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4 # * * * # * Canon s Court 22 Victoria Street Hamilton HM12 Bermuda Appleby Weber Shandwick

5 4,862,855 5,514,804 6,103,487 5,915,991 6,442,858 3,324,798 5,342,882 3,324,729 2,294,607 1,949,412 (44,529) (42,913) (8,370) (57,564) (58,010) 3,280,269 5,299,969 3,316,359 2,237,043 1,891,402 3,494,733 5,403,434 3,374,200 2,301,022 1,812,286 (214,464) (103,465) (57,841) (63,979) 79,116 3,280,269 5,299,969 3,316,359 2,237,043 1,891, ,897,290 16,862,136 12,466,261 9,640,197 6,779,030 7,174,984 6,344,793 6,524,002 6,417,359 6,031,623 (7,871,885) (7,133,993) (6,792,518) (6,857,184) (6,571,866) (136,708) (119,003) (56,400) (1,900) (1,600) 831, , , , ,115 19,895,545 16,931,333 13,015,280 10,014,566 6,989,302 3

6 6.9% 24,600,0004.7%21,100, % 287, % 5 3 X1 400, X1 4

7 520 CaixaBank 5

8 60.9% 50% 37 51% 50% 49 % 50% 100% 80.45% BMW Holding BV 150,000, ,000,000 81% 40.50%81% 89.10%40.50%44.55% 89.10%99%44.55%49.50% 99%100% 50% 75% 25% 6

9 40.1% A 40.10% 33.35% 70.68% 75.01%49% 9.9% 51%60.90% 9.9% Southern State Investment Limited 50% 100% 42.54% 313,400, ,808, %31.07%31.20% CaixaBank, S.A. CaixaBank, S.A.55% 22.5% 22.5% 7

10 4,862,855 92,179,364 (92,179,364) 4,862,855 (626,894) 10,279,384 (10,279,384) (626,894) (24,867) 80,627 (146,889) (4,131) 3,827,065 3,822, , ,887 3,324, % 4,862,900,000 5,514,800, % 58,023 77, % 44,896 68, % 8, %6, ,898 4,952,300, %4,654,900, %4.3% 8

11 104,200, % 81,400,000 53,600, % 80,600, ,200, %546,800, %11.2% 401,600,0001.8% 394,200, ,300, %146,900,000 5,536,800, % 3,822,900,000 50% 5,536,000, % 3,828,100, , ,5293.1% 35X198,625147,20041, % 6.4% -11.4% 228,900,0003.9%219,900,000 5,342,900, %3,324,800,000 42,900,0003.8%44,500,000 3,494,700,000 5,403,400, % % 40.1% 4.28% 10.20% 11.2% 10.6% 8.1% 7.3%

12 %6.66% , % 2.2%7 2,6046% [2014]

13 GB/T

14 12

15

16 (a) 0.01 (a)(b) (c) (d) (e) (f) (g)

17 10 %366,976, % 1%1% (a) (b) (c) 1 2 4,500,000 4,500, ,500,000 1,500, ,500,000 1,500, ,000,000 1,500,000 10,500, ,500,000 1,500, ,000,000 1,500,000 19,500,000 (1) (a) (b) (c) (2)

18 9914 A B(1) (1) (2)

19 336 1 % % % 2 2,135,074, Templeton Asset Management Ltd ,200, ,025,769, ,135,074, ,200,

