China Wood Optimization (Holding) Limited 250,000, % 0.003% 0.005% C

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1 O H L

2 China Wood Optimization (Holding) Limited 250,000, % 0.003% 0.005% C

3 i

4 i i ii iii iv (i) (ii) (iii) (iv) ii

5 i ii iii iii

6 iv

7 I II-1 III-1 IV V VI-1 v

8 1

9 % % (%) (%) 32, , , , ,679 79, , , ,273 38, , , ,795 45, ,106 43, , , , , E0 REACH

10 % 77.8% 53.9% 21.3% 25.1% 15.0% % % % 55.5% 48.2% 25.1% 15.1% 18.1% ,904 7,

11

12 % 77.8% 53.9% % Golden Cage Golden Cage Golden Cage ,900 Golden Cage 3.7% Golden Cage 31% Golden Cage 5

13 160, , , ,236 57,766 90,868 46,651 50,456 23,154 39,195 18,958 17, , , ,282 90, , ,073 (164,953) (291,373) (118,719) (74,675) (160,813) 38,354 (100,000) (100,000) 33,522 62, ,636 (14,001) 48,056 21,492 (2,625) (95,789) (36,768) (23,586) (18,416) 110,636 (8,476) 1,523 27, ,812 (571) 6, ,742 1,742 4,554 1,742 4,554 1,171 11,400 6

14 % % (%) (%) 46, , , , , , , , , , , , % 25.5% 19.8% 3,742 4,439 4,470 3,558 2,308 2,566 2,460 2,494 4,171 4,122 4,181 3,939 2,968 3,231 3,153 3,557 3,837 4,301 4,361 3,636 2,455 2,856 2,722 2,711 (%) (%) (%) (%)

15 68.7% 59.7% 69.3% 7.5% 36.0% 33.6% 25.5% 153.2% ,558 3,939 4,004 4,228 2,494 3,557 2,548 3, % 9.7% 36.4% 14.1% 8

16 % , (1) 1,000,000,000 (2) 9

17 (%) 84.4 (40.2%) (11.0%) 20.8 (9.9%) 62.5 (29.7%) % 19.4 (9.2%)

18 71.3% 11

19 32 12

20 Golden Cage Golden Cage Limited 3.7%

21 Golden Cage Golden Cage 14

22 37,500,000 15% 37,500,000 15%

23 250,000,

24 ,500,000 Golden Cage 17

25 % * 18

26 REACH 1907/

27 20

28 36.0% 33.6% 25.5% % % % 7.5% 93.5% 21

29 % % 62.0% 77.8% 53.9% 22

30 51.1% 68.3% 57.2% , % 18.5% 1,243 1,439 1, % 15.1% 23

31 24

32 88.4% 87.6% 92.1% 68.2% 55.5% 48.2% 25.1% 15.1% 18.1% 100% 84.8% 83.6% 25

33 18.5% 15.1%

34 % 6.0% 2.8% 27

35

36 % 9.2% 8.5%

37 5 10% , ,000 30

38 (i) (ii) (iii) (iv) 1,000 10, ,000 31

39 60, %

40 33

41 34

42 35

43 % % 1,001 1, % 1, % 1,657 2,308 2, % % 6.0% 4.7% 860 1,040 36

44 37

45 15% 50% 10.0% 25% 25% 10.0% 38

46

47 40

48 41

49 42

50 571 V

51 10% 11.23(7) 25.0% 286,750, % 44

52 45

53 ,000 46

54 11 7 C D 20 A 47

55 Appleby

56

57 Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY Cayman Islands ACIS ACS (PE) 11 7 C

58 33 18 Appleby Trust (Cayman) Ltd. Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY Cayman Islands

59 304,

60 30,000 53

61 109, , % 7.8% 14.2% 60,000 50,000 47,156 51,932 40,000 30,000 20,000 10,000 10,966 12,033 13,582 15,988 18,494 21,631 26,581 31,405 34,090 40, , , % 12.0% 30.0% 40,000 37,468 35,000 30,000 27,812 31,149 25,000 22,460 20,000 17,283 15,000 10,000 5,000 3,721 4,350 5,557 7,048 8,877 11,000 13,

62 6,860 24, % 2,366 7, % 30,000 25,000 21,810 24,565 20,000 15,000 10,000 6,860 7,703 8,472 9,422 10,493 11,759 13,786 15,781 17,175 19,109 5, ,000 7,000 6,000 5,000 4,000 3,000 2,366 2,476 2,622 2,936 3,255 3,587 4,140 4,761 5,153 5,919 6,977 7,019 2,000 1,

63 37.7% 52.6% 60% 50% 40% 37.66% 39.09% 40.53% 41.76% 42.99% 43.90% 44.94% 45.68% 46.59% 49.68% 51.27% 52.60% 30% 20% 10% 0% 4,168 4,033 5,000 4,000 4,168 4,085 4,033 3,000 2,000 1,

