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2008 2008 ISO9000

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2008 ISO9000 9

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16 2007 2007 100% 100% 93-5.6% 792-12.3% 100% 100% 68 2.9% 937-0.8% 100% 100% 32 21.2% 407 10.0% 100% 100% 14 11.1% 196 13.3% (1) 100% 100% 16 176 55% 91 2.6% 1,227 6.7% 40% 106 2.9% 1,006 4.3% 40% 28 0.6% 179-1.6% 25% 18 11.9% 902-1.2% 30% 9.8 6.8% 265-0.4% 25% 45 14.8% 652 12.0% 25% 9.6 59.7% 301 66.8% (2) 76.37% 100% 15-19.4% 195-23.5% 55% 29 4.7% 1,017-3.3% 51% 6 4.0% 61-1.7% 25% 18 9.2% 640 1.7% (1) 2008126 (2) 14

2008 20082008 2008 812200720%2008 2009 2005 2008 2008 2008 15,82029,13040,160 4,480 7,75025,3182008 2008 6,3001,1404,3706 15

2007 20071020085 20082007 5.6%12.3% 333.5% 3205 2008 200874 2008 2008 67220 324 2007 20089200812 2007 200812 16

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2008503,1952007 622,3920.231200719.15% 2008111212 20071231 357,13876,441 12 15,290200767,59666,750 200731.48% 2007 2007 20072007 1 4,242,041200710.31%12 200715.93%1.96% 2007 2008 3,178,980 74.94% 2,742,056 71.30% 15.93% 984,818 23.22% 965,850 25.12% 1.96% 34,548 0.81% 102,250 2.66% -66.21% 43,695 1.03% 35,355 0.92% 23.59% 4,242,041 100.00% 3,845,511 100.00% 10.31% 21

2 876,8842007923,677 20075.07%1,3672007 50,72166,7502007 15.65% (1) ** 100% 289,795-12.08% 70,022 0.26% 75.84% -2.97 212,469-17.09% 100% 343,056-0.55% 87,138 21,609 8.99% 74.60% -2.22 246,545-5.17% 100% 71,603 13.58% 59,701 8,403 11.10% 16.62% 1.86 9,881 62.34% 100% 148,950 10.26% 68,967 12,628 15.05% 53.70% -1.93 75,594 6.05% 100% 59,927 49,384 17.59% 8,667 76.37% 71,487-23.25% 75,919-14.77% -6.20% -7,350 984,818 1.96% 411,132 42,640 16.62% 58.25% -5.25 545,808-8.09% * 12 ** 22

984,81820071.96%2008126 59,927 23.25%20072.21% 12.08% 2008 * 2008 2007 8.54 9.19-7.07% 13.85 14.38-3.69% A/B** 12.32 12.62-2.38% 12.76 14.07-9.31% *** 10.78 19.94 21.74-8.28% * = ** *** 2008126 23

200716.62%411,132 49,3852007 14.77%20078.49% 12 A/B 2007 2008 64,567 15.70% 48,862 13.86% 32.14% 103,794 25.25% 88,375 25.07% 17.45% 42,640 10.37% 38,763 11.00% 10.00% 195,332 47.51% 177,217 50.27% 10.22% 47,439 11.54% 38,092 10.80% 24.54% 411,132 100.00% 352,546 100.00% 16.62% 2009 122.22.194(c) 2007 8.09%545,808 5.25 24

