2003

001 002 004 006 012 013 014 014 022 028 038 042 044 046 048 050 056 058 060 061 073 074 075 076 077 078 079 080 129 132

002 02 2003 01 03 CIO Asia CIO (Chief Information Officer) ISO 14001 TraxComm Limited 01

003 04 2003 05 06 07 02 05 03 06 OHSAS 18001:1999 ISO 9001:2000 ISO 14001:1996 ASTD BEST 07 04 icentre

004

005

006

007 TraxComm Union Square

008 Union Square

009 TraxComm Union Square

010 Union Square Sarbanes-Oxley Act DJSI FTSE4Good Index Global Reporting Initiative Global Reporting Initiative

011

012 01 02 03 04 05 06 07 08 09 Union Square 10 11 12 13 14 15 16 17 18 19 20 21

013 2003 2002 5,489 5,720 (4.0 ) 2,105 1,966 7.1 3,747 4,014 (6.7 ) 5,369 3,755 43.0 9,116 7,769 17.3 4,450 3,579* 24.3 102,366 101,119* 1.2 32,025 33,508 (4.4 ) 57,292 53,574* 6.9 49.3 52.2 (2.9) 55.9 62.5* (6.6) 8.0 6.7* 1.3 5.6 4.5 24.4 0.85 0.70* 21.4 0.42 0.42 12 31 10.25 8.25 24.2 12 31 54,209 42,560 27.4 770.4 777.2 (0.9 ) 6,849 8,457 (19.0 ) 2,240 2,261 (0.9 ) 18.7 23.2 (19.4 ) 6.57 6.65 (1.2 ) 62.07 65.43 (5.1 ) 24.3 23.5 0.8 58.7 58.2 0.5 23 25 (2) *

014

015

016 2 MTR Club

017 CoMET

018

019

020 2003 2002 87.7 87.7 1,050 1,050 e 18 18 490 466 14,328 15,827 13,072 9,984 19 19 128 144 120 144 128 144 128 144 128 156 128 156 160 180 160 180 480 600 480 600 240 300 240 300 900 900 600 600 2002 * A B C D E F G H I 777 399 942 1,396 1,413 1,283 410 517 2,041 3,200 103 136 477 344 554 219 93 82 245 622 80.4 153 408 201 471 211 115 52 183 267 48 170 275 147 423 297 66 52 138 149 * Berliner Verkehrs Betriebe London Underground Limited New York City Transport Authority Sistema de Transporte Colectivo Regie Autonome de Transports Parisiens Metro Regie Autonome de Transports Parisiens Regional Express Railway Metroplitano de Sao Paulo Teito Rapid Transit Authority and Moscow Metro

021 2003 98.5% 99.5% 99.9% 98.5% 99.5% 99.9% 98.0% 99.0% 99.9% 98.0% 99.0% 99.6% 98.0% 99.0% 99.9% 500,000 1,213,247 7,000 14,437 95.5% 97.5% 99.2% 93.0% 97.5% 99.4% 97.0% 99.0% 99.7% 98.0% 99.0% 99.9% 98.5% 99.0% 99.8% 97.0% 99.9% 90.0% 99.5% 98.0% 99.9% 98.0% 99.9%

022

023

024 TraxComm Limited (TraxComm) TraxCommDWDM TraxComm TraxComm TraxComm

025 Rice Plus Thales e-transactions CGA (Thales) Thales Accenture Vialis Verkeer & mobiliteit bv East-West Consortium East-West Consortium Mumbai Vikas Railway Corporation

026 e South Hampshire Rapid TransitMerseytram

027 AEON AFC Best Practice Management 20032003 DHL 2003

028

029

030 Central 18 Zone at Two IFC Union Square

031 Union Square A Union Square b Dream City

032 Central 18 Zone Union Square

033

034 254,186 1998 2005 59,458 102,250 1,344 415,894 (Union Square) 147,547 2000 1,332 210,319 2002 2003 1,270 100,000 2005 5,886 412 128,845 2003 864 82,750 2006 2008 * 231,778 * 72,472 * 95,000 21,300 1,050 1,743* 1,096,947

035 111,000 2000 14,900 169,950 13,219 1,380 47,500 2001 2002 220,050 1,100 932 103,152 2005 1,300 294 682,171 46,170 1999 245,700 925 920 292,795 14,999 1999 2005 48,331 22,000 275,501 855 2,041 2,499 2002 2007 253,100 Recosia Pte Ltd. 350 617 4,996 2002 2007 407,300 508 350 1,211 1,030,789 3,518,596 14,360 *