64 % (i) (ii) (iii) 1. 57

65 % % % 20.36% 31% 58

66 250 25% % 12.98% 12.00% 13.92% 16.55% % % % 15% % 50 5% %

67 (i) (ii) (iii) (iv) , , % 37, , % 3. 38% 53% 6,860 24, % % 60

68 100 70% %

69 %

70 % 61% 19% 21% 10% 8% 16% 21% 7% 19% 57% 61% 63

71 % 25% 50% 30% 15% 20% 20% 15% 25% 30% 60% 50% 64

72 % 50% 30% 30% 20% 30% 40% 50% 30% 30% ,904 7,

73 %

74 % ,001 67

75 3,742 4,439 3,558 4,171 4,122 3,939 4,500 5,460 5,460 5,560 5,500 6,930 6,930 7,140 4,300 4,500 4,600 4,500 4,700 5,000 2,056 1,336 1,699 1,505 1,067 1,

76 1 3,742 4,171 4,500 5,460 5,500 6,930 4,300 4,500 2,056 1,699 1,067 4,439 4,122 5,460 6,930 4,500 4,700 1,336 1,505 1,103 3,558 3,939 5,560 7,140 4,600 5,

77 7,350 % 1. 12, , , , , , , , , ,

78 % % 400 1, % % 71

79 % % 72

80 73

81 33% 50% 25% 25% 25% 74

82 10% 10% 17% 75

83 10% 50% 76

84 77

85 (i) (ii) (iii) 78

86 (iv) (v) 79

87 15% ISO9001: 2008 ISO14001:

88 1 95% 81

89 82

90 10,000 10, , ,000,000 30% 40% 30% 3,000,000 4,000,000 3,000,000 30% 40% 30% 10,030, % 10,000, % 83

91 10,000,000 14,000,000 85,000, ,460,000 75,000,

92 100% 100% 10,000 10, ,000 38,000, ,

93 ,000,000 10,000,000 85,000,000 14,000, ,460,000 75,000,000 47,000,000 (i) 10,000,000 (ii) 37,000,000 47,000,000 95,099 86

94 100% 100% 100% 100% 100% GOLDEN CAGE Golden Cage Golden Cage 48,000,000 38,000,000 4, % Golden Cage 95.1% 4.9% Golden Cage 87

95 Golden Cage 100% 100% 95.1% 4.9% 100% 100% 100% Golden Cage Golden Cage 88

96 100% 100% 71.3% 3.7% 25.0% 100% 100% 100% Golden Cage Golden Cage Golden Cage Golden Cage 48,000,000 4, % 89

97 Golden Cage Golden Cage Golden Cage 40 Golden Cage Golden Cage Golden Cage Golden Cage Golden Cage Golden Cage (a) (b) 90

98 Golden Cage 4,900 Golden Cage 4.9% 48,000,000 48,000,000 Golden Cage % Golden Cage Golden Cage 91

99 Golden Cage 48,000,000 Golden Cage4,900 Golden Cage Golden Cage 48,000,000 38,000,000 Golden Cage Golden Cage 92

100 ,000 62,

101 E0 GB/T LYT REACH 15%

102 95

103 ISO ISO (1) (2) (3)

104 7.7 (1) (2) (3) 97

105 % ISO

106 99

107 % % % % 121, , , , , , , , , , , ,

108 101

109 ,600 4,

110 E0 REACH 103

111 (i) (ii) (iii) *

112 * ( ) ( )

113 * E0 REACH E0 REACH 5 * GB/T GB/T GB/T

114 % 46.4% 3.1% A % % % 50, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

115 108

116 % % % 81, , , , , , , , , , , , , , , , , % 68.3% 57.2% 6.4% 25.1% 2.9% A A 18.2% 2.2% 5.7% F F F F F F F 109

117 7.4%

118 51.1% 68.3% % ,000 31,976 58,406 47, % 92.8% 86.8% 1,000 1, % 69.6% 59.7%

119 68.3% 57.2% % 68.3% 57.2% 112

120 (1) (2) (3) % 16.6% 28.3% D H D H 113

121 (%) (%) , , ,637 15,821 4, ,707 4, ,270 3, ,665 4, ,161 32,507 3, ,273 4, (%) (%) 4,992 9,984 4, , ,811 22,869 4, ,290 9,029 4, ,616 4, ,280 4, ,419 35,469 4, ,435 4, (%) (%) 6,554 13,108 3, ,674 1,674 4, ,637 9,820 3, ,400 5,600 3, ,487 3, ,832 3, ,447 43,415 3, ,106 3,

122 ,030 4,1072,866 3,655 4, (i) (ii) 115

123 (%) A 6.4 B C F G (%) A B C D E

124 (%) H D I 9.0 C J % 77.8% 53.9% 21.3% 25.1% 15.0% 5% 117

125 30 118

126 E0 30 % % % 7, , , , , , , , , , , , ,

127 3,742 4,439 4,470 3,558 4,171 4,122 4,181 3,939 3,837 4,301 4,361 3,636 4,000 4,400 4,171 3,