(2) 274,3732007175,517 200756.32%1,3672007 50,72166,750 20075.89% 2007 2007 22,892 2008 2008 2008 2008 55% 449,179 6.96% *130,990 9.56% 70.84% -0.69 125,026-4,110 55% 372,265-3.05% **169,765 0.90% 54.40% -1.78 **80,593-13,083 51% 22,959 2.09% 23,027 0.06% 2,316 676 40% 368,187 4.55% 80,765 6.51% 78.47% -0.40 83,565 1,544 25% 330,246-0.91% 138,063-3.27% 57.17% 1.02 19,245 1,195 25% 238,555 12.33% 142,666 11.45% 40.20% 0.47-6,199 428 25% 234,293 2.01% 105,398-2.22% 55.01% 1.95-6,768-2,728 30% 96,983-0.13% 49,151 1.17% 49.32% -0.65-3,418-1,296 25% 110,330 67.28% 68,117 38.54% 38.26% 12.81-21,767 1,212 40% 65,478-1.38% 30,572 10.44% 53.31% -5.00 256-3,006 2,288,475 4.82% 938,514 5.38% 58.99% -0.22 ***272,849-19,169 * 1235,239200732,035 ** 19,2292007 22,49612 20084,699 *** 20081,5242007 50,72166,750970 25

(3) 12 C 200723,450 2.21(b)4(a) 2008 2007 56,443 56,443 55,507 54,350 1,157 6.60% 100.00% 449,716 449,716 1,165,440 1,150,731 14,709 18.69% 85.39% C 245,111 245,111 248,134 246,027 2,107 51.19% 88.53% 2,406,657 2,406,657 1,298,506 1,293,029 5,477 56.33% 67.47% -25,531-25,531 100.00% 14,994 14,994 6,059 6,059 6.08% 6.08% 3,178,980 3,178,980 2,742,056 2,718,606 23,450 90%10,928 5,288 50% 8,620 200789,2062007 94,494 2.21(c) 26

200818 15,00014,220 36(f) 3 20077.53%54,012200750,232 200770.33%255,2602007149,864 103,59712 200731.43% 2007 2008 452,994 262,940 72.28% 23,772 18,087 31.43% (190,907) (104,527) 82.64% (6,827) (8,549) -20.14% 255,260 149,864 70.33% 4 66,257200732.45%200798,093 200813,923200716,875 200735.56% 200922008 60,47257,986 18,75039,236 27

25,313 13,923 4(e)21(b)29(c)34(b) 15%18% 33%25% 21,786 5 2008 503,195200719.15% 15,290200767,59666,750 200731.48% 2007 2006 2008 1231 1231 1231 4.19% 5.31% 6.69% 8.11% 11.64% 9.54% 7.14% 9.03% 8.46% 6 12 2.24(b) 28

194,368 2008 2007 ** 2008 2007 * 100% 31 35 36-5 -1 100% 30 30 28 2 2 A/B 100% 22 19 41-19 -22 100% 29 27 47-18 -20 100% 10 0 85-75 0 55% 36 34 31 3 2 40% 42 40 41 0 0 55% 70 66 89-10 -12 51% 12 12 18-3 -3 25% 63 63 90-7 -7 25% 80 71 128-12 -14 25% 54 54 111-14 -14 30% 20 20 57-11 -11 25% 25 17 111-22 -24 40% 17 17 24-3 -3-194 -128 * ** 29

1 20081231200724.15%18,263,578 CC 12 12 20081231 20071231 12 12 18,264-498 14,711-488 24.15% 697-9,884 345-7,066 102.14% 268-4,078 349-3,859-23.42% 13,777 13,777 10,742 10,742 28.26% 2,478-110 2,566-90 -3.43% 7,047-434 6,893-357 2.24% 705 1 713 1-1.21% * 8,023 5,643 42.17% 390-49 442-32 -11.65% 304 304 238 238 27.94% -321-337 1,794 782 129.32% * 20071.91%7,752,1412007 7,606,5252007154,283 8,667 30

8,036,6982007 2,299,428 2007 5,737,270 40.56 2 2007 2006 2008 1231 1231 1231 57.55% 48.30% 32.99% 96.75% 69.29% 33.17% 2007 2006 2008 112 112 112 1.82 3.16 6.34 EBITDA 2.27 3.82 7.47 6.71 3.86 1.53 31

3 2008 2007 1231 1231 1,903 464 310.13% 536 467 14.78% 6,610 8,300-20.36% 4 10,180207,329 2,90620086 1.33 5 34 6 20 32

