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1 Southwest Securities International Securities Limited Stock Code : 812 Annual Report 2016 * For identification purpose only

2

3 Clarendon House 2 Church Street Hamilton HM11 Bermuda

4 MUFG Fund Services (Bermuda) Limited The Belvedere Building 69 Pitts Bay Road Pembroke HM08 Bermuda

5

6

7

8

9

10 (GDP)6.7% 6.5%-7% , %

11 166,923, ,625,

12

13 , , % , % A ,000 5, , % , , %

14 ,000, ,000,000167,200, ,300,000 80,700, ,600, , % % 51,800, ,500,000 80,600,

15 24,900, ,900,000 IPO IPOIPO ,600, ,200,

16 ,200, ,700,

17 140,500, ,900, ,500,000 2,000, ,200,000 74,300, ,800,000 12,200, ,800, ,500, ,800,

18 IPO IPO

19 ,800, ,300,000 1,790,000, ,728,400, % % 571N

20 ,200, ,400,000326,000, ,900, ,300,0001,200, ,000, ,200, ,000,000113,000, ,000,000113,000, ,500,000,0001,900,000, %1,900,000, % 1,500,000,000 1,900,000,000 1,500,000,000 1,900,000,0001,500,000,

21

22

23 3 3.10(1)3.10(2)3.10A

24 A

25

26

27 (a) 3/3 1/1 1/1 2/4 0/1 4/4 1/1 0/4 0/1 1/4 0/1 3/4 1/1 1/1 4/4 4/4 1/1 1/1 1/1 4/4 4/4 1/1 1/1 1/1 (b) 4/4 4/4 1/1 1/1 1/1 (c)

28 (a) (b) (c) ,200,000150,

29

30 :

31

32 58 (2) (21) (10%)

33

34

35 ISO

36 ISO

37

38 /

39

40

41

42 LEDT

43

44

45 (b)

46 , , (2)

47 Brian Douglas Burkholder

48 XVXV %

49 (i) (ii)(iii) (200) /01/ /01/ /01/ (200)

50 % (i) (ii) (iii)

51 ,811,796, % 1 1,811,796, %

52 13.51B(1) 13.51B(1) B(1) % 51.7% 5%

53

54

55 ,900,000 59,715,

56 ,575,000 37,204,000 80,575,000 17(b)(ii) (i) (ii) (iii)

57

58

59 P

60 ,038 16, , ,877 6a (74,298) (38,829) (5,147) (2,007) (12,173) (7,811) 12 (9,405) 16 5, (59,715) (73,619) (124,740) (20,171) 6c (119,491) (62,760) 6 (167,186) 18, (4,680) (166,923) 13,625 (542) (580) 13 (5,117) (38,981) 13 (95,246) (5,659) (134,807) (172,582) (121,182) 9 (6.838) (6.838)

61 * , , ,319 40, (98,604) 284, ,833 13,625 13,625 13,625 (580) (580) (580) 13 (38,981) (38,981) (38,981) 13 (95,246) (95,246) (95,246) (134,227) (580) (134,807) (134,807) (134,227) (580) 13,625 (121,182) (121,182) ,121 (6,952) 214,319 40, (84,979) 163, ,651 * ,121 (6,952) 214,319 40, (84,979) 163, ,651 (166,923) (166,923) (166,923) (542) (542) (542) 13 (5,117) (5,117) (5,117) (5,117) (542) (5,659) (5,659) (5,117) (542) (166,923) (172,582) (172,582) ,121 (12,069) 214,319 40,836 (236) (251,902) (9,052) 235,069 *

62 ,017 7, , ,535 70, ,670 5, , , , , , , , , , , , ,247 2, , ,255 2,040,151 1,975, , , , , ,140 35,864 5, , ,262 1,790,004 1,728,447 1,894,226 2,161, ,659,157 1,754, , , , ,121 (9,052) 163, , ,

63 (167,186) 18,305 5,147 2,007 9,405 59,715 73,619 (5,250) (601) (95,246) 81,275 (35) (94,082) (96,440) (42,516) (10,586) 119,491 62,760 (2,019) (2,181) 454 1, ,371 (256,332) 422,779 (685,370) (114,389) (145,142) 330 (83,166) 59,783 5,920 10, ,273 (1,063,866) (5,063) (1,097) 2,496 3,206 (7) (3) 243,699 (1,061,760)

64 ,019 2,181 23,493 2,842 (357,103) 13 (19,197) (76,160) 25,056 15,539 95,282 (13,160) (4,355) 18,211 (321,774) (112,861) (60,390) (112,861) (60,390) 149,049 (1,443,924) 476,283 1,920,787 (542) (580) , ,

65

66 a) 1 (i) (ii)

67 b) c) a) b) c)

68 d) e) f)

69 f)

70

71 (i) (ii)(a) (b) 1) 2)

72 ) 4) (i)(ii) (iii) (i) (ii)

73 ) 6) 7) 8) (i)(ii)

74

75 ,915, ,737,

76

77

78

79 (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii)

80 (a) (b) (c)

81

82 a)b)c)