036 a 26,005 2000 2005 3,637 7 74 b 84,920 2002 2006 11,877 1 249 138,652 2002 2005 3,500 6 369 236,965 2002 2006 16,800 10 587 * 2 60,000 2005 2006 2009 103,130 1,291 14 160 2004 2010 2013 40,000 4,131 * 19,182 2001 2005 2,400 7 54 450

037 39,671 100% 993 100% 19,741 50% 136 50% 12,066 100% 651 100% 18,468 100% 415 100% 28,911 100% 920 100% 220 100% 50 100% 70 100% 36 100% 540 100% 126 100% 39,529 100% 1,308 51% 292 100% 100% 286 50% 13,219 100% 1,252 100% 14,085 40% 579 40% 5,898* 40% 330 40% 117 40% Union Square 3,905 51.92% 240 100% Union Square 18,148 36.22% * 46,915 558,796

038

039 ISO 14001

040

041 AsiaWorld-Expo

042

043 ASTD BEST

044

045 Sarbanes-Oxley Sarbanes-Oxley

046 Asian Corporate Social Reporting Awards Global Reporting Initiative Global Reporting Initiative (GRI)GRI GRI

047 ISO 14001 Ethibel Stock Index

048 International ARC Awards International Academy of Communications Arts and Sciences

049 (852) 2993 2111 (852) 2798 8822 www.mtr.com.hk Level 1 Programme SEAQ International System 5,288,695,393 4,036,430,908 (76.32%) 1,252,264,485 (23.68%) 0.28 0.14 0.28 Level 1 Programme 10:1 JP Morgan Chase Bank 40th Floor, One Chase Manhattan Plaza New York, NY 10081 USA Ethibel Stock Index 66 0066.HK 66 HK Y5896Y104 Sedol 6290054 Level 1 Programme MTRUY www.mtr.com.hk (852) 2862 8628 (852) 2529 6087 (852) 2881 8888 investor@mtr.com.hk

050

051 Union Square

052

053

054 A-/A3 P-1 Aa3/A3 A1

055 A-1+/A- AA-/A+ a-1+ AA/AA- 40% 60%

056 2003* 2002* 2001* 2000* 1999 1998 1997 1996 1995 1994 7,594 7,686 7,592 7,577 7,252 6,981 6,574 6,253 5,737 5,188 9,116 7,769 7,301 7,290 5,523 4,720 3,805 3,342 3,143 2,901 2,402 2,470 2,178 2,091 2,039 1,426 927 850 658 594 1,539 1,125 874 1,143 1,104 475 95 957 1,289 1,269 4,450 3,579 4,278 4,069 2,116 2,819 2,783 1,535 1,196 1,038 2,215 2,161 2,118 500 1,252 647 0.85 0.70 0.85 0.81 0.42 102,366 101,119 98,126 92,565 87,250 82,104 75,428 64,644 45,356 35,487 32,025 33,508 31,385 27,203 23,177 16,897 10,875 12,696 14,736 18,121 5,061 6,226 8,411 10,403 13,776 15,970 16,705 9,094 1,056 57,292 53,574 53,893 50,355 45,115 42,601 41,815 35,473 25,261 12,363 49.3 52.2 53.4 51.7 48.2 47.3 53.7 53.4 54.8 55.8 27.7 25.6 24.6 24.6 22.2 22.1 21.0 18.8 17.8 16.8 55.9 62.5 58.2 54.0 51.4 39.7 26.0 35.8 58.3 146.6 63.3 71.1 66.4 62.2 58.5 45.0 31.3 43.8 73.4 251.9 5.6 4.5 3.8 3.8 3.7 5.1 15.7 4.0 2.9 2.1 855 886 930 966 1,031 1,317 1,104 1,069 1,075 1,042 4,730 4,836 4,756 4,943 5,132 5,890 4,575 4,499 4,490 4,345 402 551 978 904 918 1,111 2,380 1,871 1,444 729 642 618 567 519 456 468 427 405 388 366 6,629 6,891 7,231 7,332 7,537 8,786 8,486 7,844 7,397 6,482

