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Building on Strength Interim Report 2009 Vision We Aim to Be a Globally Recognised Leader That Connects and Grows Communities with Caring Service

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Building on Strength Interim Report 2009 Vision We Aim to Be a Globally Recognised Leader That Connects and Grows Communities with Caring Service Building on Strength Interim Report 2009 Vision We aim to be a globally recognised leader that connects and grows communities with caring service. Mission • Enhance customers’ quality of life and anticipate their needs. • Actively engage in communities we serve. • Foster a company culture that staff can learn, grow and take pride in. • Provide sustainable returns to investors. • Set ourselves new standards through innovation and continuous improvement. • Grow in Hong Kong, Mainland of China and capture opportunities in Europe by extending our core competencies. Values • Excellent Service • Mutual Respect • Value Creation • Enterprising Spirit Highlights Financial Operational • Financial results resilient despite economic downturn, • Merger synergies ahead of schedule and on track to with revenue increasing 1.2% to HK$8,630 million and achieve HK$450 million per year within 2009 EBITDA increasing marginally to HK$4,799 million • Patronage of Domestic Service increased 0.3%; Cross- • Property development profit of HK$2,147 million boundary and Airport Express decreased 0.4% and 11.5% respectively • Profit from underlying businesses (i.e. net profit attributable to equity shareholders, excluding • About 85% of the 2,169 units of Lake Silver have been investment property revaluation and related deferred sold while all 1,688 units of Phase A of Le Prestige have tax) increased 43% to HK$3,903 million been sold • Net profit attributable to equity shareholders • Project Agreement signed for West Island Line (including investment property revaluation) of • Concession Agreements signed for Shenzhen Metro HK$4,498 million Line 4 as well as Shenyang Metro Lines 1 and 2 • Net debt/equity ratio improved to 37.0% • Won tender for the Stockholm Metro franchise • Interim dividend maintained at HK$0.14 per share • Selected as Preferred Bidder for Melbourne Train franchise • LOHAS Park Station in Tseung Kwan O opened on 26 July 2009 • Kowloon Southern Link to open on 16 August 2009 Contents 2 4 Operating Network Chairman’s Letter with Future Extensions 6 18 CEO’s Review of Key Figures Operations and Outlook 28 Consolidated Profit and 19 Loss Account Corporate Governance and 29 Consolidated Statement of Other Information Comprehensive Income 30 Consolidated Balance Sheet 31 Consolidated Statement of Changes in Equity 32 Consolidated Cash Flow Statement 33 Notes to the Unaudited Interim Financial Report 49 Review Report Operating Network with Future Extensions Legen Statio d Interchange Statio n Proposed Statio Proposed Interchange Statio Cable Car Ngong Ping 36 * Shenzhen Metro Network n Racing days only n Existing Networ 0 n Airport Expres Disneyland Resort Lin East Rail Line k Island Lin s Kwun Tong Lin Light Rail e Ma On Shan Line e Tseung Kwan O Lin Extensions under Study Tsuen Wan Lin e Tung Chung Lin Guangzhou-Shenzhen- West Rail Line Hong Kong Express Rail Link Properties Owned / Developed / Kwun Tong Line Extensio