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1 China Partytime Culture Holdings Limited (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k)

2 [] China Partytime Culture Holdings Limited [] [][] [][] [] [] [] [] [] [] [][]1% %0.005% 0.01 [ ] [] [] [] [][]32 342C[ ] [][][] [] [] [] [][] [][] [] [][][] 1.0%0.0027%0.005%[][] [] [ ][][][] [] [][][] [] [] [] [] [] [] [] [] [] [] [][][] [] [] []

3 (1) []

4 (1) []

5 (1) []

6 [][] [][] [] [] [] [] [] [][] [] i iv [] [] []

7 [] [] I-1... II-1... III-1... IV-1... V-1... VI-1

8 [] [] [][] % 0.5% 0.5% % 98.3% 98.4% 96.9% % 1.7% 1.6% 3.1% 13% 15% 16% 17% CMSOBM CMSOBM % % % % CMS 194, , , , OBM 51, , , , , , , ,

9 CMS CMSCMS (i)(ii) CMS OBM CMS OBM Party TimeSecret Temptations Styler % % % % 106, , , , , , , , , , , , , , , , , CMSCMS

10 CMS R.H. Smith & Sons (Wigmakers) Ltd Spencer Gifts, LLC Lovin Enterprises Inc. Leg Avenue, Inc. Elope, Inc. Widmann S.R.L. Easter Unlimited, Inc. OBMOBM(i) (ii) CMS(iii) % % % % % 1 93, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

11 27.4% 28.2% 31.1% 33.6% 7.5% 8.4% 7.6% 11.0% 101, ,920,000 1,306,800 9,223,500 1,425,600 13,800,600 1,887,600 1,844, ,200 97, ,003,000 1,016,400 2,966, ,200 4,712,400 1,003, , ,800 60,000 10,923,000 2,323,200 12,190,200 2,296,800 18,513,000 2,890,800 2,434, , ,500 7,545,307 1,092,950 9,216,650 1,312,168 13,751,765 1,262,686 1,831,083 93,745 49, ,823,497 1,014,752 2,865, ,720 4,608, , , ,197 15,455 10,368,804 2,107,702 12,082,274 2,158,888 18,359,841 2,199,924 2,405, ,942 65, % 83.6% 99.9% 92.0% 99.7% 66.9% 99.3% 65.9% 51.3% % 99.8% 96.6% 97.2% 97.8% 93.4% 97.4% 82.8% 25.8% 94.9% 90.7% 99.1% 94.0% 99.2% 76.1% 98.8% 74.6% 41.5% 1.

12 [] (i)(ii) [] ASTMEN71 REACH ISO9001:2008 ISO14001:2004 OHSAS 18001: % 39.7% 41.5% 37.5% 17.4% 17.1% 15.8% 14.9% (i) (ii)(iii) (iv)party TimeStylerSecret

13 Temptations(v) (vi) (i) (ii) OBM(iii) (iv) [] (i)(ii) (iii) (iv) (v)(vi) (vii)obm CMS (viii) (ix) (x) [] 245, , ,923 50,028 97,393 (182,066) (218,972) (287,141) (37,166) (70,419) 63,759 79, ,782 12,862 26,974 39,994 49,904 78,270 6,189 17,171 29,794 37,202 58,580 4,360 12,623

14 OBM CMS 28,177 29,051 24,039 21,209 12,321 15,961 24,256 28, ,683 42,207 44,808 41,584 73,270 87,512 93,396 91,744 24,580 15,536 15,888 24,030 12,407 22,000 64,677 57,528 2,753 3,368 3,761 3,817 39,740 40,904 84,326 85,375 33,530 46,608 9,070 6,369 % % % % %

15 2. 100% % % % % 7. [] Master Professional[] []% Master Professional [] [] 20 20

16 [] [] [] [] [][][][ ][][][][] [] [] [] [] [] [] [] [] [] [][][ ][][] [] [] [] []% [] [] []% [] [] []% [] [] []%

17 [] [][][] [][] [] [ ]

18 [] [] [] [] (i)(ii) [] []

19 Cheerful Rise Cheerful Rise Investment Limited []

20 Master Professional [] [] E. [] [] []

21 [] [] [] []

22 [] [] [] [] [] [] [][] [] Master Professional [] [] []

23 [] [][] [] [] Master Professional [] [] [ ] [] [] []

24 Master Professional Master Professional Holdings Limited Master Venture Master Venture Enterprises Holdings Limited [] Summit Quest Venture Master Master Venture []

25 [] [] 32 [] [] [ ] []

26 Cheerful Rise [] [] [] 6 [] []

27 [] Summit Quest Summit Quest Holdings Limited [][] [] [][] Venture Master Venture Master Enterprises Holdings Limited [] Win Profit Win Profit Enterprise Holdings Limited

28 [] % []

29 [] ASTM BSCI CMS EN71 71 FOB GDP GSV ISO14001:2004 ISO 9001: 2008 LED OBM OEM

30 OHSAS 18001:2007 REACH Sedex TCQC Tesco

31 [] [ ] [] []

32 [] [] [] []

33 [] [] % 98.3% 98.4% 96.9%

34 90% 13% 15% 16% 17% CMSOBM

35 CMS CMS (i)(ii) (iii) % % 26.7% 27.8% 27.7%

36 CMS OBM OBM CMS CMS CMS OBM OBM CMSOBM CMS CMS CMSCMS

37 OBM CMS CMS CMS CMS CMS CMS % CMS OBM

38 CMS [] [] []

39

40 94.9% 99.1% 99.2% 98.8% 90.7% 94.0% 76.1% 74.6% 41.5%

41 CMS ISO 9001:2008 ISO 14001:2004 OHSAS 18001:2007GSV Sedex BSCI 68.8% 69.4% 68.9% 67.2%

42 1,761

43

44 20

45 [ ] [][] []

46 25% (i)

47 (ii) (iii) (iv) 50% 25% [] GDP

48 GDP

49 [] [][] [] [] []

50 [] [] [] [] [] [] [ ] []

51 (i)(ii) [] [] [][] [] []

52 [] []

53 [ ] [ ] []

54 [ ] [ ] []

55 [ ] [ ] []

56 [ ] [ ] []

57 [ ] [ ] []

58 [ ] [] [ [] E] [] [ [] ] [ ] [ [] ] []