128

129 (1) (2) (3)

130 132, ,

131 (a) (b) (c) ,981 42, % 2 90,770 64, % 62,189 58, % ,

132 14, % , % % % , % , % , % % % , % , % % , % ,553 62,

133 87.7% 71.3% 42, % 64, % 93.5% 59.7% 58, , , % (1) (2) (3) (4) 126

134 1 16,899 36, ,600 (21,124) (45,500) (129,500) 2 90, , , , ,000 68, , , , , , , , , % 70% 84% 127

135 ,000 28,000 40, , ,

136 4, % (A) 30,000 10, ,000 (B) (%) (C) 25.5 (%) (C) (D) ,558 3,939 4,004 4, D = A B 4,500 90% C 100% (C) 129

137 % % % 89, , , , , , , , , , , , % 15.3% 18.1% 130

138 % 72.3% 74.0% % 12.4% 7.9% 72, , ,557 (%)

139 2,308 2,566 2,460 2,494 2,968 3,231 3,153 3,557 2,455 2,856 2,722 2,

140 ,

141 (i) (ii) (iii) (iv) 134

142 GB/T

143 GB/T GB4814 GB449 GB4822 (%) 7 F G

144 (%) H I (%) A 7 C 30 E

145 (%) A C 6.9 J

146 68.2% 55.5% 48.2% 25.1% 15.1% 18.1% 95% % 14.4% 18.1% 40% %

147

148 REACH 15% 141

149 50% 30% 10% 200 4% % 12% % E0 GB/T LYT REACH ISO ISO

150

151 , ,

152 ,904 7, (i) (ii) (i) (ii) (iii) (iv) 145

153 E0 132,000 8, , ,

154 103, , , % 6.0% 4.7% 147

155 649,000 1,789,000 1,420, ,000 24,000 80,

156 <=0.5 E0 GB/T LYT REACH CARB 149

157

158 151

159 (1) 1,395,000 1,553, ,000 1,000 5,000 5,000 10, % 0.2% 0.05% 152

160 (2) 154, , , ,000 50,

161 (3) 4 8,538 8, ,000 10,000 50,

162 188,000 60,

163 (4) 3,960,000 (5) 5% 10% , ,

164 (6) 188, ,

165 1. (1) (2) (3) 6A.19 (4) (5) (6) 158

166 (7) (8) (i) (ii) (iii) (9)

167 8 160

168 (1) (2) (3) 161

169 (4) 162

170 (5) 6A.15(5) (3) (4) (5) (6) 163

171

172 University of Alberta University of Wisconsin-Madison RISI, Inc. Norske Skog (Hebei) Paper Co. Ltd. Pöyry Management Consulting Pöyry 165

173 Adex Mining Inc. TSXV ADE (i) (ii) (iii) (iv) XV (v) 17.50(2) (vi) 166

174

175 China Wolfberry Holding Co. Ltd

176 6A.19 6A

177 149, , , ,

178 649,000 1,789,000 1,420,

179 71.3%

180 (i) (ii) 10% (i) 5% (ii) 10% (iii) 173

181 (1) (2) (3) (4) 174

182 (i) (ii) XV ,250, % 713,250, % XV

183 (1) (2) (3) (4) (5) 176

184 75.9% 24.1% 58.2% 41.8% 177

185 77.9% 22.1% 38.3% 28.8% 42.2% 21.6% 29.9% 9.7% 62.0% 77.8% 53.9% 21.3% 25.1% 15.0% % 76.7% 85.0% , % 1,243 1, % 1,

186 10% 20% 30% 10% 20% 30% 10% (6,902) (12,540) (11,508) (848) (1,240) (1,057) (7,750) (13,780) (12,565) 20% (13,803) (25,080) (23,017) (1,696) (2,481) (2,115) (15,499) (27,561) (25,132) 179

187 30% (20,705) (37,620) (34,525) (2,545) (3,721) (3,172) (23,250) (41,341) (37,697) % 180

188 B 181

189 (i) (ii) (iii) (iv) 182

190 (ii) 5 183

191 (i) (ii) 184

192 185

193 186

194 (%) (%) (%) (%) 160, , , , (102,560) (64.0) (179,653) (66.4) (77,518) (62.4) (147,780) (74.5) 57, , , , (204) (0.1) (4,496) (2.8) (2,055) (0.8) (898) (0.7) (1,952) (1.0) (18,957) (11.8) (27,451) (10.1) (14,606) (11.8) (19,947) (10.1) (3,449) (2.2) (15,935) (5.9) (6,124) (4.9) (8,742) (4.4) 31, , , , (8,386) (5.2) (6,838) (2.5) (6,464) (5.2) (2,952) (1.5) 23, , , ,

