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!"#$%&!!" 6/7 2003!"#$%&'()*+,-./01234567*+,-$!"#$%&'(!)*+,-"#$%&'.!!"#$%&'()*+,)-./012-50!"#$!"#$%&'11.5!"#$%&'()*!+",-./01234567890!"#$%&'()!"#$%&'()*+!",-./0123456789:;!"#$%&'()*+,-./01234!5678!"!"#$%&%'2002 2003!"#$%&'()*+, 12.9 1.747!!"#$%&'()*+,-./01234-56789:;<=>!"#$%&'(#)*+,-./0123456789:;<!"#$%&'2003 2!"#$%17!"#$% 10!"#$%&'()*!"!"#$%&'()*+,-!"#$%&'()*+ 2002/2003!"#$%!"#$%&'()*+,-."#/01230456&'78!"#$%&'()*!"#$%&'()*#$%&+,-%&SGC (HK Group) Limited!"#$%&'( )*+,-% )*+./0123456!!"#$%&'()5!"#!"#$%&'()*"#+!,-./02003!"#$!

! 2003 2002!! 5,770.0 125.1!"#$%&'! 1,554.2 214.0!"# 1,213.4 143.9!"#$%&'( 920.2 27.6 6,892.7 27,408.5 3,817.1! 8,557.9 3,717.4!"# 9,046.2 3,681.8!"# 1 HK$1.39 HK$0.05! 2 62% N/A!"#$ 3 14% 4%!"#$% 4 6% 4% (1)!"#$%&'()*#+,-./01!23456789: 2002!"#$%&$'()*+,"$-!"#$ (2)!"#$%&'()*+,-./0*+,-123456 (3)!"#$%&' ()*+,-!./0 (4)!"#$%&'()*+,-./0)*123456789:;<

!"#$%&!!" 6/7

8/9 1998

! 2003 9 30

10/11!"

56 59 63 58 Renaissance Hotel Group N.V.

12/13 41 47 59 AIG Asian Infrastructure Fund II 16.7 Emerging Markets Partnership EMP EMP International Finance Corporation 54 53 AIG AIG AIG47 AIG Asian Opportunity Fund AIG Indian Sectoral Equity Fund AIG Asian Direct Investment FundAIG AIG 54 OBE 55 Gieves & Hawks plc 56

!!"#

14/15 * 3 94% 2 100% 17 96% 18 94% 9 98% 9 97% 2 93% 7 90% * 2003 1 29 2003 6 30

16/17 2003 Henrique Eduardo Ho Carneiro

!!"#$% 29,000 2003 900 1,700 806,000 36730 20

18/19 2004 3,000 2003 1 12

!!! 4405,700 100 19 2001 2002 2,0002002 2002 2002 11 2002 11 2003 3

20/21 33180 30 2003 5 6 7,400 7

!"#$% 2003 2003 1 29 12.134 2002 1.439 743%2002 3.608 167% 9.649 2003 12003 1 29 2003 6 30 2.364 24% 7,330 31% 1.544 65% 2,510 3.249 34%1.243 1.82895% 1,780 4.036 2002 3.608 12%42% 2.290 57% 2003 1.477

22/23 1,000 9.946 5.460 4.740 7,200 19672,710 7,480 20021.195 2003 2002 236.4-324.9-403.6 360.8 964.9 360.8 (74.8) (119.5) 27.1 21.7 - (90.0) 474.0-72.0 - (20.9) - 6.5 4.3 (131.5) - (24.0) - (79.9) (33.4) 1,213.4 143.9

!"#$% 64% 36% 2002 94% 6% 1.39200227 2002 1.339 2003 1,140 2003 6 3025.484 20023.493 86.820 17.893 2003 6 30 68.927 85% 2003 6 62% 2003 652%48% 9.202 44.652 57.329 2003 6 30 77.546 82% 60

24/25 2.323 1.332 9,910 2.267 5,040 4.115 22.111 12.7992002 9.312 2002 2003 6 308.580 2002 2003 6 30 2.6732002 5.0702002 2003 6 3029,000 24,00010.800

!"#$%

26/27!"#$%&'(

!"#$% 2002 2003 2003 1% 2004 5.4% 20032.8%20040.6%

28/29

!"#$% 2003 126.274 20029.804 2.364 2003 6 30 2003 2002 5 265.5 290.9 (9) 73.3 214.5 425.2 (50) 154.4 32.1 160.9 (80) (25.1) 115.3 103.4 12 33.8 627.4 980.4 (36) 236.4 2003 3 2003 6 2003 7 9 1.477

30/31 2.655 9% 168 892003 6 2003 Living etc... 2003 2.145 50% 2002 199728% 2003 199737%

!"#$% 769 100 25032% 46% 22% 14% 86%2003 6 30 250136 2003 80% 769100 2002 9 33 11 2003 3 20% 58%

32/33 Tricor Holdings Limited 20033,430 1,880 1,790 47%

!"#$%

34/35! "#$%&' 2002 2003 6 12

!"#$% 59 3.6 1.25 3.5193.9812,620 2002 10 12003 6 30 11.310%

36/37 2003 6 30 2003 2002 5 351.9 242.3 45 124.3 398.1 367.5 8 182.8 26.2 34.3 (24) 17.8 776.2 644.1 21 324.9 20033.519 45% 2003 2.176 2002 1.267 3%117,217 2002 12 840 13% 1.127

!"#$% 2003 5,140 5,82014% 17% 3,600 5901,310 2002 2,580 200310% 2% 4,000 1,540 710 2002 8 25%1,950

38/39 2003 2002 10 1 2003 760340 2005 1605 28 18% 99.5%93% 309

!"#$% 3.981 2002 8% 2002 7 24% 21% 2.692 2002 1 2003 5 1.35% 135 2010 2003 1 6738.4 15.4% 2003 1,800 2002 8.9% 2004 6.5% 8.6% 1,900 1,940 2005 430

40/41 2,620 2002 24% 1,500 2002 8 112003 760 2002 2% 50% 203016 2,220 1,760 1,700 699 400 3,000 145 2010 2005 45% 60% 10,000

!"#$%

42/43!"#$%&'(

!"#$% 4.036 2002 3.6082003 2003 2002 229.0 195.1 17 174.6 170.2 3 (4.5) 403.6 360.8 12 2.2902002 17% 3% 1.746 20032002

