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2007 2007 20072007 www.mtr.com.hk 2007 69

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2007 12 2 41.6% 211.68268 2007 12 2 Gold Asset Management Excellence Award Steve Maxwell Leadership Award 2007 9 2007 12 2

10.7 14.2 9.2 9.5 8.4 11.2 11.0 7.6 102.4 9.1 9.1 106.7 113.7 120.4 155.7 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 12 18 2007 2007 2 2007 11 2007 10 1 Mall 2007 1 2007 Laing RailLondon Overground2007 11 11 2007 9 268 2007 2 3

2007 12 2 London Overground

2007 2007 12 2 London Overground 12 22007 200612.0% 106.9 13.7% 59.12 83.04 85.71 200643.8% 80.1166.09 2007151.82 2.72 0.31 0.4520067.1% 2007 6 10 12 2 260 12350 120 40,957 4.5 3 10 7 26 4 5 2007

3 London Overground Rail Operations Ltd LOROL London OvergroundLondon Overground 2012 LOROL 2006UITP UITP Sustainable Asset Management

2006 Convergence ACCA 2007 International Asset Management ConferenceGold Asset Management Excellence Award 1,800 86 2007 100 20072007/08 2008 2 4100 12 2008 5 29 2007 7 2007 12 2007 2008 3 11 2007 6 7

2007

200712 2 Laing Rail London Overground 2007 12.0% 106.9 13.7% 59.12 83.04 85.71 200643.8% 2007 1.54 2.72 0.31 0.140.452006 7.1% 2006 4 11 2007 6 8 2007 8 10 9 12 2 12 2 8.2% 9.483 2006 2.9% 3.3% 260 350 8 9 2007

2007 6.3% 1,020 4.7% 9,21012 22007 820 12 22007 1,410 2006 25.0% 25.3% 41.6% 6.83 2006 6.39 2007 64.342006 0.8% 24.51 200620079.1% 71.15 2007 12 2 99.9%2007 12 2 Hello Kitty Hello Kitty 78

12.9% 17.41 12 2 4.8% 16.16 11.0% 5.93 9.6% 5.85 27.6% 4.99 9.7% 4.292007 2001 41 31 1,230 2.33 200610.0% TraxComm Limited 220 156324 12 2300 122007 12 29 20071.93 2006 3.0% 2007 120 40,957 200783.04 70.77 12.24 2007 2 Lansmart Ltd 11 1,6489 10 11 2007

200624.3% 18.34 12 22,200 25.2% 15.81 23.5% 15.6 39,210 19,307Mall 2007 2007 10 36,48720 1,686 12.8% 1.68 3,121 9,854 2007 71,851 81,457 93,026 2007 756,556 2007 480,000 820,254 3602006 9 2007 6 9 2007 12 31 20078,500 2007 9,700 200642.6% 2007 11.7% 8,1901,650 1,020 2007 431490 2007 10 2007 12 2009

2007 10 2007 10 2007 6 2007 2008 3 11 17 2015 2019 3 2015 60 2007 10 2007 12 2009 2007 8 Laing RailDeutsche Bahn group London Overground Rail Operations Ltd LOROLLondon Overground 2007 12 13

Laing Rail London Overground Rail Operations Ltd LOROL London Overground 2007 12 Laing Rail LOROL 2007 6 19London Overground11 11 LOROL 2007 65.23 9.1% 71.15 5.1% 62.137.0% 6.55 2.472007 18.5% 35.75 17.41 18.34200712.0% 106.9 2007 10.1% 47.7812 13.7% 59.12 12 2 2.842006 54.5%55.3% 2007 58.1783.04 2006 2006

2007 2007 20072.4% 27.39 5.9% 13.16 2007 1.932007 360 1.87 2007 43.8% 85.711.542006 1.08 151.8 2.72 18.6%2006 12 31767.86 2007 12 31910.37 20061,204.21 2007 12 311,556.68 2006436.35 2007 646.31 106.85 200636.3%200748.5% 59.65 58.24 61.22120.4 7.8651.32 54.01 2007 0.310.14 0.450.037.1% 50% 99 20072008 2008 14 15 2007

