 213,000 15.97 213,000 5/10/2006 94,000 29/9/2007 29/9/2016 94,000 19.732 94,000 12/5/2006 266,500 25/4/2007 25/4/2016 266,500 266,500 20.66 28.77 1 102002 5 16 2 12 1% 3 2011 125

11B(ii) 53A(ii)2007 2011 1 1 2011 12 31 13/12/2007 720,000 10/12/2008 10/12/2014 720,000 27.60 720,000 9/12/2008 470,000 8/12/2009 8/12/2015 470,000 156,000 18.30 470,000 9/12/2009 470,000 8/12/2010 8/12/2016 470,000 157,000 26.85 470,000 17/12/2010 470,000 16/12/2011 16/12/2017 470,000 157,000 28.84 470,000 13/12/2007 170,000 10/12/2008 10/12/2014 170,000 27.60 170,000 9/12/2008 170,000 8/12/2009 8/12/2015 170,000 56,000 18.30 170,000 10/12/2009 170,000 8/12/2010 8/12/2016 170,000 57,000 26.85 170,000 17/12/2010 170,000 16/12/2011 16/12/2017 170,000 57,000 28.84 170,000 18/6/2009 85,000 12/6/2010 12/6/2016 85,000 28,500 24.50 85,000 10/12/2009 170,000 8/12/2010 8/12/2016 170,000 57,000 26.85 170,000 17/12/2010 170,000 16/12/2011 16/12/2017 170,000 57,000 28.84 170,000 13/12/2007 75,000 10/12/2008 10/12/2014 75,000 27.60 75,000 8/12/2008 65,000 8/12/2009 8/12/2015 65,000 21,000 18.30 65,000 14/12/2009 65,000 8/12/2010 8/12/2016 65,000 22,000 26.85 65,000 21/7/2010 50,000 28/6/2011 28/6/2017 50,000 17,000 27.73 50,000 17/12/2010 170,000 16/12/2011 16/12/2017 170,000 57,000 28.84 170,000 12/12/2007 170,000 10/12/2008 10/12/2014 170,000 27.60 170,000 9/12/2008 170,000 8/12/2009 8/12/2015 170,000 56,000 18.30 170,000 10/12/2009 170,000 8/12/2010 8/12/2016 170,000 57,000 26.85 170,000 17/12/2010 170,000 16/12/2011 16/12/2017 170,000 57,000 28.84 170,000 12/12/2007 75,000 10/12/2008 10/12/2014 75,000 27.60 75,000 4 10/12/2008 65,000 8/12/2009 8/12/2015 65,000 21,000 18.30 65,000 10/12/2009 65,000 8/12/2010 8/12/2016 65,000 22,000 26.85 65,000 17/12/2010 65,000 16/12/2011 16/12/2017 65,000 22,000 28.84 65,000 12/12/2007 55,000 10/12/2008 10/12/2014 18,000 27.60 18,000 5 11/12/2008 70,000 8/12/2009 8/12/2015 46,500 23,000 18.30 46,500 10/12/2009 65,000 8/12/2010 8/12/2016 65,000 22,000 26.85 65,000 17/12/2010 90,000 16/12/2011 16/12/2017 90,000 30,000 28.84 90,000 13/12/2007 65,000 10/12/2008 10/12/2014 65,000 27.60 65,000 6 12/12/2008 65,000 8/12/2009 8/12/2015 43,000 21,000 18.30 43,000 15/12/2009 65,000 8/12/2010 8/12/2016 65,000 22,000 26.85 65,000 17/12/2010 65,000 16/12/2011 16/12/2017 65,000 22,000 28.84 65,000 11/12/2007 45,000 10/12/2008 10/12/2014 45,000 27.60 45,000 12/12/2007 2,430,000 10/12/2008 10/12/2014 2,025,000 320,000 65,000 27.60 1,640,000 28.15 13/12/2007 775,000 10/12/2008 10/12/2014 775,000 65,000 27.60 710,000 14/12/2007 1,005,000 10/12/2008 10/12/2014 872,000 52,000 27.60 820,000 15/12/2007 435,000 10/12/2008 10/12/2014 343,000 75,000 40,000 27.60 228,000 29.20 17/12/2007 835,000 10/12/2008 10/12/2014 751,000 21,000 27.60 730,000 18/12/2007 445,000 10/12/2008 10/12/2014 288,000 13,000 27.60 275,000 19/12/2007 115,000 10/12/2008 10/12/2014 80,000 27.60 80,000 20/12/2007 190,000 10/12/2008 10/12/2014 190,000 27.60 190,000 21/12/2007 45,000 10/12/2008 10/12/2014 15,000 15,000 27.60 22/12/2007 35,000 10/12/2008 10/12/2014 35,000 27.60 35,000 24/12/2007 118,000 10/12/2008 10/12/2014 118,000 27.60 118,000 28/12/2007 35,000 10/12/2008 10/12/2014 35,000 27.60 35,000 31/12/2007 130,000 10/12/2008 10/12/2014 130,000 27.60 130,000 2/1/2008 75,000 10/12/2008 10/12/2014 48,000 13,000 27.60 35,000 3/1/2008 40,000 10/12/2008 10/12/2014 40,000 27.60 40,000 7/1/2008 125,000 10/12/2008 10/12/2014 125,000 15,000 30,000 27.60 80,000 28.90 28/3/2008 255,000 26/3/2009 26/3/2015 204,000 75,000 5,000 26.52 199,000 31/3/2008 379,000 26/3/2009 26/3/2015 349,000 117,000 20,000 6,000 26.52 323,000 28.95 126

