NATIONAL ELECTRONICS HOLDINGS LIMITED

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2 NATIONAL ELECTRONICS HOLDINGS LIMITED

3 M.B.E., J.P. Canon s Court 22 Victoria Street Hamilton HM12 Bermuda Butterfield Fulcrum Group (Bermuda) Limited 26 Burnaby Street Hamilton HM 11 Bermuda NATIONAL ELECTRONICS HOLDINGS LIMITED 2

4 National Electronics Holdings Limited 296,223, ,306, % 4,880,000, J.P. Morgan Asset Management Twenty One Whitfield Twenty One Whitfield Tania Investments Holdings Limited50% J.P. Morgan Asset Management 45 Antonio Citterio Patricia Viel and Partners 99 Bonham J. P. Morgan Asset Management 3 NATIONAL ELECTRONICS HOLDINGS LIMITED

5 88C Optical Pulse 3D NATIONAL ELECTRONICS HOLDINGS LIMITED 4

6 Fitness Band3D OLED 5 NATIONAL ELECTRONICS HOLDINGS LIMITED

7 11% 1,148,000,000 7% 41,000,000 18,700,000 The Putman NATIONAL ELECTRONICS HOLDINGS LIMITED 6

8 Time Curve Time Curve Time Curve 3D 7 NATIONAL ELECTRONICS HOLDINGS LIMITED

9 136,000,000103,000,000 1,587,000,000961,000, ,000, ,000, ,000, ,000, ,076,000, ,000,0001,592,000,0001,389,000, ,000,000283,000,000 78%9%8%5% 77%8%8%5%2% 2,241,000,0001,092,000,000 1, ,000,000154,000,000 NATIONAL ELECTRONICS HOLDINGS LIMITED 8

10 66 33 JP M.B.E., J.P., 88 (BPF) 65 9 NATIONAL ELECTRONICS HOLDINGS LIMITED

11 54 59 NATIONAL ELECTRONICS HOLDINGS LIMITED 10

12 ,594, NATIONAL ELECTRONICS HOLDINGS LIMITED

13 ** M.B.E., J.P.* * * * ** NATIONAL ELECTRONICS HOLDINGS LIMITED 12

14 352 ( a ) ,137, ,137, % a 15,000, ,137, ,137, % a 5, ,602, ,608, % b 244,602, ,602, % b 37,267,767 37,267, % d M.B.E., J.P. 5,288,968 c 5,288, % ( b ) 15,200,000 15,200, , , , ,000 (a) (b) (c) (d) 258,137, ,602,979 5,288,968 M.B.E., J.P. 37,267, NATIONAL ELECTRONICS HOLDINGS LIMITED

15 43 1/4/ /3/ M.B.E., J.P ,200,000 9,200, ,000,000 6,000, ,000 (300,000) , , , , ,000, % 90.38% 65.64% 34.61% 14 NATIONAL ELECTRONICS HOLDINGS LIMITED 14

16 43 25% 13, NATIONAL ELECTRONICS HOLDINGS LIMITED

17 NATIONAL ELECTRONICS HOLDINGS LIMITED 16

18 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 0/1 M.B.E., J.P. 4/4 1/1 4/4 1/1 4/4 1/1 A.2.7 (a) (b) (c) (d) 17 NATIONAL ELECTRONICS HOLDINGS LIMITED

19 M.B.E., J.P. 4/4 4/4 4/4 1/1 M.B.E., J.P. 1/1 1/1 1/1 1/1 NATIONAL ELECTRONICS HOLDINGS LIMITED 18

20 (a) (b) (c) M.B.E., J.P. 2/2 2/2 2/2 2/2 2/2 99 A NATIONAL ELECTRONICS HOLDINGS LIMITED

21 99 A (a) (b) (c) (d) (e) 24 NATIONAL ELECTRONICS HOLDINGS LIMITED 20

22 1, , , NATIONAL ELECTRONICS HOLDINGS LIMITED

23 NATIONAL ELECTRONICS HOLDINGS LIMITED 22

24 % NATIONAL ELECTRONICS HOLDINGS LIMITED

25 11 31 NATIONAL ELECTRONICS HOLDINGS LIMITED National Electronics Holdings Limited 90 NATIONAL ELECTRONICS HOLDINGS LIMITED 24

26 P NATIONAL ELECTRONICS HOLDINGS LIMITED

27 7 1,167,853,958 1,294,715,363 (990,349,105) (1,106,093,672) 177,504, ,621, ,384,242 57,165, ,841,370 47,274,221 3,608,177 (2,608,294) (3,580,248) 143,157,821 (9,247,112) (7,702,311) (182,459,307) (183,898,579) 9 (24,212,583) (20,832,526) 135,810, ,813, ,388, ,252, (9,164,653) (5,946,232) 296,223, ,306, NATIONAL ELECTRONICS HOLDINGS LIMITED 26

28 296,223, ,306,004 3,912,221 (2,299,356) (47,235,714) (35,747,000) 7,793,893 4,544,138 2,636,272 (560,000) 4,820,000 (33,453,328) (28,682,218) 262,770, ,623, NATIONAL ELECTRONICS HOLDINGS LIMITED