44/45 3.646 20027% 1341372% 93.6% 95.4% 2004 2002 1,91020017% 2003 2,000

!"#$% 3,540 200267% 103 88.416% 1,060 2002 24% 2002 92% 50%2002 6 60% 2002 3248.2 51%

46/47 2003 1 62002 34% 45%3,7602002 6,210 1 1,000

49 75 76 77 78 79 80 81

!" 48/49 Pacific Ports Company LimitedNWS Holdings Limited (i) (ii) (iii) 3 76 78 4% 0.2 56

!" 160 161 13 39 41 40 25 142,000 26 908,800,0007,156,100,000

50/51 30% Bruce Carroll Allen Peter Francis Amour

!" (i) 9,600,000,000 (ii) 3,400,000,000

52/53 Tamman Developments Limited

!" 352 XV (a) 587,000 587,000 0.03% 1 447,000 447,000 0.03% 2 3,991 10,254,321 10,258,312 0.58% 3 3,135,015 2,650,051 5,785,066 0.32% 4 35,800 265,139 300,939 0.02% 5 58,700 58,700 0.00% 6 176,759 176,759 0.01% 6 (1) (2) (3) (4) (5) (6) (7)

54/55 (b) 96,669 96,669 0.00% 30,000 30,000 0.00% 43,323 43,323 0.00% 1 1,000 1,000 0.00% 1 1,000,000 1,000,000 0.11% 2 12,000,000 12,000,000 1.26% 3 6,800 6,800 0.00% 100,000 100,000 0.01% 1 200 200 0.00% 1

!" (b) 700,000 700,000 0.05% 100,000 100,000 0.01% 30,000 30,000 0.00% 3,000,000 3,000,000 30.00% 4 HH Holdings Corporation 15,000 15,000 2.50% Master Services Limited 16,335 16,335 1.63% 44,915 44,915 4.49% 21.18% 5,357,275 5,357,275 4

56/57 (b) 21,000,000 21,000,000 35.00% 5 200 200 20.00% 3 105,000,000 105,000,000 30.00% 5 390,000 390,000 0.08% (1) (2) (3) (4) (5) (6)

!" (c) 2 * 1,000,000 1,000,000 (3) 6.93 * 600,000 600,000 (3) 6.93 300,000 300,000 (3) 6.93 1 200,000 200,000 (3) 6.93 5 Bruce Carroll Allen 200,000 200,000 (4) 6.93 5 * (1) (2) 0.11 (3) (4) (5) Bruce Carroll Allen (6)

58/59 (d) (i) 1 2 600,000 600,000 2,400,000 2,400,000 3 200,000 800,000 4 200,000 800,000 4 120,000 480,000 5 320,000 320,000 1,280,000 1,280,000 5 200,000 800,000 6 78,800 315,200 (1) (2) (3) (4) (5) (6) (7) 10 (8)

!" (d) (ii) 1 5,000,000 5,000,000 2,800,000 2,800,000 2 400,000 400,000 2 500,000 500,000 3 500,000 500,000 3 (1) (2) 20% (2) 25% (3) (4) 10 (5)

60/61 (d) (iii) 500,000 500,000 1 (1) (2) 1 (3)

!" (e) New World Capital Finance Limited 1 2 9,200,000 100,000 9,300,000 2.66% (1) 2,898,522 1 0.13% (2) 31,505 1 0.001% (3) XV

62/63 (i) (ii) (iii) (iv)

!" (v) (vi) (vii) (viii) 2,000,000 10% 178,075,900 41,497,000 136,578,900 7.67%

25% 80% 1% 10 64/65

!" (1) (2) 1 100,000 100,000 2 6.93 (1) 10 0.1 1 1 (2)

66/67 336 5% (1) 59,831,893 970,011,739 1,029,843,632 57.83% (2) 666,558,052 303,453,687 970,011,739 54.47% Mombasa Limited 303,453,687 303,453,687 17.04% Mombasa (1) 59,831,893 (2) MombasaMombasa 666,558,052 (3) 336

!" (1) (2) 2,000,000 (3) Front Drive Limited Front Drive Kingsfund Limited Kingsfund CSX World Terminals, LLC. CSXCSX CSXWT Terminal 8 Limited CSX Front Drive 18.2% Kingsfund 31.8%50.0% Front Drive 2,000,000 (4) Seaview Gold Limited New World Tower Company Limited NWT18 2 21 147,600 NWT

68/69 (5) 8% 92% 40% 60% 12 1314 1516 50% 50% 1,150,000,000 1,084,900,000384,000,000 362,300,000 50% (6) (a 9,600,000,000 (b) 3,400,000,000

!" (c) 1 5.87 4%3,193,654,306 75% 52.35% 14 (7) 71 9,900,000

70/71 (8) 54%(i) (ii) 872,000,000 13,600,000 (9) Best Conquer Properties Limited Best Conquer Star Success Enterprises Limited Star Success 8 25% Star Success 10,000,000 365 Star Success 54% Best ConquerStar Success

!" 8,500,000 8,500,000 (10) 8,200,000 70% 1 200,000 (2) (7) (8) (9) 14 (a) (b) (c) (d) (e) (2) (7)

72/73 19 4,586,800,00051% 1919 (a) 2,347,400,000 15 16 192,211,100,000 33 28,300,000486,600,000 2% 15%13,700,000 4,000,000 665,700,000 5,120,000,000 13% 3,022,000,000 19 3.10 19 16,815,900,000 6,361,400,0004,652,400,0005,802,100,000 1,385,500,000 1,263,800,000

!" 19 (b) 7,000,000,000 50% 7,000,000,000 14 14

!" 74/75 76 154

!" 3 5,770.0 125.1 (5,176.1) (82.7) 593.9 42.4 3 58.0 28.0 12 474.0 12 72.0 (419.9) (64.8) (44.2) 4 (74.8) (215.3) 4 659.0 (209.7) 6 (194.1) (2.9) 596.4 165.3 317.3 260.7 1,378.6 213.4 7 (146.7) (67.2) 1,231.9 146.2 (18.5) (2.3) 8 1,213.4 143.9 9 367.6 175.1 10 1.39 0.05