195 (%) (%) (%) (%) 32, , , , ,679 79, , , ,273 38, , , ,795 45, ,106 43, , , , , % 77.8% 53.9% 77.8% 53.9% 75.9% 58.2% 77.9% 24.1% 41.8% 22.1% 77.9% 17,679 43,

196 3,742 4,439 4,470 3,558 4,171 4,122 4,181 3,939 3,837 4,301 4,361 3,636 3,742 4, % 3,558 4,000 4,400 3,

197 4,171 4,122 3, % 90.6% 2,308 2,566 2,460 2,494 2,968 3,231 3,153 3,557 2,455 2,856 2,722 2,

198 2,308 2, % 2.8% 2,494 2,968 3, % 10.1% 3,557 % % % % 77, , , , , , , , , , , , , , , , , , , , , , , , % 76.7% 85.0% 191

199 (%) (%) (%) (%) 114,212 89, ,389 23, ,730 20, ,153 26, ,711 30, , , ,205 21, , , , , , , ,398 4, ,856 4, ,104 1, , , , , % 87.6% 92.1% % 1,243 1, % 826 1, % 1,248 1, % 845 1, % 1,439 1, % 65.8% 15.3% 18.1% 22.6% 72.3% 74.0% 192

200 (%) (%) (%) (%) % 33.6% A A A 25.5% 19.8% 193

201 38.3% 42.2% 3,742 4, % 4,000 4,400 2, % 2, % 28.8% 21.6% 9.7% 194

202 (324) (204)

203 , ,496 2, ,952 2,492 3,370 1,726 2, ,281 2,765 3, , ,980 9,931 6,068 8,262 1,889 2,520 1, , , , ,957 27,451 14,606 19,

204 , ,000 15% 25% 50% , ,000 25% 197

205 15% 50% 10% 26.6% 14.9% 14.4% 15% 25% 50% 14.4% % ,679 43,

206 % % 32.8% 18.5% 15.1% % % 25.5% 33.6% 25.5% 9,000 50,000 41,000 19,000 17,000 47, , % 119,

207 % %

208 % 25% 50% % 8.8% %

209 % % % 33.6% 400,000 27, ,000 30,000 28, , , , , %126, %

210 218, , % % 25% 50%

211 % 14.5% ,094 40,503 11,899 3,175 6,397 98,269 46,900 11,899 5,000 41,

212 ,

213 57,170 68,154 82,190 84,513 2,774 15,145 20,345 28,592 57,580 48,338 34, ,742 4,554 11,400 67,354 90, , , ,066 3,638 8, ,278 10,715 11,157 5, ,508 38,867 26,457 12, ,357 2,603 4,511 4,631 85,433 20, ,000 80,000 82,000 5,735 1,192 4, , , , ,204 (74,675) (160,813) 38,354 96,

214 ,465 34,011 43,035 6,608 25,169 20,732 3,097 8,974 18,423 57,170 68,154 82, %

215 ,170 66,458 80,583 1,696 1,607 57,170 68,154 82,

216 82.2 2,774 15,

217 ,774 15,

218 17,526 36,959 33,984 3,831 5,220 9,049 5,710 2,378 1,922 3,145 10,052 1,525 1,049 2,160 28,592 57,580 48, % (i) (ii) 1.9 (iii) % (i) 10.1 (ii) 2.4 (iii) %

219

220 3,638 8, % % ,638 8,

221 0.6 10,715 11,157 5, ,352 16,272 3,186 15,042 13,068 9,568 2,562 4,364 5, ,358 5, ,856 1,781 21,508 38,867 26,

222 % % (i) (ii) (iii) (i) 13.1 (ii) 3.5 (iii)

223 71,207 1,576 2,520 28,054 2,603 4, ,357 2,603 4, % 9.2% 8.5%

224

225 44,139 77,320 37,588 37,579 (55,307) (16,178) (4,590) (38,407) (11,168) 61,142 32,998 (828) (2,833) (13,086) (11,506) (1,797) (14,001) 48,056 21,492 (2,625) (95,789) (36,768) (23,586) (18,416) 110,636 (8,476) 1,523 27, ,812 (571) 6, ,742 1,742 4,554 1,742 4,554 1,171 11,

226

227

228 ,000 45,000 80,000 80,000 2,000 20,000 45,000 80,000 82,000 28,000 20,000 45,000 80, ,

229 , , , , , , , , , , , , (i) 50.0 (ii)

230 % 7.2% 9.2% 10.0%

231 (i) % (ii) %

232 (%) (%) (7.5) (%) (%) (%) (%) (%) % % 225

233 3. 100% % % % % %

234 14.4% 14.5% 8.8% 33.6% 25.5% 21.8% 22.9% 14.7% 7.8% 11.1% 69.3% 18.6% 69.1% 62.6% 86.9% 69.3%