1 C 28.3920081231 C201234.19 33

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11 2007 200812312007123142,46442,464 200716,053 2007 2008123120071231176,187 168,86320077,32410,422 37 2007 2008123120071231390,418 312,638200777,78066,864 2007 200812312007123136,48428,552 20077,9329,280 1220081231200712 31433,579357,1382007 76,44151,953 122.24 24 36

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1 3 6 * 2008200898 20081216 2 200865 58

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45 2008 2005* 4 20042005 5 6 466 3.13 20081231 4 6 * 60

7 5 * 1 200111 20081231 20081 2009 2 19998 20081231 61

20085 26 (1) 2008 2008 * 2008 2008 2008 2008 62

2009325 2008 2008 200942 2008 200820081231 (2) 2007* (3) 2008 2009 200942 63

3 200111 20081231 20083 (1) 2007 (2) 2007 (3) 20082008 (4) 2009 (1) 2008 (2) 2009 2009 (3) 2008 200942 64

4 200111 20081231 20082 14 5 20048 20081231 20082 2009 1 107 109188 65

2 2008 20045 1996 132003 2008 (1) (1) 2008 2007 2008 2007 2,170 1,950 1,180 990 (1) 6 (2) (3) 65200743 2008 2009 2008 66

2008 67

20063 2008 ISO9000 ISO9000 7 ISO9000 2008 2008 20088 ISO9000 43 68

2008 IT 2009 1 2008 2008 2 2008 69

1 2008 2 20008 2008 2008 2008 2008 70

COSO 11 2009423 200942 71

1 1996123012.682 199737.475H199731200548 20.157 2001121.65A20011225600548 21.807 2006212.68212.154 AA1.652.178 20093212.154A 2 (1) (2) [2007]315200710915 [2007]194 [2007]2120071030 2007-10-9 100 1,500 2007-10-30 1,500 2013-10-9 2007-10-9 10,800 2007-10-30 10,800 2009-10-29 73

61.0% 7.21.0813.85 2007A13.48 1:1200910231029 20086 AAA200810 100010 (3) 3 4 HHH2.7120.26 AA A4.4163.20 74

1 49,819 49,525H294 (1) 654,780,000 A (2) 411,459,887 A 87,211,323 A 61,948,790 A 10 HKSCC Nominees Limited (3) 687,387,098 H Kingboard Investments limited 30,982,000 H (LOF) 12,133,698 A Au Siu Kwok 11,000,000 H Kingboard Chemical Holdings limited 6,936,000 H 6,001,272 A 5,500,000 A Arsenton Nominees Limited 3,000,000 H 2,260,720 A 2,238,716 A (1) 200932 (2) 22008627 2009218 (3) HKSCC Nominees LimitedH 75

2 20081231336 (1) (2) 1,066,239,887(5) 74.40% 48.89% (3) 1,066,239,887(6) 74.40% 48.89% (4) 654,780,000(7) 45.69% 30.03% (4) 411,459,887(7) 28.71% 18.86% (4) 87,211,323(7) 6.09% 4.00% H H H (8) Hallgain Management Limited 59,838,000(9) 8.00% 2.74% Kingboard Chemical Holdings Limited 59,838,000(9) 8.00% 2.74% Jamplan (BVI) Limited 50,496,000(9) 6.76% 2.32% Kingboard Investments Limited 50,496,000(9) 6.76% 2.32% JPMorgan Chase & Co. 50,854,870(10) 6.80% 2.33% JPMorgan Chase Bank, N.A. 50,168,000(10) 6.71% 2.30% Deutsche Bank Aktiengesellschaft 50,783,160(11) 6.79% 2.33% Capital Research and Management Company 42,916,000(12) 5.74% 1.97% (1) (2) (3) (4) 76

(5) 2008123140.92% (6) 654,780,000 411,459,887 Advance Great Limited24,568,000H (7) (8) (9) 59,838,000 HHallgain Management Limited50,496,000Kingboard Investments LimitedKingboard Chemical Holdings Limited Jamplan (BVI) Limited 9,342,000Kingboard Chemical Holdings Limited (10) 50,854,870HJPMorgan Chase & Co.50,168,000JPMorgan Chase Bank, N.A. 686,870J.P. Morgan Whitefriars Inc. (11) 50,783,160HDeutsche Bank Aktiengesellschaft 50,762,000 21,160Deutsche Bank Aktiengesellschaft 4,712,000H (12) 42,916,000HCapital Research and Management Company XV336 20081231 3 77

