A B

SHENZHEN EXPRESSWAY COMPANY LIMITED 00548 45% 151629

... 1... 4... 15... 16... 30... 36 A... 41 B... 73... 77... 154... 161... 164

HA

16 Intersafe Investments Limited 55%45%

Road King Infrastructure Limited 571 Shenzhen International Holdings Limited * 45% 1.000.881 *

SHENZHEN EXPRESSWAY COMPANY LIMITED 00548 2-4 22 2201-2203 45% 1,068,800,0001,213,200,000

45% 100,000,000113,510,000 14 14A 1. 2. 3. 45%

18,460,000 45% 1,068,800,0001,213,200,000 100,000,000 113,510,000 49%40% 260,772,000 341,553,000338,528,000 50,000,00056,750,000 (1)

(2) (3) 50,000,000 1,000,000,0001,135,100,00050,000,000 68,800,000 78,100,000 (1) (2) (3)

(4) RKI Finance LimitedRKI Finance Limited (1) 50,000,000 50,000,000 (2) 45%

55% 55% 18,263,578,00020,730,508,00010,511,437,00011,931,257,000 21,294,238,000 24,170,531,00012,512,647,00014,202,778,000

A 138,653,000157,381,000208,346,000 236,488,000212,425,000241,118,000 B 55%45% 30 23.9 90,000 1,200,000 265,185 233,689 212,425 208,346 499,794 555,067 585,000,000

50.021% 55%45% 50.021% 14A 25%100% 14 15 1629 14.4414A.43 (a)

(b) 50% 654,780,000A 411,459,887A24,568,000H50.021% 14.4414A.43 14.4414A.43

100% 14.6214.71

SHENZHEN EXPRESSWAY COMPANY LIMITED 00548

183 45 45% 45% 50.021% 1,068,800,0001,213,200,000 45%

100,000,000113,510,000 55% 55%45% 50.021% 14A 50.021%14.44 14A.43 13.39(6)

50.021% 76.0777.52 6.225.03 16 55%45% 30 23.9 90,0001,200,000

A 265,185 233,689 212,425 208,346 499,794 555,067 GDP GDP 10.1%12.1% 4.42.6GDP GDP 966,223 166,524 1,064,771 195,417 1,176,973 223,941 1,362,587 286,051 1,603,946 342,280 2,236,654 492,690 2,620,447 568,439 3,108,440 676,541 3,569,646 780,654 GDP

1.061.1815.4%2.3% 128.814.3 12.5% 90,0001,200,000 16 (i) (ii) (iii) 10.68812.132

11.1351 11.688 25.7 45%11.56 11.68845%1,2801% 1 DCF DCF(i) (ii) DCF DCF WACC CAPMWACC

CAPM10.8%(i) (ii)(iii) 10.8% 17.9% 4(i) (ii)gdp (iii)(iv) 24 24 24

(i) (ii) GDP GDP GDP 20% GDP

11.68845% 95,591,000 12.23P/E 8 P/E P/E P/E 107 10.89 177 15.40 548 13.73 576 12.71 995 10.09 737 6.62 1052 8.37 1098 6.96 10.60 www.hkex.com.hk 1. P/E(i) (ii) 2. 1.001.13 P/E6.6215.4010.60 P/E12.2312.23

P/E (i)(ii)13.73p/e 1P/E (i) (ii) (iii)45%(iv) P/E (1) 50,000,00056,750,000 (2) (a) (b) (c) 50,000,000

1,000,000,000 50,000,000 (3) 68,800,00078,100,000 (1) 50,000,000 50,000,000 (2) 45% 50,000,000

(a) 77.5287.8213.3% (b) 10.688 1 5.36 66.1040.20 (c) 43.9% 50,000,000 42.8%

(d) 5.03A, 1.39 2.08 2.12 (a) (b) (c)

(i) (ii) (iii)

Shenzhen Expressway Company Limited (IVSC)(IVS)

30 23.9 6 1997.10-2027.03

: 1. 3% 5% 1% 3% 2. 2009 2010 2011 2012-2027 20% 22% 24% 25%

10.8%17.9% 10.8%1% 9.8% 2,750 10.8% 2,570 11.8% 2,410

25.7045% 11.56 2-4 518026 CPA

1.

1.1 1.1 6 100 23.9 3 2.

3. (1) (2) (3)

4. 91,700 4.1 4.2.4.1 2009 98,070 97,410 96,685 2010 96,875 96,185 95,495 2015 121,475 120,715 116,565 2020 149,630 147,740 138,180 2025 157,615 157,555 148,320 2027 157,615 157,555 152,655 4.2 2009 6.9% 6.2% 5.4% 2010-1.2% -1.3% -1.2% 2015 4.6% 4.6% 4.1% 2020 4.3% 4.1% 3.5% 2025 1.0% 1.3% 1.4% 2027 0.0% 0.0% 1.5% 5. 365 20%

5.1.5.1 2008 449.18 449.18 449.18 2009 468.46 466.49 464.24 2010 459.37 457.42 455.20 2015 641.96 641.96 630.66 2020 783.49 782.89 743.04 2025 821.68 821.68 789.69 2027 821.68 821.68 809.73 6. 15

A IIII 45%

A 3.340

A I 5 51,791 48,532 49,306 6 1,069 4,543 2,352 7 1,063,482 1,016,386 966,859 8 6,560 30,544 43,338 1,122,902 1,100,005 1,061,855 231 168 281 9 6,440 10,374 11,424 10 48,456 62,591 78,572 55,127 73,133 90,277 1,178,029 1,173,138 1,152,132 11 440,000 440,000 440,000 13 548,605 548,605 548,605 (371,744) (433,538) (488,811) 616,861 555,067 499,794

A 12 266,959 325,690 369,789 13 222,978 204,326 192,905 489,937 530,016 562,694 14 17,225 29,113 35,081 8,520 12,596 17,764 13 45,486 46,346 36,799 71,231 88,055 89,644 561,168 618,071 652,338 1,178,029 1,173,138 1,152,132 (16,104) (14,922) 633 1,106,798 1,085,083 1,062,488

