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2 3 5 9 15 18 27 29 30 32 33 35 84 1
28 26 Clarendon House 2 Church House Hamilton HM11 Bermuda 8 20 2002-03 88 35 29 10 1002-03 http://www.nubrandsgroup.com 835 Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke HM 08 Bermuda 2
10SS SO GFPFGF SSSO DermagramLaVie Seawise Group Limited 60% 80% 9,857 620 3
90% 1. 2. 3. 4. 4000 Nubrands Group Holdings LimitedAsia Coal Limited 4
Saikhan Ovoo LaVie Dermagram 16,400,000 67.7% Lumene 6,600,00055.5% 29.4%40.5%LaVieDermagram 28,500,000 35,000,000 5,400,000 5
Giant Field Group LimitedGFPower Field Holdings LimitedPFGF SMI LLCSMISaikhan Ovoo 190,000,000PF Sinotum Mongolia LLCSinotum Erdenetsogt900,000,000 GF Saikhan Ovoo 363,292,000329,705,093218,222,000 Saikhan Ovoo Saikhan Ovoo760,000,000 PFPF SMI750,000 Saikhan Ovoo 9,800,0004,700,00032.2% Lumene 36.1%43.9%LaVie Dermagram 13,400,00014,700,000 35,000,000 10,500,000 6
103,756,000 20,977,000120,505,000 3,397,000 4.6% 0.28 400,000,000110,800,000 329,705,093 218,222,000 1,717,000147,000 12,300,000 6,000,000 PFGF GF PFGF PF SMI Sinotum GFPF760,000,0003,600,000,000 7
Seawise Group LimitedSeawise Seawise 60% 80%98,570,000 6,161,000 1,524,525,000 90% 452,700,000 47 8
9
3.13 11/11 3/11 1/11 10/11 11/11 2/2 1/1 9/11 8/11 2/2 1/1 8/11 2/2 1/1 2/11 10
10 A.2.1 11
A.4.1 27 28 (1) (2) 12
(3) (4) (5) (6) 10 13
(i)(ii) (iii) 10 27 28 1,180 446 1,626 14
46 35 Billion Pacific Ventures Limited 66 15
43 CEC Management Limited CEC Resources LimitedCEC Resources LimitedCEC Management LimitedCEC Management Limited Pacific Alliance Group LimitedInBevInterbrew SA InBev McKinsey & Company, Inc. 36Brown University Northeastern University She.Com International Holdings Limited She.Communications Limited Tom 46 69 16
60 Institute of Canadian Bankers 38University of St. Andrews Greater China, Lasalle Investment Management 44 35 56 17
29 32 84 17 18 31 18
249,005,000 64,829,000 11% 43% 55% 76% 5% 110 101 113 19
XV 352 0.10 6,942,320 401,533,775 408,476,095 24.72 1 10,000,000 10,000,000 0.61 2 3,692,660 3,692,660 0.22 3 1. Billion Pacific Ventures Limited 2. 10,000,000 10,000,0000.10 3. 3,692,6603,192,660 1,775,596 0.11% XV 352 20
32 0.01 0.10 21 1.00 (I) (II) 0.10 (III) 90,323,472 5.47% 21
(IV) 12 1% 12 0.1% 5,000,000 (V) (VI) (VII) 21 1.00 (VIII) (i) (ii) (iii) (IX) 22
01/09/2008 01/09/2008 0.301 10,000,000 10,000,000 31/08/2018 21/08/2006 21/08/2007 0.210 2,272,000 (1,272,000) (1,000,000) 21/08/2016 22/11/2007 22/11/2007 0.270 25,230,000 (4,950,000) 20,280,000 21/11/2017 22/11/2007 22/11/2008 0.270 2,850,000 (1,800,000) 1,050,000 21/11/2017 03/03/2009 03/03/2009 0.270 2,000,000 2,000,000 02/03/2019 21/08/2006 21/08/2006 0.210 5,442,320 5,442,320 21/08/2016 22/11/2007 22/11/2007 0.270 18,060,000 18,060,000 21/11/2017 53,854,320 12,000,000 (1,272,000) (7,750,000) 56,832,320 0.2850.23 0.36 23