e e Managed by the Corporation Shatin to Central Link 01 e South Island Line (East) 02 T Future ExtensionWest Island Line elford Gardens / Telford Plaza I and II 03 World-wide House 04 Admiralty Centre North Island Lin 05 Argyle Centre Northern Link n Luk Yeung Sun Chuen / Luk Yeung South Island Line (West) 06 Galleri s 07 New Kwai Fong Gardens e 08 Sun Kwai Hinga Gardens 09 Fairmont House 10 Kornhill / Kornhill Garden 11 Fortress Metro Towers 20 12 Hongway Garden / Vicwood Plaz Central Park / Island Harbourview / 13 Perfect Mount Gardens Park Avenue / Harbour Green / Bank of China Centre / HSBC Centre / 14 New Jade Garden 21 Olympian City One / Olympian City Two Shenzhen 15 Southorn Garde The Waterfront / Sorrento / The Harbourside / The Arch / Elements / 40 Heng Fa Chuen / Heng Fa Villa / 48 Long 16 Paradise Mall s The Cullinan / The Harbourview Place / W Hong Kong / International Commerce Ping 17 29 Park Towers 22 Centre Siu Hong 47 Lok Ma Chau Tin Shui Wai 18 Felicity Garden One International Finance Centre / n 19 Tierra Verde / Maritime Square Two International Finance Centre / IFC Mall / Four Seasons Hotel / 28 Tung Chung Crescent / Citygate / a 23 Four Seasons Place Novotel Citygate / Seaview Crescent / Tuen Mun Chau Tau Lo Wu Central Heights / The Grandiose / Coastal Skyline / Caribbean Coas 30 24 The Edge 45 25 Residence Oasis / The Lane Yuen Long Property Developments under 44 2 No.8 Clear Water Bay Road / Choi Hung 26 Park & Ride Construction / Planning 27 Metro Town 21 28 MTR Corporation Royal Ascot / Plaza Ascot 23 Kowloon Station Package 5, 6 & 29 Pierhead Garden / Ocean Walk 34 Tseung Kwan O Station Area 56 Kam Sun Tuen Mun Centre / Sun Tuen Mun 36 LOHAS Park Package 2-1 49 Sheung 30 Shopping Centre Road 37 31 Hanford Garden / Hanford Plaza Wu Kai Sha Statio Sheung Shui 38 t 32 Citylink Plaza Tai Wai Maintenance Centre 50 39 MTR Hung Hom Building / Hung Hom Che Kung Temple Station Interim Report 2009 33 Station Carpark 40 Tai Wai Station 34 Trackside Villas 41 Tin Shui Wai Light Rail Terminus 35 The Capitol n 42 Austin Station Site Fanling The Palazz West RailAustin Line Station Property Site Development 0 7 (As Government Agent) 43 o AsiaWorld- 44 Nam Cheong Station Expo Through Train 45 Yuen Long Station C Airport Route Ma 46 Tuen Mun Station D 47 Tsuen Wan West Station Tai Wo 48 Long Ping Statio 49 Tin Shui Wai Station p Beijing Line 50 Kam Sheung Road Statio Shanghai Line 51 Pat Heung Maintenance Centre Lantau New Territories Guangdong Line Kwai Fong Site Island n Tsuen Wan West 33 Beijing 46 Tung Tai Po Market Zhaoqing Tsuen Wan Cable Car 19 Chung Sunny Bay 05 n Ngong Ping 360 Guangzhou Disneyland Foshan Resort Tai Wo Hau Tsing Yi 18 Dongguan Kwai Hing Shanghai 07 HONG KONG SAR Kwai Fong 06 Lai King 51 University Mei Foo 27 35 Fo Tan Sha Tin 31 Tai Heng On Lai Chi Kok Shui Ma On Shan 43 Racecourse* Hang Nam Tai Wai Cheong Cheung 39 36 Sha Wan 37 20 38 Wu Kai Sha Sham Olympic Shui Po Hin Keng Che Kung Sha City One Shek Mun Prince Kowloon Temple Tin Edward Tong Kennedy 21 Lok Fu Wai Town Sai Ying Pun Shek Kowloon p Mei K Wong Tai Sin Ki owloon Mong 41 Hong Kong 42 Kok University West 04 11 Kowloon Austin Yau Mong Diamond Hill Ma Kok East Sheung Wan Terminus Tsim Sha Tei 22 25 Tsui Jordan Ho 02 Ma To Kai Tak Choi Hung Cyberport Hong Kong Man Tin Tau Kwa Central Wai Wan