11B(ii) 53A(ii)2007 2011 1 1 2011 12 31 1/4/2008 261,000 26/3/2009 26/3/2015 249,000 79,000 26.52 249,000 2/4/2008 296,000 26/3/2009 26/3/2015 276,000 84,000 26.52 276,000 3/4/2008 171,000 26/3/2009 26/3/2015 159,000 52,000 19,000 26.52 140,000 28.50 4/4/2008 23,000 26/3/2009 26/3/2015 23,000 7,000 26.52 23,000 5/4/2008 17,000 26/3/2009 26/3/2015 17,000 5,000 26.52 17,000 7/4/2008 390,000 26/3/2009 26/3/2015 342,000 110,000 12,000 26.52 330,000 8/4/2008 174,000 26/3/2009 26/3/2015 116,000 40,000 6,000 26.52 110,000 29.35 9/4/2008 85,000 26/3/2009 26/3/2015 85,000 26,000 26.52 85,000 10/4/2008 58,000 26/3/2009 26/3/2015 58,000 18,000 26.52 58,000 11/4/2008 134,000 26/3/2009 26/3/2015 117,000 36,000 26.52 117,000 12/4/2008 48,000 26/3/2009 26/3/2015 48,000 15,000 26.52 48,000 14/4/2008 40,000 26/3/2009 26/3/2015 40,000 12,000 26.52 40,000 15/4/2008 34,000 26/3/2009 26/3/2015 34,000 10,000 26.52 34,000 16/4/2008 57,000 26/3/2009 26/3/2015 40,000 12,000 26.52 40,000 17/4/2008 147,000 26/3/2009 26/3/2015 124,000 38,000 26.52 124,000 18/4/2008 32,000 26/3/2009 26/3/2015 15,000 5,000 26.52 15,000 19/4/2008 25,000 26/3/2009 26/3/2015 25,000 8,000 26.52 25,000 21/4/2008 66,000 26/3/2009 26/3/2015 66,000 20,000 26.52 66,000 23/4/2008 34,000 26/3/2009 26/3/2015 19,000 6,000 26.52 19,000 8/12/2008 90,000 8/12/2009 8/12/2015 45,000 14,000 18.30 45,000 9/12/2008 653,000 8/12/2009 8/12/2015 623,000 184,000 21,000 53,000 18.30 549,000 27.73 10/12/2008 2,111,400 8/12/2009 8/12/2015 1,975,900 681,400 50,000 93,000 18.30 1,832,900 27.23 11/12/2008 2,394,200 8/12/2009 8/12/2015 2,244,700 768,200 29,000 269,000 18.30 1,946,700 26.03 12/12/2008 1,416,500 8/12/2009 8/12/2015 1,249,000 462,500 151,000 18.30 1,098,000 25.01 13/12/2008 84,500 8/12/2009 8/12/2015 84,500 27,500 6,500 18.30 78,000 28.95 14/12/2008 88,200 8/12/2009 8/12/2015 79,700 22,200 6,000 21,500 18.30 52,200 25.63 15/12/2008 1,084,700 8/12/2009 8/12/2015 930,200 322,700 15,000 42,000 18.30 873,200 29.08 16/12/2008 581,500 8/12/2009 8/12/2015 487,500 157,000 14,500 23,000 18.30 450,000 27.52 17/12/2008 513,500 8/12/2009 8/12/2015 485,500 167,500 15,000 18.30 470,500 27.85 18/12/2008 611,500 8/12/2009 8/12/2015 483,000 177,500 12,500 18.30 470,500 27.04 19/12/2008 198,000 8/12/2009 8/12/2015 198,000 64,000 18.30 198,000 20/12/2008 19,000 8/12/2009 8/12/2015 19,000 6,000 18.30 19,000 22/12/2008 772,500 8/12/2009 8/12/2015 689,500 253,500 67,000 135,500 18.30 487,000 26.67 23/12/2008 306,000 8/12/2009 8/12/2015 246,500 85,000 6,000 22,500 18.30 218,000 28.88 24/12/2008 500,500 8/12/2009 8/12/2015 455,500 163,500 88,000 18.30 367,500 28.49 25/12/2008 45,000 8/12/2009 8/12/2015 45,000 15,000 18.30 45,000 29/12/2008 148,000 8/12/2009 8/12/2015 133,000 48,000 15,000 18.30 118,000 30/12/2008 19,000 8/12/2009 8/12/2015 19,000 6,000 18.30 19,000 18/6/2009 170,000 12/6/2010 12/6/2016 90,000 30,000 24.50 90,000 6/7/2009 45,000 12/6/2010 12/6/2016 45,000 15,000 24.50 45,000 9/7/2009 45,000 12/6/2010 12/6/2016 30,000 15,000 24.50 30,000 9/12/2009 200,000 8/12/2010 8/12/2016 115,000 39,000 26.85 115,000 10/12/2009 2,211,000 8/12/2010 8/12/2016 2,114,000 700,500 108,000 26.85 2,006,000 11/12/2009 2,362,000 8/12/2010 8/12/2016 2,322,000 788,000 87,000 26.85 2,235,000 12/12/2009 610,000 8/12/2010 8/12/2016 610,000 205,500 44,500 26.85 565,500 13/12/2009 19,000 8/12/2010 8/12/2016 12,500 6,500 26.85 12,500 14/12/2009 2,443,000 8/12/2010 8/12/2016 2,379,000 802,500 6,500 26.85 2,372,500 15/12/2009 2,773,000 8/12/2010 8/12/2016 2,739,000 869,000 252,500 45,500 26.85 2,441,000 28.24 16/12/2009 1,550,000 8/12/2010 8/12/2016 1,491,000 486,000 55,000 22,000 26.85 1,414,000 29.20 17/12/2009 1,000,000 8/12/2010 8/12/2016 975,000 329,500 26.85 975,000 18/12/2009 389,000 8/12/2010 8/12/2016 380,500 131,500 26.85 380,500 2011 127