A 331,434 420,631 450,091 17 (10,082) (12,760) (13,656) 17 (95,238) (111,911) (111,071) 226,114 295,960 325,364 16 4,925 6,080 637 17 (6,952) (8,867) (9,104) 224,087 293,173 316,897 19 (55,743) (59,484) (51,712) 168,344 233,689 265,185 20 (29,691) (25,343) (52,760) 138,653 208,346 212,425 21 207,131 270,140 267,698

A 13 440,000 548,605 (303,266) 685,339 138,653 138,653 21 (207,131) (207,131) 440,000 548,605 (371,744) 616,861 440,000 548,605 (371,744) 616,861 208,346 208,346 21 (270,140) (270,140) 440,000 548,605 (433,538) 555,067 440,000 548,605 (433,538) 555,067 212,425 212,425 21 (267,698) (267,698) 22 440,000 548,605 (488,811) 499,794

A 24 295,799 386,804 398,914 (35,027) (45,251) (60,386) 260,772 341,553 338,528 (2,053) (6,236) (2,800) 53 93 53 (2,000) (6,143) (2,747) (43,853) (51,135) (52,102) (207,131) (270,140) (267,698) (250,984) (321,275) (319,800) 7,788 14,135 15,981 40,668 48,456 62,591 48,456 62,591 78,572

A II 1 330,000,00055%45% 440,000,000 55% 55%45% 2 2.1 4 127 2 3

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A 4016 41 939 13 15 16 17 18 2.2 2.3 (a) (b) 2.4

A (%) (%) 28.83 10% 3.12% 5-10 5% 9.50%-19% 5 5% 19% 2.7 2.5 2.6 1

A 2.7 2.8 12 2.102.11 2.10 2.9 2.10

A 2.11 2.12 12 2.13 2.14 2.15

A 2.16 2.17 2.18 2.19 (a) (b)

A (c) 2.20 3 3.1 (a) 1,750,000 71,0002,000 (b)

A 11,134 5,040 39,154 37,317 57,548 39,414 48,451 62,588 78,568 (c) 1 12 25 5 51,135 52,102 127,579 262,604 (1) 15,025 52,102 41,369 131,447 217,367 (1) 26,273 41,369 42,283 136,560 169,972 (1) 31,954 (1)

A (d) 3.2 3.3 4 (a) 2.6 5% 1,757,0001,976,0002,162,000

A (b) 266,959,000 325,690,000369,789,000 10%10%6.62% 5%1,900,000 2,200,0001,650,000 (c) 2.12 12.4% 4(a) 4(a)

A 5 47,000 41,477 2,099 90,576 (11,859) (21,146) (1,299) (34,304) 35,141 20,331 800 56,272 35,141 20,331 800 56,272 1,132 272 1,404 (26) (27) (53) (1,467) (4,165) (200) (5,832) 33,674 17,272 845 51,791 47,000 42,304 2,099 91,403 (13,326) (25,032) (1,254) (39,612) 33,674 17,272 845 51,791 33,674 17,272 845 51,791 6 807 807 1,720 235 1,955 (18) (75) (93) (1,467) (4,217) (244) (5,928) 32,207 15,564 761 48,532 47,000 44,707 1,581 93,288 (14,793) (29,143) (820) (44,756) 32,207 15,564 761 48,532

A 32,207 15,564 761 48,532 6 3,896 3,896 934 161 1,095 (53) (53) (1,467) (2,439) (258) (4,164) 30,740 17,902 664 49,306 47,000 48,608 1,742 97,350 (16,260) (30,706) (1,078) (48,044) 30,740 17,902 664 49,306 6 420 1,069 4,543 649 4,281 1,705 5 (807) (3,896) 1,069 4,543 2,352

A 7 1,100,483 1,063,482 1,016,386 (37,001) (47,096) (49,527) 1,063,482 1,016,386 966,859 8 12 40,044 81,422 92,447 40,044 81,422 92,447 12 1,223 1,467 1,629 12 32,261 49,411 47,480 33,484 50,878 49,109 6,560 30,544 43,338

A 32,432 7,612 40,044 40,044 14,682 26,696 81,422 81,422 11,025 92,447 32,653 831 33,484 33,484 (1,986) 19,380 50,878 50,878 (1,769) 49,109

A 9 (a) 5,772 8,266 9,104 668 2,108 2,320 6,440 10,374 11,424 (a) 10 48,456 62,591 78,572 46,706 62,520 78,570 1,750 71 2 48,456 62,591 78,572 11 440,000,000

A 12 216,215 266,959 325,690 29,123 32,035 22,538 19 21,621 26,696 21,561 266,959 325,690 369,789 13 277,813 268,464 250,672 19 34,504 33,343 31,134 (43,853) (51,135) (52,102) 268,464 250,672 229,704 (45,486) (46,346) (36,799) 222,978 204,326 192,905 134.4 8.6 8.6548,605,000 12.4%

A 45,486 46,346 36,799 41,226 32,733 33,456 80,053 82,454 85,634 166,765 161,533 155,889 101,699 89,139 73,815 268,464 250,672 229,704 338,421,000297,398,000290,148,000 6.84%7.83%5.94% 14 26(d) 1,931 2,166 1,688 6,660 11,607 17,157 3,940 2,772 7,985 434 6,298 2,140 1,308 1,654 1,993 658 1,079 1,671 892 1,187 1,134 1,402 2,350 1,313 17,225 29,113 35,081 1 478 1,931 1,688 1,688 1,931 2,166 1,688