Tamar East Tsim Hung Whampoa Central South 32 Hom Wah Fu Sha Tsui 01Kowloon Bay Admiralty Exhibition 10 03 14 08 Wan Fortress Hill Ngau Tau Kok South Horizons Chai Aberdeen Causeway 16 Kwun Tong Po Lam Bay Tin North Lei Tung Hau Point Lam Tin 24 Wong Hang Hau Hong Kong Island Quarry Bay Yau Tong Chuk 09 Hang 23 Tai Koo Ocean 26 Park 17 Tiu Tseung Sai Wan Ho Keng Kwan O 12 Leng Shau Kei Wan Heng Fa Chuen 15 34 LOHAS Park Chai Wan 13 Legen Statio d Interchange Statio n Proposed Statio Proposed Interchange Statio Cable Car Ngong Ping 36 * Shenzhen Metro Network n Racing days only n Existing Networ 0 n Airport Expres Disneyland Resort Lin East Rail Line k Island Lin s Kwun Tong Lin Light Rail e Ma On Shan Line e Tseung Kwan O Lin Extensions under Study Tsuen Wan Lin e Tung Chung Lin Guangzhou-Shenzhen- West Rail Line Hong Kong Express Rail Link Properties Owned / Developed / Kwun Tong Line Extensio e e Managed by the Corporation Shatin to Central Link 01 e South Island Line (East) 02 T Future ExtensionWest Island Line elford Gardens / Telford Plaza I and II 03 World-wide House 04 Admiralty Centre North Island Lin 05 Argyle Centre Northern Link n Luk Yeung Sun Chuen / Luk Yeung South Island Line (West) 06 Galleri s 07 New Kwai Fong Gardens e 08 Sun Kwai Hinga Gardens 09 Fairmont House 10 Kornhill / Kornhill Garden 11 Fortress Metro Towers 20 12 Hongway Garden / Vicwood Plaz Central Park / Island Harbourview / 13 Perfect Mount Gardens Park Avenue / Harbour Green / Bank of China Centre / HSBC Centre / 14 New Jade Garden 21 Olympian City One / Olympian City Two Shenzhen 15 Southorn Garde The Waterfront / Sorrento / The Harbourside / The Arch / Elements / 40 Heng Fa Chuen / Heng Fa Villa / 48 Long 16 Paradise Mall s The Cullinan / The Harbourview Place / W Hong Kong / International Commerce Ping 17 29 Park Towers 22 Centre Siu Hong 47 Lok Ma Chau Tin Shui Wai 18 Felicity Garden One International Finance Centre / n 19 Tierra Verde / Maritime Square Two International Finance Centre / IFC Mall / Four Seasons Hotel / 28 Tung Chung Crescent / Citygate / a 23 Four Seasons Place Novotel Citygate / Seaview Crescent / Tuen Mun Chau Tau Lo Wu Central Heights / The Grandiose / Coastal Skyline / Caribbean Coas 30 24 The Edge 45 25 Residence Oasis / The Lane Yuen Long Property Developments under 44 No.8 Clear Water Bay Road / Choi Hung 26 Park & Ride Construction / Planning 27 Metro Town 21 28 Royal Ascot / Plaza Ascot 23 Kowloon Station Package 5, 6 & 29 Pierhead Garden / Ocean Walk 34 Tseung Kwan O Station Area 56 Kam Sun Tuen Mun Centre / Sun Tuen Mun 36 LOHAS Park Package 2-1 49 Sheung 30 Shopping Centre Road 37 31 Hanford Garden / Hanford Plaza Wu Kai Sha Statio Sheung Shui 38 t 32 Citylink Plaza Tai Wai Maintenance Centre 50 MTR Hung Hom Building / Hung Hom 39 Che Kung Temple Station 33 Station Carpark 40 Tai Wai Station 34 Trackside Villas 41 Tin Shui Wai Light Rail Terminus 35 The Capitol n 42 Austin Station Site Fanling The Palazz West RailAustin Line Station Property Site Development 0 7 (As Government Agent) 43 o AsiaWorld- 44 Nam Cheong Station Expo Through Train 45 Yuen Long Station C Airport Route Ma 46 Tuen Mun Station D 47 Tsuen Wan West Station Tai Wo 48 Long Ping Statio 49 Tin Shui Wai Station p Beijing Line 50 Kam Sheung Road Statio Shanghai
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