China Merchants Pacific : 1Q2015 Additional Information on Toll Road Operation

(Company Registration No. 198101278D)

Additional Information on Toll Road Operations

Traffic Volume Figures

Traffic Volume per road ('000 vehicles)	2015	2014	Change %	FY2014
Traffic Volume per road ('000 vehicles)	1Q	1Q	Change %	FY2014
Yongtaiwen Expressway	2,792	2,619	6.6	10,827
Beilun Port Expressway	2,337	2,302	1.5	9,934
Jiurui Expressway	431	397	8.6	1,400
Guiliu Expressway	1,282	1,158	10.7	5,931
Guihuang Highway	1,934	1,725	12.1	21,331
Total	8,776	8,201	7.0	49,423

Revenue by Toll Roads

Toll Revenue (RMB '000)	2015	2014	Change %	FY2014
Toll Revenue (RMB '000)	1Q	1Q	Change %	FY2014
Yongtaiwen Expressway	295,176	282,473	4.5	1,238,586
Beilun Port Expressway	70,118	70,883	(1.1)	307,765
Jiurui Expressway	18,669	19,345	(3.5)	76,847
Guiliu Expressway	160,563	155,930	3.0	628,496
Guihuang Highway	48,560	51,438	(5.6)	223,429
Total	593,086	580,069	2.2	2,475,123

Contribution to Group's Net Profit Attributable to Shareholders by Toll Roads

(HK$'000)	1Q2015	1Q2014	Change %
(HK$'000)	Share of Results	Subsidy Income	Total	Share of Results	Subsidy Income	Total	Change %
Joint Ventures ("JV")
Guiliu Expressway	43,741	-	43,741	43,135	-	43,135	1.4
Guihuang Highway	19,778	5,707	25,485	33,682	5,961	39,643	(35.7)
Net Profit from JV	63,519	5,707	69,226	76,817	5,961	82,778	(16.4)
Subsidiaries
Yongtaiwen Expressway	85,809	77,761	10.3
Beilun Port Expressway	19,469	21,250	(8.4)
Jiurui Expressway (1)	7,400	-	n.m.
Net Profit from Subsidiaries	112,678	99,011	13.8
Others
Other revenue & expenses (2)	(34,320)	(22,208)	54.5
Total	147,584	159,581	(7.5)

Notes:
1) The financial results of Jiurui Expressway was consolidated with effect from 9 September 2014.
2) These comprise deferred income, effective interest, administrative expenses, finance costs, foreign exchange difference and withholding tax.