29 15 645,000, ,596,000 1,201,272, ,048, ,345, ,730, ,348,251 14,543,932 14,459, , , ,095, ,157, ,876, ,230,000 20,490,000 15,670, ,721,920 1,406,401,206 1,557,533,765 1,835,008, ,429, ,214, ,509, , , , ,768, ,058,346 4,097,534 4,108,333 7,464, ,380, ,138, ,183,576,472 78,820, ,562,246 1,721,248 7,778, ,175, ,434,198 88,180, ,307, ,904, ,489, ,999, ,499, ,386,628 56,744 1,495,609 3,764, ,705, ,850, ,642,837 2,181,429,498 1,143,740, ,326, ,689, ,406, ,869, ,074, ,448,006 86,656, ,815,748 7,020 7,020 7,749,596 4,582,491 1,731, ,058,561 9,989,693 8,293, ,319,946 2,002,592 2,932, ,786, ,051, ,568, ,494, ,486, ,059,625 1,344,934, ,253,472 99,266,801 2,751,336,045 1,796,787,237 1,934,275,604 NATIONAL ELECTRONICS HOLDINGS LIMITED 28

30 34 97,656,251 97,754,251 96,742,993 1,494,581,407 1,291,464,947 1,185,585,955 1,592,237,658 1,389,219,198 1,282,328, ,257,203 4,338,325 4,074, , ,552 8,178, ,378,010 2,555,046 2,660, ,076,211, ,402, ,420, ,170,761 21,614,552 30,612,990 1,159,098, ,568, ,946,656 2,751,336,045 1,796,787,237 1,934,275, NATIONAL ELECTRONICS HOLDINGS LIMITED

31 19 507,943, ,110, ,000,000 2,000, ,943, ,110, , ,070 3,876,651 2,884,154 4,791,308 3,770,224 4,364,783 4,333, ,832,302 5,214, ,324, ,972, ,521, ,520,401 (247,729,789) (139,750,177) 262,213, ,360, ,656,251 97,754, ,557, ,606, ,213, ,360, NATIONAL ELECTRONICS HOLDINGS LIMITED 30

32 96,742,993 22,785,730 (9,925,301) 126,357,689 2,900,000 66,141,751 32,577, ,972,188 1,223,552,890 58,776,058 58,776,058 96,742,993 22,785,730 (9,925,301) 126,357,689 2,900,000 66,141,751 32,577, ,748,246 1,282,328, ,306, ,306,004 (2,299,356) (39,698,857) 13,315,995 (28,682,218) (2,299,356) (39,698,857) 184,621, ,623,786 1,480,658 10,127,703 11,608,361 (43,466,231) (43,466,231) (469,400) 469,400 (3,875,666) (3,875,666) 97,754,251 32,913,433 (12,224,657) 86,658,832 2,900,000 66,141,751 33,047,240 1,082,028,348 1,389,219, ,223, ,223,624 3,912,221 2,636,272 (40,001,821) (33,453,328) 3,912,221 2,636,272 (40,001,821) 296,223, ,770,296 30, ,740 (66,740) 228,000 (58,670,564) (58,670,564) (128,000) 128,000 (1,309,272) (1,309,272) 97,656,251 33,178,173 (8,312,436) 2,636,272 46,657,011 2,833,260 66,141,751 33,175,240 1,318,272,136 1,592,237, NATIONAL ELECTRONICS HOLDINGS LIMITED

33 305,388, ,252,236 24,212,583 20,832,526 (135,810,816) (102,813,255) 1,472, ,843 (2,682,180) (8,980,476) (2,098,859) (2,936,920) 269, , , ,733 30,287,737 26,885,634 (5,533,539) (1,656,494) (5,657,431) (143,157,821) (30,841,370) (47,274,221) 66,337 (41,944,955) (3,608,177) 2,608,294 3,580,248 (203,657) (198,657) 860,616 9,459,701 33,289,982 35,627,369 42,467,816 (17,725,266) 119,915,784 67,757,813 (206,766,847) (78,820,146) 159,002 6,057,476 38,945,584 (40,785,398) 967,737 10,604,584 (9,280,892) (9,050,548) (40,373,392) 41,791,806 (350,159) (21,025,385) 15,457,690 (3,501,210) (4,126,465) (12,761) (175,779) 1,839, , ,680 3,068,300 (21,844,431) 14,434,150 NATIONAL ELECTRONICS HOLDINGS LIMITED 32

34 (163,623,074) (13,295,967) (137,441,366) (96,008,723) (47,391,370) (31,279,287) 102,596,686 84,688, ,872,881 (2,999,830) (5,112,975) (11,635,800) (1,300,000) 125,185,891 4,082, ,921,339 36,697,216 5,832,061 1,581, ,628, ,741, ,796,247 91,096,138 46,808,728 (33,456,815) (26,707,165) (58,670,564) (31,857,870) (216,902,367) (189,777,204) (3,835,605) (1,035,872) (112,499,610) (34,711,897) 228,000 (1,309,272) (3,875,666) 147,158,742 (196,869,536) 332,943, ,306, ,850, ,642,837 (88,266) (99,144) 615,705, ,850,250 : 615,705, ,850, NATIONAL ELECTRONICS HOLDINGS LIMITED

