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根基雄厚發展無限 2012 年報 股份代號 : 0001

49.9% 45.3% 12.2% 24.47% TOM 1.08% 65.01% 76.39% 71.36% 38.9%

ONTENTS 2 3 4 10 15 26 30 38 56 84 96 102 108 153 154 160 164 1 Group Structure 2 Ten Year Financial Summary 3 Results Highlights 4 The Year at a Glance 10 Report of the hairman and the Managing Director 15 Management Discussion and Analysis 24 Directors Biographical Information 28 Key Personnel s Biographical Information 35 Risk Factors 39 Report of the Directors 54 orporate Governance Report 78 orporate Social Responsibility 84 Highlights of Development Projects 90 Schedule of Major Properties 96 Financial Statements 137 Independent Auditor s Report 138 Listed Affi liated ompanies 144 orporate Information and Key Dates

2 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 14,336 18,431 14,358 15,346 15,442 16,436 24,293 32,863 42,359 31,106 5,959 9,880 13,064 17,084 29,259 12,819 20,370 26,836 46,055 32,152 (19) 72 210 205 298 201 419 323 204 372 5,940 9,952 13,274 17,289 29,557 13,020 20,789 27,159 46,259 32,524 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 6,987 7,385 9,612 10,222 10,560 11,624 10,696 10,399 11,233 10,145 9,876 10,545 11,710 14,508 15,497 15,670 19,433 21,170 25,180 29,656 121,865 123,805 124,777 131,462 144,585 146,808 149,723 156,369 190,937 202,787 22,631 21,418 22,861 24,222 23,624 29,398 32,653 39,497 45,323 48,705 8,160 8,864 7,572 8,925 11,016 5,771 7,470 9,639 8,507 11,928 20,435 26,784 31,126 46,067 52,768 56,659 56,455 59,172 56,975 84,156 189,954 198,801 207,658 235,406 258,050 265,930 276,430 296,246 338,155 387,377 16,357 17,907 18,683 27,609 23,655 31,258 25,279 22,027 23,020 43,001 295 343 378 4,432 4,517 2,598 664 761 850 883 173,302 180,551 188,597 203,365 229,878 232,074 250,487 273,458 314,285 343,493 1,158 1,158 1,158 1,158 1,158 1,158 1,158 1,158 1,158 1,158 9,331 9,331 9,331 9,331 9,331 9,331 9,331 9,331 9,331 9,331 158,770 164,913 173,343 187,612 215,974 217,234 236,187 259,148 295,936 324,195 169,259 175,402 183,832 198,101 226,463 227,723 246,676 269,637 306,425 334,684 4,648 5,652 4,043 5,149 4,765 5,264 3,415 4,351 3,811 3,821 3,212 3,157 173,302 180,551 188,597 203,365 229,878 232,074 250,487 273,458 314,285 343,493 73.08 75.73 79.37 85.53 97.78 98.32 106.50 116.42 132.30 144.50 2.57 4.27 5.64 7.38 12.63 5.53 8.79 11.59 19.88 13.88 1.68 1.80 2.00 2.20 2.45 2.45 2.70 2.95 3.16 3.16 0.38 0.38 0.42 0.46 0.50 0.50 0.50 0.50 0.53 0.53 1.30 1.42 1.58 1.74 1.95 1.95 2.20 2.45 2.63 2.63

3 49,000 21 42,000 18 35,000 15 28,000 12 21,000 9 14,000 6 7,000 3 0 0 03 04 05 06 07 08 09 10 11 12 03 04 05 06 07 08 09 10 11 12 3.25 150 3.00 135 2.75 120 2.50 105 2.25 90 2.00 75 1.75 60 1.50 45 03 04 05 06 07 08 09 10 11 12 03 04 05 06 07 08 09 10 11 12

4 1 2 3 4 1-3 1. 1. 2013 3 26 2012 2. 2. 3. 2012 4. IFR Asia Awards 2011 3. 4. International Financing Review Asia IFR Asia Awards 2011 Issuer of the Year Domestic Bond 2012 TripAdvisor 2012

5 1 2 3 4-6 1. 2. 1. 2. 2012 3. 63 3. 2012 107 9 Marina Bay Financial entremarina Bay Residences63

6 1 2 3 4-6 1.. 2. 1. 2. 2012 TVB 3. 3. 2015 30 13 2012 TVB

7 1 2 3 7-9 1.. 1. 2. 2. 2012 3. 3. 2012

8 1 2 3 10-12 1. 2. 1. Wales & West Utilities 2. 2012 3. 3. 1881 HeritageARASIA Award for Architecture 2011-2012 Restoration and Adaptive Re-use Wales & West Utilities 2012 10 1881 Heritage Architects Regional ouncil, AsiaARASIA Award for Architecture 2011-2012 (Restoration and Adaptive Re-use) 2012

9 1 2 3 10-12 1. 3. 2. 1. 2. 2 3. 2 1000 24

10

11 2012 2011 31,106 42,359-27% 14,213 13,127 +8% 4,885 4,941-1% 19,098 18,068 +6% 13,955 11,566 +21% 33,053 29,634 +12% (901) 16,421 32,152 46,055-30% 13.88 19.88-30% 2.63 2.63 3.16 3.16

12 Northumbrian Water Group Limited Wales & West Utilities Limited

13

14 Peaty heetham Salt Limited

15

16 1. 70 82,685 AB 4782 4,417 100% 334 4,026 100% Marina Bay Financial entre 151,776 16.67% 3 17,664 50% 2 31,500 50% 1 2 12,854 50% 6A 227,652 50% 1B 2 68,849 47.5% 2A 143,876 50% 2A 2B 164,232 49.91% D1a D1b1 G1a 84,053 50% 3A 62,092 50% 1A

17 214,906 45% 1 34,067 42.5% 1 59,902 50% 1B 2 4A 179,433 40% 1 2 31,661 40% 2 282,689 50% 2A 2B 3A

18 2. 90 97,400 6354 23,996 100% 1381 A 8,106 100% B N1 O1 183 87,356 100% Marina Bay Suites 43,607 16.67% 45,726 100% 2 43,901 40% 1 62,584 30% 2A 51,953 50% 3 10,402 50% 1 2B 474,369 50% 4A 4B 6B 113,308 50% 1B 77,854 47.5% 2B 73,511 50% G19

