City Telecom (H.K.) Limited Stock Code SEHK: 1137; NASDAQ: CTEL 1137 CTEL ANNUAL REPORT 2009 Journey to the Fibre Age

01 02 04 06 10 16 18 19 20 23 24 29 37 46 47 48 50 51 52 99 100

1. 2. 3.

01 1,478,239 1,302,981 (EBITDA 1 ) 508,058 377,964 34.4% 29.0% 212,829 125,190 32.4 19.7 31.8 19.0 2 19.0 6.0 3.0 4.0 16.0 2.0 286,734 211,684 3 171,066 106,739 221,052 421,610 163,318 683,618 1,228,527 1,032,607 664,180 650,622 1.85 1.59 4 0.25 1 2 3 4

02 Voice-over-IP IP 1,137,356 1,159,579 1,141,270 1,302,981 1,478,239 05 06 07 08 09 229,000 220,000 247,000 316,000 391,000 05 06 07 08 09 294,000 281,000 308,000 329,000 382,000 05 06 07 08 09 109,000 116,000 128,000 156,000 170,000 05 06 07 08 09

03 05 06 07 08 09 2,054,000 2,202,000 2,331,000 2,336,000 2,383,000 05 06 07 659.0 788.0 947.1 08 574.0 09 487.0 2009 83.3% 16.7%

04 IDD300 INC the Specialized IDD Network for Corporations ISR IDD1666 IDD0030 2009 1992 1997 1998 1999 2000 2001 2002

05 2009 12 2003 2004 2005 2006 VoIP bb100 100Mbps2005 1Gbps bb1000 @ 2005 2b Cisco Powered Network (Metro Ethernet) 2007 2008 bbbox 2007 Best Retention Strategies 2006 (FTTH) FibreHome100 FibreHome200FibreHome1000 WiFi

06 100mbps 1000mbps () 1,620,000 2,000,000 1000Mbps 100Mbps1000Mbps 100Mbps1000Mbps 100Mbps 1000Mbps (xdsl)

07 100Mbps 1000Mbps 1%. LTE (HSDPA 3.5G) LTE 100Mbps... (Long Term Evolution 4G LTE)

08.. 140,000 100Mbps 100Mbps ()

09 391,000 500,000... 943,00024 100Mbps 300,000,000 350,000,000 30% 50% 75%2.57 19 7.4%6

10 1)2) 3)4) 13.4% 1,478,200,000 21.8% 1,230,900,000 83.3% 15.3% 247,300,000

11 34.4% 508,100,0005.4% 34.4% 31,400,000 68,000,000 527,000,00015.5% 50,300,000 37,100,000 38,800,000 70.0%125,200,000 212,800,00032.4 19.7 221,100,000 421,600,000 163,300,000 683,600,000 197,200,000 162,600,000 683,200,000

12 202 121 197 129 263 126 162,656 683,242 163,318 683,618 0.25 262,008 1,032,607 0.25

13 140,0001,620,000 2,000,000 211,700,000286,700,000 650,000,000 171,100,000 106,700,000 300,000,000 350,000,000 2,000,0002,300,000 90%2,000,000 10% 7.80 1.00 2,500,000 24,600,000 5,300,000 5,300,000 15,000,000 87,300,000 7,800,000 29,900,000

14 1. 140,0001,620,000 100Mbps 2. IP17.7% 943,000 75,000 23.7% 391,000 2.8% 2,000,000 41,000 3,000 182 191 53,000382,000 3.

15 IP 80 National GeographicNat Geo Challenge Animax Animax Gokujou Taiketsu Sony Entertainment Television -LUXE TV 14,000 170,000IP 16.7% Voice-Over-IP 574,000,000 15.2% 487,000,000 30% 75% 24 16 2 19 6 216.7% 50% 75% 3,173 3,051 546,600,000 471,800,000 125,000,000 2,000,000