1989112220081231 1,402,741,947.50 40.92% [2004]223 Advance Great Limited31.151%2007 1016100% 2008123050.021% 654,780,00030.026% 411,459,88718.868% Advance Great Limited24,568,000H1.127% 10% 78

4 2008123050% 2009 [2007]11 10% 5% 45 79

2008 2007 200857 200858 http://www.sse.com.cn 2008 20081216 http://www.hkex.com.hk 20081217 http://www.sz-expressway.com 2007 2008 1 80

2008 40 2 2008 600 (86) 755-8285 3330 ir@sz-expressway.com 200866100 71 2008 20082 9 3 4 81

5 6 2008 2008- A 9 Research-Works- 10 11-2008 12 2008 2008 http://www.sz-expressway.com 82

25.5 20080.1252% 83

321 20081231 200884 20081231 200911 20111231 2008 4 20072008 200720072008 20072008 84

2008 2008 1 2008 2 20082008 3 2001121.65A6.04B 0.4220071015 14.592007 4 200817100% 89.93%2 200712 85

5 2008 200942 86

1961 19972000 20003 2004620067 20078 20054 1964 199611 19971 20021200210 200211 1956 20 2000320068 20068 20054 Ultrarich International Limited 87

1964 200110 2007 6 1969 Monash 20006 2000 820083 20049 20079 1956 30 1999 20044 19986 88

89 1964 1994 2001 3 1954 1994 1 199612200212 2003 1953 20 2000

90 1947 1971 20002007 25 200710 1945 1978 16 1994 4 20062 1955 1999

1954 2004 4200510 20051020078 2007 9 1968 20007 20031200512 1960 2001 120073 2007 4 20088 91

1947 199710 1998620054 20054 2008 12 31 1963 20004 20045 200612008 1231 Ultrarich International Limited 1942 1988 2003 120081231 1969 19993 20062 2003120081231 1965 1993 200352008 1231 1949 Bel Fuse Inc. 2004 12 2005620081231 1965 20045 2004 9 2006120081231 92

1958 1994 20058 20078 20078 1968 19941 1998 2005820078 2007 8 1956 1998 3 20041020078 20078 93

1973 1999 200211 1958 1995 20078 1971 19981020009 2000 1020033 20033 20049 20049 94

96 107 109

20081231 19961230199731220011225 20084 5 30% 20081231113 20081231109112 2 96

1 2008 200812310.12 261,684,0002008 H5 200811 200811 H 10%H 2008 2 2007 200720072,180,700,000 0.162007348,912,000200874 1 2 200611 20081231 3 4 97

1 200884200884 20088420081231 2 2008123120081216 2008 20091120111231200917 20084 98

2008 (1) (2) 883 883 931 931 5 5 5 5 9.6 9.6 (3) 264 11.5 275.5 150 8.5 158.5 150 6.5 156.5 (3) 132 11.5 143.5 (3) 132 11 143 613 9.7 622.7 5 5 (4)(5) 1.7 195 196.7 (5) 639 639 700 700 693 693 673 673 1,065 1,065 686 686 7,991 (1) 10.596.55 (2) 686668231366 6966686966 (3) 301515 1.000.88 (4) 20088459 (5) 187.26038.4606038.445 99

1 20081231XV 352 20,000,000 0.14% 19,000,000 0.14% 2008 2008 2008 2008 11 1231 10,000,000 10,000,000 27,210,000 27,210,000 30,000,000 30,000,000 2005119200511920101110.282 20081231 XV352 2 100

2,180,700,00018 19 6 20 28 2926(b) 111213 101

1 200817 100%89.93% 31.153% 2008182009 123115,0008% 25,000 (1)63012317,500(2) 15,000430 200818 102