!"#$ 76/77 12 (447.9) 0.7 13 9,350.1 272.2 15 8,721.6 2,078.1 16 2,091.7 992.6 17 27.6 3.0 19,743.1 3,346.6 18 135.1 19 4,964.2 121.2 20 17.7 21 2,548.4 349.3 7,665.4 470.5 22 5,072.2 19.7 24 652.6 133.6 55.0 28 423.7 99.1 1,163.7 7,544.9 74.7 120.5 395.8 19,863.6 3,742.4 25 1,780.8 525.4 26 6,777.1 3,192.0 8,557.9 3,717.4 27 81.8 28 7,754.6 29 903.0 30 2,566.3 25.0 11,305.7 25.0 19,863.6 3,742.4

!" 13 0.1 14 17,919.1 5,354.6 17,919.2 5,354.6 19 22.2 0.4 21 8.5 330.2 30.7 330.6 22 13.0 3.8 24 103.5 55.0 500.0 616.5 58.8 (585.8) 271.8 17,333.4 5,626.4 25 1,780.8 525.4 26 8,066.0 5,101.0 9,846.8 5,626.4 28 6,800.0 29 686.6 7,486.6 17,333.4 5,626.4

78/79!"#$%& 3,717.4 3,478.8 25, 26 3,640.7 26 269.8 26 (2.2) (2.2) 269.8 26 1,213.4 143.9 26 (11.4) (175.1) 8,557.9 3,717.4

!"#$ 34(a) 1,112.1 22.8 (193.9) (0.2) 11.3 5.1 (3.8) (5.5) (0.1) 920.2 27.6 (140.8) (24.2) 295.5 0.5 (0.5) 34(b), (c) (6,268.4) 34(d), (e) (63.7) 229.8 (81.2) 754.3 (11.0) (62.1) (128.7) 94.9 (17.3) 624.4 184.5 318.5 155.5 (4,465.2) 325.2 34(f) 8,433.2 11.2 (1,702.7) (1.6) (909.2) 3.1 (13.5) (0.2) (66.4) (175.1) (11.4) 5,732.9 (165.5) 2,187.9 187.3 349.3 162.0 2,537.2 349.3 2,548.4 349.3 (11.2) 2,537.2 349.3

! 80/81 1. (i) 9,600,000,000 8,500,000,000 900,000,000 853,000,000 * (ii) 11,701,000,000 * (iii) 5,592,000,000 * 3,194,000,000 * 25 12,554,000,000 * 0.9327 * 0.29 * 30 994,600,000 34(b) 2(b) * 25(c)

! 2. (a) 1 11 15 34 1 15 11 342(q) 2(r) (b)

82/83 2. (c) (d) (e) (i)

! 2. (e) (ii) (iii) (f) (i) (ii)

84/85 2. (g) (i) (ii) (iii) (iv) (v) (vi) (vii)

! 2. (h) (i) 2(i)(ii) (ii) (i) (i) (ii)

86/87 2. (i) (ii) 2% 13% 18 29 2% 2.5% 3% 2.25% 15% 4% 10% 7% 50% (iii) (iv) (v) (vi)

! 2. (j) (i) (ii) (k) 2(g)(i) (l) (m)

88/89 2. (n) (o) (p) (q)

! 2. (q) 11 (r) projected unit credit method 1 (s)

90/91 3. 12.8 125.1 182.6 1.2 717.6 4,158.2 603.3 94.3 5,770.0 125.1 27.1 21.7 11.3 5.1 4.8 14.2 0.6 1.2 58.0 28.0 5,828.0 153.1

! 3. (a) 12.8 182.6 1.2 717.6 4,158.2 603.3 94.3 5,770.0 62.9 411.5 11.1 (485.5) 12.8 182.6 1.2 780.5 4,569.7 603.3 105.4 (485.5) 5,770.0 (6.4) 82.6 5.7 81.0 64.2 (8.5) 16.5 235.1 176.0 298.0 474.0 9.8 88.2 (8.3) (17.7) 72.0 27.1 27.1 (70.0) (2.2) (2.6) (74.8) (74.4) 659.0 (194.1) 199.4 101.0 188.5 100.0 7.5 596.4 290.8 19.0 3.8 3.7 317.3 1,378.6 (146.7) 1,231.9 (18.5) 1,213.4

92/93 3. (a) 216.7 5,743.1 0.9 1,549.9 4,572.1 2,251.2 316.6 14,650.5 2,027.9 3,688.9 2,838.8 8.2 89.7 68.1 8,721.6 919.2 1.3 492.8 247.3 431.1 2,091.7 1,944.7 27,408.5 4.1 270.6 0.6 421.4 3,670.2 304.4 128.6 4,799.9 11,484.4 16,284.3 2,566.3 18,850.6 2.3 4.9 27.4 22.7 55.3 28.2 140.8 8.1 65.8 21.8 47.5 93.8 4.0 241.0 (176.0) (298.0) (474.0) (9.8) (88.2) 8.3 17.7 (72.0) 70.0 2.2 2.6 74.8

! 3. (a) 125.1 125.1 125.1 125.1 6.3 6.3 21.7 21.7 (119.5) (119.5) (90.0) (90.0) (28.2) (209.7) (2.9) 165.3 165.3 260.7 260.7 213.4 (67.2) 146.2 (2.3) 143.9

94/95 3. (a) 401.6 401.6 2,078.1 2,078.1 992.6 992.6 344.8 3,817.1 4.5 4.5 70.2 74.7 25.0 99.7 24.1 24.1 38.9 38.9 125.3 125.3 0.5 0.5

! 3. (b) 4,362.2 157.9 8,233.4 128.1 1,405.8 75.5 6,404.0 10.6 2.0 1.7 13.1 2.1 5,770.0 235.1 14,650.5 140.8 0.1 125.1 6.3 401.6 24.0 125.1 6.3 401.6 24.1

96/97 4. ) 14.5 (5.6) 8.9 9.3 1.6 176.3 241.0 38.9 45.4 5.8 16.0 5 1,085.0 41.3 24.0 90.0 13 74.8 119.5 5.8 74.8 215.3

! 5. 1,094.4 38.0 13.1 42.6 3.3 31(b) 0.8 1,150.9 41.3 (65.9) 1,085.0 41.3 6. 90.2 0.2 22.8 35.1 2.7 0.2 45.8 194.1 2.9

