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1 CHINA OCEAN SHIPBUILDING INDUSTRY GROUP LIMITED SUCCESS CAPTURE LIMITED SGM-1SGM

2 SGM-1 i

3 6 1,730,000,000 1

4 /

5 Brilliant Plus Holdings Limited 10, SGM-1SGM-2 3

6 0.05 Success Capture Limited 10, Pacific Greatest Limited %

7 CHINA OCEAN SHIPBUILDING INDUSTRY GROUP LIMITED Clarendon House 2 Church Street Hamilton HM11 Bermuda SUCCESS CAPTURE LIMITED 67,470, ,500, ,000,0001,470,500,000 5

8 1,730,000,000 (i) (ii)(iii) (i) (ii) Pacific Greatest Limited Brilliant Plus Holdings Limited (iii) 22% 78% 11,160,722,155 67,470,000450,000, ,000,000 6

9 ,500, ,470,500, ,730,000,000(i)15.5% (ii)13.4% 0.26 (i) % (ii) % (iii) % 7

10 86,500, ,500,00015% 1,470,500, = 1,470,500,000 60,000,000 (i) (ii)

11 (i) (ii) (iii) (iv) (v)(vi) (A) (B) (C) 9

12 (D) (E) (F) (G) 450,000,000 (H) (I) (J) (K) (L) (A)(B)(D)(E) 10

13 1,730,000,000 1,730,000,000 % % 654,917, ,917, ,730,000, ,505,804, ,505,804, ,160,722, ,890,722, (i) (ii) GPS

14 60 6,368.4 (62.1) (62.1) ,502,182 22%24%16% 17.82%20%0.18% 12

15 13

16 (i)(ii)(iii) (i) (ii) (iii) (i)(ii) (iii) 10 (iv)(v) (vi) (vii) (vii) 60 14

17 A.68(7) 14.62(2) 14.62(2) 14.62(3) 14.62(3) (i)(ii) (iii) () 6 15

18 %25% SGM-1SGM

19 17

20 (852) (852) KYTH/BV2961/AUG15 Success Capture Limited100% Success Capture Limited100% 1. 18

21 , % 19

22 12.2% 7.0%1 1 70,000 60,000 50,000 40,000 30,000 20,000 10, %3.0% 1.5%2 20

23 2 % %6.5% 1.2%1.9%4.6%4.1% 2.5%1.5% 3.0%3 3 7 %

24 Statista Inc. 59,000,000154,000,000 15% Statista Inc , ,0001,100,000 5,600,0002,900,000 22

25 50,000, ResearchInChina ,8521, %19.6%26.1% (ADAS)ResearchInChina ADAS % 23

26 5. 100% 100% 100% 100% 60% 60% 24

27 60%60%

28

29 = ++ 27

30 PVCF = CF1/(1+r) 1 + CF2/(1+r) CFn/(1+r) n PVCF = CF = r = n = WACC = We Re + Wd x Rd (1 - Tc) Re = Rd = We = Wd = Tc = 28

31 Re = Rf + + Re = Rf = =

32 2398.HK CH CH CH 30

33 a) 3.27% b) 14.36% c) 11.09% d) 1.11 e) 2.00% f) 3.87% g) 21.40% h) 7.15% i) 80.42% j) 19.58% k) 25.00% 18.26% a) b) c) d) e) f) Duff & Phelps, LLC g) h) 31

34 i) j) k) 18.26% CH CH 32

35 CH GPSGLONASS CH l) 3.27% m) 14.36% n) 11.09% o) 1.20 p) 2.00% q) 3.87% r) 22.47% s) 7.15% t) 99.31% u) 0.69% v) 25.00% 22.35% 33

36 l) m) n) o) p) q) Duff & Phelps, LLC r) s) t) u) v) 22.35% FMV Restricted Stock Study Companion Guide 16.11% 34

37 %2% +2% 20.26% 342,000,000 +1% 19.26% 367,000,000 0% 18.26% 397,000,000 1% 17.26% 430,000,000 2% 16.26% 469,000,000 +2% 24.35% 99,000,000 +1% 23.35% 109,000,000 0% 22.35% 121,000,000 1% 21.35% 133,000,000 2% 20.35% 147,000, ,000, ,000, ,000,000 35

38 (i)(ii) 36

39 (i)(ii) 13,000 (i)50,000 (ii)15, %3.0% 18.5% 3.0% 3.0% 37

40 9.1.2 (i) (ii) % 3.0% %17% %

41 (i) (ii)(iii) % 3.0% 23.6% Compass Info Consulting Corporation 8.0% 20.0% 3.0% 3.0% 39

42 % 3.0% %3% %

43

44

45 % 518,000,

46 44

47 45

48 46

49 Success Capture Limited Success Capture Limited

50

51 SUCCESS CAPTURE LIMITED Success Capture Limited

52 14.62(2) P

53 CHINA OCEAN SHIPBUILDING INDUSTRY GROUP LIMITED (a) (i) Pacific Greatest Limited(ii) Brilliant Plus Holdings Limited (iii) Success Capture Limited450,000,000 A (i) ,500, (ii) 60 1,470,500,000 (b) SGM 1

54 (c) SGM 2

01 cover 42830-03D 0..1

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4 3,921,601 3,313,992 (3,581,803) (2,836,682) 339, , ,458 (50,586) 7 26,373 10,239 (96,948) 196,271 (117,699) (84,620) (323,646) (309,559 HUAJUN HOLDINGS LIMITED * 377 3,921.6 3,314.0 +18.3% 339.8 477.3-28.8% (928.5) 43.4 11,764.6 11,672.2 +0.8% 2,681.5 3,525.8-23.9% * 1 4 3,921,601 3,313,992 (3,581,803) (2,836,682) 339,798 477,310 6 22,458

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