2008 4.5 20081.3 2008 2008 7,609 360 2008 2008 2008 2007 2006 20072008 2008 2008 3 12TW5 TW7 6,200 4 18 2008 2008 2008 3 11

2007 # 2006 7,115 6,523 9.1 3,575 3,018 18.5 5,912 5,201 13.7 8,304 5,817 42.8 14,216 11,018 29.0 15,180 7,759 95.6 8,571 5,962 43.8 155,668 120,421 29.3 34,050 28,152 21.0 10,685 91,014 76,767 18.6 55.3 54.5 0.8 48.5 36.3 12.2 18.1 10.6 7.5 10.2 8.1 2.1 9.0 6.7 2.3 9.3 6.7 2.6 2.72 1.41 92.9 1.54 1.08 42.6 0.45 0.42 7.1 12 31 28.70 19.56 46.7 12 31 161,037 108,531 48.4 915.8 866.8 5.7 8,243 10,175 9,576 6.3 11,100 2,595 2,513^ 3.3 3,544 274.8 27.9 26.2 6.5 380.0 6.78 6.82 (0.6) 24.45 64.34 63.85 0.8 2.68 12* 41.6 25.7 15.9 * 2007 2006 26.7% 25.0% # 2007 12 2 ^ 2006 1 112 1 2007 16 17

4 2007 99.9% 99.9%99.9% 99.8%99.9% 2007 12 2 2007 12 2 2007 9.1% 71.15 2007 12 2 12 2 8.2% 9.483 20079.158 5.1% 62.13 6.3% 1,020 12 2 820 7.0% 6.55 2.47 2006 25.0%25.3% 41.6% Hello Kitty 48%

2007 72 81 61 62 CoMET2006 3 9 2007Asset Management Council Maintenance Engineering Society Gold Asset Management Excellence Award 2007 2 28 2 3 46 7 5 378 469 770 2010510 2.3% 21.6 2007 12 2 12.9% 17.41 20074.8% 16.16 11.0% 5.93 9.6% 5.85 2007 3 68 2007 5 5 2007 18 19

20,564 27,011 27.6% 4.99 9.7% 4.29 31 1,2309 2.33 200610.0% 11.2% 2.30 TraxComm Limited 2202006 40% 200613.6% 2234 20 156324 2007 12 2300 2007 1.93 20063.0% Bangkok Mass Transit System Public Company Limited BTS 12 2007 12 29 2007 2 200637% 106% 83.04

20 21 2007 2 11 1,648 8 120 230 200624.3%18.34 25.2% 15.81 2007 12 223.5% 15.6 Mall 21.7% 100% 5 91% 2007 10 1 2007 11 Mall1 1295% 40,957 5 36,48720 1,686 200,921 41,215 10,203 12.8% 1.68 3,1219,854 200771,851 81,457 30,530 62,496 756,556 480,000SOHO SOHO SOHO 820,254

360 3602006 9 2007 6150 2007 6 9 2007 12 31 8,500 2007 9,700 2006 42.6% 200711.7% 8,190 1,650 1,0202007 170 14 2007 2007 10 2007 102007 12 42008 2 2007 6 2008 3 11 17 3 2007 26

20072008 2007 102007 12 2009 63 2008 4 2007 8 2007 2007 Laing RailLondon Overground Rail Operations Ltd (LOROL)London Overground 49% 2007 12 14 Laing RailDeutsche Bahn grouplorol 6 London Overground 11 LOROL 7Transport for London TfL 7 LOROL London Overground 2012 London Overground 107.2LOROL 78 55 2007 22 23

2,000 2 CoMET London Underground6 London Overground 12 2007 12,000 86 2007/08 2007 2007 12 2 200712.0% 106.9 2007 5.7% 9.158 0.6% 6.78 5.1% 62.13 7.0% 6.55 6.3% 1,0200.8% 64.34 2.472,240 9.1% 71.15 200712.9% 17.41 11.0% 5.9327.6% 4.99 10.0% 2.333.0% 1.93 200724.3% 18.34 17.49 360 8,500 Mall 23.9%

