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1 2016

2

3 Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie MBA, ACA, CPA (practising) Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY Cayman Islands Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY Cayman Islands Credit Suisse AG Hong Kong Branch

4 775, , % 80.3% 81.0% 136, , % % % 933, , % 376, , % 556, , % 156,180 64, % , , , , , , , ,895 90, ,000 60, ,000 30,

5 4

6 1. 15,000,000 6% 3 Henson

7 2. 3,500,000 Abpro Corporation Abpro CAbpro Abpro 3. Elektron Technology UK LimitedElektron Elektron Henson ,000,000 AC Immune SA ACI ACI ACI ACI ACI 150,000, ,000, ,

8 1. PDGF III 2. Abpro Abpro 775,700, % 104,900,000136,300, % 35.1% 42.7% 22.2% 7

9

10 62 Essex Bio-Investment Limited KPMGDHL (Businessman of the Year) Chevalier DE L ORDRE NATIONAL DU MERITE (i)146,479,000 Dynatech Ventures Pte Ltd6,666,667 (ii)500,000 Dynatech Ventures Pte Ltd 51 Essex Bio-Investment Limited 4,738,300 3,500, Essex Bio-Investment Limited 1,251,150 1,060,000 9

11 62 XV MAUFFREY BENOIT JEAN MARIE 64Mauffrey Mauffrey XV 54The University of Southwestern LouisianaThe University of New England 25 XV 53 10

12 11

13 15,000,0006% 10% Abpro CorporationAbpro Abpro Abpro Abpro 616,197 C C 3,500,000 27,300,000 C Abpro Abpro 61,619 Abpro 61,619 Abpro 2.08 Abpro Abpro 12

14 Elektron Technology UK LimitedElektron ElektronElektron Henson 9000 Elektron 8 Henson 9000 Elektron AC Immune SAACI ACIACI 518, E ,000,000 39,000,000ACI 11.0 ACI ACI 150,000, % % 25,423,728 2,572, ,000,000 13

15 39 1, , ,500 bfgf bfgf PDGF III 14

16 Abpro Abpro Abpro Abpro bfgf 14 GMP bfgf GMPGMP 15

17 775,700, ,000, % 42.7% 3.5% 46.2% 41.0% 0.0% 41.0% 35.1% 12.5% 47.6% 43.0% 8.0% 51.0% 77.8% 16.0% 93.8% 84.0% 8.0% 92.0% 2.2% 2.2% 0.0% 0.0% 4.0% 4.0% 8.0% 8.0% 6.2% 6.2% 8.0% 8.0% 77.8% 22.2% 100.0% 84.0% 16.0% 100.0% 358,400,000268,100, ,200, ,500, % 10.7% 9.8% 137.2% 623,000, ,600, % 136,300,000104,900, % 410,500,000352,100, % 16

18 48,000,00051,200,000 3,200,000 1,300,000 4,700,000 30,000,00024,300,000 22,400,000 11,600,000 10,800,0005,700, ,200,000 64,600,000 38,800,000 51,000,00025% 75% 1.7% 9,700,000 2,100,000 6,000, ,900,000 38,800,000 20,000, ,000, % 145,000,000 (i) 80,000,000(ii) 26,100,000 38,900,000 17

19 156,200,000 64,600, % 30.3%8.4% 32.2% 29.2% 113,200,00020,000,000 13,400,000 27,600,000 18

20 ,600,000 60,400, (a) 5% (b) 50,000,000 (c)

21

22 Elektron Technology UK Limited Elektron Elektron Technology Humacyte Inc Humacyte Humacyte 10,000,000 1,000,000 Carisolv () II Henson 9000 Humacyte Humacyte 21

23 Abpro Corporation Abpro Abpro AC Immune SA AC Immune AC Immune AC Immune 15,000,000 3,500,000 5,000,000 ACIU PDGF III Abpro AC Immune 22