235

236 % % 39.6% 100.0% 99.8% 229

237

238

239 96,202 9,004 15, ,801 2, , , %

240 3,558 3,939 4,004 4,228 2,494 3,557 2,548 3, % 9.7% 36.4% 14.1% %

241 234

242 a. b. c. 235

243

244 ,

245 %

246 , % %

247 29.7% % 9.2%

248 10,000,000, ,000,000 (a) 100,000 1, ,900,000 7,499, ,000,000 2,500,000 1,000,000,000 10,000,000 (b) 100,000 1, ,900,000 7,499, ,000,000 2,500,000 37,500, ,000 1,037,500,000 10,375, (7) 25% 241

249 7,499, ,900,000 (i) 20% (ii) 242

250 10% (i) (ii) (iii) 243

251 (i) (ii) (a) i. ii. 244

252 iii. iv. v. vi. (b) i. ii. iii. 245

253 iv. v. vi. vii. viii. ix. (a) (b) i. (b)(iv) ii. iii. i. 246

254 ii A (a) (b) (a) (a) (4) (b) (a) 247

255 (i) (ii) (a) 11.23(7) (b) 248

256 (c) (a) (b) i 13.18(1) (ii) (i) (i) Golden Cage (a) (b) (c) (a) (b) 249

257 (d) (a) (b) (c) (a) (b) (c) Golden Cage (a) (i) (ii) (b) 3.5% 3.5% 250

258 A

259 1.0 1% 0.005% 0.003% 4,000 4, % ,000, % 30 37,500, % 1% 0.005% 0.003% 252

260 11.23(8) 50%

261 30 37,500,000 15% 3.8% 3.6% ( ( 254

262 37,500,000 15% 30 37,500, A 13.16A 255

263 (i) (ii) 4,

264 10 8 B 1(b) I-1

265 B 29 B B 1(b) I-2

266 2410 I-3

267 A. 1 B 3 160, , , ,236 (102,560) (179,653) (77,518) (147,780) 3 57,766 90,868 46,651 50, (204) (4,496) (2,055) (898) (1,952) (18,957) (27,451) (14,606) (19,947) 34,989 61,968 31,546 29,221 5(a) (3,449) (15,935) (6,124) (8,742) 5 31,540 46,033 25,422 20,479 6 (8,386) (6,838) (6,464) (2,952) 23,154 39,195 18,958 17, I-4

268 2 23,154 39,195 18,958 17,527 (81) ,154 39,114 18,958 17,711 I-5

269 3 B , , , ,175 9,231 9, ,082 15,757 15, (b) , , , ,170 68,154 82, ,774 15, ,592 57,580 48,338 21(a) ,742 4,554 11,400 90, , , ,638 8, ,715 11,157 5, ,508 38,867 26,457 23(c) 103,357 2,603 4,511 23(c) 85,433 20(a) 20, ,000 80,000 21(a) 5,735 1, , , ,719 (74,675) (160,813) 38, ,522 62, ,636 20(b) 100, ,000 33,522 62, , ,522 62, ,635 33,522 62, ,636 I-6

270 4 B B B B 22(b) 22(d)(ii) 22(d)(iii) 22(d)(iv) 10, ,368 23,154 23,154 2,301 (2,301) 2,301 20,853 23,154 10,030 2,301 21,191 33,522 10,030 2,301 21,191 33,522 39,195 39,195 (81) (81) (81) 39,195 39,114 B 22(b) B 22(d)(ii) (10,000) (10,000) 4,269 (4,269) (10,000) 4,269 (4,269) (10,000) 30 6,570 (81) 56,117 62,636 I-7

271 B B B B B 22(b) 22(d)(i) 22(d)(ii) 22(d)(iii) 22(d)(iv) 30 6,570 (81) 56,117 62,636 17,527 17, ,527 17,711 B 22(b) 1 85,288 85, , , , ,636 10,030 2,301 21,191 33,522 18,958 18,958 B 22(b) 18,958 18,958 10,030 2,301 40,149 52,480 I-8

272 5 B 31,540 46,033 25,422 20,479 5(c) 9,180 15,056 6,061 8, (30) (28) (19) (17) 5(a) 3,449 15,935 6,124 8,742 (47,754) (10,984) 10,883 (14,036) 3,616 2,774 (11,571) (15,145) (22,798) (19,451) 2,501 (442) (1,268) 4,675 (2,944) (7,717) 10, (7,178) (5,194) 2,187 6,366 3,719 4,127 (11,168) 61,142 32,998 (828) 21(a) (2,833) (13,086) (11,506) (1,797) (14,001) 48,056 21,492 (2,625) I-9

273 B (91,827) (21,244) (15,621) (24,985) 2,819 10,052 (3,175) (6,397) (6,397) (667) (1,974) (1,587) (3,500) (150) 22(d)(ii) (10,000) (95,789) (36,768) (23,586) (18,416) 140, ,000 45,000 50,000 (20,000) (80,000) (15,000) 23(b) (2,842) (100,754) (35,248) 1,908 23(b) 85,433 (6,522) (18,155) (8,229) (9,021) 110,636 (8,476) 1,523 27, ,812 (571) 6, ,742 1,742 4, ,742 4,554 1,171 11,400 I-10

