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2 GEM GEM GEM GEM GEM

3

4 José Manuel dos Santos Clarendon House 2 Church Street Hamilton HM11 Bermuda B B Codan Services Limited Clarendon House 2 Church Street Hamilton HM11 Bermuda 2

5 3

6 TTSA 2.67% % 5,763,000 TTSA 10,501,000 7,877, ,000, ,000,000 50,000,000 31,000, ,000,000 4

7 José Manuel dos Santos 5

8 6

9 42,000, ,000,000 45,000,000 7

10 6,000,000 25,000,000 16,000,000 2,000,000 10,000,000 TTSA TTSA (4G) (LTE) TTSA TTSA 273,285, ,239,000 21,776,000 98,879,000 TTSA 93,055,000 Oi TTSA 57% 279,154,000 Oi TTSA 8

11 Oi TTSA TTSA TTSA 25,084,000 10,501,000 TTSA TTSA 117,000, ,395,392 6,905,000 1,134, % 439,317, ,371, % % 114,239,000 9,583,000 12,308,000 94,013,000 95,195,000 4% 1,134,000 10,501,000 4,884,000 5,617,000 9

12 2,254, ,000 5,763,000 6,306,000 22,822, ,738, ,112, ,522,000 82,245,000 46,170,000 4,118,000 3,972, ,950,000 1 TTSA 25,084, ,781, ,383, ,253,000 10

13 82,395,392 6,905, ,000 11

14 José Manuel DOS SANTOS ERL OHHL ERL OHHL University of Calgary Certified Management Accountants of Alberta Certified Management Accountant Chartered Professional Accountants of Alberta Chartered Professional Accountant 12

15 Mitel Networks Corporation Mitel Newbridge Networks Asia Pacific Limited University of Toronto Professional Engineers Ontario Trust Company of the West ( Young Presidents Organization (YPO) State Board of Accountancy of the State of Colorado 13

16 Barrington University Charter Kingdom Limited 14

17 GEM University of Waterloo Gary Robert JOSLIN Manouchehr MEHRABI Concordia University Queen Mary University of London 15

18 A.5.2 A.6.5 A.6.7 C.1.2 GEM José Manuel dos Santos 16

19 José Manuel dos Santos 17

20 GEM 5.09 José Manuel dos Santos A.6.5 A.6.5 D

21 José Manuel dos Santos 10,000 José Manuel dos Santos José Manuel dos Santos 19

22 José Manuel dos Santos José Manuel dos Santos 1,515,000 20

23 21

24 B B 22

25 José Manuel dos Santos 23

26 A A A A A R 24/

27 A1.1 A1.2 A1.3 A A1.5 A1.6 25

28 A A2.1 A1.2 A2.2 4,000 A2.3 A2.4 A2.5 A1.4 A R A3.1 26

29 B B B B B B B B B B 27

30 B 37/89 B 28

31 B B 29

32 B B 30

33 B 10,000 31

34 0.01 6,144, ,144, ,783, ,677,000 32

35 61,443,500 10% 1% 1 28,332, % 33

36 960, , , , , , , , , , ,000 30, ,718,000 (616,000) (1,428,000) 24,674, ,508,000 (21,000,000) 508, ,376,000 (616,000) (21,000,000) (1,428,000) 28,332,

37 José Manuel dos Santos A.4.3 José Manuel dos Santos 35

38 José Manuel dos Santos 36

39 GEM José Manuel dos Santos 357,945, ,112, , ,452, , , , , , BELBSPL ERL BEL BSPL José Manuel dos Santos ERL José Manuel dos Santos OHHL 22,112, ,000 2,452, , , , , ,000 37

40 5% ERL 301,538, OHHL 301,538, ,945, ERL ERL José Manuel dos Santos OHHL José Manuel dos Santos José Manuel dos Santos 27.06% 63.86% 24.05% 61.43% 5% 38

41 GEM 25% José Manuel dos Santos 39

42

43 Timor Telecom, S.A. TTSA 1. TTSA TTSA 2,510 1,050 TTSA TTSA 41

44 ,

45 43

46 90 44

47 45

48 439, ,371 (325,078) (338,988) 114, ,383 (12,308) (9,583) (95,195) (94,013) (1,119) (1,155) (3,264) (10,501) (4,884) 4,368 2,254 3,083 (1) (35) 2,253 3,048 7 (3) (2,624) 7,413 (3,139) (1,107) (5,763) 6,306 (4,827) 8,989 (936) (2,683) (5,763) 6,306 (0.79)