19 108,766 50% 3 16,604 50% 3A 95,627 49.91% D1b2 D1c G1a 84,002 50% 3B 48,333 50% 1A 1B 83,295 45% 28 24,988 42.5% 3 119,495 50% 4B 4 146,950 50% 165,934 40% 1 2 89,357 50% 1

20 3. (1) 9038 1,69017,790 (2) (3) 5.25%6.25% 100% (4) 401 42,870 207,650 (5) 574 14,400 52,227

21 (6) 5.375% 100% (7) (8) 50% 144,480 138,870 (9) 30% 30% 30% 10%MGN Gas Networks (UK) Limited Wales & West Gas Networks (Holdings) Limited) (10) 3 11 1B 2 4A3A 12A 2B 3A 1 22 2A2BD1a D1b1 G1a

22 Marina Bay Suites24A 4B 6B3B 28D1b2 D1c G1a Marina Bay Suites / Marina Bay Financial entre 3

23 Marina Bay Financial entre

24 5.25% 6.25%

25 (1) (2)

26 KBE Grand Officer of the Order Vasco Nunez de Balboa ommandeur de l Ordre de Léopold841971 19711998 2005 3 1981 Li Ka Shing (anada) Foundation 60 48 19851993 19981994 1999 Li Ka Shing (anada) Foundation XV XV 66 1993 XV XV

27 601993 2005 ARA Asset Management Limited TOM Suntec REITARA Trust Management (Suntec) Limited XV 611993 57 19821993 XV 56 19871996 XV 6219972000 ARA Asset Management Limited Suntec REITARA Trust Management (Suntec) Limited ARA Asia Dragon Fund ARA Fund Management (Asia Dragon) Limited 30 XV

28 811984 2004 9 2001 7 611985 Hutchison Telecommunications (Australia) Limited Hutchison Port Holdings Management Pte. LimitedHPHM HPHM / / XV 611991 TOM Hutchison Port Holdings Management Pte. Limited HPHM Hutchison Telecommunications (Australia) Limited Hutchison Telecommunications (Australia) Limited HPHM / / XV 751993 2004 9 XV OBE 77 19801985 2005 102005 11 2012 9 OBE 762013 1972 81997 3 2013

29 86 1989 Amara Holdings Inc. Stanley Kwok onsultants Inc. 89 1993 BE 73 1993 General Enterprise Management Services (International) Limited (GEMS Ltd.) Glencore International plc ompagnie Financière Richemont SA Essar Energy plc 631983 1997 42004 10 2004 10 651972 31985 2000 82000 9 2004 10 2004 10 2007 1 1 20062012 2000 42011 8 DBE60 2001 2005 2012 1 1 (Davis) Mars, Incorporated 65 2004 9 2007 1 1 TOM BTS Group Holdings Public ompany Limited Worldsec Limited

30 55 1987 12 32 491987 10 30 641993 9 40 431996 6 21 561977 12 35 51 1993 11 28 50 1998 6 25 571990 5 35 501991 12 24 49 1997 5 25 53 1987 6 31 541996 11 30 442012 1 19 471996 4 23 511996 6 31 461997 6 20

31 50 1990 2 28 521993 3 33 531992 10 28 36 2008 9 14 491991 9 27 58 2013 3 39 53 1986 11 27 55 1994 6 35 56 2008 5 36 441998 6 19 542007 8 26 57 1994 9 25 46 2012 7 20

32 501994 1 29 50 1998 8 28 601994 7 34 512000 8 30 57 1998 6 38 521994 8 382002 9 15 392008 11 14 432010 10 20 422012 8 17 412004 9 17 481997 3 22 43 2001 2 19 44 2003 11 20 441997 3

33 531976 3 32 52 1999 3 492005 8 24 441999 3 22 392003 5 16 451995 4 21 34 2005 6 11 38 2009 11 14 451996 2 ARA Asset Management (Fortune) Limited Suntec REIT ARA Trust Management (Suntec) Limited Suntec REIT 23 President s ircle 42 2000 8 e-smart System Inc. imarkets Limited Videofone ompany Limited imarkets Limited imarkets Structured Products Limited 20 FA Institute 412000 7 18 332000 8 12

34 48 2001 8 22 41 1995 8 17 42 2001 5 17 40 1998 2 22 36 2008 4 13 34 2008 5 12 441995 7 19 611989 9 31 40 2003 6 14 51 1995 12 26 45 1997 5 19 52 1998 6 28 45 2003 11 Property Enterprises Development (Singapore) Pte Limited 17 49 1999 1 23 49 1999 9 / 25 41 2001 6 16

35 402004 11 14 372006 8 13 51 1994 1 30 56 1989 11 27 422005 11 16 372009 7 13 382008 7 20 432004 8 18 512003 4 26 45 2003 7 22 492003 11 23 44 2002 4 20 432005 9 18 45 2000 8 21 472005 7 21

36 421994 11 18 571987 11 35 462009 1 21 58 1994 11 33 50 1995 8 24 49 1990 6 27 52 2003 10 31 51 2002 9 24 402007 3 17 372006 1 14 422008 4 16 522007 6 26 441996 3 24 51 2007 10 20 601985 7 29 53 1998 6 28 442002 12 21

37 49 2000 4 23 FA Institute 46 1997 2 23 501994 1 23 492005 7 22 39 2008 1 17 41 1996 5 18 541981 6 Goodwell-Fortune Property Services Limited Goodwell-Prosperity Property Services Limited34 471989 5 24 511994 1 Property Enterprises Development (Singapore) Pte Limited 17 42 2001 3 19 35 2007 4 13 441995 5 18 491990 12 26 541985 8 27 441996 5 19 422013 2 12 501994 9 Goodwell-Fortune Property Services Limited Goodwell-Prosperity Property Services Limited27 472012 4 27 531987 5 Goodwell-Fortune Property Services Limited Goodwell-Prosperity Property Services Limited 30

38 108 152 108 8 21112113 2 102107

39 1642629 3.13 3.13

40 XV XV 7 8 352 1. (a) 66,938,000 936,462,744 1,003,400,744 43.32 % 1 2 220,000 100,000 1,529,000 936,462,744 938,311,744 40.51% 4 2 10,000 10,000 0.0004% 645,500 64,500 710,000 0.03% 65,600 65,600 0.003% 56,000 10,000 184,000 250,000 0.01% 5 30,000 30,000 0.001% 16 384,000 384,000 0.02% 20,000 20,000 0.0009%