16 25Mbps 50Mbps 100Mbps 200Mbps1000Mbps bbmax bbwi-fi bbwatch bbtv bbdrive 10GB

17 bbguard. bbmaint 2002 14 getfaxeasyfax 2b 2 bbtv80 24 IDD1666 IDD0030

18 7,000,000

19

20 Kellogg

21

22 2,700,000

23 10,000 100

24 Herzing Institute Smartone-Vodafone

25 University of Strathclyde SK TelecomTelekom Malaysia Kleinwort Benson Securities (Asia) Kellogg 59 3 ARA Assets Management Limited ( ) ARA Assets Management (Singapore) Limited

26

27 - ( ) University of Strathclyde VoIP Alcatel-LucentSRA Imperial College, London University of Pennsylvania

29 37 46 47 48 50 51 52 99 100

29 14 10 (i) (ii) (i) (ii)

30 (iii) (iv) (v) 3.13 (vi) (vii) 32 (viii)

31 (i) 3.10(2) www.ctigroup.com.hk (i) (ii) (iii) (iv) Sarbanes-Oxley Act (ii) (i) (ii) (iii) B.1.3 www.ctigroup.com.hk

32 (i) (ii) (iii) 7/7 7/7 ^ 7/7 # 7/7 1/1 # 7/7 1/1 *# 7/7 4/4 1/1 *# 7/7 4/4 1/1 *# 7/7 4/4 1/1 # 1/1 * # ^ 46

33 2,980,000 3,191,000 46

34 COSO(The Committee of Sponsoring Organizations of the Treadway Commission) Code of Business Conduct and Ethics Work Improvement Team

35 Sarbanes Oxley Act Sarbanes-Oxley ActSOX Act SOX Act 404(a) 20-F COSO Code of Business Conduct and Ethics www.ctigroup.com.hk

36 12150%45% 25% 250% 200% 150% 100% 50% 0% -50% Elite Investor Relations Brean Murray, Carret & Co. 2009 China Growth Conference Investor Engagement Tour (9 to 27 November) Innovative Talent Management Telecoms World India 2009 FTTH Middle East Conference 2009 Carrier Ethernet World APAC Congress HR Strategies Building Bridges to Success by HR Magazine ITU Telecom World 2009 Leading Change Through Innovation by Hewlett-Packard Susquehanna Financial Group s Third Annual Beijing Management Summit Rodman & Renshaw Annual Global Investment Conference, Asia Track Investor Engagement Tour (2 to 18 September) Goldman Sachs Telco & Internet Corp Day 2009 Learning Network Day 2009 by AIESEC CommunicAsia 2009 Summit Innovation by HK Observatory The 4th Annual FTTHCAP Conference 2009 The 12th Credit Suisse Asian Investment Conference 2009 DigiWorld Summit 2008 Broadband World Australia 2008 Asian Telecom Tour by Citigroup, HK 2008 FTTH Conference & Expo

37 2 47 21 34 2 16 547,000295,000 13 21 79B153,788,000 159,400,000

38 99 67,990,0008.75 16,928,000 13,634,658 51,062,000 51,504,196 67,990,000 65,138,854 70,000 70,000 1.92 1.91 134,197 2009 2008 202 121 197 129 162,919 683,368 163,318 683,618

39 i ii * * # * # * # * # * (i) (ii) 96 99 3.13 24 27

40 352 XV (1) 1,076,588 339,814,284 340,890,872 14,160,305 355,051,177 53.46% (2)(i) 11,293,119 24,924,339 36,217,458 14,160,305 50,377,763 7.58% (2)(ii) 3,000,000 3,000,000 7,062,956 10,062,956 1.52% 10,392,506 10,392,506 8,067,690 18,460,196 2.78% (3) (1) 664,179,970 (2) (i) (ii) 42.12%Top Group International LimitedTop Group 339,814,284 Top Group 50%Worship Limited24,924,339 (3) 10,392,506 42 352 XV

41 (1) (2) (3) 10%50,302,066 10%61,407,340 62,704,840 50,619,336 7.62% 30%30% (4) 1% 1% (5) (6) (7) 1.00