24 25 2007 200710.1% 47.7812 9.0% 6.9% 8.3% 52.3% 2006 56.5% 360 13.7% 59.122006 54.5%55.3% 2007 200658.17 83.04 29.0% 142.16 20072.4% 27.39 360 2007 12 20065.5%5.6% 2007 5.9% 13.16 80.11 3.11 360 1.87 9,900 9,700London Overground Rail Operations Ltd 200 30.832007 95.7% 151.82 151.8 20061.4120072.72 200659.62 43.8% 85.71 20061.0842.6% 2007 1.54 0.31 0.140.4517.4 50% 2007 1,324.17 20062.726.42 20062.32 4.24 2007 2 90.66 7.56 4,000 2.731.92 2006 1.95 5.15 51.67

2006281.52340.5 9.75 7.52007 200636.39 54.12 5.15 125.74 2007 11.89398.28 2.14 128.44910.14 200636.3%200748.5% 59.65 58.24 56.67 61.22 120.4 7.86 51.32 54.01 2.69 10 19100 303705 2007 6320082009 2007 20065.5% 5.6% 15.8 6,000

A-/A3 5Aa3 Aa3 2007 7 Aa2 200820103 11211 59 2010 AA A-1+ AA AAa 1+ 2007 26 27

2007* 2006* 2005* 2004* 2003* 2002* 2001* 2000* 1999 1998 10,690 9,541 9,153 8,351 7,594 7,686 7,592 7,577 7,252 6,981 14,216 11,018 11,246 9,097 9,116 7,769 7,301 7,290 5,523 4,720 2,739 2,674 2,682 2,499 2,402 2,470 2,178 2,091 2,039 1,426 1,316 1,398 1,361 1,450 1,539 1,125 874 1,143 1,104 475 6,609 1,797 2,310 2,051 15,182 7,758 8,463 6,543 4,450 3,579 4,278 4,069 2,116 2,819 2,522 2,328 2,299 2,259 2,215 2,161 2,118 500 2.72 1.41 1.55 1.23 0.85 0.70 0.85 0.81 0.42 155,668 120,421 113,666 106,674 102,366 101,119 98,126 92,565 87,250 82,104 34,050 28,152 28,264 30,378 32,025 33,508 31,385 27,203 23,177 16,897 10,685 515 1,682 3,584 4,638 5,061 6,226 8,411 10,403 13,776 15,970 91,014 76,767 69,785 61,892 57,292 53,574 53,893 50,355 45,115 42,601 55.3 54.5 55.7 54.2 49.3 52.2 53.4 51.7 48.2 47.3 33.4 31.6 31.4 29.0 27.7 25.6 24.6 24.6 22.2 22.1 48.5 36.3 39.9 48.6 55.2 59.3 57.8 53.7 51.2 37.8 49.2 36.7 40.3 48.9 62.6 67.4 66.0 61.8 58.3 42.9 9.0 6.7 7.6 6.1 5.6 4.5 3.8 3.8 3.7 5.1 1,530 823 810 792 793 824 870 911 967 1,203 305 82 82 67 61 62 60 55 64 114 8,770 4,521 4,600 4,669 4,730 4,836 4,756 4,943 5,132 5,890 942 260 242 362 398 546 973 898 912 1,105 1,141 832 688 660 642 618 567 519 456 468 135 112 83 1,311 733 486 5 5 5 5 6 6 6 14,134 7,363 6,991 6,555 6,629 6,891 7,231 7,332 7,537 8,786 *