35 NATIONAL ELECTRONICS HOLDINGS LIMITED 34

36 2. ( ) 1 2 ( ) ,320,527 6,529,295 (42,550,215) (5,367,748) 1,715,411 2,644,031 8,035,938 (38,744,637) 32,789,966 (32,111,840) 678, ,232,644 6,643, ,876, ,237,776 3,920, ,157,907 (82,745,200) 52,132,210 (30,612,990) (69,837,682) 48,223,130 (21,614,552) 257,487,444 58,776, ,263, ,190,060 20,031, ,221, ,972,188 58,776, ,748,246 1,061,996,927 20,031,421 1,082,028, ,972,188 58,776, ,748,246 1,061,996,927 20,031,421 1,082,028, NATIONAL ELECTRONICS HOLDINGS LIMITED

37 2. ( ) 1 2 ( ) ( ) (32,111,840) 5,635,542 54,543,657 28,067,359 28,067,359 28,067, (4.0) 0.8 (3.9) NATIONAL ELECTRONICS HOLDINGS LIMITED 36

38 2. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED

39 2. ( ) (a) (b) (c) NATIONAL ELECTRONICS HOLDINGS LIMITED 38

40 2. ( ) (a) (b) 1 39 NATIONAL ELECTRONICS HOLDINGS LIMITED

41 2. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED 40

42 3. ( ) (i) (ii) (iii) NATIONAL ELECTRONICS HOLDINGS LIMITED

43 3. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED 42

44 3. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED

45 3. ( ) ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED 44

46 3. ( ) ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED

47 3. ( ) ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED 46

48 3. ( ) ( ) 47 NATIONAL ELECTRONICS HOLDINGS LIMITED

49 3. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED 48

50 3. ( ) 49 NATIONAL ELECTRONICS HOLDINGS LIMITED

51 3. ( ) 39 NATIONAL ELECTRONICS HOLDINGS LIMITED 50

52 3. ( ) 51 NATIONAL ELECTRONICS HOLDINGS LIMITED

53 3. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED 52

54 3. ( ) ( ) 53 NATIONAL ELECTRONICS HOLDINGS LIMITED

55 3. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED 54

56 3. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED

57 3. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED 56

58 3. ( ) (i) 37 (ii) 57 NATIONAL ELECTRONICS HOLDINGS LIMITED

59 3. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED 58

60 3. ( ) 59 NATIONAL ELECTRONICS HOLDINGS LIMITED

61 3. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED 60

62 3. ( ) NATIONAL ELECTRONICS HOLDINGS LIMITED

63 ,106,438 6,064,596 58,607,049 ( 8,163,455 NATIONAL ELECTRONICS HOLDINGS LIMITED 62

64 4. ( ) ( ) 133,429, ,214,874 1,183,576,472 78,820,146 9,928,749 7,885, ,504, ,037, NATIONAL ELECTRONICS HOLDINGS LIMITED

65 4. ( ) ( ) 645,000, ,596, (i) 1,076,211, ,402,564 (ii) 1,592,237,658 1,389,219,198 68% 27% (i) 33 (ii) NATIONAL ELECTRONICS HOLDINGS LIMITED 64

66 6. a. 21,230,000 21,230,000 11,768,269 11,768,269 4,058,346 4,058,346 1,562,246 1,562, ,660, ,660,689 71,307,347 71,307,347 15,999,823 15,999, ,705, ,705,106 4,058,346 11,768, ,235,211 21,230, ,291, ,778, ,778,266 88,074,614 88,074,614 46,815,748 46,815, ,925 2,226,969 3,139,894 6,697,956 6,697,956 1,586,997,872 1,586,997, ,925 2,226,969 1,880,364,456 1,883,504, NATIONAL ELECTRONICS HOLDINGS LIMITED

67 6. ( ) a. ( ) 20,490,000 20,490,000 11,721,920 11,721,920 4,097,534 4,097,534 1,721,248 1,721,248 88,771,958 88,771, ,904, ,904, ,499, ,499, ,850, ,850,250 4,097,534 11,721, ,747,092 20,490, ,056, ,780, ,780, ,448, ,448,006 7,020 7,020 10,647,245 10,647,245 4,557,638 4,557, ,453, ,453,586 10,647,245 1,255,247,094 1,265,894,339 NATIONAL ELECTRONICS HOLDINGS LIMITED 66

68 6. ( ) b. (i) 17% 18% 5% 6% 104,519,540 73,944,244 31,394,285 12,937, ,989, ,401,725 52,450,456 24,238, ,980, ,708,298 90,263, ,204,866 19,607,435 27,619,544 90,010,682 60,857,608 1,675, ,352 7,039,997 6,975, NATIONAL ELECTRONICS HOLDINGS LIMITED

69 6. ( ) b. ( ) ( ) (i) ( ) 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% (i) (ii) 6,899,000 11,770,000 9,187,000 6,886,000 (i) (ii) NATIONAL ELECTRONICS HOLDINGS LIMITED 68

70 6. ( ) b. ( ) ( ) (ii) ,616,000 2,904,000 (iii) 5% 5% 202, ,877 5% 5% 1,061,500 1,024, NATIONAL ELECTRONICS HOLDINGS LIMITED

71 6. ( ) b. ( ) Aa2 287,670, ,873,320 A1 107,393,581 47,633,424 91,540,000 60,000,000 1,381,249, ,000,000 NATIONAL ELECTRONICS HOLDINGS LIMITED 70