42 (8) (a) (b) (c) (9) (10) 1 4 5 1 1.5224 8,053,478 38,126 8,091,604 1.53 0.6523 6,040,108 28,593 6,068,701 0.64 1.5224 8,053,478 38,126 8,091,604 1.53 0.6523 6,040,108 28,593 6,068,701 0.64 0.6523 1,013,369 4,796 1,018,165 0.64 1.7568 6,016,309 2 2 28,482 6,044,791 1.99 0.6523 2,013,369 9,530 2,022,899 0.64 1.8660 6,016,309 3 3 28,482 6,044,791 1.86

43 1 4 5 1 1.5224 7,571,582 35,130 546,184 151,001 6,909,527 1.53 0.6523 7,280,601 33,854 869,821 30,201 6,414,433 0.64 0.7018 40,349 191 40,540 0.69 0.7216 135,902 643 136,545 0.75 1.7568 1,002,718 2 2 4,747 1,007,465 1.79 1.8164 300,816 1,424 302,240 1.80 1.7866 1,002,718 2 2 4,747 1,007,465 1.72 60,581,214 285,464 1,416,005 483,442 58,967,231 1. 12,212,142 60,299,426 0.88 2. 3. 4. 1,416,005 0.99 5. 483,442

44 (11) 2 336 Top Group International Limited 339,814,284 51.16% 664,179,970 336

45 30% 2009 2008 24 30 57 63 5% 25% 29 36

46 47 98 141 8

47 2009 2008 2 1,478,239 1,302,981 3 (175,129 ) (178,367 ) 4(a) (1,037,964 ) (966,094 ) 4(b) 41,540 24,989 4(c) (55,127) (75,137) 4 251,559 108,372 5 (38,730) 16,818 6 212,829 125,190 7 126,173 38,614 8 32.4 19.7 8 31.8 19.0 52 98

48 2009 2008 2009 2008 12 1,066 1,066 13 1,302,380 1,231,399 74,688 87,483 14 957,712 1,383,812 6,091 5,586 16 12,786 15,391 22 26,335 1,322,323 1,279,777 1,032,400 1,471,295 17 120,192 140,283 9,220 11,418 17 69,765 82,726 3,393 3,378 16 36,674 40,704 15 27,997 27,997 28 15,038 87,319 15,038 87,319 18 221,052 421,610 119,419 90,386 462,721 800,639 147,070 220,498 10,830 10,830 19 37,555 52,324 20,484 26,440 19 206,487 178,114 23,530 17,831 16,385 16,264 7,886 7,943 20 115,070 110,449 10,848 11,172 1,993 2,103 356 356 23 202 121 193 112 377,692 359,375 74,127 74,684 85,029 441,264 72,943 145,814 1,407,352 1,721,041 1,105,343 1,617,109 52 98

49 2009 2008 2009 2008 22 15,709 4,937 7,047 4,937 20 10,535 14,500 23 163,116 683,497 163,108 683,480 178,825 688,434 180,690 702,917 1,228,527 1,032,607 924,653 914,192 21 66,418 65,062 66,418 65,062 21 1,162,109 967,545 858,235 849,130 1,228,527 1,032,607 924,653 914,192 52 98

50 2009 2008 1,032,607 903,882 70 1,619 212,829 125,190 212,899 126,809 (19,904) (11,371) (3,108) (5,915) (23,012 ) (17,286 ) (134) 11 4,768 4,204 1,399 14,998 6,033 19,202 1,228,527 1,032,607 52 98

51 2009 2008 24(a) 537,618 382,813 42 (1,732) (4,292) 535,886 378,563 72,281 4,869 15,596 (289,938) (189,903) 28,051 3,900 15,600 8,249 7,057 (176,488) (147,750) 359,398 230,813 (134) 24(b) 1,399 14,998 24(b) (138) (834) (27) (34) (52,670) (70,010) 24(b) (485,829) (269,399) (23,008) (17,271) (560,407) (342,550) (201,009) (111,737) 421,610 532,894 451 453 221,052 421,610 52 98

52 1 (a) 1 1 32 (b) 1(j) 1(k) 1(r) 31

53 1 (c) (d) (i) 1(i) (ii) (e) 1(i) (f) 1(g)1(i) 1(t)(v)

54 1 (g) 50 4 420 4 (h) (i) 1(h)(iii) (ii) (iii) 1(g)1(i)

55 1 (i) (i)

