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1 !"#$%&'!"#$%&'()*+, I N T E R N A T I O N A L H O L D I N G S L I M I T E D (Incorporated in Bermuda with limited liability)! " # $ # % A N N U A L R E P O R T

2

3 ,847 5,176 5,392 6,003 6,873 2,406 2,677 2,913 3,206 3, ,116 2,167 2,200 2,474 2, ,775 3,339 3,332 3,199 4, , , , , , , , , , ,842 2

4 O.B.E., J.P. O.B.E., J.P. Canon s Court 22 Victoria Street Hamilton, HM 12, Bermuda (852) (852) Butterfield Fund Services (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke, Bermuda Appleby Spurling Hunter 025 The Bank of New York American Depositary Receipts 101 Barclay Street, 22nd Floor West New York, NY 10286, USA 3

5 III II II 4

6 1 ISO 9001 CC1438 ISO 9001 CC2435 ISO 9001 CC140 ISO 9001 CC270 ISO 9001 CC393 ISO 9001 CC792 ISO 9001 CC242 ISO 9001 CC458 5

7 ISO 9001 CC2229 ISO 9001 ISO 9001 CC790 ISO 9001 CC259 ISO 9001 CC2794 ISO 9001 CC2222 ISO 9001 ISO

8 III III 7

9 8

10 2003/ /2005 4,290,000,000 34% 2003/20043,199,000, ,000,000 52% 2003/ ,000, / % / %2,287,000,000 9

11 160,000,00011% 8.8%7% 2003/ /2005 T Citygate 10

12 750 NordiTube Technologies AB Rib Loc Group LimitedRib Loc92% 74% 11

13 Rib Loc Plastream 283,000, ,000, / ,000,000 56,000, / % 12

14 340,000, ,000,000 57% 44,000, ,000, ,000,000 1,100,000 13

15 570,000,000 3,300,000Action Honda 8.1% 14

16 2004/2005 Pacific Coffee 15

17 2,842,000,000 2,474,000, ,000,00015% 59% 51%15% 4% 2,842,000,000 2,474,000,000 1,688,000,000 1,260,000,000 1,260,000,000 1,156,000, ,000, ,000, ,000,000 27,000,000 43,000,000 16,000, ,000, ,000,000 16

18 174, , A 118, , , , , , Chevalier House, 23 Genting Road, 80, Singapore The Blue Building, 10 Genting Road, 17, Singapore

19 Kingston Road, 20, Ontario, MIF 2M , Yonge Street, 25, Aurora, Ontario Aurora 888 Hamilton Street, 66, Vancouver, B.C. 430 East Grand Avenue, 38, South San Francisco, CA 129, , , No.540 Bamrungmuang Road, 21, Debsirin Sub-district, Pomprab District, Bangkok Metropolis 18

20 Julius Strasse , Schieder-Schwalenberg Germany Julius Strasse 6/10 227, Schieder-Schwalenberg Germany An der Brehnaer Str I 218, Glebizsch Germany 104, , A , , , ,

21

22 2 30% , ,000, , ,

23 Prosper Well Developments LimitedProsper Well PPR 11,935, ,000,000 19,300,000PPR 22

24 rabmer NordiTube NordiTube Technologies ABNordiTube ,603,320 15,800,00017,800,000 NordiTubeNordiTube 92.4% NordiTubeProsper Well rabmer NordiTube PPRNordiTube PPR NordiTube2.5%14A.32PPRNordiTube XV XV (%) 144,146,359* 144,146, ,216 98, ,479 93, ,015 32, , ,040 29, ,000 40, * 144,146, % 23

25 (%) 6,815,854 86,994,933* 93,810, ,400,000 2,400, ,580,000 2,580, ,000 10, , , , * 144,146, % 86,994,933 XV XV

26 25

27 Syracuse University 26

28 3.5% 16% 5% 1,000 27,856,000 1,231, ,000 27

29 XV (%) 144,146, ,146, ,248, ,248, XV 144,146, % XV

30 % 29

31

32 ,290,482 3,198,941 (3,741,546) (2,749,866) 548, , , ,314 (141,108) (124,048) (98,699) (98,664) 5 (45,697) (33,173) 404, ,504 6 (27,056) (43,032) (423) (11,166) 488 (2,467) 7 1, , ,855 9 (73,052) (38,932) 303, ,923 (22,250) (30,923) 281, , ,362 83,