A 15 16 (a) 4,634 5,967 291 113 637 4,925 6,080 637 (a) 17 57 42,833 53,024 53,691 12 29,123 32,035 22,538 9,600 10,696 13,917 10,082 12,760 13,656 18 7,753 8,814 10,811 4,635 5,120 7,482 3,711 4,947 5,550 4,535 6,142 6,186 112,272 133,538 133,831 95,238 111,911 111,071 10,082 12,760 13,656 6,952 8,867 9,104 112,272 133,538 133,831

A 18 6,746 7,593 9,584 872 1,070 1,035 135 151 192 7,753 8,814 10,811 (a) 8%10%10%11%10%11% (b) (c) (b) 272 307 397 78 101 194 25 25 28 15 15 40 390 448 659 01,000,000

A 19 (450) (512) (945) 12 21,621 26,696 21,561 13 34,504 33,343 31,134 47 (72) (63) 21 29 25 56,193 59,996 52,657 55,743 59,484 51,712 20 (b) 2,485 36,472 49,327 63,069 36,472 49,327 65,554 (6,781) (16,668) (12,794) (7,316) (6,781) (23,984) (12,794) 29,691 25,343 52,760

A (a) 15% 25%18%20%22% 24%25% 15%15%18% (b) 2,485,000 25 (c) 168,344 233,689 265,185 15% 15% 18% 25,252 35,053 47,733 (7,316) (5,873) (3,087) 5,176 5,001 5,629 2,485 (737) (1,522) 29,691 25,343 52,760

A 21 207,131,000 207,140,000267,698,000 59,109,000 22 488,811,000 388,124,000 12277,341,000 712 23 24 138,653 208,346 212,425 29,691 25,343 52,760 5,832 5,928 4,164 37,001 47,096 49,527 21,621 26,696 21,561 34,504 33,343 31,133 29,123 32,035 22,538 166 63 (113) (2,049) (3,934) (1,050) 1,257 11,888 5,969 295,799 386,804 398,914 25 20(b)

A 26 (a) (b) 66,998 97,651 106,403 82,508 85,940 87,359 3 (c)

A (d) 13(b) 215 1,931 2,166 1,688 27 28 45%1,068,800,000 III 21

B 4507% 12053 27 212 41.96% 79 63652 56.62% 42126.91% 12119 18.19% 208 7050.26% 63 48618 52.69%

B 331 15% 13924 20.87% 48 41561 47.64%

B 287290324332933 254261291 23.9

B 200890,9911,227.3 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 16,799 21,602 25,103 26,547 33,308 44,446 56,468 70,278 88,675 90,991 269.3 364.2 420.4 430.1 499.5 631.1 786.6 904.5 1,150.6 1,227.3 2008

1. 2.2 1231 2006 2007 2008 1,805,983 3,845,511 4,242,041 576,007 715,030 560,785 31,673 98,093 66,257 532,651 622,392 503,195 11,683 (5,455) (8,667) 1231 2006 2007 2008 9,400,124 14,711,393 18,263,578 3,100.670 7,104,868 10,511,437 713,450 704,783 6,299,454 6,893,075 7,047,358 6,299,454 7,606,525 7,752,141

2. 2008 2007 2.2 6 696,976 344,800 7 18,132 8 267,562 349,410 9 13,777,469 10,741,681 10 15,912 13 1,212,980 1,423,810 14 1,264,681 1,141,828 17,253,712 14,001,529 3,075 2,956 15 323,626 223,886 16 140,580 16,032 17 536,293 466,990 25 6,292 1,009,866 709,864 18,263,578 14,711,393 18 2,180,700 2,180,700 19 3,594,861 3,541,124 32 261,684 348,912 1,010,113 822,339 7,047,358 6,893,075 704,783 713,450 7,752,141 7,606,525

2008 2007 2.2 20 6,903,730 5,251,963 21 390,279 441,741 22 304,133 237,720 7,598,142 5,931,424 23 1,735,603 754,895 58,716 27,565 20 1,118,976 390,984 2,913,295 1,173,444 10,511,437 7,104,868 18,263,578 14,711,393 (1,903,429) (463,580) 15,350,283 13,537,949

2008 2007 2.2 6 646,785 292,890 7 18,132 8 19,836 311,587 9 5,128,213 4,443,762 11 3,484,365 3,518,193 13 601,296 723,088 14 1,342,050 1,242,424 12 818,700 807,837 12,059,377 11,339,781 2,071 1,971 15 306,318 206,115 16 140,580 16,032 17 441,915 307,783 6,292 897,176 531,901 12,956,553 11,871,682 18 2,180,700 2,180,700 19 3,636,097 3,582,360 32 261,684 348,912 877,931 605,821 6,956,412 6,717,793

2008 2007 2.2 20 3,557,613 3,929,292 21 16,981 68,493 22 304,133 237,720 3,878,727 4,235,505 23 956,594 508,863 45,844 18,537 20 1,118,976 390,984 2,121,414 918,384 6,000,141 5,153,889 12,956,553 11,871,682 (1,224,238) (386,483) 10,835,139 10,953,298

2008 2007 2.2 5 4,242,041 3,845,511 26 (36,699) (37,427) 26 (3,624,357) (3,089,012) 580,985 719,072 24 1,619 11,103 25 5,690 349 26 (54,012) (50,232) 534,282 680,292 28 7,390 9,085 28 (255,260) (149,864) 13 291,500 189,003 14 (17,127) (13,486) 560,785 715,030 29 (66,257) (98,093) 494,528 616,937 503,195 622,392 (8,667) (5,455) 494,528 616,937 31 0.231 0.285 32 261,684 348,912

18 19 200711 2,180,700 3,264,104 1,159,834 6,604,638 6,604,638 2.2 (38,109) (267,074) (305,183) (305,183) 200711 2,180,700 3,225,995 892,760 6,299,455 6,299,455 327,914 327,914 327,914 (73,195) (73,195) (73,195) 718,905 718,905 622,392 622,392 (5,455) 616,937 60,410 (60,410) 2006 (283,491) (283,491) (283,491) 20071231 2,180,700 3,541,124 1,171,251 6,893,075 713,450 7,606,525 200811 2,180,700 3,586,887 1,482,626 7,250,213 712,480 7,962,693 2.2 (45,763) (311,375) (357,138) 970 (356,168) 200811 2,180,700 3,541,124 1,171,251 6,893,075 713,450 7,606,525 503,195 503,195 (8,667) 494,528 53,737 (53,737) 2007 (348,912) (348,912) (348,912) 20081231 2,180,700 3,594,861 1,271,797 7,047,358 704,783 7,752,141

