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4 2013/14 2

5 Conyers Dill & Pearman C2 Clarendon House 2 Church Street Hamilton HM 11 Bermuda MUFG Fund Services (Bermuda) Limited 26 Burnaby Street Hamilton HM 11 Bermuda /14

6 /14 4

7 ,305 5 Reem Diamond Reem Diamond /14

8 /14 6

9 8 VMV VMV /14

10 2013/14 8

11 ,000,00020%10% % /14

12 % /14 10

13 2013/ /13 1 6,551,240 4,891,770 93,009 77, ** ** /14

14 2013/14 12

15 /14

16 65.534% 10%13% % 93,000, ,200,00041,700, % 19% /14 14

17 /14

18 2013/14 16

19 /14

20 , , C C K C /14 18

21 (K23) (K20) /14

22 , , , B B /14 20

23 A B E ( ) L /14

24 2013/14 22

25 /14

26 356,300,000588,600, , % , , % %98% Reem Diamond2014 4Reem Diamond 21% ,800, % 6% 2013/14 24

27 /14

28 Reem Diamond Residence /14 26

29 /14

30 ,198,300,000 2,523,800,000 1,325,500, , , , , , , /14 28

31 ,403,900, , ,157,800, /14

32 % 2013/14 30

33 /14

34 /14 32

35 x /14

36 /14 34

37 /14

38 < = x 100, /14 36

39 /14

40 / (2013) /14 38

41 13 DNV /14

42 2013/14 40

43 BA, MBA, JD Kellogg-HKUST BSc, MEng, MBA, PhD, MICE, PE(US) BSc(CEng), MICE, MHKIE, RSE, RPE /14

44 CEC MBA, FCPA, ACMA, MHKSI A /14 42

45 , OBE, PhD, MSc, DIC, BSc(Eng), MIStructE, MHKIE, RPE(Struct), PEng University of Waterloo Imperial College (Professional Engineers Ontario) FCHKRI, MPWI Sheffield College of Technology Chun Wo Holdings (Thailand) Co., Ltd. Chun Wo (Thailand) Co., Ltd /14

46 BSc(Eng), MSc(Eng), CEng, MICE, FHKIE, RPE(Civil), AFCHKRI University of Sheffield BSc(Hons), FCIOB, MHKIE, FHKICM, RPE BscCivil, MHKIE, RPE(Civil) FHKIE, CEng, MICE, MIStructE, MCIArb, RPE(Civil, Structural) CEI /14 44

47 BSc, MHKIE, MICE, CEng, PEng, RPE BA(AS), B Building, Dip Proj Man(RICS), FRICS, FHKIS, ACIArb, RPS(QS) BSc, MASCE, FHKIE, FHKIHT, FICES MBA, RPE, MHKIE, RSO /14

48 MFin, ACA, FCPA, FCCA 48Curtin University of Technology BEng(Hons), CEng, MICE 68Sheffield University Bsc BA(AS), B.Arch, HKIA,,, BBus., MEcon., FCPA(Aust.), CPA, CTA, ACMA, ISCA, ATIHK, CGMA /14 46

49 MCIOB, MAIB BEng(Hons), MSc(C.Mgt), MHKICM, MHKIVM, BEAM Pro BSc, MICE, CEng, MCIArb, MHIE, RPE(Civil) Brighton Polytechnic MISM, MIPSA MBA, BSc(Eng), MHKIE, MICE, RPE(Civil) /14

50 Dip(Eng), LLB(Hons), MA(ArbDR), MSc(C.Mgt), MRICS, MICE, MHKIE, MASCE, FCIArb, FHKIArb, CEng University of Wolverhampton /14 48

51 A.4.2A /14

52 50% /14 50

53 4/4 1/1 1/1 4/4 1/1 1/1 4/4 1/1 4/4 1/1 4/4 2/2 1/1 1/1 1/1 4/4 2/2 1/1 1/1 4/4 2/2 1/1 4/4 1/1 1/ /14

54 /14 52

55 2013/ B.1.5 1,000, ,000,0012,000, ,000,0013,000, ,000,0014,000, /14

56 (i) (ii) (iii) (i) (ii) 2013 (iii) (iv) (v) 2013/14 54

57 3,717,000 1,540, Clarendon House, 2 Church Street, Hamilton HM11, Bermuda C /14

