Common use of Coverage of universities Clause in Contracts

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 Actual figures Projection 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 (208) (Note i) (Note i) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 (Notes i &ii) (Notes i &ii) Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) (Note iii) Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 (Note v) Sources for actual figures: 2014/15 to 2020/21 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.

Coverage of universities. expenditure by reserves and cash & cash equivalents (Note ii) (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 32.7 32.6 33.4 33.7 32.9 35.9 41.0 37.9 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 13.9 13.1 13.5 14.1 14.0 15.9 15.9 13.0 18.4 16.0 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 7.2 4.6 4.2 4.2 6.4 7.8 9.1 4.7 (Note v) Actual figures Projection (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 (208) -11 311 576 560 327 1,382 1,915 513 (Note i) (Note iiii) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 3,696 4,178 4,726 4,889 4,952 6,186 6,723 6,092 (Note i) Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 2,294 2,356 2,447 2,518 2,607 3,265 2,763 2,978 (Notes i &ii) (Notes i &iiNote i) Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 3,707 3,867 4,150 4,329 4,624 4,804 4,808 5,579 (Note iv) Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 309 322 346 361 385 400 401 465 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 2,469 1,661 1,711 1,803 2,511 4,014 4,110 2,625 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 1,349 1,406 1,464 1,509 1,834 2,556 3,593 3,023 (Note iii) (Note iiiv) Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 10,094 10,513 11,547 12,173 12,648 14,368 16,456 17,636 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 4,295 4,220 4,666 5,090 5,405 6,364 7,376 7,456 (Note ii) Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 2,231 1,478 1,457 1,504 2,447 3,107 3,661 2,175 (Note v) Sources for actual figures: 2014/15 to 2014/15, 2015/16, 2016/17, 2017/18, 2018/19, 2019/20, 2020/21 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 33.5 35.3 34.8 31.9 30.4 32.2 35.1 31.8 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 20.6 22.1 22.0 20.1 19.5 21.8 24.0 21.6 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 10.4 11.8 10.9 9.8 9.2 17.3(Note iii) 14.0(Note vi) 12.0 Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 27* 00 00 (2080) 0 000 000 37 (Note i) (Note iii) (Note iii) (Note iv) (Note vii) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 830* 803 891 882 936 1,236 1,082 1,092 (Note iii) Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 442 473 462 461 492 635 518 525 (Notes i &iiNote iii) (Notes i &iiNote iv) Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 803 766 812 885 932 976 952 1,054 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 67 64 68 74 78 81 79 88 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 1,316 1,349 1,410 1,443 1,588 1,879 2,134 2,130 (Note iii) Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 306 306 286 326 387 413 517 510 (Note iiiv) (Note iiiv) Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 2,240 2,253 2,352 2,364 2,361 2,622 2,784 2,797 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 1,375 1,412 1,491 1,487 1,514 1,770 1,900 1,902 (Note iii) Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 698 751 740 726 714 1,408 1,107 1,050 (Note viii) (Note vi) Sources for actual figures: 2014/15 to 2014/15, 2015/16, 2016/17, 2017/18, 2018/19, 2019/20 and 2020/21 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding. * The data was restated. In accordance with the revised Statement of Recommended Practice for the UGC-Funded Institutions (“SORP”) promulgated by the UGC in September 2015, endowment donations have been recorded in the I/E Statement instead of directly credited to reserve.