2008 2007 38 1,030,160 998,447 (111,290) (66,662) (93,237) (72,490) 206,806 25,052 33 1,032,439 884,347 (86,568) (83,726) 11,103 945,871 811,724 (2,697,265) (3,373,383) (46,456) (59,236) 10 30 10,800 (451,089) 378,116 375,502 26,250 21,750 24,050 3,164 8,917 (18,459) (37,500) (2,378,181) (3,456,618)

2008 2007 38 4,876,835 5,195,472 1,458,885 790,283 5,000 (2,545,236) (4,173,339) (364,084) (204,748) (119,273) (326) (348,912) (283,491) 1,499,330 2,787,736 67,020 142,842 466,990 328,494 2,283 (4,346) 536,293 466,990

1 19961230 5022A19 HA 200942 2 2.1 (2006) 200812311,903,429,000 200812 3166.1 40.2 4

(a) 200811 112 12 2.2 1419 39 7 (b) 2008 13200871 8200911 814 8 112009 11200911 2200911 321 200911 232320091 1 327

2728 327 31 327 127 16 39 19 12 37 19 19 36 36 38 38 39 5 1

1 5 15 3 1518 11 18 15 17 17 167 7 38 rarely, if ever 207 8 101834 40 2941

2.2 1212 200811 12 12 11 12 1

12 12 37 12

2008 1231 2007 1231 13,777,469 10,741,681 9,883,979 7,065,518 4,077,923 3,859,022 204,182 215,526 109,859 89,820 48,853 32,494 304,133 237,720 321,145 337,263 45,763 45,763 387,816 311,375 970 970 3,178,980 2,742,056 3,211,851 2,750,344 23,772 18,087 16,118 18,199 20,039 14,947 16,359 8,538 970 0.035 0.024 200711267,074,000 12 2.3 (a)

2.10 (b) (c) 20%-50% 2.10 2.10

(d) 2.10 2.4 2.5 (a) (b) 2.6

1030 810 510 56 2.10 2.7 30 2.8 2.20 2.9

1 2.10 2.11 12 2.142.15

2.14 2.12 2.13 2.14 2.15 2.16

12 2.17 2.18 (a) (b)

2.19 2.20 2.21 (a) (b) (c)

(d) (e) (f) 2.22 2.23 3 3.1 (a) 20081231 2,906,000200712,210,000

207,329,000200795,511,000 10,180,000200716,864,000 200812315% 3,569,00020074,179,000 20081231 5% 413,0002007711,000 20081133,000,000 138,867,000 (b) 50%20082007 16.00200716.12 200812310.5%8,000,000 20075,000,000 20081231 (c) 137,585,000 15(a)

200820071231 2008 2007 323,064 274,207 353,273 208,471 676,337 482,678 (d) 20(i)17

1 12 25 5 20081231 1,145,873 703,681 1,875,082 5,964,169 59,000 59,000 1,677,000 1,196,000 1,734,393 20071231 390,984 425,984 1,415,807 3,410,172 59,000 59,000 177,000 2,755,000 750,185 4,710 20081231 1,145,873 294,341 826,752 802,591 59,000 59,000 1,677,000 1,196,000 955,386 20071231 390,984 425,984 1,034,896 2,300,535 59,000 59,000 177,000 2,755,000 508,863 3.2

50%60%AAA2008200712 31 2008 2007 20 8,022,706 5,642,947 17 (536,293) (466,990) 7,486,413 5,175,957 7,752,141 7,606,525 15,238,554 12,782,482 49.13% 40.49% 2008 3.3 4 (a) 2.211

1.5%2.5% 3,178,980,0002007 2,742,056,000 200723,450,000 (b) 2.212 122007 2008 (c) 2.2 20081231 304,133,000 10%

(d) 2.10 2007 2007 89,000,000 (e) 29(c)200924 60,472,000 57,987,000 18,750,000 39,236,000 25,313,000 13,923,000

39,236,000 5 1220081231 20081231 984,818 3,178,980 78,243 4,242,041 541,365 39,620 580,985 1,619 1,619 5,690 5,690 (54,012) (54,012) 534,282 7,390 7,390 (262,087) 6,827 (255,260) 291,500 291,500 (18,651) 1,524 (17,127) 560,785 (66,257) 494,528

20071231(a) 965,850 2,742,056 137,605 3,845,511 583,167 23,450 112,455 719,072 11,103 11,103 349 349 (50,232) (50,232) 680,292 9,085 9,085 (158,413) 8,549 (149,864) 189,003 189,003 (14,457) 971 (13,486) 715,030 (98,093) 616,937 2008123112 50,786 1,214 4,681 56,681 144,546 2,843 147,389 2007123112(a) 33,239 1,262 4,153 38,654 143,978 143,978 (a) 20072008 2007

689 10 20081231 10,671,147 4,083,400 143,344 3,365,687 18,263,578 798,991 1,036,801 41,979 8,633,666 10,511,437 6,8,910 392,884 3,178,980 3,408 43,524 3,618,796 20081231 14,897,891 1,877,771 364,102 18,132 68,378 1,212,980 1,264,681 271,632 159,490 6,292 161,965 58,716 390,279 1,118,976 6,903,730 18,263,578 10,511,437

20071231 7,785,614 3,889,961 172,177 2,863,641 14,711,393 391,260 432,585 30,602 6,250,421 7,104,868 6,8,910 232,993 6,991,717 3,574 123,064 7,351,348 20071231 11,847,752 854,447 36,642 134,204 1,423,810 1,141,828 88,781 38,376 138,168 27,565 441,741 390,984 5,251,963 14,711,393 7,104,868