58 3 (852) 2744 ( 2013/14 56

59 ,300, /14

60 , , , /14 58

61 87169(2) /14

62 XV (I) 10,148, ,042, ,191, % 1 5,680, ,042, ,722, % 1 1,000,000 1,000, % 3,650, ,000 4,510, % 2 601, , % 1. GT Winners Limited 45%GT Winners Limited /14 60

63 (II) ,000 1,479,000 2,226, % 6,326,000 6,326, % 3,326,000 3,326, % ,437,500 Chun Wo Hong Kong Limited XV /14

64 /4/ /4/2007 1/4/ , ,000 15/1/ /1/ /1/ ,000 (285,000) 15/1/ /1/ /1/ ,000 (285,000) 15/1/ /1/ /1/ ,000 (380,000) 15/1/ /1/ /1/ ,000 (510,000) 15/1/ /1/ /1/ ,000 (510,000) 15/1/ /1/ /1/ ,000 (680,000) 13/8/ /8/ /8/2014 6,326,000 6,326,000 15/1/ /1/ /1/ ,000 (480,000) 15/1/ /1/ /1/ ,000 (480,000) 15/1/ /1/ /1/ ,000 (640,000) 13/8/ /8/ /8/2014 3,326,000 3,326,000 15/1/ /1/ /1/ ,000 (810,000) 15/1/ /1/ /1/ ,000 (810,000) 15/1/ /1/ /1/2014 1,080,000 (1,080,000) 15/1/ /1/ /1/ ,000 (90,000) 15/1/ /1/ /1/ ,000 (90,000) 15/1/ /1/ /1/ ,000 (120,000) 2013/14 62

65 /1/ /1/ /1/ ,000 (90,000) 15/1/ /1/ /1/ ,000 (90,000) 15/1/ /1/ /1/ ,000 (120,000) 15/1/ /1/ /1/ ,000 (90,000) 15/1/ /1/ /1/ ,000 (90,000) 15/1/ /1/ /1/ ,000 (120,000) 15/1/ /1/ /1/ ,000 (90,000) 15/1/ /1/ /1/ ,000 (90,000) 15/1/ /1/ /1/ ,000 (120,000) 13/8/ /8/ /8/2014 1,464,000 1,464,000 2/4/ /4/2007 1/4/ , ,000 15/1/ /1/ /1/ ,600 (834,600) 15/1/ /1/ /1/ ,600 (834,600) 15/1/ /1/ /1/2014 1,112,800 (1,112,800) 23,542,000 (10,932,000) 12,610, /14

66 % GT Winners Limited 610,042, % GT Winners Limited 45%GT Winners Limited % 2013/14 64

67 42 14A % 39%30% 5% 1,771, /14

68 CHUN WO DEVELOPMENT HOLDINGS LIMITED* * 2013/14 66

69 ,551,240 4,891,770 (6,136,466) (4,451,824) 414, ,946 27,624 18,982 22,772 20, ,750 10,271 (15,004) (6,978) (313,818) (305,237) 10,128 11,893 8 (41,405) (43,638) 139, ,565 9 (46,498) (67,790) 10 93,323 77,775 9,074 (5,228) (22,313) (17,484) (216) (694) (13,455) (23,406) 79,868 54,369 93,009 77, ,323 77,775 79,554 54, ,868 54, /14

70 , , , , , , ,083 62,088 66, ,768 6,586 10, , , , , , , , ,466,461 1,276, , ,289, , , , , , , , , , , ,088 24,404 21,324 36, , , ,047 58,502 8,254 1,842 17, , , , , , ,731 5,594,263 4,621,641 3,785, ,800 6,321 5,948,063 4,627,962 3,785, , , , ,346,417 1,029, ,958 14,632 95,964 63, ,151 15,902 15, ,025 74,190 28, ,006 4,026 49,774 83,111 95, ,642 16,531 15, ,030,576 1,730,488 1,429, ,000 4,697,214 3,515,910 2,897,298 1,250,849 1,112, ,920 1,922,730 1,901,891 1,709, /14 68