24 18.6%775,700, ,000,000136,300, % 35.1% 42.7% 43% 41% 39 1, ,200,000 64,600,000 38,800,000 51,000,00025% 75% 1.7 9,700,000 6,000,000 Carisol 23

25 Abpro Corporation Daishin Securities Co., Ltd. 1 GMP GMPGMP GMPGMP GMPGMP GMPGMP GMP 2 24

26 3 4 DNA

27 ERP 26

28 4 3,5002, , ,608,000 2,608, (a) (b) (1) (2) 2. (a) (b) (c)

29 3. (a) ,375,000 (b) 5.58% 4. 1% (a) 1.00 (b) 14 (c) 8. (a) (b) (c)

30 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,000 5,668, ,000 5,560, ,940, ,940, ,201, ,201, ,300, ,300, ,300, ,300, ,300, ,300, , , , , , , , , , ,000 11,041,000 2,300, ,341, ,250, ,250, ,250, ,250, ,500, ,500, ,209,000 2,300,000 2,608,000 18,901,000 29

31 ,186, ,186,820 17,988, % 23.6% 89.4% 49.6% 5% 30

32 Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie G 31

33

34 XV ,645, % 8,238, % 2,376, % 1. (a) 146,479,000 (b) 6,666,667 Dynatech Ventures Pte LtdDynatech Dynatech Dynatech (c) 500, (i)4,738,300(ii) 3,500, (i)1,316,150(ii) 1,060,000 XV352 33

35 XV ,020, % 153,645, % 1. (a) 144,854,000 (b) 6,666,667 DynatechDynatech Dynatech (c) 500, ,645, ,

36 42 14A

37 14 14 Mauffrey Benoit Jean Marie 36

38 3.13 5/5 1/1 5/5 1/1 5/5 1/1 5/5 1/1 Mauffrey Benoit Jean Marie 5/5 1/1 5/5 1/1 37

39 Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie 38

40 2/2 2/2 2/2 Mauffrey Benoit Jean Marie 2/2 Mauffrey Benoit Jean Marie 39

41 2/2 2/2 2/2 Mauffrey Benoit Jean Marie 2/2 Mauffrey Benoit Jean Marie Mauffrey Benoit Jean Marie 40

42 4/4 Mauffrey Benoit Jean Marie 4/4 4/4 Mauffrey Benoit Jean Marie 1/1 1/1 1/1 Mauffrey Benoit Jean Marie 1/1 41

43 ,000 93,

44 13.51(2) (852)

45 44

46 Committee of Sponsoring Organisations of the Treadway CommissionCOSO 45

47 (i) (ii) (iii) (iv) 46

48

49 (1) 4(h) ,670, (i) (ii) 38 (2) 4(i) ,942,402 31,183,750 (i) (ii) 48

50 49

51 50

52 P

53 ,662, ,010,499 (152,636,311) (124,418,858) 623,026, ,591, ,395,501 6,382,673 (410,539,424) (352,109,409) (47,958,700) (51,157,864) 9 (9,686,016) (2,056,200) ,238, ,650, (25,953,667) (25,755,651) 136,284, ,895,190 (32,413,062) (21,827,038) 22 13,440, ,311,576 83,068,

54 17 163,901, ,335, ,189,091 6,774, ,227,853 2,416, ,700,268 34,367, ,016,775 11,937, ,397,434 3,882, ,385 23,398, ,000,000 20,000, ,815, ,113, ,216,070 38,678, ,007, ,427, ,327,800 49,746, ,750, ,180,115 64,613, ,481, ,465, ,297, ,578, ,128, ,288, ,780,000 51,000,000 10,048,758 2,940, ,956, ,229, ,525, ,236, ,340, ,349, ,434, ,042,175 15,402, ,476,515 15,402, ,433, ,632, ,864, ,946, ,214,900 55,954, ,649, ,992, ,864, ,946,836 53

