Chairman's Message Introduction
ROLE IN PROMOTING HONG KONG AS AN INTERNATIONAL FINANCIAL CENTRE

MTR's partial privatisation in October 2000 and subsequent inclusion in the Hang Seng Index (which represents Hong Kong's 33 blue chip companies), MSCI and FTSE Index series has brought additional quality and diversity to Hong Kong's equity capital market. As of 31 December 2002, MTR's market capitalisation was HK$42,560 million and MTR was ranked Number 12 in the Hong Kong Stock Exchange. Our ongoing borrowing needs for our capital expenditure programme were met by using a number of cost effective transactions involving different financial instruments and markets. However, we managed our debt portfolio prudently in accordance with our Preferred Financing Model which diversifies risk through different specifications. MTR continues to be active in raising corporate governance and transparency standards in Hong Kong and more widely in Asia through our excellent relations with investors.

We were pleased that our considerable efforts in the field of corporate social responsibility and sustainability were recognized by both the Dow Jones Sustainability world Index (DJSI World) and the FTSE4Good Global Index in 2002, becoming one of the few companies from Hong Kong to meet the globally recognized standards required for inclusion in these indices.



MTR won a "Gold Award" for our 2001 Annual Report in the Overall Annual Report category at the International ARC Awards in New York organized by the International Academy of Communications Arts and Sciences. In 2002, The Hong Kong Management Association presented MTR with the "Best Annual Report Gold Award" for the fourth consecutive time since 1998.

Economic
Introduction
Financial Performance
Corporate Governance
Fares
Interaction With Hong Kong, Asianand Global Economies
Role in Promoting Hong Kong as an International Financial Centre
Measures of MTR's Economic Contribution
Down load Acrobat Version  2002 Report