56 1 (i) (ii)

57 1 (j) 12 1(t)(iv) 1(i)(i) 1(i)(i) (i) (ii) (k) (l) (m) (n) 1(i)(i) 1(i)(i) 28

58 1 (o) (i) (i) (ii) 1(o)(ii) (ii) (p) (i) (ii) (iii)

59 1 (p) (iv) (q) (r) (s) 1(o) (t) (i) (ii) 1(t)(i) (iii) (iv) (v)

60 1 (u) (v) (w) (x) (i) (ii) (iii) (iv) (v) (vi) i

61 2 2009 2008 247,359 291,943 2(c) 1,230,880 1,011,038 1,478,239 1,302,981 (a) 2009 247,359 1,230,880 1,478,239 5,669 19,784 (25,453) 253,028 1,250,664 (25,453 ) 1,478,239 61,631 203,515 265,146 41,540 (55,127) 251,559 (38,730) 212,829

62 2 (a) 2008 291,943 1,011,038 1,302,981 5,692 22,680 (28,372) 297,635 1,033,718 (28,372) 1,302,981 63,225 95,295 158,520 24,989 (75,137) 108,372 16,818 125,190 2009 297,516 1,487,528 1,785,044 81,194 295,035 376,229 180,288 556,517 1,820 284,914 286,734 15,154 191,087 206,241 2008 426,781 1,627,300 2,054,081 26,335 2,080,416 80,756 276,771 357,527 690,282 1,047,809 4,293 207,391 211,684 19,587 190,464 210,051

63 2 (b) 2009 1,461,715 264,859 1,768,643 286,193 16,524 287 16,401 541 1,478,239 265,146 1,785,044 286,734 2008 1,281,069 157,485 2,040,496 211,482 21,912 1,035 13,585 202 1,302,981 158,520 2,054,081 211,684 26,335 2,080,416

64 2 (c) 20,558,000 29,568,000

65 3 7,617,000 4 (a) 2009 2008 299,794 307,743 16 53,160 33,777 3,455 3,687 205,624 209,464 617 587 17,010 13,296 42 50 17(b) 12,103 14,293 1,016 1,431 4(d) 302,279 247,460 142,864 134,306 1,037,964 966,094 (b) 2009 2008 (4,869) (15,596) (36,671) (9,393) (41,540) (24,989) 31,371,000 2,582,000

66 4 (c) 2009 2008 27 34 52,670 70,010 1,545 1,665 885 3,428 55,127 75,137 (d) 2009 2008 278,905 226,097 613 2,642 4,768 4,114 9 34,614 29,738 (16,621) (15,131) 302,279 247,460 10,824,0009,593,000 13,461,00014,482,000214,272,000 194,724,000 (e) 2009 2008 23(a) (31,371) (2,582) (3,038) (1,923) (189) (3,284) 1,039 (1,185)

67 5. 16.5%16.5% 2009 2008 (391) (1,622) (1,929) (2,552) 22 (37,108) (4,645) 22 26,335 (38,730) 16,818 2009 2008 251,559 108,372 (42,240) (18,927) 1,466 3,452 5,176 426 (3,648) (6,353) 26,335 518 12,013 (2,552) 2,324 (74) (2) 174 (38,730) 16,818 159,606,00026,335,000 6 27,440,00017,037,000

68 7 (a) 2009 2008 3 4 19,904 25,602 16 2 106,269 13,012 126,173 38,614 (b) 2009 2008 2 4 13,014 25,082 12,212,142 8. 2009 2008 212,829 125,190 2009 2008 650,622 616,503 6,256 7,353 329 10,159 (6) 657,201 634,015 11,183 23,982 668,384 657,997 32.4 19.7 31.8 19.0

69 9 5% 10%5% 10100%3 9 5%1,000 20% 2009 2008 34,614 29,738 10 (a) 6,712 1,500 193 670 9,075 6,714 1,500 193 670 9,077 7,049 1,000 1,764 456 10,269 2,403 550 1,141 240 4,334 160 160 176 176 165 165 165 165 666 22,878 4,550 3,291 2,036 33,421