336 China Enterprise Capital Limited 14,975,402,500 906.20 1 CEC Resources And Minerals 14,975,402,500 906.20 Holdings Limited1 Sino Minerals Capital Limited 14,975,402,500 906.20 1 Sino Mining Investment Limited 14,975,402,500 906.20 1 CEC Resources Limited 14,975,402,500 906.20 1 Billion Pacific Ventures Limited 401,533,775 24.30 2 1. CEC Resources LimitedCECChina Enterprise Capital Limited CEC Resources And Minerals Holdings Limited CECSino Minerals Capital Limited Sino Mining Investment LimitedCEC China Enterprise Capital Limited CEC Resources And Minerals Holdings Limited Sino Minerals Capital Limited Sino Mining Investment LimitedCEC CEC CEC (i) 26 (ii) 25% 24
2. Billion Pacific Ventures Limited 3. 8.10 3,192,66050,000,000 3,192,66050,000,000 25
3.13 32 41 26
29 83 90 27
28
7 9,819 14,485 6,592 36,274 16,411 50,759 (5,508) (9,256) (4,253) (26,556) (9,761) (35,812) 4,311 5,229 2,339 9,718 6,650 14,947 9 691 304 943 4,319 1,634 4,623 20 (5,400) (2,600) (5,400) (2,600) (10,662) (10,473) (1,101) (5,259) (11,763) (15,732) (25,146) (20,991) (1,405) (5,808) (26,551) (26,799) 10 (3,300) (3,300) 11 (10,560) (117) (15) (10,575) (117) (46,766) (31,948) 761 2,970 (46,005) (28,978) 12 390 455 (25) 390 430 34 10,539 10,539 13 (46,376) (31,493) 11,300 2,945 (35,076) (28,548) (35,076) (28,540) (8) (35,076) (28,548) 15 (2.43) (3.17) (3.22) (3.50) 0.78 0.33 29
17 2,628 18 815 3,476 19 8,136 20 800 6,200 21 370,704 22 12,222 384,541 20,440 1,806 5,128 19 219 23 5,642 10,855 24 1,717 1,689 24 102,039 19,288 111,204 37,179 25 10,382 20,036 26 200 1,808 33 27 85 87 28 1,589 10,667 23,553 100,537 13,626 485,078 34,066 27 55 99 29 390 30 120,505 120,560 489 364,518 33,577 30
31 165,254 91,837 199,264 (58,260) 364,518 33,577 2983 31
84,891 51,002 2,751 4 (98,514) 40,134 8 40,142 (158) (158) (158) (28,540) (28,540) (8) (28,548) (158) (28,540) (28,698) (8) (28,706) 84,891 51,002 2,751 (154) (127,054) 11,436 11,436 3,819 3,819 3,819 (347) 347 3,908 6,751 (2,451) 8,208 8,208 3,038 7,139 10,177 10,177 (63) (63) (63) 91,837 64,829 3,772 (154) (126,707) 33,577 33,577 (1,110) (1,110) (1,110) (35,076) (35,076) (35,076) (1,110) (35,076) (36,186) (36,186) 91,837 64,829 3,772 (1,264) (161,783) (2,609) (2,609) 108,238 108,238 108,238 1,377 1,377 1,377 (603) 603 127 221 (81) 267 267 40,000 72,000 112,000 112,000 33,290 113,185 146,475 146,475 (1,230) (1,230) (1,230) 165,254 249,005 4,465 108,238 (1,264) (161,180) 364,518 364,518 32
(46,005) (28,978) 10,575 117 (741) (624) 1,377 3,819 274 178 3,300 78 456 5,400 2,600 55 219 752 1,017 1,285 (26,950) (17,896) (738) 2,982 (100) 364 4,524 (1,221) 200 (23,064) (15,771) 741 624 3 (11) (22,334) (15,144) 34 17,378 6 6 (12,222) (5,576) 33 (1,811) (422) (1,120) (28) 963 (3,300) (2,675) (3,451) 33
112,267 18,385 (1,808) 1,600 (1,589) (611) (1,230) (63) (87) (94) (54) (117) 107,499 19,100 82,490 505 19,288 18,751 261 32 102,039 19,288 34
1. 42 2. 39 7 12 14 19 35