59 [ ] [] 1 63 [] Appleby []

60 [ ] 4018 B [] [] [] [] []

61 Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY Cayman Islands [] (CPA) E (CPA) E

62 [] [] [ ] [] [ ] [] [] [] [ ] 1 63 [] []

63 [] [] 140,000

64 71.4% 93.0% 2.4% 0.1% 5.7% 0.1%

65 ,129.4

66

67 % 80%

68 % % 32.2% 40.4%

69 % 22.4%

70 20,090 32, % 30,91646, % 35,720 51,028 DTY DTY8,800 13,600DTY

71 DTY T30S (T30S) 7,950 12,200DTY (T30S)

72 % 1 80% % 2 A 65% % 3 B 70% % 4 C 60% % 5 D 70% % 10.2%

73 1, % 1 E 90% % 2 F 70% % 3 80% % 4 G 80% % 5 H 70% % 3.2%

74 1, % 1 I 70% % 2 80% % 3 J % 4 K 70% % 5 L 70% % 2.6% (i) (ii) 1.

75 2. 3.

76

77 25%

78 17%13% 5% 9% 13% 15% 16% 17% 13% 17%

79 20%20%10% 25% 5% % (i)(ii) 12(iii)

80

81 (a) (b)

82 (c)

83

84 (i)(ii) (iii) (iv)

85 44 10

86 0.05%

87 10,00050,000 (i)

88 (ii) (iii) (iv) (v)(vi) (vii) 20 37

89 [] (i) (ii) (iii) (iv) [] []

90 (i) (a)(1) (a)(1) (i)(ii) (iii) (iv) (a)(1) 16 CFR (a)

91 (f)(2)astm F963-07(ASTM F963) b(a) c 1278a (ii) C.F.R C.F.R (iii) C.F.R (iv) C.F.R. 300

92 (i) CONEG ( CONEG ) 19CONEG CONEG* (ii) 65 (i)

93 (ii)

94

95 CMS OBM USHTS USHTS USHTS 67 USHTS WTO WTO

96 USITC USITC

97 CBP (i)(ii) (iii) (iv)(v)(vi) (vii) CBP 2014

98 70% 30% CMS CMS OBM StylerParty Time 5,500,000 81,169.2 CMS Secret TemptationsOBM 9,909, ,019.1 CMS CMS OBM 30

99 CMS CMS ISO 9001:2008

100 ISO 14001:2004 OHSAS 18001:

101 50,0005,000, Master Professional9,999 Master Professional6,999 Summit Quest1,500 Master Venture Venture Master Win Profit Win ProfitWin Profit 50,00050,000 1 Win Profit Win Profit 1 Win Profit 5,000,00070% 30% 5,000,0005,000,00010,000,000 3,500,0001,500,000

102 10,000,00010,000,00020,000,000 7,000,0003,000,000 5,600,0002,400,000 28% 12% 42% 40% 18% 20,000,00010,000,00030,000,000 4,200,0004,000,000 1,800,000 8,400,0003,600,000 28% 12% 70% 30% 30,000,00010,000,00040,000,000 7,000,0003,000,000 2,000,0005%

103 70% 20% 5% 5% 2,000,0005% 70% 15% 5% 5% 5% Cheerful Rise Investment Limited Cheerful Rise 30 [ ] 28,000,0006,000,000 2,000,0002,000,0002,000,000 70% 15% 5% 5% 5%

104 500,00070% 30% 150,00030% 70% 30% 140,00060,000 28% 12% 90,00018% 42% 40% 18% 210,000200,00090,000 42% 40% 18% 500,0004,500,0005,000,000

105 500,00050% 50% 40,00050,000 8% 10% 42% 40% 18% 500,0004,500,0005,000,000 1,890,0001,800,000810,000 2,100,0002,000,000900,000 42% 40% 18% 5,000,00015,000,00020,000,000 8,000,000

106 5,000,000 3,000,0002,000,00060% 40% 2,000,000 40% 2,000,000 1,020, ,00051% 49%

107 1. Master Professional 50,00050, Summit Quest 50,00050, Venture Master 50,00050,000 1

108 4. Master Venture 50,00050, ,000 5,000, Master Professional9,999 Master Professional6,999 Summit Quest 1,500 Master Venture Venture Master500 Master Professional Summit Quest Master Venture Venture Master 70% 15% 5% 5% 5% 6. Win Profit50,000 50, Win Profit 8. 28,000,000 6,000,0002,000,0002,000,0002,000,000 70% 15% 5% 5% 5%

109 [] 37

110 [][]

111 30 (i) (ii)(iii) 1,800 1,100 CMSOBM CMS OBM % % % % CMS 194, , , , OBM 51, , , , , , , , % CMSOBM 73.6% 26.4%

112 CMS CMS (i)(ii) (iii) CMSCMS CMS CMS CMS CMS CMS CMS R.H. Smith & Sons (Wigmakers) Ltd. Spencer Gifts, LLC Lovin Enterprises Inc. Leg Avenue, Inc. Elope, Inc. Widmann S.R.L. Easter Unlimited, Inc. OBM CMS Styler Party TimeSecret TemptationsOBM Styler CMS OBM(i)(ii) CMS OBM

113 OBMCMS CMS OBM OBM OEM 46 (i)(ii) (i)(ii) (iii) (i) (ii) (iii) ASTMEN71 REACH 81, ,019.1

114 30 BSCI CMS OEM

115 CMS CMS , CMS OBM (i)(ii)

116 (iii) (iv)(v) (vi)(vii) (viii) (ix) (x) (xi)(xii) [] (i) (ii)(iii)(iv) [] Party TimeStylerSecret Temptations OBM OBM 2014OBM (i) (ii)(iii) 96.6% 98.3% 98.4% 96.9% OBM

117 21.5% 15.4% 15.5%20.0% 20.0% 25.0% OBM 3351,426 20

118 14 (i) (ii) (i) LED (ii)

119 OBM (i) (ii) 20.0% 20.0% 25.0% OBM (i) (ii) 26,000 58,000 84,000 9,000 9,000 2,000 2,000 5,000 5, ,000

120 [] OBM OBM StylerSecret Temptations CMS CMS (i) CMS (ii)cms OBMCMS CMSOBM

121 101, % 98.3% 96.1% 93.2% (i) (ii) 2010 (i) (ii)