41 (b) 93,554,000 2,141,698,773 2,235,252,773 52.42% 1 3 300,000 1,086,770 2,141,698,773 2,143,085,543 50.26% 4 3 60,000 40,000 100,000 0.002% 27,000 28,600 55,600 0.0013% 6,010,875 6,010,875 0.14% 7 200,000 200,000 0.005% 49,931 49,931 0.001% 40,000 9,900 950,100 1,000,000 0.02% 6 1,070,358 65,000 10,000 1,145,358 0.03% 16 17 130,000 130,000 0.003% 97 97 0% 34,000 34,000 0.0008%

42 1,912,109,945 1,912,109,945 76.61% 9 1,912,109,945 1,912,109,945 76.61% 9 100,000 100,000 0.004% 2,835,759,715 4,355,634,570 7,191,394,285 74.82% 15 10 2,250,000 2,835,759,715 4,355,634,570 7,193,644,285 74.84% 15 10 6,225,000 6,225,000 0.06% 2,250,000 2,250,000 0.02% 375,000 375,000 0.004% 900,000 900,000 0.009% 1,125,000 1,125,000 0.01% 1,688,130 2,000 2,970 1,693,100 0.017% 8 1,500,000 1,500,000 0.015% 7 900,000 900,000 0.009% 903,936 903,936 0.009% 753,360 600 11,040 765,000 0.008% 5 200,000 200,000 0.002% 9,000 9,000 0%

43 100,000,000 100,000,000 100% 11 100,000,000 100,000,000 100% 11 Jabrin Limited 10,000 10,000 100% 11 10,000 10,000 100% 11 Kobert Limited 4,900 4,900 100% 11 4,900 4,900 100% 11 3,150,000 3,150,000 100% 11 3,150,000 3,150,000 100% 11 Tosbo Limited 4 6 10 100% 1 12 5,000,000 5,000,000 0.05% 7 Hutchison 4,100,000 1,000,000 5,100,000 0.037% Telecom- 7 munications (Australia) 1,000,000 1,000,000 0.007% Limited

44 403,979,499 3,185,136,120 3,589,115,619 74.48% 1 13 192,000 2,519,250 3,185,136,120 3,187,847,370 66.15% 4 13 1,202,380 1,202,380 0.025% 7 13,201 132 13,333 0.0003% 2. 255,000 255,000 14

45 3. Hutchison 10,208,000 10,208,000 Whampoa 2013 2013 International 6.5% 6.5% (03/13) Limited 4 1,216,000 1,216,000 2013 2013 6.5% 6.5% 7 Hutchison 1,000,000 1,000,000 Whampoa 16 2014 2014 International 6.25% 6.25% (03/33) Limited 17 Hutchison 45,792,000 45,792,000 Whampoa 2019 2019 International 7.625% 7.625% (09) Limited 4 Hutchison 4,000,000 4,000,000 Whampoa 2019 2019 International 5.75% 5.75% (09/19) Limited 7 Hutchison 5,000,000 5,000,000 Whampoa International (10) Limited 7 1,000,000 1,000,000 PHBS Limited 9,100,000 9,100,000 1

46 (1) (2) 936,462,744The Li Ka-Shing Unity Discretionary TrustDT1DT2 Li Ka-Shing Unity Trustee orporation LimitedTDT1DT1 Li Ka-Shing Unity Trustcorp LimitedTDT2DT2 The Li Ka-Shing Unity TrustUT1 DT1 DT2 Li Ka-Shing Unity Trustee ompany LimitedTUT1 UT1TUT1 UT1 TUT1936,462,744 TUT1 DT1 DT2Li Ka-Shing Unity Holdings LimitedUnity Holdco Unity Holdco TUT1 Unity Holdco Unity Holdco DT1 DT2 DT1 DT2 TUT1 UT1TUT1 (3) 2,141,698,773 (a) 2,130,202,773(2)

47 (b) 11,496,000 Li Ka-Shing astle Trustee ompany Limited TUT3 The Li Ka-Shing astle TrustUT3DT3DT4 Li Ka-Shing astle Trustee orporation LimitedTDT3DT3 Li Ka-Shing astle Trustcorp Limited TDT4DT4UT3 DT3 DT4 TUT3 DT3 DT4Li Ka-Shing astle Holdings Limitedastle Holdco astle Holdco TUT3 astle Holdcoastle Holdco DT3 DT4 DT3 DT4 TUT3 UT3 (4) (5) (6) (7) (8)

48 (9) 1,912,109,945 (a) (b) 1,906,681,945 (2) 5,428,000TUT1 UT1 (2)TUT1 UT1 (10) 4,355,634,570 (2) (11) T U T1 U T1 (2) T U T1 UT1 (12) (2) (13) (a) (b) 3,184,982,840 52,092,587 3,132,890,253 (2) (3) 153,280 TUT3 UT3 (3)(b) D T3 D T4 DT3 DT4 TUT3 UT3 (14) 17,000 15

49 (15) 2,835,759,715 (16) (17) (2) XV XV 7 8 352

50 XV 2 3 336 1. The Li Ka-Shing Unity Trust 936,462,744 40.43% Li Ka-Shing Unity Trustee ompany Limited 1 The Li Ka-Shing Unity Discretionary Trust 936,462,744 40.43% Li Ka-Shing Unity Trustee 1 orporation Limited 936,462,744 40.43% Li Ka-Shing Unity Trustcorp Limited 1 2. (a) / JPMorgan hase & o. (i) 6,260,593 ) (ii) 29,602,484 ) (iii) / 80,369,922 ) ) 116,232,999 5.02% 2 (b) / JPMorgan hase & o. 7,811,062 7,811,062 0.34% 3

51 (c) / JPMorgan hase & o. / 80,369,922 80,369,922 3.47% (1) 936,462,744 TUT1 UT1 TDT1 DT1 TDT2 (2) (2) 3,027,588 2,655,000 15,687 356,901 (3) 7,299,062 2,645,000 37,800 432,615 4,183,647 XV 2 3 336

52 Western Gas Networks Limited West Gas Networks Limited Macquarie Luxembourg Gas SARL Macquarie Global Infrastructure Funds 2 SARL PP Investment Board European Holdings SARL odan Trust ompany (ayman) Limited AMP apital Investors (MGN Gas) SARL MGN Gas Networks (UK) Limited Wales & West Gas Networks (Holdings) Limited 204,000,000 2,510,600,000 JPMorgan hase & o. 3,908 60,804,978