6 200711 3,300,304 169,457 160,035 4,859 3,634,655 2.2 (3,300,304) (3,300,304) 200711 169,457 160,035 4,859 334,351 200711 217,049 274,507 14,932 506,488 (47,592) (114,472) (10,073) (172,137) 169,457 160,035 4,859 334,351 20071231 169,457 160,035 4,859 334,351 8 8,207 27,662 35,869 286 5,920 1,445 7,651 200 3,710 3,935 7,845 (2,253) (9) (2,262) (8,560) (28,097) (1,997) (38,654) 169,590 166,977 8,233 344,800 20071231 225,742 306,354 20,224 552,320 (56,152) (139,377) (11,991) (207,520) 169,590 166,977 8,233 344,800 20081231 169,590 166,977 8,233 344,800 8 195,639 199,147 394,786 200 9,176 4,829 14,205 (80) (102) (182) (11,589) (42,444) (2,600) (56,633) 353,840 332,776 10,360 696,976 20081231 421,581 513,842 23,003 958,426 (67,741) (181,066) (12,643) (261,450) 353,840 332,776 10,360 696,976

200711 2,655,873 146,445 136,745 2,652 2,941,715 2.2 (2,655,873) (2,655,873) 200711 146,445 136,745 2,652 285,842 200711 173,218 216,565 5,442 395,225 (26,773) (79,820) (2,790) (109,383) 146,445 136,745 2,652 285,842 20071231 146,445 136,745 2,652 285,842 8 8,207 27,662 35,869 1,337 3,495 4,832 (1,564) (1,564) (6,354) (24,163) (1,572) (32,089) 148,298 140,017 4,575 292,890 20071231 181,425 242,372 8,937 432,734 (33,127) (102,355) (4,362) (139,844) 148,298 140,017 4,575 292,890 20081231 148,298 140,017 4,575 292,890 8 194,915 199,147 394,062 2,408 10,016 8,462 20,886 (59) (51) (110) (13,060) (41,468) (6,415) (60,943) 332,561 307,653 6,571 646,785 20081231 378,748 451,073 16,376 846,197 (46,187) (143,420) (9,805) (199,412) 332,561 307,653 6,571 646,785

7 30 2008 2007 8 18,180 (48) 18,132 8 2008 2007 2008 2007 11 4,208,432 857,525 2,524,507 857,308 2.2 (3,859,022) (816,159) (2,212,920) (816,159) 11 349,410 41,366 311,587 41,149 405,502 344,135 194,273 306,453 6,7 (412,966) (35,869) (412,242) (35,869) (74,384) (222) (73,782) (146) 1231 267,562 349,410 19,836 311,587 20081231

9 2008 2007 2008 2007 2.2 10,741,681 3,919,473 4,443,762 3,074,592 10,741,681 3,919,473 4,443,762 3,074,592 3,180,334 2,762,588 766,264 1,463,978 4,229,129 (25,531) (25,531) (144,546) (143,978) (81,813) (69,277) 13,777,469 10,741,681 5,128,213 4,443,762 1930 10 2008 2007 2008 2007 18,755 (2,843) 15,912

11 2008 2007 3,484,365 3,518,193 20081231 100% 332,400,000 95% 5% 2,000,000 795,381,300 100% 1 1 100% 1 51.37% 25% 1,200,000,000 12 5.5% 2022 20081231790,924,0002007709,283,000 5.65%

13 2008 2007 2008 2007 1,513,630 1,685,182 723,088 958,859 2.2 (89,820) (74,873) (94,146) 1,423,810 1,610,309 723,088 864,713 291,500 189,003 (378,100) (375,502) (57,161) (74,875) (66,750) (b) (124,230) (64,631) 1,212,980 1,423,810 601,296 723,088 2008 2007 2008 2007 360,107 424,738 810,701 962,734 1,636 (c) (161,090) (161,090) 810,701 964,370 199,017 263,648 (d) 402,279 459,440 402,279 459,440 1,212,980 1,423,810 601,296 723,088

(a) 20081231: 55% 51% Jade Empeor Limited *55% JEL **55% * JEL- ** JELJEL55% (b) - (c) 4(d) 20071231 66,750,00020071231 161,090,000 (d) 141,229,0002007 192,150,000261,050,0002007267,290,000

20081231 (e) JEL 2008 2007 2008 2007 2008 2007 2008 2007 604,189 621,847 197,417 201,780 731,515 771,196 1,533,121 1,594,823 49,652 40,014 2,782 2,601 36,889 20,376 89,323 62,991 653,841 661,861 200,199 204,381 768,404 791,572 1,622,444 1,657,814 240,940 204,090 40 130,092 135,160 371,032 339,290 29,066 23,015 3,662 3,880 5,704 8,156 38,432 35,051 270,006 227,105 3,662 3,920 135,796 143,316 409,464 374,341 247,550 231,347 12,088 12,350 204,747 211,184 464,385 454,881 (122,524) (109,818 ) (9,772) (77,459) (124,154) (163,958) (256,450) (351,235 ) 125,026 121,529 2,316 (65,109 ) 80,593 47,226 207,935 103,646 92008 1231

14 2008 2007 2008 2007 1,141,828 3,006,665 1,242,424 2,691,624 (b) 37,500 11,899 37,500 (17,127) (13,486) (21,750) (24,050) (2,505) 13(b) 124,230 64,631 (1,839,200) (1,449,200) 1,264,681 1,141,828 1,342,050 1,242,424 2008 2007 2008 2007 1,342,050 1,242,424 1,187,745 1,066,528 (c) 76,936 75,300 1,264,681 1,141,828 1,342,050 1,242,424