72 6. ( ) b. ( ) ( ) 151,778, ,778, ,778,266 88,074,614 88,074,614 88,074,614 46,815,748 46,815,748 46,815,748 3,503,574 2,437,343 1,035,374 6,976,291 6,697, ,142,120 45,711, ,880, ,250,807 1,764,984,752 1,586,997, , ,382 81,333 3,058,561 3,058,561 3,058, NATIONAL ELECTRONICS HOLDINGS LIMITED

73 6. ( ) b. ( ) ( ) ( ) 160,780, ,780, ,780, ,448, ,448, ,448,006 7,020 7,020 7,020 2,153,232 1,789, ,648 4,788,782 4,557, ,590,502 94,078,457 73,524, ,927,945 1,076,121, ,453,586 7,545 7,545 7,545 9,982, ,988 10,715,136 10,639,700 c. NATIONAL ELECTRONICS HOLDINGS LIMITED 72

74 6. ( ) c. ( ) 21,230,000 21,230,000 4,058,346 4,058,346 25,288,346 25,288,346 81,333 81,333 3,058,561 3,058,561 3,139,894 3,139, NATIONAL ELECTRONICS HOLDINGS LIMITED

75 6. ( ) c. ( ) ( ) 20,490,000 20,490,000 4,097,534 4,097,534 24,587,534 24,587,534 7,545 7,545 10,639,700 10,639,700 10,647,245 10,647, ,354 16,356,275 16,471,629 7,545 9,452,156 9,459,701 (115,354) (15,168,731) (15,284,085) 7,545 10,639,700 10,647,245 3,549,197 3,549,197 73, , ,616 (2,636,272) (2,636,272) (9,280,892) (9,280,892) 81,333 3,058,561 3,139, ,616 9,459,701 2,636,272 NATIONAL ELECTRONICS HOLDINGS LIMITED 74

76 ,147,902,149 53,316 1,151,000 18,747,493 1,167,853,958 40,827,475 (20,661,956) 28,427,355 13,956,639 62,549,513 4,799,453 6,639,093 (26,964,013) (24,212,583) 3,608, ,157, ,810, ,388,277 (9,164,653) 296,223, NATIONAL ELECTRONICS HOLDINGS LIMITED

77 7. ( ) ( ) 1,283,524,693 4,588,410 6,602,260 1,294,715,363 43,759,245 (22,468,302) 42,045,533 4,875,502 68,211,978 1,488,228 43,461,845 (11,702,002) (20,832,526) (2,608,294) (3,580,248) 102,813, ,252,236 (5,946,232) 171,306,004 3 NATIONAL ELECTRONICS HOLDINGS LIMITED 76

78 7. ( ) 327,024, ,531,501 1,178,838,759 90,874, ,159, ,216, ,876, ,378,144 2,182,898,825 1,417,999, ,095, ,157,907 71,307, ,904,033 15,999, ,499,603 1,144,528, ,712,874 3,587,830,704 2,701,274, ,451, ,236,070 30,553,560 5,656,922 43,577,832 50,692,476 3,895,120 5,269, ,478, ,855,280 46,815,748 7,020 1,689,298,818 1,004,192,702 1,995,593,046 1,312,055, NATIONAL ELECTRONICS HOLDINGS LIMITED

79 7. ( ) 53,657, , ,360, , , ,642,204 (26,182,501) (835,722) (2,048,708) (1,500) (1,219,306) (30,287,737) (327,245) (327,245) (47,235,714) (47,235,714) 2,098,859 2,098,859 (1,472,000) (1,472,000) 2,682,180 2,682,180 (7,464,855) 13,450,601 24,855,624 30,841,370 (63,089) (3,248) (66,337) NATIONAL ELECTRONICS HOLDINGS LIMITED 78

80 7. ( ) ( ) 34,182, ,995 15,615, ,004, , ,451,202 (19,671,173) (501,401) (5,893,300) (819,760) (26,885,634) (322,733) (322,733) (35,747,000) (35,747,000) 2,936,920 2,936,920 (13,067) (213,776) (226,843) 8,980,476 8,980,476 7,702,737 39,574,620 (3,136) 47,274, ,500 41,082,455 41,944,955 1,147,902,149 1,283,524,693 1,204,316 4,588,410 18,747,493 6,602,260 1,167,853,958 1,294,715, NATIONAL ELECTRONICS HOLDINGS LIMITED

81 7. ( ) 1,002,143,715 1,101,393,018 1,379,547,651 1,519,622,287 30,279,529 43,162,150 5,623,555 5,699, ,817, ,007,666 33,612,871 14,152,529 1,167,853,958 1,294,715,363 1,385,171,206 1,525,321,845 10% A 404,221, ,657,272 B 176,699, ,822,867 NATIONAL ELECTRONICS HOLDINGS LIMITED 80

82 8. 4,799,453 1,488,228 5,657, , , , ,657 41,944,955 4,909, , ,630 2,098,859 2,936,920 6,905,513 2,360,234 7,625,009 5,401,725 30,384,242 57,165, ,501,613 19,424,245 10,631,228 6,966, , ,755 33,456,815 26,707,165 (9,244,232) (5,874,639) 24,212,583 20,832, % 2.06% 81 NATIONAL ELECTRONICS HOLDINGS LIMITED