70 10 (a) 6,482 1,054 558 648 8,742 6,482 1,054 558 648 8,742 2,250 225 809 225 3,509 152 152 168 168 158 158 158 158 636 15,214 2,333 1,925 1,521 21,629 111 (b) 2009 2008 2,515 8,512 150 1,137 332 1,316 106 589 3,103 11,554 2009 2008 2,500,001 3,000,000 1 3,000,001 4,000,000 1 9,000,001 10,000,000 1

71 11 (a) 16,183,208 1 15,178,466 1 6,044,791 3 6,044,791 2 7,606,712 1 7,314,455 1 40,540 1 136,545 1 1,007,465 3 302,240 1 1,007,465 3 60,866,678 1 2 3

72 11 (b) 2009 2008 1.27 60,581,214 1.09 61,350,000 (i) 1.10 204,922 (ii) 1.28 177,471 (iii) 1.27 285,464 1.84 18,300,000 0.99 (1,416,005) 1.07 (14,052,268) 1.65 (483,442) 1.63 (5,398,911) 1.27 58,967,231 1.27 60,581,214 1.12 45,849,756 1.22 36,463,198 1.271.27 5 7 (i) (ii) (iii) 11,227,213 51,805,000 1.70 8,838,938 65,296,047 1.79 12,212,142 60,299,426 0.88 (c)

73 12 1,066 2009 2008 1,066 1,066 15%18%

74 13 5,197 84,244 84,577 19,575 2,644,281 12,624 2,850,498 6,667 16,663 416 262,796 192 286,734 (630) (30) (55,118) (43) (55,821) (163) (76) (1,515) (1,754) 5,197 90,911 100,447 19,885 2,850,444 12,773 3,079,657 2,205 10,727 61,269 15,596 1,522,739 6,563 1,619,099 104 1,739 8,286 1,508 192,925 1,679 206,241 (294) (29) (46,214) (19) (46,556) (159) (58) (1,290) (1,507) 2,309 12,466 69,102 17,017 1,668,160 8,223 1,777,277 2,888 78,445 31,345 2,868 1,182,284 4,550 1,302,380 5,197 79,598 80,638 17,419 2,475,775 6,818 2,665,445 4,646 2,469 2,189 196,230 6,150 211,684 (478) (30,564) (344) (31,386) 1,470 445 2,840 4,755 5,197 84,244 84,577 19,575 2,644,281 12,624 2,850,498 2,101 9,123 50,309 13,952 1,346,854 5,883 1,428,222 104 1,604 9,626 1,617 196,198 902 210,051 (286) (22,390) (222) (22,898) 1,334 313 2,077 3,724 2,205 10,727 61,269 15,596 1,522,739 6,563 1,619,099 2,992 73,517 23,308 3,979 1,121,542 6,061 1,231,399

75 13 5,197 8,332 9,223 312,387 4,901 340,040 228 1,052 1,280 (5,263) (5,263) 5,197 8,332 9,451 308,176 4,901 336,057 2,205 6,925 7,148 232,682 3,597 252,557 104 738 587 12,333 309 14,071 (5,259) (5,259) 2,309 7,663 7,735 239,756 3,906 261,369 2,888 669 1,716 68,420 995 74,688 5,197 8,332 7,046 312,158 3,665 336,398 2,177 229 1,236 3,642 5,197 8,332 9,223 312,387 4,901 340,040 2,101 6,199 6,802 217,704 3,391 236,197 104 726 346 14,978 206 16,360 2,205 6,925 7,148 232,682 3,597 252,557 2,992 1,407 2,075 79,705 1,304 87,483

76 13 (a) 2009 2008 2009 2008 258 258 258 258 258 258 258 516 258 516 1,566 979 1,071 292 2,637 1,271 2,895 1,787 258 516 (b) 2009 2008 2009 2008 81,333 76,509 2,888 2,992 2009 2008 2009 2008 78,445 73,517 2,888 2,992 2,888 2,992 81,333 76,509 2,888 2,992 (c) 1,289,000 1,411,000