71 ,305 16,802 15, , ,784 48, , , ,595 12,340 16, , , ,820 1,644,546 1,530,965 1,479, ,310 98,777 97,864 1,535,572 1,431,838 1,381,012 1,643,882 1,530,615 1,478, ,644,546 1,530,965 1,479, /14

72 , ,636 2,900 9,107 8, ,440 9, ,633 1,478, ,479,226 77,775 77,775 77,775 (5,228) (5,228) (5,228) (694) (694) (694) (9,765) 9,765 (17,484) (17,484) (17,484) (23,406) (9,765) 87,540 54,369 54,369 (7,829) (7,829) (7,829) 1,263 1,263 1, ,075 1, ,163 2,861 2,861 (2,711) 2, , ,659 2,900 7,659 8,531 96, ,055 1,530, ,530,965 93,009 93, ,323 9,074 9,074 9,074 (216) (216) (216) (22,313) (22,313) (22,313) (13,455) 93,009 79, ,868 (13,878) (13,878) (13,878) ,875 35,503 44,378 44, ,039 2,697 2,697 (7,085) 7, , ,201 2,900 1,090 8,531 82,579 1,013,271 1,643, ,644, /14 70

73 (i)7,340, (ii) Mandarin Group Limited62% 10,240, /14

74 , ,565 41,405 43,638 (12,489) (6,065) (10,128) (11,893) 6,859 14,233 (22,313) (17,484) (34,750) (10,271) 516 1, (956) (3,467) 12,076 14,780 24,553 1,225 6, , , ,425 (332,160) (433,197) (132,900) 68,860 (225,739) (12,981) (32,242) 89, ,201 (4,305) 8,198 (52,235) (56,045) 320,508 74,867 (81,954) 32,178 23,857 45,393 (3,920) (2,875) 4, ,396 (289,463) (82,365) (65,725) 257,031 (355,188) 2013/14 72

75 ,080 15,498 3,804 10,042 51,157 52,509 6,321 12,489 6,065 (1,825) (54,978) (10,500) (154,200) (60,430) (43,313) (374,248) (128,424) 167, ,508 (395,725) 13,385 64,978 10,000 1,552,170 1,184,348 (1,517,612) (1,109,535) 2,175,793 1,206,876 (1,856,402) (835,425) (15,474) (1,770) (22,263) (19,497) (74,414) (64,640) 47,075 3,936 (13,878) (7,829) 349, , ,279 14, , ,731 2,036 (6,777) 820, , /14

76 GT Winners Limited /14 74

77 (a)(b) (c) /14

78 /14 76

79 (a) (b) /14

80 ,086,439 (1,005,999) (65,648) 689 (14,117) (1,364) 2013/14 78

81 ,890 2, ,682 77,626 (77,626) 564, , , , , ,158 54,581 (54,581) 58,502 58,502 17, , ,082 35, , , , ,731 (120,476) (173,871) (294,347) (765,213) (188,745) (953,958) (69,905) 69,905 (28,797) (28,797) (82,796) (12,772) (95,568) (1,242,185) (187,040) (1,429,225) 1,593,856 1,593,856 1,479,226 1,479, /14

82 ,853 2, ,225 67,444 (67,444) 743, ,969 1,276, , , , ,334 (187,334) 125, , ,203 1, ,670 57, , , , ,615 (205,025) (261,624) (466,649) (825,960) (203,089) (1,029,049) (45,094) 45,094 (74,190) (74,190) (76,839) (6,272) (83,111) (1,360,588) (369,900) (1,730,488) 1,463,114 1,463,114 1,530,965 1,530, /14 80