33 , , ,550,445 1,213, ,901 8, ,576 6, (12,244) (12,918) 17 46,842 8, ,772 43, ,903 21, ,744 12,026 2,169 2, ,497 6, ,800 7,800 2,462,869 1,697, , , , , ,399 1,087,926 24,100 16,544 86,442 3, , , ,115, ,586 45,915 3,843 89,386 1,017,747 1,058,805 4,410,580 4,305, ,254,737 1,174,914 53, , , ,351 1, , ,294 24,133 11, ,543 2,082 23,342 21,723 11,733 14, ,266, , ,895 7,255 3,087,239 2,358,367 1,323,341 1,946,685 32

34 ,786,210 3,644, , , ,105 2,194 27,784 67, ,381 74, ,869 1, , , , ,779 2,841,732 2,473, , , ,493,504 2,125,621 2,841,732 2,473,

35 ,547,812 1,411, ,328 6, ,000 1,591,739 1,418,843 9,235 11,643 1,594,726 1,524,525 23,099 14, , ,202 37, ,291 25,358 2,395,168 1,740,417 3,588 2,917 1,295, , , ,000 1,955,889 1,123, , ,829 2,031,018 2,035, , ,000 1,881,018 1,925, , , ,532,790 1,577,444 1,881,018 1,925,672 34

36 ,473,849 2,199,788 22, ,012 76,067 4,955 2,332 7,756 12, ,548 91,356 51,432 (329) , ,000 (111,432) (54,439) 2,841,732 2,473,849 35

37 , , ,166 (488) 2,467 (41,837) (39,817) 26,750 42,807 (3,238) (1,203) ,732 50,803 4,665 1,055 (2,900) (473) 15,651 3,573 2,881 1, ,210 4,516 (21,264) 9,257 7,493 (431) 62 1,413 (9) 444, ,088 9,691 (10,355) 195, , ,196 91,784 (9,860) 102,977 (463,807) (159,421) (42,072) (3,843) (93,826) (108,740) (87,798) (57,037) 24,723 87,049 (128,044) 12,616 12,504 (32,378) 1, (5,941) (9,855) 174, ,371 (26,194) (46,677) (306) (225) (52,029) (68,044) 1,427 2,952 97, ,377 36

38 ,161 37,627 1,000 (52,214) (22,014) (5,935) (600) 3,238 1,203 5,853 5, (34,108) 131,803 (93,361) (23,034) (338) (10,534) (5,125) (550) (36,899) (4,664) (31,120) (89,642) 301 (1,718) 89,425 (3,773) 7,800 12,234 (241,800) 6,971 (412,202) 98,405 (111,432) (19,672) (4,124) (2,438) 522, ,142 (130,981) (576,200) (329) 16,665 (3,013) (1,034) 3,809 7, ,370 (99,206) (38,562) 280,576 1,051, ,486 2,864 6,488 1,015,852 1,051,550 1,017,747 1,058,805 (1,895) (7,255) 1,015,852 1,051,550 37

39 (d) (e) 38

40 39

41 (i) (ii) 40

42 (iii) 16.67% 20% 40% 10%-20% 10%-20%

43 42

44 43

45 44

46 3 3 45

47 ,679, ,079 54,800 59,139 90,216 66,948 66,903 66, , , ,008 1,008, , ,135 69, , , ,920 4,290,482 3,198, ,861 19,300 18,754 19, ,238 1, ,066 18, ,958 25,093 2, , ,780 4, ,257 7,493 18,496 15,651 3,573 2,881 1,311 4,665 1,055 46

48 ,894 42, ,082 43,123 (26) (91) 27,056 43,032 3% 0.7% 645, ,00037, ,180 (1,394) 2,780 (1,369) 1,411 2,519 (3,845) (1,326) 653 (673) 3,301, ,000 3,675,000 47

49 ,699 53,229 2,306 1,477 76,005 54,706 (4,273) (3,903) 71,732 50,803 6,662 4,400 a 634, ,845 (69,063) (35,260) 565, ,585 16,521 22,051 5,520 2,251 22,041 24,302 4,210 4,516 2,814 63,050,000 62,069,000 b 43,300 48,546 4,795,000 4,051,000 4,358 3,425 25,402 (a) 36 1,254,000 6,110,000 27,856,000 22,436,000 (b) 2,028,000 1,668,000 1,132,000 1,229,000 48