11B(ii) 53A(ii)2007 2011 1 1 2011 12 31 19/12/2009 70,000 8/12/2010 8/12/2016 70,000 23,500 26.85 70,000 20/12/2009 75,000 8/12/2010 8/12/2016 75,000 25,500 26.85 75,000 21/12/2009 520,000 8/12/2010 8/12/2016 520,000 169,500 12,500 6,500 26.85 501,000 29.85 22/12/2009 256,000 8/12/2010 8/12/2016 237,000 80,500 22,000 26.85 215,000 21/7/2010 305,000 28/6/2011 28/6/2017 305,000 94,000 25,000 27.73 280,000 16/12/2010 194,000 16/12/2011 16/12/2017 194,000 65,500 28.84 194,000 17/12/2010 4,097,000 16/12/2011 16/12/2017 4,097,000 1,347,000 140,500 28.84 3,956,500 18/12/2010 673,000 16/12/2011 16/12/2017 673,000 227,500 28.84 673,000 19/12/2010 174,000 16/12/2011 16/12/2017 174,000 59,000 28.84 174,000 20/12/2010 4,854,500 16/12/2011 16/12/2017 4,854,500 1,627,000 126,500 28.84 4,728,000 21/12/2010 3,020,000 16/12/2011 16/12/2017 3,020,000 1,015,500 19,000 28.84 3,001,000 22/12/2010 975,000 16/12/2011 16/12/2017 975,000 322,000 19,000 28.84 956,000 23/12/2010 189,000 16/12/2011 16/12/2017 189,000 64,000 28.84 189,000 7/7/2011 215,000 27/6/2012 27/6/2018 215,000 26.96 215,000 1 2007 6 720072007 2 12 2007 20070.2% 3 4 2011 9 1 5 2011 9 1 6 2011 10 1 128