83 ,344, ,675,689 30,287,737 26,885, , ,733 1,917,460 1,850, ,139, ,349,704 1,472, ,843 66, ,616 9,459,701 8,172,042 8,013,576 2,827,234 (2,682,180) (8,980,476) 18,155,080 11,190,670 (764,246) (685,461) 17,390,834 10,505,209 5,303,841 5,259,060 NATIONAL ELECTRONICS HOLDINGS LIMITED 82

84 1 1. ( a ) M.B.E.,J.P. 50,000 50,000 50,000 50, , ,000 50, ,000 50,000 1,500,000 17,943,375 13,724,000 13,952,000 5,212,066 3,121,500 53,952,941 14,500 14,500 14,500 14,500 14,500 72,500 18,007,875 13,788,500 14,016,500 5,276, , ,000 50, ,000 3,186,000 55,525,441 50,000 50,000 50,000 50, , ,000 50, ,000 50,000 1,250,000 17,897,500 13,360,000 9,016,000 5,213,160 3,102,000 48,588,660 12,000 12,000 12,000 12,000 12,000 60,000 17,959,500 13,422,000 9,078,000 5,275, , ,000 50, ,000 3,164,000 49,898,660 3,246,720 3,168,960 ( b ) (a) 83 NATIONAL ELECTRONICS HOLDINGS LIMITED

85 1 2. 6,781,787 4,782,000 (1,446,597) 2,098,283 5,335,190 6,880, ,760 8,431 (865,529) 5,666,950 6,023, ,497,703 (76,953) 16.5% 9,164,653 5,946,232 25% 305,388, ,252, % 50,389,066 29,246,619 (22,408,785) (16,964,187) 7,693,731 8,054,093 (27,892,648) (14,619,088) (172,307) (161,053) 6,082,680 4,582,053 (785,791) 654,732 (3,688,424) (3,064,213) (1,446,597) 1,232,754 (520,860) (1,038,225) 1,914,588 (1,977,253) 9,164,653 5,946,232 50:50 NATIONAL ELECTRONICS HOLDINGS LIMITED 84

86 ,224,492 38,578, ,556, ,889,219 4,887,809 58,670,564 43,466, ,970,061 11,608,361 38,578, NATIONAL ELECTRONICS HOLDINGS LIMITED

87 ,223, ,306, ,413, ,022,747 5,641,299 2,827, ,054, ,850, ,201,272,361 19,170,606 47,274,221 (120,000,000) 305,000,000 (685,308,828) 1,187, ,596, ,274,911 30,841,370 (320,000,000) (712,281) 645,000,000 NATIONAL ELECTRONICS HOLDINGS LIMITED 86

88 1 5. ( ) 617,500, ,000, ,000, ,000, ,500,000 27,500,000 34,596, ,000, ,596, NATIONAL ELECTRONICS HOLDINGS LIMITED

89 ,275,260 22,588,428 5,152,053 37,262,935 1,080,266 30,577,424 86,726,305 32,170,638 97,718,181 15,058,128 85,708, ,317,819 (10,460) 144,320 40,996 42,606 59,408 29,201 (144,041) 162,030 15,544, , ,637 2,986,445 1,981,631 9,391,579 31,279,287 53,740,000 66,260, ,000,000 96,715 96,715 (53,740,000) (66,260,000) (745,916) (12,157,048) (2,567,000) (11,512,393) (2,179,400) (149,161,757) 137,275,260 22,588,428 5,141,593 52,951,265 1,121,262 30,750,099 75,128,302 32,619,284 88,140,093 15,058,128 92,920, ,694,094 (1,986) 49,600 14,090 9,578 20,417 10,037 (87,578) 14,158 14,300,000 3,037,736 4,650,784 1,034, ,578 16,838,190 2,565,357 1,679,080 9,031,522 53,367, ,000,000 15,000, ,000,000 (3,735,867) (382,966) (68,404) (92,800) (4,280,037) 456,575,260 40,626,164 5,139,607 57,651,649 1,135,352 31,793,723 71,643,430 49,084,545 90,549,468 16,644, ,951, ,795,508 3,741,556 4,883,774 1,832,988 2,568,512 30,059,644 82,245,246 23,094,063 69,216,169 5,725,853 71,219, ,587,301 (3,721) 11,500 45,063 43,976 29,201 (75,317) 50,702 2,477, , , , ,686 1,815,775 4,274,151 6,353,817 1,204,688 9,728,987 26,885,634 35,747,000 35,747,000 95,406 95,406 (35,747,000) (745,916) (12,157,048) (1,929,500) (7,258,965) (2,179,400) (60,017,829) 6,218,787 5,335,542 1,961,087 2,764,723 29,621,477 71,947,949 25,467,915 68,331,110 6,930,541 78,769, ,348,214 94,430 5,055 9,657 16,500 10,037 (47,123) 88,556 5,208, ,523 13, , ,402 2,203,064 4,571,884 5,921,095 1,245,744 10,008,169 30,287,737 45,024,581 2,211,133 47,235,714 (3,735,867) (382,966) (65,156) (29,711) (4,213,700) 56,451,779 8,209,198 2,068,758 2,955,982 29,898,536 70,431,646 29,666,870 74,139,926 8,146,574 88,777, ,746, ,123,481 32,416,966 3,070,849 54,695,667 1,135,352 1,895,187 1,211,784 19,417,675 16,409,542 8,497,834 13,174, ,048, ,056,473 17,252,886 3,180,506 50,186,542 1,121,262 1,128,622 3,180,353 7,151,369 19,808,983 8,127,587 14,151, ,345,880 NATIONAL ELECTRONICS HOLDINGS LIMITED 88

