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Fr)16(om an investor?113.7(s perspectiv)]TJ 30.2017 0 TD [(e, the valuation of the Company is measur)24.9(ed)]TJ -30.2017 -1.44 TD 0.0491 Tc 0.0104 Tw [(by the stock market price of the Company?116.9(s shar)22.5(es on any partic)]TJ 30.9437 0 TD [(ular day)90.1(. In valuing the Company?115.5(s shar)22.5(es,)]TJ -30.9437 -1.4467 TD 0.0399 Tc -0.0110 Tw (investors should take into account not only the embedded value )Tj 30.1699 0 TD (and the new business value, but also various)Tj -30.1699 -1.4467 TD 0.0449 Tc 0.0008 Tw (other considerations. In addition, TPL is 50.05%-owned by the C)Tj 30.7315 0 TD [(ompany)102.8(. The embedded value and the new)]TJ -30.7315 -1.44 TD 0.0489 Tc 0.0104 Tw (business value as at 30 June 2009 as disclosed below should the)Tj 31.3864 0 TD [(r)23.6(efor)24.6(e not be applied 100% in valuing the)]TJ -31.3864 -1.4467 TD 0.0528 Tc 0.0183 Tw [(Company)95.9(. Investors ar)14.5(e advised to pay particular attention to t)]TJ 30.1488 0 TD [(his factor)107.2(, as well as the other assumptions)]TJ -30.1488 -1.4467 TD 0.0645 Tc 0.0438 Tw [(underlying the calculations of the embedded value and new busin)]TJ 32.5773 0 TD [(ess value of TPL, if they believe such)]TJ -32.5773 -1.44 TD 0.0467 Tc 0.0046 Tw [(calculations ar)22.5(e important and material to the valuation of the)]TJ 29.1371 0 TD [( Company)99.6(.)]TJ /F2 1 Tf 11 0 0 11 92.69 558.195 Tm /Cs7 cs 1.000 scn /GS3 gs 0.0386 Tc 0.0069 Tw [(2.)-1155.7(EMBEDDED V)57.1(ALUE)]TJ /F3 1 Tf 9 0 0 9 115.43 531.195 Tm 0.0430 Tc 0.0081 Tw (HK$ million)Tj /F2 1 Tf 0.000 0.000 0.000 1.000 k /GS2 gs 25.0533 -2.9267 TD 0.0460 Tc 0.0057 Tw (At 30 June)Tj /F1 1 Tf 10.7733 0 TD 0.0465 Tc 0.0054 Tw [(At 30 June)-1708(At 31 December)]TJ /F2 1 Tf -7.8067 -1.44 TD 0.0477 Tc 0.0000 Tw (2009)Tj /F1 1 Tf 10.5533 0 TD [(2008)-7032(2008)]TJ ET /Cs7 cs 0.150 scn /GS3 gs 304.850 486.325 90.700 -143.800 re f 1.98 w 115.430 486.045 m 574.610 486.045 l S BT 9 0 0 9 115.43 465.375 Tm 0.000 0.000 0.000 1.000 k /GS2 gs 0.0470 Tc 0.0044 Tw [(Adjusted net worth)-5795.7(a)]TJ /F2 1 Tf 27.6933 0 TD 0.0468 Tc 0.0000 Tw (3,687)Tj /F1 1 Tf 10.56 0 TD [(2,433)-6703.9(3,083)]TJ -38.2533 -1.4467 TD 0.0469 Tc 0.0044 Tw [(V)59.9(alue of infor)14.9(ce business)]TJ 1.0667 -1.44 TD 0.0389 Tc 0.0489 Tw [(befor)17.4(e cost of capital and)]TJ 0 -1.4467 TD 0.0417 Tc 0.0586 Tw [(expense overrun)-5898.7(b)]TJ /F2 1 Tf 26.6267 0 TD 0.0468 Tc 0.0000 Tw (9,183)Tj /F1 1 Tf 10.56 0 TD [(6,220)-6703.9(7,069)]TJ -38.2533 -1.4467 TD 0.0047 Tw [(Cost of capital)-7884.8(c)]TJ /F2 1 Tf 27.6933 0 TD 0.0000 Tw (1,653)Tj /F1 1 Tf 11.4867 0 TD [(947)-6705.2(1,201)]TJ -39.18 -1.44 TD 0.0474 Tc 0.0033 Tw [(Expense overrun)-6862.2(d)]TJ /F2 1 Tf 28.6267 0 TD 0.0467 Tc 0.0000 Tw (368)Tj /F1 1 Tf 10.5533 0 TD [(456)-7638.6(403)]TJ -39.18 -1.4467 TD 0.0469 Tc 0.0044 Tw [(V)59.9(alue of infor)14.9(ce business)]TJ 1.0667 -1.4467 TD 0.0385 Tc 0.0481 Tw (after cost of capital and)Tj 0 -1.44 TD 0.0417 Tc 0.0586 Tw (expense overrun)Tj 13.7333 0 TD 0.0476 Tc 0.0000 Tw (e=b-c-d)Tj /F2 1 Tf 12.8933 0 TD 0.0468 Tc (7,162)Tj /F1 1 Tf 10.56 0 TD [(4,817)-6703.9(5,465)]TJ -38.2533 -1.4467 TD 0.0470 Tc 0.0031 Tw [(Embedded V)58.5(a)-0.1(lue)-6804.9(f=a+e)]TJ /F2 1 Tf 27.0933 0 TD 0.0474 Tc 0.0000 Tw (10,849)Tj /F1 1 Tf 11.16 0 TD 0.0468 Tc [(7,250)-6703.9(8,548)]TJ ET /GS3 gs 115.430 343.005 m 574.610 343.005 l S BT 9 0 0 9 115.43 320.355 Tm /GS2 gs 0.0465 Tc 0.0052 Tw [(Adjusted net worth is the shar)21.2(eholders?net assets of TPL as me)]TJ 30.4706 0 TD [(asur)22(ed on a PRC statutory basis.)]TJ ET endstream endobj 4 0 obj << /ProcSet [/PDF /Text ] /Font << /F1 5 0 R /F2 6 0 R /F3 7 0 R >> /ExtGState << /GS2 8 0 R /GS3 9 0 R >> /ColorSpace << /Cs7 10 0 R /Cs8 11 0 R >> >> endobj 13 0 obj << /FunctionType 0 /Domain [0 1] /Range [0 1 0 1 0 1 0 1] /BitsPerSample 8 /Size [255] /Length 803 /Filter /FlateDecode >> stream H?? @??3xmvmn_ݭm.@H K??JH%D5@ CI!C!d@9a3aSa'?n8^8;ppN t$?y??#R?"w(BHQF/Z??(-MhQrh?ŔŕʔPPRJ)Ni?eUjQNMXR!VT? ?kDXcƚP-T4ڜj j??VV[SGmC]hG=?4P;P?:HBc?Mn4պ?4z\E ?Z2}iGxZ??>P m|0Ch*!>?tJsb?M?-1b=陘D/}2\)b*}iէOA}? ٸŮ