77 14 2009 2008 (a) 51,791 51,791 (b) 916,105 1,342,205 967,896 1,393,996 (10,184) (10,184) 957,712 1,383,812 (a) Attitude Holdings Limited 1 100 Automedia Holdings Limited 1 *100 City Telecom (B.C.) Inc.# 501,000 100 City Telecom (Canada) Inc.# 100 100 City Telecom Inc.# 1,000 100 City Telecom International Limited 5,294 *100 Credibility Holdings Limited 1 *100 # *100 8,000,000 10,000 100

78 14 (a) Golden Trinity Holdings Limited 1 *100 383,049 100 IDD1600 Company Limited 2 100 SGBN Singapore Broadband 1 *100 Network Pte. Limited * # (b) 753,860,000753,860,0009 15 2009 2008 2009 2008 27,997 27,997 3,000,000

79 16 2009 2008 56,095 21,367 46,525 68,505 4(a) (53,160) (33,777) 49,460 56,095 (36,674) (40,704) 12,786 15,391 17 2009 2008 2009 2008 123,352 152,227 10,063 12,396 (3,160) (11,944) (843) (978) 120,192 140,283 9,220 11,418 69,765 82,726 3,393 3,378 189,957 223,009 12,613 14,796 (a) 2009 2008 2009 2008 30 32,427 45,462 3,065 4,233 31 60 13,663 17,507 3,885 4,783 61 90 3,953 7,249 773 886 90 73,309 82,009 2,340 2,494 123,352 152,227 10,063 12,396 30

80 17 (b) 1(i)(i) 2009 2008 2009 2008 11,944 22,392 978 921 12,103 14,293 935 954 (20,887) (24,741) (1,070) (897) 3,160 11,944 843 978 (c) 2009 2008 2009 2008 32,427 45,462 3,065 4,233 0 30 13,663 17,507 3,885 4,783 31 60 3,953 7,249 773 886 60 70,149 70,065 1,497 1,516 120,192 140,283 9,220 11,418 60 68,802,000 64,407,0002(c) (d)

81 18 2009 2008 2009 2008 77,500 264,943 77,500 62,854 143,552 156,667 41,919 27,532 221,052 421,610 119,419 90,386 19 2009 2008 2009 2008 37,555 52,324 20,484 26,440 206,487 178,114 23,530 17,831 244,042 230,438 44,014 44,271 (a) 2009 2008 2009 2008 30 12,621 18,802 3,096 4,952 31 60 1,778 4,025 756 2,072 61 90 189 8,334 47 7,992 90 22,967 21,163 16,585 11,424 37,555 52,324 20,484 26,440 (b) 20

82 21 (a) 65,062 670,717 19,013 275,025 2,790 1,032,607 212,829 212,829 (3,108) (3,108) 1,221 8,685 (9,906) (19,904) (19,904) 142 1,806 (549) 1,399 4,768 4,768 70 70 (7) 7 (134) (134) 66,418 681,208 23,232 7 454,802 2,860 1,228,527 61,650 622,433 18,109 200,519 1,171 903,882 125,190 125,190 (5,915) (5,915) 1,123 18,044 (19,167) (11,371) (11,371) 884 13,347 (14,231) 1,405 16,893 (3,300) 14,998 4,204 4,204 1,619 1,619 65,062 670,717 19,013 275,025 2,790 1,032,607

83 21 (b) 65,062 670,717 19,013 159,400 914,192 27,440 27,440 (3,108) (3,108) 1,221 8,685 (9,906) (19,904) (19,904) 142 1,806 (549) 1,399 4,768 4,768 (7) 7 (134) (134) 66,418 681,208 23,232 7 153,788 924,653 61,650 622,433 18,109 193,047 895,239 17,037 17,037 (5,915) (5,915) 1,123 18,044 (19,167) (11,371) (11,371) 884 13,347 (14,231) 1,405 16,893 (3,300) 14,998 4,204 4,204 65,062 670,717 19,013 159,400 914,192 (i) 48B (ii) (iii) 1(p) 10% 50% 510,000 324,000 1,415,000 905,000 (iv) 1(d)(ii)