98/99 7. 25.8 8.3 0.1 8.4 42.5 0.1 27.8 25.9 16.6 6.1 50.5 25.9 53.1 41.2 0.1 0.5 53.7 41.2 146.7 67.2 17.5%16%

! 8. 591,100,000 235,300,000 9. 0.2 41.2 0.2 356.2 4% 11.4 133.9 367.6 175.1 0.2 25(c) 10. 1,213,400,000 143,900,000 11,400,000 133,900,000 866,100,000 206,000,00025(c)

100/101 11. 1.5 0.6 3.3 0.2 5.0 0.6 1,000,000 16 10 1,000,001 1,500,000 1 1,500,001 2,000,000 1 18 10 400,000 200,000 4.8 5.5 0.2 0.3 5.0 5.8

! 11. 1,000,000 2 1,000,001 1,500,000 1 1 1,500,001 2,000,000 1 2 2,000,001 2,500,000 1 3 5 12. 0.7 0.7 516.3 (1,510.9) (994.6) 517.0 (1,510.9) (993.9) (474.0) (474.0) 26.0 (98.0) (72.0) 26.0 (572.0) (546.0) 491.0 (938.9) (447.9) 0.7 0.7 1 994,600,000516,300,000 1,510,900,000 474,000,000 10 20

102/103 13. 306.0 50.2 6.3 71.3 433.8 991.5 924.1 6,226.8 2,320.7 1,551.0 134.5 12,148.6 (93.1) (0.6) (93.7) 3.8 26.3 4.8 1.4 1.9 53.0 49.6 140.8 0.1 87.2 25.6 4.3 (117.1) (0.1) (324.8) (41.1) (366.0) (1.1) (1.1) 994.2 1,343.5 6,138.5 51.6 2,023.4 1,572.9 138.3 12,262.4 0.1 147.9 8.2 3.0 2.5 161.6 132.9 908.8 572.2 904.6 2,518.5 (13.8) (0.3) (14.1) 57.2 1.9 0.7 15.0 74.8 33.1 63.8 3.0 69.6 71.5 241.0 1.9 (1.9) (37.3) (32.2) (69.5) 373.0 958.8 11.2 606.4 947.3 15.6 2,912.3 994.2 970.5 5,179.7 40.4 1,417.0 625.6 122.7 9,350.1 0.1 158.1 42.0 3.3 68.8 272.2

! 13. 990.3 1.7 2.2 2.2 992.0 142.7 237.0 571.3 22.1 357.6 306.0 7.2 5.6 1,343.5 306.0 1,345.7 992.0 306.0 (a) (b) 14,100,000 (c) 100,000 (d) 751,000,000

104/105 14. 3,393.2 3,369.2 14,525.9 2,227.6 (242.2) 17,919.1 5,354.6 (a) (b) 39

! 15. (a) 1,647.0 484.1 (b) 1,213.8 (b) 427.6 (c) (0.9) 3,771.6 3,033.2 1,693.1 (b) 389.6 465.0 (c) (80.0) (80.0) 3,342.8 2,078.1 1,571.9 (b) 21.6 (b) 13.7 1,607.2 8,721.6 2,078.1 (a)

106/107 15. (b) (i) 405.4 81.2 (ii) 13.7 4.0 (iv) 1,205.9 465.0 356.1 1,625.0 465.0 441.3 (i) 2% 15%19,000,000 (ii) 3 (iii) (iv) 272,300,000 251,400,000 (c) (d) 624,400,000 208,600,000 (e) 41

! 16. 884.8 1,187.6 957.7 2,072.4 957.7 (88.5) 48.1 34.9 (40.4) 34.9 (a) 66.1 (b) (6.4) 59.7 2,091.7 992.6 (a) (b) 5,300,000 (c) 318,500,000 155,500,000 (d) 332,100,000

108/109 16. (e) 1,144.6 1,152.5 872.1 782.0 (146.4) (123.6) 725.7 658.4 290.8 260.7 2,353.7 2,308.2 310.2 507.9 (172.1) (172.8) (46.4) (52.2) 2,445.4 2,591.1 815.3 863.9

! 16. (i) 767,000,000 796,500,000 239,000,000 172,600,000 (ii) 587,700,000 794,700,000 1,181,600,000 ( 1,101,100,000 ) (f) 40 17. 25.5 3.0 31 2.1 27.6 3.0 18. 34.3 12.9 87.9 135.1 1,800,000

110/111 19. (a) 1,299.6 3.3 807.8 23 330.9 2,310.9 2.1 22.2 0.4 88.2 115.8 126.8 4,964.2 121.2 22.2 0.4 (a) 3 986.5 3.1 4 6 111.6 0.2 6 201.5 1,299.6 3.3 20. 17.7

! 21. 113,800,000 107,100,000 22. (a) 711.5 0.9 512.4 31.2 23 621.3 3,178.8 18.8 13.0 3.8 17.0 5,072.2 19.7 13.0 3.8 (a) 3 545.0 0.9 4 6 93.6 6 72.9 711.5 0.9

112/113 23. 20,154.5 (20,444.9) (290.4) 19 330.9 22 (621.3) (290.4) 24. 549.1 29 103.5 103.5 652.6 103.5

! 25. 4,000,000,000 400.0 7,800,000,000 780.0 (b) 12,200,000,000 1,220.0 (b) (4,000,000,000) (400.0) 4,000,000,000 400.0 (c) (21,600,000,000) 2,400,000,000 2,400.0 3,193,654,306 319.4 2,059,968,000 206.0 (d) (3,193,654,306) (319.4) 3,193,654,306 319.4 (e) 12,553,967,712 1,255.4 (c) (16,026,831,017) 1,780,759,001 1,780.8 (a) 0.104% 1.048 (b) 1,180,000,000 2,400,000,000 (i) 12,200,000,0000.10 (ii) 4,000,000,0004,000,000,000

114/115 25. (c) 0.10 1.00 (d) 3,193,654,3063,193,654,306 (e) 852,987,243 11,700,980,469 24,000,000 28,500,000 (4,000,000) (4,500,000) 20,000,000 24,000,000 (18,000,000) 2,000,000 24,000,000