2011 12 31 2007 5 215,000 1.00 (%) 7/7/2011 27.70 0.84 3.5 0.28 0.70 5.01 352 A XV B 2011 12 31 18 336 2011 12 31 5% 4,434,552,207 76.66 2011 12 31 0.47% 66 2011 12 31 195.43 20122020 104.69 2011 129

2011 12 31 530% 2011 12 31 530% 147 238 2012 United Group Rail Services LimitedUGL John Holland Pty LimitedJHL III UGL John Holland Melbourne Rail Franchise Pty LtdJohn Holland John Holland JHL Leighton Holdings Limited JHLJohn Holland UGLJHLI II III I A D 2007 10 9 2007 9 3 14A A 2007 8 9 77.9131 133D B 2007 8 9 130

0.75% 10% 16.5% C 2007 11 30 Wilmington Trust Company Buoyant Asset Limited BA Leasing & Capital Corporation Utrecht-America Finance Co. Cooperatieve Cenrale Raiffeisen-Boerenleenbank B.A. Advanced Asset Limited Washoe Asset Management Company Quality Asset Limited Kasey Asset Limited Key Equipment Finance Inc. Mercantile Leasing Company (No. 132) Limited Landesbank Sachsen Aktiengesellschaft Barclays Bank PLC Bayerische Landesbank Girozentrale U.S. Bank National Association Circuit Asset Limited Citicorp USA Inc. Shining Asset Limited Banc of America FSC Holdings Inc. Fluent Asset Limited Anzef Limited Societe Generale Australia and New Zealand Banking Group Limited Statesman Asset Limited State Street Bank and Trust Company Bowman Asset Limited 2007 12 3 2007 12 2 D 2A 2007 8 9 12 2A 372 2A 2007 8 9 2A2A 2007 8 9 2A 2A 2A 2A 2A 2009 3 272009 3 31 2009 3 272009 3 31 2011 131

2009 3 272009 3 31 2009 3 272009 3 31 2A 2B 2007 8 9 24 2B 2B 2007 8 9 2B 2B 2B 2B 2B 2B 2B 2009 12 31199 2010 3 29502007 12 2 3 2007 8 93 3 3 3 3 3 3 142 143 3 33 3 3 3 3 3 3 3 3 3 132

3 3 3 3 2A 2B 3 B(I)(i) (1) (2) (3) 3000 740 B(I)(ii) (a) (b) II 2005 1 13 14A (B)(I) 14A.46 A1 2008 11 24 15 6 519 2011 133

A2 2011 5 17 30150 134

B1 2008 11 24 15 7 519 B2 2010 1 26 2008 11 28519 2009 4 30 2009 10 20 2010 1 16 45.9 20 100 2011 135

(i) (ii) (iii) (iv) 2015 C 2002 2002 3 18 2005 7 6 2005 6 2008 7 6 2008 8 21 2008 7 6 3,700 136

2008 7 6 2013 7 5 D 2009 7 13 2007 8 9 122.52 24 2009 1 12 2014 (B)(I)(iii)(a) (1) (2) (3) 3000 740 B(I)(iii)(b) 2011 137

(a) (b) III 14A.46 A UGL Metro Trains Melbourne Pty Ltd MTM MTM60% UGL John Holland MTM 20% UGLMTM 14A 14A.14 2002 1 11 UGL 2002 10 1 2009 9 30 2009 4 14 UGL 2009 8 1 UGL 15 G/H UGL171,966,450 UGL 2002 8 1 2009 7 31 UGL 152,940,000 UGL UGL UGL UGL UGL UGL UGL B UGL 2010 2 26 138

UGL 2007 11 30 452007 11 30 2011 8 31 2007 12 2 52(B) 2011 8 31 162012 12 31 UGL 48,260,000 UGL UGL83,736,143 14,435,327 78,632,000 3,000 UGL UGL UGL UGL UGL 1 2007 11 30 UGL UGL UGL UGL 10% UGL HSBC Bank Australia Limited UGL UGL UGL C 903 MTMMTM UGL John HollandMTM 20% John Holland MTM John Holland JHL Leighton Holdings Limited JHLJohn Holland John Holland JHL 14A 903 14A.14 2011 139