55 32 33(i) 33(ii) 33(iii) ,675, , ,442 41,516,886 19,801,930 15,666, ,053, ,045, ,895, ,895,190 (21,827,038) (21,827,038) (21,827,038) 104,895,190 83,068,152 (12,248,500) (12,248,500) 279,100 6,140,200 6,419,300 2,798,156 (2,798,156) 4,662,052 4,662,052 55,954,100 9,908, ,442 41,516,886 (2,025,108) 17,530, ,699, ,946, ,284, ,284,381 (32,413,062) (32,413,062) 13,440,257 13,440,257 (32,413,062) 13,440, ,284, ,311,576 (13,988,525) (13,988,525) 260,800 7,645,877 (1,908,277) 5,998,400 1,272,561 1,272,561 33,323,218 33,323,218 56,214,900 17,554, ,442 41,516,886 (34,438,170) 16,894,786 13,440,257 33,323, ,995, ,864,066 54

56 162,238, ,650,841 8 (3,772,836) 8 (3,230,461) 8 (218,327) (278,491) 8 854, ,686,016 2,056, , , ,834, , ,934,795 9,793,104 1,272,561 4,662, ,233,468 2,028, , ,685,773 3,411, ,925, ,281, ,711, ,946,306 (75,967,202) (9,108,560) (63,960,952) (58,983,560) 12,105,034 (50,913,034) 52,858,441 52,625,764 (8,576,623) 12,349, ,520,144 89,566,916 (4,928,458) (2,056,200) (22,313,000) (18,870,251) 85,278,686 68,640,465 55

57 17 (11,769,279) (11,384,774) 20 (24,289,512) (11,644,249) (17,528,115) (12,428,536) (66,075,169) (3,882,008) 8 218, ,491 1,495,121 (20,000,000) 774,220 (117,948,627) (58,286,856) 121,910,356 51,000,000 (134,130,356) (49,714,144) ,000,000 5,998,400 6,419,300 (13,988,525) (12,248,500) 129,789,875 (4,543,344) 97,119,934 5,810,265 64,613,176 61,974,415 (5,552,995) (3,171,504) 156,180,115 64,613,176 22,047,944 56

58 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands (a)

59 2. (a) (b) 7 (1) 12 (1) 2 (2) 9 (2) 15 (2) (2) 16 (3) 10 (4) 28 (1) (2) (3) (4) 58

60 2. (b)

61 2. (b)

62 2. (b) (a) (b) 4 (c) 61

63 4. (a) (b) (c) 62

64 4. (d) (e) 63

65 4. (e) 2% 18% 9% 19% 18% 20% 18% (f) (g) (h) (i) 64

66 4. (h) (ii) (1) (2) (3) (4) (5) (6) (iii) (i) (i) 65

67 4. (i) (i) 66

68 4. (i) (ii) 67

69 4. (i) (iii) (iv) (v) 68

70 4. (i) (vi) (vii) 39 (j) (k) (l) 69

71 4. (l) (m) 70

72 4. (n) (o) 71

73 4. (p) (q) (r) 72

74 4. (s) (i) (1) (2) (3) (ii) (1) (2) (3) (4) (5) (6) (i) (7) (i)(1) (8) 73

75 4. (s) (i) (ii) (iii) (t) (u) 74

76 5. (a) 4 75

77 5. (b) (c) (d) (e) 76

78 5. (f) (g) (h)

79 6. (a) 727,817,762 47,845, ,662, ,474,528 26,296, ,771, ,836,400 51,174, ,010, ,940,812 30,446, ,387,494 78

80 6. (a) 185,771, ,387,494 (12,574,808) (15,018,401) (1,272,561) (4,662,052) (9,686,016) (2,056,200) 162,238, ,650,841 (b) (c) 183,421, ,995, % 21.3% 79

81 ,772,836 3,230, ,519 5,979, , ,491 (854,574) 78, ,192 7,395,501 6,382, ,676,792 2,056,200 6,009,224 9,686,016 2,056,200 80