! 25. 6.930 0.693 1,900,000 21,000,000 100% 100% 2,000,000 100% 1,900,000 23,000,000 100,000 1,000,000 100% 100% 2,000,000 24,000,000 0.10 1.000.6936.93 10% 1,780,759,001 3.725 41,497,000

116/117 26. 4,770.8 277.0 (1,994.4) 3.3 135.3 3,192.0 2,385.3 2,385.3 (2.2) (2.2) 1,213.4 1,213.4 9 (11.4) (11.4) 7,156.1 277.0 (1,994.4) (2.2) 3.3 1,337.3 6,777.1 7,156.1 277.0 (1,994.4) (2.2) 3.3 981.1 6,420.9 356.2 356.2 7,156.1 277.0 (1,994.4) (2.2) 3.3 1,337.3 6,777.1 7,156.1 274.3 (1,994.4) (2.2) 3.3 209.1 5,646.2 2.7 650.4 653.1 477.8 477.8 7,156.1 277.0 (1,994.4) (2.2) 3.3 1,337.3 6,777.1

! 26. 4,770.8 274.2 (2,265.1) 4.2 169.3 2,953.4 (5.8) (5.8) 5.8 5.8 2.8 (2.8) 270.7 (0.9) 269.8 143.9 143.9 9 (175.1) (175.1) 4,770.8 277.0 (1,994.4) 3.3 135.3 3,192.0 4,770.8 274.3 (1,994.4) 3.3 (90.4) 2,963.6 2.7 63.4 66.1 162.3 162.3 4,770.8 277.0 (1,994.4) 3.3 135.3 3,192.0

118/119 26. 4,770.8 1.1 237.3 31.6 5,040.8 235.3 235.3 9 (175.1) (175.1) 4,770.8 1.1 237.3 91.8 5,101.0 2,385.3 2,385.3 591.1 591.1 9 (11.4) (11.4) 7,156.1 1.1 237.3 671.5 8,066.0 7,156.1 1.1 237.3 315.3 7,709.8 356.2 356.2 7,156.1 1.1 237.3 671.5 8,066.0

! 27. 73.4 8.4 81.8 161.8 (80.0) 81.8 39.6 (27.8) 11.8

120/121 28. (a) 42.1 6,091.1 6,000.0 6,133.2 6,000.0 1,982.1 800.0 62.9 (b) 0.1 8,178.3 6,800.0 (423.7) 7,754.6 6,800.0

! 28. 4.7 418.9 0.1 423.7 1,005.1 1,151.7 2,156.8 3,061.7 411.5 3,473.2 2,061.7 62.9 2,124.6 6,133.2 1,982.1 62.9 0.1 8,178.3 (a) 6,000,000,000 0.6 6,000,000,000 9 5.76 6.91 (b) 100,000

122/123 29. (a) 107.3 109.1 216.4 (b) 790.1 790.1 (103.5) (103.5) 686.6 686.6 903.0 686.6 (a) (projected unit credit method) 107.3

! 29. 6.5 11.9 (5.3) 13.1 102.3 13.1 (8.1) 107.3 3.5% 0.5% 2.5% (b)

124/125 30. 1,698.1 12.5 (224.9) 93.1 1,000.0 12.5 2,566.3 25.0 635,400,000 10 15 900,000 800,000 31. (a) 20,0005% 42,600,000 3,300,000 5,500,000 1,900,000 (b) projected unit credit method

! 31. (b) (i) (19.6) 21.0 1.4 0.7 2.1 (ii) 1.2 1.2 (1.6) 5 0.8 (iii) 1.8 (0.8) 1.1 2.1

126/127 31. 4.5% 7% 0% 4% 32. (a) 12.6 1.0 37.8 125.1 50.4 126.1 (b) 287.6 194.5 123.9 129.4 411.5 323.9 268,900,000 261,000,000

! 32. 1,321,800,000 1,482,000,000781,000,000 876,000,000 60% 33 (c) 28,300,000 (d) 30,000,000

128/129 32. (e) 64.3 2.0 32.4 2.0 96.7 4.0 15.4 13.8 29.2 125.9 4.0 (f) 0.4 0.8 1.3 1.7 3.4 0.8

! 33. 931.2 858.0 1,279.9 2,211.1 858.0 (a) (b) 858,000,000 267,300,000 507,000,000

130/131 34. (a) 659.0 (209.7) (11.3) (5.1) 241.0 38.9 (546.0) 74.8 119.5 5.8 (27.1) 68.3 390.4 17.7 8.1 5.0 (0.3) 19.5 (480.6) 10.8 582.8 (13.4) 587.2 7.7 1,112.1 22.8

! 34. (b) 9,630.1 7,369.9 1,090.4 26.9 134.0 154.6 4,477.5 2,382.7 (4,467.2) (108.8) (1,819.7) (1,947.8) (230.7) (73.4) (2,552.2) 14,066.3 (994.6) 13,071.7 1 3,640.7 8,545.0 29(b) 886.0 13,071.7

132/133 34. (c) (8,545.0) 2,382.7 (106.1) (6,268.4) 1,191,900,000 5,069,600,0006,740,200,000

! 34. (d) 79.6 78.7 61.6 49.3 123.4 29.4 (15.2) (30.2) (147.7) (7.1) (131.2) 33.0 57.6 270.7 (0.8) 27.1 (68.3) 60.1 259.2 59.7 259.2 0.4 60.1 259.2 (e) 59.7 259.1 (123.4) (29.3) (63.7) 229.8

134/135 34. (f) 5,296.2 25.0 5,321.2 1,947.8 1,819.7 2,552.2 6,319.7 6,230.5 (409.2) 5,821.3 (11.4) (11.4) 3.1 3.1 (13.5) (13.5) (147.7) (7.1) (154.8) 3,640.7 3,640.7 (0.5) (0.5) 18.5 18.5 8,936.9 8,178.3 1,262.8 2,566.3 20,944.3 5,296.2 1.6 212.2 5,510.0 9.6 9.6 (4.0) (4.0) (0.8) (0.8) 4.6 4.6 2.3 2.3 (11.2) (189.3) (200.5) 5,296.2 25.0 5,321.2

! 34. (g) 125 35. (a) (b) 40.2 (c) 11.5 (d) 10.3 (a) (b) 832.4 (e) 41.3 (f) (15.7) (6.3) (g) (11.1) (3.5) (h) (8.5) (a) (b) (c) 15 16 (d) (e)

136/137 35. (f) (g) (h) 8,500,000 10,000,000 8,500,000 36. 37. 38.