Coverage of universities. expenditure by reserves and cash & cash equivalents (Note iii) (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 32.7 32.6 33.4 33.7 32.9 35.9 34.6 36.6 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 13.9 13.1 13.5 14.1 14.0 15.9 15.9 13.0 14.2 14.2 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 7.2 4.6 4.2 4.2 6.4 7.8 6.3 4.7 Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 (208) (Note i) -11 311 576 560 327 1,382 444 452 (Note i) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 3,696 4,178 4,726 4,889 4,952 6,186 5,753 5,869 (Note i) Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 2,294 2,356 2,447 2,518 2,607 3,265 2,961 3,020 (Notes i &ii) (Notes i &iiNote i) Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 3,707 3,867 4,150 4,329 4,624 4,804 5,309 5,417 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 309 322 346 361 385 400 442 451 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 2,469 1,661 1,711 1,803 2,511 4,014 3,368 2,669 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) (Note iii) 1,349 1,406 1,464 1,509 1,834 2,556 2,533 2,654 Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 10,094 10,513 11,547 12,173 12,648 14,368 15,286 16,527 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 4,295 4,220 4,666 5,090 5,405 6,364 6,257 6,418 Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 (Note v) 2,231 1,478 1,457 1,504 2,447 3,107 2,803 2,104 Sources for actual figures: 2014/15 to 2020/21 2014/15, 2015/16, 2016/17, 2017/18, 2018/19, 2019/20 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 26.6 25.5 25.6 26.0 25.3 25.9 26.6 28.1 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 11.1 10.8 11.0 11.9 12.1 12.6 12.8 12.9 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 3.7 6.5 4.6 3.6 3.6 4.2 4.1 3.9 Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 (208) 197 64 304 210 257 338 171 135 (Note i) (Note i) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 2,777 2,786 3,160 3,140 3,398 3,556 3,438 3,446 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 (Notes i &ii) (Notes i &ii) 1,156 1,275 1,271 1,316 1,383 1,480 1,412 1,401 Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 2,587 2,728 2,884 2,930 3,141 3,218 3,267 3,311 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 216 227 240 244 262 268 272 276 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 4,348 4,613 4,819 4,988 6,193 6,157 6,034 5,403 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) (Note iii) 1,102 1,389 1,249 1,279 1,273 1,132 1,103 1,069 Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 5,739 5,798 6,146 6,348 6,632 6,941 7,222 7,751 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 2,401 2,466 2,643 2,908 3,171 3,383 3,490 3,560 Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 790 1,469 1,105 883 950 1,135 1,109 1,085 (Note vi) Sources for actual figures: 2014/15 to 2020/21 2014/15, 2015/16, 2016/17, 2017/18 and 2018/19 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.. Notes by HKBU: Explanations / justifications for items with year-by-year variances of +/- 15%

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 35.0 33.6 33.6 35.9 34.8 36.3 36.9 38.1 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 18.2 18.3 19.1 20.1 19.9 19.9 20.0 16.9 15.9 15.9 13.0 21.7 22.3 23.2 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 15.4 15.0 14.5 15.0 17.6 17.8 17.4 18.2 (Note iii & iv) Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 (208) 1,258 663 1,424 1,620 1,094 2,594 1,039 991 (Note i) (Note i) (Note ii) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 8,080 7,972 9,235 9,534 9,624 11,744 10,421 10,454 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 5,845 5,270 5,202 (Notes i &ii) (Notes i &iiNote i) Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 6,822 7,309 7,811 7,914 8,530 9,150 9,382 9,463 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 569 609 651 660 711 763 782 789 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 12,095 13,152 13,410 14,543 17,482 18,968 19,132 20,044 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) 2,099 2,267 2,266 2,317 2,882 2,851 2,951 3,049 (Note iii) Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 19,901 20,466 21,869 23,680 24,723 27,682 28,873 30,020 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 10,323 11,169 12,418 13,279 14,111 16,513 17,422 18,285 (Note iv) Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 8,729 9,130 9,418 9,911 12,492 13,598 13,598 14,339 (Note viii) (Note iv) Sources for actual figures: 2014/15 to 2020/21 2014/15, 2015/16, 2016/17, 2017/18 and 2018/19 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding. 1 The financial information only covers those activities at university level (i.e. excluding subsidiaries).