2011 5 17 903903903 903 903 903 903 903 903 903 2 2011 4 29 2016 6 30 Chartis Insurance Hong Kong Limited 903 903 903 10% 903 2,513,394,379903 903 903 903 903 903 903 14 903 7 30 903 D JHL 904 2011 5 17 JHL JHL 904 904 904 90414A.14 904 904 904 140

904 904 904 904 904 2 2011 4 29 2016 6 30 Chartis Insurance Hong Kong Limited 904 904 10% 1,755,018,490 904 14 904 7 4.85 30 904 903 904 14A.37 (1) (2) (3) 3000 740 14A.38 904 904 2011 141

(a) (b) (c) (d) 2009 9 12010 2 262011 5 18 2011 5 18 / 2007 9 3 2007 10 9 A B H A 2007 12 2 B 42.5 B 130 77.9 131 133 E 2007 8 9 131 7.5 12 36 B 2007 8 9 142

50 42.5 A C 2007 8 9 42.5 E 1A 77.9 AE D 2007 8 9 2000 6 30 E 1A 1A 1A 1B 2007 8 9 1B 2007 12 2 4 2007 8 9 4 2011 143

2007 8 94 2007 8 9 25,500 A24,500 B F 2007 8 9 2007 8 9 G 2007 8 9 2007 12 22009 12 2 2009 12 31 2,000 2009 11 6 2009 12 22011 12 1 7.108 1.1 I A 14A 2012 3 8 H 2007 8 9 144

146 147 148 149 150 151 152 153 1 153 2 164 3 164 4 164 5 165 6 165 7 166 8 166 9 166 10 168 11 171 12 171 13 172 14 172 15 173 16 173 17 174 18 174 19 174 20 175 21 180 22 181 23 182 24 187 25 189 26 190 27 191 28 192 29 194 30 195 31 197 32 200 33 201 34 201 35 202 36 206 37 206 38 208 39 208 40 209 41 209 42 212 43 213 44 214 45 215 46 216 47 216 48 216 49 218 50 219 51 220 52 220 53 225 54 227 55 230 56 231 57 234 58 236 59 238 60 2011 12 31 238 61 2011 145

147238 2011 12 31 141 2011 12 31 10 8 2012 3 8 146

12 31 2011 2010 4 13,509 12,635 5 3,422 2,853 6 3,215 2,961 7 12,279 10,144 8 998 925 9 33,423 29,518 10A (3,673) (3,398) (1,110) (1,067) (199) (184) (466) (421) 10B (1,048) (912) (206) (207) (429) (379) (223) (253) (7,354) (6,821) (358) (294) (721) (654) 7 (11,830) (9,865) (913) (751) 10C (123) (216) 10D, E&F (21,299) (18,601) 12,124 10,917 12 4,934 4,034 17,058 14,951 13 (3,206) (3,120) 14 (647) (45) 13,205 11,786 15 (921) (1,237) 23 5,088 4,074 16 297 139 17,669 14,762 17A (2,821) (2,590) 14,848 12,172 18A 14,716 12,059 132 113 14,848 12,172 6,243 5,397 4,225 3,260 18B 10,468 8,657 4,248 3,402 14,716 12,059 20 HK$2.55 HK$2.10 HK$2.54 HK$2.10 153 238 2011 147

12 31 2011 2010 14,848 12,172 146 141 (1) 16 22A 145 157 22A&B (12) (26) 22A&B 471 285 604 416 15,452 12,588 15,321 12,459 131 129 15,452 12,588 153 238 148

12 31 2011 2010 23 51,453 45,314 24 76,687 77,276 25 23,928 21,467 152,068 144,057 26 31 31 27 3,566 29A 11,964 9,128 30 14 1,079 31 579 541 33 948 836 49B 27 9 34 2,974 3,912 35 3,757 1,936 36 344 375 37 1,135 1,061 38 3,964 3,061 39 1,975 40 402 330 41 16,100 13,334 197,873 181,665 42A 16 42A 300 43 16,402 15,491 49A 597 1,018 44 643 404 45 1,481 892 42A 23,168 20,741 46 10,724 10,749 36 151 148 47 154 154 48 403 605 49B 15,105 13,854 68,828 64,372 129,045 117,293 50A 44,062 43,734 51 84,797 73,416 128,859 117,150 186 143 129,045 117,293 2012 3 8 153 238 2011 149