53 1. (1) (2) (3) (4) (5) (6) 2. (1) (2) (3) (4) (5) (6) (1) (2) (3) (4) (5) (6) (4) (5) (6) (4) (5) (6) (4) (5) (6) (1) (2) (3) (4) (5) (6) (4) (5) (6) (4) (5) (6) (4) (5) (6) (1) (2) (3) (4) (5) (6) (4) (5) (6) TOM (4) (6) ARA Asset Management Limited (3) (4) (3) ARA Trust Management (3) (Suntec) Limited (1) (2) (3) (1) (4) (4) (6) (4)

54 ARA Asset Management Limited (3) (4) (3) ARA Trust Management (3) (Suntec) Limited ARA Asia Dragon Limited (1) (3) (3) Rich Surplus Limited (1) (2) Rich More Enterprises Limited (1) (1) (2) (3) (4) (5) (6) (4) (5) (6) (4) (5) (6) (1) (6) (1) (2) (3) (4) (5) (6) (4) (5) (6) (4) (5) (6) TOM (4) (6) (6) (1) (2) (3) (4) (5) (6) (4) (5) (6) (4) (5) (6) # (1) (2) (3) (4) (5) (6) #

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60 / E A.2.9 A.3 A.3.1 164 2629 A.3.2 A.4 A.4.1 A.4.2

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102 2012 12 31 A. / N.K.I.L. 6354 100.0% 2,844 I.L. 1381 s.a & s.b R.P. 100.0% 1,018 T.P.T.L. 183 100.0% 126,290 K..T.L. 157 100.0% 4,645 R.B.L. 177 100.0% 3,244 K.I.L. 11120 100.0% 7,551 I.L. 3319 R.P. 100.0% 723 Lot 2086 in D.D.105 100.0% 23,480 K.M.L. 53 100.0% 543 K.I.L. 11125 80.0% 7,326 A.I.L. 354 100.0% 2,006 T.K.O.T.L. No. 111 100.0% 10,200 Lot 2129 in D.D.121 100.0% 6,076 H.H.I.L. 556 100.0% 1,299 Y.L.T.L. 518 100.0% 12,340 S.T.T.L. 574 100.0% 14,400 I.L. 8949 100.0% 10,488 I.L. 8920 100.0% 7,887 D.D. 11 100.0% 69,961 Lot 1457 R.P. in D.D. 123 Y.L. 60.0% 799,977 100.0% 168,648 100.0% 192,351 100.0% 12,400 100.0% 565,401 50.0% 256,332 50.0% 109,187 50.0% 158,892 50.0% 535,059 50.0% 7,851 50.0% 406,871 50.0% 69,002 50.0% 483,024 50.0% 82,520 47.5% 27,061 50.0% 39,341 47.5% 1,041,360 50.0% 132,471 49.9% 2,024,427

103 23,996 / 2013 9 8,106 2013 10 87,356 2013 12 23,225 2014 3 6,607 2014 3 33,979 2014 10 6,611 / 2014 12 9,392 2014 12 3,581 / 2015 3 29,304 2015 3 30,099 2015 3 51,000 2015 3 6,076 2015 6 9,740 2015 6 61,700 / 2015 12 52,227 2016 5 40,440 2016 8 70,200 / 2016 12 20,249 2013 6 25,477 2013 12 65,183 2014 12 150,526 2016 12 56,534 2017 12 31,647 2018 12 40,000 2015 12 110,168 2015 12 117,728 / 2015 6 25,976 2013 4 93,372 / 2014 12 3,701 / 2013 2 1,500 2013 4 54,383 2013 6 35,331 2014 6 163,889 / 2016 9 8,302 2013 1 85,404 2014 6 108,400 2013 6 128,785 / 2013 12 151,367 2014 12 107,583 / 2015 12 312,479 2017 9 56,654 2013 6 36,981 2013 3 18,158 2014 1 127,478 / 2016 3 1,345,524 / 36,756 2013 10 101,159 2014 12 15,715 / 2013 6 32,013 2013 9 34,713 2014 12 96,353 / 2015 6 630,135 /

104 A. / 50.0% 143,034 50.0% 319,359 50.0% 74,858 50.0% 212,211 30.0% 321,261 50.0% 1,722,795 40.0% 225,547 50.0% 80,052 45.0% 1,333,333 50.0% 119,503 45.0% 238,108 25.0% 51,281 30.0% 14,528 50.0% 211,621 24.8% 15,858 50.0% 9,298 42.5% 207,967 29.4% 176,854 50.0% 218,573 G/M H 25.0% 13,723 50.0% 91,491 50.0% 85,185 40.0% 12,491 50.0% 110,798 50.0% 35,214 50.0% 773,899 50.0% 128,159 50.0% 104,808 50.0% 200,000 Marina Bay Suites 16.7% 15,064 The Vision 50.0% 12,000 100.0% 20,848 Lots Road, helsea 47.5% 35,693 onvoys Wharf 50.0% 161,874

105 252,500 / 2017 12 198,341 / 2017 6 92,686 / 2015 12 42,001 2013 12 88,015 / 2015 9 18,775 2013 6 29,839 2014 3 65,565 2016 12 5,865 2013 3 18,302 / 2013 9 113,020 2015 9 17,560 / 2013 10 50,351 2015 3 24,832 2015 12 118,228 / 2015 3 12,539 / 2014 3 72,522 2016 3 108,428 31,255 / 2014 7 148,503 / 2015 3 24,883 / 2013 4 12,600 2013 9 300,554 / 2016 3 54,614 2015 8 17,392 2015 6 30,787 / 2014 3 50,608 2014 5 19,881 2014 7 63,694 2014 11 24,933 2015 3 40,000 2014 3 10,620 2013 10 55,977 2014 3 63,944 2014 12 3,948 2014 3 30,183 2014 11 41,179 / 2016 10 66,982 / 2017 7 69,389 / 14,820 2014 6 91,977 2014 9 11,250 2015 5 59,747 / 2014 9 73,475 / 2013 5 68,678 2013 6 9,207 2014 3 269,321 / 2015 12 83,847 / 2015 6 44,679 2013 4 709,369 / / 142,333 / 2016 9 30,263 / 2014 9 55,872 / 2015 6 62,910 2016 6 7,268 2013 4 16,800 2014 1 43,781 2015 3 39,827 / 2017 9 163,806 /