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 37.5 35.1 35.2 36.1 33.9 33.1 36.8 33.4 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 21.9 20.4 20.8 21.7 20.2 20.2 21.9 19.5 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 8.7 11.7 11.9 11.5 12.6 10.3 10.2 7.5(Note ii) Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 1,360 (208101) 1,581 1,402 684 1,434 3,417 138 (Note i) (Note i) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 9,529 8,623 10,830 10,846 10,670 12,514 14,649 (Note i) 12,236 (Note i) Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 (Notes i &ii) (Notes i &ii) 4,226 4,630 4,689 4,858 4,981 5,654 5,344 5,446 Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 8,228 8,738 9,261 9,455 10,279 11,092 11,251 12,098 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 686 728 772 788 857 924 938 1,008 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 7,637 10,148 10,818 10,601 12,615 11,763 11,844 12,080 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii3,830 4,097 4,542 4,420 6,321 6,979 8,210(Note i) (Note iii) 7,677 Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 25,705 25,534 27,151 28,450 29,084 30,627 34,561 33,663 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 14,985 14,885 16,028 17,103 17,346 18,619 20,582 19,684 Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 (Note v5,978 8,530 9,199 9,033 10,799 9,532 9,584 7,584(Note ii) Sources for actual figures: 2014/15 to 2020/21 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 37.5 35.1 35.2 36.1 33.9 33.1 30.9 29.2 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 21.9 20.4 20.8 21.7 20.2 20.2 15.5(Note ii) 14.1 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 8.7 11.7 11.9 11.5 12.6 10.3 8.4(Note iii) 6.2(Note iii) Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 1,360 (208101) 1,581 1,402 684 1,434 (531) (594) (Note i) (Note i) (Note i) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 9,529 8,623 10,830 10,846 10,670 12,514 (Note i) 11,327 12,053 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 (Notes i &ii) (Notes i &ii) 4,226 4,630 4,689 4,858 4,981 5,654 5,709 6,317 Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 8,228 8,738 9,261 9,455 10,279 11,092 11,858 12,647 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 686 728 772 788 857 924 988 1,054 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 7,637 10,148 10,818 10,601 12,615 11,763 10,436 8,672 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) (Note iii) 3,830 4,097 4,542 4,420 6,321 6,979 6,270 5,540 Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 25,705 25,534 27,151 28,450 29,084 30,627 30,558 30,762 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 14,985 14,885 16,028 17,103 17,346 18,619 15,271 14,808 (Note ii) Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 5,978 8,530 9,199 9,033 10,799 9,532 8,310 6,545 (Note viii) Sources for actual figures: 2014/15 to 2020/21 2014/15, 2015/16, 2016/17, 2017/18, 2018/19 and 2019/20 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 35.8 34.4 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 16.3 14.8 14.3 (Note iv) (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 19.4 17.7 17.1 Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 2,680 684 654 (208Note i) (Note i) (Note iii) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 12,155 10,870 11,556 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 5,845 5,270 5,202 (Notes i &ii) (Notes i &iiNote i) Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 9,476 10,185 10,902 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 790 849 909 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 21,806 21,133 21,822 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 3,169 2,729 3,320 (Note iii) (Note iiiv) Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 29,276 30,391 31,210 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 12,899 12,578 13,000 Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 15,289 15,024 15,492 (Note viv) Sources for actual figures: 2014/15 to 2020/21 2014/15, 2015/16, 2016/17, 2017/18 and 2018/19 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.. Notes from CUHK: Explanations / justifications for items with year-by-year variances of +/- 15%

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 21.7 20.8 22.5 22.5 21.7 22.0 23.0 23.7 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 14.4 13.8 16.0 16.4 16.0 16.4 17.0 16.9 15.9 15.9 13.0 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 5.6 3.2 3.6 2.5 8.3 4.1 4.0 4.0 (Note ii) Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 (208) 415 141 976 454 231 639 78 50 (Note i) (Note iiii) (Note iii) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 4,447 4,421 5,398 5,127 5,176 5,918 5,250 5,282 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 (Notes i &ii) (Notes i &ii) 2,207 2,477 2,673 2,695 2,756 3,117 2,877 2,885 Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 4,033 4,279 4,422 4,673 4,945 5,279 5,172 5,232 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 336 357 368 389 412 440 431 436 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 6,412 5,396 6,660 6,382 9,102 10,255 10,358 10,462 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) (Note iii) 2,581 1,877 2,198 2,235 2,335 2,612 2,664 2,717 Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 7,309 7,413 8,302 8,737 8,933 9,671 9,911 10,334 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 4,833 4,936 5,912 6,366 6,596 7,237 7,315 7,365 Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 1,891 1,133 1,315 971 3,417 1,793 1,724 1,744 (Note vii) Sources for actual figures: 2014/15 to 2020/21 2014/15, 2015/16, 2016/17, 2017/18, 2018/19 and 2019/20 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding. 1 The financial information only covers those activities at university level (i.e. excluding subsidiaries).