12 31 2011 2010 23 50,287 44,166 24 76,086 76,845 25 16,169 15,963 142,542 136,974 26 31 31 27 3,566 29A 9,521 9,128 30 14 1,079 32 1,260 1,256 34 2,626 3,627 35 3,757 1,936 36 344 375 37 932 874 38 2,629 1,779 39 1,975 40 5,035 4,365 41 13,971 12,273 186,228 175,672 42A 16 42A 300 43 11,418 13,308 49A 582 910 44 423 221 45 13,244 12,079 42A 7,502 7,700 46 10,557 10,592 36 151 148 48 68 568 49B 15,031 13,840 58,976 59,682 127,252 115,990 50A 44,062 43,734 51 83,190 72,256 127,252 115,990 2012 3 8 153 238 150

12 31 2011 2011 1 1 43,734 1,417 (78) 102 194 71,781 117,150 143 117,293 2011 12 31 14,716 14,716 132 14,848 22 471 (12) 146 605 (1) 604 471 (12) 146 14,716 15,321 131 15,452 2010 19, 51 288 (2,598) (2,310) (2,310) 2011 19, 51 (1,446) (1,446) (1,446) (88) (88) 110 110 110 50A, 51 40 (6) 34 34 (5) 5 2011 12 31 44,062 1,888 (90) 201 340 82,458 128,859 186 129,045 2010 2010 1 1 42,497 1,132 (52) 52 53 62,705 106,387 66 106,453 2010 12 31 12,059 12,059 113 12,172 22 285 (26) 141 400 16 416 285 (26) 141 12,059 12,459 129 12,588 2009 19, 51 1,087 (2,177) (1,090) (1,090) 2010 19, 51 81 (807) (726) (726) (52) (52) 57 57 57 51 69 (6) 63 63 (1) 1 2010 12 31 43,734 1,417 (78) 102 194 71,781 117,150 143 117,293 153 238 2011 151

12 31 2011 2010 52 12,489 11,920 638 (1,949) (1,007) (154) (4) 11,024 10,909 (2,102) (1,953) (3,111) (3,218) (1,467) (347) (450) (190) (1,385) (1,846) (1,075) (4,444) (255) (173) (198) (165) 170 84 (750) (750) (45) 1,593 5,249 2,000 12,252 (3,063) (9,610) (160) (3,844) 1,094 159 5 7 29 (29) 144 75 (9,055) (8,714) 34 63 1,392 8,153 2,198 (1,111) (5,390) (500) (5,778) (603) (861) 194 123 (12) (19) (3,754) (1,814) (88) (58) (2,250) (5,581) (281) (3,386) 1 1 3,708 7,094 12 31 41 3,427 3,708 153 238 152

1 HKFRSHKAS HKFRS 2 2011 1 1 HKFRS 2A(iii) 2 A (i) 2F(i) 2F(ii) 2M 2T (ii) HKFRS HKFRS59 (iii) HKFRSHKAS 24 2009 HKAS 24 2009 57HKAS 24 2009 60 B 2D 2E12 31 C 2011 153

154 2 C 2H(ii) D 2H(ii) E 2H(ii) F (i) (ii) 2H(ii)

2 F (a) (b) (iii) 2H(ii) (iv) 2H(ii) (v) (a) 2I(iv) 2H(ii) (b) 2F(ii) 2H(ii)2Z(ii) (vi) (vii) 2H(ii) 2011 155

2 G 2H(ii) H (i) (ii) I (i) (ii) 2F(vii)...................................................................................50.................................................................................................................... 156

2 I....................................................................................................................................................................................................... 100....................................................................................................................... 100............................................................................................................................ 80..................................................................................................................... 20............................................................................................................ 27..................................................................................................................4 50........................................................................................................................25 35..............................................................................................................................7 30.............................................................................7 30.........................................................................................................................7 40.........................................................................................................5 27.................................................................................20 25.........................................................................5 25........................................................................................................................20 30.................................................................................................................10 25.........................................................................................................................4 25................................................................................................................2 15.......................................................................................................2 10.......................................................................................................................... 3 5.......................................................................................................................5............................................................................................................................... 4 5 (iii) (iv) J (i) (ii) 2011 157