# 2007* 2006* 2005* 2004* 2003* 2002* 2001* 2000* 1999 1998 128,041 115,784 114,449 114,364 112,823 103,318 96,751 92,199 94,704 94,260 19,956 20,077 17,122 16,081 15,227 19,467 19,458 19,557 19,394 9,011 755 915,755 866,754 857,954 833,550 770,419 777,210 758,421 767,416 779,309 793,602 8,243 10,175 9,576 8,493 8,015 6,849 8,457 9,022 10,349 10,396 3,928 11,100 2,757 285 2,595** 2,523 2,497 2,403 2,240 2,261 2,231 2,240 2,284 2,326 3,544 275 28 26 23 22 19 23 25 28 29 22 380 98 10 7.9 7.7 7.6 7.7 7.7 7.6 7.4 7.3 7.4 7.4 29.5 29.7 30.4 30.2 29.7 29.9 29.8 29.7 29.9 31.2 3.0 4.6 58 58 57 56 53 57 58 61 61 62 15 14 15 15 13 13 14 16 16 14 45 41.6^^ 25.0 25.2 24.8 24.3 23.5 23.5 24.1 25.2 25.7 47.8 48.0 47.7 45.5 42.9 46.6 49.3 51.1 49.4 52.7 21.6 22.1 22.8 22.3 22.5 22.8 24.6 26.8 27.3 29.2 26.2 25.9 24.9 23.2 20.4 23.8 24.7 24.3 22.1 23.5 7.50 7.44 7.25 7.05 7.06 7.28 7.46 7.35 7.14 6.82 3.39 3.43 3.47 3.45 3.70 3.57 3.72 3.85 3.94 3.78 4.11 4.01 3.78 3.60 3.36 3.71 3.74 3.50 3.20 3.04 ^ 989 826 748 701 641 690 686 748 859 842 ^ 1.05 0.94 0.86 0.83 0.82 0.88 0.89 0.96 1.09 1.05 26 23 31 25 33 24 39 36 49 65 ^ 6 ^ 0.54 0 ** 2007 12 1 ^^ 2007 12 200726.7% ^ # 2007 12 2 * 2007 28 29

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30 31 2007 2 43 46 30 2007 3 13 2008 4 3 3

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2007 12 74 2007 12 18 2007 22007 1 2 2007 2/2 1 2 2/2 1/2 6 2007 10 9 2007 5 1 1 1 1 2007 12 18 2007 2 20072

36 37 2007 2006 2007 2007 3 11 1 1

1 20062007 20072007 1 2007 12 31 10 2 21 2007 11

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3 2007 30 39 3 13 15% 30%

2008 2007 3 2007 2007 20072007 6 7 2007 2007 12 2007 12 313 3 3 32009 11 30 418,017 5 Retention Bonus Scheme RBSRetention Bonus Scheme RBS (a) 426 1999 3 31 1999 4 1 2000 12 1 2007 40 41

(b) RBS RBS 2002 12 31 (c) (d) (e) (i) 3 2007 2006 3 3 32 31 16 11 1 2 52 47 (ii) 2007 2006 0 500,000 13 9 500,001 1,000,000 1 1,000,001 1,500,000 1 4,500,001 5,000,000 1 7 5,000,001 5,500,000 3 5,500,001 6,000,000 2 6,000,001 6,500,000 1 10,000,001 10,500,000 1 10,500,001 11,000,000 1 22 18 5 1999 4 1 1999 4 1 2008 3 3

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492004 2001 19892001 19932001 2007 11 30 21 691991 19912000 19831984 1992 2001 561995 19692001 10 1994 19961999 5 1997 122005 11 1998 582007 12 18 10 11 622007 12 18 2008 1 23 19952007 632002 10 (Asia Pacific Advisory Board) 2008 3 10 19811999 19911997 1996 1998

44 45 2007 522005 6 18 8 1996 8 2000 12000 1 2001 62001 72004 7 2004 72005 1 () 472007 7 1 8 1983 512007 7 1 2007 7 10 Wesleyan 2002 7 1 2005 6 12007 6 30 43 611992 19761984 1992 1998200219931999 20012007 1 2007 2 2006 1986 (PBM) 1999 591998 8 1989 1985

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46 47 2007 2007 12 31 A B C D London Overground 7 50%107.2 E F G H I J K L M 49% 30 2008 4 15 0.31 2008 6 18 50%

[2007 12 18 ] [ 2007 7 10] [ 2007 7 10 ] [ 2007 7 1 ] [2007 7 1 ] 2007 7 2007 8 12007 12 31 2007 8 8 24 2007 12 2 2007 6 7 2007 85 43 45 2007 7 10 [ 2007 4 19] [ 2007 4 19] 2007 7 10 [ 2007 11 5][ 2007 11 5] 2007 7 1(i) (ii) [ ][ 2007 5 2] 2007 7 1 i [ ][ 2007 8 15](ii) [ ] 45 46