2. 1 2 1 3 23 3 27 4 321 3 39 4 1 3 27 2 3 3 4 7 3 8 3 9 5 39 13 6 15 3 16 7 17 4 18 8 1 5 2 3 4 5 6 7 8 3 27 36
3. 37
3. 38
3. 36 39
3. 40
3. 41
3. 42
3. 43
3. 44
3. 4. 45
4. 370,704,000 5,400,000 2,600,000 800,000 6,200,000 20 5,642,000 10,855,000 78,000 456,000 46
5. 6. 6a. (i) 3 (ii) 105,862 28,330 125,119 8,372 140 186 125,259 8,558 47
6. 6a. (iii) 102 17 7,548 9,136 243 1,016 467 2,601 93 120 5% 5% 5% 5%12,000 56,0005% (iv) 28 48
6. 6a. (iv) 24 27 30 24 28 50 50 479,000 88,000 50 120,000 88,000 (v) 99%30% 49
6. 6a. (vi) % 2,269 2,145 4,414 4,414 200 200 200 10.03 24 72 65 161 140 218,222 218,222 120,505 2,469 2,169 72 218,287 222,997 125,259 2,878 659 1,438 4,975 4,975 1,808 1,808 1,808 8.53 36 63 105 204 186 6.00 1,589 1,589 1,589 6,275 695 1,501 105 8,576 8,558 6b. 50
7. 9,819 14,485 6,592 36,274 16,411 50,759 8. (a) 34 9,819 14,485 9,819 14,485 6,592 36,274 16,411 50,759 (14,712) (13,435) (3,326) (18,038) (13,435) 602 2,210 (17,436) (11,225) 659 233 174 760 833 993 (18,827) (15,329) (18,827) (15,329) (3,300) (3,300) (10,560) (117) (15) (10,575) (117) (46,766) (31,948) 761 2,970 (46,005) (28,978) 390 455 (25) 390 430 10,539 10,539 (46,376) (31,493) 11,300 2,945 (35,076) (28,548) 51
8. (a) 5,754 12,473 383,597 389,351 12,473 13,249 389,351 25,722 106,394 31,897 495,745 57,619 4,896 2,734 3,667 8,563 2,734 15,875 8,563 18,609 122,664 5,433 131,227 24,042 79 261 372,308 159 1,004 372,546 1,265 3 135 372,549 1,400 187 332 17 478 397 682 729 51 215 733 944 19 73 19 73 55 219 55 219 78 456 78 456 78 456 5,400 2,600 5,400 2,600 5,400 2,600 274 20 81 274 101 77 274 178 1,285 1,285 1,285 1,377 3,819 1,377 3,819 1,377 3,819 52
8. (b) 95% 5,754 19,422 241 1,154 6,300 246 383,597 372,308 389,351 25,722 372,549 1,400 106,394 31,897 495,745 57,619 9. 658 183 83 441 741 624 50 91 319 91 369 769 3,370 769 3,370 33 71 189 33 260 691 304 943 4,319 1,634 4,623 53
10. 51% 15,310,000 3,300,000 11. 26 105 15 41 105 13 12 13 12 10,521 10,521 10,560 117 15 10,575 117 12. 25 25 29 (368) (455) (368) (455) (22) (22) (390) (455) (390) (455) (390) (455) 25 (390) (430) 54
12. 1% 16.5% (46,766) (31,948) 761 2,970 (46,005) (28,978) 16.5%17.5% (7,591) (5,071) 3,567 1,832 (113) (704) 3,944 4,034 (125) (189) (50) (332) (22) (390) (430) 29 55
13. 15,281 11,883 1,308 5,419 16,589 17,302 268 300 39 178 307 478 32 1,377 2,462 1,377 2,462 16,926 14,645 1,347 5,597 18,273 20,242 1,242 891 220 1,242 1,111 11 11 4,014 7,923 4,253 26,556 8,267 34,479 1,285 1,285 682 729 70 288 752 1,017 1,357 1,357 274 101 77 274 178 1,233 (100) 5 11 1,238 (89) 2,453 2,808 2,453 2,808 55 219 55 219 78 456 78 456 56
14. (a) 136 1 2 3 1 1 3 1 4 60 60 120 37 2 279 117 3,434 1,821 250 100 100 100 400 6,322 12 12 999 999 117 3,446 2,820 250 160 160 220 37 2 400 7,612 1. 2. 3. 4. 60 60 120 240 1,040 1,040 12 12 1,052 60 60 120 1,292 57
14. (b) (a) 2,629 2,684 66 78 2,186 2,695 4,948 1,000,000 2 1 1,000,0001,500,000 1 2 1,500,0002,000,000 1 3 4 58
