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1 RENTIAN TECHNOLOGY HOLDINGS LIMITED * (I)17% (II) (III) *

2 i

3 17% 17% 17% 17% 1

4 52,372,200 63,890,

6 90% % 4

7 RENTIAN TECHNOLOGY HOLDINGS LIMITED * Pak William Eui Won P.O. Box 309, Ugland House Grand Cayman, KY Cayman Islands British West Indies (I)17% (II) (III) Smart Express Development Limited253,466,000 83% * 5

8 17% 52,372,20063,890,000 Pak William Eui Won (i)(ii) (iii) (iv)17%(v)(vi) (vii) (1) (2) 64.01%90% A 17% 6

9 52,372,20063,890,000 17%17% 17% (i) (ii) 30 7

10 148,181, %13.71%17.00% 83% 75% % POS(Start) 17% 17% A 22.51%30% A 8

11 668, ,489 46,930 36,361 46,734 33, ,000,000 (i) 4.0(ii)(iii) 17% 17% 9

12 90% A A5%25% ,207,933, % 10

13 (4)

14 12

15 RENTIAN TECHNOLOGY HOLDINGS LIMITED * % 1528 * 13

16 Pak William Eui Won 14

17 % Smart Express Development Limited253,466,000 15

18 17% 52,372,20063,890, % 64.01%90% A A5% 25% Pak William Eui Won 16

19 I. (i) 4.0(ii)(iii) 17

20 13, , , ,771 13, , ,837 91,227 (107,989) 884, , ,971 (107,989) 884, , , ,863 1,898,721 2,241,590 83% 13,234, % 3,870.96% 18

21 285,331, % % II. 17% 30%A 17% 148,181,800 POS(Start) 75% % 19

22 , , , , ,597 88,788 36,361 46,930 23,603 33,734 46,734 22, , , , ,489,000 1%668,480, ,331,000 POS 20

23 (i)27.52% 31.06%31.12% (ii)5.09%6.99% 7.72% 280,856,000 III. 80% (i) (ii)(iii) POS POS (i) International Data CorporationIDC 2,480,000 3,330, % 21

24 5,090,000 4,100, % (ii) IDC 379, , % IDC 950,0006.3% 1,030,000 + IDC 22

25 (iii) POS 12,030, % 38.03%13,710,000 POS 36.73% 23

26 IV. (i) (ii) (iii) (iv) V. 52,372,20063,890,000 (i)(ii) 24

27 (i) 17%(ii) 17% 17% 17% 17% (i) (ii) (iii) (i) (ii) 25

28 (i) (ii)25%(iii) 281,000,00017%48,000,000(i) (ii) 215,000, ,000,000(iii)(iv) 17% 26

29 VI. 2,241,590, ,856, ,517,000287,771,000 52,370,00063,890, ,560,000 (i)200,000, ,500,00087,500,000 (ii) 282,440,000 27

30 (i)(ii) (iii)

31 (852) (852) % 17% 29

32 148,181,800 POS (Start) 69.29%13.71%17% 75% % 30

33 314, % 15,6988.1% 13%10.6% % 5.5%2.2722, %7.4% 2.6% 1, % 1.2%53.8% 28.6% 31

34 % , %2.7%699.65% 7% %0.2%1.9% % 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 40.5% % 28.5% 12.0% 5.0% (%)

35 8594.3% 2.5%7.1% 34.6%34.1% % % % 4.3% 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 33

36 34

37 (i)(ii) (iii)(iv) (i)(ii) 35

38 (i) POS (ii)(iii) (iv) (2028.HK) (992.HK) (327.HK) (5410.TT) (3097.TT) Seiko Epson Corporation (6724.JT)

39 William L. Silber Discounts on Restricted Stock: The Impact of Illiquidity on Stock Prices(1991)Lance S. HallTimothy C. Polacek Strategies for Obtaining the Largest Valuation Discounts(1994)B. A. Johnson Quantitative Support for Discounts for Lack of Marketability(1999)FMV Opinions Inc. FMV The FMV Restricted Stock Study(2001) 25% 17% 37

40 38

41 39

42 17% 55,000, MFin ICVS 10 40

43 A B 47,503 62,537 C = A x B 333,000 D 65,000 E 84,691 * C D + E 505, ,000 ** 50% 50% 429,000 25% 322,000 17% 55,000 * = + ** 50% 41

44 45Monash University 15 (Over the Counter Bulletin Board) AGAC GJ AZR 240, XV 13.51(2)(h)(v) 42

45 1. 2. (a) XV (a)xv78 (b)352 (c) (i) (%) 210,000, ,000, Toplap International Limited210,000,000 90% 43

46 XV(a)XV7 8 (b)352 (c) XV23 (b) XV23 10% (%) 5,207,933, Mystery Idea LimitedBetter Joint Venture Limited 5,116,673,35011,260,000Carnival Group International Holdings Limited80,000,000 Carnival Group International Holdings Limited74.74% 44

47 ,167 45

48 (i) (ii) (iii) 46

49 (a) 1314 (b) 1528 (c) (d) (e) 6. (f) (g)

50 RENTIAN TECHNOLOGY HOLDINGS LIMITED * (1) 17%A (2) * 48

51 P.O. Box 309, Ugland House Grand Cayman, KY Cayman Islands British West Indies ( ( Pak William Eui Won 49

Rentian_C_Refreshment GM Cir.indb

Rentian_C_Refreshment GM Cir.indb RENTIAN TECHNOLOGY HOLDINGS LIMITED * 00885 (1) (2) (3) 61516 1729 95 1043337 18322 48 * ............................................................. 1.......................................................