122 (i) 57,100 26,700 1,500 85,300 [] (ii)

123 (iii) % 98.3% 98.4% 96.9% 3.4% 1.7% 1.6% 3.1% CMSOBMCMS OBM CMS CMSCMS OBM CMS

124 % % % % CMS 194, , , , OBM 51, , , , , , , , CMS OBM CMS CMSOBM CMS(i) (ii) (iii) CMSCMSCMS CMS(i) CMS(ii) CMS

125 CMS CMSCMS [] CMS CMS CMS CMS CMS CMSOEM CMS CMS ISO 9001: 2008 ISO 14001: 2004 OHSAS 18001: 2007 CMS CMS % 77.6% 81.6% 73.6% CMS

126 CMS25.7% 26.4% 27.7% 26.5%CMS 200 CMS CMS R.H. Smith & Sons (Wigmakers) Ltd. Spencer Gifts, LLC Lovin Enterprises Inc. Leg Avenue, Inc. Elope, Inc. Widmann S.R.L. Easter Unlimited, Inc. OBM CMS OBMOBM OBM StylerParty Time Secret Temptations OBM CMS

127 Party Time Secret Temptations Styler OBM OBM % 22.4% 18.4% 26.4% OBM OBM26.8% 27.6% 28.4% 31.2% TMALL.COMwww.tmall.comJD.comwww.jd.comWithCity OBMOBM TMALL.COM 8% 21,000145,000

128 500,000WithCity OBM CMSOBM CMS OBM(i) (ii)cms OBM CMSOBM CMSOBM CMSOBM17, ,000 OBMCMS

129 % % % % 106, , , , , , , , , , , , , , , , ,

130 CMS Secret Temptations

131 CMS CMS OBM CMS OBM

132 101, ,761 81, ,426 20,

133 ,920,000 1,306,800 9,226,800 9,223,500 1,425,600 10,649,100 13,800,600 1,887,600 15,688,200 1,844, ,200 97,500 2,084, ,003,000 1,016,400 4,019,400 2,966, ,200 3,837,900 4,712,400 1,003,200 5,715, , ,800 60, ,480 10,923,000 2,323,200 13,246,200 12,190,200 2,296,800 14,487,000 18,513,000 2,890,800 21,403,800 2,434, , ,500 2,882,880 7,545,307 1,092,950 8,638,257 9,216,650 1,312,168 10,528,818 13,751,765 1,262,686 15,014,451 1,831,083 93,745 49,977 1,974, ,823,497 1,014,752 3,838,249 2,865, ,720 3,712,344 4,608, ,238 5,545, , ,197 15, ,222 10,368,804 2,107,702 12,476,506 12,082,274 2,158,888 14,241,162 18,359,841 2,199,924 20,559,765 2,405, ,942 65,432 2,688, % 83.6% 93.6% 99.9% 92.0% 98.9% 99.7% 66.9% 95.7% 99.3% 65.9% 51.3% 94.7% % 99.8% 95.5% 96.6% 97.2% 96.7% 97.8% 93.4% 97.0% 97.4% 82.8% 25.8% 89.3% 94.9% 90.7% 94.2% 99.1% 94.0% 98.3% 99.2% 76.1% 96.1% 98.8% 74.6% 41.5% 93.2%

134

135

136 FOB 30

137 (i)(ii)(iii) (iv)(v) (vi)

138 % 0% 5.0% 8.9% CMS OBM OBMOBM OBM 5% 8% 29.3% 30.1% 32.0% 33.2%

139 % % % % 38, , , , , , , , , , , , , , , , , , , , , , , , , , , , CMS

140 % 39.7% 41.5%

141 37.5% 17.4% 17.1% 15.8% 14.9% 5% A B C D E

142 A C B E D A E

143 C F B A G F C H

144 CMS CMS(i) (ii)(iii) R.H. Smith & Sons (Wigmakers) Ltd. Spencer Gifts, LLC Lovin Enterprises Inc. Leg Avenue, Inc. Elope, Inc. Widmann S.R.L. Easter Unlimited, Inc. R.H. Smith & Sons (Wigmakers) Ltd. SmiffysFeverSmiffyswww.smiffys.com Angry BirdChucky E.T.HellraiserKill BillLazy TownMichael Myers Street Fighter Spencer Gifts, LLC Spirit Halloween Spirit HalloweenSpirit Halloween 1,100 Lovin Enterprises Inc Dreamgirl Leg Avenue, Inc. Leg Avenue inc. Leg Avenue Leg Avenue Inc. FighterTop GunLeg Avenue Transformers Elope, Inc.Elope, Inc. in WonderlandFranken WeenieDisney FrozenDisney MickeyDisney PrincessDisney Toy StoryMy Little PonySpider-ManCaptain AmericaAvengers AssembleIron Man

145 本文件為草擬本 所載資料並不完整 並可能會作出修訂 閱覽資料時須一併細閱本文件 封面 警告 一節 業 務 Widmann S.R.L.是意大利著名派對產品供應商 銷售服飾 假髮及配件予歐洲及 北美洲的客戶 提供逾10,000款不同節日主題及派對風格的產品 Easter Unlimited, Inc.的 Fun World 分部創立於一九六三年 根據 Fun World 網 站 該 公 司 目 前 銷 售 影 視 漫 畫形 象 產 品 包 括 但 不 限於 Popeye Raggedy Ann Daisy Duke I Love Lucy Michael Myers 及 Gilligan s Island 等 OBM客戶 我們的董事指出 我們的主要海外OBM客戶主要為(i)角色扮演服飾 角色扮演假髮及 性感內衣的新入市者 彼等缺乏成熟品牌名稱及現成產品線打入現有市場 及(ii)在我們現 有CMS客戶業務相對而言微不足道的市場經營業務的參與者 自二零一四年起 我們國內 市場的OBM業務銷售主要針對通過獨立第三方運營的網絡平台購買的終端客戶 於往績記錄期 我們向超過200名客戶 不包括通過在線平台購買我們產品的終端客戶 銷售我們的產品 因此 我們並不依賴任何單一客戶 我們的全球客戶網絡 我們的銷售目前遍佈全球30多個國家及地區 我們的出口市場主要包括美國 德國 英國及澳洲等成熟市場以及巴西 俄羅斯 南非及阿根廷等快速增長的發展中市場 下圖列示於往績記錄期我們產品的銷售覆蓋範圍 138