83

84

85

86 ) 391,477, ,496,000 81,394, ,000 2) ) ,170, ,486, )

87 ) ,405, ) 5,851,000187,230, ,000102,129,000 6) ,477, ,141,000111,170, ,950,

88 ,885 13,846 15,648 13,327 2, ,909 2,403 4,480 4, ,780 14, (i) (19,172) (34,662) 92,038 16,

89 (i) 271 (17,691) (40,548) (5,773) (5,740) (4,100) 2,009 10,065 6,112 1,561 (19,172) (34,662)

90 ,695 5,604 24,909 (19,172) 2 92,038 (5,490) (2,215) (1,255) (3,213) (12,173) (73,416) (3,613) (11,966) (54,371) 42,607 (100,759) (23,088) (5,147) (38,192) 263 (166,923)

91 ,574 1,227 6,883 (34,662) 2 16,024 (5,577) (902) (1,191) (141) (7,811) 5,428 (5,102) (1,611) (52,377) 22,827 (30,835) (15,052) (2,007) (29,047) 95,246 (4,680) 13,

92 % * 11,294 26,719 10,072 * % ,019 2, ,516 10, ,687 14,260 (i) 94,773 97,371 (13) 95, , , , ,877 (i) ,006, ,195,

93 (a) 72,728 38, , ,298 38,829 (b) 1, ,275 11,365 5,657 (c) 2 113,443 59,746 6,041 3, (a) ,491 62,760 i ii iii

94 (a) i ii (i) (ii) ,000 (iii) (b)

95 (c) ,700 2,874 7,435 5, ,224 8, ,000,000 1,000,0011,500, ,500,0012,000, ,000,0012,500,000 2,500,0013,000, ,000,0013,500, ,500,0014,000, ,000,0014,500,000 4,500,0015,000,

96 (a)(ii) (a) (b) % %

97 (4,680) (4,680) (167,186) 18, % % (27,586) 3,020 20,922 1,890 (23,105) (18,420) (928) (457) (21) 9 30,731 18,645 (13) (7) (263) (263) 4,

98 (166,923) 13,625 2,441,220 2,441, ,441,220 2,441,222 (6.838) (6.838)

99 , ,018 4,913 1, , ,355 (1,448) (55) (19) (439) (46) (2,007) , , , , , , ,081 13,160 (257) (257) (3,180) (122) (44) (1,664) (137) (5,147) , , ,079 1,729 1,741 11, ,190 (3,281) (1,261) (1,580) (9,761) (46) (15,929) 3, , , ,113 1,750 1,765 24, ,049 (6,461) (1,383) (1,624) (11,381) (183) (21,032) , ,

100 (600) (600) (100) (100) (600) (600) (100) (100)

101 (i) 233, ,141 9, , , (i) (233,477) 232,536 (ii) 111, , , ,486 (350,486) 111,170 (i) ,000,0008%

102 (i) 12.20% 2016 c (a) 46.78% 46.74% (b) 1.68% 1.59% 1.85% 1.79% a) b) c) ,395,

103 (i) ,405, ,000, ,000,000 31,172, ,141,600 i)ii) iii) iv)v) vi) ,779, ,377,

104 (ii) ,000, % % 13. (a) (i) 14,268 14,268 (13,021) (13,021) 1,247 1,247 (ii) 83,288 69,208 84,535 70, , ,558 19,197 76,160 (iii) (95,282) (5,117) (38,981) 84,535 70,455 (i)

105 (a) (ii) (iii) ,282,000 95,246,000 (b) (i) 233,477 (i) ,594 1,511 2,100 1, , ,670 5,

106 (i) (iv) 340, ,482 (i) 2, , , ,588 (ii) 26,568 (iii) 27,088 54, , ,088 (i) (ii) (iii) (iv) ,301, , ,000,000112,994, ,000, ,994,000 5,250, ,

107 (b)(i) 5,127 6,223 (b)(ii) 280, ,747 (b)(iii) 11,824 (b)(iii) 98,868 36,540 (b)(iv) 20 (b)(iv) 3,604 5,393 (b)(v) 2,669 1,384 (b)(vi) , ,496 (a)

108 (b) (i) (ii) 923,628, ,936,491, , ,747 80,575 80, , , ,779, ,573, ,575,

109 (b) (iii) 6,381, ,529,000 (iv) 4,430, ,681, ,743 5, (35) (c) 3,624 5,

110 (b) (v) , , (c) 3, ,369 1, ,369 1, (c) 700 2,669 1,

111 (b) (vi) (c) (c) 6,393, ,134,

112 ,073 10,603 * 247, , , ,171 * ,247 2, , , , , ,915, ,737, (i) 186, ,129 (ii) , ,129 (i) ,484,279,0001,853,032,

113 (i) 4.7% 1,872,659, % 1,500,000,0001,872,659,000 1,500,000,000 1,872,659,0001,500,000, ,715, ,619,000 (ii) ,328, , ,009, ,065, (i) 10,740 8,079 (i) 1,830 19,117 (i) 4,406 64,363 (ii) 3,598 5,387 (i) 6,561 (iii) , ,