057 2003* 2002* 2001* 2000* 1999 1998 1997 1996 1995 1994 112,823 103,318 96,751 92,199 94,704 94,260 84,258 83,769 82,472 80,012 15,227 19,467 19,458 19,557 19,394 9,011 770,419 777,210 758,421 767,416 779,309 793,602 811,897 816,572 812,519 804,062 6,849 8,457 9,022 10,349 10,396 3,928 2,240 2,261 2,231 2,240 2,284 2,326 2,382 2,379 2,377 2,335 19 23 25 28 29 22 7.7 7.6 7.4 7.3 7.4 7.4 7.4 7.5 7.5 7.5 29.7 29.9 29.8 29.7 29.9 31.2 53 57 58 61 61 62 71 73 74 76 13 13 14 16 16 14 24.3 23.5 23.5 24.1 25.2 25.7 25.9 26.7 27.4 27.8 58.7 58.2 57.4 57.9 60.3 61.9 64.2 66.5 67.6 67.1 23 25 27 28 32 25 42.9 46.6 49.3 51.1 49.4 52.7 61.6 60.6 57.2 53.9 22.5 22.8 24.6 26.8 27.3 29.2 29.5 29.1 26.0 23.9 20.4 23.8 24.7 24.3 22.1 23.5 32.1 31.5 31.2 30.0 7.06 7.28 7.46 7.35 7.14 6.82 6.39 6.22 5.80 5.37 3.70 3.57 3.72 3.85 3.94 3.78 3.06 2.99 2.64 2.38 3.36 3.71 3.74 3.50 3.20 3.04 3.33 3.23 3.16 2.99 641 690 686 748 859 842 814 869 716 794 0.82 0.88 0.89 0.96 1.09 1.05 1.00 1.06 0.88 0.99 33 24 39 36 49 65 54 40 42 61 *

058 chinadotcom corporation GKN PLC BOC Group PLC

059

060 TraxComm Limited

061 A B C D E F G H I (i) (ii)

062 (iii) A B C D E

063 6,500,000,0005,158,748,655 129,946,738 A 10,489,500 A 8.44 B 82,018,666 0.28 C 37,438,572 0.14 6,500,000,0005,288,695,393

064 D ISO 9001:2000 352 XV * * 4,292 4,292 0.0001 46,467 614 1,022,000 1,069,081 0.0202 1 49,384 49,384 0.0009 46,233 822,000 868,233 0.0164 1 50,471 2,467 621,000 673,938 0.0127 1 1,066,000 1,066,000 0.0202 2 * 101,010 3.75201 50,740 4.50301 * 18 1. 2.

065 B(i)A 2003 2003 1 1 12 31 20/9/2000 1,066,000 5/4/2001 11/9/2010 1,022,000 355,000 1,022,000 20/9/2000 1,066,000 5/4/2001 11/9/2010 1,022,000 355,000 1,022,000 8.44 10.48 20/9/2000 1,066,000 5/4/2001 11/9/2010 1,022,000 355,000 200,000 8.44 822,000 10.38 20/9/2000 1,066,000 5/4/2001 11/9/2010 1,021,000 355,000 400,000 8.44 621,000 10.43 20/9/2000 1,066,000 5/4/2001 11/9/2010 1,022,500 355,000 1,022,500 8.44 10.61 20/9/2000 40,343,000 5/4/2001 11/9/2010 30,055,000 10,087,500 1,044,500 6,246,000 8.44 22,764,500 10.03 1. 2. B(ii)B 2003 2003 1 1 12 31 1/8/2003 1,066,000 14/7/2004 14/7/2013 1,066,000 1/8/2003 495,200 14/7/2004 14/7/2013 495,200 1. 2. 1,599,0001,066,000 533,000 1,599,000 10.56 1,561,200

066 352 A XV B 336 A 4,036,430,908 76.32 B (1)

067 (2) F C (1) (2) (3) D E G FB4FB4A D1 A (9) (1) 8898 12459 (2) 12459 (3) 11080 A B C D E F G B D

068 C E F G (4) (5) (4) C (5) E F G E F G (6) 1106812349 (11) 17973 (12) 27984 (13) 38015 (14) 8015 (7) 1107412375 (15) 8082 (8) 1109012434 (9) 11151 12620 (10) 1326993 (16) 58102 (17) 8102 (18) 48082

069 B 6179 12611 C (1) 55b 759687 (2) 57a 749686 (3) 86 709689 O M1 (4) 38b 249694 (5) 73b 739700 A B A B D 8898 R E F 1 1

070 G 2 1 H 2 I J 643630/100 K 3 2 1 2 3 6436

071 (i) (ii) (iii) (1) (2) (3) KMB Public Bus Services Holdings Limited (4)

072 577 (1) (2) (i) (ii)

074 075 076 077 078 079 080 087 087 088 089 090 091 092 092 093 093 094 095 097 100 101 103 104 106 107 107 108 108 109 109 110 113 113 114 115 115 115 116 117 118 119 120 121 122 123 124 126 127 128 128 128 129