146 % % % % % 1 93, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , % 98.3% 98.4% 96.9% 13% 15%16% 17%

147 OBMTMALL.COMwww.tmall.com JD.comwww.jd.com WithCity TMALL.COMwww.tmall.comJD.comwww.jd.com 5% 8% 21,000145,000WithCity CMS OBM 30% 70%30 30% 70% 27.4% 28.2% 31.1% 33.6% 7.5% 8.4% 7.6% 11.0% 5%

148 A 30% % 30 B 30% % 30 C 30% % 30 D 30% % 30 E 30% 7 70% A 30% % 30 C 30% % 30

149 F 30% 8 70% E 30% 7 70% D 30% 11 70% A 30% % 30 B 30% % 30 F 30% 8 70% C 30% % 30 E 30% % 30

150 G 30% % 30 H 30% % 30 F 30% % 30 I 30% % 30 J 30% %

151 ( )Trade Good ( ) China Sourcing Fair OBM CMS OBM (i) (ii) (iii)

152

153

154 2,000 (ZL ) (ZL ) (ZL )

155 (ZL ) (ZL ) (ZL X) (ZL ) (ZL ) (ZL ) (ZL ) (ZL ) (ZL ) (CN ) (CN ) (1) ( ) (2) ( ) (3) ( ) (4) ( X) (5) ( )

156 28 TCQC 12TCQC Tesco IS CMS FTA BSCI BSCI

157 BSCI CMS CMS CMS ISO ISO9001:2008ISO 14001:2004OHSAS 18001:2007 ISO ISO ISO ISOISO GSV ASTMEN71 REACH

158 CMS OBM CMS

159 CMS CMSOBM OBM OBM OBMOBM OBMOBM OBM CMS OBM IT

160 1, , , ,761

161 1,710 1,710 (i) (ii) (iii) (iv) []

162 (i) (ii)(iii) (iv) (i) (ii) (a) (b) (c) (d) 1, % 3.2% % 10.2%

163 1, % 2.6% (i) (ii) OEM [] 5.01(2) 15% [] 342(1)(b) 34(2)

164 101,188.3 [] []

165 1.00 partystyle.cn partystyler.cn partytime.cn partytime.com.cn []

166 []

167

168 [] [] E.1.

169 (i) 30 10,000 50,000 (ii) 30 50,000 (i) (ii) (iii) (iv)

170 (i) (ii) (iii) (iv)

171 (i) (ii) (iii) (iv) (v) []

172 ISO 9001:2008

173 ISO14001:2004 OHSAS18001:

174 [] [] [] [] (i) (ii)(iii) CMSOBM CMS OBM % % % % CMS 194, , , , OBM 51, , , , , , , ,

175 [] [] % 98.3% 98.4% 96.9% CMS OBM

176 CMS OBM OBM OBM CMS % 69.4% 68.9% 67.2%

177 24.4% 23.8% 20.1% 17.9% 96.6% 98.3% 98.4% 96.9% 0.2% 3.0% (0.4)% (0.4)% [] 3

178 [] % 10-20% 20% 20% %

179

180 [] 245, , , , , (182,066 ) (74.1 ) (218,972 ) (73.3) (287,141 ) (72.2 ) (37,166 ) (74.3 ) (70,419 ) (72.3 ) 63, , , , , , , (7,523 ) (3.1 ) (9,236 ) (3.1) (11,605 ) (2.9 ) (1,981 ) (4.0 ) (3,026 ) (3.1) (15,079 ) (6.1 ) (19,831 ) (6.5) (19,961 ) (5.0 ) (4,418 ) (8.8 ) (7,429 ) (7.6) 42, , , , , (2,011 ) (0.8 ) (1,400 ) (0.5) (2,067 ) (0.5 ) (371) (0.7 ) (788 ) (0.8) 39, , , , , (10,200 ) (4.1 ) (12,702 ) (4.3) (19,690 ) (5.0 ) (1,829 ) (3.7 ) (4,548 ) (4.7) 29, , , , , , , , , , , , , , , , ,

181 CMS 77, , , , , , , , , , , , , , , , , , , , , OBM 29, , , , , , , , , , , , , , , , , , , , , , , CMS CMS79.0% 77.6% 81.6% 73.6%CMS % CMS

182 CMS % CMSCMS CMS CMS % OBM OBM21.0% 22.4% 18.4% 26.4%OBM %StylerOBM OBMOBM OBM OBM % OBM OBM OBM OBM CMS OBM % (i) OBM (ii)

183 OBMOBM OBM % % % % % 1 93, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , % 78.2% 81.9% 80.4% % 39.4% % CMSCMS 23.0% 21.8% 18.1%

184 19.6% % 10.9% % (i)obmobm (ii) % 98.3% 98.4% 96.9% 13% 15%16% 17% (%) (%) (%) (%) 45, , , , CMS 7,960, ,015, ,124, ,422, ,158, ,611, ,462, , , , ,088, , ,737,576 12,113,425 20,674,632 3,250,480

185 OBM 983, ,039, ,393, ,146, , , ,597, , , , , , ,915,010 3,784,244 5,147,197 1,334,429 12,652,586 15,897,669 25,821,829 4,584,909 CMS OBM 43.9% CMS OBM OBM CMS CMS OBM

186 77.0 (i) CMS (ii) OBM CMS OBM 618,711203, ,548129,488 CMS OBM 1,088,326156,719 CMS OBM (i)cms (ii)obm % % % % % 125, , , , , , , , , , , , , , , , , , , ,

187 74.1% 73.3% 72.2% 72.3% % % % % % CMS 49, , , , , OBM 13, , , , , ,759 79, ,782 12,862 26, OBM CMS 25.9% 26.7% 27.8% 25.7% 27.7%(i) (ii)

188 % % % % % , , , ,000591, % 0.2% 0.3% 1.5% % % % % % 2, , , , , , , , , , , , , , , , , ,

189 % 3.1% 2.9% 3.1% % % % % % 5, , , , , , , , , , [] [] [] 1, , , , , , , , , , , , , , % 6.5% 5.0% 7.6%

190 25% %97.4 (i) CMS CMS %71.7(ii) (a) OBMOBM OBM (b) OBM % % %27.0

191 25.7% 27.7% OBM CMS (i) (ii) ,384.5% % %7.4 (i) 0.4 (ii)0.8(iii)[] [] % % %26.5%