2-30,041 46,500 300,000 300,000-30,041 300,000 346,500 (1) 30,040,7102007 630,040,710200710 100%20071229 20081 9 (2) (3) 1,303,283.35 1 199567 200880,59216.02% 93,997 103

2 JEL 6.8 1.54(1) 46.6 (2) 100% 8 (3) 1.16 1.33 2009624 (4) (1) 1.02 (2) 2006519 46.6(a)(b) 32.65 (3) 20072007420 100%8 20078 (4) 20086241.16 1.3320086 2008711 47.3% 15 20092201449 104

1 5% 2 1 36 2 50% 3 3 20071018100% 20071018 105

20081231 200942 106

109188 107

200942 108

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 7,606,525 109

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 117188 110

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 11,871,682 111

2008 2007 2.2 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 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 117188 112

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 117188 113

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 117188 114

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) 115

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 117188 116

1 19961230 5022A19 HA 200942 2 2.1 (2006) 200812311,903,429,000 20081231 66.140.2 4 117

2 2.1 (a) 200811 112 12 2.2 1419 39 7 (b) 2008 13200871 82009118 14 8 11200911 200911 2200911 321 200911 2323200911 118

2 2.1 (b) 2008 327 2728 327 31327 127 16 39 19 12 37 19 19 36 36 119

2 2.1 (b) 2008 38 38 39 51 1 5 15[ 3] 151811 18 15 17 17 167 7 120

2 2.1 (b) 2008 38 rarely, if ever. 207 810 183440 2941 2.2 1212200811 12 12 121

2 2.2 11 12 1 12 12 122

2 2.2 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 45,763 387,816 311,375 970 970 123

2 2.2 2008 1231 2007 1231 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 2.3 124

2 2.3 (a) 2.10 (b) 125

2 2.3 (c) 20%-50% 2.10 2.10 (d) 2.10 126

2 2.4 2.5 (a) (b) 127

2 2.6 1030 8 10 5 10 5 6 2.10 2.7 30 128

2 2.8 2.20 2.9 1 2.10 129

2 2.11 12 2.142.15 2.14 2.12 2.13 2.14 130

2 2.15 2.16 12 2.17 131

2 2.18 (a) (b) 2.19 2.20 132

2 2.21 (a) (b) (c) 133

2 2.21 (d) (e) (f) 2.22 2.23 134

3 3.1 (a) 20081231 2,906,000200712,210,000 207,329,000200795,511,00010,180,000 200716,864,000 200812315% 3,569,00020074,179,000 200812315% 413,0002007 711,000 20081133,000,000 138,867,000 135

3 3.1 (b) 50% 20082007 16.00200716.1220081231 0.5%8,000,000 2007 5,000,000 20081231 136

3 3.1 (c) 137,585,000 15(a) 200820071231 2008 2007 323,064 274,207 353,273 208,471 676,337 482,678 137

3 3.1 (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 2,755,000 508,863 138

3 3.2 50%60%AAA200820071231 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 3.3 139

4 (a) 2.211 1.5%2.5% 3,178,980,000 2007 2,742,056,000 200723,450,000 140

4 (b) 2.212 12 2007 2008 (c) 2.2 20081231 304,133,000 10% 141

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) 494,528 143

5 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)200720082007 144

5 689 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 10,511,437 145

5 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 7,104,868 146

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 10,360 696,976 147

6 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 6,571 646,785 148

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 149

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) 15,912 150

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% 1,200,000,000 151

12 5.5% 202220081231 790,924,0002007709,283,0005.65% 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 1,423,810 601,296 723,088 152

13 (a) 20081231: 55% 51% Jade Empeor Limited *55% JEL **55% * JEL- ** JELJEL55% (b) - (c) 4(d)2007 1231 66,750,00020071231 161,090,000 153

13 (d) 141,229,0002007192,150,000 261,050,0002007267,290,000 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 920081231 154

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 1,242,424 155

14 (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 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 71,871 156