49 (5,763) 6,306 (12,661) (32,852) 980 1,541 2 (144) (11,679) (31,455) (17,442) (25,149) (16,507) (22,442) (935) (2,707) (17,442) (25,149) 47

50 4,775 2, ,029 39,402 44,612 42,849 22,822 27, , ,738 37,131 26,569 7,141 11,236 75,342 64,122 24, , ,277 82, ,522 63,815 57,236 10,717 8, , , , , , ,781 48

51 61,570 61, , ,501 6,144 6,144 3,927 14, , ,925 (2,079) (1,144) 214, ,781 José Manuel dos Santos 49

52 61, ,668 18, ,241 1, ,804 8,989 8,989 (2,683) 6,306 (31,431) (31,431) (24) (31,455) (31,431) 8,989 (22,442) (2,707) (25,149) (6,138) (6,138) (6,138) 3,264 3,264 3,264 3,264 (6,138) (2,874) (2,874) 61, ,501 21, ,925 (1,144) 237,781 (4,827) (4,827) (936) (5,763) (11,680) (11,680) 1 (11,679) (11,680) (4,827) (16,507) (935) (17,442) (6,144) (6,144) (6,144) (6,144) (5,956) (5,956) 61, ,821 10, ,462 (2,079) 214,383 50

53 12,928 (19,730) (1) (35) (1,471) (2,913) 11,456 (22,678) (3,659) (1,737) (43,993) (49,553) ,299 62,189 1, ,254 3,083 (20,084) 15, ,895 1,152 (6,144) (6,138) 18,939 (4,986) 10,311 (12,050) 64,122 77, (1,323) 75,342 64,122 51

54 Clarendon House, 2 Church Street, Hamilton HM11, Bermuda GEM 52

55 53

56 1,328,000 54

57 3.33% 55

58 56

59 3,621,000 32% 57

60 20% 50% 58

61 59

62 60

63 61

64 62

65 63

66 ( ) 64

67 65

68 ( ) ( ) 66

69 ( ) ( ) ( ) 12 67

70 68

71 69

72 70

73 71

74 ( ) 6,779 1, ,895 5% 345,000 1,325,000 72

75 10% 3,991,000 4,918,000 73

76 74,467,000 63,251, , ,345 74

77 82,245 29, , ,522 26, ,455 75

78 200,000,000 45,000, GEM 76

79 39,911 5,109 25,084 30,193 18,989 18,989 24,098 25,084 49,182 77

80 25,084 54,578 (14,583) (29,494) (10,501) 25,084 78

81 20.10% 21.74% 2.10% 1.20% 10.90% 10.90% 22.00% 24.76% 79

82 80

83 50% 81.82% 81

84 422, ,531 17,189 16, , ,371 82

85 16,041 12, , ,617 17,189 16, , , ,637, ,920,000 (5,472) (7,346) 10,679 17,026 3,421 (3,066) 8,628 6,614 83

86 8,628 6, (1,676) (971) 2,253 3,048 (1,328) (1,536) (10,501) 230 (2,624) 7,413 (310) (185) 1,960 (806) (2,983) 7 (520) (3,208) (3) (560) (156) (266) 141 (1,676) (3,139) 7 (971) (1,107) (3) 84

87 14, , , , , ,594 1,644 16, , , , ,737 46,170 50, , ,126 85

88 (1,328) (1,536) (1,119) (1,155) 1,515 1, , ,773 1, ,042 60, (474) ,319 3,385 3,400 2,654 76,545 76, , ,584 86

89 70,342 54, ,582 1,665 ( ) 3, ,042 60, , ,000 1,843 2, <1,000, ,000,000 1,500,

90 <500, ,000-1,000, >1,000, ,254 3,083 (1) (35) 2,253 3,048 88

91 (%) (%) 5,000, ,510, ,000, ,000, ,000, ,505, , , Vodatel Holdings Limited 1 10, VDT Operator Holdings Limited 1 1,

92 (%) (%) Vodatel Systems Inc. 1 1, Vodatel Systems (HK) Limited 1 1, ,200, ,411,000 16,645, ,000 2,707,000 90

93 Source Tech STL 45 STL STL STL STL STL STL 1,799 1,783 (1) (2) 1,798 1,781 1,781 1, (6) 1,798 1,781 45% 45% (6) 91

94 3,142 2, (159) (1,133) 3,139 1,107 (2,624) 7,413 (814) 104 (200) (478) 2, (160) (341) 1,950 2,394 (159) (1,133) 3,139 1,107 92