074 141

075 2003 2002 A 5,064 5,167 425 553 A 1,117 979 B 988 987 7,594 7,686 A (1,643) (1,579 ) (546) (502 ) (21) (87 ) (128) (121 ) B (477) (435 ) (80) (89 ) (351) (185 ) (198) (167 ) C (49) (218 ) D (167) (184 ) D (187) (105 ) (3,847) (3,672 ) 3,747 4,014 5,369 3,755 9,116 7,769 (2,402) (2,470 ) 6,714 5,299 (1,539) (1,125 ) 23 39 5,198 4,213 A (748) (634 ) 4,450 3,579 734 717 1,481 1,444 2,215 2,161 0.85 0.70 0.85 0.70

076 2003 2002 A 14,169 10,267 82,752 84,003 96,921 94,270 181 109 A 2,309 2,870 104 106 110 87 67 84 812 794 249 259 1,153 727 84 95 376 1,718 102,366 101,119 B 12 34 B 353 3,420 3,760 A 2 1 311 496 161 209 B 31,660 33,474 86 85 5,061 6,226 B 4,000 3,252 45,066 47,537 8 8 57,292 53,574 35,086 33,910 22,206 19,664 57,292 53,574

077 2003 2002 A 14,169 10,267 82,553 83,766 96,722 94,033 181 109 A 2,309 2,870 104 106 178 163 67 84 812 794 249 259 1,160 718 175 293 175 1,563 102,132 100,992 B 12 34 B 353 3,272 3,682 311 496 11,235 8,799 B 20,711 24,974 86 85 5,061 6,226 B 4,000 3,252 45,041 47,548 57,091 53,444 35,086 33,910 22,005 19,534 57,091 53,444

078 2003 2002 A 1 1 56,827 53,848 A (3,253) (2,620 ) 1 1 53,574 51,228 276 (112 ) (6) (92 ) 270 (204 ) 4,212 (633 ) 2002 4,450 3,579 (2,178) (2,132 ) 88 37 1,088 1,066 1,176 1,103 12 31 57,292 53,574

079 2003 2002 3,747 4,014 (1 ) 7 (1 ) 16 17 69 21 209 (4) 1 1 3,857 4,239 (217) (80 ) 4 3 196 66 3,840 4,228 (3) 3,837 4,228 (679) (2,336 ) (457) (151 ) (88) (377 ) (1,446) (2,323 ) 675 2,646 180 127 3 1 9 6 17 44 (1,795) (2,354 ) 88 37 7,441 3,731 (8,803) (1,399 ) (103) (142 ) 141 (3) 4 (1,643) (1,690 ) 14 27 (47) (58 ) (32) (19 ) (415) (847 ) (3,362) (356 ) (1,320) 1,518 1 1 1,684 166 12 31 364 1,684

080 A (i) (ii) B D C F D

081 E (i) (ii) (a) (b) (iii) (iv) (v) S (vi) (vii)

082 F G (i) (ii) * 100 80 100 80 20 20 30 7 40 35 20 30 20 40 20 10 15 15 10 5 7 5 4

083 (iii) (iv) H (i) (ii) I (i) (ii) (iii) (iv) (v) (vi) (vii) J I

084 K L M S(iii) N O (i) (ii) (iii) (iv) (v)

085 P Retention Bonus Scheme O(ii) O(iii) Q (i) (ii) (iii) (iv) R

086 S (i) (ii) (iii) (iv) T U V W

087 X Y A 2003 2002 386 399 275 238 198 186 143 63 115 93 1,117 979 B 2003 2002 365 387 114 113 119 124 209 200 81 73 888 897 94 85 6 5 988 987

088 A 2003 2002 13 13 C 156 149 169 162 B C 2003 2002 21 42 85 63 28 28 49 218 D 2003 2002 3 3 1 1 D 69 16 17 12 12 5 9 7 3

089 A (i)161 2003 2002 2 2 28 29 3 3 4 4 37 38 556 (ii) 2003 2002 0 250,000 8 13 500,001 1,000,000 2 1 3,500,001 4,000,000 1 4,000,001 4,500,000 3 1 4,500,001 5,000,000 2 4 5,000,001 5,500,000 1 6,000,001 6,500,000 1 7,500,001 8,000,000 1 17 21 (iii) 2003 2002 * 0.56 0.12 0.68 # 3.88 0.42 4.30 3.96 4.03 0.42 4.45 4.49 4.25 0.42 4.67 4.72 4.68 0.43 5.11 4.78 4.22 0.43 4.65 4.72 4.04 0.42 4.46 4.52 25.66 2.66 28.32 27.19 * #