48 49 2007 38 A B C D E F G 2000 8.08(1) 10% 2007 12 3156 57 10 10 28 29 5 7 2006 12 31 65 6,500,000,0005,548,613,951 62,443,084 A 2,562,500 8.44 B 129,000 9.7515.45 19.104

C 39,183,554 2006 12 31 0.28 D 20,568,030 2007 6 306 0.14 2007 12 31 65 6,500,000,0005,611,057,035 2007 19.3 2007 100 100 2008100 100 0.2% 0.1% 120.4 2007 1019 100 ISO 9001:2000

352 2007 12 31XV571 * * * 50,369 50,369 0.00090 720,000 ( 1) 418,017 ( 2) 1,138,017 0.02028 4,790 4,790 0.00009 1,712 1,712 0.00003 55,152 170,000 ( 1) 46,960 (i) 217,500 ( 3) (ii) 170,000 ( 1) 55,037 2,541 (i) 321,000 ( 3) (ii) 170,000 ( 1) 23,000 23,000 ( 4) (i) 1,043,000 ( 5) (ii) 170,000 ( 1) 46,000 2,500 (i) 1,066,000 ( 5) (ii) 130,000 ( 1) 170,000 ( 1) 170,000 ( 1) ( 7) 160,000 ( 6) 225,152 0.00401 434,460 0.00774 548,578 0.00978 1,419,000 0.02529 1,244,500 0.02218 170,000 0.00303 170,000 0.00303 681 1,371 2,052 0.00004 1 2007 2 418,017 XV32009 11 30 418,017 3 4 23,000 Linsan Investment Ltd. 5 6 160,000 XV2010 4 9160,000 7 * 18 2007 50 51

3B(i) / / 2007 1 1 2007 12 31 20/9/2000 1,066,000 5/4/2001 11/9/2010 217,500 8.44 217,500 20/9/2000 1,066,000 5/4/2001 11/9/2010 321,000 8.44 321,000 20/9/2000 41,409,000 5/4/2001 11/9/2010 7,291,000 2,562,500 8.44 4,728,500 23.14 1 2000 9 12102000 10 5 2 25% 3B(ii) / / 2007 1 1 2007 12 31 1/8/2003 1,066,000 14/7/2004 14/7/2013 1,043,000 9.75 1,043,000 22/3/2007 1,066,000 19/3/2008 19/3/2017 1,066,000 19.404 1,066,000 1/8/2003 495,200 14/7/2004 14/7/2013 268,200 66,000 9.75 202,200 21.51 12/1/2006 94,000 9/1/2007 9/1/2016 94,000 31,500 31,500 15.45 62,500 22.90 13/9/2005 94,000 9/9/2006 9/9/2015 94,000 31,500 15.97 94,000 23/9/2005 213,000 9/9/2006 9/9/2015 213,000 71,000 15.97 213,000 31/3/2006 94,000 20/3/2007 20/3/2016 94,000 31,500 18.05 94,000 4/7/2006 94,000 19/6/2007 19/6/2016 94,000 31,500 18.30 94,000 17/11/2006 94,000 13/11/2007 13/11/2016 94,000 31,500 31,500 19.104 62,500 24.20 5/10/2006 94,000 29/9/2007 29/9/2016 94,000 31,500 19.732 94,000 12/5/2006 266,500 25/4/2007 25/4/2016 266,500 89,000 20.66 266,500 15/5/2006 213,000 25/4/2007 25/4/2016 213,000 71,000 20.66 213,000 12/5/2006 213,000 2/5/2007 2/5/2016 213,000 71,000 21.00 213,000 1 102002 5 165 2 12 1%