! 39. # 130,000 100 100.0 20,000* 100 100.0 4,998 1 100.0 2* 1 2 10,000 100.0 3,000* 10,000 15,000,000 1 100.0 10 100 100.0 160,000* 100 100.0 8,500,000 1 100.0 1,500,000* 1 100.0 766,714 10 100.0 233,288* 10 100.0 8,402 100 100.0 11,600* 100 20.7

138/139 39. # 100,001 100 100.0 1* 100 100.0 400,000 100 100.0 600,000* 100 100.0 3 1 100.0 1* 1 100.0 980,000 10 100.0 20,000* 10 11,481,580 1 68.1 450,000 10 99.0 95,500* 10 83.5 10 1 70.0 5,000,000* 1 91.0 2 1 100.0 2* 1 ( ) 2 1 100.0 2* 1 100.0 2 100 100.0 1,002* 100 100.0

! 39. # 1,000 100 100.0 Kleaners Limited 5,000,000 1 100.0 30,000 1,000 100.0 18,750,000 1 90.4 40,000,002 1 100.0 704,000* 1 100.0 1,000,000 1 70.0 500,000 1 100.0 100 100 100.0 100* 100 50.0 100,000 1 100.0 2 1 100.0

140/141 39. # 270,000 100 100.0 1** 1 2 1 100.0 18,057,780 1 100.0 500,020* 1 85.0 2 10 100.0 100,000* 10 100.0 200 1 100.0 2 1 100.0 40,000 1,000 100.0 10,000* 1,000 100.0 2 1 100.0 4,998 1 100.0 2* 1

! 39. # 34,400,000 1 100.0 15,600,000* 1 2,500 1 65.0 4,998 1 100.0 2* 1 2 100 100.0 2,500* 100 10,000,000 1 100.0 49,995,498 1 100.0 4,502* 1 66.7 20,000,004 3 99.8 400,000 100 100.0 20,000 1,000 100.0 4,000,000 10 100.0

142/143 39. # 1,323,943,165 0.10 100.0 100.0 * ** 60,000,000 80.0 (a) 71,600,000 55.0 (b) 38,500,000 60.0 (b) 80,000,000 70.0 (b) 99,200,000 60.0 (b)

! 39. 64,000,000 70.0 (b) 82,400,000 70.0 (b) 64,000,000 60.0 (b) 63,800,000 60.0 (b) 96,000,000 60.0 (b) 72,000,000 80.0 (b) 7,809,700 100.0 49,000,000 90.0 (c) 56,000,000 90.0 (c) 3,750,000 75.0

144/145 39. 72,120,000 90.0 (c) 85,880,000 90.0 (c) 502,850,000 1 48.9 (d) 72,000,000 45.0 (b) 5,000,000 100.0 17,000,000 70.0 34,000,000 65.0 (b) 165,867,000 45.0 (b)

! 39. 94,000,000 45.0 (b) 54,000,000 40.0 (b) 103,500,000 50.0 (b) 90,000,000 55.0 (b) (a) (b) (c) (d) 30% 12 60%

146/147 39. # Hetro Limited 100 1 100.0 1 1 100.0 10,000,000 1 100.0 1 1 100.0 1 1 100.0 10,000,000 1 100.0 50,000,000 1 100.0

! 39. # 1 1 100.0 100.0 1 1 100.0 100.0 Righteous Corporation 1 1 100.0 Stockfield Limited 1 1 100.0

148/149 40. # 55,000 A 1 5,000 B 1 33.3 100 1 49.0 10,000 1 42.0 200,000 100 50.0 150,000 100 42.0 East Asia Secretaries (BVI) Limited 300,000,000 1 24.4 Tricor Holdings Limited 7,001 1 24.4 393,906,000 0.10 29.98 473,637,699 0.10 20.6 784,674,034 0.10 27.3

! 41. 29,200,000 24.5 (a) 22.2 (b) 24.5 (c) 990,000,000 25.0 (d) 420,000,000 50.0 (e) 384,040,000 50.0 (a) 580,000,000 25.0 (d) 19,255,000 65.3 (f) 39,000,000 33.3 (d)

150/151 41. 75,000,000 50.0 (d) 34,400,000 50.0 (d) 86,230,000 60.0 (f) 30,000,000 60.0 (d) 93,688,000 90.0 (g) 99,400,000 90.0 (g) 99,092,000 90.0 (g) 85,468,000 90.0 (g) 99,368,000 90.0 (g) 92,016,000 90.0 (g) 87,300,000 90.0 (g)

! 41. 99,388,000 90.0 (g) 96,624,000 90.0 (g) 99,448,000 90.0 (g) 99,316,000 90.0 (g) 90,472,000 90.0 (g) 89,028,000 90.0 (g) 89,392,000 90.0 (g) 40,000,000 90.0 (f) 60,000,000 40.0 (d) (a) (b) (c) (d) (e) (f) (g) 1110 15 60%

152/153 41. # 1,000 1 23.3 100,000 A 1 55.7 20,000 B ** 1 79.6 54,918* 1 10,000 1 46.0 1,000,000 1 47.0 100 1 50.0 100 1 49.0 Tate s Cairn Tunnel Company Limited 1,100,000 0.01 29.5 600,000,000* 1 52,000 A 1 52,000 B 1 40.0 26,000 C 1

! 41. # CSX World Terminals New World Limited 2,000 1 50.0 CSX World Terminals New World 1,000 1 50.0 (Tianjin) Limited 1,086,280 A 100 2,089,000 B 100 50.0 1,002,720 C 100 * **

!"#$% 154/155 301A 1. 2. 3. 4. 5. (a) (c) (b) (a) (c) (a) (i) (ii) (iii) (iv) (a)

!"#$% (d) (i) (ii) (iii) (a) (b) (b) (a) (a) (c) (i) (ii)

156/157 (iii) A 18 2 17 1. 2. 56 3. 56 4.