20 XV 78XV % % 2 6,750, % 4,500,000 (0.09%) 3 1,500,000 (0.03%) 3 300, % 1,500,000 (0.03%) ,025,769, ,025,769,

21 1 % % 2 35,485, % 3 8,320, % 1. 1,283,211, %35,485,672 35,485,672 50% 35,485, % 3. 8,320, % XV7 8 XV

22 %47.96% 23.24% 11.14% 5% 20

23 14A 33(a)14A 600,000, % 60.9% 14A ,000,000 (a) 30% (b) 30% (c) (d) 21

24 % 39.1% 14A % 14A.23 14A 14A.76(2) 14A

25 A. A1. 421,130 A2. 12,655 B. B1. 39,178 B2. 173,409 B3. A0 34,349 B B5. 9,643 B6. B7. 669,539 B

26 C. C1. 68,908 C2. 509,477 C3. C4. 86,205 D. D1. 27,330 D2. 28, A.56 24

27 600,000,000 14A A 25

28 ,070,900,000 1,178,600,000676,000,000146,100,000 1,325,500,000 1,201,100,000 2,157,000,000 1,858,000,000 1,585,000,000 1,365,000,000 27,072,300,000 23,206,900,000(a)395,900, ,900,000(b) 19,499,700,000 16,535,500,000 (c) 8,008,600,000 7,253,000,000 (d) 831,900, ,400, %74.04%7.32% 24.48%2.38%1.48% 268,400,000921,600,000 26

29 781,900, ,400, ,600, ,100, ,800, ,500,000 7,4107, ,800, ,300,000 11(b) 27

30 110,000,000 65,000, ,200,000 54,500,000 1,115,000, ,600, ,500, ,500,000 66,500,000115,300, ,000, ,000, ,000, ,500,000200,000, ,000, ,000, ,500,000 60,000, ,000,00060,000,000 60,000,000 28

31 54 Fordham University Roosevelt University 29

32

33 53 Schulich School of Business Tom.com Limited TOM

34 14 A. A.1 D 32

35 8 8/8 100% 6/8 75% 7/8 87.5% 5/5 100% 8/8 100% 8/8 100% 8/8 100% 8/8 100% 95.3% 1 1/1 100% 1/1 100% 1/1 100% 1/1 100% 1/1 100% 1/1 100% 1/1 100% 1/1 100% 100% 33

36 A.2 A.2.1 A.2.7 A.3 34

37 A.4 A.4.1 A A.4.2 A A

38 A.5 A.6.5 A.6.2(a) (d) A

39 A.6 A.7 B. B A.5.2(a) (d) 37

40 3 3/3 (100%) 3/3 (100%) 3/3 (100%) 3/3 (100%) 2/3 (66.7%) 93.3% 3.10(2) 38

41 B.2 B.1.2(a) (h) 1 1/1 (100%) 1/1 (100%) 1/1 (100%) 1/1 (100%) 0/1 (0%) 80% 39

42 B.3 C.3.3(a) (n) 3 3/3 (100%) 3/3 (100%) 3/3 (100%) 100% 40

43 C.3.3(1)(iii) B.4 D.3 C. C.1 41

44 13.49(1) (6) C.1.2 1,980, , C.2 D. 42

45

46 E

47 F. F.1 E.1.2 E.1.2 E F.2 G Canon s Court, 22 Victoria Street, Hamilton HM 12, Bermuda

48 H. 46

49

50 28 12 P

51 5 4,862,855 5,514,804 (4,654,908) (4,952,332) 207, ,472 81, ,203 80,627 53,607 (546,843) (585,192) (394,248) (401,564) 6 (146,889) (156,313) 3,822,934 5,536, , , ,324,798 5,342,882 8 (44,529) (42,913) 3,280,269 5,299,969 3,494,733 5,403,434 (214,464) (103,465) 3,280,269 5,299,

52 3,280,269 5,299,969 25,361 12,308 (103,055) (1,062,536) (77,694) (1,050,228) 3,202,575 4,249,741 3,417,039 4,353,206 (214,464) (103,465) 3,202,575 4,249,741 50

53 395, ,605 2,466,685 4,047 39,179 (537,584) 3, ,000 10,330,070 13,015,280 (873,935) 12,141, (437,153) (437,153) (437,153) 5,403,434 5,403,434 (103,465) 5,299,969 (1,062,536) (1,062,536) (1,062,536) 12,308 12,308 12,308 (1,062,536) 12,308 (1,050,228) (1,050,228) (1,062,536) 12,308 5,403,434 4,353,206 (103,465) 4,249, ,877 (868,931) 2,466,685 16,355 39,179 (537,584) 3, ,000 15,296,351 16,931,333 (977,400) 15,953,933 51

