"!#$% &' ()*+ , # -. /0 , 12 3 + 465789:;< = >? @42009ABC DE©6FFFFHGGGGHIIIIHJJJJKKKKHLLLLNMMMMPOOOOHQQQQRRRRHSSSSUTTTT VVVVXWWWW YYYYZZZZH[[[[\\\\H]]]]_^^^^````aaaaHbbbbcccc<dddd"eeeeGGGGffffgggghhhhiiiijjjjkkkkllllHmmmm_nnnndddd oqpsrutwvuxwyqzu{q|q}w~wPwwu qwquqpwusP12¡ £¢¤¦¥98§u ̈p144§u ̈ª©¦upw«¦¬®w ̄±° ¦² ́³μ±¶¦·0.9 ̧º¹q»4¼¦½1.22 ̧«±¾ ́¿ ́À¾ÁÂÃ¦Ä ́Å© ¦Æ ́Ǥ|621.1È ́§¦ ̈«ÊÉË ́ÌÍÎºÏ ́Ð ́Ñ¥2010Ò ́Ó ́§¦ÔÕ¦Ö«±×ØÙÚsÛÜv©oÝsÞßàáâ¦ãäÏåw榫 ́ç¦è¦éκê¦ë2010Òìuí¦Ô¦ÕÖîïqðq ñìwíwÔ¤qòo2010ÒÇ¡óôÚ8%-10%©H¥wõqös÷qÒ«Òwø~sùwúûüê ́ë2010Ò ́ìíÔÕÖ ́ ́ý¦þ±êÿ ́äÏ ¦«46%© ßuàq« êëqzñz00013±51.20§¦ ̈09ÒéÒ«Êt¦vã ߦà«å¦è ©z!"#Î%$&°¦ßàu«'¢½Îê¦ë¦tvu«±ð¦ è()¦ï2010ҩߦà) ́ï ́áâ+*-, .0/1234u«567¦8q»:9;2010Òt¦v<Ú© ëz¦þ= ́oPartner CommunicationsPTNR US19.28> ̈@? ́¦ÛA )50.4%½Bw«CD¦u2009Òtv¦ê Eup31.3%GF HI J¦zLKMNOLPPartner«RQSü ́2010-2011Ò«t¦v±êETUé ́p23.6%z6.4%© 2009VVVV12WWWW17XXXX Y![Z[\^][_[`a] bdcfehghihjbdcfehghihjbdcfehghihjbdcfehghihjlkkkknmporqpsmporqpsmporqpsmporqpstttt u^vxway0z|{~}-["!# $ % [[^ ^[[ hdpfihjhhdpfihjhhdpfihjhhdpfihjhlkkkknmhodqpsmhodqpsmhodqpsmhodqpstttt u^vxway0z|{~}-["!# $ % [[^ ^[[ x[a[[\[a@ axwa [^[xa[^[[^5%a^ ¢¡ £f¤ ¥f¦p§h ̈ 1 HK ©hªp« 0001.HK ¬ph®d ̄p°h±f²f³ ́hμp¶f·p ̧²h³ A- 12¹:º:»¬f¼ ½¼ ¾p¿12¹ÀºÂÁÀÃÅÄÇÆ%È 15.3 Ching Wah Tam ÉpÊfËhÌ¢Í 603 22848668 chingwah_tam@standardandpoors.com 114qpsqpsqpsqps 99qpsqpsqpsqps ÎhÏhÐfÑfÒpÓ¢Ô ́ 52ÕfÖ¼h×ØƤhÙÈ 56.00 - 107.50 ÁpÚfÛ 228,953 ÖfÜhÝ»ÞÆàßpádÖÈ 2,316 âäãhåpædçÆ'000È 4,691 èpédê¢ëÖhì§d Æ%È 9.0 2009í¾p¿ÖfîÃrÄfïÇÆ%È 8.3 ðhñðhñðhñðhñ12òÂóhôhõpöh÷òÂóhôhõpöh÷òÂóhôhõpöh÷òÂóhôhõpöh÷2008ø¢ùø¢ùø¢ùø¢ù 2009pppp 2010pppp 2011pppp úhûöfühýhþúhûöfühýhþúhûöfühýhþúhûöfühýhþkkkk%tttt ÿ 16,436 21,259 