50 ,601 35,889 20,932 12,237 47,533 48, ,033 (9,130) 73,566 38,996 (527) (65) ,052 38, % 17.5% 49

51 , , % 17.5% 65,982 44,775 12,526 11,376 (15,697) (26,695) 11,127 27,806 (19,533) (23,136) (5,576) (88) 1,042 (525) 2,321 23, ,121 73,052 38, ,716 27, ,646 55, ,362 83,

52 281,738, ,000, ,582,000270,640, ,727 1,890 10, , ,223 2,058 2,058 56, (12,510) 44, ,307 1,890 10, , ,464 (a) 18,667,000 18,667,000 (b) CB Richard Ellis (Pte) Ltd (c) 214,530, ,356,000 (d) 17,293,000 14,995,000 51

53 290, , , , ,572 9,629 1,403,860 5,445 2,453 3,834 1, ,459 48,476 68,807 7, ,783 7,878 18,913 22,486 5,071 54,348 (116) (2,494) (8,983) (19,219) (1,283) (32,095) 70,000 (1,596) 138, , , , , , ,903 13,580 1,770,868 57, ,239 2, , (176) 1, ,703 7,364 9,829 13,822 22,449 20,201 2,340 76,005 (86) (14) (6,270) (15,335) (327) (22,032) (7,364) (9,840) (13,632) (30,836) 4,665 4,665 79, ,949 4, , , , , ,729 60,954 9,050 1,550, , , ,259 59,881 54,333 7,171 1,213, , ,903 13, , , , ,452 1,348,362 9,999 2,351 12, , , , , ,903 13,580 1,770,868 52

54 (a) , , , ,820 38,785 52,446 45,046 45, , ,619 15,901 16,549 4,575 4, ,360,712 1,092,557 (b) CIBI Information, Inc. CB Richard Ellis (Pte) Limited Prof. Dipl.-ing Hanns-Christian Thiele (c) 975,071, ,662,000 (d) 809,733, ,464,000 (e) 12,341,000 5,479,000 8, ,901 53

55 26,859 85,429 7, ,438 20,553 15,309 35,862 83,576 6,306 13,137 2, , ,900 3,119 12,244 12,918 54

56 3,000 1,900 4,077 1,829 10, ,881 35,881 3,596 2,339 5,935 3,000 1,900 8,234 40,243 53, , ,063 1,138 2,881 1,055 1, ,187 1,804 2,607 6,535 2, ,430 37,636 46,842 2,363 1,093 3,652 1,605 8, , ,990 1,191, , , ,109 1,547,812 1,411,372 90,434 88,229 55

57 ,691 9,072 7,311 b (2,178) c 7,492 d 5,125 e 14,700 14,829 23,772 43,270 37,667 (a) (b) 2,432 (2,432) 254 (254) 2,178 56

58 (c) 9,159 (9,159) 1, (2,009) 7,492 (d) 7.43% (e) 14,700,000 14,156, % ,491 (12,698) b 5,412 34,441 64,903 21,743 (a) (b) 57

59 ,563 4,440 5, ,510 69,558 94,753 6,872 99,014 64,979 66,262 2,691 2,976 2,691 87,760 31,162 64,592 7,934 7,934 60,609 60,363 24,849 12,049 18,479 12, , , , , , , ,737 39,146 56,419 41,262 1,129, , , ,074 13,744 12,026 4,328 6,872 1,115, , , ,202 1,129, , , ,074 10,551,000 58

60 ,512 25, , ,144 44,882 30, , ,253 1,118,529, ,623,000 44,713,000 28,673,000 20,182,000 23,321, ,638, ,059, ,989, ,668, , , ,215, ,862, , , ,210 30, ,073 35, , ,862 59

61 ,324,097 3,788,832 (41,359) (2,820) 4,282,738 3,786,012 (4,045,334) (3,632,706) 237, , , ,600 (107,270) (165,294) 237, , ,543, ,189,0007,419,000 3,588, , ,000 36,118,000 42,178, ,191, ,779, , , ,012 8, ,574 98, , ,779 60