!!! 10,000

158/159! 20 88.5 9 1,000! + ( ) + ( )

!"# 1.39 0.05* 0.69* 0.26* (2.93)* 0.53* 0.26* 62% 14% 4% 8% 2% (26%) 6% 4% 7% 2% (22%) 5,770.0 125.1 135.9 149.7 81.4 717.6 4,158.2 603.3 94.3 182.6 1.2 12.8 125.1 135.9 149.7 81.4 4,362.2 1,405.8 125.1 135.9 149.7 81.4 2.0 1,213.4 143.9 276.1 65.8 (240.1) 73.3 154.4 (25.1) 33.8 124.3 200.6 403.6 360.8 319.3 101.2 (48.8) * 25(c)

160/161 613.1 338.5 305.5 108.9 350.1 22.3 13.8 (7.6) (48.8) 1.7 (74.8) (119.5) 27.1 21.7 (90.0) 474.0 72.0 (20.9) (9.1) 6.5 4.3 4.8 8.4 22.8 (131.5) 4.5 (24.0) (79.9) (27.6) (45.1) (37.9) (39.7) (5.8) (2.9) (6.0) (169.8) 27,408.5 3,817.1 3,942.9 3,797.3 1,281.4 18,850.6 99.7 464.2 460.9 354.2 9,378.2 62.9 1.6 11.7 33.2 8,557.9 3,717.4 3,478.7 3,336.5 927.2

!!!!!!!!!!"!! NWS Engineering 68.14% Tricor Holdings 24.39% 47% 20.61% 65% 29.98% 50% 90.4% 70% 70% 50% 2003 6 30

162/163!" #$ %&' ()*+, -!"#$%&!!"#$%& 64,000!"#$%& 1,939!"#$%&'( 28,587!"#$% 3,661,958!!"#$%& 275,057! 15 4!"#$%&'!"#$%&'!!"# 300!"# 18!""# 1.8!!!""# 72!!" #$%&'() *+!"#$%&'(!!""# 170! 100!!"# 25,000! 39!" #$%&'() *+!"#$%!!"# 1,500!"# 96!!!"# 1,000!"# 92!!"#$%&'!"#$%&'!!! /!

!!!"#$%&!"#$%!!!!!"#$%!"#!!"# 256! 341!!!"#$%! "#$ %&'!!"#$ 68.44!"# 144.0373.98!!!"#$ 5.46!"# 10.915.42! T3 / A11118 55B!"#$%!"#$%!!"#$ 2.1!"# 3.841.44! 223 157!!"#$ 1.98!"# 18.8815.2! T3 D15!"#$%!"#$%&'!! 8!!!"#$%&'(!"#$%!!!!"#$ 1!"# 7,900! 11 12

164/165!"#$%&'!"#!!"#$ 24!"# 53 26! AIG!"#$%&'()*!" #$ %&'()*+, -.! 769 100!"#$ 505,075! 4.5! 2004 663 39!"#$%&'()*!" #$ %&'()*+, -.! 25 10!"#$ 39,135! 8!"#$ 4,566!"#$%&'(!!"#$%&'(!"#$%!!"# 4.5! Linfox Holdings Hong Kong Ltd!!" 220!

166/167!"# 1.!"#$%& 2.!" #$%&'!"#$ 65.29% 25%! 22! 8.6! 53.8!!! 1994 1! 1997 5! 1999 12! 2023 2030!"# 2 75! 2.84 17.62! 5 180 2003 2002 2001 2003 2002 2001!"#$% 117,217 120,556 130,747! 31,513 27,731 24,912! 29,039 24,926 20,079 3. 321!"#$% 4. 321!"#$% 5. 321!"#$%!"#$ 45% 45% 55%! 42 79 23.8! 1994 12 1995 9 1998 8! 2019 2020 2019!"# 2 60 3 70 2 30 2003 2002 2001 2003 2002 2001 2003 2002 2001!"#$% 4,899 5,346 5,135 5,907 6,342 6,023 8,506 9,332 8,954 6. 1962!"#$% 7. 1958!"#$% 8. 324!"#$%!"#$ 60% 65% 40%! 32.4 30 24! 1998 8 1999 5 1994 2! 2026 2023 2015!"# 2 25 2 25 2 30 2003 2002 2001 2003 2002 2001 2003 2002 2001!"#$% 2,258 2,398 2,387 569 541 639 9,644 9,079 8,779

!! 9. 1969!"#$% 10. 1964!"#$% 11.!"#$ %&'!"#$ 10% / 58% 70% 61%! 27 32 34! 1998 1 1995 12 1997 9! 2024 2019 2024!"# 2 25 2 30 2 20 2003 2002 2001 2003 2002 2001 2003 2002 2001!"#$% 2,303 2,462 2,452 6,519 6,424 6,185 413 867 1,552 12. 1959!"#$% 13. 1906!"#$% 14. 1960!"#$%!"#$ 75% 80% 55%! 26.6 26.8 60! 1998 11 2001 9 1996 7! 2027 2028 2020!"# 2 25 2 20 2 60 2003 2002 2001 2003 2002 2001 2003 2002 2001!"#$% 3,592 3,928 3,879 3,569 2,909 4,717 4,607 4,404 15. 1960!"#$% 16. 1962!"#$%!"#$ 50% 55%! 47 19.5 301!!"#$%& 1998 4 1996 1!"# 1996 6! 2021 2023!"# 2 60 2 25 2003 2002 2001 2003 2002 2001!"#$% 5,800 5,966 5,655 795 807 765 17a.!"#$% 17b.!"# 18.!!"!" a. b.!"#$ 33.33% 50% 50%! 34.7 21.8!36!50.5!!! 1993 6 1997 12!1996 1!2000 10! 2027 2023 2028!"# 15 85 1 25 2 25 2003 2002 2001 2003 2002 2001 2003 2002 2001!"#$% 11,375 7,314 6,312 11,529 11,979 11,383 7,462 5,930 4,062