192 % % 13.0% %397.9 (i) (a) CMS (b) CMS CMS %324.6 (ii)obmobmobm % % %110.8 OBM CMS 26.7%

193 27.8%(i) (ii) % % %20.0 (i) 1.0 (ii) (iii) %2.1

194 % %25.2% % % 14.7% %298.8 (i)cms CMS %231.9(ii) OBM %66.9 StylerOBM OBM OBM OBM % %

195 % 26.7%(i) (ii) % %9.2 (i) 0.7(ii)CMS OBM %19.8 (i)2.1 (ii) 1.7(iii) % % %

196 % % 12.5% 28,177 29,051 24,039 21,209 37,241 12,321 15,961 24,256 28,658 29, ,683 42,207 44,808 41,584 47,910 73,270 87,512 93,396 91, ,156 24,580 15,536 15,888 24,030 46,083 12,407 22,000 64,677 57,528 57,502 2,753 3,368 3,761 3,817 39,740 40,904 84,326 85, ,585 33,530 46,608 9,070 6,369 11, (i)16.0 (ii) 1.1 (iii)6.3 (iv)

197 (i)2.8 (ii) 3.2 (iii)8.1 (iv)0.1 (i) 4.4(ii) (i)5.0 (ii) 42.7 (iii)0.4 (iv)0.4 (i)8.3 (ii) (i)0.9 (ii)3.6 (iii)0.2 (iv)9.5 (v) 9.0 (i) 9.6(ii) % 33.2% 25.7% 23.1%

198 14,477 25,285 20,076 16, ,548 13,197 3,674 3,544 3,377 28,177 29,051 24,039 21, % % %

199

200 ,453 5,930 14,416 14, ,190 1, ,342 2, ,204 4,844 4,753 7,338 1,980 1,980 1, ,086 7,868 10,031 9,840 14,553 12,321 15,961 24,256 28,658

201 % 18.2% 26.0% 31.2% % (i) 2.6(ii) % % (i)(ii)

202 ,334 5,892 12,834 13, , , ,453 5,930 14,416 14,105 3,334 5,892 12,834 13, , , ,453 5,930 14,416 14,105

203 14.1 6,848 7,027 7,187 13,530 10,225 2,607 1, ,990 5,125 5,938 6, ,417 1, , ,732 8,509 8,701 10,500 24,580 15,536 15,888 24, % (i) 6.3

204 (ii) [] % %

205 ,848 7,027 7,187 13, ,848 7,027 7,187 13, % 12,407 22,000 64,677 57, % 6.60% 7.20% 4.35% 8.40% 6.60% 8.40%

206 32,564 27,168 57,171 8,946 20,589 (1,908) (17,120) (97,468) (7,041) (16,610) (31,998) (268) 42,677 28,000 (7,218) (1,342) 9,780 2,380 29,905 (3,239) 34,307 32,683 42,207 42,207 44,808 (282) (256) 221 (249) 15 32,683 42,207 44,808 71,863 41,584

207 (i) (ii) (i)26.4(ii) 17,

208 (i)0.6 (ii) (i)0.9 (ii)3.3(iii) (i)10.3 (ii)167, ,000

209 , (i) 241,000(ii) (i)10.2(ii) , ,

210 268,000 (i) 26.7 (ii)20.0 (i)36.4(ii) (i) 54.5 (ii)20.0 (iii) % % % % % % % % % % 7.

211 12.1% 12.5% 14.7% 13.0% 28.1% 27.6% 24.7% (i) (ii) 44.9% 39.5% 38.4% % 213.9% 110.8% 107.5% 113.5% 142.9% 82.2% 82.6% 18.7% 23.4% 42.3% 34.8%

212 34.8% 12,407 22,000 64,677 57,528 57, % 6.60% 7.20% 4.35% 8.40% 6.60% 8.40% [] []

213 16,160 80,076 66,

214 [] 25 [] [ ]12 [] [][][][][ ][][][][] [][][]

215 5,194 8,579 17,068 17,171 32,683 42,207 44,808 41,584 37,877 50,786 61,876 58,755 13,949 12,336 13,505 21,675 12,407 22,000 64,677 57,528 26,356 34,336 78,182 79,203 1

216 12,961 16,470 17,575 14,209 1,849 1,849 14,810 18,319 17,575 14,209 3,407 5,507 5,528 9,554 16,470 12,068 8,681 1,849 1,849

217 5% % ,000,000 22,000,00046,000,00046,000,

218

219 12,407 22,000 64,677 57,528 66,430 94, , , % 23.4% 42.3% 34.8% % 53.8%

220 [][][] [][] []

221 [] [] [] [] []

222 [] [][] [] [] [] [] [] [][] [] [] [] [] [] (1) [ [][] (2) [] [][][][][ ][] [] [] (3) [] [] []

223 (4) (5)

224 Master Professional [] [][ ] [] [] Master Professional (i) (ii) (iii)

225 4 [] (i) 5%

226 (ii) (ii) (iii) (iv) [] (a)

227 (b) (c) (i) (ii) (iii) (iv)

228 (v) (vi)

229 [][] XV23 10% Master Professional 1 [] [] 1 [] [] Summit Quest 2 [] [] 2 [] [] 1. Master Professional 100% Master Professional 2. Summit Quest100% Summit Quest

230 [] 39 [ [ [ ] [ [] ] ] ] [] 47 [ [ [ ] [ [] ] ] ] [ ] 42 [ [ [ ] [ [] ] ] ] 37 40

231 [][] A.2.1 A.2.1 A.2.1

232 [39

233 ] [47 23 ] [42

234 16 ] 13.51(2) [] 13.51(2) I 3 eprint

235 37 [ ][ ] [] [] [] [ ][] [] [] [ ] [ ] []

236 [] [ ] [] [ ] [ ] [ ] (i) (ii) (i)

237 (ii) (iii) 3A.19 (iv)

238 [] 1, [] [] 3A.19 [] (i) [] [] (ii) A (a)

239 (b) (c) [] [] [] (d) (ii) 3A.23 3A.24 (iii) (iv) 30 14

240 [] [] 1,560,000, ,600,000 10, [] [] [] [] [] [] [] [][][ ][] [] [] [] [] [] [] [] Master Professional Summit Quest Master Venture Venture Master [][][][] [] 25%