83 (135,564) (21,502) 174,341 17, /14

84 /14 82

85 /14

86 (i) (ii) /14 84

87 /14

88 /14 86

89 /14

90 /14 88

91 /14

92 /14 90

93 /14

94 /14 92

95 /14

96 /14 94

97 (i) 37 (ii) /14

98 /14 96

99 /14

100 /14 98

101 /14

102 /14 100

103 /14

104 ,000, ,000, ,183, ,403, ,268, ,560, ,006,000362,563, /14 102

105 ,155, A ,009,996 1,929,512 3,850,688 3,188, /14

106 B. (i) ,135 5, ,764 2, ,613, ,172, /14 104

107 B. (i) 5% 20135% 5% 20135% ,731 7,509 (109) (9) (1,138) (123) /14

108 B. (ii) ,555, ,836,000 (iii) 5% 20135% , , /14 106

109 B % % /14

110 B % , ,026 1,245,646 1,245, , , ,000 98,047 98,047 98, ,356 56,356 54, ,050 10,050 10,000 20,151 20,151 20,151 10,006 10,006 10, ,030, ,226 2,281,802 2,261, ,630 29,048 48,678 46, , ,741 4,171, ,300 4,717,516 3,897, /14 108

111 B % , ,817 1,021,610 1,021, , , , ,000 74,190 74,190 74,190 15,902 15,902 15,902 4,026 4,026 4, ,730, ,873 1,944,361 1,922, ,263 17,283 34,546 33, , ,065 3,424, ,012 4,027,614 3,221, ,030,576,0001,730,488, /14

112 B ,013,003 47,612 2,060,615 2,030, ,669,193 92,443 6,765 1,768,401 1,730,488 C. 2013/14 110

113 C /14

114 ,891, ,297 12, ,151 6,551,240 59,115 57,920 45,180 16,955 (486) 178,684 (1,892) 8,552 3,468 10,128 57,223 66,472 48,648 16,955 (486) 188,812 (20,075) 12,489 (41,405) 139,821 (46,498) 93, /14 112

115 ,055, ,648 12, ,222 4,891,770 41, ,173 24,274 9,831 (492) 189,526 8,771 3,122 11,893 41, ,944 27,396 9,831 (492) 201,419 (18,281) 6,065 (43,638) 145,565 (67,790) 77, /14

116 , ,859 34,750 34, ,780 14,780 1,225 1, , ,233 10,271 10,271 3,581 (58) (56) 3,467 12,076 12,076 24,553 24,553 6,485 6, /14 114

117 (i)(ii) ,529,132 4,275, , , ,297 20, , ,114 4,795 5, ,002 77,385 6,551,240 4,891, , ,908 10%20132,540,562, ,995,004,0001,071,827, ,784, ,000, /14

118 ,831 52,769 10,875 10,875 1, ,414 64,640 (27,654) (18,785) (5,355) (2,217) 41,405 43, /14 116

119 ,795 11, (657) 9,887 10,942 18,968 39,444 1,818 2,904 20,786 42,348 8,574 19,940 4,267 8,574 24,207 4, (3,119) 4,355 (2,920) 31 2,896 (6,787) 46,498 67, % 25% /14

120 % 173,143, ,694, , , % 23,070 24,018 (1,671) (1,962) 13,874 25,202 (10,716) (4,146) 1,910 3,395 11,458 21,951 (2,048) (10,397) (3,432) (3,251) 5,422 1,034 8,574 19,940 (2,143) (4,985) 2,200 (3,009) 46,498 67, /14 118

121 ,717 4,171 1, ,886 4,250 45,183 45,207 (38,324) (30,974) 6,859 14, ,076 14,780 24,553 1,225 6,485 (956) (3,467) 22,664 18,480 93,542 71, ,206 90,276 (108,750) (82,241) 7,456 8, ,263 1,385,611 1,058,234 (916,120) (651,126) (7,719) (7,867) 461, ,241 3,014 2,541 (12,489) (6,065) ,443, ,139,000 (14,341) (11,522) 2013 (22,313) (17,484) /14

122 (A) , ,192 3, ,311 2, ,678 2, , , , , ,200 3, ,311 2, ,972 2, , , , /14 120

123 (B) ,454 9, ,484 9, ,000,0013,500, ,500,0014,000, ,878 7, /14

124 ,009 77, ,038,788, ,286,665 1,980,936 3,320,266 4,440,341 1,378,910 1,045,210, ,985, /14 122

