TNAG-1779-FCO40-2539-Hong-Kong-international-telecommunications-1988 — Page 135

FCO40 Hong Kong Department Records 聯邦事務部香港部檔案 All
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- 26

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Shareholders Equity + Capital & Revenue Reserves + 50% of increase in

retained earnings

EXHIBIT 2.2 OPERATION OF THE SCHEME OF CONTROL

20%

Source: Scheme of Control Agreement

Share Holders Funds

Plus

16%

Growth Investment

Permitted Return Excess

80%

Actual Return

Development Fund

Minus

Page 135Source: Scheme of Control Agreement

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