82 , ,276 1,834, , , , ,634, ,691,441 19,002,253 20,727,417 10,934,795 9,793,104 75,926,401 52,509,384 4,327,933 3,114, ,047 2,499, , ,000 1,233,468 2,028,251 2,685,773 3,411,021 36,487 5,652,020 10,781,763 1,925,910 1,281, , ,000572,047 2,499, ,514 1,562,

83 11. Mauffrey Benoit Jean Marie (a) 185, , , , , , ,761 2,037,640 25,010 18,000 43,010 (b) 891, ,912 1,069,215 2,762,140 (c) 93,573 93,573 13, ,514 1,666,899 1,505,061 1,871, , , ,750 5,575, , , , , , , ,684 1,926,351 23,907 17,306 41,213 (b) 742, , ,000 2,300,000 (c) 729, , ,155 1,562,327 2,116,397 1,973,655 1,739, , , ,000 6,339,891 (a) (b) (c) 34 82

84 ,545,050 2,040,927 39,782 33, , ,735 2,699,793 2,970,297 1,000, ,500,001 2,000, ,000, ,370,943 3,155,698 83

85 14. 25,630,461 20,228, ,206 5,526,805 25,953,667 25,755,651 15% 25% 162,238, ,650, % 16.5% 26,769,278 21,557,389 (2,626,594) (2,452,445) 5,768,198 3,399,924 (908,896) (108) (1,586,465) (1,687,356) (3,320,221) 3,972,403 1,858, ,844 25,953,667 25,755,651 84

86 ,988,768 13,988, ,284, ,895, ,113, ,541,000 6,983,566 7,169, ,097, ,710,680 85

87 ,405,443 62,581,089 4,373,666 3,853, ,213,309 10,286,521 1,098,253 11,384,774 (7,056,957) (3,872,802) (248,990) (213,423) (11,392,172) 120,348,486 68,994,808 5,222,929 3,639, ,205,911 1,045,580 8,208,219 2,080, ,793 11,769,279 (84,552) (84,552) (7,780,276) (4,792,056) (381,795) (253,071) (13,207,198) 113,613,790 72,326,419 6,921,821 3,821, ,683,440 2,492,541 8,196,753 1,977,740 2,611,532 15,278,566 2,498,581 6,288, , ,194 9,793,104 (236,788) (702,481) (102,886) (159,439) (1,201,594) 4,754,334 13,782,466 2,506,989 2,826,287 23,870,076 2,361,506 7,337, , ,880 10,934,795 (48,065) (48,065) (409,638) (1,207,058) (158,748) (199,568) (1,975,012) 6,706,202 19,864,692 3,177,301 3,033,599 32,781, ,907,588 52,461,727 3,744, , ,901, ,594,152 55,212,342 2,715, , ,335, ,907,588 86

88 18. 8,492,133 (470,377) 8,021,756 (515,518) 7,506, , ,276 (60,888) 1,086, ,274 (76,744) 1,166,846 6,339,392 (150,301) 6,189,091 6,935,440 (160,624) 6,774,

89 19. 2,588,991 (172,301) 2,416,690 (188,837) 2,227,853 (a) (b) 78% 46% 12.4% 10.9% 3% 3% 88

90 20. 40,653,194 2,526,051 43,179,245 11,644,249 11,644,249 (2,711,869) (69,999) (2,781,868) 49,585,574 2,456,052 52,041,626 24,289,512 22,047,944 46,337,456 (4,257,353) (1,193,922) (5,451,275) 69,617,733 23,310,074 92,927,807 15,607,296 1,472,932 17,080, , ,571 1,281,571 1,281,571 (915,122) (21,489) (936,611) 15,973,745 1,700,014 17,673,759 1,834,615 1,834,615 (1,026,551) (254,284) (1,280,835) 14,947,194 3,280,345 18,227,539 54,670,539 20,029,729 74,700,268 33,611, ,038 34,367,867 1,281,571 89