090 (iv)700,000 B (i) A 1,599,0001,066,000 (i) 40,00023,000 (ii) 80,000 46,000 (ii) B 1,066,000 (i)23,000 (ii) 46,000 2003 2002 B 1,286 2,548 7 6 44 4,034 1,203 (2) (2 ) 5,369 3,755

091 A 2003 2002 19 19 2,251 2,321 109 106 23 24 2,402 2,470 B 10 40 7 40 20 20 30 20 40 71 20 25 20 30 60 10 10 15 30 15 20 11 20 25 20 30 21 10 15 29 7 5 7 (10 ) 232

092 2003 2002 680 823 901 867 43 53 36 28 (7) (423 ) (86 ) (82) (81 ) (20) (28 ) (102) (618 ) 1,551 1,153 (10) (25 ) (2) (3 ) (12) (28 ) 1,539 1,125

093 2003 2002 2003200228200128 1,444 1,415 200314200214 734 717 2,178 2,132 28200228 1,481 1,444 J E 5,214,028,0945,098,511,864 5,217,462,1825,105,400,689 2003 2002 5,214,028,094 5,098,511,864 3,434,088 6,888,825 5,217,462,182 5,105,400,689

094 A 2003 2002 4 1 443 630 300 743 630 1 3 748 634 B 2003 2002 % % 5,198 4,213 926 17.8 691 16.4 53 1.0 5 0.1 (531) (10.2) (62 ) (1.5 ) 300 5.8 748 14.4 634 15.0

095 2003 5,489 1,117 988 7,594 7,594 2,878 351 198 3,427 3,427 2,611 766 790 4,167 4,167 5,369 5,369 2,611 766 790 4,167 5,369 9,536 2,266 109 4 2,379 2,379 345 657 786 1,788 5,369 7,157 (443 ) (1,539 ) 23 (748 ) 2003 12 31 4,450 80,556 1,323 14,450 96,329 364 96,693 181 181 181 930 10 940 940 2,309 2,309 812 812 81,667 1,333 14,450 97,450 3,485 100,935 110 1,321 102,366 3,000 254 358 3,612 368 3,980 137 137 4,924 5,061 3,137 254 358 3,749 5,292 9,041 36,025 8 45,074 2,586 179 3,629 719 161 19 2

096 A 2002 5,720 979 987 7,686 7,686 2,804 185 167 3,156 3,156 2,916 794 820 4,530 4,530 3,755 3,755 2,916 794 820 4,530 3,755 8,285 2,339 106 1 2,446 2,446 577 688 819 2,084 3,755 5,839 (540 ) (1,125 ) 39 (634 ) 2002 12 31 3,579 80,216 1,327 10,380 91,923 104 92,027 109 109 109 2,453 1 2,454 2,454 2,870 2,870 794 794 82,778 1,328 10,380 94,486 3,768 98,254 87 2,778 101,119 3,690 182 367 4,239 312 4,551 6,226 6,226 3,690 182 367 4,239 6,538 10,777 36,760 8 47,545 4,215 722 39 220 356 14 3

097 2003 1 1 10,267 1,638 45,092 52,519 2,454 111,970 3,626 52 66 1,148 4,892 (11 ) (265 ) (4 ) (280 ) 276 (23 ) 253 D (69 ) (69 ) 268 (268 ) 391 2,267 (2,658 ) 2003 12 31 14,169 1,598 45,740 54,319 940 116,766 731 45,740 54,319 940 101,730 2003 12 31 14,169 867 15,036 2003 1 1 84 2,324 15,292 17,700 35 374 1,993 2,402 (3 ) (233 ) (236 ) (21 ) (21 ) 10 (10 ) 2003 12 31 98 2,705 17,042 19,845 2003 12 31 14,169 1,500 43,035 37,277 940 96,921 2002 12 31 10,267 1,554 42,768 37,227 2,454 94,270

098 2003 1 1 10,267 1,638 45,092 51,907 2,450 111,354 3,626 52 61 1,138 4,877 (11 ) (265 ) (4 ) (280 ) (5 ) (8 ) (13 ) 276 (23 ) 253 D (69 ) (69 ) 268 (268 ) 391 2,263 (2,654 ) 2003 12 31 14,169 1,598 45,740 53,693 922 116,122 731 45,740 53,693 922 101,086 2003 12 31 14,169 867 15,036 2003 1 1 84 2,324 14,913 17,321 35 374 1,929 2,338 (3 ) (233 ) (236 ) (2) (2) (21 ) (21 ) 10 (10 ) 2003 12 31 98 2,705 16,597 19,400 2003 12 31 14,169 1,500 43,035 37,096 922 96,722 2002 12 31 10,267 1,554 42,768 36,994 2,450 94,033 A 2003 2002 2003 2002 2003 2002 1,283 1,436 166 169 15 15 12,886 8,831 468 478 852 1,623 14,169 10,267 634 647 867 1,638 B