54 395,877 (868,931) 2,466,685 16,355 39,179 (537,584) 3, ,000 15,296,351 16,931,333 (977,400) 15,953, (452,827) (452,827) (452,827) 360, ,000 3,494,733 3,494,733 (214,464) 3,280,269 (103,055) (103,055) (103,055) 25,361 25,361 25,361 (103,055) 25,361 (77,694) (77,694) (103,055) 25,361 3,494,733 3,417,039 (214,464) 3,202, ,877 (971,986) 2,466,685 41,716 39,179 (537,584) 3, ,000 18,338,257 19,895,545 (831,864) 19,063,681 52

55 12 1,423, , ,042,114 1,960, ,847 59, ,011,488 11,290, ,577,712 1,473, ,000 1,040, ,349 31, ,417 13,170 10,522 19,897,290 16,862,136 1,070,876 1,178, , , ,325,528 1,201, ,211, , ,444,708 1,194, , , ,134,369 1,058,573 7,174,984 6,344, ,038,018 2,963, ,157,010 1,858, ,074, , ,585,000 1,365,000 17,632 31,454 7,871,885 7,133,993 (696,901) (789,200) 19,200,389 16,072, , ,003 19,063,681 15,953,933 53

56 31(a) 395, , ,499,668 16,535,456 19,895,545 16,931,333 (831,864) (977,400) 19,063,681 15,953,933 54

57 34 (1,031,319) 766,813 68,859 49,454 (58,351) (46,671) (1,020,811) 769,596 (606,428) (737,266) (654,292) (133,846) 117, ,000 1,000,000 1,250,000 46,565 4, ,000 (440,000) (2,648) 1,094 19, , , ,480 76,853 5, , ,208 (525,208) (630,365) 55, ,457 1,903,500 1,738,700 (1,683,500) (1,901,900) 360,000 (452,827) (437,153) (138,752) (166,743) 552,572 (708,756) (107,707) 275,320 1,178, ,263 1,070,876 1,178,583 55

58 1. 2. (a) (b) 2(i)(i) 56

59 2. (c) 697,000,000 1,585,000,000 (d) (i) 57

60 2. (d) (i) (i) (ii) 39 (ii) 58

61 2. (d) (iii)

62 2. (d) (iii) (iv) 60

63 2. (e) (i) 2(j) (ii) 5 10 (iii) 5 10 (f) 10% , ,000 61

64 2. (g) (h) (i) (i) 62

65 2. (i) (ii) (iii) 63

66 2. (i) (iii) 64

67 2. (i) (iii) (iv) 2(t) (v) (vi) 65

68 2. (j) 66

69 2. (k) (l) (m) 67

70 2. (n) (o) (i) (ii) (iii) 68

71 2. (p) (i) (ii) (iii) 30 (iv) 69

72 2. (q) (r) 70

73 2. (s) (i) (ii) (iii) (t) 71

74 2. (u) (1) (2) (a) 72

75 2. (v) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) 73

76 2. (w)

77 3. 2 (a) 1,743,000,000 1,629,000,000 1,423,000, ,000, , , (b) 72,990,00026,654,00072,990,00026,654,000 75

78 3. (c) 1,211,004, ,584,00074,489,000 72,366,000 (d) 1,444,708,000 1,194,130,000 43,037,000 42,669, ,031, ,883,00088,565,000 88,517, ,208, ,900,000 92,148,000 92,148,000 (e) 27 76

79 4. (a) %19% 269,000, ,000, ,000, ,000,000 2,000,000 2,867,000,000 2,870,000,000 77

80 4. (b) 2(c) 3,038,018 2,963,353 2,157,010 1,858, , ,872 70,688 65,612 1,618,024 1,401, ,072 41,219 7,767,465 7,016,016 33(b) 60,000 60,000 33(a) 530, , , ,500 78