274 B 1 (a) B B 28 (b) 100% A I-11

275 A * 85,000, % ** 1 100% ** 1 100% * ** (c) (d) B 2 I-12

276 (e) C B 1(j)(ii) (f) B 1(j)(ii) B 1(u) (g) B 1(i) B 1(j)(ii) B 1(f) B 1(s)(ii) (h) I-13

277 B 1(j)(ii) 5 (i) (i) (ii) B 1(j)(ii) (j) (i) I-14

278 (ii) I-15

279 (k) (l) B 1(j)(i) B 1(j)(i) (m) (n) (o) (p) (i) I-16

280 (ii) (q) I-17

281 (r) (s) (i) (ii) (iii) (iv) (t) I-18

282 (u) (v) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) I-19

283 (w) 2 24 (a) (b) B 1(j)(ii) (c) 3 (a) I-20

284 10% 62,088, ,082, ,136,000 56,024,000 B 24(a) (b) (i) 121,651 38, ,326 46,612 11,154 57,766 I-21

285 157, , ,521 66,437 24,431 90,868 79,033 45, ,169 35,550 11,101 46, ,484 43, ,236 46,207 4,249 50,456 (ii) (324) 246 (204) I-22

286 5 (a) 5,632 16,132 7,859 7, , ,041 17,453 8,501 8,742 * (2,592) (2,377) (2,377) 3,449 15,076 6,124 8, ,449 15,935 6,124 8,742 * 10.0% 10.0% 10.0% 0% (b) # 9,920 14,612 6,726 8, , ,484 16,116 7,229 9,371 20% 5% 25,000 I-23

287 (c) # 9,180 15,056 6,061 8, , ,591 9,454 5,841 7,978 # B 13(b) 102, ,653 77, ,780 6 # 14,174,000 23,914,000 10,117,000 11,210,000 B 5(b) (a) B 21(a) 8,561 7,079 6,691 3,261 B 21(b) (175) (271) (227) (309) B 6(b)(iv) 30 (175) (241) (227) (309) 8,386 6,838 6,464 2,952 (b) 31,540 46,033 25,422 20,479 (i) (ii) (iii) 7,885 12,160 6,356 5, (iv) (5,594) (2,946) (iv) 30 8,386 6,838 6,464 2,952 I-24

288 (i) (ii) (iii) 25% (iv) 15% 15% 50% I-25

289 B ,000, I-26

290 9 23,154,000 39,195,000 18,958,000 17,527, ,000, , ,900, ,811 66,990 2,304 6, ,136 2,544 12,861 1,363 78,326 95,094 6,783 (6,783) 32,355 86,634 3,667 77, ,230 (558) (1,970) (51) (2,579) (1,670) (6,866) (389) (8,925) (2,228) (8,836) (440) (11,504) 30,127 77,798 3,227 77, ,726 32,355 86,634 3,667 77, , , ,939 40,503 63,582 29,203 (92,785) (21,000) (21,000) 96, ,530 4,387 17, ,733 (2,228) (8,836) (440) (11,504) (3,791) (9,979) (590) (14,360) 4,167 4,167 (6,019) (14,648) (1,030) (21,697) 90,069 86,882 3,357 17, ,036 I-27

291 96, ,530 4,387 17, ,733 1,181 3, ,927 11,899 7,381 17,274 (24,655) 104, ,303 4, ,632 (6,019) (14,648) (1,030) (21,697) (2,429) (5,178) (364) (7,971) (8,448) (19,826) (1,394) (29,668) 96, ,477 3, , ,175 9,572 3,175 6,397 3,175 9,572 9,572 (341) (341) (227) (341) (568) 3,175 9,231 9,004 (i) (ii) 3,175,000 9,327,000 9,375,000 I-28

292 ,560 2,697 2,266 4,315 3,560 3, ,095 16,364 16,364 12,269 16,364 16,364 16,364 (39) (282) (607) (243) (325) (162) (282) (607) (769) 16,082 15,757 15, (a) 47,465 34,011 43,035 6,608 25,169 20,732 3,097 8,974 18,423 57,170 68,154 82,190 I-29

293 (b) 102, ,653 77, , ,774 15,145 2,774 15,145 B 24(a) 15 (i) 17,526 36,959 33,984 B 20(a)(i) 3,831 5,220 9,049 5,710 2,378 (ii) 1,922 3,145 10,052 1,525 1,049 2,160 28,592 57,580 48,338 (i) 16,080,000 10,070,000 I-30

294 (ii) 16 1,742 4,554 11, ,638 8, ,638 8, ,715 11,157 5,963 I-31

295 19 3,352 16,272 3,186 15,042 13,068 9,568 2,562 4,364 5, ,358 5, ,856 1,781 21,508 38,867 26, (a) (i) 20,000 45,000 80,000 B 20(b) 100,000 20, ,000 80,000 (i) 3,000,000 4,500,000 10,000,000 10,000,000 8,000,000 81,704,000 96,497, ,154,000 30,000,000 30,000,000 I-32