099 C (i)(ii) D E(ii)(b) E 2003 2003 2003 2002 1,254 249 1,005 1,024 F 2003 2002 925 910 1,121 1,261 355 168 2,401 2,339

100 G 2003 2003 1 1 12 31 1 1 23 23 15 1 16 4 4 43 1 44 139 506 645 35 6 41 109 85 194 2 1 3 285 598 883 EJ (219) (664) (883) 66 (66) 3 79 82 4 20 24 10 19 29 2 2 17 120 137 109 17 55 181

101 B A 1 12 1 B 31 2003 597 122 (63) (656) 2,273 39 (3) 2,309 2,870 161 (66) (656) 2,309 2002 583 76 (62 ) 597 2,778 280 (785 ) 2,273 3,361 356 (847 ) 2,870

102 B 12 1 31 1 A 2003 6,216 50 (63) (1,286) 4,917 10 (3) 7 6,226 50 (66) (1,286) 4,924 2002 8,401 425 (62 ) (2,548 ) 6,216 10 785 (785 ) 10 8,411 1,210 (847 ) (2,548 ) 6,226 C 2003 2002 1 1 3,231 5,686 13,472 8,399 25 65 16,728 14,150 (13,156) (10,919 ) 12 31 3,572 3,231 12 31 3,570 3,229 2 2 3,572 3,231

103 1 12 1 C 31 2003 72 10 (6) 76 17 (17) 16 5 (21) 25 25 3 3 1 (1) 106 (17) 10 27 (22) 104 2002 133 (53 ) (8 ) 72 68 (68) 77 8 (85 ) 42 (42 ) 6 11 17 16 16 1 1 326 (68 ) (53 ) 28 (127 ) 106

104 2003 2002 2003 2002 A 24 24 110 87 110 87 24 24 42,000,000 57.4% (1933) 155

105 2003 2002 177 170 62 58 239 228 (54) (53 ) (31) (28 ) (62) (48 ) 92 99 (80) (61 ) 12 38 28 30 40 68 (1) (4 ) 39 64 23 39 2003 2002 243 306 704 590 327 236 91 67 1,365 1,199 (1,075) (996 ) (22) (18 ) (76) (33 ) (1,173) (1,047 ) 192 152 42 42 150 110 192 152 110 87

106 2003 2002 181 166 3 3 178 163 C Fasttrack Insurance Ltd. 77,500,000 100% 100% MTR Corporation (C.I.) Limited 1,000 100% 100% MTR Finance Lease (001) Limited 1 100% 100% MTR Engineering Services Limited 1,000 100% 100% 2 100% 100% 2,500,000 100% 100% 1,000,000 100% 100% MTR Corporation (Singapore) 50,000 100% 100% Pte. Ltd. 1,000 100% 100% 1,000 100% 100% 15,000,000 60% 60% 1,000 100% 100% 3,000,000 51% 51% 150,000 60% 60% MTR Telecommunication 100,000,000 100% 100% Company Limited TraxComm Limited 15,000,000 100% 100% Hong Kong Cable Car Limited 1,000 100% 100% Lantau Cable Car Limited 1,000 100% 100% MTR (Estates Management) Limited 1,000 100% 100% 1,000 100% 100%

107 1 12 1 31 2003 84 (9) (8) 67 84 (9) (8) 67 2002 128 (34 ) (10 ) 84 1 (1) 127 (34 ) (10 ) 1 84 2003 2002 7 9 60 75 67 84 2003 2002 405 271 407 523 812 794 I (vii)

108 2003 2002 126 138 136 127 262 265 13 6 249 259 2003 2002 2003 2002 1 1 1,153 726 1,160 717 1,153 727 1,160 718 (i) (ii) (iii) 2003 2002 2003 2002 775 548 772 546 67 82 65 80 16 10 16 10 9 4 8 4 10 13 9 12 877 657 870 652 276 70 290 66 1,153 727 1,160 718

109 2003 2002 2003 2002 68 57 68 57 11 30 11 30 3 8 3 8 2 2 91 198 84 95 175 293 2003 2002 2003 2002 135 1,651 135 1,524 241 67 40 39 376 1,718 175 1,563 B (12) (34 ) (12) (34 ) 364 1,684 163 1,529