91 21. 10,000,000 11,937,448 5% 100% 30% 100% 15,000,000 17,528,115 6% 100% 20% (1) 12 10% (2) 12 (3) 10% 90

92 21. 7,071,906 5,074,373 12,146,279 14,870,496 1,750,887 16,621,383 21,942,402 6,825,260 28,767,662 (1,750,887) (1,750,887) 21,942,402 5,074,373 27,016,775 6,621,379 5,316,069 11,937,448 5,316,069 2,850,947 5,316,069 (854,574) (487,182) 6,825,260 5,316,069 (854,574) 91

93 % 51% % 2.704% (a) 31,183,750 3,882,008 (b) 52,213,684 83,397,434 3,882,008 (a) B C 92

94 22. (b) AC Immune SAACI 518,758 E5,000,000 39,000,000 ACI ACIACI 0.96% ACI 518,758 EACI ACI 13,440, ,405,183 7,361,707 4,899,572 5,270,801 94,911,315 26,046, ,216,070 38,678,761 2,685,7733,411,021 93

95 ,914, ,524,191 4,092,695 4,903, ,007, ,427, ,085, ,055, ,987,186 26,039, ,841,442 53,429, ,914, ,524, ,072, ,095,051 63,200,025 53,429,140 8,641, ,914, ,524,191 94

96 ,385 2,934,463 23,874,896 31,307,263 38,592, , ,310 3,599,627 7,312,525 35,710,185 73,145,066 (35,327,800) (49,746,406) 382,385 23,398, ,500,220 4,500, ,690 1,079,910 4,805,910 5,580,130 (774,220) (4,805,910) (4,805,910) 95

97 ,000 4,500,220 20% 50% 65% 100,000774,220 1,925, ,700,000 54,000, % 96

98 ,139 2,332, ,631, ,955, ,128, ,288, ,555, ,805, ,139 2,232, , ,139 2,332, ,695,000 31,000,000 29,085,000 20,000,000 38,780,000 51,000,000 38,780,000 51,000,000 (i) 17(ii) 18 ;(iii)(iv)20,000, % 3.05% 3.31% 15,931, ,937,44838,780,000 51,000,000 97

99 ,000, % 5.90 (a) (b) (c) (i)6% (ii)8% ,676,782 33,323, ,000,000 6,009,224 6,009,224 (1,251,666) (1,251,666) 121,434,340 33,323, ,757,558 98

100 31. 3,756,885 7,760,493 11,517,378 (1,371,913) (1,371,913) 1,554,402 3,972,403 5,526,805 (269,512) (269,512) 5,041,775 10,360,983 15,402,758 (4,199,168) (4,199,168) 3,643,427 (3,320,221) 323,206 (484,621) (484,621) 8,200,581 2,841,594 11,042,175 5% 57,000,000 51,000,000 90,700,000 73,000, ,000,000, ,000,000 1,000,000, ,000, ,541,000 55,954, ,750,000 55,675, ,000 10,800 2,791, ,100 2,500, , ,149,000 56,214, ,541,000 55,954,100 99

101 ,871 15,666,606 (8,891,387) 7,745,090 11,277,555 11,277,555 4,662,052 4,662,052 6,140,200 6,140,200 2,798,156 (2,798,156) (12,248,500) (12,248,500) 9,908,227 17,530,502 (9,862,332) 17,576,397 29,037,677 29,037,677 1,272,561 1,272,561 7,645,877 (1,908,277) 5,737,600 (13,988,525) (13,988,525) 33,323,218 33,323,218 17,554,104 16,894,786 33,323,218 5,186,820 72,958,928 (i) (ii) 10% 100

102 33. (iii) 4(m) 34. (a) (i) (ii) (iii) 30% 1 (i) (ii)(iii) (i) (ii) 0.1% 5,000,