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 26.7 25.7 25.5 25.9 24.7 25.8 30.0 30.4 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 11.1 10.8 10.8 11.7 11.3 11.8 14.9 14.9 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 3.6 6.3 4.4 3.4 3.4 3.3 4.7 4.6 Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 (208) (Note i) 198 60 265 201 94 446 1,021 171 (Note i) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 2,745 2,743 3,113 3,089 3,185 3,682 4,258 3,547 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 1,146 1,265 1,261 1,305 1,373 1,742 1,474 1,481 (Notes Note i &ii) (Notes i &ii) Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 2,547 2,683 2,848 2,888 3,092 3,235 3,237 3,375 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 212 224 237 241 258 270 270 281 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 4,347 4,598 4,782 4,947 6,149 6,887 8,048 7,757 (Note iiii) Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) (Note iii) 1,087 1,360 1,212 1,241 1,235 1,602 1,793 1,367 Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 5,673 5,740 6,045 6,230 6,364 6,972 8,112 8,531 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 2,361 2,421 2,557 2,813 2,912 3,187 4,015 4,194 (Note i) Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 761 1,414 1,042 818 884 884 1,268 1,287 (Note vi ) Sources for actual figures: 2014/15 to 2014/15, 2015/16, 2016/17, 2017/18, 2018/19, 2019/20 and 2020/21 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 26.3 23.6 23.1 22.2 20.1 21.6 20.9 20.7 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 9.0 8.2 8.7 8.7 8.0 9.8(Note ii) 9.8 9.8 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 12.9 12.5 12.4 10.0 8.9 11.5(Note iii) 11.4 11.3 Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 132 71 131 66 2 271 82 12 (208Note i) (Note i) (Note i) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 1,472 1,542 1,703 1,715 1,820 2,082 1,990 1,942 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 (Notes i &ii) (Notes i &ii) 831 866 970 969 983 1,182 1,113 1,088 Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 1,340 1,472 1,572 1,650 1,818 1,811 1,909 1,930 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 112 123 131 137 151 151 159 161 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 1,493 1,582 1,733 1,852 1,906 2,230 2,402 2,414 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) (Note iii) 490 597 593 645 663 717 803 803 Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 2,936 2,893 3,020 3,056 3,047 3,265 3,318 3,330 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 999 1,003 1,134 1,199 1,209 1,479 1,561 1,573 Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 (Note v) 1,443 1,528 1,630 1,376 1,343 1,731 1,811 1,824 Sources for actual figures: 2014/15 to 2014/15, 2015/16, 2016/17, 2017/18, 2018/19, 2019/20 and 2020/21 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.. Notes by EdUHK: Explanations / justifications for items with year-by-year variances of +/- 15%

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 33.5 35.3 34.8 31.9 30.4 32.2 35.1 31.8 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 20.6 22.1 22.0 20.1 19.5 21.8 24.0 21.6 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 10.4 11.8 10.9 9.8 9.2 17.3(Note iii) 14.0(Note vi) 12.0 Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 27* 00 00 (2080) 0 000 000 37 (Note i) (Note iii) (Note iii) (Note iv) (Note vii) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 830* 803 891 882 936 1,236 1,082 1,092 (Note iii) Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 442 473 462 461 492 635 518 525 (Notes i &iiNote iii) (Notes i &iiNote iv) Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 803 766 812 885 932 976 952 1,054 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 67 64 68 74 78 81 79 88 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 1,316 1,349 1,410 1,443 1,588 1,879 2,134 2,130 (Note iii) Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 306 306 286 326 387 413 517 510 (Note iiiv) (Note iiiv) Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 2,240 2,253 2,352 2,364 2,361 2,622 2,784 2,797 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 1,375 1,412 1,491 1,487 1,514 1,770 1,900 1,902 (Note iii) Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 698 751 740 726 714 1,408 1,107 1,050 (Note viii) (Note vi) Sources for actual figures: 2014/15 to 2014/15, 2015/16, 2016/17, 2017/18, 2018/19, 2019/20 and 2020/21 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.. * The data was restated. In accordance with the revised Statement of Recommended Practice for the UGC-Funded Institutions (“SORP”) promulgated by the UGC in September 2015, endowment donations have been recorded in the I/E Statement instead of directly credited to reserve. Notes by LU: Explanations / justifications for items with year-by-year variances of +/- 15%