81 4. (c) 3% 13,000,000 24,000,000 (d) 50 2,080,000 2,530,

82 4. (e) 600, ,000 57,349 57,349 1,070,876 1,070, , ,013 1,325,528 1,325,528 1,444,708 1,444, , , , , , , , ,208 5,939, ,349 6,596,880 1,040,000 1,040,000 31,988 31,988 1,178,583 1,178, , ,127 1,201,122 1,201,122 1,194,130 1,194, , , , , , ,900 5,395,419 1,071,988 6,467,407 80

83 4. (e) 3,038,018 2,963,353 2,157,010 1,858, , ,872 70,688 65,612 1,585,000 1,365, ,072 41,219 7,734,441 6,979,066 (f)

84 4. (f) ,211 53,211 27,850 27, % 2,332,269,000 2,484,668,000 4,717,186 4,639,247 62,552 45,526 39,683 69,830 17, ,051 25, , ,862,855 5,514,804 2(u) 82

85 5. 4,862,855 92,179,364 (92,179,364) 4,862,855 (626,894) 10,279,384 (10,279,384) (626,894) (24,867) 80,627 (146,889) (4,131) 3,827,065 3,822, , ,887 3,324,798 5,514,804 94,545,204 (94,545,204) 5,514,804 (279,061) 14,777,768 (14,777,768) (279,061) (41,020) 53,607 (156,313) 781 5,535,996 5,536, , ,892 5,342,882 83

86 5. 10,438,762 66,200,422 (66,200,422) 10,438,762 9,704 14,001,784 14,011,488 1,577,712 1,577,712 57, , ,000 86,963 27,072,274 7,999,111 38,196,856 (38,196,856) 7,999,111 9,482 8,008, ,894 9,627,477 (9,627,477) 781, ,422 2,312,276 (2,312,276) 136,422 1,554 37,693 (37,693) 1,554 43, ,616 (140,616) 43,443 14, ,099 (311,099) 14,754 12,631 15,011 (15,011) 12, ,181 (290,181) 3,155 43,118 (43,118) 3,155 44,529 2,623,111 (2,623,111) 44,529 84

87 5. 8,950,821 57,676,507 (57,676,507) 8,950,821 13,849 11,276,701 11,290,550 1,473,546 1,473,546 31,988 1,040, , ,024 23,206,929 7,243,438 35,123,105 (35,123,105) 7,243,438 9,558 7,252, ,377 8,367,910 (8,367,910) 806, ,215 1,740,503 (1,740,503) 108,215 1,458 27,211 (27,211) 1,458 29, ,690 (115,690) 29,653 23, ,098 (224,098) 23,618 76,089 19,975 (19,975) 76,089 67,259 (67,259) 61,206 8,300 (8,300) 61,206 42,913 3,705,776 (3,705,776) 42, ,826 93,272 66,939 79, , , %6.3% (9,876) (16,161) 146, ,313 85

88 ,461 (b) 22(a) (b) 19 2,739 (b) 33(e) 36,173 (b) 24(a) 48 18,967 3,155 61,275 11(a) 722, ,308 (a) 12 43,443 29, ,554 1, , ,215 (c) 4,686,137 5,003, ,754 23,618 2,987 2,904 (b) 8,126 6,519 (b) 25,466 36,758 26,263 19,312 5, ,291 5, ,631 76,089 4,459 24(a) 69 (a) (b) (c) 16,676,000 18,945,000 86

89 8. 5,008 21,868 15,637 1,869 23,884 19,176 44,529 42,913 (a) (b) (c) 25% 15% 5% 10% 2,656,982,000 2,352,478,000 87

90 8. (c) 3,324,798 5,342, %25.06% 918,861 1,338,990 (307) (974) (1,066,030) (1,415,235) 11,264 15, , ,140 15,637 1,869 44,529 42, ,495,000,000 5,403,000,000 5,025,769 5,025,769 20,222 20,283 5,045,991 5,046, ,835, ,827,000552,835, ,153,000 88

91 11. (a) 544, ,436 61,408 56, , , , ,308 (b) 383(1) 2 3,986 3, ,689 2,285 2,285 1,256 1,256 3,986 7, , ,625 7, ,226 89