241 [] [] [] [] D. [] []20%[ ]

242 []A. 3. []10%[] []A. 3. [ ]

243 [] [] [][ ] [] [][][] [][] [] [] [] []% [] [] []% [] [] []% [] [] []% [][][][ ] [] [][][][] [] [] (i)[][][] [](ii)[][][]

244 [] (iii)[][][] [] []

245 [] [] [] [] []

246 []

247 []

248 []

249 []

250 [] [] []

251 [] [] []

252 [] []

253 []

254 [] [] [][] [][] [][] [][] [] [][ ] [] 30[] [] [][][ ][][] [][] [] []% [[] [] [] []% ]

255 [] [][][][][] [][][] [] []

256 [ ] []

257 [ ] []

258 [ ] []

259 [ ] []

260 [ ] []

261 [ ] []

262 [ ] []

263 [ ] []

264 [ ] []

265 [ ] []

266 [ ] []

267 [ ] []

268 [ ] []

269 [ ] []

270 [ ] []

271 [ ] []

272 [ ] []

273 [ ] []

274 [ ] []

275 [ ] []

276 [ ] []

277 [ ] []

278 [ ] []

279 [ ] []

280 [ ] []

281 [ ] []

282 [ ] []

283 [ ] []

284 [ ] []

285 [ ] []

286 [ ] []

287 [ ] []

288 [] II1.2 [ ] [][][] []

289 II1.1 II

290 2410 II1.2

291 I , , ,923 50,028 97,393 (182,066) (218,972) (287,141) (37,166) (70,419) 63,759 79, ,782 12,862 26, , ,440 (7,523) (9,236) (11,605) (1,981) (3,026) (15,079) (19,831) (19,961) (4,418) (7,429) 42,005 51,304 80,337 6,560 17,959 6 (2,011) (1,400) (2,067) (371) (788) 7 39,994 49,904 78,270 6,189 17,171 8 (10,200) (12,702) (19,690) (1,829) (4,548) 29,794 37,202 58,580 4,360 12,623 17,876 36,638 58,580 4,360 10,730 11, ,893 29,794 37,202 58,580 4,360 12,623 10

292 12 3,660 13,562 13,269 13, ,240 33, , ,789 32,900 47, , , ,177 29,051 24,039 21, ,321 15,961 24,256 28, ,683 42,207 44,808 41,584 73,270 87,512 93,396 91, ,580 15,536 15,888 24, ,407 22,000 64,677 57,528 2,753 3,368 3,761 3,817 39,740 40,904 84,326 85,375 33,530 46,608 9,070 6,369 66,430 94, , , ,183 94, , ,551 40,183 94, , ,552 26,247 15,273 24,802 66,430 94, , ,354

293

294 30,500 2, ,163 22,529 56,692 17,876 17,876 11,918 29,794 3,039 (3,039) (12,000) (12,000) (8,000) (20,000) (300) (300) (200) (500) (300) 3, (15,039) (11,856) (8,200) (20,056) 30,200 5, ,548 40,183 26,247 66,430 36,638 36, ,202 3,734 (3,734)

295 10,000 10,000 10, (20,000) (20,000) (20,000) 26,811 26,811 (26,811) 36,811 3, (23,734) 17,255 (26,811) (9,556) 67,011 9,355 1,258 16,452 94,076 94,076 58,580 58,580 58, (1,332) (13,941) (15,273) 15,273 5,828 (5,828) 5,828 (1,258) (19,769) (15,199) 15, ,011 15,183 55, ,457 15, ,730 10,730 10,730 1,893 12,

296 (7,636) (7,636) 7,636 1 (7,636) (7,635) 7, ,375 15,183 65, ,552 24, ,354 67,011 9,355 1,258 16,452 94,076 94,076 4,360 4,360 4,360 67,011 9,355 1,258 20,812 98,436 98,436

297 39,994 49,904 78,270 6,189 17, ,182 2,364 2, ,205 (127) (161) (241) (46) (46) (179) (25) 2,011 1,400 2, (377) ,944 53,917 83,434 7,606 19,219 (10,265) (874) 5,012 (26,369) 2,830 (167) (3,344) (10,487) (17) (4,323) 9,484 (9,044) ,921 8,143 43,996 40,655 78,535 13,141 25,869 (2,011) (1,400) (2,067) (371) (788) (9,421) (12,087) (19,297) (3,824) (4,492) 32,564 27,168 57,171 8,946 20,589

298 (10,212) (2,062) (7,104) (99,651) (7,087) (16,665) 26 1, (1,908) (17,120) (97,468) (7,041) (16,610) 42,997 36,403 73,377 28,000 5,584 (54,495) (26,671) (30,700) (12,803) 1 10,000 (500) (20,000) (20,000) (31,998) (268) 42,677 28,000 (7,218) (1,342) 9,780 2,380 29,905 (3,239) 34,307 32,683 42,207 42,207 44,808 (282) (256) 221 (249) ,683 42,207 44,808 71,863 41,584

299 II Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands 3 Master Professional Holdings Limited Master Professional Holdings Limited Summit Quest Holdings Limited [] 60% 100% 90% 85% 85% (a) 40,000,000

300 100% 100% 100% 100% 100% (b) 20,000, % 100% 100% 100% 100% 5,000,000 (c) 100% (d) 8,000,000 (e) 5,000, % 100% 2,000,000 (f) Win Profit Enterprise 1 100% 100% Holdings Limited Win Profit(g) (*)

301 1 100% 100% (h) (a) 40% 30,000,00010,000,00040,000,000 10%21 5% (b) 5,000,00015,000,00020,000,000 (c) 40% 500,000 4,500,0005,000,000

302 (d) (e) 60% 40% 40% (f) (g) Win Profit (h) (*) Win Profit 1.2 [] Win Profit

303

304 2.3

305

306 2.86-5% 10-20% 20% 20% % 2.6

307

308 2.7

309

310

311 2.14

312

313 (a) (b) (a) (b) (i)

314 (ii) 2.17 (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i)

315 2.18 (a) (b) 3.