(a) *% 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 % % 391,498 404,726 268,904 264,389 148,372 141,556 83,565 85,357 40% 40% 100,000,000 704,162 763,527 475,130 505,661 59,639 53,092 (6,199 ) (6,627 ) 25% 25% (b) 1,015,000,000 714,304 714,071 556,746 564,745 28,466 16,490 (21,767 ) (22,979 ) 25% 25% (b) 820,000,000 229,670 232,775 164,803 168,165 26,442 26,670 256 3,262 40% 40% 150,000,000

*% 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 % % 15,218 13,239 8,412 7,957 20,169 13,672 1,524 971 30% 30% 7,000,000 851,012 868,674 608,136 619,032 58,572 574,420 (6,768 ) (4,040 ) 25% 25% 1,080,000,000 562,727 637,829 364,869 392,300 83,445 83,317 19,245 18,049 25% 25% 200,000,000 428,036 435,032 261,882 265,459 29,095 29,114 (3,418 ) (2,122 ) 30% 30% 10,000,000 3,896,627 4,069,873 2,708,882 2,787,708 454,200 938,331 66,438 71,871 * 20081231

(b) 45,000,000200775,000,000 (c) 30,135,00045,165,0001,636,0002008 1231 15 2008 2007 2008 2007 (a) 166,883 152,560 153,234 145,481 (c) 150,084 54,213 146,948 53,540 4,252 17,113 3,729 7,094 2,407 2,407 323,626 223,886 306,318 206,115 (a) 137,585,0002007131,337,000 8,619,000200710,928,000 2007 2.5% 2.5%2.5%

(b) 200820071231 2008 2007 148,698 131,337 18,185 21,223 166,883 152,560 2008 2007 145,585 134,337 14,717 17,776 6,581 447 166,883 152,560 200820071231 2008 2007 2008 2007 1 33,144 121,140 19,495 114,088 1 133,739 31,420 133,739 31,393 166,883 152,560 153,234 145,481 (c) (d) 120,928,000 23(d)

16 2008 2007 29(e) 116,272 23(b) 24,308 16,032 140,580 16,032 17 2008 2007 2008 2007 533,668 461,469 441,915 307,783 2,625 5,521 536,293 466,990 441,915 307,783 0.05%20073.03%142007 7 18 2008 2007 2,180,700,000 1 654,780 654,780 560,620 560,620 1,215,400 1,215,400 A 217,800 217,800 H 747,500 747,500 965,300 965,300 2,180,700 2,180,700

20062 200932 1 19 (a) 200711 2,060,009 791,940 453,391 (41,236) 3,264,104 2.2 (38,109) (38,109) 200711 2,060,009 753,831 453,391 (41,236) 3,225,995 327,914 327,914 (73,195) (73,195) 60,410 60,410 20071231 2,060,009 814,241 453,391 213,483 3,541,124 53,737 53,737 20081231 2,060,009 867,978 453,391 213,483 3,594,861

(b) 200711 2,060,009 791,940 453,391 3,305,340 2.2 (38,109) (38,109) 200711 2,060,009 753,831 453,391 3,267,231 327,914 327,914 (73,195) (73,195) 60,410 60,410 20071231 2,060,009 814,241 453,391 254,719 3,582,360 53,737 53,737 20081231 2,060,009 867,978 453,391 254,719 3,636,097 (a) 2006 10%50% (b) (c)

200611 20051231 (d) 20081231 1,001,991,000 20 2008 2007 2008 2007 (a) 3,355,193 1,322,671 1,885,000 1,985,000 1,885,000 1,985,000 5,240,193 3,307,671 1,885,000 1,985,000 (b) 10,180 16,864 10,180 16,864 (c) 1,198,032 1,143,129 1,198,032 1,143,129 (d) 790,924 790,283 800,000 790,283 7,239,329 5,257,947 3,893,212 3,935,276 (335,599) (5,984) (335,599) (5,984) 6,903,730 5,251,963 3,557,613 3,929,292 (e) 117,377 117,377 666,000 385,000 666,000 385,000 783,377 385,000 783,377 385,000 335,599 5,984 335,599 5,984 1,118,976 390,984 1,118,976 390,984 8,022,706 5,642,947 4,676,589 4,320,276 (a) 89,953,000102,000,000JEL55% 3,265,240,000

(b) 1,489,000 10,180,0001,117,0001.8% 372,0007.17% (c) 200710915,000,0001% 1,500,000,0001,500,000,0006 7.2A 47.3% 2008 2007 2007109 1,500,000 1,500,000 (1,162,802) (1,162,802) 337,198 337,198 2007109 1,162,802 1,162,802 (32,018) (32,018) 1,130,784 1,130,784 1231 67,248 12,345 1231 1,198,032 1,143,129 (d) 2007885.5% 15 100% (e) 116,272,00016

(f) 2008 2007 4.86%-6.12% 5.67%-6.723% 4.536%-5.508% 5.265%-5.832% 1.30%-7.047% 4.64%-6.48% 5.5% 5.5% 5.5% 5.5% (g) 20081231 2008 2007 2008 2007 1,113,377 385,000 5,599 5,984 382,012 420,000 3,055 5,984 1,040,080 1,410,911 1,199,559 4,896 2,535,469 2,215,911 1,208,213 16,864 3,488,100 1,476,760 790,924 1,933,412 6,023,569 3,692,671 1,999,137 1,950,276 2008 2007 2008 2007 1,113,377 385,000 5,599 5,984 209,999 420,000 3,055 5,984 655,000 1,030,000 1,199,559 4,896 1,978,376 1,835,000 1,208,213 16,864 690,000 535,000 800,000 1,933,412 2,668,376 2,370,000 2,008,213 1,950,276

(h) 2008 2007 2008 2007 4,910,196 3,307,671 4,986,357 3,142,586 4,578 10,880 4,406 9,764 1,198,032 1,143,129 1,198,032 1,143,129 790,924 790,283 790,924 790,283 6,903,730 5,251,963 6,979,719 5,085,762 5.4%5.94%2007 7.56%7.83% 6.01% 5.65% (i) 2008 2007 2008 2007 7,805,197 5,530,572 4,549,033 4,303,412 10,180 16,864 10,180 16,864 207,329 95,511 117,376 8,022,706 5,642,947 4,676,589 4,320,276