62 ,682 2,334 3,543 2,082 1,967 1,426 1,869 1,275 5,649 3,760 5,412 3,357 (237) (403) 5,412 3,357 5,412 3,357 (3,543) (2,082) 1,869 1, % 6.2% 61

63 ,266, , , ,000 94, , , , , ,000 38,900 44,611 1,678,547 1,246, , ,000 (1,266,437) (544,539) (657,200) (135,000) 412, , , , , , ,200 1,046, , , ,000 1,678,547 1,246, , , , ,130 2,355 2,363 (250) (169) 2,105 2,194 62

64 (6) 60,623 3,137 1,833) (3,948) 57, ,167 5,808 (1,023) (688) (15,436) (10,172) 15,708 15, (86) (370) 1,042 3,351 3,351 1,112 87,279 2,408 (2,234) (19,754) 68, ,459 (1,209) (55) 582 1,274 1,898 (4,015) 323 (2,397) 28,950 26,033 44,458 44,458 2, ,094 (1,607) (3,120) (22,206) 28, , ,381 74,854 (12,497) (6,043) 139,884 68,811 63

65 1,434,000,000 1,456,000, ,000, ,000,000 1,307,000,000 1,347,000,000 51,000,000 65,000,000 4,000,000 4,000,000 38,000,000 35,000, ,000, , , ,582, , , ,905,7176,830,

66 387, ,293 7,526 38,144 (10,158) 26,185 1,153,813 1,872,480 12,957 12,957 (26,185) (683) (26,868) 30,512 30,512 (329) (329) 88,482 88,482 (12,415) (12,415) ,332 2, , ,000 55,716 (83,287) (27,571) 417, ,334 7, ,543 2,799 55,716 1,255,843 2,125,621 7,756 7,756 (55,716) (55,716) 22, , ,508 (94) (36,577) (36,671) ,955 4, , ,738 69,646 (125,362) (55,716) 417, ,363 7,526 22, ,510 10,555 69,646 1,412,219 2,493,504 (a) (b) 12,779,000 14,993,00020,980,000 21,393,000 84,905,000 84,934,00026,459,000 26,459,000 65

67 a 387,677 95,413 7,526 26, ,190 1,470,991 (26,185) (683) (26,868) 30,512 30,512 (329) (329) 130, ,709 55,716 (83,287) (27,571) 417,860 95,413 7,526 55,716 1,000,929 1,577,444 (55,716) (55,716) 66,778 66,778 69,646 (125,362) (55,716) 417,860 95,413 7,526 69, ,345 1,532,790 (a) (b) 1,107,404,000 1,152,058,000 Preussag Pipe Rehabilitation Emirates LLC100% 51% 2,130,000 21,607, ,000 Rib Loc Group LimitedRib Loc 43%KMG Holdings LimitedKMG50% 48,886, ,000Rib Loc KMG 64.1%NordiTube Technologies ABNordiTube11.82% 66

68 ,783 22,712 35,881 4,919 33,169 5,186 8,695 3,000 31,529 10,636 12, ,407 94, ,571 4,747 39, ,764 (173,080) (435,775) (71,236) (31,368) (37) (26,923) (2,902) (2,363) (12,483) (7,458) 51, ,805 (15,479) (33,210) (3,378) (9,916) 32,862 61,679 42,730 (2,226) (14,256) 73,366 47,423 73,366 41,961 5,462 73,366 47,423 39, ,764 (73,366) (41,961) (34,108) 131, ,687,000 95,894,0001,677,000 3,649,148 67

69 2,287, , , , ,015 4,358,098 (301) (14,986) (43,278) (5,678) (3,373) (67,616) 2,286, , , , ,642 4,290, ,389 56, ,887 3,311 10, ,854 (7,367) 9, ,031 (27,056) 2,309 (826) (1,906) (423) (128) ,040 (73,052) 303,988 (22,250) 281,738 68

70 1,747,763 1,818,242 2,826, , ,256 6,772,277 5, ,576 23,772 14,045 50,858 64,903 12,497 6,873,449 1,122, , ,135 79,056 14,491 1,831,165 1,852,323 3,683, , ,303 6,064 1, ,300 40, ,044 4,681 2,730 87,364 1,884 1, ,210 5,720 5, ,324 (8,271) (2,814) 69