316

317 4.2 (i)(ii) 110, , ,825 24,694 31,803 56,497 (2,011) (15,340) 39,994 (10,200) 29, ,319 2, ,938 2,062

318 133, , ,752 31,119 39,637 70,756 (1,400) (20,043) 49,904 (12,702) 37,202 1,068 1,402 2,470 7,439 9,877 17, , , ,923 44,854 54,549 99,403 (2,067) (20,187) 78,270 (19,690) 58,580 1,496 1,399 2,895 14,712 84,939 99,651

319 39,123 58,270 97,393 9,275 14,701 23,976 (788) 46 1,394 (7,457) 17,171 (4,548) 12, , ,535 16,665 23,745 26,283 50,028 5,070 5,820 10,890 (371) (4,427) 6,189 (1,829) 4, ,500 3,587 7,087

320 29,910 35,878 40, ,170 9,049 13,984 16,707 39,740 36,146 46,594 52, ,980 7,433 7,311 26,160 40,904 87,127 97,290 52, ,056 4,486 10,509 69,331 84,326 89, ,007 52, ,729 7,073 13,569 64,733 85,375

321 8,322 4,994 6,404 1,683 3,033 91, , ,895 14,299 43,524 22,481 26,450 41,900 2,164 5,471 18,405 20,313 35,183 5,792 8,291 20,091 26,561 31,340 4,949 9,966 11,364 16,447 26,475 4,017 4,849 9,517 12,542 16, ,307 10,027 12,989 14,603 5,056 3,383 10,652 12,957 13,199 2,119 5,392 10,206 5,142 5, ,685 33,707 39,734 52,136 8,399 9, , , ,519 48,345 94, , , ,923 50,028 97,393 11% 10%

322 , , , ,011 1,400 2,

323 , , ,921 17,482 47,301 2,182 2,364 2, , ,607 2,240 2, ,641 (279) 362 (1,230) (377) 5,808 7,542 8,587 1,882 2,147 54,064 63,102 69,968 14,886 15,531 5,324 6,652 8,959 1,797 2, ,832 70,198 79,001 16,757 18,042

324 8. 25% 10,200 12,702 19,690 1,829 4,548 39,994 49,904 78,270 6,189 17,171 25% 9,999 12,476 19,568 1,547 4, ,200 12,702 19,690 1,829 4,548

325

326

327 ,

328 1,000, ,000 20,000 8,000 20,000 20,000

329 12. 3,838 3,749 13,855 13,562 10,212 (89) (106) (293) (73) 3,749 13,855 13,562 13,489 3,660 13,562 13,269 13, ,749 13,855 13,562 13,489 2,144,00012,736,000 12,668,00019

330 13. 17,975 12, ,650 1,800 34,467 1, ,062 (138) (41) (179) 17,975 13,594 1,247 1,734 1,800 36,350 17,975 13,594 1,247 1,734 1,800 36, ,169 7,104 (133) (13) (146) 17,975 13,755 1,778 1,831 1,800 6,169 43,308 17,975 13,755 1,778 1,831 1,800 6,169 43, ,027 99,651 24,258 7,946 (32,204) 26 (7) (7) (905) (38) (96) (1,039) 42,233 13,258 2,244 2,440 9,746 71, ,913 42,233 13,258 2,244 2,440 9,746 71, ,913 1, ,376 16,665 1,426 (1,426) (61) (43) (104) 42,233 15,728 2,382 2,443 9,746 85, ,474

331 544 1, ,800 5, , ,182 (54) (28) (82) 1,031 2, ,800 7,110 1,031 2, ,800 7, , ,364 (63) (9) (72) 1,518 4, ,292 1,800 9,402 1,518 4, ,292 1,800 9, , , (5) (5) (359) (36) (82) (477) 2,034 5,019 1,028 1,425 2,016 11,522 2,034 5,019 1,028 1,425 2,016 11, ,205 (15) (27) (42) 2,338 5,338 1,123 1,473 2,413 12,685 17,431 10, ,457 16,944 10, ,240 16,457 9,673 1, ,169 33,906 40,199 8,239 1,216 1,015 7,730 71, ,391 39,895 10,390 1, ,333 85, ,789

332 11,059,00014,178,00015,685,000 15,566, II ,477 25,285 20,076 16, ,548 13,197 3,674 3,544 3,377 28,177 29,051 24,039 21,209

333 16. 4,453 5,930 14,416 14, ,190 1, ,342 2, ,204 4,844 4,753 7,338 1,980 1,980 1, ,086 7,868 10,031 9,840 14,553 12,321 15,961 24,256 28,658 30

334 0 30 3,334 5,892 12,834 13, , , ,453 5,930 14,416 14,105 3,334 5,892 12,834 13, , , ,453 5,930 14,416 14,105

335 17. 32,683 42,207 44,808 41,584 32,036,00040,971,000 41,320,00040,044, ,848 7,027 7,187 13,530 10,225 2,607 1, ,990 5,125 5,938 6, ,417 1, , ,732 8,509 8,701 10,500 24,580 15,536 15,888 24,030

336 ,848 7,027 7,187 13, ,848 7,027 7,187 13, ,407 22,000 64,677 57, % 6.60% 7.20% 4.35% 8.40% 6.60% 8.40% 1213

337 20. 5,000, ,000, , , ,000 5,000, , % 10%

338 1,332, % 11.94% 444, ,00074, (a) 10% 50% 25%

339 I (b)

340 24. 16,160 80,076 66, (i) , ,219 1,216 1, (i) (ii)

341 (iii) 2 1,728 (222) 1,508 (1,885) 377 1,

342 27.1 5,194 8,579 17,068 17,171 32,683 42,207 44,808 41,584 37,877 50,786 61,876 58,755 13,949 12,336 13,505 21,675 12,407 22,000 64,677 57,528 26,356 34,336 78,182 79,203 1

343 ,961 16,470 17,575 14,209 1,849 1,849 14,810 18,319 17,575 14,209 3,407 5,507 5,528 9,554 16,470 12,068 8,681 1,849 1,849

344 5% % ,000,00022,000,00046,000,00046,000,

345

346 ,407 22,000 64,677 57,528 66,430 94, , , % 23.4% 42.3% 34.8% ,600,0001,560,000,

347 40,000,000 III P04834 [ ]

348 [] [][ ] A. 29 [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] []

349 (1) [ ] [] (2) [][][] [][] [][][] [] (3) [] [][] (4) (5)

350 B. []

351 []

352 []

353 []

354 12

355 Joseph Zhou Kathy WuJoseph Zhou12Kathy Wu 1 3 MRICS MHKIS RPS (GP) [ ] 21

356 ,605, ,640, ,245,000

357 ,605,000 81, , (2008) , , (2008) ,000,000

358 ,000, (2008) ,000, a b

359 , , ,640, ,501, ,372, [2013] , [2013]

360 ,000, a. 5 b.