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 36.2 37.1 37.6 32.0 21.7 20.8 22.5 22.5 21.7 22.0 24.0 23.4 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 14.4 13.8 16.0 16.4 16.0 16.4 18.1 17.5 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 5.6 3.2 3.6 2.5 8.3 4.1 3.4 1.6 (Note iv) Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 (208) 415 141 976 454 231 639 933 - (Note i) (Note i) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 4,447 4,421 5,398 5,127 5,176 5,918 6,340 5,614 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 (Notes i &ii) (Notes i &ii) 2,207 2,477 2,673 2,695 2,756 3,117 2,805 2,908 Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 4,033 4,279 4,422 4,673 4,945 5,279 5,407 5,614 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 336 357 368 389 412 440 451 468 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 6,412 5,396 6,660 6,382 9,102 10,255 11,477 11,707 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) 2,581 1,877 2,198 2,235 2,335 2,612 3,101 3,163 (Note iii) Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 7,309 7,413 8,302 8,737 8,933 9,671 10,807 10,971 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 4,833 4,936 5,912 6,366 6,596 7,237 8,169 8,169 Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 1,891 1,133 1,315 971 3,417 1,793 1,545 767 (Note viv) Sources for actual figures: 2014/15 to 2014/15, 2015/16, 2016/17, 2017/18, 2018/19, 2019/20 and 2020/21 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 37.7 35.0 33.6 33.6 35.9 34.8 36.2 37.1 37.6 32.0 40.1(Note iv) 38.0(Note iv) (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] ) 18.2 18.3 19.1 20.1 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 20.6 23.2(Note iv) 22.0(Note iv) (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 15.4 15.0 14.5 15.0 17.6 19.6 21.3 21.1 22.2 21.8 17.9 19.8(Note iv) Actual figures Projection 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 (208) 1,258 663 1,424 1,620 1,094 2,034 3,203 719 (Note i) (Note i) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 8,080 7,972 9,235 9,534 9,624 10,901 12,136 10,456 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 (Notes i && ii) (Notes i && ii) Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 6,822 7,309 7,811 7,914 8,530 8,867 8,933 9,738 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 569 609 651 660 711 739 744 812 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 12,095 13,152 13,410 14,543 17,482 19,542 21,751 22,055 (Note iii) Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) 2,099 2,267 2,266 2,317 2,882 3,338 3,925 3,877 (Note iii) Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note 19,901 20,466 21,869 23,680 24,723 26,732 29,866(Note iv) 30,865(Note iv) Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 10,323 11,169 12,418 13,279 14,095 15,237 17,254 17,825 Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 8,729 9,130 9,418 9,911 12,492 14,473 15,866 16,031 (Note v) Sources for actual figures: 2014/15 to 2020/21 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 41.1 38.1 37.7 36.2 37.1 37.6 32.0 38.8 36.0 35.1 39.1 35.8 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 23.2 21.5 21.6 22.7 20.8 20.7 22.6 20.4 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 9.1 12.6 12.6 11.8 12.8 10.4 10.2 7.3(Note iii) Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 1,336 (20850) 1,566 1,425 427 1,410 3,325 (78) (Note i) (Note iii) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 8,505 7,645 9,826 9,873 9,664 11,422 13,486 (Note i) 10,848 (Note ii) Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 (Notes i &ii) (Notes i &ii) 4,223 4,630 4,689 4,858 4,981 5,654 5,344 5,446 Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 7,169 7,695 8,260 8,448 9,237 10,012 10,161 10,926 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 597 641 688 704 770 834 847 911 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 6,749 9,322 9,963 9,666 11,417 10,571 10,554 10,691 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 3,325 3,613 4,043 3,850 5,765 6,416 7,637 7,107 (Note iii) (Note iiii) Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 24,568 24,455 25,979 27,340 27,724 29,250 33,078 32,574 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 13,847 13,806 14,873 16,012 16,003 17,262 19,121 18,617 Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 5,455 8,083 8,667 8,313 9,852 8,659 8,640 6,640 (Note viii) Sources for actual figures: 2014/15 to 2020/21 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.