(j) 2008 2007 2,591,000 2,972,000 3,759,000 3,123,000 6,350,000 6,095,000 260,000 2,205,000 6,610,000 8,300,000 21 2008 2007 2008 2007 12 99,749 57,552 99,749 57,552 12 1,597 1,878 1,597 1,878 101,346 59,430 101,346 59,430 12 480,369 491,382 107,198 118,238 12 11,256 9,789 11,129 9,685 491,625 501,171 118,327 127,923 390,279 441,741 16,981 68,493

2008 2007 2008 2007 474,235 24,989 112,539 22,611 2.2 (32,494) (23,957) (44,046) (34,139) 441,741 1,032 68,493 (11,528) 357,997 19 73,195 73,195 16,875 15,455 (25,313) (25,313) (26,149) (7,358) (26,199) (8,629) 390,279 441,741 16,981 68,493 b 200711 1,878 1,878 45,218 45,218 200711 1,878 45,218 47,096 (1,878) 14,212 12,334 20071231 59,430 59,430 200811 2.2 59,430 59,430 200811 59,430 59,430 16,603 25,313 41,916 20081231 76,033 25,313 101,346

200711 26,867 26,867 21,261 21,261 a (26,867) 26,867 200711 48,128 48,128 357,997 357,997 4,976 4,976 16,875 16,875 73,195 73,195 20071231 427,976 73,195 501,171 200811 43,043 357,997 73,195 474,235 2.2 26,936 26,936 a (43,043) (357,997) 401,040 200811 427,976 73,195 501,171 (624) (8,922) (9,546) 20081231 427,352 64,273 491,625

b 200711 1,878 1,878 45,218 45,218 200711 1,878 45,218 47,096 (1,878) 14,212 12,334 20071231 59,430 59,430 200811 2.2 59,430 59,430 200811 59,430 59,430 16,603 25,313 41,916 20081231 76,033 25,313 101,346

200711 24,489 24,489 11,079 11,079 a (24,489) 24,489 200711 35,568 35,568 3,705 3,705 15,455 15,455 73,195 73,195 20071231 54,728 73,195 127,923 200811 39,344 73,195 112,539 2.2 15,384 15,384 a (39,344) 39,344 200811 54,728 73,195 127,923 (674) (8,922) (9,596) 20081231 54,054 64,273 118,327 (a) 2.212 (b) 29(c) 39,236,000 25% 25,313,0002008

22 2008 2007 12 237,720 180,870 42,641 38,763 28 23,772 18,087 304,133 237,720 23 2008 2007 2008 2007 (a) 977,127 237,509 282,519 173,738 (a) 203,060 187,118 145,395 187,118 (b) 24,308 16,032 24,308 16,032 (a) 13,992 94,323 13,992 20,993 (c) 46,500 46,500 46,500 46,500 (c) 21,300 (d) 300,000 300,000 42,711 33,922 36,322 31,422 39,189 43,454 31,797 30,257 88,716 74,737 75,761 2,803 1,735,603 754,895 956,594 508,863

200820071231 2008 2007 2008 2007 1 1,560,410 413,572 906,914 168,035 1 175,193 341,323 49,680 340,828 1,735,603 754,895 956,594 508,863 (a) 977,127,0002007 237,509,000 203,060,0002007187,118,000 13,992,000200794,323,0004.08%4.8%2007 4.56%6.48% (b) (c) 46,500,00021,300,000 (d) 300,000,0006 24 2008 2007 1,619 11,103 1,619 11,103

25 2008 2007 (a) 6,292 614 (b) 127,206 (b) (127,206) 1,902 (602) (2,167) 5,690 349 (a) 1,210,0005,082,0002007614,0000 23 1133,000,000 (b) 2007484,000,00020.09% 127,206,00020071231 56.28%1.27

26 2008 2007 (a) 3,178,980 2,718,607 (b) 36,699 37,427 27 100,907 80,733 60,942 49,611 204,070 182,632 42,640 38,763 1,970 1,950 200 880 990 300 2,713 1,678 5,367 3,989 16,387 11,137 10,765 9,807 5,667 4,017 6,037 1,676 40,544 33,654 3,715,068 3,176,671 (a) (b) 32,320,000200730,135,000 513,00020073,190,0003,866,0002007 4,102,000 3%5% 1% 3%

27 2008 2007 76,934 64,594 (a) 3,981 4,085 19,992 12,054 100,907 80,733 (a) 10%11%200710%11% 20081231125,0002007 39,000 (b) 20081231 705 178 883 542 389 931 264 264 150 150 150 150 132 132 132 132 (ii) 502 111 613 49 10 59 (i) (iii) 121 74 195

20071231 705 190 895 542 446 988 282 282 150 150 150 150 141 141 141 141 (ii) 167 47 214 276 163 439 (i) (i) (ii) 200793 200793 (iii) 200884 20081231 24,000200720,00022,000 200718,00020075,000200710,000 20075,000200710,0009,6002007 13,00011,500200711,0008,5002007 13,0006,500200711,00011,5002007 15,00011,000200714,00033,700 200715,0005,00020079,00013,000 200771,00020074,00028,7002007 20081231 44,000200743,000 44,000200743,00044,000200722,000 7,000200731,00014,0002007

20081231 10,500200713,0009,0002007 13,0006,50020078,0005,0002007 7,000200820071231 200820071231 (c) 2007 2007 2008 2007 1,308 1,241 1,150 922 130 123 211 156 2,799 2,442 2008200712310 880,0001,000,000