361 1. (a) (b) 2. [] (a) (i) (ii)

362 4 (b) (i)

363 (ii) (iii) (iv)

364 (v) (aa)

365 (bb) (cc) (dd) (ee) (vi)

366 (vii)

367 7 7 (aa) (bb) (cc) (6)

368 (dd) (ee) (ff) (gg) (hh) (viii)

369 (ix) 30 (x) (c) (d)

370 (e) (a) (b) (c) (d)(e) (f) (g) (h) (f) (g)

371 (i) (ii) (iii) (iv)

372 (h) 15 (i)

373 (j) (i) (ii) 95%

374 (aa) (bb) (cc) (dd) (ee) (ff) 20% (gg) (k)

375 30 (l)

376 (m) (n) (i) (ii) (aa) (bb)

377 20% (o)

378 (p) 20% 20% 14 14

379 20% (q) (r) (s) 3(f) (t)

380 (i) (ii) (u) (i) 12 (ii) 123 (iii)3

381 (iii) (v) 3. (a) (b)

382 (i) (ii) (iii) 37 (iv) (v) (c)

383 (d) 37A(1)(a) (b) (c) 37A(1)

384 (e) 34 37A(7) 34 2(n)37A(7)(c) (f) Foss v. Harbottle (i) (ii) (iii)

385 (g) (h) 59(i) (ii) (iii) 59 (i) (j) 6 (i)

386 (ii) (aa) (bb) 6(3) [ ] (k) (l) (m) (n)

387 (o) (i) (ii)(iii) (i) (ii)

388 (p) 75% (q) 90% (r) 4. Appleby []

389 A E [] 2. (a) 50,0005,000, Master Professional 9,999 6,999 1, Master Professional Summit Quest Master Venture Venture Master (b) ,600,0001,560,000, [][] 15,600,000 1,560,000,000 [][] []

390 [] [] 3. (a) [][] (b) (a)[] []10% [] (b) (i) [] [] [][][] (ii) (iii) [] [] [] []

391 (c) [] [] [] 20% (i) (ii) (iii) (d) [] 10% []

392 (e) (e) (d) []10% [] 4. [] 1. Master Professional 50,00050, Summit Quest 50,00050, Master Venture 50,00050, Venture Master 50,00050,0001

393 5. 50,0005,000, Master Professional9,999 6,999 1, Master Professional Summit Quest Master Venture Venture Master Master Professional Summit Quest Master Venture Venture Master70% 15% 5% 5% 5% 6. Win Profit 50,00050, Win Profit 8. 70% 15% 5% 5% 5% 28,000,0006,000,0002,000,000 2,000,0002,000, [] []4. []

394 6. [] (a) (i) [] 10% [] (ii)

395 (iii) (b) (c) [][][] [] (d) []

396 [] (e) 26 25%

397 B. 1. [] (a) 60% 3,000,000 (b) 40% 2,000,000 (c) 51% 1,020,000 (d) 49% 980,000 (e) 5%2,000,000 (f) 5%2,000,000 (g) 5%2,000,000 (h) 70%28,000,000

398 (i) (j) (k) (l) 15% 6,000,000 5%2,000,000 5%2,000,000 5%2,000,000 (m) (n) (o) [] 2. (a)

399 (b) (c) * * Yiwu Party Dress Co., Ltd

400 ZL ZL ZL X ZL ZL ZL ZL ZL ZL ZL ZL ZL

401 CN CN (1) (2) (3) (4) X (5) partytime.cn partytime.com.cn partystyler.cn C. partystyle.cn 1. [][] XV7 8

402 352 (a) [] [] 1 [] [] 2 1. Master Professional100% Master Professional 2. Venture Master100% Venture Master (b) Master Professional Master Professional 100% 2. [][] XV2 3

403 10% 1 [] [] Master Professional 1 [] [] 2 [] [] Summit Quest 2 [] [] 1. Master Professional100% Master Professional 2. Summit Quest 100% Summit Quest 3. [] []

404 4. (a) 877, ,000707,000152,000 (b) 1,690,000 (c) (i)(ii) (iii) (d) (e) [] 600, , ,000 [] [] [ ] 120, , ,000

405 (f) 5. [] [] 6. [] [] [] (a) (b) [] (c) [] (d) [][] [] XV2 3

406 10% (e) XV (f) D. [] 1. (a) (b)

407 2 2. (i) 20% (ii) (iii) (iv) (v) (vi) (vii) (viii) 3. (i)

408 (ii) (iii) [][] (i) (ii) (iv) []10%[] (iii) (ii) (iii) (iv) 10% (iii) (iv)

409 (iv) 30% 30% % (i) (ii) (iii) (i) (iv) 7.

410 12 (i) 0.1% (ii) 5 8. (i) (ii) %

411 (i) 12 (ii) 18(v)

412

413 18. (i) 9 (ii) 13 (iii) 16 (iv) 17 (v) (vi) (i) (aa) (bb) (cc) (ii)(i) (aa) (bb) (cc) (vii) 15 (viii)

414 (1) 13(i) (ii) 18(v) (vi) 13(i) (ii) 18(v) (vi) (2)

415 (i) [][] []10% [] (ii) (iii) []10% []

416 E. 1. (n) (a)(i) [] [ ](ii) [ ] (b)[] [] (a) (b) [] (c)

417 (d) [] (a) (c) (d) [] [] [] [][]10%

418 [] 3A.07 3A.07 4,200, , [] [][] 6. [] 6 Appleby 7. [][] []

419 8. [][]32 44A44B 9. [] [] [] (a) [] (i) (ii) (iii) (iv) (b)

420 (c) [] (d) [] (e) (f) [] [] 32L[]4 []

421 [] (a) [] (b) [] (c) [] [] (1) (2) [] (3) (4) [] (5) [] (6) [] (7) []

422 (8) [] (9) [] (10) [] (11) [] (12) (13)

C Ann.indd

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