Coverage of universities. expenditure by reserves and cash & cash equivalents (i)(a) Reserves / Monthly Expenditure = No. of months that expenditure can be supported by Reserves [(h)/(e)] 37.2 35.7 35.5 41.1 38.1 37.7 36.2 37.1 37.6 32.0 38.8 36.0 35.1 32.6 30.4 (i)(b) "Liquid" Reserves / Monthly Expenditure = No. of months that expenditure can be supported by "Liquid" Reserves [(i)/(e)] 19.8 19.9 19.9 20.0 16.9 15.9 15.9 13.0 23.2 21.5 21.6 22.7 20.8 20.7 16.3(Note iii) 14.8 (ii) Cash & Cash Equivalents / Monthly Expenditure = No. of months that expenditure can be supported by Cash & Cash Equivalents [(j)/(e)] 16.5 16.0 18.4 21.3 21.1 22.2 21.8 17.9 9.1 12.6 12.6 11.8 12.8 10.4(Note i) 7.9(Note iv) 5.5(Note iv) Actual figures Projection Projections (Note A) 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M HK$'M Surplus / (deficit) for the year (a) 1,269 658 1,452 1,613 1,040 2,047 2,935 1,336 (20850) 1,566 1,425 427 1,410 (500) (557) (Note i) (Note iii) (Note ii) Total Income (b) 8,178 8,038 9,385 9,654 9,727 11,154 12,856 11,482 8,505 7,645 9,826 9,873 9,664 11,422 (Note i) 10,323 11,031 Subventions from UGC (c) 4,198 4,502 4,532 4,653 4,791 5,610 5,074 5,395 (Notes i &ii) (Notes i &ii) 4,223 4,630 4,689 4,858 4,981 5,654 5,660 6,267 Total Expenditure (d) 6,909 7,379 7,934 8,041 8,687 9,108 9,921 11,690 7,169 7,695 8,260 8,448 9,237 10,012 10,823 11,588 Monthly Expenditure (e) = (d) /12 576 615 661 670 724 759 827 974 (Note i) 597 641 688 704 770 834 902 966 Current Assets (f) 13,101 14,105 16,405 19,297 20,835 22,414 24,554 24,090 (Note iii) 6,749 9,322 9,963 9,666 11,417 10,571 9,071 7,208 Current Liabilities (g) 1,919 2,078 2,146 2,291 3,052 3,422 3,719 4,192 (Note iii) (Note iii) 3,325 3,613 4,043 3,850 5,765 6,416 5,500 4,970 Total Funds / Reserves (h) 21,438 21,970 23,451 25,256 26,233 28,192 31,086 31,158 (Note iv) 24,568 24,455 25,979 27,340 27,724 29,250 29,418 29,340 Total "Liquid" Funds / Reserves (i) 11,397 12,229 13,151 13,377 12,222 12,069 13,170 12,680 Note (2) 13,847 13,806 14,873 16,012 16,003 17,262 14,726 14,318 (Note iii) Cash and Bank Deposits (j) 9,505 9,844 12,134 14,289 15,283 16,884 18,026 17,400 5,455 8,083 8,667 8,313 9,852 8,659 7,159 5,296 (Note viv) (Note iv) Sources for actual figures: 2014/15 to 2020/21 2014/15, 2015/16, 2016/17, 2017/18, 2018/19 and 2019/20 Financial Reports of UGC-funded universities. Projection figures were provided by university. Figures may not add up due to rounding.