103 34. (a) 19,500,000 (1) 2.30 (2) 520% 20% 20% 20%20% (3) 2,300,000 (1) 5.90 (2) 520% 20% 20% 20%20% (3) % % 102

104 34. (a) (3) ,500,000 3,500, , , ,168,000 (108,000) 1,060, ,541,000 11,541, ,300,000 2,300,000 16,709,000 2,300,000 (108,000) 18,901, ,500,000 3,500, , , ,500,000 (2,332,000) 1,168, ,000,000 (459,000) 11,541,000 19,500,000 (2,791,000) 16,709,

105 34. (a) 16,709, ,500, (108,000) 2.30 (2,791,000) ,300, ,901, ,709, ,601, ,809, ,300,000 3,900, ,561 4,062,052 (b) 2,500,000 (1)

106 34. (b) (2) (i) 50% (ii) 50% (3) 1,800, , , , , , , ,300 1,129,100 1,129,100 2,080,

107 ,258,800 70,695, , , ,051 30,152,790 5,983,578 30,386,586 6,793, ,645,386 77,489,037 3,037,218 3,958,540 3,037,218 3,958,540 27,349,368 2,835, ,608,168 73,530, ,434, ,471,558 3,958, ,173,828 73,530, ,214,900 55,954, ,958,928 17,576, ,173,828 73,530,

108 37. Essex Bio-Investment Limited 5 100% 8,000, % (1) 50,000, % (1) 3,000, % (1) 25,000, % (1) ,740 2,569,615 13,015,534 25,068,640 13,394,274 27,638,

109 39. (a) 28% 24% 48% 37% 24 (b) 108

110 39. (b) 195,128, ,128, ,128,065 38,780,000 38,780,000 38,780, ,434, ,604, ,604, ,342, ,512, ,908, ,604, ,288, ,288, ,288,480 51,000,000 51,000,000 51,000, ,288, ,288, ,288,480 38,780,000 10,329,940 29,293,626 39,623,566 51,000,000 32,013,985 21,223,315 53,237,

111 39. (c) , , (d)

112 40. 38,780,000 51,000, ,434,340 (156,180,115) (64,613,176) (20,000,000) (20,000,000) (15,965,775) (33,613,176) 556,864, ,946, ,183,750 3,882,008 52,213,684 6,825,260 5,316, ,129, ,661, ,352, ,859, ,342, ,288,

113 42. (a) 263, ,380 (b) 1,384,926 1,749,361 (c)

114 ,662, ,010, ,299, ,046, ,255,167 (152,636,311) (124,418,858) (107,042,880) (36,114,212) (23,563,134) 623,026, ,591, ,256, ,932, ,692,033 7,395,501 6,382,673 2,039,556 1,751,491 2,427,379 (410,539,424) (352,109,409) (271,365,907) (212,001,745) (168,012,021) (47,958,700) (51,157,864) (42,368,241) (25,573,935) (26,754,610) (9,686,016) (2,056,200) (3,807,592) (2,046,527) (1,701,743) 162,238, ,650,841 95,754,631 73,062,059 49,651,038 (25,953,667) (25,755,651) (20,481,540) (18,165,363) (10,655,902) 136,284, ,895,190 75,273,091 54,896,696 38,995,136 (18,972,805) (21,827,038) (790,435) 5,315, , ,311,576 83,068,152 74,482,656 60,212,668 39,692, ,311,576 83,068,152 74,482,656 60,212,668 39,692,

115 377,815, ,113, ,964, ,731, ,061, ,481, ,465, ,076, ,279, ,681,386 (243,956,823) (208,229,323) (160,478,657) (128,256,757) (131,348,682) 311,525, ,236, ,598,296 47,023,211 27,332,704 (132,476,515) (15,402,758) (11,517,378) (4,760,834) (4,121,555) 556,864, ,946, ,045, ,994, ,272,

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