92 11. (b) 3,938 3, ,679 2,321 2, ,312 1,312 4,374 7, , ,005 7, ,733 90

93 11. (b) (c) ,0011,000, ,000,0011,500, ,500,0012,000,000 2,000,0012,500, ,500,0013,000,

94 11. (d) (b) 4,528 6, , ,339 7,156 2,000,0012,500, ,500,0013,000, ,000,0013,500,000 3,500,0014,000, (c) 92

95 ,985 13, , ,942 2, ,521 1,193,927 16,559 1,210,486 1,193,927 16,559 1,210, ,581 27, ,856 1,637,508 43,834 1,681, ,600 9, ,053 27,956 1,697 29, ,556 11, , ,556 11, ,706 39,279 4,164 43, ,835 15, ,149 1,394,673 28,520 1,423, ,371 5, ,780 93

96 ,284 1,849, ,139 85, ,530 3,085,625 6, ,193 12,430 3, , ,856 76,888 62,257 18, (158,055) (67) (129,236) (10,481) (8,247) (148,031) 639,872 2,058, ,290 81, ,231 3,388, ,872 2,058, ,290 81, ,231 3,388,450 4,249 18,630 22,531 7, , ,232 11, ,232 24,666 2,235 (261,375) (80,851) (42,484) (6,406) (129,741) 655,363 2,219, ,003 84, ,108 3,540, , , ,876 57,063 3,131 1,399,867 17,993 66,343 16,459 7, ,215 5,461 5,461 (60) (72,822) (5,278) (7,088) (85,248) 273, , ,057 57,395 3,131 1,428, , , ,057 57,395 3,131 1,428,295 20,579 84,414 24,284 7, , (80) (28,066) (32,318) (5,506) (65,890) 293, , ,023 59,034 3,051 1,498, ,745 1,256,501 98,980 25, ,057 2,042, ,833 1,151,918 86,233 24, ,100 1,960,

97 ,037,000 1,458,000 89,919 89,919 28, ,725 89,919 30,324 28,866 1,554 1,458 31,878 30,324 86,847 59, ,011,488 11,290,550 7,220,000 50% 174,000,000 50% 95

98 15. 39,051,749 32,022,105 27,148,673 25,654,402 (34,035,515) (31,738,279) (4,161,341) (3,384,826) 28,003,566 22,553,402 11,754,275 7,347,842 (9,606,811) (6,550,887) (4,161,341) (3,384,826) 50% 50% 14,001,783 11,276,701 92,179,364 94,545, , ,146 (102,717) 7,656,273 11,071,992 (206,110) (2,125,072) 7,450,163 8,946,920 1,000,000 1,250,000 19,410 27,698 50% 50% 9,705 13,849 (4,131)

99 , , , ,818 1,577,712 1,473, , ,309 12,832, % 31.07% Southern State Investment Limited % 31.07% 100,000, % 31.07% 738,250, % 29,900,000 48% 19,000,000 25% 29,900,000 49% 21%14.43% 60.9% 20% 80% 97

100 , , , , , , , ,000 1,040, %600,000, ,000, ,000, ,000,00055% 98

101 18. 4,138 4,138 53,211 27,850 57,349 31, ,420 (2,739) 179, (94,264) 85,417 95,700 86, ,420 2,739,000 99

102 20. 1,114, ,592 33(a) 210, ,530 1,325,528 1,201,122 66,500, ,300, , , , , , ,600 1,285, ,950 (74,489) (72,366) 1,211, , ,000, ,000,000 72, ,837 14,754 23,618 (12,631) (76,089) 74,489 72,

103 22. 22(a) 597, ,171 33(c) 846, ,959 1,444,708 1,194,130 (a) 235, ,195 11, , ,768 81,899 36,637 24, , ,452 (21,649) (21,281) 597, , ,000,000667,000,000 4(a) 21,281 20, ,649 21,

104 22. (a) 11, , ,768 81,899 14,988 3, , , (a) 36, ,182 33(d) 276, , , ,674 (a) 102