106 B. / T.K.O.T.L. 90 19,480 T.W.T.L. 403 23,742 86 (Package 3) T.K.O.T.L. 70 13,587 / / N.K.I.L. 6494 3,339 / Site B I.L. 9038 1,690 T.W.T.L. 401 42,870. / 100.0% 100.0% T.S.W.T.L. 4 98.5% 42.5% T.Y.T.L. 140 30.0% T.Y.T.L. 140 30.0% T.Y.T.L. 140 30.0% T.S.W.T.L. 4 98.5% K.I.L. 11103 100.0% K.I.L. 11110 100.0% K..T.L. 467 R.P. 100.0% I.L. 8885 60.9% S.T.T.L. 461 51.0% 50.0% 50.0% I.L. 7106 s.a 8 K.I.L. 4013 R.P. 100.0% 1881 Heritage K.I.L. 11161 100.0% 100.0% 8 Y.T.M.L. 69 100.0% 29.0% 70.0% 50.0% 50.0% 50.0% 40.0% 30.0% 24.8% 1. 2. 3. //

107 97,400 2013 6 113,064 2014 3 128,541 2014 6 29,259 / 2014 8 17,790 / 2016 11 207,650 / 2017 6 113,169 3,512 49,211 6,634 907 1,696 3,147 5,884 3,178 5,943 60,591 9,940 119,280 20,364 107,444 7,825 21,190 19,410 8,000 28,560 21,429 15,311 6,816 41,341 3,153 21,420 12,289 13,023 / 30,409 2,108 7,170 9,745 23,505 4,615 39,445 25,872 70,212 44,454 21,096 30,640 16,365 /

108 2012 12 31 2012 2011 19,199 32,971 11,907 9,388 (3) 31,106 42,359 19,199 32,971 2,180 1,567 (9,810) (21,160) (1,607) (1,503) (496) (372) (340) (400) (496) (470) (12,749) (23,905) 5,452 5,211 4,470 4,010 1,077 450 20,079 19,854 13,679 28,238 (4) 33,758 48,092 (5) (1,234) (1,833) 32,524 46,259 (6) 32,152 46,055 372 204 32,524 46,259 (7) $13.88 $19.88

109 2012 12 31 2012 2011 32,524 46,259 / 326 (128) (372) (60) / 2,870 (2,251) (479) (233) 50 522 / 1,063 (214) 35,922 43,955 35,549 43,745 373 210 35,922 43,955

110 2012 12 31 31/12/2012 31/12/2011 (8) 10,145 11,233 (9) 29,656 25,180 (11) 202,787 190,937 (12) 48,705 45,323 (13) 11,642 8,327 286 180 303,221 281,180 (14) 80,088 68,932 (15) 2,418 2,805 (16) 236 220 436 155 21,167 19,894 104,345 92,006 (17) 5,098 22,897 (18) 13,290 9,701 1,140 826 661 1,607 84,156 56,975 387,377 338,155 (17) 43,001 23,020 (19) 820 850 63 43,884 23,870 343,493 314,285 (20) 1,158 1,158 9,331 9,331 324,195 295,936 334,684 306,425 (22) 5,652 4,648 3,157 3,212 343,493 314,285

111 2012 12 31 31/12/2012 31/12/2011 (8) 6 5 (10) 29,537 32,356 (11) 50 50 (12) 718 718 1 30,311 33,130 (14) 3 3 (15) 163 126 352 349 518 478 (18) 270 231 2 246 247 30,557 33,377 (20) 1,158 1,158 9,331 9,331 (21) 20,068 22,888 30,557 33,377

112 2012 12 31 (1) (2) 2012 1 1 10,834 5,251 290,340 306,425 4,648 3,212 314,285 32,152 32,152 262 110 32,524 326 326 326 (372) (372) (372) (60) (60) (60) 2,869 2,869 1 2,870 (479) (479) (479) 50 50 50 / 1,103 (40) 1,063 1,063 3,437 32,112 35,549 262 111 35,922 (141) (141) 1,000 1,000 (12) (12) (12) 41 41 34 75 (258) (258) (59) (59) 2011$2.63 (6,091) (6,091) (6,091) 2012$0.53 (1,228) (1,228) (1,228) 2012 12 31 10,834 8,688 315,162 334,684 5,652 3,157 343,493

113 (1) (2) 2011 1 1 10,834 7,431 251,372 269,637 3,821 273,458 46,055 46,055 60 144 46,259 / (136) (136) 8 (128) (2,249) (2,249) (2) (2,251) (233) (233) (233) 522 522 522 (84) (130) (214) (214) / (2,180) 45,925 43,745 60 150 43,955 (483) (483) 4,588 4,588 (54) (54) (54) (276) (276) 2010$2.45 (5,675) (5,675) (5,675) 2011$0.53 (1,228) (1,228) (1,228) 2011 12 31 10,834 5,251 290,340 306,425 4,648 3,212 314,285 (1) $1,158,000,000 $9,331,000,000 $345,000,000 (2) 2012 12 31$3,706,000,000 2011 12 31$597,000,000 2011 1 1$3,165,000,000 $5,085,000,000 2011 12 31$4,658,000,000 2011 1 1$4,266,000,000 $103,000,000 2011 12 31 $4,000,000 2011 1 1

114 2012 12 31 2012 2011 1,633 22 / (1,941) (5,069) / 899 2,355 4,755 4,243 432 292 834 225 (7,319) (6,903) (59) (276) (233) (2,220) (865) (3,219) (5,976) 1,065 / (2,614) (11,125) 15 14 / (235) (683) / 3,412 2,348 (104) (3,339) 503 / 922 2,048 (21) (14) (105) (1,259) / 2,838 (12,010) 26,035 25,379 (24,274) (16,249) (141) (483) 988 4,534 (954) (448) 1,654 12,733 / 1,273 (5,253) 1 1 19,894 25,147 12 31 21,167 19,894

115 2012 2011 33,758 48,092 (809) (398) 496 372 (470) (295) (5,452) (5,211) (13,679) (28,238) (4,470) (4,010) (1,077) (450) / (106) 177 / (429) 289 340 400 50 (426) / (16) 38 (10,702) (2,976) / 3,318 (9,413) / 632 (137) 83 358 616 1,400 (6,069) (10,730) 1,633 22