84 21 (c) 2009 2008 0.10 2,000,000,000 200,000 2,000,000,000 200,000 0.10 650,621,823 65,062 616,503,404 61,650 (i) 12,212,142 1,221 11,227,213 1,123 (ii) 8,838,938 884 (iii) 1,416,005 142 14,052,268 1,405 (70,000) (7) 664,179,970 66,418 650,621,823 65,062 (i) 12,212,142 11,227,213 (ii) (iii) 8,838,938 0.991.07 1,416,005 14,052,268

85 21 (c) (iv) (i) 1.5224 7,571,582 35,130 546,184 151,001 6,909,527 1.5224 16,106,956 76,252 16,183,208 0.6523 22,387,555 105,366 869,821 30,201 21,592,899 0.7018 40,349 191 40,540 0.7216 135,902 643 136,545 1.7568 6,016,309 28,482 6,044,791 1.8660 6,016,309 28,482 6,044,791 1.7568 1,002,718 4,747 1,007,465 1.8164 300,816 1,424 302,240 1.7866 1,002,718 4,747 1,007,465 60,581,214 285,464 1,416,005 483,442 58,967,231 0.10 (d) 2009 2008 162,586 683,242 732 376 163,318 683,618 (221,052) (421,610) (57,734) 262,008 1,228,527 1,032,607 0.25 23(a)

86 22 2009 2008 2009 2008 21,398 (291) (4,937) 1 (1) 5 (37,108) (4,645) (2,110) (4,937) 5 26,335 (15,709) 21,398 (7,047) (4,937) 8,154,000 9,518,000 2009 2008 2,455 3,810 5,699 5,708 8,154 9,518 2009 2008 (126,447) (134,910) (5,326) 8,463 7 (131,766) (126,447)

87 22 2009 2008 147,845 134,619 (31,782) 13,227 (6) (1) 116,057 147,845 2009 2008 (8,745) (11,072) 1,698 2,327 (7,047) (8,745) 2009 2008 3,808 11,072 (3,808) (7,264) 3,808 2009 2008 2009 2008 26,335 (15,709) (4,937) (7,047) (4,937) (15,709) 21,398 (7,047) (4,937)

88 23 2009 2008 2009 2008 (a) 162,586 683,242 162,586 683,242 (b) 732 376 715 350 163,318 683,618 163,301 683,592 (202) (121) (193) (112) 163,116 683,497 163,108 683,480 2009 2008 2009 2008 162,586 683,242 162,586 683,242 202 121 193 112 197 129 189 120 263 126 263 118 70 70 732 376 715 350 (202) (121) (193) (112) 530 255 522 238 163,116 683,497 163,108 683,480 (a) 100% 125,000,000 8.75 67,990,00065,139,000 4,048,00031,371,000 21,363,000165,563,000 20,979,000162,586,000 9.2 9.2

89 23 (b) 2009 2008 202 35 237 121 21 142 197 22 219 129 13 142 263 30 293 126 4 130 70 1 71 530 53 583 255 17 272 732 88 820 376 38 414 2009 2008 193 34 227 112 20 132 189 22 211 120 12 132 263 30 293 118 4 122 70 1 71 522 53 575 238 16 254 715 87 802 350 36 386

90 24 (a) 2009 2008 251,559 108,372 205,624 209,464 617 587 53,160 33,777 (4,869) (15,596) 27 34 1,016 1,431 (189) (3,284) (1,185) 1,039 4,768 4,204 (31,371) (2,582) 49,214 72,640 529,556 408,901 (505) 1,346 33,052 6,914 477 (46,525) (68,505) 17,419 (12,567) 4,621 46,247 537,618 382,813

91 24 (b) 702,192 1,210 952,593 14,998 33,398 (834) (269,399) (2,582) 1,665 4,204 965 754,792 376 683,242 754,792 376 683,242 1,399 (7) 9,906 494 (138) (485,829) (31,371) 1,545 4,768 (5,001) 770,858 732 162,586

92 25 (a) 30 17 26 26 17 (b) 2009 2008 37,555 37,555 37,555 52,324 52,324 52,324 206,487 206,487 206,487 178,114 178,114 178,114 16,385 16,385 16,385 16,264 16,264 16,264 202 237 237 121 142 142 1,993 1,993 1,993 2,103 2,103 2,103 162,586 244,117 14,489 14,489 43,467 171,672 683,242 1,093,852 61,012 61,012 183,036 788,792 530 583 219 293 71 255 272 142 130 425,738 507,357 277,146 14,708 43,760 171,743 932,423 1,343,071 309,959 61,154 183,166 788,792