125 , ,235 50,810 57, , ,624 19, ,029 (1,172) (1,172) (2,595) (12,844) (3,652) (4,318) (23,409) , ,307 67,032 53, ,130 (26) (26) 68,852 19,760 7,695 96,307 (5,165) (6,207) (1,565) (12,937) , ,994 80,585 59, , , ,814 36,378 34, , ,598 34,739 5,399 3,471 45,207 (356) (356) (464) (11,884) (2,967) (1,519) (16,834) , ,837 38,814 36, ,905 (24) (24) 1,533 31,208 9,387 3,055 45,183 (4,048) (4,594) (1,185) (9,827) , ,997 43,607 38, , , ,997 36,978 21, , , ,470 28,218 16, , /14

126 % 4% 15% 25% 25% 15% ,256 35, ,030 36,563 40,368, ,507,000 18,175, ,332, /14 124

127 , ,622 (16) 11,716 (353,800) (5,505) (6,547) (52,509) 34,750 10,271 60, , Asteco Property Management LLC2013Chesterton International LLC /14

128 % 1,0942, , ,000 10,982 16,595 60, ,595 50,000, ,000, /14 126

129 ,946 42,783 20,137 19,305 66,083 62, , ,141 (415,895) (410,667) 294, ,474 66,083 62, ,397 14,979 47,583 51,660 (916) (6,832) 10,128 11,893 (216) (694) /14

130 ,132,552 18,100,826 (22,560,082) (17,290,897) 572, ,929 1,466,461 1,276,578 (893,991) (466,649) 572, , /14 128

131 , ,298 (534) (534) 733, , , ,428 44, , ,290 (12,076) (12,076) 114, ,214 1,289, , ,627 20, , , , , /14

132 ,293, ,764, , , ,793 45, ,989 2, , ,503 48, , ,764 37,503, ,749, /14 130

133 ,076, ,076, ,242, ,449, ,880, ,080, /14

134 ,978, ,914 77,685 37,346 47, , , % % % % ,800, ,559, /14 132

135 ,758, ,284, , , , , ,856 58, ,643 10, ,173 9, , , ,026, ,817, ,978,00010,000, %3.00% ,818 18,946 77,207 55, ,025 74, /14

136 ,630 17,263 18,642 16,531 16,360 9,342 15,817 9,019 12,688 7,941 12,488 7,783 48,678 34,546 46,947 33,333 (1,731) (1,213) 46,947 33,333 46,947 33, (18,642) (16,531) 12 28,305 16, % 4.9% % 3.5% 2013/14 134

137 a 353, ,953 b 1,908,349 1,587,845 c 15,474 2,261,860 1,922,272 1,524,053 1,217, , ,060 2,261,860 1,922,272 d 231, ,784 1,985,563 1,636,201 45,013 94,287 2,030,576 1,730,488 2,261,860 1,922,272 (2,030,576) (1,730,488) 231, , /14

138 (a) 2% 3.25% 20132% 3.25% (b) 1,908,349, ,519,775,000 1% 3.8% % 3.8% % 1.5%1,524,053, ,201,738, ,296, ,107,000 (c) % (d) ,000, % 2013/14 136

139 (31,745) 24,659 5,422 (4,702) (6,366) (1,634) 1,903 6,518 6,787 (6,175) (6,175) (33,379) 20,387 11,940 (4,702) (5,754) (6,041) 5,924 (2,779) (2,896) (2,177) (2,177) (39,420) 24,134 9,161 (4,702) (10,827) 543,274, ,123, ,268, ,560,000 47,079, ,915, ,006, ,563, ,768 6,586 (18,595) (12,340) (10,827) (5,754) /14

140 ,500,000,000 1,500,000, , , ,765, ,638,531 98,777 97,864 88,755,691 2,148,754 8, ,578,000 6,978, ,083,098, ,765, ,310 98, ,748, ,755, ,148, /14 138

141 (A) (i) (ii) 30% 10% 12 1% (a) 0.1% (b) 5,000, /14

142 (A) (i) (ii) 5 (iii) ,652,000 9,652, , ,000 2,445,000 (2,445,000) 2,445,000 (2,445,000) 3,260,000 (3,260,000) ,461,600 (3,946,800) (3,514,800) 4,974,400 (2,631,200) (2,343,200) 2013/14 140

143 (A) ,400 (113,400) 113,400 (113,400) 151,200 (151,200) 500,000 (500,000) ,464,000 1,464, , , ,600 (834,600) 834,600 (834,600) 1,112,800 (1,112,800) 36,856,000 (6,578,000) (17,668,000) 12,610,000 12,610, /14