116 2012 828 16 (144) (1) (47) (145) 507 $323,000,000 1,077 1,584 (519) 1,065 1,205 (140) 1,065

117 1. 164 2. HKFRSs 22 2 HKIPAHKFRSs2012 1 1 HKFRS 7 HKFRSsHKIPA 2013 1 1 HKFRSs 1 19 (2011) 27 (2011) 28 (2011) HKFRS 7 HKFRS 10 HKFRS 11 HKFRS 12 HKFRS 10 HKFRS 11 HKFRS 12 HKFRS 13 20 20092011 2014 1 1 32 HKFRS 10 HKFRS 12 27 (2011) 2015 1 1 HKFRS 9

118 2. 2013 1 1 HKFRS 10 HKFRS HKFRSs 12 31 2 2 2 12 31

119 2. 12 31 2% 4% 5% 33 1 /3%

120 2.

121 2.

122 3. 2012 2011 14,614 28,755 1,867 1,377 2,350 2,489 368 350 19,199 32,971 11,907 9,388 31,106 42,359 38% 2011 23% 2012 2011 11,919 9,827

123 3. 2012 2011 2012 2011 2012 2011 5,305 7,782 4,699 3,436 10,004 11,218 1,703 1,274 275 424 1,978 1,698 930 916 305 272 1,235 1,188 129 124 45 17 174 141 8,067 10,096 5,324 4,149 13,391 14,245 1,036 130 1,159 694 (496) (372) 4,470 4,010 531 1,151 1,077 1,326 1,731 450 62 189 (1,234) (1,833) (2,382) (1,730) (372) (204) 19,018 18,011 13,955 11,566 (901) 16,421 80 57 32,152 46,055

124 4. 2012 2011 874 635 172 114 (121) (162) 925 587 (429) (215) 496 372 115 109 11 11 93 82 219 202 (11) (10) 208 192 7 7 8,426 19,498 50 522 226 187 1,832 1,349 73 60 60 144 57 54 587 107 460 293 12 16 10 2 20 17 (122) 440 / 26 (20) 479 233 1.75% 20111.25%)

125 4. $120,000 2011$120,000/ $130,000 2011$130,000 $60,000 2011$60,000 2012 2011 (1) 0.01 0.01 0.01 (2) 0.12 37.95 3.79 20.91 62.77 58.05 (3) 0.12 18.53 1.85 0.80 21.30 20.24 (4) 0.12 15.19 1.52 9.03 25.86 23.90 0.12 9.44 0.94 16.57 27.07 24.64 0.12 10.70 1.07 13.15 25.04 22.90 0.12 10.70 1.07 16.50 28.39 25.96 0.12 9.59 0.95 16.58 27.24 24.80 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.31 0.31 0.31 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.25 0.25 0.25 0.18 0.18 0.18 0.25 0.25 0.25 2012 2.80 112.10 11.19 93.54 219.63 2011 2.80 106.79 10.66 82.20 202.45 (1) $5,000 $50,000 (2) $3,864,000 $75,000 (3) $1,620,000 $2,575,000 (4) $1,875,000 $1,075,000

126 5. 2012 2011 1,095 1,541 122 203 17 89 1,234 1,833 16.5% 201116.5% 2012 2011 16.5% 2011 16.5% 3,706 3,561 1,248 807 (219) (96) (17) (63) (39) (751) (714) / (82) (239) / (124) 194 (3) 10 3,616 3,563 (2,382) (1,730) 1,234 1,833 6. $4,499,000,000 2011$7,525,000,000 2012 2011 $0.53 2011$0.53 1,228 1,228 $2.63 2011$2.63 6,091 6,091 7,319 7,319

127 7. 2,316,164,33820112,316,164,338 8. 2011 1 1 10,871 1,622 1,394 13,887 80 17 97 / 1,095 9 67 1,171 (11) (11) 2011 12 31 11,966 1,711 1,467 15,144 / 32 18 40 90 (36) (36) (1,008) (121) (1,129) 2012 12 31 11,998 721 1,350 14,069 / 2011 1 1 2,094 356 1,038 3,488 18 15 33 216 38 146 400 (10) (10) 2011 12 31 2,310 412 1,189 3,911 221 16 103 340 (26) (26) (207) (94) (301) 2012 12 31 2,531 221 1,172 3,924 2012 12 31 9,467 500 178 10,145 2011 12 31 9,656 1,299 278 11,233 $8,935,000,000 2011$9,114,000,000 $500,000,000 2011$1,299,000,000

128 8. 31/12/2012 31/12/2011 1 1 189 187 4 3 (4) (1) 12 31 189 189 1 1 184 182 3 3 (4) (1) 12 31 183 184 12 31 6 5 9. 31/12/2012 31/12/2011 1 1 25,180 21,170 6 4,470 4,010 29,656 25,180 $28,765,000,000 2011$24,473,000,000$891,000,000 2011$707,000,000 $1,686,000,000 2011$1,229,000,000 $28,000,000 2011$21,000,000

129 10. 31/12/2012 31/12/2011 2,071 2,071 27,731 30,445 (265) (160) 29,537 32,356 11. 31/12/2012 31/12/2011 31/12/2012 31/12/2011 28,132 28,132 7,052 5,804 50 50 160,582 151,549 195,766 185,485 50 50 7,021 5,452 202,787 190,937 50 50 175,382 140,094 $6,855,000,000 2011 $5,288,000,000$5,200,000,000 2011$4,988,000,000

130 11. 2012 2011 12,022 3,905 (10,826) (3,432) 1,196 473 109,002 72,060 7,907 4,976 (7,036) (3,398) (71,280) (44,594) 38,593 29,044 545 194 14,619 11,604 12. 31/12/2012 31/12/2011 31/12/2012 31/12/2011 17,802 15,048 142 22,575 19,916 40,377 34,964 142 8,328 10,359 576 718 48,705 45,323 718 718 $1,634,000,000 2011 $2,990,000,000

131 12. 2012 2011 35,738 31,255 (23,631) (18,621) 12,107 12,634 49,083 58,171 111,049 99,185 (26,051) (24,369) (22,990) (20,649) 111,091 112,338 5,452 5,211 48,705 45,323 13. 31/12/2012 31/12/2011 5,405 2,926 5,391 4,233 32 142 10,828 7,301 141 445 673 581 814 1,026 11,642 8,327