105 24. 24(a) 441, ,883 63,718 80,358 46,148 72,432 33(e) 489, , ,264 1,134,369 1,058,573 (a) 300, , , , , ,400 (88,565) (88,517) 441, , % 103

106 24. (a) 88,517 99, ,967 (29,755) (69) 88,565 88,517 88,565,000 88,517, (a) 1,774,284 1,708,665 33(f) 1,263,734 1,254,688 3,038,018 2,963,353 (a) 1,358,896 1,392, , ,875 63, , ,505 68,184 1,774,284 1,708,

107 26. 2,054,510 1,806,510 33(g) 102,500 51,500 2,157,010 1,858, ,064 43, , ,872 70,688 65,612 62,011 58,303 13,858 16,355 4,879 4,879 33(h) 118,072 41,219 1,074, , ,000 65,000 1,475,000 1,300,000 1,585,000 1,365, % 6.72%5.6% 7.2% 110,200,000 54,500,

108 29. 1,414,000, ,000, ,000, ,000, % 21%14% 21% 5%5%1,500 61,400,000 56,500, (a) ,000,000 80,000 8,000,000 80, ,025, ,877 5,025, ,877 (b) 106

109 31. (b) 13.95%12.11% 1,585,000 1,365, ,072 41, , ,208 2,659,728 1,931,427 19,063,681 15,953, % 12.11% (c) (i) (ii) (iii) ,000,000 - (1,500,000) 19,500,

110 32. c b a 193,605 2,466,685 4,047 39,179 (537,584) 3, ,000 10,330,070 12,619,403 (437,153) (437,153) (1,062,536) 12,308 5,403,434 4,353,206 (868,931) 2,466,685 16,355 39,179 (537,584) 3, ,000 15,296,351 16,535,456 (868,931) 2,466,685 16,355 39,179 (537,584) 3, ,000 15,296,351 16,535,456 (452,827) (452,827) (103,055) 25,361 3,494,733 3,417,039 (971,986) 2,466,685 41,716 39,179 (537,584) 3, ,000 18,338,257 19,499,668 (a) 1,455,370,000 1,511,764,000 10% 50% (b) 120,000,000 (c) 108

111 Brilliance Holdings LimitedBHL 109

112 33. (a) 14A 926, , , , , ,624 27,329 25, ,000, ,000, ,000, ,500,000200,000, ,000, ,000,000386,500,000 4,425,000 4,044,000 1,068,000 1,760,000 14A 110

113 33. (b) 2,650,485 2,776,654 7,934 8,726 2, , , , , , ,739 4,667 8,683 8,253 8, ,000,000100,000,000 60,000,000 60,000,

114 33. (c) 370,975 10,416 31,329 51, , ,998 22,178 12,400 7,939 7,385 1, , ,347 (21,388) (21,388) 846, ,959 25% 33% 696,954 90,249 21, ,711 67,397 86,819 82,447 31, , ,347 21, ,711 67,397 86,819 61,060 10, , ,

115 33. (c) 21,388,000 21,388,000 (d) , ,148 69,303 13,810 2,340 98,335 58, , ,

116 33. (e) 88,489 95,880 85,377 85,361 14,050 14,050 12,662 40, , ,704 57,559 59, , ,048 (92,148) (92,148) 489, ,900 3% 92,148 55,975 36,173 92,148 92,

117 33. (e) 4,120 31,251 4,209 4, , , , ,423 (f) 451, , ,229 83, , ,889 BHL 33,718 33,719 40, , , , ,263,734 1,254,

118 33. (f) 25% 33% 1,073,380 1,152,631 63,497 29,768 56,537 20,911 70,320 51,378 1,263,734 1,254,688 (g) 3,050 27,500 44,000 19,000 55,450 5, ,500 51,

119 33. (h) 5,519 2,617 68, BHL 28,182 27,933 5,438 7,145 10,116 2, ,072 41,219 (i) (j) 16,813 17,983 (k) 117

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