14. (c) 10,017 4,227 78 74 1,312 1,280 11,407 5,581 15. (35,076) (28,540) 1,440,796,672 899,493,846 59
15. (35,076) (28,540) 11,300 2,945 (46,376) (31,485) 11,300,000 2,945,000 16. 761 2,945 34 10,539 11,300 2,945 60
16. (538) 2,201 17,374 (135) (15) 16,821 2,066 34 17. 2,811 (2,811) 110 73 183 19 (202) 2,628 61
17. 2% 829 1,799 2,628 5,130,000 62
18. 2,954 2,217 2,507 1,133 8,811 18 17 4 39 514 485 401 1,400 (246) (374) (34) (654) 2,954 2,503 2,635 1,504 9,596 7 3 2 12 142 321 463 (267) (95) (66) (428) (2,954) (1,634) (2,019) (927) (7,534) 751 524 834 2,109 1,009 1,661 2,221 738 5,629 6 10 1 17 59 308 339 238 944 (140) (301) (29) (470) 1,068 1,835 2,269 948 6,120 1 2 (2) 1 15 184 290 244 733 (81) (57) (10) (148) (1,083) (1,534) (1,999) (796) (5,412) 405 505 384 1,294 346 19 450 815 1,886 668 366 556 3,476 63
18. 50 15% 20% 33.3% 25% 33.3% 147,000 191,000 19. 6,019 2,336 8,355 8,136 219 8,355 5,542 2,813 8,355 34 64
20. 8,800 2,600 2,600 5,400 8,000 800 6,200 10 LaVie 5,400,000 2,600,000 17.6% 18.7% 1%5% 65
21. 363,292 3,218 366,510 5,576 (1,382) 370,704 CEC Resources LimitedChina Enterprise Capital LimitedGiant Field Group LimitedGFPower Field Holdings LimitedPF CEC Resources Limited China Enterprise Capital Limited SMI LLCSMISinotum Mongolia LLCSinotum GF PFSMI SinotumSaikhan Ovoo 30Erdenetsogt 3 GFGF 363,292,000 CEC Resources(1)329,705,093GF 19.99%(2)218,221,675 GF 3330 31 GFGFGF24 SMI CEC Resources 4.00 SMI 69,600,000 190,000,000 CEC Resources 760,000,000 GFCEC Resources 66
21. GF Saikhan Ovoo 3 4,834,000 Saikhan Ovoo 742,000 PFPF SinotumSinotum SinotumSinotum50,000,000 Sinotum 50,000,00050,000,0002 CEC ResourcesPF PF Sinotum 22. Sinotum PF9,785,000 Saikhan OvooPF PFSinotum SinotumCEC Resources Sinotum50,000,000 Sinotum CEC Resources 23. 1,715 7,039 3,927 3,816 5,642 10,855 293,000 273,000 1.5%6.75%8.86% 67
23. 0 90 1,701 6,985 91 180 7 27 181 365 27 365 7 1,715 7,039 22,000 54,000 24. 0.39% 2.74% 1.2% 4.0% 0.001% 3.1%0.01% 2.88% 102 51 153 17 9,136 9,153 68
25. 0 90 3,914 3,208 91 180 130 681 181 365 568 365 290 481 4,334 4,938 57 1,448 5,911 13,613 80 37 10,382 20,036 243 467 93 803 1,016 2,601 120 3,737 26. Billion Pacific Ventures LimitedBillion Pacific 69
27. 96 99 85 87 32 84 28 78 33 21 27 21 161 204 140 186 (21) (18) 140 186 140 186 (85) (87) 55 99 8.5% 13.9%8.5% 9.5% 28. 0.5%0.5% 1% 5.75% 6%5.75% 8.75% 70
29. 845 605 (605) 845 (455) 53 (53) (455) 390 658 (658) 390 (22) (38) 38 (22) (368) (59) 59 (368) (552) 552 9 (9) 53,000,000 277,000,000 277,000,000 231,000,0009,000 658,000 55,000 3,760,000 6,253,000 5,504,000 30. GF 218,221,675 0.2521 0.250.10 30% 71
30. 100% 30 150% 13.78% 109,984 10,521 120,505 0.44 0.25 79.97% 3.3% 72