71 1,636, , , , ,673 1,818 3,277,328 (918) (25,223) (44,805) (4,593) (2,024) (824) (78,387) 1,635, , , , , ,198, , ,576 44,296 4,345 3,116 2, ,031 (3,108) 13, ,504 (43,032) (4,767) (77) (6,322) (11,166) 60 (2,527) (2,467) 1,016 1, ,855 (38,932) 216,923 (30,923) 186,000 70

72 1,595,924 1,156,401 2,452, , ,876 2,519 5,664,293 25,175 2,239 15,856 43,270 8,835 12,908 21,743 26,637 5,755, , , ,660 82,145 16,963 3,845 1,613,089 1,346,226 2,959,315 29, ,849 6,195 1,857 41,714 16, ,329 4,803 2,435 55, ,192 (5) 4,516 1,847 17,219 6,596 (260) 25,402 13,299 (8) 609 4, ,496 71

73 % 2,889, ,145, , , , , , , , , , , , , , ,793 27, ,290, ,198, % % 3,986, ,983, , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,772, ,684, , ,

74 2,134,000 (a) (b) 9,905,71734,767,000 NordiTube 5,462,000 NordiTube11.82% ,458 16, ,611 17, , , ,000, ,000,001 1,500, ,500,001 2,000, ,500,001 3,000, ,000,001 3,500, ,500,001 4,000, ,000,001 8,500,

75 ,357 16,331 4, ,804 16, ,500,001 2,000, ,000,001 2,500, ,500,001 3,000, ,000,001 3,500, ,500,001 4,000, ,500,001 7,000, ,000,001 8,500, ,309, ,688,000 1,682,027,000 1,746,423,000 89,386,000 74

76 (a) , ,106 94,830 67,563 94,830 67,563 1,125 1, , , ,753 95,955 69,384 1,095,807 1,352,857 (b) 124,200, ,200, ,369 19, ,920 5,906 18,733 3,629 13,266 40,919 9,535 75

77 316,000, ,000,000390,000, ,000, ,006 35,845 22,213 11,352 51,219 47, ,830,000 10%10% 30% 1% 0.1% 5,000,

78 5%1,000 5%5% 7.5% 1,231,000 2,348, ,000 59,000 2,130,000 2,192,000 (a) (b) 642,418, ,022, ,000, ,000,000 77

79 (i) (ii) 226,000 2,083, ,000 24,066,0001,498, ,700,000 14,156, %222, , , ,000,000Pacific Coffee (Holdings) Limited60,000,000Pacific Coffee (Holdings) Limited Pacific Coffee (Holdings) Limited 78

80 Chevalier Automobiles Inc ,837,002 45,837, ,964,002 24,964, ,500,000 60,500, ,938,544 89,385, , ,000 1, Chevalier Development 2,500,000 2,500, (S) Pte. Limited4 40,000,

81 69,200,000 69,200, Chevalier Engineering 500, , (S) Pte. Limited4 127,600, ,600, ,085, ,340, ,000,000 1,000, ,000, ,000, Chevalier International 4,012,000 4,012, (USA) Inc.4 85,677, ,355, Chevalier itech Thai 18,980, , Limited 3 4 1,020,000 10, ,000,

82 100, , ,000, ,000, ,002 1, , , ,250, ,500, Chevalier Network Solutions 15,000, , Thai Limited Chevalier Telecom (Thailand) Limited4 1,500,000 15, , ,000 40, Forth Bridge Company Limited 10,000 1, ,000 1,

83 Goodkent Limited ,936, ,362 25,000, KMG Holding GmbH 25, ,600,000 3,600, Macleh (Chevalier) Ltd.4 101,100 10, Macont Development 1,000 1, Inc.4 Matterhorn Properties Limited 82

84 NordiTube 54,509, ,018, Technologies AB PHOENIX 4 360,000, ,000, PPR Technology (S) 1,000,000 1,000, Pte Ltd.4 Chevalier Pipe Rehabilitation Singapore Pte. Ltd. 43,400,000 43,400, Rib Loc Group Limited 14,907,000 28,397, ,000, Sup Aswin Limited4 15,000, ,

85 270,000, ,000, ,142, ,000, Ontario Limited (1) (2) (3) 10% (4) (5) 84

86

87 % 86

88

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