3B(iii)2007 / / 2007 1 1 2007 12 31 13/12/2007 720,000 10/12/2008 10/12/2014 720,000 27.60 720,000 12/12/2007 170,000 10/12/2008 10/12/2014 170,000 27.60 170,000 13/12/2007 170,000 10/12/2008 10/12/2014 170,000 27.60 170,000 12/12/2007 170,000 10/12/2008 10/12/2014 170,000 27.60 170,000 12/12/2007 170,000 10/12/2008 10/12/2014 170,000 27.60 170,000 12/12/2007 130,000 10/12/2008 10/12/2014 130,000 27.60 130,000 12/12/2007 170,000 10/12/2008 10/12/2014 170,000 27.60 170,000 12/12/2007 170,000 10/12/2008 10/12/2014 170,000 27.60 170,000 11/12/2007 45,000 10/12/2008 10/12/2014 45,000 27.60 45,000 12/12/2007 1,750,000 10/12/2008 10/12/2014 1,750,000 27.60 1,750,000 13/12/2007 915,000 10/12/2008 10/12/2014 915,000 27.60 915,000 14/12/2007 1,005,000 10/12/2008 10/12/2014 1,005,000 27.60 1,005,000 15/12/2007 435,000 10/12/2008 10/12/2014 435,000 27.60 435,000 17/12/2007 835,000 10/12/2008 10/12/2014 835,000 27.60 835,000 18/12/2007 445,000 10/12/2008 10/12/2014 445,000 27.60 445,000 19/12/2007 115,000 10/12/2008 10/12/2014 115,000 27.60 115,000 20/12/2007 190,000 10/12/2008 10/12/2014 190,000 27.60 190,000 21/12/2007 45,000 10/12/2008 10/12/2014 45,000 27.60 45,000 22/12/2007 35,000 10/12/2008 10/12/2014 35,000 27.60 35,000 24/12/2007 118,000 10/12/2008 10/12/2014 118,000 27.60 118,000 28/12/2007 35,000 10/12/2008 10/12/2014 35,000 27.60 35,000 31/12/2007 130,000 10/12/2008 10/12/2014 130,000 27.60 130,000 2/1/2008 75,000 10/12/2008 10/12/2014 75,000 27.60 75,000 3/1/2008 40,000 10/12/2008 10/12/2014 40,000 27.60 40,000 4/1/2008 65,000 10/12/2008 10/12/2014 65,000 27.60 65,000 7/1/2008 125,000 10/12/2008 10/12/2014 125,000 27.60 125,000 1 72007 6 7200720077 2 12 2007 2007 0.2% 3 2007 12 112008 1 72007 12 102007 2008 1 2007 12 31 2007 52 53

2007 12 31 11,066,000 2007 12 112008 1 7 20078 131 1,870,0006,403,000 1.00 (%) ( ) () () 22/3/2007 19.32 3.96 5 0.21 0.42 3.79 11/12/2007 27.60 2.44 3.5 0.22 0.42 4.65 12/12/2007 27.90 2.48 3.5 0.22 0.42 4.85 13/12/2007 28.00 2.53 3.5 0.22 0.42 4.93 14/12/2007 27.30 2.67 3.5 0.22 0.42 4.55 15/12/2007 27.35 2.74 3.5 0.22 0.42 4.61 17/12/2007 27.35 2.74 3.5 0.22 0.42 4.61 18/12/2007 26.85 2.72 3.5 0.22 0.42 4.29 19/12/2007 27.00 2.73 3.5 0.22 0.42 4.39 20/12/2007 27.60 2.68 3.5 0.22 0.42 4.73 21/12/2007 27.95 2.78 3.5 0.22 0.42 4.99 22/12/2007 28.25 2.83 3.5 0.22 0.42 5.20 24/12/2007 28.25 2.83 3.5 0.22 0.42 5.20 28/12/2007 28.05 2.90 3.5 0.22 0.42 5.09 31/12/2007 28.05 2.86 3.5 0.22 0.42 5.07 352 A XV

B 2007 12 31 18 336 2007 12 315% 5 2007 12 3130% 52007 12 31 30% 56 57 4,301,750,382 76.67 20085 2007 12 31 0.90% 66 2008 3 11 2007 54 55