28 2008 2007 7,390 9,085 315,441 229,097 113,781 15,756 (190,907) (104,527) 238,315 140,326 22 23,772 18,087 2,836 326 (9,663) (8,875) 255,260 149,864 190,907,0002007 104,527,0005.93% 7.05%20074.86%6.48% 29 2008 2007 39,236 (c) 78,483 88,576 117,719 88,576 21 (25,313) (26,149) (7,358) 16,875 (51,462) 9,517 66,257 98,093

(a) 200811 20082012 525%200818%200920%201022%201124% 201225% 18%200715% (b) -17.5%200717.5% (c) 2008 60,472,000 57,986,000 18,750,000 39,236,000 34

(d) 2008 2007 560,785 715,030 18%200715% 100,941 107,255 16,875 12 (4,581) (5,685) (279) (1,987) (18,117) 1,233 20,062 6,394 4,078 (56,254) (41,507) 6,867 15,132 (c) 39,236 21(b) (25,313) 66,257 98,093 30 587,531,0002007 637,477,000 2008 2007 11 1,328,346 970,210 2.2 (373,613) (309,053) 11 954,733 661,157 587,531 637,477 (53,737) (60,410) 2007(2006) (348,912) (283,491) 1231 1,139,615 954,733

31 2008 2007 503,195 622,392 2,180,700 2,180,700 0.231 0.285 20082007 20(c)2007 20081231 32 200820071231348,912,000 0.16283,491,0000.1320080.12 261,684,0002008 20091231 2008 2007 0.1220070.16 261,684 348,912

33 2008 2007 494,528 616,937 66,257 98,093 56,681 38,654 147,389 143,978 (23,450) (1,902) 145 2,126 (6,292) (614) (1,619) (7,390) (9,085) (11,103) 238,315 140,326 23,772 18,087 2,836 326 17,127 13,486 (291,500) (189,003) (9,663) (8,875) 42,641 38,763 (119) (333) (106,032) (91,324) 365,363 109,260 1,032,439 884,347 34 (a) 15,000,0009,425,000 50,000,0001,000,000 2004128 13

(b) 29(c) 39,236,000 35 2008 2007 218,892 3,458,803 2,218,195 787,374 2,437,087 4,246,177 45,000 83,750 2,482,087 4,329,927 36 31.153%20081230 18.868%100% 50.021% 15(a)15(c)20(b)23(c)23(d)

(a) 2008 2007 323,064 274,207 5,379 2,505 (b) 2008 2007 2,494,755 1,745,162 584,235 2,923,830 3,270,660 (677,130) (3,107,246) 233,726 149,496 (244,984) (147,552) 4,730,197 2,494,755 4.27%7.047%20074.86%6.723% 200812313,218,949,0002007 1,322,671,000 (c) 2008 2007 1,847,732 2,199,018 1,090,606 221,093 (d) 86,327,000

17,569,000200715,260,0002008 123148,666,000 (e) 136,891,0002007117,721,000 125,043,0002007139,137,000 3 (f) 200817 100% 89.93%2008182009 1231 1,500 8%2,500 15,000,000 20081231 (g) 2008 2007 9,019 7,536 21200718 37 2.2

3. 6,187 3,6103,52090 Jade Emperor Limited55%9 1,885 117116 566 61,500 47.3% 15800 100% 109 173 45% (1) 15,000,0009,425,400

51,000,000 (2) 60,472,000 (3) 13

12

A. 26

(a) 2008 2008 1231 1231 1 2 3 4 5 6 696,976 49,306 746,282 18,132 18,132 267,562 2,352 269,914 13,777,469 966,859 2,344,852 17,089,180 15,912 15,912 1,212,980 1,147,952 1,024,845 (2,556,632) 829,145 1,264,681 1,264,681 43,338 (32,489) 10,849 17,253,712 1,061,855 1,147,952 2,312,363 1,024,845 (2,556,632) 20,244,095 3,075 281 3,356 323,626 11,424 335,050 140,580 140,580 536,293 78,572 (50,000) 564,865 6,292 6,292 1,009,866 90,277 (50,000) 1,050,143 18,263,578 1,152,132 1,097,952 2,312,363 1,024,845 (2,556,632) 21,294,238

2008 2008 1231 1231 1 2 3 4 5 6 6,903,730 1,097,952 8,001,682 390,279 610,580 1,000,859 192,905 (192,905) 304,133 369,789 (129,956) 543,966 7,598,142 562,694 1,097,952 480,624 (192,905) 9,546,507 1,735,603 35,081 1,770,684 36,799 (36,799) 58,716 17,764 76,480 1,118,976 1,118,976 2,913,295 89,644 (36,799) 2,966,140 10,511,437 652,338 1,097,952 480,624 (229,704) 12,512,647 7,752,141 499,794 1,831,739 1,024,845 (2,326,928) 8,781,591

(b) 1. 2. A 3. 55%1,147,952,000 1,068,800,000 79,152,000 50,000,0001,097,952,000 4. 3 3 3 5. 55%

6. 7.

B. 45% 154158 154158 4.29 7 4.29(7)

300 4.29(1) a) b) c) 4.29(1)

A. 100% 45% 14.61 3035

14.62(2) 3000 3035 14.62(2) 3035

B. SHENZHEN EXPRESSWAY COMPANY LIMITED 00548 14.6214.71

1. 2. XV(i) XV78 (ii)352 (iii) 20,000,000 0.14%

10,000,000 10,000,000 27,210,000 27,210,000 9,500,000 9,500,000 0.282 XV XV78 352 3. 4.

5. 6. 34 7. 8. (a) 1 6

(b) (c) (d) (e) 1629 (f) (g) (h) A (i) 9. (a) (b) 1,500,000,000 (c) 116,000,000 133,000,000

(d) 47.3%1,500,000,000 (e) 52.7% 1,500,000,000 (f) 40% 1,500,000,000 (e) 10. (a) (b) (c) (d) (e) A (f) (g)

(h) (i) (j) (k) (l) A 11. (a) (b) 2-4 (c) 18346 (d)