31. 0.1 2,000,000,000 200,000 848,909,767 84,891 (i) 39,083,280 3,908 (ii) 30,380,000 3,038 2,000,000,000 200,000 918,373,047 91,837 (iii) 28,000,000,000 2,800,000 (iv) 1,272,000 127 (v) 400,000,000 40,000 (vi) 332,897,753 33,290 30,000,000,000 3,000,000 1,652,542,800 165,254 (i) (ii) (iii) (iv) (v) 0.21 39,083,280 0.1 39,083,280 Galaxy China Opportunities Fund0.335 30,380,000 0.3452.9% 200,000,000 2,000,000,0000.103,000,000,00030,000,000,000 0.1028,000,000,0000.10 0.21 1,272,000 0.28 400,000,0000.10 0.273.7%110,800,0001,230,000 GF PF 73
31. (vi) 0.44 GF 329,705,093 CEC Resources 21 (i)gf(ii)gfcec Resources (iii)pf GF 3,192,660 32. (i) (a) 0.01 0.1 21 1.00 (b) 0.1 21 1.00 74
32. (i) 0.301 10,000,000 10,000,000 0.210 2,272,000 (1,272,000) (1,000,000) 0.270 25,230,000 (4,950,000) 20,280,000 0.270 2,850,000 (1,800,000) 1,050,000 0.270 2,000,000 2,000,000 0.210 5,442,320 5,442,320 0.270 18,060,000 18,060,000 53,854,320 12,000,000 (1,272,000) (7,750,000) 56,832,320 56,832,320 0.261 0.296 0.210 0.262 0.270 0.210 12,516,320 (12,516,320) 0.210 17,954,320 (10,240,000) (5,442,320) 2,272,000 0.270 25,230,000 25,230,000 0.270 2,850,000 2,850,000 0.210 21,769,280 (16,326,960) 5,442,320 0.270 18,060,000 18,060,000 52,239,920 46,140,000 (39,083,280) (5,442,320) 53,854,320 51,004,320 0.210 0.270 0.210 0.210 0.261 75
32. (i) 0.36 0.276 10,000,000 0.3012,000,000 0.27 999,000 203,00046,140,0000.270 3,517,000Black-Scholes 10,000,000 2,000,000 0.29 0.24 0.301 0.27 91.888% 98.203% 1.640% 0.566% 46,140,000 0.26 0.27 76.04% 1.75% 1.978% Black-Scholes 1,377,000 3,819,000 1,377,000 2,462,000 76
32. (ii) 33. 31(vi)3,192,660 1,405,000 21GFSMI 363,292,000 3,218,000 366,510 2 (2) 366,510 145,070 30 218,222 363,292 1,405 1,813 3,218 366,510 1,813 (2) 1,811 GFGF GF 21 77
33. 239 34. 16 2,609 2,122 8,300 2,775 5,235 17,622 (14,180) (22) 24,461 10,539 35,000 35,000 (17,622) 17,378 78
35. 3,248 3,308 361 1,692 3,609 5,000 91,000 369,000 157,000 432 755 1,187 34 36. 79
37. 147 191 1,717 1,689 2,813 1,886 1,864 6,579 38. 41,000 280,000 39. (i) 31(vi) 50,000,000 GF3,192,660 (ii) 26 (iii) 14 32 80
40. (i) 12,367,0006,013,000 (ii) 21GF PFGF PF GFPF SMI Sinotum GFPF760,000,000 3,600,000,000 41. (i) Wonder Champion Investment Limited Seawise Group LimitedSeawise 5% Seawise Seawise 60%80% Seawise (i) (ii) 81
41. (i) 1,524,525,000(i)707,890,000 0.20(ii)1,037,210,250 (iii) 345,736,750 (i)(ii) (ii) Nubrands Group Holdings LimitedAsia Coal Limited (iii) Wonder Champion Investment Limited 90%452,700,000 42. 10,0001 100% 100% 11 100% 100 SMI LLC 10,0001,200 100% 82
43. 14 32 366,510 15,532 63,693 3,075 1,139 99,467 236 484,598 65,100 1,808 1,409 999 120,505 121,914 2,807 362,684 62,293 165,254 91,837 197,430 (29,544) 362,684 62,293 66,736,000 6,454,000 83
16,411 50,759 41,819 19,420 17,228 (35,466) (28,978) (12,160) (6,701) (6,957) 390 430 7 (28) (35,076) (28,548) (12,153) (6,729) (6,957) (35,076) (28,540) (12,161) (6,729) (6,957) (8) 8 (35,076) (28,548) (12,153) (6,729) (6,957) 495,745 57,619 64,450 51,798 29,457 (131,227) (24,042) (24,308) (30,249) (22,859) 364,518 33,577 40,142 21,549 6,598 84