90 1 6. ( ) /3% /3% 25% 25% 14 1 /3% - 25% 10% 15% /3% 45,024,581 2,211, ,302,015 12,838, ,821, ,218, ,123, ,056,473 6,782,001 5,962, ,544 63,590 7,630,545 6,025, ,540, ,489, NATIONAL ELECTRONICS HOLDINGS LIMITED

91 ,348,251 14,543, , ,733 14,674,162 14,866,665 14,674,162 14,866, , , , , , ,126 NATIONAL ELECTRONICS HOLDINGS LIMITED 90

92 1 8. ( ) 15.09% 11.27% 3% ,943, ,110, ,293, ,293,388 50,413,700 29,802, ,864, ,462, ,095, ,157, ,876,492 Eden Bay Corporation 20% Smart Plus Group Limited 27% Ally Vantage Limited 27% Mercato Group Limited 39.5% 91 NATIONAL ELECTRONICS HOLDINGS LIMITED

93 2 0. ( ) 1,740,883,838 5,367,479,431 (1,228,839,562) (3,289,066,679) 512,044,276 2,078,412,752 54,084,083 51,419, ,995, ,779, (8) (398) NATIONAL ELECTRONICS HOLDINGS LIMITED 92

94 2 1. ( ) Harvest Sun Holdings Limited 50% 1,659, ,303,482 46,679,936 53,256,093 31,966, ,821,238 27,362, ,189, ,204 7,176,190 2,112,765 (480,845) (361,651) 3,588, ,281 5,690,788 3,972, NATIONAL ELECTRONICS HOLDINGS LIMITED

95 ,230,000 20,490,000 1,000,000 (1,000,000) 21,230,000 20,490,000 2,000,000 2,000, ,768,269 11,721,920 11,768,269 11,721,920 11,768,269 11,721, ,268,511 40,537,578 13,352,622 18,890,574 75,808, ,786, ,429, ,214,874 2,682,180 8,980,476 NATIONAL ELECTRONICS HOLDINGS LIMITED 94

96 ,183,576,472 78,820, ,562,246 1,721, ,171,034 66,770,504 (6,064,596) (8,163,455) 55,106,438 58,607,049 38,406,299 11,485,113 11,693,360 9,214,949 30,969,476 95,127, ,175, ,434, ,660,197 50,656, ,940,440 5,445, ,496,135 1,440, ,009,666 1,064,181 55,106,438 58,607,049 81% 86% 10,446,241 7,950, NATIONAL ELECTRONICS HOLDINGS LIMITED

97 2 8. ( ) ,940,440 5,445, ,496,135 1,440, ,009,666 1,064,181 10,446,241 7,950,383 8,163,455 11,087, ,843 (213,776) (2,098,859) (2,936,920) 6,064,596 8,163,455 6,064,596 8,163, ,064,596 8,163, NATIONAL ELECTRONICS HOLDINGS LIMITED 96

98 ,061, ,629, ,927, ,990, ,178,838 50,393, ,656,316 7,054, ,298,214 6,190, ,061, ,629, ,925 7,545 81,333 2,145,636 9,982, ,552 2,145,636 9,989,693 81, ,552 3,058,561 9,989,693 81, , NATIONAL ELECTRONICS HOLDINGS LIMITED

99 3 1. ( ) 288,000, ,636,272 50,000, ,000, ,000, ,000, ,000, ,000, * * NATIONAL ELECTRONICS HOLDINGS LIMITED 98

100 3 1. ( ) ( ) 500,000 1,000,000 * * 500,000 1,000,000 50,000, ,319,946 2,002,592 3,378,010 2,555,046 6,697,956 4,557, NATIONAL ELECTRONICS HOLDINGS LIMITED

101 3 2. ( ) 3,503,574 2,153,232 3,319,946 2,002,592 3,472,717 2,635,550 3,378,010 2,555,046 6,976,291 4,788,782 6,697,956 4,557,638 (278,335) (231,144) 6,697,956 4,557,638 6,697,956 4,557,638 (3,319,946) (2,002,592) 3,378,010 2,555, ,277,641, ,317, ,356, ,135,612 1,586,997, ,453, ,786, ,051,022 22,733,592 84,250, ,917,980 50,299, ,559, ,852,172 1,586,997, ,453,586 (510,786,792) (583,051,022) 1,076,211, ,402, ,789,470 75,968, ,273, ,764, NATIONAL ELECTRONICS HOLDINGS LIMITED 100

102 ,500,000,000 1,500,000, ,000, ,000, ,542, ,429,928 97,754,251 96,742, ,000 14,806,583 30,000 1,480,658 (1,280,000) (4,694,000) (128,000) (469,400) 976,562, ,542,511 97,656,251 97,754, ,280, ,304, NATIONAL ELECTRONICS HOLDINGS LIMITED