2 K (i) (ii) (iii) (iv) 2K(v) (v) (vi) L HKAS 31 2K(iv) 158

2 M (i) (ii) (iii) (iv) (v) N 2H(ii) 2H(ii) O 2Z(iii) P Q 2H(i) R S 2011 159

160 2 T (1) (2) (i) (ii) (iii) U (i) (ii)

2011 161 2 U (iii) (iv) V 2U(i) 2U(ii) W (i) (ii) (iii)

2 W (iv) X 2Y (i)(ii) Y Z (i) (ii) (iii) (iv) 162

2 AA BB CC DD EE FF 2011 163

3 2007 12 2 50 57C 50 4 2011 2010 9,300 8,668 2,633 2,487 751 694 673 610 13,357 12,459 152 176 13,509 12,635 5 2011 2010 1,905 1,716 893 734 500 290 124 113 3,422 2,853 164

6 2011 2010 672 614 634 509 389 377 161 153 124 118 120 112 410 390 Mall 123 105 383 380 3,016 2,758 199 203 3,215 2,961 7 2011 6 16 2011 3,166 6,177 185 9,528 2,748 3 2,751 3,166 8,925 188 12,279 3,111 5,967 254 9,332 2,558 2 2,560 (62) (62) 3,111 8,525 194 11,830 2010 2,858 5,226 20 8,104 2,013 27 2,040 2,858 7,239 47 10,144 2,864 5,043 62 7,969 1,870 26 1,896 2,864 6,913 88 9,865 2011 165

8 2011 2010 360 270 239 105 113 588 540 35 33 998 925 9 2011 2010 1,933 1,719 (1,933) (1,719) 2009 3 182011 6 162011 12 3155.412010 12 3136.082011 12 312010 12 31 10 A 2011 2010 3,673 3,398 70 78 50 59 53 47 88 73 4,837 3,848 690 561 96 142 452 183 93 90 242 399 284 251 591 542 11,219 9,671 166

10 A 2011 2010 113 61 409 362 144 173 666 596 B C 2011 2010 114 192 9 24 123 216 D 2011 2010 10 10 1 1 3 3 14 14 E 2011 2010 32 50 (1) 22B (5) (1) 4 2 F 2011 2010 78 84 1,066 935 (4) (20) 1,140 999 2011 167

11 A (i) 2011 1.2 1.2 0.3 0.3 0.3 0.3 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 2011 12 31 7.8 * 7.0 14.8 4.6 0.2 1.9 6.7 4.3 * 1.8 6.1 2011 9 30 4.5 0.2 1.5 6.2 2011 1 1 3.7 0.6 1.5 5.8 5.1 0.8 2.1 8.0 2011 9 1** 1.1 0.2 0.3 1.6 2011 10 1** 0.8 0.2 0.3 1.3 2011 8 31 3.9 0.1 1.5 5.5 2011 9 1** 1.1 0.2 0.3 1.6 4.4 36.9 2.5 18.2 62.0 * 2011 12 31 12,000 ** 2011 9 12011 10 1 2011 12 31 168

11 A 2010 1.2 1.2 0.3 0.3 0.3 0.3 0.4 0.4 2010 7 9 0.1 0.1 0.3 0.3 0.3 0.3 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 6.8 * 7.1 13.9 2010 1 31 0.8 * 0.1 0.9 4.7 0.2 1.9 6.8 2010 2 1** 3.8 * 1.6 5.4 4.5 0.2 1.9 6.6 5.0 0.8 2.0 7.8 2010 12 31 4.6 0.2 1.8 6.6 4.4 0.2 1.9 6.5 4.2 34.6 1.6 18.3 58.7 * 2010 12 3112,0007,000 17,484 ** 2010 2 1 2010 12 31 2010 12010 12 2011 82011 9 2,0802,0702,4302,430 2010 12 312011 72010 7 12010 12 31 153,510 2010 4 12 460 2007 4 12 160,000 53B(iii)2012 1 4560 2011 12 31222,161 53B(i) 2011 169