110 A 2003 2003 2003 2002 2005 2,329 (5) 2,324 2,324 2009 5,823 11 5,834 5,835 2010 4,658 19 4,677 4,679 2005 194 194 195 13,004 25 13,029 13,033 20032018 6,726 4 6,730 7,534 2003 500 20042008 2,350 2,350 2,350 20042006 3,500 3,500 3,500 12,576 4 12,580 13,884 25,580 29 25,609 26,917 5,928 (17) 5,911 5,983 31,508 12 31,520 32,900 C 505 505 608 32,013 12 32,025 33,508 2003 2003 2003 2002 2005 2,329 (5) 2,324 2,324 2009 5,823 11 5,834 5,835 2010 4,658 19 4,677 4,679 2005 194 194 195 13,004 25 13,029 13,033 20032018 1,631 1,631 4,884 2003 500 1,631 1,631 5,384 14,635 25 14,660 18,417 5,928 (17) 5,911 5,983 20,563 8 20,571 24,400 C 505 505 608 21,068 8 21,076 25,008

111 B 2003 2003 2003 2003 2002 14,076 182 14,258 11,737 2,950 5,218 272 8,440 8,380 4,318 73 121 4,512 8,600 4,265 73 112 4,450 4,757 25,609 5,546 505 31,660 33,474 12 12 34 353 353 25,609 5,911 505 32,025 33,508 2003 2003 2003 2003 2002 10,977 182 11,159 11,237 5,218 272 5,490 4,330 2,718 73 121 2,912 5,150 965 73 112 1,150 4,257 14,660 5,546 505 20,711 24,974 12 12 34 353 353 14,660 5,911 505 21,076 25,008 C 2003 2003 2003 2002 2002 2002 272 28 300 393 57 450 121 29 150 112 38 150 112 38 150 103 47 150 505 95 600 608 142 750 E

112 D 2003 2002 3,099 3,091 3,500 3,553 3,099 3,091 3,500 3,553 MTR Corporation (C.I.) Limited MTR Corporation (C.I.) Limited E F 2003 2002 % % 19,358 2.2 8.4 20,325 4.3 8.4 12,162 12,575 31,520 32,900 2003 2002 % % 8,659 2.2 8.4 12,075 4.3 8.4 11,912 12,325 20,571 24,400

113 2003 2002 844 77 921 495 4,542 60 8,777 13,379 13,514 11,950 5,600 3,021 20,571 22,910 17,336 5,737 11,798 34,871 36,919 2003 2002 2003 2002 242 282 242 282 256 814 256 814 359 281 359 281 2,495 2,379 2,408 2,301 68 4 7 4 3,420 3,760 3,272 3,682

114 2003 2002 2003 2002 541 547 516 531 590 667 559 654 75 50 74 47 1,767 2,043 1,681 2,006 2,973 3,307 2,830 3,238 297 295 292 286 150 158 150 158 3,420 3,760 3,272 3,682 2003 99 99 9 9 89 114 203 89 222 311 2002 237 237 31 31 62 166 228 62 434 496

115 2003 2002 2003 2002 113 129 113 129 48 76 48 76 4 4 11,074 8,590 161 209 11,235 8,799 2003 2002 33 31 53 54 86 85 2003 2002 B 4,924 6,226 G 141 4 137 5,061 6,226

116 A B 2003 2003 1 1 7,684 (83) (4,349) 3,252 7,684 (83) (4,349) 3,252 1,069 (28) (297) 744 4 4 2003 12 31 8,753 4 (111) (4,646) 4,000 2002 2002 1 1 7,151 (79 ) (4,450 ) 2,622 7,151 (79 ) (4,450 ) 2,622 533 (4 ) 101 630 2002 12 31 7,684 (83 ) (4,349 ) 3,252 2003 2002 4,000 3,252

117 2003 2002 6,500,000,000 1.00 6,500 6,500 5,288,695,3932002 5,158,748,6551.00 5,289 5,159 2,609 1,563 27,188 27,188 35,086 33,910 B 10,489,500 8.44 10 78 88 2002 82,018,666 8.80 82 640 722 2003 37,438,572 9.79 38 328 366 129,946,738 130 1,046 1,176