132 14. 31/12/2012 31/12/2011 31/12/2012 31/12/2011 48,895 44,359 29,746 22,784 1,447 1,789 3 3 80,088 68,932 3 3 $63,448,000,000 2011 $55,869,000,000 15. 31/12/2012 31/12/2011 31/12/2012 31/12/2011 1,308 525 193 1,195 917 1,085 163 126 2,418 2,805 163 126 2012 2011 1,221 434 72 70 15 21 1,308 525 2012 2011 88 68 44 41 14 21 146 130

133 16. 31/12/2012 31/12/2011 64 69 172 151 236 220 17. 31/12/2012 31/12/2011 3,498 22,897 4,437 2,499 25,916 10,500 33,851 35,896 1,600 1,600 8,117 4,001 4,531 4,420 14,248 10,021 48,099 45,917 5,098 22,897 43,001 23,020

134 17. $3,083,000,000 (i) (ii) (iii) heung Kong Bond Finance Limited HK$500,000,000 4.4% 2015 42005 HK$150,000,000 5.1% 2016 42006 HK$800,000,000 3.48% 2013 42008 HK$500,000,000 3.9% 2013 52008 HK$500,000,000 4.88% 2018 82008 Joynote Ltd SGD225,000,000 2.25% 2015 112010 SGD180,000,000 2.585% 2016 72011 SGD320,000,000 3.408% 2018 72011 heung Kong Finance (MTN) Limited HK$500,000,000 4.3% 2020 12010 HK$500,000,000 4.35% 2020 12010 HK$300,000,000 3.9% 2020 42010 HK$330,000,000 2.45% 2016 92011 HK$377,000,000 2.56% 2016 102011 HK$400,000,000 3.45% 2021 102011 HK$300,000,000 3.35% 2021 112011 US$500,000,000 1.5% 2015 6 2012 $3,750,000,000 2011$3,750,000,000 $422,000,000 2011 $415,000,000 1.25%

135 18. 31/12/2012 31/12/2011 31/12/2012 31/12/2011 2,677 2,225 3,615 3,819 270 231 6,998 3,657 13,290 9,701 270 231 2012 2011 2,584 2,162 53 44 40 19 2,677 2,225 19. $806,000,000 2011 $828,000,000 $14,000,000 2011$22,000,000 $2,717,000,000 2011 $2,584,000,000$65,000,000 2011$19,000,000

136 20. 31/12/2012 31/12/2011 31/12/2012 31/12/2011 $0.5 3,800,000,000 3,800,000,000 1,900 1,900 $0.5 2,316,164,338 2,316,164,338 1,158 1,158 21. 31/12/2012 31/12/2011 1 1 199 22,689 22,888 22,266 4,499 4,499 7,525 (7,319) (7,319) (6,903) 12 31 199 19,869 20,068 22,888 $19,869,000,000 2011 $22,689,000,0002011 2012 5 252012 6 14 22. 2011SGD730,000,0005.125% 2016 9 9 2012 7HK$1,000,000,000 5.25%6.25% 2017 7 9 /

137 23. 2012 2011 1,736 1,012 1,634 776 4 3,370 1,792 2012 2011 2012 2011 201 194 123 123 141 267 82 205 342 461 205 328 24. 2012 2011 305 371 14 13 319 384 21 16 340 400

138 25. (i) (ii) $213,000,000 2011$32,000,000 2011$303,000,000 $693,000,000 2011$694,000,000 $124,000,000 2011$152,000,000 $5,000,000 2011$4,000,000 (i) $1,051,000,000 2011$1,641,000,000 (ii $1,619,000,000 2011$2,453,000,000 $612,000,000 2011 $624,000,000 22 (i) (ii) (iii) $47,484,000,000 2011$45,267,000,000 $50,000,000 2011$48,000,000 $359,000,000 2011$334,000,000 $1,231,000,000 2011 $1,569,000,000 26. 5% 10% 5% $25,000 $125,000,000 2011$118,000,000 $5,000,000 2011 $3,000,000

139 27. 11 12 25 $1,354,000,000$154,000,000 $1,200,000,0002017 2032 28. 78.8%

140 28. 1% 0.3% / 1 3 1 2 3

141 28. 1 2 3 2012 12 31 10,796 14 127 10,937 32 673 705 236 236 436 436 11,064 1,123 127 12,314 (1,203) (1,203) 2011 12 31 7,159 11 434 7,604 142 581 723 220 220 155 155 7,521 747 434 8,702 (826) (826) 3 2012 2011 1 1 434 93 27 19 (337) 3 322 12 31 127 434

142 28. / 5% /$557,000,000 2011$386,000,000/ $69,000,000 2011$73,000,000 / 1% / $421,000,000 2011$402,000,000 /$195,000,000 2011$147,000,000 /5%/ $154,000,000 2011 2012 2011 5,847 23,422 5,124 4,437 34,961 15,202 4,694 4,684 50,626 47,745 $9,978,000,000 2011 $10,066,000,000 2011

143 29. 17 2012 2011 48,099 45,917 (21,167) (19,894) 26,932 26,023 343,493 314,285 26,932 26,023 370,425 340,308 7.3% 7.6% 30. 108152 2013 3 26

144 Alcon Investments Limited HK$ 1 100 US$ 10,000 55.06 HK$ 2 100 Biro Investment Limited HK$ 10,000 100 HK$ 1 80 Bristow Investments Limited HK$ 1 100 arlford Investments Limited HK$ 1 100 haview Holdings Limited US$ 1 100 HK$ 1 100 heung Kong Bond Finance Limited US$ 1 100 heung Kong Bond Securities Limited US$ 1 100 heung Kong Bond Securities (02) Limited US$ 1 100 HK$ 2,500,000 100 heung Kong Finance (MTN) Limited US$ 1,000 100 HK$ 2 100 heung Kong Investment ompany Limited HK$ 20 100 HK$ 2 100 HK$ 100,000 100 HK$ 1 100 HK$ 1 100 Fantastic State Limited HK$ 2 100 Flying Snow Limited HK$ 2 100 Focus Eagle Investments Limited US$ 1 100 HK$ 2 100 Glass Bead Limited US$ 1 100 Global oin Limited HK$ 2 100 HK$ 100,000 100 Grandwood Investments Limited HK$ 1 100 HK$ 1 100 Harbour Grand Hong Kong Limited HK$ 2 100 Harbour Plaza 8 Degrees Limited HK$ 2 100 imarkets Limited HK$ 30,000,000 54.83 Joynote Ltd SGD 2 100 HK$ 1 100