14 * 20081231 (b) 45,000,0002007 75,000,000 (c) 30,135,000 45,165,0001,636,00020081231 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) 137,585,000 2007131,337,000 8,619,000200710,928,0002007 2.5% 2.5% 2.5% 157

15 (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) 120,928,00023(d) 158

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%1420077 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 1 159

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 3,267231 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 3,636,097 160

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%372,000 7.17% 162

20 (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 163

20 (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 1,950,276 164

20 (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%20077.56%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 4,320,276 165

20 (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 68,493 166

21 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 68,493 167

21 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 25,313 101,346 168

21 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 64,273 491,625 169

21 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 171

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 1,735,603 754,895 956,594 508,863 172

23 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 237,509,000203,060,0002007 187,118,00013,992,000200794,323,000 4.08%4.8%20074.56%6.48% (b) (c) 46,500,00021,300,000 (d) 300,000,0006 24 2008 2007 1,619 11,103 1,619 11,103 173

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%1.27 174

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) 32,320,000200730,135,000513,0002007 3,190,0003,866,00020074,102,000 3%5% 1% 3% 175

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% 20081231 125,000200739,000 (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 74 195 176

27 (b) 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) 200793 (ii) 200793 (iii) 200884 177

27 (b) 20081231 24,0002007 20,00022,000200718,00020075,000 200710,00020075,000200710,000 9,600200713,00011,500200711,0008,500 200713,0006,500200711,00011,5002007 15,00011,000200714,00033,700200715,000 5,00020079,00013,000200771,0002007 4,00028,7002007 20081231 44,000200743,00044,000200743,000 44,000200722,0007,000200731,000 14,0002007 20081231 10,500200713,0009,000200713,000 6,50020078,0005,00020077,0002008200712 31 200820071231 178

27 (c) 2007 2007 2008 2007 1,308 1,241 1,150 922 130 123 211 156 2,799 2,442 2008200712310880,000 1,000,000 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) 255,260 149,864 190,907,0002007104,527,000 5.93%7.05%20074.86% 6.48% 179

29 2008 2007 (c) 39,236 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 20082012525% 200818%200920%201022%201124%201225% 18%200715% (b) -17.5%200717.5% (c) 2008 60,472,00057,986,000 180

29 (c) 18,750,000 39,236,000 34 181

29 (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 98,093 182

30 587,531,0002007637,477,000 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 183

32 200820071231348,912,0000.16 283,491,0000.1320080.12261,684,000 2008 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 1,032,439 884,347 184

34 (a) 15,000,0009,425,000 50,000,000 1,000,000 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 4,329,927 185

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% 200812313,218,949,00020071,322,671,000 186

36 (c) 2008 2007 1,847,732 2,199,018 1,090,606 221,093 (d) 86,327,000 17,569,000200715,260,00020081231 48,666,000 (e) 136,891,0002007 117,721,000125,043,0002007 139,137,0003 (f) 200817 100% 89.93% 20081820091231 1,500 8%2,500 15,000,000 20081231 187

36 (g) 2008 2007 9,019 7,536 212007 18 37 2.2 188

20081231 2008 1231 2008 1231 503,195 7,004,893 42,465 42,465 503,195 7,047,358 189

191 193 196 205

Shenzhen Expressway Company Limited 5022A19 2-4 518026 1222201-2203 (852) 2543 0633 (852) 2543 9996 (86) 755-8285 3300 (86) 755-8285 3400 (86) 755-8285 3330 http://www.sz-expressway.com secretary@sz-expressway.com H 00548 A 600548 126006 07 580014 CWB1 1 222201-2203 2-4 191

http://www.hkex.com.hk http://www.sse.com.cn http://www.sz-expressway.com 22 20211 1222201-2203 B16 18346 16636 H 1111312 A 4028 512-515 192

JEL Jade Emperor Limited 100% Maxprofit Gain Limited 25% JEL55% 100% 193

A 1.00 (2006) H 1.00 194

12-12 2 2 200811 20081231 571 Shenzhen International Holdings Limited 195

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