17,989 15,281 -2.4 EBITDA 6,017 7,183 5,506 6,217 1.1 Ä 9,373 15,055 8,250 9,316 -0.2 Ä 15,518 20,377 14,310 16,833 2.7 ÄfÖƤpÙÈ 6.70 8.80 6.18 7.27 2.7 ÚpïÇÆÈ 14.8 11.2 16.0 13.6 - hÖhÖƤpÙÈ 2.45 2.45 2.45 2.45 0.0 ÖfïÇÆ%È 2.5 2.5 2.5 2.5 - 2 Standard & Poor’s Equity Research 2009í12º17â ý:øý:øý:øý:ø u¦tuvuú ̈4o "!w«Ó¦§É¦Ë² #ÂÇ $&%'&(q«É")+* ,-| .û©»0 ª/*102 ́!C¦ÿü·z13é&45¦«Êß&687C191:© u ,q« ́²³μ¦¹»¼u½¦ÁuÂÃqĦÅ<;ʦ =u·¦{¦|&>"?u @&A B©C ¦Ô&DFEËHGI10%® ́·0«8J¤/KHL"M ́½½.ºù1N1Oÿ12s ¢ ́¤©¦±p ́{| ́}~ ́°¦·&4ã*q»<¼½C{ ́|P) © Q RJõS"T ́wÞü ¦U½½V"WX1Yu«)½ Z8[]\2009Ò2«40.24%ð¦41.25%© ^E_`« ́¬ ́1a b8c"dfeÓ±§"g h«Êߦà1i1j ZÊê k1(º×l1mC (i) ìíÔ«Êզֱ㤠́òon2 (ii) p8q1r2sHt«±ÕÖ ́ãHu5/v1wxv1yz© 3 Standard & Poor’s Equity Research 2009öööö12òòòò17{{{{ ý:øý:øý:øý:ø ||||<}+~+ }+~+ }+~+ }+~+ – 1987A11 !P#$P%PP%a+%+P5%wP/%P$< +¡¢+£¤F¥¦+a +§© ̈ ! #$%Pª«¬/%P(® ̄/+°P5%w±¥12®+²#³ ̈ ́<μ+¶P/ E<·²#±¥¹ ̧º+»¼.½!(! #$P%¾¿50½-¢=! #$%À¿350½-aP!#P$P%500½-),+Á ́Ãμ ,+ÁÄ/++Å£¤P,%Æ+ÇÈÉÊËP-Ìau+ÍÌau+ÎÏÊ |}~ÐÑ |}~ÐÑ |}~ÐÑ |}~ÐÑ ¥¦ÒÓ|}~ÔÕÖ×Ø+ |}~ÔÕÖ×Ø+ |}~ÔÕÖ×Ø+ |}~ÔÕÖ×Ø+ © ̈– ÙÚ&Û,Ü+Ý.P&Þ.ßP! #$%à$ÙÚ&áÛ<â+ã·/ä å<æç< 'Pa,YÆ P è®é¤êëìaíî ,+ïð£ñ òÏóôí< õìñ+öP3å&ã÷ /-øàìaE ùú-]ûP&üý£Åþ°ÿP1 >,ªñª«a . , P ,ª ,ªP!#- ,+ @a`+%^ A+ ÿ B+ D A B C ÿ A- % B- NR 5+ |}+~ !"# $ |}+~ !"# $ |}+~ !"# $ |}+~ !"# $ – !#$P%P@ ̄% +Æ/& ̄ '(')&,û*)+<±¥'% P;, - ̈,./102£ì 023 & ̄14+ 5)& ,+<& 06< ¶7 %Pï)&< Åæì 02¶8E å14ì9 &,P.:& ;<¢'+ß =1>1?@ÂACB DFEG1HaIa & ,J E; KL MP.£ONP< õì102Q 8E å R+ ̄% S¢T+ ̄% '(1U VP,&% W KX Y@ ̄ % +¶ Z [\- ]E^& ̄@,)&4 æP'¶8E_ `aaZba c d7 J® eÌ^uÎ@ ̄ % %& ̄ fPaü! #$% g'P('+÷ ;, ,P h i,ÿj^u%vP1k! #$%¶PlE<·P@ ̄ % + mn4 Eâpo q r5P7 mn ,)^u-v£@ ̄ % +%oì%au-v,s+ P>%%