144 (A) ,652,000 9,652, , ,000 2,445,000 2,445,000 2,445,000 2,445,000 3,260,000 3,260, ,494,400 (4,126,800) (906,000) 7,461,600 8,329,600 (2,101,200) (1,254,000) 4,974, , , , , , ,200 75,757 (75,757) 750,000 (750,000) 500, , /14 142

145 (A) ,464,000 1,464, , , , , , ,600 1,112,800 1,112,800 46,069,757 (6,978,000) (2,235,757) 36,856,000 36,856, /14

146 (A) ,190, ,610, ,856, % % (B) (i) (ii) 12 1% /14 144

147 (B) 12 (a) 0.1% (b) 5,000,000 (i) (ii) 5 (iii) /14

148 (B) ,133,600 (246,000) 1,887,600 2,133,600 (246,000) 1,887,600 2,844,800 (328,000) 2,516,800 7,112,000 (820,000) 6,292,000 1,887, /14 146

149 (B) ,133,600 2,133,600 2,133,600 2,133,600 2,844,800 2,844,800 7,112,000 7,112, % 60% 100% , , /14

150 (B) % 1.21% 0.30% % 1.21% 0.37% % 1.21% 0.45% ,292, ,112, % % 35. 3,634, ,727,000 35,811, ,315, /14 148

151 ,407, ,545, ,884,000 17,484, ,877, ,716, ,710 9, /14

152 ,092 15,846 8,534 9,202 24,626 25,048 15,784, ,661, ,239 12,148 4,335 7,299 12,574 19, /14 150

153 (A) , ,339 94,092 45, , ,517 20,800 32, , , , , , ,065 (B) /14

154 (B) , , ,800 45,840 46, , , , ,015 1,403,893 1,132, /14 152

155 (i) ,537 3,920 1,381 10,875 10,875 20,800 32,000 (ii) 11 (iii) /14

156 ,606,295 1,623,996 (732,515) (853,108) 873, , ,310 98, , , , , % % % % 200, ,000, ,000,000 a 2013/14 154

157 % % % % 15,000, ,000, ,000, ,000, , ,400,000 1,000, /14

158 % % % % Wealth Anchor Investments Limited 15,000, ,000, ,000, /14 156

159 (a) Chun Wo Hong Kong Limited (b) (c) % % Vietnam Land (HK) Ltd. 25,000, /14

160 % % Chun Wo CRGL QR Joint Venture Chun Wo Henryvicy GTECH Joint Venture Chun Wo Leader Joint Venture CW SELI Joint Venture JEC CW E&M Joint Venture Kaden Chun Wo Joint Venture /14 158

161 % /14

162 ,606,241 3,002,446 3,193,402 4,891,770 6,551,240 26,062 (16,918) 109, , ,821 5,028 (38,045) (56,726) (67,790) (46,498) 31,090 (54,963) 52,353 77,775 93,323 31,090 (54,963) 52,353 77,775 93, ,090 (54,963) 52,353 77,775 93, ,657,073 3,902,006 4,606,344 5,417,801 6,619,944 (2,308,734) (2,546,627) (3,127,118) (3,886,836) (4,975,398) 1,348,339 1,355,379 1,479,226 1,530,965 1,644,546 1,347,989 1,355,029 1,478,876 1,530,615 1,643, ,348,339 1,355,379 1,479,226 1,530,965 1,644, /14 160

163 111, , % 8, % Al Reem Island Shams Abu Dhabi S5-C35 2,425 22, % Al Reem Island Shams Abu Dhabi S6-C05 1,646 5, % Ras Al Khaimah Al Marjan Island 2APT002A 9,099 27, % , , % /14

164 AI Muneera Island V4C /14 162

®Ñ¥U60.indb

®Ñ¥U60.indb 2008/09 03 06 22 28 34 45 47 48 50 51 53 118 119 2008/09 02 Conyers Dill & Pearman 601 603 C2 Clarendon House Church Street Hamilton HM 11 Bermuda Butterfield Fund Services (Bermuda) Limited Rosebank Centre

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