103 ,785,730 90,854,039 32,577,840 2,900,000 46,886, ,003,675 11,347,582 11,347,582 10,127,703 10,127,703 (43,466,231) (43,466,231) 469,400 (3,875,666) (3,406,266) 32,913,433 90,854,039 33,047,240 2,900,000 10,891, ,606,463 53,604,526 53,604, ,740 (66,740) 198,000 (58,670,564) (58,670,564) 128,000 (1,309,272) (1,181,272) 33,178,173 90,854,039 33,175,240 2,833,260 4,516, ,557,153 (a) (b) 95,370, ,745,790 90,854,039 90,854,039 4,516,441 10,891,751 NATIONAL ELECTRONICS HOLDINGS LIMITED 102

104 3 6. 4,338,325 4,074, , ,132 (350,159) 4,257,203 4,338, % 0.4% 3.5% 3.0% 787 9,385 26,521 91, , , , , NATIONAL ELECTRONICS HOLDINGS LIMITED

105 3 6. ( ) 6,731,245 7,263,353 (2,474,042) (2,925,028) 4,257,203 4,338,325 7,263,353 6,724, ,385 26,521 91,328 (209,257) 437,820 (350,159) 6,731,245 7,263,353 1,127,286 1,024,814 NATIONAL ELECTRONICS HOLDINGS LIMITED 104

106 3 7. 3,361,049 23,933,930 57,213,211 (1,762,990) 82,745,200 (52,132,210) (52,132,210) 3,361,049 23,933,930 5,081,001 (1,762,990) 30,612,990 1,145,968 1,925,684 (3,148,605) (76,953) (4,544,138) (4,544,138) 4,499,117 (3,770,299) 728,818 1,650,000 (1,650,000) (5,902,992) (5,902,992) 796, ,827 9,006,134 15,136,800 5,356,685 (7,885,067) 21,614,552 7,407,599 (1,866,214) (2,043,682) 3,497,703 (7,793,893) (7,793,893) 57,852,399 57,852,399 16,413,733 65,195,306 3,490,471 (9,928,749) 75,170, ,057, ,825,000 9,929,000 7,885,000 59,553,000 47,788, ,504, ,037,000 2,199,000 3,307,000 10,125,000 10,174, NATIONAL ELECTRONICS HOLDINGS LIMITED

107 3 8. a 2,174,493,263 1,482,105,250 b 90,000,000 90,000,000 90,000,000 90,000,000 c 621, ,000 90,621,000 90,621,000 2,264,493,263 1,572,105,250 (a) (b) (c) 2,174,493,263 1,482,105, ,846, ,957, ,832,302 5,214,717 90,000,000 90,000,000 90,000,000 90,000,000 59,393,043 11,032,916 38,390,400 97,783,443 11,032,916 NATIONAL ELECTRONICS HOLDINGS LIMITED 106

108 ,073,036 15,569,631 25,590,071 17,804,201 6,713,050 19,089,688 47,376,157 52,463,520 4,406,442 4,790, ,205 57,710 5,183,647 4,847, % 1,250 6,835,101 4,446, NATIONAL ELECTRONICS HOLDINGS LIMITED

109 ,500, ,000,000 32,416,966 17,252,886 3,180,506 7,442, ,357,921 1,183,576,472 78,820, ,123, ,056, (1) 1,743,413 2,636, , , ,872,881 (2) 2,272,860 (3) (4) 38 (5) 11 NATIONAL ELECTRONICS HOLDINGS LIMITED 108

110 ,800,000 16,100, % 1.65% 10% 1% 0.1% 5,000,000 1 (i) (ii) (iii) ,200,000 9,200, ,900,000 (300,000) 6,600,000 16,100,000 (300,000) 15,800,000 15,800, NATIONAL ELECTRONICS HOLDINGS LIMITED

111 4 3. ( ) ,200,000 9,200, ,900,000 6,900,000 16,100,000 16,100,000 16,100, (a) Tania Investments Holdings Limited 50% 250,000,000 5,657,431 Tania Investments Holdings Limited Tania Investments Holdings Limited 250,000,000 (112,499,610) 137,500, ,748 NATIONAL ELECTRONICS HOLDINGS LIMITED 110

112 4 4. ( ) (a) ( ) 900,000,000 60,100 59,024 (820,907) (224,999,220) (3,549,197) (326,581,759) (57,852,399) 286,315, ,500,390 Tania Investments Holdings Limited 50% 143,157,821 (286,315,642) (5,657,431) Tania Investments Holdings Limited 250,000,000 (112,499,610) (59,024) 137,441,366 Tania Investments Holdings Limited 28,319 Tania Investments Holdings Limited 1,168,000, ,000,000 Tania Investments Holdings Limited 111 NATIONAL ELECTRONICS HOLDINGS LIMITED

113 4 4. ( ) (b) Roebuck Investments Limited 80% 123,559, ,126 Roebuck Investments Limited Roebuck Investments Limited 123,559, , ,000,000 1, , ,948 27,550,563 (7,332,632) (43,407,907) (128,620,112) (728,818) 153,770, , ,559,286 Roebuck Investments Limited 20% 30,889,821 (153,770,981) 678,126 NATIONAL ELECTRONICS HOLDINGS LIMITED 112