114 (i) (ii) (iii) ,726, ,947, ,486 25,181 10,019 10, ,140 35,

115 ,854,306 3,011 5 (103,195) ,754,122 6,041 5 (101,006) ,659, ,500,000, % ,501,665, ,504,050, % ,659,157 1,754,122 1,659,157 1,754,122 1,659,157 1,754,

116 (1,094) (247) 1, , (1,094) (247) (1,094) (247) 1, , , , , ,000, ,000 4,000, ,000 2,441, ,121 2,441, ,

117 (200)

118 % 7% 5%1, (a) 1, ,047 7, ,171 8,

119 , ,170 1, , ,012 4,670 4, , ,717 5,851 5, , , , , , , ,170 1,289,680 1, ,765 5, ,717 2,121, , ,230 20,777 20,777 42,140 42,140 1,659,157 1,659, ,230 1,722,074 1,909,

120 , ,141 9,395 9, , , ,091 9, ,486 1,247 69,208 70,455 5,124 5, , , , , , , , , ,091 1,531,233 1,247 69,208 9, ,088 2,399, , , , ,943 35,864 35,864 1,754,122 1,754, ,129 1,893,929 1,996,

121 RCC RCC % % 36% %

122 ,777 20,777 20, , , ,943 32,121 10,019 42,140 42,140 25,859 10,005 35,864 35, ,557 1,721,328 1,828,885 1,659, ,117 1,940,425 2,054,542 1,754, , ,129 (107,557) (1,721,328) (1,828,885) (114,117) (1,940,425) (2,054,542) 88,015 1,916,667 2,004,682 88,015 2,004,682 2,092, ,228 98,034 1,916,667 2,067,929 1,909, ,802 98,020 2,004,682 2,232,504 1,996,

123 ,001 24,100/18,320 21,914 26,282/20,557 10,177 11,725/9,083 12,665 13,755/9,291 3,104 3,734/2,656 3,539 4,124/2, % 20155% 18,481, ,629,000 4,164, ,460,

124 ,288 83, , , , ,875 2,186 2,186 26,568 26,568 27,088 27,088 5,851 5, , ,

125 ,208 69, , , ,106 73, ,992 54,500 54, ,395 9, , , ,387 5,246 1 (i) (31,992) (4,607) 2 (639) 1 (i) 31, , (9,405) 10 41,387 1,

126 (i) ,992, (a) (b) , (c)

127 (d) 2 (e) (i) (ii)

128 ,659,157, ,754,122, % % ,509 13,893 32,873 4,572 53,382 18, ,000,000112,994, ,000, ,994,

129 ,484,279,000 1,853,032, % 1,872,659, % 1,500,000,000 1,872,659,000 1,500,000,000 1,872,659,000 1,500,000, ,000, ,000, ,000, ,500,

130 (a) 602,866 1,073, ,486 82,861 68, ,727 1,492, , , , ,082 5, , , , ,515 1,404, , , ,129 11,057 11, , ,195 1,206, ,699 1,891,830 2,157,977 1,656,761 1,750, , , , ,121 (b) (9,052) 163, , ,

131 (a) (b) ii i , ,079 65,059 (79,684) 284,712 (28,737) (28,737) (29,863) (29,863) (62,582) (62,582) (92,445) (92,445) (92,445) (28,737) (121,182) 2015 (7,187) 214,079 65,059 (108,421) 163, (7,187) 214,079 65,059 (108,421) 163,530 (167,500) (167,500) (5,082) (5,082) (5,082) (5,082) (5,082) (167,500) (172,582) 2016 (12,269) 214,079 65,059 (275,921) (9,052)

132 (b) (i) 1981 (i) (ii) (ii) 214,079, ,079, (iii) , , % 100% 34,000,000 6,000, ,000,000 6,000, % 100%

133 ,000, % 100% 1,00010, % 100% 20,000,000 10,000, % 100% 775,000,000 25,000, % 100% 29,000, ,000, % 100% 1 100% 100% 1,000, % 100% 300, % 100% 10, % 100% TOP Commodity Capital Management Limited TOPCCM 150, % 100% 5,000, % 100% 6,000, % 100%

134 Southwest Value Fund SWVF # , A 100% 100% Southwest Value Master FundSWVMF # , A 100% 100% 100,000,000, # SWVF SWVMF

135 ,038 16,024 56,245 69,912 55,175 (167,186) 18,305 12,941 (17,646) (32,470) 263 (4,680) (1,650) (93) (166,923) 13,625 11,291 (17,739) (32,470) (166,923) 13,625 11,291 (17,739) (32,470) , , , ,097 96,358 2,040,151 1,975,709 2,328, , ,887 2,144,373 2,409,035 2,468, , ,245 (250,147) (247,262) (85,284) (236,770) (92,481) (1,659,157) (1,754,122) (1,854,306) (1,909,304) (2,001,384) (1,939,590) (236,770) (92,481) 235, , , , , % 430% 351% 115% 45%

136 Southwest Securities International Securities Limited

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