296 (b) 100, , ,000 B 20(a) (100,000) 100, , ,000 (i) 100, , , , ,000 (i) 100,000,000 (c) B 24(b) 21 (a) 7 5,735 (272) B 6(a) 8,561 7,079 3,261 (2,833) (13,086) (1,797) 5,735 (272) 1,192 I-33

297 (b) 92 (191) (99) B 6(a) (172) 76 B 6(a) (91) 317 B 6(a) (85) 626 (c) 21,191,000 58,725,000 78,564,000 10% 22 (a) (b) 10,000, ,000 38,000, , ,512,000 B 23(c) I-34

298 Golden Cage Limited Golden Cage 4, Golden Cage 38,921,000 B 23(c) (c) (d) (i) (ii) 10,000,000 30, % 10,000,000 (iii) (iv) B 1(t) (e) 85,288,000 (f) I-35

299 88.8% 82.3% 56.9% 23 (a) Golden Cage (b) (i) 34,116 9,413 9,413 7 (71,207) (5,200) (2,849) (1,576) (1,576) (2,520) (2,520) (28,054) (28,054) 2,603 2,102 1,908 (2,842) (100,754) (35,248) 1,908 46,512 Golden Cage 38,921 85,433 I-36

300 (i) 13,135,000 9,592,000 26,184,000 B 20(a)(i) (c) (i) 71,207 1,576 2,520 28,054 2,603 4, ,357 2,603 4,511 46,512 Golden Cage 38,921 85,433 (i) (d) B 7 B B 5(b) (e) I-37

301 24 (a) % 39.6% 100.0% 99.8% B (b) 3,638 3,638 3,638 21,508 21,508 21, , , ,357 31, , , , , , , ,503 I-38

302 8,313 8,313 38,867 38,867 2,603 2, , , , , ,457 26,457 26,457 4,511 4,511 4,511 93, , , , , , , ,564 (c) (i) 10.00% 100, % 145, % 180, % 20, , , , % 100.0% 100.0% I-39

303 (ii) ,000 (d) 25 (a) 20, (b) ,499, ,900,000 I-40

304 (i) (i) I-41

305 C C (a) 85,425 84,198 1, ,120 85,431 87,300 3,493 B 23 (c) 2,603 4,511 B 23 (c) 85,433 88,036 8,004 (2,605) 79,296 B 22(b) C (b) 1 C (b) (2,605) 79,295 (2,605) 79,296 (a) I-42

306 (b) B 22(b) B 22(d)(i) B 22(d)(iv) (2,605) (2,605) B 22(b) (2,605) (2,605) (2,605) (2,605) (2,605) (2,605) (2,069) (2,069) (1,319) (1,319) (1,319) (2,069) (3,388) B 22(b) 1 85,288 85, ,288 (1,319) (4,674) 79,296 B 22(b) D I-43