11 A 2007 2007 12 102008 12 82009 6 122009 12 82010 6 282010 12 16 2007 12 13720,0002008 12 92009 12 92010 12 17 470,000470,00020112010554,000 2011 12 31 3402010250 2007 12 122008 12 9170,0002009 12 1042,500 127,5002010 2010 12 3150 2007 12 132008 12 92009 12 102010 12 17170,000 170,00020112010170,000 2011 12 31120 (201080 2009 6 1885,000 2009 12 102010 12 17170,000 142,500 2011201085,500 2011 12 31 130 (201050 2007 12 122008 12 112009 12 14170,0002010 12 17 127,500155,50020112010170,000 2011 12 31 110 (201080 2007 12 1375,000 2008 12 82009 12 1465,000 2010 7 2150,0002010 12 17170,000 117,000 2011201069,000 2011 12 31100 (201030 2007 12 122008 12 92009 12 102010 12 17170,000 170,00020112010170,000 2011 12 31120 (201070 2007 12 122008 12 122009 12 10170,000170,000 2010 2010 12 3170 2007 12 1255,000 2008 12 1170,000 2009 12 1065,0002010 12 1790,00075,000 2011 201063,500 2011 12 3160201030 2007 12 132008 12 122009 12 152010 12 1765,000 65,0002011201065,000 2011 12 3150 (201030 2007 12 122008 12 92009 12 10170,0002010 12 17 127,500155,50020112010170,000 2011 12 31 110201070 2007 12 1275,000 2008 12 102009 12 102010 12 17 65,00065,000 2011201069,000 2011 12 31 50 (201030 2012 1 1 2011 12 31 2011 11 12011 12 31 2011 12 31 210 XV300,0002014 6 30 300,000 35%2013 10 31 53 (ii) 1617,95020107,050 (iii) 87 88 556819982003 2009 12 22012 12 31 170

11 B 2011 12 31 (i) 53A(i)2003 8 11,066,000 2006 5 15213,000 (i) 2004 8 423,000 (ii) 2005 8 446,000 (ii) 2007 53A(ii)2007 200720102007 720,000 200820092010470,00020072008 170,000 200942,50020072010 170,0002009 685,000 20092010 12170,000 200720082009 170,000 2010 127,500200720082009170,0002007 12 75,00020082009 1265,000 2010 750,000 2010 12170,000200755,000 2008 70,000 200965,000 201090,0002007 201065,000200775,00020082010 65,000 2007201011A(i) 12 2011 2010 48 468 29B 17 3,889 990 572 3,026 5 1 4,934 4,034 13 2011 2010 2,517 2,517 121 93 11 9 46 24 62 63 2,757 2,706 434 400 169 14 603 414 (154) 449 414 3,206 3,120 2011 171

14 2010 12 2 2011 12 31 6.4720104,500 15 2011 2010 5 315 560 5 268 206 723 721 24E 16 15 18 27 32 (37) 1,372 1,492 (133) (15) 63 86 (1) 48 85 (176) (178) 1,111 1,399 (199) (114) (45) (34) (1) (245) (148) 80 78 946 1,329 (25) (92) 921 1,237 2011 12 31 0.8% 5.8% 2010 0.6% 5.3% 1.1% 1.6% 2010 0.8% 1.2% 2011 12 311.332010300 2011 2,40020101.19 90020101.19 1,5002010 172

16 2011 2010 31 208 148 33 152 22 360 170 31 (26) (22) 33 (37) (9) 297 139 17 A 2011 2010 16.5% 201016.5% 1,619 1,495 56 93 1,675 1,588 840 672 (9) 10 316 287 (1) 33 1,146 1,002 2,821 2,590 2011 12 3116.5% 201016.5% 16.5% 201016.5% B 2011 2010 % % 17,669 14,762 2,957 16.7 2,451 16.6 106 0.6 200 1.4 (215) (1.2) (90) (0.6) (27) (0.2) 29 0.2 2,821 15.9 2,590 17.6 2011 173

18 A 19 144.152010118.78 B 2011 2010 14,716 12,059 (5,088) (4,074) 17A 840 672 10,468 8,657 7.2020107.85 1,10020101,100 19 2011 2010 25201014 1,446 807 51201045 2,950 2,598 4,396 3,405 45200938 2,598 2,177 2010 12 31 2011 12 31 57N 20 A 147.162010120.595,780,030,1712010 5,751,035,100 2011 2010 1 1 5,772,563,031 5,727,833,692 6,461,157 20,911,122 1,005,983 2,290,286 12 31 5,780,030,171 5,751,035,100 174