93 25 (b) 2009 2008 10,830 10,830 10,830 10,830 10,830 10,830 20,484 20,484 20,484 26,440 26,440 26,440 23,530 23,530 23,530 17,831 17,831 17,831 7,886 7,886 7,886 7,943 7,943 7,943 193 227 227 112 132 132 356 356 356 356 356 356 162,586 244,117 14,489 14,489 43,467 171,672 683,242 1,093,852 61,012 61,012 183,036 788,792 522 575 211 293 71 238 254 132 122 226,387 308,005 77,802 14,700 43,760 171,743 746,992 1,157,638 124,544 61,144 183,158 788,792 (c) 8.75 (i) 2009 2008 2009 2008 9.2 162,586 9.2 683,242 9.2 162,586 9.2 683,242 5.6 732 6.8 376 5.6 715 6.8 350 163,318 683,618 163,301 683,592 (ii)

94 25 (d) 7.801.00 (i) 2009 2008 11,599 696 282 22,330 1,099 176 (3,183) (2,500) (390) (3,390) (20,979) (87,483) (12,953) 696 282 (71,043) 1,099 176 2009 2008 7 14,304 7 100,195 11,372 696 21,387 1,099 (90) (90) (1,780) (2,010) (265) (20,979) (87,483) (11,735) 14,304 696 (68,189) 100,195 1,099

95 25 (d) (ii) 10% 10% 10% 2009 2008 1,626 11,469 (e) 2009 2008 162,586 157,285 683,242 672,236 (f) (i) (ii)

96 26 2009 2008 2009 2008 28(i) (ii) 2,490 24,671 2,490 24,568 28(iii) 5,272 5,272 4,650 52,694 7,762 29,943 7,140 77,262 4,650,00052,694,000 15,038,00087,319,00028(i)7,762,00029,943,000 27 (a) 2009 2008 2009 2008 150,099 143,888 22 (b) 2009 2008 2009 2008 21,387 16,472 13,802 11,645 35,189 28,117 45,321 38,623 181 1,128 9,600 12,876 6,271 7,384 61,192 58,883 181 1,128 96,381 87,000 181 1,128

97 27 (c) 2009 2008 9,094 6,583 6,238 279 15,332 6,862 28 650,0005,038,000 10,000,000 (i) (ii) (iii) 650,0005,038,000 500,000 20,371,000 1,990,0004,300,000 5,272,0005,272,000 9,900,00077,319,000 10,000,000 29 10(a)10(b) 2009 2008 34,687 28,850 2,614 2,425 4,071 3,664 41,372 34,939

98 30 31 11 25 22 32 1 23 8

99 2009 2008 2007 2006 2005 1,478,239 1,302,981 1,141,270 1,159,579 1,137,356 251,559 108,372 30,891 (99,485) (220,042) (38,730) 16,818 (2,026) 7,244 6,725 212,829 125,190 28,865 (92,241) (213,317) 1,066 1,066 1,066 1,066 1,066 1,302,380 1,231,399 1,237,223 1,367,234 1,336,543 39,213 40,274 41,441 1,039 1,845 6,091 5,586 6,932 12,532 13,099 26,335 49,460 56,095 21,367 12,445 21,131 426,047 759,935 854,293 688,819 884,327 1,785,044 2,080,416 2,161,133 2,124,215 2,297,607 377,692 359,375 303,992 283,105 369,146 178,825 688,434 953,259 949,456 957,828 556,517 1,047,809 1,257,251 1,232,561 1,326,974 1,228,527 1,032,607 903,882 891,654 970,633

100 1137 CTEL 3 3 2,4 1,3 1,3 15 29 10 8 183 46 The Bank of New York Mellon Corporation 101 Barclay Street, 22nd Floor New York, NY 10286 USA www.ctigroup.com.hk 1 2 3 4 223 1 39

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