114 4 4. ( ) (b) ( ) Roebuck Investments Limited 123,559,286 (27,550,563) 96,008,723 Roebuck Investments Limited 2,009,978 Roebuck Investments Limited 6,602,261 1,363,000, ,000,000 Roebuck Investments Limited 113 NATIONAL ELECTRONICS HOLDINGS LIMITED

115 4 5. (a) Camy S.A. 4,225,750 Camy S.A. 4,225, ,927 (25,354) 117,573 4,225,750 (500,000) (117,573) 3,608,177 4,225,750 (142,927) 4,082,823 NATIONAL ELECTRONICS HOLDINGS LIMITED 114

116 4 5. ( ) (b) Smart Plus Group Limited Smart Plus Group Limited 110,960, ,672, ,734 5,281,512 (74,396,796) (12,988,691) (6,233,537) (104,668,159) 150,021, ,960,000 (14,000,000) (150,021,813) 41,040,000 (12,021,813) 110,960,000 (5,281,512) 105,678, NATIONAL ELECTRONICS HOLDINGS LIMITED

117 4 5. ( ) (c) Ally Vantage Limited Ally Vantage Limited 98,112,000 42,048, ,160, ,636, ,827 18,680 3,869,149 (63,543,810) (2,493,984) (112,696,459) 168,586, ,160,000 (14,000,000) (168,586,481) 51,840,000 9,413,519 98,112,000 (3,869,149) 94,242,851 NATIONAL ELECTRONICS HOLDINGS LIMITED 116

118 4 6. 4, % % 1 Baccarat Investments 1 100% Limited 1 Banyan Villas Holdings 2 100% Limited 1 Brady Limited % 1 Chirac Limited % % 1 Clare Holding Limited % % % % % % NATIONAL ELECTRONICS HOLDINGS LIMITED

119 4 6. ( ) Joyful Asia Group Limited % 1 Majorell Limited % 10 Miyota Trading Limited % 1 10, % 1 National Commercial % Developments Limited % , % , % 1 National Hotel Holdings % Limited % 1 National Properties 1 100% Holdings Limited 1 National Residential 10, % Developments Limited 1 National Residential % Developments Limited 1 NATIONAL ELECTRONICS HOLDINGS LIMITED 118

120 4 6. ( ) % , % 10 55, Phoenix Investment S.a.r.l % 25 Roebuck Investments Limited % 1 Seafield Capital Limited 1 100% 1 Smart Rise Investments Limited % 1 Spring Orchard Limited 1, % 1 St. Thomas Commercial % Developments Incorporated St. Thomas Developments 10, % Incorporated Susanne Limited % % 1 Tania Limited 1 100% 1 Tania Development % Limited 1 Tania Investments Limited % NATIONAL ELECTRONICS HOLDINGS LIMITED

121 4 6. ( ) Terence Limited 1 100% 1 Terence Limited % 1 The Putman Management % Limited 1 Unionville Development 100% Limited Partnership 64,841 Unionville Development (2010) 100% Limited Partnership 180,455 Verde Group Limited 1 100% Ontario Limited % 1 100% * 14,000, % * 56,000, % * 4,450,000 * 100% 5,000,000 * NATIONAL ELECTRONICS HOLDINGS LIMITED 120

122 % 202 The Putman 100% 8 A 24 A C % 100% 100% 121 NATIONAL ELECTRONICS HOLDINGS LIMITED

123 1,167,854 1,294,715 1,265,369 1,113,704 2,301,704 (990,349) (1,106,093) (1,114,202) (982,173) (2,040,410) 177, , , , ,294 30,384 57,165 6,901 50,106 5,649 30,841 47, ,104 57,001 62,973 (46,629) (9,247) (7,702) (8,277) (7,248) (7,793) (182,459) (183,899) (173,308) (124,781) (146,101) (24,213) (20,833) (20,380) (15,322) (27,526) 3,608 (2,608) 20,747 (3,580) 135, , ,019 43,184 35, ,158 (1) 305, , , , ,545 (9,164) (5,946) (7,328) (12,754) (28,714) 296, , , , , ,587,831 2,701,274 2,719,335 2,160,667 2,116,748 1,995,593 1,312,055 1,437,006 1,324,336 1,393,381 1,592,238 1,389,219 1,282, , , NATIONAL ELECTRONICS HOLDINGS LIMITED 122

124 The superstructure work for the Group s boutique hotel apartment at Queen s Road Central has completed and the project is scheduled to be launched in early

125 99 Bonham, the Group s third boutique hotel apartment joint venture with a real estate fund managed by J.P.Morgan Asset Management, launched in October The exterior and interiors were designed by the world-renowned architect firm Antonio Citterio Patricia Viel and Partners. 99 BonhamJ. P. Morgan Asset Management Antonio Citterio Patricia Viel and Partners

126 99 Bonham exudes Italian chic, from the custom-designed furniture to the luxurious Frette linens and beddings. 99 BonhamFrette The spacious suite at 99 Bonham offers a magnificent city view in a modern yet cozy setting. 99 Bonham 99 Bonham offers guests a tranquil environment while being conveniently located next to the business center of Hong Kong. 99 Bonham

127 The Group s luxurious residential development at 45 Tai Tam Road has completed site formation work and preparation is underway for the foundation works to commence. 45

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