145 HK$ 1 100 HK$ 1 100 Luxury Green Development Pte. Ltd. SGD 1,000,000 100 Megawin International Limited US$ 2 100 Mutual Luck Investment Limited HK$ 30,000 60 HK$ 1 100 HK$ 1 100 HK$ 1 100 HK$ 1 100 HK$ 1 100 HK$ 2 100 Pako Wise Limited HK$ 2 100 Pearl Wisdom Limited HK$ 2 100 Pofield Investments Limited US$ 1 100 HK$ 1 85 Rainbow Elite Investments Limited HK$ 1 100 HK$ 110 60.9 HK$ 1 100 HK$ 1,000,000 85 Romefield Limited US$ 1 100 HK$ 1 100 HK$ 10,000 100 HK$ 2 100 HK$ 1 100 The enter (Holdings) Limited US$ 1 100 HK$ 1,000 98.47 HK$ 1 100 Total Win Group Limited US$ 1 100 Towerich Limited HK$ 2 51 HK$ 1 90 HK$ 1 85 HK$ 2 100 Winchesto Finance ompany Limited HK$ 15,000,000 100 Yick Ho Limited HK$ 6,000,000 100 heung Kong Bond Securities Limited Joynote Ltd Luxury Green Development Pte. Ltd. Megawin International Limited Yick Ho Limited

146 50 45.3 Harbour Plaza Hotel Management 50 (International) Limited 40 49.9 50 UK Water (2011) Limited 40 Wales & West Gas Networks 30 (Holdings) Limited UK Water (2011) Limited Wales & West Gas Networks (Holdings) Limited

147 50 50 Beright Investments Limited 50 50 50 50 hoicewide Group Limited 50 50 50 49 Extreme Selection Investments Limited 50 50 Gislingham Limited 50 50 Golden astle Management Limited 50 Harbour Plaza Metropolis Limited 50 50 25 33.4 50 42.5 Mapleleaf Developments Limited 25 50 50 50 50 Shanklin Developments Limited 50 Sky Island Limited 50

148 Smart Rainbow Limited 50 Swayfield Limited 30 True Ample Developments Limited 50 Willpower Developments Limited 50 Zealand Limited 50 Beright Investments Limited hoicewide Group Limited Extreme Selection Investments Limited Gislingham Limited Golden astle Management Limited Mapleleaf Developments Limited Shanklin Developments Limited Sky Island Limited True Ample Developments Limited Willpower Developments Limited Zealand Limited

149 2012 2012 12 31 2012 2011 243,089 233,700 (98,113) (93,059) (31,171) (30,488) (25,514) (22,497) (14,149) (14,080) (50,364) (53,055) 790 (2,052) 43,147 14,978 13,819 6,530 5,877 44,024 83,364 (9,243) (8,415) 34,781 74,949 (3,097) (3,237) 676 2,150 32,360 73,862 (6,232) (17,843) 26,128 56,019

150 2012 12 31 2012 2011 167,588 155,502 43,652 42,610 9,495 10,004 78,655 75,503 26,492 26,338 15,328 12,615 151,860 137,703 70,397 67,562 18,067 16,992 9,579 10,184 23,499 20,239 614,612 575,252 107,948 66,539 61,788 60,345 19,533 18,408 189,269 145,292 78,471 78,093 39,596 28,835 2,856 2,431 120,923 109,359 68,346 35,933 682,958 611,185 220,440 189,719 6,307 6,502 8,973 8,893 3,570 2,992 5,076 4,296 244,366 212,402 438,592 398,783 1,066 1,066 23,400 15,600 367,093 342,946 391,559 359,612 47,033 39,171 438,592 398,783

151 2012 2012 12 31 2012 2011 4,545,022 3,511,563 (2,992,216) (2,331,432) 1,552,806 1,180,131 (6,361) (9,061) (438,644) (363,086) (18,072) (17,673) (51,328) (44,932) (646,284) (494,125) (88,623) (89,164) (2,481) (731) 301,013 161,359 (102,979) (46,252) 198,034 115,107 176,331 125,826 21,703 (10,719) 198,034 115,107

152 2012 12 31 2012 2011 947,866 813,502 542,218 537,571 561,604 575,962 4,302,480 4,133,396 16,260 18,622 335,386 368,621 130,923 153,130 33,353 23,718 6,870,090 6,624,522 64,718 76,083 8,234 3,102 5,044 42 796,031 650,886 983,733 983,985 91,200 572,113 380,415 2,429,873 2,185,713 (923,122) (822,767) (17,363) (37,151) (124,414) (431) (373) (112,774) (61,988) (1,178,104) (922,279) 1,251,769 1,263,434 8,121,859 7,887,956 (1,565,629) (1,691,606) (1,148) (1,277) (790,376) (536,201) (41,008) (26,314) (2,398,161) (2,255,398) 5,723,698 5,632,558 961,107 961,107 4,502,705 4,407,652 5,463,812 5,368,759 259,886 263,799 5,723,698 5,632,558

153 108 152 141

154 Hutchison Whampoa Limited 1 2

155 3 4 5 6 3. 1. 1. 4. 2. 3. 3 4G (LTE) 4. Kruidvat 5. 5. 6. 2. 6.

156 1 2

157 3 4 5 6 1... 2... 3.. 4. 5.. 1. Northumbrian Water Group Limited 2. 3. Wales & West Utilities Limited 4. SA Power Networks 5. 6. UK Power Networks Holdings Limited 6...

158 1 2 3

159 6 6. 1. 4. 7. 8. 2. 3. 7 5. 4 8 5 1. Wales & West Utilities 2. UK Power Networks 3. 4. 5. 6. 7. 8. 2011-2012

160 52

161 (a) (b)

162 (a)(b) (c) (d)(e) H1N1 NDM-1

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164 UFJ 2 7 183 17 1712-1716 0001 1 HK 1.HK www.ckh.com.hk 2013 3 26 2013 5 15 21 2013 5 21 2013 5 27 2013 6 7

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