95 (4,827) 8, , ,819 51,376,000 93

96 1,970 9,054 2, ,359 (1,755) (7,491) (2,360) (348) (11,954) 215 1, , , ,405 (7) (97) (7) (111) 196 1, ,737 (357) (57) (414) (118) (569) (123) (161) (971) 286 1, ,646 2,156 9,365 1, ,027 (1,870) (7,466) (1,536) (509) (11,381) 286 1, , , ,646 (57) , ,393 3,659 (23) (3) (26) (174) (924) (90) (488) (1,676) 129 3, ,088 4,775 2,181 11,258 1,821 2,085 17,345 (2,052) (7,894) (1,627) (997) (12,570) 129 3, ,088 4,775 94

97 214, ,484 46,170 46,170 75,342 75, ,826 46, , , ,822 50,638 50,638 64,122 64,122 24,895 24, ,839 50, , , ,455 95

98 0 Aa2 3,862 Aa3 3,179 12,149 A1 7,957 18,120 A2 17, A3 17,106 7,433 Baa ,224 Baa Ba3 27,496 B1 19, ,342 64,122 B1 24,895 96

99 5,109 39,911 18,989 39,911 24,098 1,456 26,540 4,803 6,259 26,540 46,170 50,638 (11,681) (31,311) (1,328) (1,536) (10,501) 97

100 5,109 1,456 1,456 6,779 37,935 44,073 46,170 50, , ,363 (15,112) (14,625) 184, ,738 30,372 21, , ,822 6,759 5, , ,307 98

101 159, ,569 11,743 11,006 5,143 1,337 22,418 49, , ,363 99

102 15,112,000 14,625,000 14,625 15, (474) (184) 961 (1,176) 15,112 14,625 (861)

103 184,112, ,063, , ,894 11,743 11,006 5,143 1,337 7,306 34, , ,

104 22,822 27, ,019, ,773, , ,000 75,009 63, ,342 64,122 24,895,

105 614, ,819 61,570 61, ,819 61, ,435 61, ,000,

106 97,676 4, ,481 35, , ,668 (32,852) (32,852) 1,541 1,541 (120) (120) (31,311) (120) (31,431) 3,264 3,264 97,676 7, ,170 35, , ,501 (12,661) (12,661) (11,681) 1 (11,680) 97,676 7, , , ,

107 M 25% 50% 105

108 21,042 18,191 (4,827) 8,989 (6,144) (6,138) 10,071 21, , , (616) (21,000) (1,428) , , ,264,

109 82, ,522 63,815 57, , ,758 72, , ,371 6,948 5,397 7,583 82, ,

110 71,009,000 63,665,000 13,830,000 11,295,000 44,337,000 41,812,000 26,672,000 21,853, ,144 6, ,144 6,

111 (2,624) 7,413 1, ,328 1, (230) 3,264 (2,253) (3,048) (7) 3 10, (474) 677 4,363 (14,305) 29,577 (91,001) (36,277) 71,318 6,579 2,161 1,197 12,928 (19,730) 109

112 2,629 2, ,629 3,621 5, ,355 1,355 José Manuel dos Santos 110

113 ,851 3,148 José Manuel dos Santos 111

114 80,001 80, , , , ,971 46,824 46,426 1,294 1,343 48,118 47, , , , ,203 61,570 61, , ,538 6,144 6, , ,203 José Manuel dos Santos 112

115 6,315 6,106 (6,138) 6,283 6,250 (6,144) 6, ,394 7, ,

116 GEM José Manuel dos Santos 130 4, , , , , , José Manuel dos Santos 130 4, , , , , ,

117 (4,827) 8,989 7,253 29,746 (3,919) (936) (2,683) (793) (1,182) 2, , , , , ,085 (156,777) (184,345) (113,531) (238,659) (111,330) 214, , , , ,

118 AGTech Holdings Limited * GEM BEL Best Eastern Limited BSPL Back Support Properties Limited G 116

119 GEM GEM Vodetel Networks Holdings Limited * ERL Eve Resources Limited GEM GEM GEM GEM 117

120 GEM

121 GEM GEM GEM OHHL Ocean Hope Holdings Limited Oi Oi S.A. 119

122 0.10 STL Source Tech 10% TTSA Timor Telecom, S.A. Vodatel Holdings Limited * 120

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

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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