12 31 2007 2006 7,115 6,523 1,741 1,542 1,834 1,476 10,690 9,541 (1,802) (1,653) (576) (539) (99) (65) (130) (120) (521) (511) (86) (80) (410) (410) (540) (345) (268) (267) (183) (192) (163) (158) (4,778) (4,340) 5,912 5,201 8,304 5,817 14,216 11,018 (2,739) (2,674) (193) 11,284 8,344 (1,316) (1,398) 8,011 2,178 187 99 45 18,265 9,169 (3,083) (1,411) 15,182 7,758 15,180 7,759 2 (1) 15,182 7,758 782 774 1,740 1,554 2,522 2,328 HK$2.72 HK$1.41 HK$2.72 HK$1.41 58 67

12 31 2007 2006 37,723 22,539 79,444 84,404 15,250 132,417 106,943 40 424 232 9,066 3,297 825 565 581 594 268 171 205 100 4 1 333 272 15 25 756 2,018 273 195 642 272 5,167 1,894 3,532 3,355 544 177 576 310 155,668 120,421 2 5 507 1,114 5,412 3,639 3 1 225 193 975 33,541 27,033 192 515 10,685 515 1,682 12,574 9,453 64,631 43,635 91,037 76,786 39,828 38,639 51,186 38,128 91,014 76,767 23 19 91,037 76,786 2008 3 11 58 67 2007 56 57

1 2007 12 31 HKFRS HKAS2006 2007HKFRS 7HKAS 1 HKFRS 7 HKAS 1 HK(IFRIC) ) 122008 1 1 )2007 2 A 2007 12 2 50 50 3

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3 A (i) 2007 1.0 1.0 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.2 2007 12 18 2007 12 18 0.3 0.3 2007 7 10 0.1 0.1 2007 7 1 0.1 0.1 2007 7 1 0.1 0.1 2007 7 10 0.1 0.1 0.2 0.2 5.9 * 5.1 11.0 3.8 0.1 1.7 5.6 3.7 0.1 1.7 5.5 3.8 0.1 1.6 5.5 3.8 0.5 1.7 6.0 3.5 0.5 0.8 4.8 3.7 0.1 1.4 5.2 3.7 0.1 1.7 5.5 3.0 31.9 1.5 15.7 52.1 * 2006200712,000

3 A 2006 1.0 1.0 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.2 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 5.9 * 4.2 10.1 3.7 0.3 1.0 5.0 3.5 0.3 1.0 4.8 3.6 0.3 0.9 4.8 3.5 0.5 1.0 5.0 3.4 0.4 0.9 4.7 3.5 0.3 0.9 4.7 3.5 0.3 1.0 4.8 3.0 30.6 2.4 10.9 46.9 (a) 2005 9 272006 10 172007 3 22 1,066,0002007 12 31110 20062007 12 31 200630 2007 60 61

3 A (b) 2007 2007 20072007 12 102007 2007 12 13720,0002007 12 31 71,000 2007 12 12170,0002007 12 31 17,000 2007 12 13170,0002007 12 31 17,000 2007 12 12130,0002007 12 31 13,000 (ii) 418,017XV3 2009 11 30418,017 2007 4 12160,000XV2010 4 9 160,000 (iii) 1615,34020066,060 (iv) 87 88 55682003 7 213 2006 72007 7 312007 7 2007 8 12007 12 31 2007 8 82 B 2007 12 31 (i) 2000 9 201,066,0002003 12 12002 2 12005 9 262000 9 20 266,5002005 10 1 (i) 2001 10 26 23,000 (ii) 2002 10 26 46,000

3 B (ii) 2003 8 12005 9 271,066,000 (i) 2004 8 423,000 (ii) 2005 8 446,000 2006 10 1723,000 2006 10 17 2007 3 22 1,066,000 (i) 2008 4 923,000 (ii) 2009 4 9 46,000 (iii) 2007 2007 2007 12720,000 170,000 130,000 2007 12 2007 12 103 4 2007 12 2 2006 9360 2007 62 63

4 2007 2006 2007 2006 7,115 6,523 1,355 997 1,741 1,542 1,258 1,050 8,856 8,065 2,613 2,047 1,834 1,476 1,226 1,109 10,690 9,541 3,839 3,156 8,304 5,817 12,143 8,973 (666) (629) (193) (1,316) (1,398) 8,011 2,178 187 99 45 (3,083) (1,411) 15,182 7,758 5 A 2007 2006 1 1 22,539 19,892 2,840 4,027 364 469 8,011 2,178 (58) 12 31 37,723 22,539