118 2003 2003 1 1 6,406 24 16,487 22,917 A (3,253) (3,253) 2003 1 1 6,406 24 13,234 19,664 (2,178) (2,178) 276 (6) 270 4,450 4,450 2003 12 31 6,682 18 15,506 22,206 2002 2002 1 1 6,518 116 14,407 21,041 A (2,620 ) (2,620 ) 2002 1 1 6,518 116 11,787 18,421 (2,132 ) (2,132 ) (112 ) (92 ) (204 ) 3,579 3,579 2002 12 31 6,406 24 13,234 19,664 2003 2003 1 1 6,406 24 16,356 22,786 A (3,252) (3,252) 2003 1 1 6,406 24 13,104 19,534 (2,178) (2,178) 276 (6) 270 4,379 4,379 2003 12 31 6,682 18 15,305 22,005 2002 2002 1 1 6,518 116 14,346 20,980 A (2,622 ) (2,622 ) 2002 1 1 6,518 116 11,724 18,358 (2,132 ) (2,132 ) (112 ) (92 ) (204 ) 3,512 3,512 2002 12 31 6,406 24 13,104 19,534 E

119 Retention Bonus SchemeRBS A 426 (a) (b) (c) (i) (ii) B RBS RBSRBS RBS RBSRBS

120 RBS RBS RBSRBS (i) RBS RBS (ii) RBSRBS C A RBS RBS 2003 2003 2003 2002 2002 2002 4,277 14 4,291 3,775 31 3,806 (4,638) (14) (4,652) (3,768 ) (23 ) (3,791 ) 322 2 324 (6 ) (6 ) (12 ) (39) 2 (37) 1 2 3 B RBS RBS 2003 2003 2003 2002 2002 2002 1 1 1 2 3 44 1 45 (238) (2) (240) (256 ) (2 ) (258 ) C 198 2 200 213 3 216 12 31 (39) 2 (37) 1 2 3

121 C RBS RBS 2003 2003 2003 2002 2002 2002 235 235 220 3 223 195 1 196 220 1 221 (232) (1) (233) (227 ) (1 ) (228 ) 2 2 B 198 2 200 213 3 216 42 2 44 64 3 67 156 156 149 149 D 2003 2002 791 (60 ) Retention Bonus Scheme 1 E RBS RBS 2003 2003 2002 2002 12 31 5.25% 1.25% 5.25% 1.50% 6.00% 1.50% 6.00% 2.00% 4.00% 1.50% 3.75% 0.75% A B

122 415,894 1998 2005 147,547 2000 210,319 2002 2003 105,886 2005 128,845 2003 504,350 2006 2008 309,069 2000 268,650 2001 2002 104,452 2005 292,795 1999 361,686 1999 2005 255,949 2002 2007 413,154 2002 2007 142,152 2005 253,765 2006 b 96,797 2006 a 29,642 2005 21,582 2005

123 A B C D E C F G B H I A B

124 J 2003 2002 470 E 675 219 986 944 1,661 1,633 A (i) 2003 470 1,817 2,287 892 941 70 1,903 1,362 941 1,887 4,190 2002 499 1,934 2,433 1,321 1,017 67 2,405 1,820 1,017 2,001 4,838

125 (ii) 2003 348 122 470 394 498 892 742 620 1,362 2002 338 161 499 665 656 1,321 1,003 817 1,820 (iii) 2003 2002 1,817 1,931 61 57 1,878 1,988 B 2003 2002 3 3 3 4 6 7 1 2 7 9

126 C A 48,338,000 15,999,50010,489,500 1,044,500 25,229,50036,763,500 B 5,056,431 (i) (ii) (iii) 1,561,200

127 2002 2002 2003 2002 2002 2003 1 1 12 31 1 1 1 1 12 31 1 1 14,407 16,487 14,346 16,356 (2,622 ) (630 ) (3,252 ) (2,622 ) (630 ) (3,252 ) 2 (3) (1) 11,787 13,234 11,724 13,104 B G

128 A B MTR Corporation (C.I.) Limited MTR Corporation (C.I.) Limited C D

129 B C D E

130 F Q A G H I J K

131 2002 2003 2003 3,579 4,450 573 (115 ) (3,522) (454) (66 ) (38) (5) 10 10 1 45 (74) (10) (128 ) (15) (2) (66 ) (19) (2) (20 ) (19) (2) (5 ) (19) (2) (11 ) (22) (3) 3 35 637 82 3,261 1,369 176 0.64 0.26 0.03 2002 2003 2003 53,574 57,292 7,379 2,162 (1,360) (175) (364 ) (402) (52) (6,430 ) (6,704) (863) (771 ) (761) (98) (110 ) (184) (24) 11 (1,239 ) (1,258) (162) 656 637 82 (501 ) (366) (47) 40 40 5 (86 ) 600 78 46,942 47,534 6,123 7.7638

132 32 1015 556 1.00

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