307 7.31 (A) , , , , , , II-1

308 1. 165,636,000 93, ,000, ,000,000, II-2

309 B. (A) (A) (7) II-3

310 II-4

311 (a) (b) (c) 7.31(1) 10 8 II-5

312 : (852) : (852) info@avaval.com III-1

313 III-2

314 III-3

315 III-4

316 III-5

317 MRICS MHKIS MHKIS AAPI MSc(RE) III-6

318 ,310, ,310, ,370,000 10,370,000 III-7

319 3. 9 C C C ,680,000 III-8

320 , ,333, ,310, , , III-9

321 (2012) , (a) (b) 80, (c) (2012) , (a) (b) 52, (c) 3. III-10

322 , , , , , , , , , , , , , , , , , , III-11

323 17, , (i) (ii) (2012) (2012) (2013) DY (i) (ii) III-12

324 8. 9. MRICS MHKIS RPS(GP) (2012) ,267, , , III-13

325 : , , , , , ,370, (2012)006 8, (a) (b) 52, (c) III-14

326 , , , , , (i) (2013) DY (i) (ii) 3 III-15

327 (iii) MRICS MHKIS RPS(GP) (2012) , III-16

328 3. 9 C , , , (i) (ii) III-17

329 (iii) 1,000 10, MRICS MHKIS RPS(GP) 8. III-18

330 4. 9 C , , , (i) (ii) (iii) 1,000 10,000 III-19

331 7. MRICS MHKIS RPS(GP) 8. III-20

332 5. 9 C , , , (i) (ii) (iii) 1,000 10,000 III-21

333 7. MRICS MHKIS RPS(GP) 8. III-22

334 6. 7, , , , (i) (ii) III-23

335 7. MRICS MHKIS RPS(GP) 8. III-24

336 1. (a) (b) 2. (a) (i) (ii) IV-1

337 (b) (i) IV-2

338 (ii) (iii) (iv) (v) IV-3

339 (aa) (bb) (cc) (dd) (ee) IV-4

340 (vi) IV-5

341 (vii) (aa) IV-6

342 (bb) (cc) (6) (dd) (ee) (ff) (gg) (hh) (viii) IV-7

343 (ix) 30 (x) (c) (d) (e) (a) (b) (c) IV-8

344 (d) (e) (f) (g) (h) (f) 21 95% (g) IV-9

345 (i) (ii) (iii) (iv) IV-10

346 (h) 15 (i) IV-11

347 (j) (i) (ii) 95% (aa) (bb) (cc) (dd) IV-12

348 (ee) (ff) 20% (gg) (k) IV-13

349 30 (l) (m) (n) (i) (ii) IV-14

350 (aa) (bb) 20 IV-15

351 (o) (p) IV-16

352 (q) (r) IV-17

353 (s) 3(f) (t) (i) (ii) (u) IV-18

354 (i) 12 (ii) 12 3 (iii) 3 (iii) (v) 3. (a) IV-19

355 (b) (i) (ii) (iii) 37 (iv) (v) (c) IV-20

356 (d) 37A(1) (a) (b) (c) 37A(1) IV-21

357 (e) 34 37A(7) 34 2(n) 37A(7)(c) (f) Foss v. Harbottle (i) (ii) (iii) IV-22

358 (g) (h) 59 (i) (ii) (iii) 59 (i) (j) 6 (i) (ii) (aa) (bb) 6(3) IV-23

359 20 (k) (l) (m) (n) (o) (i) (ii) (iii) IV-24

360 (i) (ii) (p) 75% IV-25

361 (q) 90% (r) 4. Appleby IV-26

362 A. 1. XI XI 11 7 C ,000 38,000, ,099 Golden Cage Golden Cage 48,000,000 4, % 9,962,000, , ,000,000 10,000,000 1,000,000,000 9,000,000,000 V-1

363 3. B (a) 1.00 (b) 1.00 (c) 100% 10,000,000 85,000,000 75,000,000 V-2

364 4. (a) 9,962,000, , ,000, (b) 7,499, ,900,000 (c) (i) (ii) (i) (ii) (iii) (d) (i) (ii) (iii) V-3

365 (iv) (v) (vi) 20% (i) (ii) (iii) (e) 10% (i) (ii) (iii) (f) (e) (d) V-4

366 10% (g) 5. (a) 10,000 10, (b) 380,000 38,000, (c) 50, (d) (e) 10,000,000 75,000,000 10,000,000 85,000,000 (f) 75,000,000 10,000,000 85,000,000 (g) V-5

367 (h) 10,000,000 37,000,000 (i) 47,000,000 95,099 (j) Golden Cage Golden Cage 4, % 48,000, (a) (b) 10% V-6

368 (i) (ii) (iii) (c) (d) 10% 30 (e) (f) (i) (ii) V-7

369 (g) 30 (h) (i) (j) 26 V-8

370 B. 1. (a) 1.00 (b) 10,000,000 (c) 10,000,000 (d) 37,000,000 (e) 47,000,000 95,099 (f) Golden Cage Golden Cage 4,900 48,000,000 (g) Golden Cage (h) V-9

371 (i) (j) 2. (a) V-10

372 3. 19 (b) X (c) chinawood.com.hk V-11

373 C. 1. (a) XV XV (i) 713,250, % (ii) % 713,250,000 V-12

374 (b) 840, , ,000 (c) 149, , , ,000 V-13

375 2. (a) XV ,250, % 713,250,000 (b) 10% V-14

376 D. (a) (d) (b) (a) (b) (c) (c) (10) (d) (e) V-15

377 (e) (q) (i) (ii) (5) (iii) (f) 30% 30% (f) 100,000,000 10% 10% V-16

378 (g) 12 1% 1% (h) 12 (i) 0.1% (ii) 5,000, (i) (28) V-17

379 1.00 (j) (k) (l) (10) (m) (1) (m) V-18

380 (n) (12) (o) (14) (p) (5) (q) (i) (ii) V-19

381 (iii) (r) (s) (f) 10% (g) 1% V-20

382 (t) (i) (ii) (m) (n) (o) (iii) (p) (p) (iv) (o) (v) (vi) (j) (u) 23 V-21

383 23 (v) E. 1. B. 1. (i) (a) (b) (i) (ii) (iii) (c) V-22

384 (a) (b) (c) (d) (e) 2. V-23

385 ,300 41, Appleby 6. Appleby E A 44B V-24

386 8. (a) (b) 9. (a) E. 6. (b) E (a) (b) (c) (d) (e) V-25

387 (f) 24 (g) (h) L 4 V-26

388 E. 6. B (1) (2) (3) (4) (5) (6) Appleby (7) (8) B. 1. (9) C. 1. (b) (10) E. 6. (11) (12) VI-1

389

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