5 B 2007 1 1 1,989 46,544 57,767 4,905 111,205 44 1,387 1,431 * (42) (49) (91) (4) (371) (375) 193 193 (61) 61 59 44 103 5A 58 (4,027) (3,969) 5D 71 71 34 1,238 (1,272) 2007 12 31 2,240 46,471 58,820 1,037 108,568 46,471 58,820 1,037 106,328 2007 12 31 2,240 2,240 2007 1 1 3,864 22,937 26,801 52 387 2,279 2,718 * (1) (3) (4) (2) (337) (339) (52) (52) (12) 12 2007 12 31 4,236 24,888 29,124 2007 12 31 2,240 42,235 33,932 1,037 79,444 2006 1 1 1,705 46,188 56,339 3,661 107,893 69 2,152 2,221 (20) (370) (2) (392) 284 284 5D 375 824 1,199 1 905 (906) 2006 12 31 1,989 46,544 57,767 4,905 111,205 46,544 57,767 4,905 109,216 2006 12 31 1,989 1,989 2006 1 1 3,492 21,018 24,510 45 380 2,249 2,674 (8) (330) (338) (45) (45) 2006 12 31 3,864 22,937 26,801 2006 12 31 1,989 42,680 34,830 4,905 84,404 * 27.14200626.7427.18200626.74400 2006 2007 64 65

5 C 2007 2007 1 1 * 3,924 3,924 10,687 10,687 226 31 257 18 18 389 389 2007 12 31 15,226 49 15,275 2007 1 1 25 25 2007 12 31 25 25 2007 12 31 15,201 49 15,250 * 42.53.26 D 1 1 12 31 5B 2007 175 249 424 57 14 (71) 232 263 (71) 424 2006 43 132 175 933 271 (1,199) (5) 30 27 57 1,006 430 (1,199) (5) 232 6 20062007 12 31 2007 2006 1,500 1,499 2007 12 31200624.5 20062007 12 31

7 2007 2007 1 1 5,902 27,188 968 (10) 5 17 37,148 71,218 20 20 1,107 1,107 (13) (13) (2) (2) 2006 (1,554) (1,554) 2007 (782) (782) 202 202 2 2 25 25 15,180 15,180 2007 12 31 7,029 27,188 1,170 (25) 7 42 49,992 85,403 2006 2006 1 1 4,780 27,188 697 24 2 4 31,698 64,393 32 32 1,090 1,090 (18) (18) (17) (17) (2) (2) 3 3 2005 (1,535) (1,535) 2006 (774) (774) 271 271 3 3 13 13 7,759 7,759 2006 12 31 5,902 27,188 968 (10) 5 17 37,148 71,218 8 2007 2007www.mtr.com.hk2007 69 2007 66 67

167 2007 12 31 141CF(1) 141CF(1) 2007 12 31 5 5 2007 12 31 Hong Kong Standards on Assurance Engagements710 2007 12 31 5 167 (a) 2007 12 31 (b) 5 2007 12 312008 3 11 10 8 2008 3 11

2008 2007 2007 2007 2008 2008 3 11 4 7 4 815 5 29 6 18 8 10 12 31 2006 0.28 2007 0.14 2007 0.31 Level 1 Programme 10:1 JP Morgan Depositary Receipts 4 New York Plaza, 13th Fl. New York, NY 10004 (852) 2993 2111 (852) 2798 8822 66 0066.HK 66 HK Level 1 Programme MTRJY JP Morgan Depositary ReceiptsLevel 1 Programme 2007 12 31 5,611,057,035 4,301,750,38276.67% 1,309,306,65323.33% 2007 183 18 1806-1807 2007 12 31 1 1,610.37 http://www.mtr.com.hk 160 30 140 120 100 80 60 2007 1 6 25 20 15 10 12 183 17 1712 1716 (852) 2862 8628 (852) 2529 6087 (852) 2881 8888 106 investor@mtr.com.hk 2007 68 69

Concept & Design: YELLOW CREATIVE (HK) LIMITED 9916 852 2993 2111 852 2798 8822 66 www.mtr.com.hk