168/169!"# 19.!"#$%&'!"#$ 60%!!18.2!21.6!!1997 8!1998 5! 2022!"# 1 25 2003 2002 2001!"#$% 4,501 4,590 5,552 20.!"#$%& 21.!"#$ 22.!"#$%&'!"#$ 70% 60% 60%!!9.2 27.8!8.7!16.8!30!!1997 10 1998 5!1997 8!1998 5!1999 1! 2022 2022 2022!"# 1 25 1 25 1 25 2003 2002 2001 2003 2002 2001 2003 2002 2001!"#$% 4,521 4,289 4,430 5,753 4,937 4,638 2,941 2,721 2,415 23.!"#$%& 24. 321!"#$% 25.!"#$!"#$ 60% 45% 70%! 20!8.7 10.1!4.3!!1997 3 1999 1!1998 12! 2022 2022 2022!"# 2 30 1 22 2003 2002 2001 2003 2002 2001!"#$% 4,994 5,558 5,377 4,503 5,055 4,990!"# 26.!"#$%&!"!"#$ 60% / 90%! 23.18! 2000 7! 2025!"# 10 60 2002 8 5 2003 2002 2001!"#$% 430 630 670

!! 27.!"#$%& 28.!309! "# 29.!" #$ %&# $'(!"!"#$ 60% / 90% 60% / 90% 60% / 90%! 36.02 22.2 18.3 (16.75 ) (4.05 ) (5.45 ) (14.25 )! 1999 4 2000 7 2000 8! 2025 2023 2023!"# 10 60 10 60 10 70 (2002 8 5 (2002 8 5 (2002 8 5 2003 2002 2001 2003 2002 2001 2003 2002 2001!"#$% 1,019 955 973 1,161 1,087 1,305 2,749 3,682 2,280!"#$ 30.!"#$%!"#$ 40%! 18! 1995 4! 2025!"# 5 50 2003 2002 2001!"#$% 6,974 6,647 5,700!"#$ 31.!" #$%& '(!"#$ 90% 60%!!43.4!17!!1999 1!2001 1!!2028!2030!"# 5 110 2003 2002 2001!"#$% 13,313 10,615 9,235!"# 32.!"!"#$ 29.5%! 4! 1991 6! 2018!"# 10 20 2003 2002 2001!"#$% 61,456 63,519 63,992

170/171!"#$ 1.!!"#$ 30% / 80%! 1.1! 1996 11! 2021!"# 2003 2002 2001!"#$% 16,227 15,816 14,977 2.!"#$!"#$ 60%! 1.4! 1999 5! 2022!"# 2 25 2003 2002 2001!"#$% 1,864 1,928 1,652!"#$ 3.!"#!"#$ 48.86%! 4! 1995 6 1956 1 1978 4!!"# 2003 2002 2001!"#$% 58,800 45,476 40,682!"#$ 4.!"#!"#$ 90%! 0.5! 1998 12! 2023!"# 2003 6 1 2003 2002 2001!"#$% 4,920 4,811 5,575

!! 1.! 2.! 3.!"!"#$ 50% 25% 60%!! 600 600 273.5!! 1994 1 1996 4 1995 10! 2017 2020 2017 2003 2002 2001 2003 2002 2001 2003 2002 2001!"# $% 3,373 3,537 3,148 3,902 3,183 3,335 1,329 1,349 1,298 4.!"#$% 5.!!"#$ 60% 19%!! 54 488!! 1997 11 1985 11! 2022 2010 2003 2002 2001 2003 2002 2001!"# $% 300 230 199 1,876 1,831 1,735

172/173 1.!"#$%& 2.! 3.!"#!"#$ 42.5% 30% 29%! 255,000 100,000 60,000! 1985 1994 1! 2010 2027 2027 4.!"# 5.!"# 6.!"#$!"#$ 33.06% 33.06% 25%! 200,000 500,000! 1998 4 1998 4 1995 9! 2020 2020 2014 7.! 8.! 9.!!"#$ 25% 45% 25%! 50,000 260,000 118,000! 1996 1 2000 6 2000 9! 2023 2020 2030 10.! 11.! 12.!!"#$ 25% 25% 35%! 360,000 100,000 50,000! 2001 8 2002 3 2000 12! 2031 2032 2029 13.! 14.!"# 15.!"#$%&'()!"#$ 30% 25% 25%! 110,000 100,000 50,000!" 200,000! 2002 4 2002 1 2003 12! 2032 2031 2052 16.! 17.! 18.!"#$%!"!"#$ 25% 30% 10%! 543,000 275,000 50,000 60,000! 2002 8 2002 11 2006 5! 2027 2052 2053

174/175 1.!"#$%&'() 2.!"#$%&'()*+!"#$ 33.34%!"#$ 55.67%!!! 120!" 590 167,000!! 1987 2! 1988 3! 1991 6! 1992 2! 1994 1! 2047! 1994 11! 305! 2047!"#$ 4 2003 2002 2001 2003 2002 2001!"#$ 95.4% 93.6% 92.7%!"#$%&'() 1,337,000 1,369,000 1,742,000!"#$%&'()* 1,302,000 1,058,000 1,040,000 3.!"#$%&'()*+, 4.!"#$%&'!"#$ 24.5%!"#$ 50%!!! 140! 100 468,664 488,000! 1999 1! 1997 4! 2027! 2052! 1,136! 976!"#$ 8!"#$ 6 2003 2002 2001 2003 2002 2001!"#$%&'() 1,027,000 884,000 767,000!"#$%&'() 482,000 320,000 210,000 5.!"#$%&' () 6.!"#$%&'()*+!"#$ 40%!"#$ 46%!!! 700,000! 600,000 11,733 25,944! 1997 2! 2002 1! 2006! 2019 2003 2002 2001 2003 2002 2001!"#$%&'()* 452,000 411,000 296,000!"#$%&'()* 396,000 31,847 7.!"#$%&'()*+,- 8.!"#$%&'()!"#$ 100%!"#$ 70%!! 89,448! 17,400 58,000! 1998 1! 2045 20,000 2003 2002 2001!"#$ 75% 79% 89%! 1999 1! 2018 2003 2002 2001!"#$%&'() 13,197 11,325 13,752!"# 9.!"#$%&' 10.!"#$%&'()*+!"#$ 23.34%!"#$ 75%!!! 180! 40,000 600,000 285,400 46,811!!"#$%&'()*2004!!"#$ 1998 1!"#$%&'()*2004!" 2003! 2047! 2025! 740! 293!"#$ 1 2003 2002 2001!"#$%&'() 3,312 2,238 1,896!"#

! 176 18 2 17 (852) 2131 0600 (852) 2131 0611 Clarendon House 2 Church Street Hamilton HM 11 22 Butterfield Fund Services (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke Bermuda 56 659 Bermuda